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Greater Vancouver housing market trends near long term averages as spring market approaches

Mon, 26 Mar 2012 21:10:00 GMT

Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.

At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 5.8 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.3 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit declined 0.8 per cent between February 2011 and 2012 to $472,800.

2012 Property Assessment Notices

Fri, 13 Jan 2012 14:01:00 GMT

Assessment notices – a wake-up call for property owners

Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment (BCA).

This notice is BC Assessment’s estimate of a property’s value as of July 1, 2011, and for new construction or substantially renovated homes, the physical condition as of October 31, 2011.

BCA is the government agency responsible for determining and reporting property value estimates for the 1,917,394 properties in its database, a 0.75% increase in the number of properties since 2011.

BC Assessment and a REALTOR® assessment. Why the difference?

BCA’s assessment and the market value determined by a REALTOR® may be different. Why?

Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location – on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.

Where every lot and every home on a street are typically the same, both BCA’s value and a REALTOR’s® value will be similar during stable market conditions.

Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.

Differences also occur during market instability when prices rise or fall during the six-month period between July 1 and January 1 the following year.

Wake-up call – how to appeal an assessment

Since July 1, 2011 home owners may have seen prices stalling in some neighbourhoods and rising in others. Assessments may reflect these changes.

Sample Changes Year Over Year
Location	2012 Assessment Roll	2011 Assessment Roll	$ change	% change
Burnaby (Capital Hill, detached)	$665,000	$630,000	$35,000	5.6%
Coquitlam (Maillardville, detached)	$621,000	$547,000	$74,000	13.5%
Ladner (Detached)	$784,000	$759,000	$25,000	3.3%
Maple Ridge (Detached)	$385,000	$382,000	$3,000	0.8%
New Westminster (Sapperton, detached)	$523,000	$524,600	-$1,600	-0.3%
North Vancouver, District (Lynn Valley, detached)	$878,000	$844,000	$34,000	4.0%
Pemberton Village (Detached)	$499,000	$550,000	-$51,000	-9.3%
Port Coquitlam (Lincoln Park, detached)	$486,000	$494,000	-$8,000	-1.6%
Richmond (Steveston, detached)	$809,000	$738,300	$70,700	9.6%
Sunshine Coast (Gibsons, detached)	$431,000	$459,000	-$28,000	-6.1%
Vancouver (Downtown, 2-bed apartment)	$610,000	$542,000	$68,000	12.5%
Vancouver (East side, detached, 33’ lot)	$1,031,000	$816,000	$215,000	26.3%
Vancouver (West side, detached 50’ lot)	$1,645,000	$1,189,000	$456,000	38.4%
West Vancouver (Ambleside, detached)	$1,577,000	$1,229,000	$348,000	28.3%
Whistler (Village, 2-bed apartment)	$498,000	$583,000	-$85,000	-14.6%

The deadline to appeal is January 31, 2012

Property owners who disagree with their assessment should do their homework by visiting www.bcassessment.ca and then e-valueBC to compare their assessment with those of their neighbours. Each year, about 1.6% of all BC property owners appeal their assessment.

Property owners should first contact their local assessment office and talk to staff who can make adjustments if there is an obvious error, for example if BCA includes a new swimming pool, when, in fact, the pool is a shallow fish pond.

Area assessors’ phone numbers
Location	Phone number
Vancouver, the North Shore, Squamish, Whistler, Pemberton, Sunshine Coast	604-739-8588 Local 450
Richmond, South Delta	604-241-1364 Local 254
Pitt Meadows, Maple Ridge	604-850-5900 Local 261
Anmore, Belcarra, Burnaby, Coquitlam, New Westminster, Port Coquitlam, Port Moody	604-294-6441 Local 256

Property owners who decide to appeal must file a written request by January 31, 2012. For information, visit www.bcassessment.ca and select Learn more about the Notice of Complaint (Appeal) process and the Property Assessment Review Panel.

What can an appeal mean for a property owner?

While BCA determines the assessed value of property tax for tax purposes, it’s the local taxing authorities – both provincial and local governments – which set tax rates each spring according budget requirements.

The formula for calculating taxes on property is:

Tax Rate x Assessed Value / 1,000

If the tax rate is 4.000 and the property assessment is $1 million, then the taxes payable are $4,000.

No notice

Property owners who haven’t received an assessment notice by mid-January should contact the area phone numbers listed above or request their tax notice online at www.bcassessment.ca. (See Receive your assessment notice online - right hand side).

If a property owner has concerns about their local taxes, they should contact their local government office. Taxes aren’t appealable.

New feature - save assessment data

Visit www.bcassessment.ca and select e-valueBC to view and compare the assessed value of any BC property. A new feature this year lets you download and save assessment data as a PDF or an Excel file.

Balanced real estate market prevailed through much of 2011

Thu, 05 Jan 2012 11:01:00 GMT

Balanced real estate market prevailed through much of 2011

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.

Download the complete stats package by clicking here.

MLSLink HPI® explained

Sat, 17 Dec 2011 11:53:00 GMT

The MLSLink HPI® is an alternative measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices.

A mean average is the average price obtained by dividing the total dollar volume of sales by the number of sales.

To get a median price, all of the sales prices are arrayed in numeric order. In the case of an even number of sales, the median is the highest price in the lower half of the group. If there is an odd number of sales, the midpoint sale is taken as the median.

The MLSLink HPI® concept is modeled after the Consumer Price Index, which measures the rate of price change for a basket of goods and services. A basket is the combination of goods and services that Canadians buy most such as food, clothing, transportation, etc.

Instead of measuring goods and services, the MLSLink HPI® measures the change in price for a basket of housing features that we buy most often such as lot size, number of rooms, age of the home, the neighbourhood, etc.

The problem with averages

Before the MLSLink HPI® was introduced in 1997, REALTORS® and the public relied on monthly average pricing statistics to understand trends in housing prices. Averages, however, can be very misleading since the quantity and quality of the properties sold in any given area change over time for any number of reasons. As a result, average prices can fluctuate dramatically, making the housing market appear unstable.

To demonstrate this point, let’s look a couple of examples of how average prices are affected by various changes in sales patterns.

Example 1: How **mean averages** are affected by price changes
Year 1 ($)	Year 2 ($)
1. 139,000	1. 139,000
2. 145,000	2. 145,000
3. 230,000	3. 230,000
4. 265,000	4. 265,000
5. 290,000 median average	5. 290,000 median average
6. 320,000	6. 320,000
7. 365,000	7. 365,000
8. 425,000	8. *545,000
9. 480,000	9. *580,000
Total $2,659,000 ÷ 9 sales = $295,444, which is the mean average	Total $2,879,000 ÷ 9 sales = $319,888, which is the mean average *price change from Year 1

In this example, the mean average increased by 7.7 percent while the median average stayed the same. This shows that price changes at either end of the price scale affect the mean average, but can leave the median average virtually unchanged.

Example 2: How **median averages** are affected by price changes
Year 1 ($)	Year 2 ($)
1. 139,000	1. 139,000
2. 145,000	2. 145,000
3. 230,000	3. 230,000
4. 265,000	4. *290,000
5. 290,000 median average	5. *320,000 median average
6. 320,000	6. *335,000
7. 365,000	7. *395,000
8. 425,000	8. *400,000
9. 480,000	9. *405,000
Total$2,659,000 ÷ 9 sales = $295,444, which is the mean average	Total$2,659,000 ÷ 9 sales = $295,444, which is the mean average *price change from Year 1

In this example, the mean average stayed the same while the median average increased by 9.4 percent. This shows that price changes in the mid-range section of the price scale affect the median average, but can leave the mean average virtually unchanged.

Neither of these price measurements take into account the changes in buying pattern — In year one luxury homes in the region are popular; the following year more modestly priced homes are popular. Both methods of price tracking can have the effect of overestimating the market price that home buyers are actually paying for their homes.

Defining the typical home

The MLSLink HPI®is a more stable price indicator than average prices, because it tracks movement of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties. Typical homes are defined by the average home features sold in Greater Vancouver communities.

These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLSLink HPI® housing market, such as Richmond or North Vancouver.

For example, perhaps the basket of features for a typical home in a given community includes a 10-year-old, 3-bedroom house on a 7,200 sq. ft. lot, with 8 rooms, 2 bathrooms, a fireplace and a 1-car garage. A benchmark price for this home can be created from the individual dollar values given to each of the above features.

The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these features are then applied to the typical house model and an index price is estimated for that month.

This type of pricing model involves estimating the price of a property’s features rather than the property itself.Note: The MLSLink HPI® offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.

For all your premium real estate services, please contact Maria Mak and her team at Sutton Centre Realty at 604-839-6368 or visit her websites at www.mariamak.com, You'll be smiling too!

The popularity of combination mortgages

Fri, 16 Dec 2011 21:53:00 GMT

The popularity of combination mortgages

The popularity of combination mortgages - which offer both fixed and floating rate segments - is on the rise, according to RBC's 17th Annual Homeowners Survey.

In fact, 40% of Canadians who are likely to purchase a home within the next two years plan to take out a combination mortgage, compared to 32% in 2009.

The surging popularity of combination mortgages indicates that Canadians are trying to maximize low interest rates while at the same time retaining the security of a fixed mortgage. The poll also revealed a marked gender split with more women (46%) than men (35%) preferring a combination mortgage.

While combination mortgages are gaining in popularity, fixed-rate mortgages continue to be the most common choice for potential buyers and are preferred by 44% of Canadians likely to buy a home within the next two years. Atlantic Canadians are most likely (54%) to opt for a fixed rate, with Ontarians (41%) least likely to do so.

"Although interest rates are expected to rise, our study shows that not all Canadians intend to automatically opt for a fixed mortgage with a longer term," said Marcia Moffat, Head, Home Equity Financing, RBC Royal Bank. "As consumers begin to learn about the benefits of mortgage diversification, we're seeing more homebuyers gain a better comfort level with adding floating-rate mortgage options."

For all your creative financing, please contact Maria Mak at 604-839-6368 and her team at Sutton Centre Realty or visit her website www.mariamak.com, you'll be smiling too!

Home energy efficiency upgrades made easy

Mon, 05 Dec 2011 19:27:00 GMT

Home energy efficeincey upgrades made easy

Lower your engery bills, access government rebates, improve the comfort of your home and reduce its environmental footprint with the City of Vancouver's Greenest City 2020 Home Energy Loan Program.

The program offers loasn ranging from $4,000 to $16,000 to cover the cost of select engery efficiency upgrades. The loans, administered by Vancity, will be offered at a low, fixed interest rate over a 10 - year amortization period, allowing affordable, predictable payments over the life of the loan.

In addition to the fianancing, the HOme Engergy Loan Program helps simplify the process by connecting you to experts, helping you access up to $9,300 in rebates, and offering guidance and support.

Eligible upgrades include high - efficiency furnaces, and hot water tanks, air - to air heat pumps, insulation , and weatherization.

Buildings in Vancouver, including homes, contribute an estimated 55 per cent of Vancouver's greenhouse gas(GHG) emissions ( gases that trap heat in the atmosphere and contribue to climate change). The City is aming to reduce GHG imissions city wide by one third by 2020.

Making energy efficiency upgrades to single family homes and duplexes could save approximately 90,000 tons fo GHGs by 2020. That wuld be like permanently removing 2,000 cars from Vancouver's roads. Homeowners like you can help Vancouver reach its goal by becoming the world's greenest city by 2020 by making your home more energy efficient.

Lear more :

www.vancouver.ca/greenestcity/energyloan

Historically normal activity keeps ...

Sat, 03 Dec 2011 20:05:00 GMT

Historically normal activity keeps the Greater Vancouver housing market in a balanced state

The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.

Download the complete stats package by clicking here.

Will the future for Canada's housing market look similar to its recent past?

Mon, 14 Nov 2011 21:10:00 GMT

Maria Mak - Burnaby Realtor - Greater Vancouver at lower end of balanced housing market

Wed, 09 Nov 2011 22:54:00 GMT

Greater Vancouver at lower end of balanced housing market

With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

Understanding your credit score when borrowing

Tue, 25 Oct 2011 15:08:00 GMT

Understanding your credit score when borrowing

Each year thousands of prospective homeowners are shocked to discover their credit history will hinder their ability to own their dream home.

The very first thing that your loan officer checks when you apply for a mortgage or any kind of credit is your credit score. You are rated in terms of the score which in most cases influences the amount you can borrow. Understanding your credit score in a better way enhances your chances to develop a higher score and thus benefit from loans at better terms and conditions.

A credit score consists of many factors: your payment history, your credit card balances, bank accounts, including savings and checking accounts, and any other form of credit including all outstanding personal loans, mortgage loans, store credit cards, etc.

Credit scores are calculated from many different forms of credit data in your credit report. Each credit reporting bureau has their own standards and formulas that they use for the purpose of calculating a consumer’s credit score. The following is a generalized classification of a credit score rating:

Excellent credit rating - No late payments, no collection notices, no bankruptcies or repossessions.

Good credit rating - May contain a late payment within the last two years.

Fair credit rating - More than one late payment. May or may not have a bankruptcy or repossession in the last two to three years.

Poor credit rating - Recent collection attempts, late payments within the last year, bankruptcies and/or repossessions within the last two to three years.

The reason why a credit score is important is that it will determine your eligibility for a loan. A low credit score may hinder approval, and it will also impact the interest rate you will have to pay for the money that you borrow.

Since individuals with less than perfect credit traditionally present more of a risk of defaulting on a loan. Lenders are able to justify charging more interest to those consumers. The extra interest the lender earns on the loan is intended to compensate the lending agency in the event the consumer defaults on the loan. Over the course of a 15 or 30 year mortgage, those extra interest points can add up to an astounding amount of money.

Your credit score is the indication of your financial health. You should do your best to avoid damaging your credit history with late or missing payments, too many outstanding loans or too many loan requests. Watching your credit score closely especially before you make any major purchases will help you avoid unwanted surprises.

For all your premium real estate services, pleae contact Maria Mak and her team at 604-839-6368 or visit her website at www.mariamak.com, or www.mariamak.ca, You'll be smiling too!

Home listings continue to rise in Greater Vancouver housing market

Tue, 04 Oct 2011 18:52:00 GMT

Home listings continue to rise in GreaterVancouver housing market

Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.

“There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario Setticasi, REBGV president said."Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.

The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year.

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.

Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697.

Download the complete stats package by clicking here.

Marihuana Grow Operations - British Columbia

Thu, 22 Sep 2011 15:16:00 GMT

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Marihuana Grow Operations - British Columbia

Address	City	Prov	Location Type	Quantity & Type	Date
18974 92 St	Surrey	BC	Residence	730 marihuana plants	2010-10-05
8945 Harvie Rd	Surrey	BC	Residence	317 marihuana plants	2010-10-19
8577 165 St	Surrey	BC	Residence	544 marihuana plants	2010-10-26
5993 Holstein St	Surrey	BC	Residence	1145 marihuana plants	2010-10-28
7677 Berkeley Pl	Surrey	BC	Residence	502 marihuana plants	2010-11-03
9409 132 St	Surrey	BC	Outbuilding	294 marihuana plants	2010-12-09
213491 16 Ave	Langley	BC	Outbuilding	546 marihuana plants	2011-01-06
12422 53 Ave	Surrey	BC	Residence	1010 marihuana plants	2011-01-19
13079 109 Ave	Surrey	BC	Residence	315 marihuana plants	2011-02-01
12079 99 Ave	Surrey	BC	Residence	2446 marihuana plants	2011-02-10
16426 85 Ave	Surrey	BC	Residence	759 marihuana plants	2011-02-24
105-9488 189 St	Surrey	BC	Business	145 marihuana plants	2011-03-15
5904 144 St	Surrey	BC	Residence	2431 marihuana plants	2011-03-23
11309 Lansdowne Dr	Surrey	BC	Residence	334 marihuana plants	2011-03-30
11337 Lansdowne Dr	Surrey	BC	Residence	629 marihuana plants	2011-03-30
8976 187 St	Surrey	BC	Residence	651 marihuana plants	2011-03-31
7976 170A St	Surrey	BC	Residence	30 marihuana plants	2011-04-05
13720 111 Ave	Surrey	BC	Residence	822 marihuana plants	2011-04-09
14996 91A Ave	Surrey	BC	Residence	1286 marihuana plants	2011-05-05
12501 53 Ave	Surrey	BC	Residence	559 marihuana plants	2011-05-11
12458 53 Ave	Surrey	BC	Residence	264 marihuana plants	2011-05-11
20035 97 Hwy	Prince George	BC	Residence	1708 marihuana plants	2011-05-24
13839 58 Ave	Surrey	BC	Residence	720 marihuana plants	2011-05-26
10124 156 St	Surrey	BC	Residence	233 marihuana plants	2011-06-08
12255 102A Ave	Surrey	BC	Residence	212 marihuana plants	2011-07-21
18274 60 Ave	Surrey	BC	Residence	982 marihuana plants	2011-07-27
1417 194 St	Surrey	BC	Outbuilding	939 marihuana plants	2011-08-09
1668 Eagle Rock Rd	Spallumcheen	BC	Residence	1600 marihuana plants	2011-03-09
20 Bigg Rd	Lumby	BC	Outbuilding	1544 marihuana plants	2011-07-26
2095 Eagle Creek Rd	100 Mile House	BC	Outbuilding	2451 marihuana plants	2011-09-08
3475 Muermann Rd	Prince George	BC	Outbuilding	704 marihuana plants	2011-08-18
6204 Garrett Rd	100 Mile House	BC	Residence	871 marihuana plants	2011-07-20
6136 Likely Rd	Likely	BC	Outbuilding	2632 marihuana plants	2011-07-13
22770 Chamberlain Rd	Prince George	BC	Residence	321 marihuana plants	2011-06-20
39690 Chief Lake Rd	Prince George	BC	Residence	1185 marihuana plants	2011-07-06
8336 Christina Rd	Prince George	BC	Outbuilding	1039 marihuana plants	2011-06-28
38139 Lucas Rd	Prince George	BC	Residence	1456 marihuana plants	2011-06-17
4608 Crocus Rd	Prince George	BC	Residence	113 marihuana plants	2011-05-31
6211 Keithley Creek Rd	Likely	BC	Residence	1336 marihuana plants	2011-05-20
Block A, Sec 21, Township 26	Lac La Hache	BC	Outbuilding	1336 marihuana plants	2011-08-25
5017 Anderson Rd	Kelowna	BC	Residence	768 marihuana plants	2011-07-28
6084 Marine Dr	Burnaby	BC	Residence	140 marihuana plants	2010-12-02
128 Glynde Ave	Burnaby	BC	Residence	38 marihuana plants	2011-05-06
3765 Wakefield Crt	Burnaby	BC	Residence	633 marihuana plants	2011-05-31
6875 Burlington Ave	Burnaby	BC	Residence	18 marihuana plants	2011-08-31
7033 MacPherson Ave	Burnaby	BC	Business	1298 marihuana plants	2011-01-11
3063 Astor Dr	Burnaby	BC	Residence	476 marihuana plants	2011-04-14
6537 Portland St	Burnaby	BC	Residence	592 marihuana plants	2011-05-26
1633 Taralawn Crt	Burnaby	BC	Residence	538 marihuana plants	2011-07-20
4330 Charles St	Burnaby	BC	Residence	152 marihuana plants	2011-01-19
3356 Garibaldi Dr	North Vancouver	BC	Residence	883 marihuana plants	2011-06-30
529 Linton St	Coquitlam	BC	Residence	951 marihuana plants	2011-08-20
160-12588 Clarke Pl	Richmond	BC	Business	378 marihuana plants	2011-08-31
13882 Dome Creek Rd	Dome Creek	BC	Residence	884 marihuana plants	2011-08-03
236 Murtle Rd	Clearwater	BC	Residence	860 marihuana plants	2011-06-30
1370 North Rd	Gibsons	BC	Residence	500 marihuana plants	2010-11-17
20280 Kettle Valley Rd	Hope	BC	Residence & Outbuildings	6496 marihuana plants	2011-06-08
26781 112 Ave	Maple Ridge	BC	Outbuilding	1490 marihuana plants	2011-05-26
2483 97 Hwy	Princeton	BC	Quonset	1100 marihuana plants	2011-05-17
6251 Gibbons Dr	Richmond	BC	Residence	Methamphetamine Lab	2011-07-21
5105 Erie Ross Spur Rd	Salmo	BC	Residence	239 marihuana plants	2011-06-02
5396 Burnett Rd	Sechelt	BC	Outbuilding	445 marihuana plants	2011-06-15
5814 Marine Way	Sechelt	BC	Residence	860 marihuana plants	2010-11-26
12458 53 Ave	Surrey	BC	Residence	264 marihuana plants	2011-05-11
14996 91A Ave	Surrey	BC	Residence	1286 marihuana plants	2011-05-05
1417 194 St	Surrey	BC	Outbuilding	939 marihuana plants	2011-08-09
12501 53 Ave	Surrey	BC	Residence	559 marihuana plants	2011-05-11
14246 Hyland Rd	Surrey	BC	Residence	1223 marihuana plants	2011-05-04
3214 Vimy Crescent	Vancouver	BC	Residence	Chemicals and unknown substances	2011-04-04
3414 Mcginnis Rd	West Kelowna	BC	Residence	770 marihuana plants	2011-04-27
4324 3A Hwy	Wynndel	BC	Residence	438 marihuana plants	2011-06-10
1533 Elinor Crescent	Port Coquitlam	BC	Residence	268 marihuana plants	2011-08-25

TO BE USED FOR INFORMATION PURPOSES ONLY

The addresses posted may have, at one time, been the address at which a marijuana grow operation and/or a clandestine laboratory may have been located. While the RCMP has made all reasonable efforts to be accurate, this information is not warrantied. Some addresses may have been erroneously included in this list. If there is an address which has been erroneously included on this list, please advise the site administrator as soon as possible so that the issue may be addressed.

This is also not intended to be an exhaustive list of all addresses at which the RCMP is aware that marijuana grow operations and/or clandestine laboratories have been located. This list should not be relied upon for such purposes. It is always best to independently verify the accuracy of such information and to not rely on the information provided.

It is important to be aware that the linking of an address to a possible marijuana grow operation and/or a clandestine laboratory does not necessarily impute knowledge by either the occupants or the owner of the dwelling.

This list is for information purposes only and is not intended to be relied upon by any individuals. The RCMP will accept neither liability nor damages by any person who rely upon this information to their detriment.

Please send comments, concerns, questions to MGO-ICM@rcmp-grc.gc.ca

Greater Vancouver home sales trends toward buyers' market over summer

Fri, 02 Sep 2011 21:49:00 GMT

Greater Vancouver home sales trends toward buyer's market over summer

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.

At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

Active home sellers bring greater selection to the Greater Vancouver housing market

Thu, 04 Aug 2011 19:25:00 GMT

Active home sellers bring greater selection to the Greater Vancouver housing market

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

Summer housing market trends toward balance after an active spring season

Tue, 05 Jul 2011 19:36:00 GMT

Summer housing market trends towards balance after an active spring season

VANCOUVER, BC – Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.

Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”

At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.

“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”

Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.

Maria Mak - Burnaby Realtor - Latest Real Estate News-The Home Buyer's Plan

Mon, 02 May 2011 21:45:00 GMT

Maria Mak - Burnaby Reaaltor - Latest Real Estate News

The Home Buyers' Plan (HBP)

The Home Buyers' Planallows eligible individuals to withdraw up to $25,000 tax free from their Registered Retirement Savings Plan (RRSP)to purchase or build a qualifying home.

Delivered by: Canada Revenue Agency (CRA)

Eligibility Information

The Canada Revenue Agency considers the following persons first-time home buyers:

persons, including former homeowners, who have not owned a home they occupied as a principal place of residence at any time during the four-year period before the date of withdrawal of funds
disabled persons acquiring a more accessible home
persons acquiring a more accessible home for a disabled person related to them by blood, marriage, common-law partnership or adoption
persons providing funds to a disabled person related to them by blood, marriage, common-law partnership or adoption, to build or purchase a more accessible home

Other criteria may apply.

Dates and Deadlines

Participants must begin repayment two years after withdrawing the funds.
Amounts withdrawn under the Plan must be repaid over a period of no more than 15 years.

For all your premium real estate services, please contact Maria Mak and her team at Sutton Centre Realty at 604-839-6368 or visit her websites at www.mariamak.ca, www.mariamak.com, You'll be smiling too!

The average price of a home in British Columbia rose 15%from March of last year to March 2011

Mon, 18 Apr 2011 21:47:00 GMT

The average price of a home in British Columbia rose 15 per cent from March of last year to March 2011, the B.C. Real Estate Association reported in a news release today.

The BCREA release said Multiple Listing Service residential sales in the province were up 11.5 per cent compared to March of 2010.

Sales in March amounted to 8,600 units. The average price in March was $594,157.

"We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions," Cameron Muir, BCREA chief ecconomist, said in the release.

"Vigorous consumer demand drove Greater Vancouver to its most active March since 2004, while the Fraser Valley had its strongest March in four years.

"Conversely, sales activity in other B.C. markets is expanding at a pace more inline with overall economic growth."

Home buyers and sellers enter the housing market at near record pace in March 2011

Sat, 09 Apr 2011 21:52:00 GMT

Home buyers and sellers enter the housing market at near record pace in March 2011

Vancouver, BC - Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

At, 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year.

“Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.

Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.

Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885.

Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.

Metro Vancouver property value jumps...

Mon, 03 Jan 2011 21:54:00 GMT

Metro Vancouver property value jumps

Market values for residential property in Richmond jumped 17.14 per cent over the past year, largest of any B.C. municipality with a population greater than 5,000, according to B.C. Assessment estimates posted on its website.

Elsewhere in the region, B.C. Assessment estimates the residential market value increased 12.17 per cent in Vancouver, 7.58 per cent in Surrey, 6.02 per cent in White Rock, 9.22 per cent in Delta, 12.07 per cent in Burnaby, 9.12 per cent in Coquitlam, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver district, Langley township 6.55 per cent, and 13.03 per cent in West Vancouver.

Even the winter Olympics, however, couldn't stop residential values in Whistler from sliding an estimated 2.06 per cent.

If a property's assessment goes up, that does not always mean municipal taxes will increase. What typically makes the difference is if an assessment rises or falls beyond the average.

Re/Max Westcoast realtor Anne Marie Kirkpatrick, a lifelong Richmond resident, suggested Monday that the commencement of service of the Canada Line rapid transit route to downtown Vancouver was a factor -- along with the community's ongoing popularity with buyers from Asia.

"That has made some difference -- the transportation," Kirkpatrick said in a phone interview.

"It seems that there is a lot of mainland China buyers and a lot of immigration from Asia, and Richmond seems to be one of their favorite spots. Other than that, it's great place to live. It's close to Vancouver, and the airport is here."

Kirkpatrick said she noticed a jump in demand for property in Richmond that coincided with the opening of the Richmond-Airport-Vancouver transit line.

Lower-priced, "investment"-type condos in the Lansdowne Mall area "were normally lower than similar condos more over in the Brighouse- Richmond Centre area. As soon as that line came in they increased [in price] instantly and it became the hot area.

"I had people say, "Oh, that's where I want to be, I want to use the RAV line."

Kelowna Century 21 realtor Jason Neumann said it's no surprise that Kelowna's assessments remained flat -- barely an average of one per cent, based on the B.C. Assessment estimate of the residential market value.

"The Alberta market has dried up for us," said Neumann, who noted that the number of residential units sold in the central Okanagan are off six per cent so far this year to the end of November compared to last year, from 3,687 to 3,463.

"It's a lot slower than what we're used to. That [the latest assessments] doesn't surprise me in the least."

Neumann said unit sales in the month of November totaled 210, 36 per cent lower than the 326 units sold in November 2009.

He also noted that the average residential price in November was $440,123, compared to $451,311 in November 2009.

Owners of the 1.9 million properties in B.C. can check online for the latest figures. Notices with expanded information were given to Canada Post on Dec. 31 and will be arriving in the mail this week.

Online users can go to www.bcassessment.bc.caand click on the box for "e-valueBC" to see the new figure for their own and neighbouring properties. B.C. Assessment's website will also show the value of sales in the surrounding area in 2010.

For most properties, B.C. Assessment shows the assessed value as of July 1 of the previous year. Their actual value depends on the market at a particular time.

B.C. Assessment appraisers takes into account criteria such as size, age, quality, condition and location of individual properties.

This year's deadline to appeal assessments is Jan. 31. If you don't agree with the assessment, B.C. Assessment encourages you to call or visit their office to try to resolve the matter.

The Crown corporation's office was closed Monday and reopens Tuesday.

While individual property values are now online, further details on regional and provincial statistics and graphs will be coming out Tuesday. That information will include the total value of the provincial assessment roll, year-over-year changes in assessment values in municipalities, and new construction.

Provincially, the assessment roll reached $969 billion in January 2010.

with files from the Victoria Times-Colonist

For all your real estate services, please contact Maria Mak at Sutton Centre Realty at 604-839-6368 or visit my websites www.mariamak.com, www.mariamak.ca, You'll be smiling too!

Housing market factors indicate stability in recent months

Tue, 05 Oct 2010 21:58:00 GMT

Housing market factors indicate stability in recent months

September home sales in Greater Vancouver were consistent with activity experienced in the preceding tow months across most categories.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.

In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.

“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said.

Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined12.3 per cent.

New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.

“We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we’ve seen in this category since April.”

Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.

Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.

Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.

Maria Mak : Latest Blog Posts

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BC Assessment and a REALTOR® assessment. Why the difference?

Wake-up call – how to appeal an assessment

The deadline to appeal is January 31, 2012

What can an appeal mean for a property owner?

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Balanced real estate market prevailed through much of 2011

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MLSLink HPI® Explained

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Historically normal activity keeps the Greater Vancouver housing market in a balanced state

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Maria Mak - Burnaby Realtor - Greater Vancouver at lower end of balanced housing market

Understanding your credit score when borrowing

Home listings continue to rise in Greater Vancouver housing market

Home listings continue to rise in GreaterVancouver housing market

Marihuana Grow Operations - British Columbia

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Marihuana Grow Operations - British Columbia

Greater Vancouver home sales trends toward buyers' market over summer

Active home sellers bring greater selection to the Greater Vancouver housing market

Summer housing market trends toward balance after an active spring season

Maria Mak - Burnaby Realtor - Latest Real Estate News-The Home Buyer's Plan

The Home Buyers' Plan (HBP)

Eligibility Information

Dates and Deadlines

The average price of a home in British Columbia rose 15%from March of last year to March 2011

Home buyers and sellers enter the housing market at near record pace in March 2011

Metro Vancouver property value jumps...

Housing market factors indicate stability in recent months