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

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.

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.

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.

Richmond

Sales of detached properties on the MLS® in February 2013 reached 89, a decrease of 25.21 per cent from the 119 detached sales recorded in February 2012, and a 64.54 per cent decrease from the 251units sold in February 2011.

Attached property sales in February 2013 totalled 50, a 16.28 per cent increase compared to the 43 sales in February 2012, and a 50 per cent decrease from the 100 attached properties sold in February 2011.

Sales of apartment properties reached 80 in February 2013, a 36 per cent decrease compared to the 125 sales in February 2012, and a decrease of 55.8 per cent compared to the 181 sales in February 2011.

Source Real Estate Board of Greater Vancouver

SOLD! 6280 Goldsmith Drive in Richmond BC

This property SOLD, click the link on the video for Available Properties.

6280 Goldsmith Drive, 
Richmond, British Columbia, V7E 4G5, Canada

RICHMOND BC HOMES
GREATER 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/6280-go...
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Woodwards
MLS® No. V991922
Bedrooms: 4
Bathrooms: 3
Total sq.ft.: 2,010
Lot Size sq.ft.: 4,717

Description:
Bright spacious 4 bedroom back split with sunny south yard backing onto green space. Nicely updated with laminate flooring, granite counter tops, tile patio and more. Master with ensuite living room has wood burning fireplace. Nice front patio, 2 car garage and workshop. Large storage shed. Vinyl windows. Well cared for, just move in. 
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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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SOLD! 11411 No. 2 Road 4 Bedroom Home in Richmond BC

This home SOLD, click the link on the video for Available Properties.

11411 No. 2 Road
Richmond BC V7E 2E6, Canada

RICHMOND BC HOUSE FOR SALE
VANCOUVER BC REAL ESTATE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Please visit http://www.michaelcowling.com or 
http://www.michaelcowling.com/11411-n... 
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Sub Area: Westwind
MLS® No. V990621
Bedrooms: 4
Bathrooms: 2
Total sq.ft.: 1,820
Lot Size: 7,201

Description:
Build Big, Move-in or Rent and hold. Either way this is a Prestigious Westwind Area property. This 60 by 120 = 7201 Sqft lot with a 1824 sqft, 4 bedroom, 2 bathroom house. Close to amenities; walking/biking distance to Steveston Village and trails; near bus route. Property has a west backyard, is fully landscaped and includes a covered deck; hot tub; wired workshop/shed; new concrete in the rear with a BBQ pad. Other Upgrades: new vinyl windows 2010, new patio 2009, new hot water tank 2008, wood fireplace and wood stove in the family room, security system and many more features. Westwind and McKinney school catchment. Priced below Government Assessment.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner
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