SOLD 11291 Kingsbridge Drive: 3 Bedroom Home for Sale in Richmond

11291 Kingsbridge Drive
Richmond BC, V6A 4T1, 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/11291-kingsbridge-drive-richmond-bc-v7a4t1-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Ironwood
MLS® No. V1048760
Bedrooms: 3
Bathrooms: 3
Total sq.ft.: 1,700
Lot Size sq.ft.: 6,089


Description:
Well-kept partly remodelled 3 bedroom home in quiet convenient neighbourhood. 3 bedrooms up, master with ensuite. Newer roof, windows and vinyl siding. Pleasant sunroom and patio area, shed and plenty of storage space. Large lot for the area with large fenced yard backing onto green space. Close to Ironwood mall and easy access to highway. Kingswood and McNair schools.
--------------------------------------------------------------------------------­-----
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

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Government Reduces Tax Burden on First-Time Buyers

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home. The government estimates this measure will cost $8 million in lost tax revenue each year. The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years. In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000.  In 2005, the government increased the threshold to $325,000 from $275,000. The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price. Here is a link to the Budget.: http://www.bcbudget.gov.bc.ca/2014/default.htm (Source REBGV)

Strata Corporations Must Now Identify Parking Spaces and Storage Lockers

In strata developments, parking areas and storage lockers are not all allocated in the same way. The specific rights of owners or tenants to use parking stalls or storage lockers vary depending on how the use of these areas has been allocated in the development.

Verifying use can be a puzzling problem for Realtors and buyers. As of January 14, 2014, the process is easier because of changes to the Strata Property Act.

Strata corporations must now identify parking spaces and storage lockers associated with units on the new Information Certificate (Form B) given to potential buyers and anyone authorized by the owner or buyer. REALTORS® assisting clients buying or selling strata property should review the development’s strata plan to determine whether parking and storage areas are designated as:

·         a separate strata lot or part of a strata lot;

·         limited common property; or

·         common property.

The Strata Lot or Part of a Strata Lot

This is any part of the registered strata plan identified with boundaries or as a separate strata lot and owned solely by the owner.

·         Parking and storage areas may be designated on the strata plan as a separate strata lot or part of a strata lot.

·         Parking and storage areas intended for commercial use can be designated as a separate strata lot, and will have their own strata lot number.

·         Parking and storage areas intended to be used in conjunction with a residential strata lot can’t be a separate strata lot, but can be designated as part of the strata lot and so share the same strata lot number as the residential unit.

·         A parking or storage area designated as part of a strata lot will always be owned by the strata lot owner, and a strata lot owner will transfer ownership of these areas to a purchaser upon the sale of their strata lot.

Limited common property (LCP)

Parking and storage areas are designated on the strata plan as LCP for the exclusive use of a particular strata lot. An owner with exclusive use doesn’t own the area, but has the exclusive right to use the area.

·         LCP areas are common property owned by all owners in the strata corporation in proportion to each strata lot’s unit entitlement.

·         If parking and storage areas are designated on the strata plan as common property and aren’t limited to the use of a specific strata lot, a strata corporation can create LCP designations by passing a resolution either by a unanimous vote or a ¾ vote.

·         The right to exclusive use of an LCP area attaches to the strata lot, not to the specific owner. When an owner sells their strata lot, the right to exclusive use of the LCP area automatically transfers to the new owner of the strata lot.

Common Property

Parking and storage areas may be designated on the strata plan as common property. Similar to LCP, common property is owned by all owners in a strata corporation in proportion to their respective unit entitlements.

The use of areas designated as common property can be allocated to owners in three different ways:

1.       A grant of exclusive use. The strata corporation can give an owner exclusive rights to use parking and storage areas designated as common property for a maximum term of one year.

·      The strata corporation can renew the term, alter conditions, and cancel at any point during the term by giving reasonable notice to the owner.

·      The ability to use the common property attaches to the owner and not the strata lot. Vendors can’t contractually assign permission to use parking stalls or storage lockers to new owners, as with a lease.

·      The new owner must ask the strata corporation for permission to use the area exclusively.

·      The strata corporation has discretion to grant exclusive use of the same or a different parking or storage area, or deny the new owner the right to use any parking or storage area.

2.       An assignment of rights under a lease or licence. When a developer creates a strata development, the developer can grant a lease or licence over parking or storage areas to a related company or to itself (a head lease).

·         The developer or related company can assign its lease or licence interest in individual parking or storage areas to buyers of a strata lot in the development.

·         Head leases or licences of common property are created in developments with large underground parking and storage areas to enable the developer to control which buyers are assigned which parking and storage areas after the strata plan is filed.

·         Some head leases or licences are worded so the sale of a strata lot to a buyer automatically triggers an assignment of the individual parking or storage area to the new buyer. If this isn’t the case, the vendor can contractually assign their lease or licence in the contract of purchase and sale.

3.       Common use of parking spaces. A strata plan may contain a parking area designated as common property that is not allocated to the use of any specific owners.

·         Owners can often use common property parking areas on a first-come-first-serves basis.

·         There may also be strata corporation bylaws or rules governing how owners use the parking area.

(Source REBGV)

Depreciation Reports Now Required for Most Stratas

Strata corporations with five or more units must now provide the most recent depreciation report as part of the new Information Certificate (Form B).

            Strata corporations of four or fewer strata lots are not required to provide a depreciation report.

            A strata corporation can exempt itself from the obligation to obtain a depreciation report by passing a resolution with a 3/4 majority vote at an annual general or special general meeting.

            The strata corporation then has 18 months from their last exemption vote to either hold another vote providing for a further exemption or obtain a depreciation report.

            “This means a strata corporation not wanting a depreciation report will have to waive its requirement at each annual general meeting, according to Ed Wilson, a partner with Lawson Lundell law firm.

            “In practice, this means that, if votes to exempt are being held annually at annual general meetings, there would still be about six months left to get a depreciation report done if the ¾ vote did not pass in a given year,” says Wilson.

The depreciation report must be:

· prepared by someone qualified such as an architect or engineer with errors and omission insurance; and

· updated every three years.

The depreciation report provides important information to owners, buyers, mortgage providers and insurers. The report must include:

· an on-site inspection and inventory of the common property and building systems;

· schedule of anticipated maintenance, repairs and replacement costs for common expenses projected over 30 years; and

· a financial forecast which includes costs and cash-flow funding models for the contingency reserve fund.

 (Source REBGV)

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

#117 - 9373 Hemlock Drive
Richmond BC, V6Y 0A9, 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/117-9373-hemlock-drive-richmond-bc
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

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


Description:

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
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

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)

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 www.cra.gc.ca 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 www.cra.gc.ca 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 www.sbr.gov. bc.ca/business/Property_Taxes/ 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 www.cra-arc.gc.ca/tx/ndvdls/ 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 www.rev.gov.bc.ca/ 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 www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm
   
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. www.cmhc-schl.gc.ca/en/co/ 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 www.bchousing.org/Options/Home_Renovations 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. www.cmhc.ca/en/co/moloin/ 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. www.rbcroyalbank.com/products/ 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. www.vancity.com/Loans/ TypesOfLoans/BrightIdeas and www.rbcroyalbank.com/products/ personalloans/energy-saver-loan. html
    
12. BC Hydro Appliance Rebates: Mail-in rebates for purchasers of ENERGY STAR clothes washers, refrigerators or freezers. www.bchydro.com/powersmart/ 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 www.bchydro.com/powersmart/ 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. www.fortisbc.com/NaturalGas/ 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. www.fortisbc.com/NaturalGas/ 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. www.livesmartbc.ca/incentives/ 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. http://vancouver.ca/engsvcs/ 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)