| Friday, September 3, 2010 Buyer’s market conditions continue in Greater Vancouverby Maria Mak on Fri, Sep, 3, 2010 01:49 PM VANCOUVER, B.C. – September 2, 2010 –
Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.
From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.
New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.
“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.” Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.
“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said. Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008.
The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076. Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.
The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968. Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008.
The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.
Tuesday, August 31, 2010 Top 21 grants and rebates for property buyers and ownersby Maria Mak on Tue, Aug, 31, 2010 10:48 PM
Top 21 grants and rebates for property buyers and owners
1. Home Buyers’ Plan
Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
Canada Revenue Agency www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box. 1.800.959.8287
2. GST Rebate on New Homes
New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Canada Revenue Agency
www.cra-arc.gc.ca. Enter ‘RC4028’ in the search box. 1.800.959.8287
3. BC New Housing Rebate (HST)
Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.
http://hst.blog.gov. bc.ca/faqs/new-housing-rebate1.800.959.8287
4. BC New Rental Housing Rebate (HST)
Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.
http://hst.blog.gov.bc.ca/faqs/new-housing-rebate 1.800.959.8287
5. Property Transfer Tax (PTT) First Time Home Buyers’ Program
Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
BC Ministry of Small Business and Revenue.www.rev.gov.bc.ca/rpt 250.387.0604
6. First-time Home Buyers Tax Credit (HBTC)
This is a non-refundable income tax credit for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. It’s calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the maximum credit was $750.
Canada Revenue Agency www.cra.gc.ca/hbtc 1.800.959.8281
7. BC Home Owner Grant
Reduces school property taxes by up to $570 on properties with an assessed value up to $1,050,000. For 2010, the basic grant is reduced by $5 for each $1,000 of value over $1,050,000, and eliminated on homes assessed at $1,164,000+. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,050,000 and eliminated on homes assessed at $1,219,000+.
BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office.
8. BC Property Tax Deferment Programs
- Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
- Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
- Property Tax Deferment Program for Families with Children. Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.
9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.
This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and for the creation of secondary and garden suites.
www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm 1.800.668.2642 | 604.873.7408
10. CMHC Mortgage Loan Insurance Premium Refund
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations.
www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno 604.731.5733
11. LiveSmart BC: Efficiency Incentive Program
Home owners improving the energy efficiency of their homes who hire a certified energy advisor may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC.
www.livesmartbc.ca/rebates 1.866.430.8765
12. BC Residential Energy Credit
Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.
http://hst.blog.gov.bc.ca/faqs/energy-credit 604.660.4524
13. BC Hydro Appliance Rebates
Mail-in rebates of $25 – $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers between June 1, 2010 and March 31, 2011, or when funding for the program is exhausted.
www.bchydro.com/rebates_savings/appliance_rebates.html 1.800.224.9376
14. BC Hydro Fridge Buy-Back Program (different from Appliance rebates)
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges measuring 10 – 24 cubic feet in working condition.
www.bchydro.com/rebates_savings/fridge_buy_back.html 604.881.4357
15. BC Hydro Windows Rebate Program
Customers can save $100 per window on BC made ENERGY STAR windows until August 18, 2010.
www.bchydro.com/rebates_savings/current_offers.html
16. BC Hydro Mail-in Rebates/Savings Coupons
To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone; 50% off an E2™dual-flush toilet; $15 off a clothes drying rack; and 50% off Earth Massage showerheads. Check for deadlines.
http://www.bchydro.com/rebates_savings/coupons.html 1.800.224.9376
17. Terasen Gas Rebate program
A range of rebates for home owners include a $25 gift cards for furnace servicing; $50 rebates for upgrading a water heater; $150 rebate on an EnerChoice fireplace; $1,000 rebate for switching to natural gas and installing an ENERGY STAR heating system.
www.terasengas.com/homes/Offers/LowerMainlandSquamish.html 1.888.224.2710
18. SolarBC Incentives
Contractors will provide home owners buying a solar hot water system with a $2,000 discount at the point of sale until December 31, 2010.
www.solarbc.ca/learn/incentives-costs 1.866.650.6527
19. City of Vancouver Solar Homes Pilot
Offers $3,500 (about 50% of the cost) towards the cost of a solar hot water system for anyone building new homes in Vancouver. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters to 50 new homes on a first come, first served basis, January 2010 – March 2011, with building permits issued in 2010.
http://vancouver.ca/sustainability/SolarHomes.htm 604.873.7748
20. RBC Energy-Saver Mortgage
Home owners who have a home energy efficient audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a $300 rebate credited to their RBC account.
www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html 1.800.769.2511
21. Vancity Green Building Grant
In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.
https://www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange/GreenBuildingGrant
604.877.7000
Source: Real Estate Board of Greater Vancouver, August 2010
Monday, August 9, 2010 New property listed in Vancouver Heights, Burnaby Northby Maria Mak on Mon, Aug, 9, 2010 09:05 PM 
I have listed a new property at 102 3760 ALBERT ST in Burnaby.
This spacious south facing 1 bedroom built by Bosa is located in the trendy Vancouver Heights area, all withing walking distance to shopping and transportation. Updates in 2007 includes kitchen, carpet, blinds, and flooring. Enjoy yoursummer bbq on the large patio with southerly city view off the living room. Building painted in 2009, new piping in 2006. Great building to live in.
Monday, August 9, 2010 New property listed in Metrotown, Burnaby Southby Maria Mak on Mon, Aug, 9, 2010 09:05 PM 
I have listed a new property at 216 5155 WATLING ST in Burnaby.
Come home to this absolutely sweet chic and cozy 2 level townhome close to Metrotown and Royal Oak Skytrain. Corner unit with bright & spacious floor plan, granite countertop, stainless steel appliances, goodies keep on and on. Unit comeswith 3 parking stalls.
Friday, July 23, 2010 Maria Mak - latest Mortgage News...by Maria Mak on Fri, Jul, 23, 2010 04:08 PM Bank of Canada increases overnight rate target to 3/4 per cent
OTTAWA – The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent.
The global economic recovery is proceeding but is not yet self-sustaining. Greater emphasis on balance sheet repair by households, banks, and governments in a number of advanced economies is expected to temper the pace of global growth relative to the Bank's outlook in its April Monetary Policy Report (MPR). While the policy response to the European sovereign debt crisis has reduced the risk of an adverse outcome and increased the prospect of sustainable long term growth, it is expected to slow the global recovery over the projection horizon. In the United States, private demand is picking up but remains uneven.
Economic activity in Canada is unfolding largely as expected, led by government and consumer spending. Housing activity is declining markedly from high levels, consistent with the Bank's view that policy stimulus resulted in household expenditures being brought forward into late 2009 and early 2010. While employment growth has resumed, business investment appears to be held back by global uncertainties and has yet to recover from its sharp contraction during the recession.
The Bank expects the economic recovery in Canada to be more gradual than it had projected in its April MPR, with growth of 3.5 per cent in 2010, 2.9 per cent in 2011, and 2.2 per cent in 2012. This revision reflects a slightly weaker profile for global economic growth and more modest consumption growth in Canada. The Bank anticipates that business investment and net exports will make a relatively larger contribution to growth.
Inflation in Canada has been broadly in line with the Bank's April projection. While the Bank now expects the economy to return to full capacity at the end of 2011, two quarters later than had been anticipated in April, the underlying dynamics for inflation are little changed. Both total CPI and core inflation are expected to remain near 2 per cent throughout the projection period. The Bank will look through the transitory effects on inflation of changes to provincial indirect taxes.
Reflecting all of these factors, the Bank has decided to raise the target for the overnight rate to 3/4 per cent. This decision leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments.
Information note:
A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 22 July 2010. The next scheduled date for announcing the overnight rate target is 8 September 2010.
For all your mortgage financing, please contact Maria Mak and her team at Sutton Centre Realty at 604-839-6368 or visit her website www.mariamak.com or www.mariamak.ca, You will be smiling too! |
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