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How Low Can They GO?

Origin Mortgages

The Bank of Canada has suggested they will continue to put off any increases to bank Prime which impacts variable rate mortgage pricing, and we continue to see bond yields decrease down almost to 1%. This means that mortgage rates are below 3% for both fixed and variable products. Wow!

Even though rates are low and there appears to be no immediate upward pressure on rates, it is always beneficial to have your buyers pre-qualified for purchasing. This can mean...

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The 2% BC Transition Tax on new homes coming April 1, 2013

Real Estate Board of Greater Vancouver

If you are planning on buying a new home over the next two years, then you need to know about the 2% BC Transition Tax.

It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as of April 1, 2013. The 2% BC Transition Tax will end on March 31, 2015.

before April 1, 2013

April 1, 2013

April 1, 2015

12% HST
applies for new home:
possession
OR
ownership
5% GST applies
+
2% Transitional Tax
for new homes:
• 10% or more complete
• possesion or ownership
before April 1, 2015

5% GST applies

...
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TAX Transition Time

Farewell HST … Welcome Back GST/PST
The BC government imposed it in 2010, voters rejected it in 2011 and in a matter of two short weeks or so the HST will go down into the history books of BC politics as one of the most controversial, if not contentious, taxes in history. Effective April 1st, the Harmonized Sales Tax will be eliminated and a period of transition will commence with some significant changes in store for our industry, your buyers, your sellers and you as a...
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American Writer (Reuters) but some very helpful tips:

 

Here are eight ways you can bolster your appraisal:

MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD

Is the appraiser from within a 10-mile radius of your property? "This is one of the first questions you should ask the appraiser," says Ben Salem, a real estate agent with Rodeo Realty in Beverly Hills, California.

He recalled a recent case where an appraiser visited an unfamiliar property in nearby Orange County and produced an appraisal that...

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Vancouver might be known for its celebrity chefs and 5-star dining establishments, but many neighbourhoods also harbour a nearly hidden eco-system of quietly flourishing culinary gems; not the kinds of places you dress up for, but the cozy little joints that only the hyper-locals know about, where you can meet your friends for a casual bite or a weekly brunch without enduring long lines and hefty price tags.

According to BC Living Magazine, here are Vancouver’s best places to eat that you’ve...

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Please note the change for this upcoming openhouse.

We are proud to announce that this Mar 10th, 1:00 PM to 3:00 PM we will be hosting an Open House at 39 6th Street in Quantam in the Downtown neighborhood, New Westminster. This is an opportunity to visit this excellent Condo for sale in beautiful Downtown.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Downtown Condo for sale.

As always please do not hesitate to give me a call at 604.714.1700 if I can...

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Canada’s housing market was red hot in 2012, so much so that the federal government stepped-in, on more than one occasion, in attempt to cool it off. Fears a housing bubble were forming and being inflated by record low interest rates. The finance minister and the Bank of Canada were concerned that Canadians were piling on too much debt – particularly mortgage debt – setting the stage for a U.S. style housing collapse when interest rates would inevitably start to rise.

A look back...

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Lipstick Renovations can make a Buyer fall in Love.

When it come to putting your best foot forward when it is time to sell a home, sometimes a lipstick renovation is all that is needed to make a potential Buyer fall in love.

Fresh paint and a really good clean up can really pay off.  First impressions are everything when selling your home, and paint is the easiest and least expensive way to create an appealing atmosphere for potential Buyers. The more attractive and comfortable you make your home,...
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Buyers respond to houses that are spacious, well maintained, and stylish. 

Your challenge is to see your property through a “Buyers Eyes”. Use these tips to

help you get started:

 

  1.  Enhance Curb Appeal

Power wash driveways, walks, patios, balconies, walls & windows. Rake

yards, trim hedges, weed flowerbeds, sweep porches. Make sure your

front entry is distinct and welcoming. Consider a new colour for the front

door and adding pots of colourful flowers.

 

 ...

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March 4, 2013

Home sales continue at below average pace

Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing Service® (MLS®) in February 2013. This represents a 29.4 per cent decrease compared to the 2,545 sales recorded in February 2012, and a 33 per cent increase compared to the 1,351 sales in January 2012.

Last month’s sales were the second lowest February total in the region since 2001 and 30.9 per cent below the 10-year sales average for the month.

“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.

The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,833 in February. This represents a 13 per cent decline compared to the 5,552 new listings reported in February 2012 and a 5.8 per cent decline from the 5,128 new listings in January. Last month’s new listing count was 4 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2013.

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.6 per cent to $590,400. This represents a 3.3 per cent decline compared to this time last year.

Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.

Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.

Attached property sales in February 2013 totalled 333, a decline of 21.5 per cent compared to the 424 sales in February 2012, and a 31.9 per cent decrease from the 489 attached properties sold in February 2011. The benchmark price of an attached unit decreased 0.7 per cent between February 2012 and 2013 to $455,500. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 6.5 per cent.

...
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Categories:   BC HOME LOAN Program