Wednesday, January 22, 2014

SOLD! #117 - 9373 Hemlock Drive 1 bed 1 bath for Sale in Richmond BC

#117 - 9373 Hemlock Drive
Richmond BC, V6Y 0A9, Canada

House | Townhouse | Apartments-Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

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Call Michael Cowling at 604-276-2335 or email him at for showings.

Property Information:
Sub Area: McLennan North
MLS® No.:
Bedrooms: 1
Bathrooms: 1
Total sq.ft.: 663

Mandalay; Beautiful 663 sqft one bedroom overlooking a green courtyard from a large private patio, ideal for garden lovers and home owners who enjoy a summer BBQ or have pets.  Kitchen with granite countertops, stainless steel appliances, gas cook top, laminate and ceramic floors, side by side in suite laundry and electric fire place. Amenities include a 6600 sqft clubhouse, with indoor pool, hot tub/steam room, gym, recreation room, pool table and lounge and meeting room. Walking distance to 2 levels of school, Anderson Elementary and MacNeill High School. Close to city centre, public transit and Garden City Park. Solid concrete construction under warranty.

RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen


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Tuesday, January 14, 2014

New CMHC Risk Fee – what will it mean for home buyers?

Canada Mortgage and Housing Corporation will be charged a “risk fee” by the federal government beginning January 1, 2014.

The new fee is 3.25% of premiums written and 10 basis points (0.10%) on all new portfolio insurance (low-ratio bulk insurance) written.

Federal Finance Minister Jim Flaherty initiated the fee as part of his on going concerns that Canada’s housing market is over-valued.

CMHC is a federal Crown agency which insures against default on mortgages offered by lenders to home buyers who have less than a 20% down payment.

CMHC mortgage insurance is backed by the federal government and ultimately, by taxpayers. Buyers with as little as 5% down may qualify for a mortgage if they meet all requirements.

The fee is believed to be in response to a warning from the Washington, D.C. based International Monetary Fund (IMF). The IMF cautioned Canada that “over the long run, the need for extensive government backed mortgage insurance should be re-examined,” in a report on November 26, 2013. It also noted that “further measures should be considered to encourage appropriate risk retention.”

The fee is not expected to have a significant impact on the availability or cost of mortgages according to Cameron Muir, BC Real Estate Association Chief Economist. “However the fee will likely be passed on to home buyers in some manner or form,” he said.

CMHC estimates the fee will result in a payment to the federal government of about $50 million in 2014.

During the past five years, Minister Flaherty has tightened mortgage rules five times and also transferred oversight of CMHC to the federal Office of the Superintendent of Financial Institutions. (Source REBGV)

Friday, January 3, 2014

Top 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 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 for the 5% GST if the purchase price is $350,000 or less. The rebate is equal 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. At $450,000 and above the rebate is nil. Canada Revenue Agency Enter ‘RC4028’ in the search box. 1.800.959.8287
  3. BC 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. At $450,000 and above the rebate is nil. BC Ministry of Small Business and Revenue Property_Transfer_Tax/ptt.htm 250.387.0604
  4. First-Time Home Buyers’ Tax Credit (HBTC):  This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2012 tax year, the maximum credit is $750. Canada Revenue Agency tpcs/ncm-tx/rtrn/cmpltng/ddctns/ lns360-390/369/menu-eng.html 1.800.959.8281
  5. BC Home Owner Grant: Reduces property taxes for home owners with an assessed value of up to $1,295,000. The basic grant gives home owners: • a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; • an additional grant of $200 to rural homeowners elsewhere in the province; and • an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars. BC Ministry of Small Business and Revenue hog or contact your municipal tax office.
  6.  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
  7. 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 owners creating secondary and garden suites. prfinas/prfinas_001.cfm 1.800.668.2642 | 604.873.7408
  8. Home Adaptions for Independence (HAFI): A program jointly sponsored by the provincial and federal governments provides up to #20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer.
    BC Housing 604.646.7055 or toll-free 1.800.407.7757 extension 7055
  9. 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 saving renovations. moloin_008.cfm 604.731.5733
  10. Energy Saving Mortgages: Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account. mortgages/energy-saver-mortgage. html 1.800.769.2511
  11. Low Interest Renovation Loans: Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution. TypesOfLoans/BrightIdeas and personalloans/energy-saver-loan. html
  12. BC Hydro Appliance Rebates: Mail-in rebates for purchasers of ENERGY STAR clothes washers, refrigerators or freezers. residential/rebates_savings/ appliance_rebates.html 1.800.224.9376
  13. BC Hydro Fridge Buy-Back Program: This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.Real Estate Board of Greater Vancouver • Updated December 2013 2 Top Grants and Rebates for Property Buyers and Owners continued residential/rebates_savings/fridge_ buy_back.html 604.881.4357
  14. FortisBC Rebate Program: A range of rebates for home owners include a $75 rebate for upgrading to an ENERGY STAR clothes washer, $300 rebate on an Ener-Choice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system. Homes/Offers/Pages/default.aspx 1.888.224.2710
  15. FortisBC Rebate Program for Businesses: For commercial buildings, provides a rebate of up to $60,000 for the purchase of an energy efficient boiler, up to $15,000 for the purchase of a high-efficiency water heater and recieve funding towards a new construction energy study. Business/Offers/Pages/default. aspx 1.866.884.8833
  16. LiveSmartBC Small Business Program: Business Energy Advisors (BEAs) delivers free energy assessments. Help business owners tap into available product incentives and cash rebates for lighting, hot water, heating and ventilation improvements. Help business owners coordinate product installation. NOTE: this program expires March 31, 2014. small-business/index.html 1-866-430-8765
  17. City of Vancouver Rain Barrel Subsidy Program: The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency. There is a also a limited time offer for short rain barrels for small yards. Cost $50. watersewers/water/conservation/ programs/rainbarrel.htm 604.736.2250 Other municipalities have similar offers.
  18. Local Government Water Conservation Incentives: Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.
  19. Local Government Water Meter Programs: Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.
 (Source REGBV)