SOLD #202 - 2240 Wall Street Condo for Sale in Vancouver BC

#202 - 2240 Wall Street
Vancouver, British Columbia, V5L 1B6, Canada

VANCOUVER BC HOMES
VANCOUVER BC REAL ESTATE FOR SALE
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.

Please visit:
http:--www.michaelcowling.com or
http:--www.michaelcowling.com/202-2240-w­all-street-vancouver-bc-v5l-1b6/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Hastings
MLS® No. V1016616
Bedrooms: 2
Bathrooms: 1
Total sq.ft.: 900

Description:
BREATHTAKING VIEWS from this SW facing, 900 sq.ft 2 bed end unit. Open your entry door and you see views of, Stanley Park, Lions Gate Bridge, Ocean & North Shore Mountains, views also from Living room and dining area, 2nd bedroom, and kitchen Large house size rooms, open kitchen. Balcony great for barbeques & gets plenty of afternoon sun for plants, relaxing and entertaining. In suite laundry, the "Landmark Edgewater" building is well maintained. One small dog or 2 cats allowed. 2 rentals allowed Desirable Wall Street, plenty of parks and shops close by, minutes from downtown, # 1hwy and North Shore. Secured Parking #8 Storage Locker 202. Common area bike room storage available.
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RE-MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http:--www.michaelcowling.com

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Balanced conditions provide a stable backdrop for today’s home buyers and sellers

The Greater Vancouver housing market continues to maintain a relative balance between the number of homes for sale and the number of people looking to purchase a home in the region today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,642 on the Multiple Listing Service® (MLS®) in June 2013. This represents an 11.9 per cent increase compared to the 2,362 sales recorded in June 2012, and an 8.3 per cent decline compared to the 2,882 sales in May 2013.

Last month’s sales were 22.2 per cent below the 10-year sales average for the month, while new listings for the month were 11.5 percent below the 10-year average.

As the term suggests, a balanced market means that many of the key housing market indicators, such as price, are stable and conditions therefore don’t tilt in favour of buyers or sellers.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,874 in June. This represents a 13.2 per cent decline compared to the 5,617 new listings reported in June 2012 and a 13.8 per cent decline from the 5,656 new listings in May of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,289, a 6 per cent decrease compared to June 2012 and a 0.4 per cent increase compared to May 2013.

The sales-to-active-listings ratio currently sits at 15 per cent in Greater Vancouver. This is the fourth straight month that this ratio has been at or above 15 per cent.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of three per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.

Richmond

Sales of detached properties on the MLS® in June 2013 reached 115, a increase of 51.32 per cent from the 76 detached sales recorded in June 2012, and a 27.22 per cent decrease from the 158 units sold in June 2011.

Attached property sales in June 2013 totalled 72, a 22.03 per cent increase compared to the 59 sales in June 2012, and a 16.27 per cent decrease from the 86 attached properties sold in June 2011.

Sales of apartment properties reached 121 in June 2013, a 7.08 per cent increase compared to the 113 sales in June 2012, and a decrease of 12.95 per cent compared to the 139 sales in June 2011.

Source Real Estate Board of Greater Vancouver

New Family Law Act - major changes to division of property and debt

The new Family Law Act came into force on March 18, 2013, replacing the outdated Family Relations Act (1979). The legislation was developed after consultation with more than 500 organizations, community groups, the legal community and other stakeholders.

It aims to meet the changing needs of families, including common-law families, which are growing at a rate four times faster than married couples, according to the BC Ministry of Justice.

Property division

Under the old Family Relations Act, when a married couple separated, assets including property owned by one spouse before the marriage were subject to presumptively equal division unless the court found grounds to “reapportion” property and bring about an unequal division (for example to take into account then length of the marriage or an inheritance).

The old Family Relations Act did not apply to unmarried couples. While unmarried couples could apply to court for a division of property pursuant to the common law principle of “unjust enrichment”, this provided less certainty due to the absence of statutory provisions guiding the division of assets for those couples.

Under the new Family Law Act, unmarried couples who have lived together in a marriage-like relationship (common law) for at least two years are considered to be spouses and are treated the same as married couples for the purposes of property division.

Now if a couple separates, the general rule is that all couples, whether married or common law, will share equally the family property and debt that accrues during the course of their relationship.

What is family property?

Family property is all property that either spouse owns at separation, regardless of whose name it is in, including the family home, RRSPs, investments such as shares, income tax refunds, bank accounts, and insurance policies and pensions, unless the property is excluded.

What is excluded property?

Excluded property includes property acquired by a spouse or held in trust before the relationship, gifts or inheritances, settlements or awards of damages, and money paid under an insurance policy, other than a policy respecting property. The exclusion does not include increases in value during the relationship, however. The value of this property as of the later of the date of the commencement of the relationship, or the date it was acquired generally will not be shared upon separation.

For example, if one spouse owned a home valued at $600,000 at the beginning of the relationship and in three years the home increased in value to $750,000, differ providing title to the house remained in that first spouse’s name, he or she would premumptively be entitled to retain the original value – $600,000 and one-half of the increase in value that accrued during the relationship – $75,000. The other spouse would also prenumptively be entitled to $75,000.

Debt

Debt accrued during the relationship is also presumptively equally shared. This includes mortgages, loans, bank lines of credit or overdrafts, credit cards, income tax, repair costs.

Written and co-habitation agreements

Common law couples who do not want the property division rules to apply to them, can opt-out by preparing a written agreement and divide their property and debt as they see fit. Couples can also enter into a co-habitation agreement. The court will have less ability to overturn these agreements than in the past providing that certain conditions such as full financial disclosure are met.

As always, it is in the best interest of clients to advise them to get legal advice.

Source: Real Estate Board of Greater Vancouver

Spring delivers greater balance to Greater Vancouver housing market

A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®) in April 2013. This represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and an11.9 per cent increase compared to the 2,347 sales in March 2013.

Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 per cent below the 10-year sales average for the month.

While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three per cent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 per cent above the region’s 10-year new listing average for the month.

The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 per cent increase compared to April 2012 and an 8.2 per cent increase compared to March 2013.

The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This is the second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.

There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six per cent in Greater Vancouver during the last half of 2012.

Richmond

Sales of detached properties on the MLS® in April 2013 reached 109, a decrease of 4.39 per cent from the 114 detached sales recorded in April 2012, and a 23.77 per cent decrease from the 143 units sold in April 2011.

Attached property sales in April 2013 totalled 93, a 30.99 per cent increase compared to the 71 sales in April 2012, and a 13.88 per cent decrease from the 108 attached properties sold in April 2011.

Sales of apartment properties reached 148 in April 2013, a 22.31 per cent increase compared to the 121 sales in April 2012, and a decrease of 10.44 per cent compared to the 134 sales in April 2011.

Source Real Estate Board of Greater Vancouver

Saying Good-bye to Nasty Neighbours—New Community Safety Act takes aim at problem properties

Increasingly in our neighbourhoods there are problem properties where persistent, unlawful and dangerous activities threaten neighbourhood safety and security.

There properties may be derelict, or the site of criminal and nuisance activities such as drug production and trafficking, prostitution, unlawful liquor sales, child abuse, unlawful weapons or explosives, and activities conducted by gangs and organized crime.

Now, new provincial legislation introduce on February 21, 2013 promises to target and shut down these properties which:

• Adversely affect the health, safety or security of one or more persons in the community or neighbourhood, or
• Interfere with the peaceful enjoyment of one or more of the properties in the community or neighbourhood.

The Community Safety Act, if passed, will enable residents who are adversely affected to submit complaints to a new community safety unit.

This unit, staffed with a director of community safety, will have the authority to investigate and mediate complaints and work with the owners of problem properties to resolve complaints.

The legislation targets properties where the occupants may frequently change, but the problem activities persist, and the property owners fail to take effective action to stop them.

If problems continue, a community safety order may be granted, which could potentially bar named individuals from the property or end occupancy for up to 90 days.

If problems persist, the director community safety has the authority to levy fines for:

• Individuals – a fine of up to $10,000 and six months in prison for first offence, and up to $25,000 and on year in prison for subsequent convictions.
• Corporations – a fine of up to $25,000, and a fine of up to $100,000 for subsequent convictions.

The new legislation would provide local governments with an additional tool to respond directly to residents’ concerns about safe communities.

Similar legislation is in force in Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, and Yukon.

“This legislation is about giving residents a simple, timely, safe way to report properties of concern and help make their streets safer,” said the Hon. Shirley Bond, Minister of Justice and Attorney General.

“We still want residents to report criminal activity to the police. But sometimes, even when police make arrests, problems continue at a specific address this proposed legislation will fill a gap, enhancing public safety by forcing landlords to deal with chronic, illegal and dangerous behaviour on their properties,” explained Minister Bond.

The proposed Community Safety Act is available at: www.leg.bc.ca/39th5th/votes/progress-of-bills.htm

To learn more and provide feedback visit: www.familiesfirstbc.ca

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

If you will be buying a new home in the next few months or 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.

The 2% BC Transition Tax applies to the full price of a new home, which is 10% of more complete, where ownership or possession is on or after April 1, 2013, but before April 1, 2015. The 5% GST also applies to the full price of a new home, where ownership or possession is on or after April 1, 2013.

With the end of the HST and the return to the PST/GST system, the BC government chose to introduce the 2% BC Transition Tax as a way, in their words, “to ensure the equitable application of tax for purchasers of new residential homes currently under the HST system” and after April 1, 2013 when the province returns to GST on new residential homes. The government also wishes to replace some of the revenue lost through the return to the PST.

BC’s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay 7% PS on their building materials (construction inputs). The provincial government asserts that on average, about 2% of the home’s final price is embedded PST that builders pay on their building materials.

The Transition Tax rebate for builders (sellers) recognizes that the builder will not be able to claim input tax credits on the PST paid on building materials acquired after March 31, 2013. The rebate is available where both of the following conditions are met:

• The 2% BC Transition Tax applies to the sale of new housing; and
• Construction or substantial renovation is at least 10%, but not more than 90%, complete before April 1, 2013.

The Transition Tax rebate for sellers of new housing will be calculated on the degree of completion of the housing as of April 1, 2013:

The 2% BC Transition Tax does NOT apply to:

• the sale of vacant land, whether the GST would apply or not;
• the sale of new commercial units; or
• REALTOR® commissions.

Home sale activity improves but remains below historical averages

Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent below the 10-year sales average for the month.

While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices.

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013.

Richmond

Sales of detached properties on the MLS® in March 2013 reached 89, a decrease of 25.21 per cent from the 104 detached sales recorded in March 2012, and a 64.54 per cent decrease from the 262units sold in March 2011.

Attached property sales in March 2013 totalled 74, a 16.28 per cent increase compared to the 87 sales in March 2012, and a 50 per cent decrease from the 142 attached properties sold in March 2011.

Sales of apartment properties reached 117 in March 2013, a 36 per cent decrease compared to the 118 sales in March 2012, and a decrease of 55.8 per cent compared to the 230 sales in March 2011.

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that: 

   • sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST; and 

   • tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.

These reduced tax rates apply to transactions payable on or after April 1.

Source Real Estate Board of Greater Vancouver