« November 2011 |
Main
| January 2012 »
December 22, 2011
Bathroom Ready For Your Christmas Guests
With the holiday season fast approaching and guests expected, the bathroom will be an active spot in your home. Here are a few ideas to keep it a pleasant room for everyone:
1. MIRROR MAGIC. Just pour a little rubbing alcohol onto a soft, clean cloth and gently rub over glass. It evaporates in seconds, leaving nothing but crystal clear shine and no streaks.
2. ALL NATURAL AIR FRESHENER. Pull off a few twigs from a pine tree and place them in a shallow dish next to the sink. Your guests will enjoy the seasonal scent where they least expected it.
3. NO-WORK CLEANING. Clean the toilet bowl without
scrubbing; Just drop a denture tablet into the bowl, let it
go to work dissolving stains for 15 minutes, then flush.
4. EASY SCUM STOPPER. Replace your bar soap with a liquid pump soap so you won’t have to clean a sloppy soap dish after the visitors are gone.
5. SHINE A LITTLE LIGHT. Expecting overnight guests? Plug in a night light and turn it on before bedtime. That way guests will not stub their toes in the middle of the night.
Posted on December 22, 2011 at 04:28 PM in House Maintenance, Living in Vancouver | Permalink
| Comments (0)
Real Estate Board Of Greater Vancouver Developing National Housing Price Index With 5 Of Canada's Largest Boards
REBGV Partners With Major Markets To Develop MLS® Home Price Index
Five of Canada's largest real estate boards – Calgary, Fraser Valley, Montreal, Toronto and Greater Vancouver –and the Canadian Real Estate Association (CREA) are partnering to develop a national housing price index. It’s scheduled to launch at the end of January 2012.
As part of continuous efforts to develop tools and information that support REALTORS® business needs, the six partners contracted with Altus Group to develop the MLS® Home Price Index (MLS® HPI).
The MLS® HPI will replace our existing MLS®Link Housing Price Index, which was the first HPI in Canada. It began with UBC research into improving the measurement of price inflation in housing markets. The Fraser Valley board was first to implement an HPI in 1995, followed by our board in 1996. The HPI has since been widely recognized as providing the most accurate indication of housing price trends in our markets.
The new MLS® HPI will allow housing price trends to be tracked over time for different areas within participating boards markets, for different property types, and will allow comparison between local and national markets.
Today, the MLS®Link Housing Price Index provides benchmark price trend data for three property types: detached, attached, and apartment.
With the national effort, it was necessary to select common property categories across each major market. As a result, the following property categories will be covered in the MLS® HPI, replacing the three noted above:
Like our current housing price index, the MLS® HPI uses a sophisticated statistical model to estimate the value buyers attach to attributes and amenities that are quantitative, like number of rooms, and qualitative, such as a finished basement.
Price changes calculated using this method are less volatile compared to those calculated using average or median prices, which can swing dramatically in response to changes in the proportion of high-end or low-end sales over time.
The MLS® HPI also allows for the identification of benchmark homes, with a set of quantitative and qualitative attributes that do not change over time. This allows for an apples-to-apples comparison of price over time.
More information on the MLS® Home Price Index will be communicated as it becomes available.
Posted on December 22, 2011 at 04:06 PM in Canadian Real Estate News | Permalink
| Comments (0)
10 Ways To Sell In Winter
RE/MAX Agents Share Ten Ways to Get the Best of Winter When Selling Your Home
If your home will be for sale this winter, it is important to master certain seasonal issues that are less significant or even non-existent at other times of the year. Here are 10 bits of sage advice from RE/MAX agents that can help put a “Sold” sticker on that yard sign.
Let Those Lights Shine: The best way to combat winter’s short and frequently cloudy days is to turn on your house lights. For a showing, every single light in the house must be on, even in the closets and utility/mechanical rooms, according to Marlene Granacki of RE/MAX Exclusive Properties, Chicago.
“Make sure all the bulbs are working, and stock up on all the right bulbs for lamps and fixtures so burned out bulbs can be replaced immediately,” she advises. “Also, it’s a great idea to keep the lights on in the front of the house even if no showings are scheduled. People are always driving past the house, and keeping it lighted makes it look happy and welcoming.”
She also advises opening the drapes and blinds during the day to let in light and let visitors enjoy the view.
Provide Convenient Parking: It’s vital that buyers have a convenient place to park. They won’t want to walk very far in cold weather or be forced to climb over a snow bank to exit their vehicle. Because parking is often more restricted around condominiums, sellers should make sure their agent can pass along parking details to buyers.
Make It Easy to Enter: Winter showings can get off to an awkward start if prospective buyers arrive with snow or salt on their shoes.
“Make it easy for buyers to deal with their shoes when they arrive,” recommends Barbara Hibnick of RE/MAX Showcase, Long Grove, Ill. “Put a festive area rug at the front door for a great first impression and so visitors can wipe their feet. Have slippers or disposable booties available, along with a bench or chair, if there is room for one, where a visitor can sit and easily remove or put on their boots.”
Keep Odors Under Control: Any home tends to be stuffy in winter when windows are opened rarely. That can allow odors to build up, which can be a turn-off to buyers.
“Pet odors can be especially worrisome in winter,” says Mike Mondello of RE/MAX Synergy in Orland Park, Ill. “Use a room fragrance if needed, but nothing too strong, and I recommend that in winter sellers clean more often.” For example, change the cat litter daily, rather than every third or fourth day, or even consider using an air purifier.
If pets are in the house, consider setting the thermostat control so that the furnace fan runs constantly during the day to keep air moving through the house and dissipate odors. Also try to avoid strong cooking odors, especially if a showing is scheduled that day.
Cultivate a Festive Look: Appropriate decorations for Thanksgiving, Christmas and even St. Valentine’s Day help give a home a cheerful look during the winter months.
“I really believe that holiday decorations can help homes sell, but don’t go to excess,” suggests Starr Zook of RE/MAX On Track in Aledo, Ill. “Keeping small, decorative white lights on trees and bushes pretty much through the winter season is fine, but other decorations should be taken down quickly once the holiday passes.”
Don’t Ignore the Outdoors: Make a good first impression on buyers with a neatly maintained yard. Walks and steps should be kept clear, especially of snow and ice.
Look after Condo Common Areas: If the home you are selling is a condominium, your job as a seller may be relatively easy in winter, with no snow to shovel or yard work to worry about. However, that is only the case if your condominium association does its job well.
If the association isn’t doing it, the homeowner may have to take responsibility for keeping the entrance area and hallways clean. If the association isn’t getting snow shoveled promptly, consider buying some de-icing salt and sprinkling it judiciously around the building entry.
Don’t Roast Buyers: We all tend to prefer a specific temperature for our homes during the winter, but don’t blast buyers with hot air. Keep the temperature at a comfortable 65 degrees for all showings. Remember, buyers are likely to be wearing their coats even as they walk through the house.
Keep Seasonal Clothing under Control: “One major challenge of selling a home during the winter months is the overabundance of cold weather gear that must be stored,” says Mike Mondello. “A buyer doesn’t want to find the mudroom filled with boots or the hall closet overflowing with heavy coats. Shift some winter coats to another closet and put anything not needed in the closet into storage.”
To keep gloves and scarves from piling up in the front hall or mudroom, put a special container for them, such as a decorative chest, where the family typically enters the home.
Encourage Day Time Showings: A home shows to its best advantage during daylight hours, which are relatively scarce in winter.
“Encourage your agent to show your home before 3 p.m. and have it ready to show by 9 a.m. if you want the best results,” Granacki recommends.
Despite the special challenges of marketing a home during winter, there also are benefits, notes Laura Ortoleva, a spokesperson for the RE/MAX Northern Illinois real estate network.
“Buyers out looking at homes in December or January are, as a group, quite serious about buying. Therefore, sellers tend to benefit because each showing is more productive, and fewer showings are needed to sell the property,” she said.
Posted on December 22, 2011 at 03:31 PM in British Columbia Real Estate News, Buying a Home, Canadian Real Estate News, Homes for Sale, Selling a Home | Permalink
| Comments (0)
Renting Verses Buying A Home
There are many factors to be considered when deciding to move to a new location with the first critical decision being whether to purchase some property or rent. Depending upon your circumstances, it may either be a clear-cut decision or one that requires a more thorough analysis to make that determination.
Factors to Consider
Career - For some individuals, it may not be practical to purchase property if their career will require them to relocate frequently. Although some people have the resources and inclination to accumulate property each time they move, for most of us that is either not an option or would be an undesirable outcome to find ourselves in the role of landlord. For the majority of us, that means we need to sell property each time we move, so careful analysis is required to determine whether it is better to buy or rent property for the duration of the assignment. One item to consider is that it generally takes 3 - 5 years under average real estate market conditions to reach the breakeven point for recouping the closing costs incurred at the time of purchase. Individual situations will vary, but in a stagnant real estate market it will take longer to realize enough in property appreciation to cover the transaction costs related to acquiring and selling property.
Property Resale - Not all properties or real estate markets are equal when it comes time to sell property. Factors to weigh include the typical length of time it takes to sell property in your area or the area you are interested in which you are interested, and if there is something unique about the property (price range, location, size) that you are interested in that would make it either easier or harder to sell. Whether or not you have relocation benefits available to you through an employer if you are unable to sell your property may also be a factor.
Finances - The purchase of property typically involves significant upfront cash outlays: pre-purchase inspections, a down payment and closing costs. Equally important is whether or not sufficient income is available to cover the mortgage payments while still having enough income to adequately take care of other living expenses, car payments as well as saving for retirement. The lack of sufficient funds may quickly eliminate any thought of purchasing property and dictate that in the interim renting, living with family members or some other living arrangement will be required until enough funds can be saved.
Relationship Status - Personal relationships can play an important part in deciding to purchase property. Engaged or newly married couples often are looking to establish a single common property on which to build their future together. Single or newly divorced adults may not be ready or interested in making a long-term obligation to a specific location and prefer to leave their options open as they pursue relationships, careers, other interests and hobbies.
Personal Preference - While some people feel a strong need to own property, others don't want the responsibility of maintaining property and prefer to simply pick up the phone at the first sign of any possible trouble and have someone else be responsible for remedying the issue at hand.
Benefits of Purchasing a Home
Ownership - For most people, owning their home is a key element of attaining the Canadian Dream. And there is nothing quite like buying your first home and realizing it is all yours (provided of course that you continue to make your mortgage payments on time). Homeowners also tend to view their purchase an investment and have incentive to keep their property in good repair.
Building Equity - Obviously the largest benefit is that you are now building equity in your own property instead of contributing to the equity in someone else's property via rent payments. Historically, home ownership has been a long-standing means of building long-term wealth.
Decorating Without Limitations - As an owner, you have the freedom to personalize your property to your heart's content, subject only to local code and any applicable Strata Property rules, unlike when you rent and experience many restrictions as to what you can and cannot do to the rental property. No need to get approval to paint interior walls, change flooring, install custom closet organizers, or complete minor home improvement projects. Although larger remodel projects may require getting permits, other than meeting code requirements, you are limited only by your budget and creativity when making changes to reflect your personal tastes and style.
Financial Stability - Fixed rate mortgages result in both greater financial stability and predictability. Assuming a fixed-rate mortgage, over time your housing costs should become a smaller percentage of your monthly budget as your income continues to grow while the mortgage remains constant. Additionally, fixed mortgages offer a great deal of predictability when preparing long-term budgets. Although repairs and maintenance will need to be factored in, there will be no surprises with unexpected hikes in rent.
Personal Benefits - Owning property frequently allows you a greater opportunity to meet neighbors and develop friendships with others that hold values similar to your own. And unlike apartment dwellers that tend to be more nomadic and view their unit as just a place to sleep at night, homeowner's tend to move less often and view their homes as investments. It is also not uncommon to find neighbors that were drawn to the area for many of the same reasons that caught your attention - good reputation of schools, easy access to public transportation, close proximity to outdoor activities, the architecture of the homes, or the availability of shopping, dining and entertainment within walking distance - giving you something in common right from the beginning to build upon.
Benefits of Renting a Home
Limited Commitment - Perhaps one of the greatest benefits of renting is the limited commitment that is required of tenants allowing, them more flexibility to relocate as circumstances change. Leases often only require an initial six-month or one-year term, allowing a lot of flexibility for tenants. At worse case, if something unexpected comes up and you need to move before the initial lease is up you are frequently out a deposit for breaking the contract, but you don't need to sell a house before you can move or to free up your cash.
Repairs and Maintenance - In many circumstances, a tenant needs only to contact the property owner or manager to have repairs taken care of. And for those who don't have the time or inclination to keep up a yard, renting a property where the upkeep is taken care of can be a real plus.
Roommates - Many people choose to have roommates to help defray housing costs by splitting the cost of rent as well as utilities. Although this tends to appeal more to young adults, it is not limited exclusively to the younger crowd. As the economy has created new challenges, some homeowners have begun seeking roommates to ease financial burdens by filling empty rooms in their homes.
Posted on December 22, 2011 at 02:45 PM in Buying a Home, Greater Vancouver Real Estate News | Permalink
| Comments (0)
December 19, 2011
Property Transfer Tax Is 25 Years Old
For 25 years, the PTT has been adding to the cost of homes.
Hardest hit are low equity buyers who may not qualify for the
PTT First Time Buyer’ Program exemption. Many may have
spent years saving a downpayment. Faced with a tax that adds
$10,442 to a home with a benchmark price of $622,087, they stay
put.
The Real Estate Board’s response
Since before the PTT was first brought in by the BC Government
in 1987, the Real Estate Board has actively and persistently
campaigned against the tax.
At every opportunity, the Board has hammered home to the
provincial government the message that the PTT makes home
buying unaffordable. For example:
1. Each year the Board prepares a pre-budget submission to the
BC Select Standing Committee on Finance and Government
Services, a committee whose primary purpose is to seek
input about spending and tax priorities for the upcoming provincial
budget. Our submissions focus on the PTT’s harmful
effects on our neighbourhoods and our economy.
2. Each year the Board’s Government Relations Committee
(GRC) and Board representatives such as the president,
meet with MLAs in Victoria to recommend changes to help
mitigate the tax.
3. Year-round, the Board’s GRC meets with MLAs at public
functions and in their constituency offices in communities
throughout the Lower Mainland to again describe the harmful
effects of the tax and to recommend changes.
What has worked?
We have seen some progress.
• From 1987-1994, the Board asked the government to introduce
a rebate program for first-time buyers. In 1994, the gov
ernment
introduced the First Time Home Buyers’ Program.
First-time buyers can claim a PTT exemption provided they
meet eligibility requirements.
• In 2005, we asked the government to simplify eligibility
requirements so that more first-time buyers would qualify
for the rebate. The government implemented changes in the
Budget 2006
• In 2006 we asked the government to raise the first-time
buyer exemption price threshold to $375,000 from $325,000.
The government did this in
Budget 2007
.
• In 2007, we asked the government to raise the first-time
buyer exemption price threshold to $425,000 and to give
breaks to home buyers going green. The government raised
the price threshold to $425,000 and offered sales tax exemp
tions
for ENERGYSTAR qualified appliances, windows,
doors, skylights, home heating equipment and other energy
efficient
home upgrades.
What hasn’t worked?
Each time we’ve asked the government to remove the PTT, the
government has said no. This is because the tax generates sig
nificant
revenue which rather than being earmarked for housing,
goes into general revenue. We don’t see this simply as revenue.
We see it as excessive taxation against a targeted group which
results in an unnecessary, unaffordable closing cost to home buyers.
In 2011-12, the tax is forecast to cost BC home buyers $910
million. Since the tax was implemented in 1987, it has cost home
buyers $11.9 billion.
Continued on page two
Did you know?
While overall government tax revenues increased at an annual
compound rate of 4.2% since the 1999/2000 fiscal year, PTT
revenues ballooned at a rate of 21% per year. During the same
period, the contribution of the PTT to total tax revenue has
increased to 5.2% from 1.8%.
Source: Cameron Muir, Chief Economist, BC Real Estate Association
When REALTORS® ask potential home buyers what one expense can mean the difference between signing a
contract to buy a home and sitting on the fence, they’ll likely say the same thing: it’s the taxes. The tax that makes
homes more unaffordable in an already expensive market is the Property Transfer Tax (PTT).
.
Posted on December 19, 2011 at 02:50 PM in British Columbia Real Estate News, Buying a Home, Provincial Governments | Permalink
| Comments (0)
What Is The Property Transfer Tax
How does the First Time Home Buyers’ Exemption work?
The Property Transfer Tax (PTT) is a tax of 1% on the first
$200,000 and 2% of the remaining value of the purchase price,
when the transaction is registered at a Land Title Office.
Qualifying first time buyers may be exempt from the PTT if
they meet the First Time Home Buyers’ Program requirements.
The buyer must:
• be a Canadian citizen or permanent resident;
• have lived in BC for 12 consecutive months before the date
of registration, or have filed two income tax returns as a BC
resident within the last six years;
• never owned an interest in a principal residence anywhere in
the world at any time; and
• not have previously obtained a First Time Home Buyers’
Exemption.
In addition:
• The maximum purchase price of the home is $425,000.
There is a proportional exemption for homes priced up to
$450,000.
• The land may be a maximum of 0.5 hectares or 1.24 acres.
• The mortgage term taken must be at least one year. If the
term is less than one year, a rebate may be applied for after
the qualifying individual has resided at the residence for 12
months.
• The mortgage financing must be 70% or greater of the
purchase price (mortgage financing cannot be from family
members).
• The property must be owner-occupied (no rentals or investment
properties).
If the home exists, the buyers must move
into it within 92 days. If it is vacant land,
the buyer must build and move into the
new home within one year.
• Buyers must reside in the home for at least
one year.
Please note:
You cannot re-qualify as a first time home buyer. This rule may be different from federal programs for first time homebuyers ( e.g., the Canada Revenue Agency Home Buyer's Plan).
Posted on December 19, 2011 at 02:15 PM in British Columbia Real Estate News, Buying a Home, Canadian Real Estate News | Permalink
| Comments (0)
December 18, 2011
Open House - Meet mitchell Mingie 2241 Heather Street Fairview Sunday December 18th 2011 - 2pm -4pm
Fabulous Upper townhome suite w/ VIEWS in a newly rainscreened bldg w/ warnty in Fairview. Over 1100 sq ft, 2 Bdrm, den & 2 1/2 baths. With some renovations this can be an incredible home! This corner suite is bright w/ windows on 3 sides. Main Flr has M.Bdrm w/ensuite, 2nd lge bdrm & 2nd full bthrm. 2nd lvl has views w/spacious Livg & Din Rm w/skylight, bay wndw & gas frplce too! Galley Kitchen w/window & Den w/balcy + 1/2 bath on 2nd level. Up to 3rd level to great roof top deck & BIG 360 degree views. Insuite ldry & 2 prkg make this a winner! Steps to Cambie St shops, restants and transption too. Open House Sun 2-4 Dec 18
Posted on December 18, 2011 at 12:21 AM in Open House - Meet Mitchell | Permalink
| Comments (0)
December 17, 2011
British Columbia's Real Estate Sales Remain Unchanged In November Reports The British Columbia Real Estate Association
Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.
BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."
"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.
Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.
For the complete news release, including detailed statistics, click here
Posted on December 17, 2011 at 10:15 PM in British Columbia Real Estate Market | Permalink
| Comments (0)
Laneway Housing - City of Vancouver
In July 2009 Laneway (or Coach) Housing was approved by the City of Vancouver under their EcoDensity Initiative.
Available to RS-1 and RS-5 single-family zones on lots 33′ or wider, you can now build 500 – 750 sf of lane-facing housing. This is in addition to an in-house secondary suite, and to the provision of a single on-site parking space.
If you are interested in looking into adding a Laneway House on your property, you can contact the City of Vancouver Enquiry center at 604-873-7613 to confirm whether or not your particular lot is eligible.
For more information, visit EcoDensity Laneway Housing.
Posted on December 17, 2011 at 08:33 PM in Greater Vancouver Real Estate News, Legal Matters, Living in Vancouver, Vancouver, Vancouver Real Estate News | Permalink
| Comments (0)
December 11, 2011
Bank Of Canada Announcement of December 6th 2011 Regarding The Overnight Rate
As you know, your variable rate mortgage, lines of credit and/or student loans are all based on the Prime Rate and as promised, here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.
At 9:00 am EST, December 6th, 2011, the Bank of Canada again did what we expected them to do… they maintained their overnight rate. What this means to you is that the prime rate on your mortgage or line of credit will not change and remains at 3.00%. This is great news as you still have a great low rate and so continue to make the most of the low payments you will still have and maybe chat with a financial advisor about a Tax Free Savings Account or some RRSP contributions to trigger a potential income tax refund next year! If you don’t have a financial advisor, let me know and I’d be happy to recommend one to you.
Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:
“Uncertainty around the global economic outlook has increased. The recession in Europe is now expected to be more pronounced than the Bank had anticipated in October. Recent economic data suggest that growth in the US has been slightly more robust than anticipated… Nonetheless, household deleveraging, fiscal consolidation and negative spillover effects from the European crisis are all expected to weigh on U.S. growth. On balance, recent economic indicators in Canada suggest that growth in the second half of this year is slightly stronger than the Bank projected in October. The economy also continues to face competitiveness challenges, including the persistent strength of the Canadian dollar”.
The outlook hasn’t really changed that much since the last announcement... they expect that growth will slowly continue but will be impacted by global economic conditions. Based on this repeated message, it is anticipated that prime rate might not actually increase until well into 2012 maybe even 2013. When it does start to increase, it is expected to be gradual and controlled in line with economic recovery, both in Canada and globally. Remember any change to the prime rate since 1992 has only been by 0.25% at any ONE time.
We have only seen some minor fluctuations to the fixed term rates since the last announcement and are still very low at around 3.49% to 3.79% for a five year fixed term.
Based on this recent announcement, and the anticipation that the prime rate will still remain low for the coming months, unless you feel otherwise, I’d recommend that you remain with your current variable rate product as the interest is very much lower than a fixed term rate right now.
Posted on December 11, 2011 at 12:13 AM in Canada, Canadian Real Estate News, Federal Government | Permalink
| Comments (0)