I have just recently sold this listing at 907 - 14 Begbie St. New Westminster. 

May your Thanksgiving Day be filled with peace, laughter, love, family, friends, happiness and lots of delicious food! 

Windermere Real Estate

When house-hunting, think carefully about your needs, instead of being wowed by home features you may never use.

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

To read the full report go to click here.

I have just recently sold this listing at 224 - 10707 139 Street, Surrey. 

Wishing you a very Happy Canada Day! On this day, it's good to celebrate all the things that bring us together, as a community - and a country. Today, let's celebrate being neighbours.

I have just recently sold this listing at 4816 207A St. Langley.

By providing the strata corporation with a summary of current deficiencies, future projected capital expenditures, and costs for maintenance of each component Depreciation Reports help Strata Corporations, including bare-land strata corporations, plan for repair, maintenance and replacement of common property, limited common property and common assets over a 30 year period. As well, the depreciation report provides a financial plan for the strata corporation to prepare for these expenditures. The report is to be updated every three years and will be an integral part of the strata corporation's long-term planning.

The Report must contain;

-A physical inventory of the common property and assets

-Anticipated maintenance, repair and replacement costs for common expenses projected over 30 years

-A financial forecasting section with at least three cash flow funding models

Depreciation Reports are also known as reserve fund studies in other jurisdictions and have been a standard requirement in most Canadian provinces.

On April 13, the federal government officially introduced their plan to legalize the production and consumption of cannabis by July 2018.

The proposed legislation would allow adults to legally grow up to four cannabis plants per residence for personal use, but the bill leaves enforcement up to each jurisdiction. To date, few individuals or organizations have spoken up about the negative impacts the proposed legislation could have on properties.

Risks include mould, electrical fires and chemicals used on the premises, which can affect the health and well-being of those who live or work in these buildings. Moreover, there are no consistent standards or processes in BC or any other province for remediating buildings used to produce drugs, or for making property history information available to occupants.

BCREA believes that homebuyers and renters needed to know if their home was ever identified as having a history of drug production—whether or not that production was legal. BCREA continues to call for accessible information about the history of properties used in drug operations, as well as for clear and consistent property remediation standards.

In April 2017, there was a total of 3,553 sales which is a 25.7% decrease from the record 4,781 sales in April 2016 and an 0.7% decrease compared to March 2017.

The sales in April were 4.8% above the 10-year sales average for the month.

During the last few months, condo’s and townhome sales have dominated the residential market in Metro Vancouver. They’ve accounted for 68.5%, on average, of all residential sales.

There is HOT, HOT, HOT demand for condos and townhomes as shown in the infographic.

The benchmark price for condo’s is $554,100. There were 2,094 active listings, 1,722 sales, resulting in a sales-to-active listing ratio of 82.2%. For townhomes, the benchmark price is $701,800. There were 1,066 active listings, 620 sales, resulting in a sales-to-active listing ratio of 58.2% which indicates a good demand. As for detached homes, the benchmark price for detached properties is $1,516,500. There were 4,653 active listings, only 1,211 sales, resulting in a sales-to-active listing ratio of 26%.

The demand for condo’s and townhomes is coming both from older buyers downsizing, and younger buyers trying to get into the market.

Across the Lower Mainland, the benchmark price for condos has gone up 8.2% over the past three months, compared to 5.5% for townhomes and 3.2% for single-family homes.

Over that period, the biggest changes in condo prices were in:

·         Coquitlam: 10.1% increase.

·         Vancouver East: 9.5% increase.

·         Richmond: 9.0% increase.

Some areas did still see large increases in single-family detached home prices, including Port Coquitlam 9.9% and Coquitlam 7.2%.

Sales-to-Active Listing Ratio in recent months:

September 24.1%

October 24.4%

November 26.4%

December 27.0%

January 2017 21%

February 2017 31.9%

March 2017 47.2%

April 2017 45.5%

To put this into perspective, 14% or under indicates a Buyer's market, 20% or above is a Seller's market, and 14%-19% is a balanced market.

For more information please contact me.

For the 70% of Canadians who own a home, it is a place to live, raise a family, and connects them to their community.

Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed.

This tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes are often our largest financial asset.

However, starting with 2016 income tax returns, there are some changes in how homeowners qualify for the Principal Residence Exemption.

Until now, the Canada Revenue Agency has not required Canadians to report on a home sale during a tax season. However, if you sold your home in 2016 or later, you will need to complete a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return in order to report your sale.

The good news is that, in terms of taxes, nothing has changed. The same tax benefit is available to anyone who sells their home, provided the property was the principal residence for every year you owned it – even if you use part of your home for business purposes. There is no “new tax” involved, only a requirement you report the sale details on your tax returns.

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In February 2017, there was a total of 2,425 sales which is a 41.9% decrease from the record 4,172 sales in February 2016 and an 59.2% increase compared to January 2017.

The sales in January were 7.7% below the 10-year February sales average for the month.

As you can see from the infographic, there is still a relatively strong demand for condos and townhomes. For apartments, there were 2,253 active listings, 1,275 sales, resulting in a sales-to-active listing ratio of 56.6% which is very strong. For townhomes, there were 1,031 active listings, 404 sales, resulting in a sales-to-active listing ratio of 39.2% which indicates a good demand. As for detached homes, there were 4,310 active listings, only 745 sales, resulting in a sales-to-active listing ratio of 17.3%.

Though a 17.3% sales-to-active listing ratio is low for the detached market, I still see homes selling quickly with multiple offers if it is priced and marketed well. There is endless supply of overpriced inventory in the detached market with many sellers thinking they can capitalize from the hot market from last year, which is not happening in today’s market.

Sales-to-Active Listing Ratio in recent months:
September 24.1%
October 24.4%
November 26.4%
December 27.0%
January 2017 21%
February 2017 39.1%

To put it into perspective, a 10-12% or less indicates it is a Buyer's market, 20% or above is a Seller's market, and in between is a balanced market. The highest we have seen was 70% in March 2016.

See the detailed report by clicking here 

Do you need help with your down payment? The Government is lending a helping hand to first time home buyers so to speak.  They will only help you if you qualify. Click here for more details.

I have just recently sold this listing at 304 - 2330 Wilson Ave, Port Coquitlam. 

I have just recently sold this listing at 50 - 6465 184A St. Surrey.