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SOLD! WEST END – 2 Bedroom Suite – $549,900

West of Denman! 2 Bedroom & Den plus 2 full bathroom Suite overlooking treed Boulevard. Spacious 1138 SF floor plan – will accommodate house size furniture – window in kitchen – breakfast nook – den is enclosed balcony. Updated kitchen & bathrooms. New gas fireplace & insuite laundry. 2 secure underground Parking Stalls and 1 Storage Locker. 1 pet permitted (2nd with strata approval) & rentals allowed. Chilco Park is a well managed 44 unit building with plumbing & boiler replaced in 2008 & roof in 2002 – updated hallways in 2010. 1 block from Stanley Park & 2 blocks to English Bay. Steps to Denman, Robson & Davie shops & restaurants.

SOLD! WEST END – 2 Bedroom suite – $425,000

West of Denman! 2 Bedroom plus 1.5 bathroom Garden level Suite with 150+ SF Patio. Spacious floor plan – good size bedrooms. New blinds, freshly painted, shows well. Gas fireplace & insuite laundry hook-up. 1 secured underground parking stall & 1 storage locker. 1 Pet welcome (additional w/ approval). Gilford Park is a rainscreened 18 unit building located 1 block from Stanley Park & Lost Lagoon, shops and restaurants.

January’s Vancouver Real Estate Market Update

The latest press release from the Real Estate Board of Greater Vancouver indicates that the local market is continuing on a fairly balanced path, with prices increasing approximately 2% overall during 2010, and sales volume down slightly from December.

Small is beautiful, when it’s home!

Vancouver now has one of the lowest rental vacancy rates in Canada and demand is forecast to increase with 40,000 newcomers moving here during the next year, says Canada Mortgage and Housing Corporation.

In downtown Vancouver, the vacancy rate for a small bachelor suite now hovers at one per cent, and anyone fortunate to find a suite will pay an average rent of $850.

If you’re thinking of buying a condominium, this could be a good time. There are smaller units on the market and some of them come with big features such as a swimming pool and a peak-a-boo view.

Call us at 604.669.8484 and see if there is a smaller unit in your price range.

New mortgage rules

On February 15, 2010, the federal government announced changes to rules for government-insured mortgages.

• Borrowers with less than a 20% downpayment must meet standards for a five-year fixed rate mortgage even when choosing lower interest or short-term mortgages.
• Borrowers can re-finance up to 90% of the value of their homes instead of the current 95%.
• Borrowers buying a non-owner-occupied property for speculation will require a minimum downpayment of 20% (instead of the current 5%) for government-backed mortgage insurance.

Note: both the five per-cent down payment and the 35-year amortization period are still in effect.

The 12% HST is effective July 1, 2010

The provincial and federal governments have combined the 7% provincial sales tax (PST) and the 5% federal Goods and Services Tax (GST) into a 12% Harmonized Sales Tax (HST) which began July 1, 2010.

As a rule of thumb, the GST rules that applied to residential property will also apply under the HST.

You may be eligible for a BC New Housing Rebate if you buy, as your primary residence:
a new home together with land;
a new home together with leased land;
a home you buy through shares in a housing cooperative; or
a home constructed or substantially renovated (more than 90%) by an owner-builder.

The rebate is 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $26,250. Homes prices at more than $525,000 will be eligible for a flat rebate of $26,250.

Short blog like information

Can we help you Buy a property links to Buy a condominium or home
Can we help you Sell a property links to Sell a condominium or home

Should you sell or buy first?

It can be a balancing act, deciding whether to sell your current condominium and then buy or find your future home first, make an offer (which might be subject to the sale of your current home), and then put your put your home on the market.

Both have pluses and minuses.

If you sell first, you may end up pressed for time, looking for a suitable home to buy. If you buy first, you may end up worrying whether you will sell your home – and get the best value – in time, so you don’t have to carry two mortgages.

Marie Leonard Real Estate Services can help you with an organized approach to buying and selling a home.
We help determine how much your current home is worth.
If you’re planning to upsize, we’ll provide referrals to mortgage professionals to determine exactly what you can afford.

We’ll look for homes in the neighbourhood where you want to live and keep you informed when properties come onto the market.

We’ll do a comparative market analysis based on our in-depth market knowledge, list your home for sale and advertise it to the widest range of clients. We’ll negotiate of your behalf to get the best possible price.

If your home sells before you have located another home, we’ll do our best to postpone the closing date so you’ll have time for home hunting.

In the end, Marie Leonard Real Estate Services are here to work with you, and to make buying and selling your home go smoothly and efficiently.

What does it cost to buy a home?

You’ve decided to buy a home, which is likely one of the biggest investment decisions you’ll make for a while. So it’s vital you understand exactly how much it’s going to cost you. Here is an estimate of potential closing costs you need to factor into your budget (in alphabetical order).

Appraisal fee: lenders typically require an appraisal before loaning a mortgage. Fees range from $250 – $350.

Closing adjustments: may include property taxes, utility bills (hydro, water and heat) and condominium maintenance fees.

Deposit: this is part of the downpayment and you pay it when you remove all conditions from an Offer to Purchase.

Down payment: you’re required to put a minimum of 5% (of the purchase price) down to qualify for mortgage insurance, according to CMHC rules. Your downpayment becomes part of the purchase price.

Form B Certificate: when you buy a condominium, this document provides information about the condominium corporation’s financial and legal data.

Harmonized Sales Tax: since July 1, 2010, when you buy a new home, you must pay a 12% Harmonized Sales Tax (HST).

HST rebate: there is a rebate of 71.43% of the provincial portion of the HST paid up on homes up to $525,000 to a maximum rebate of $26,250. If you buy a new home priced above $525,000, there is a flat rebate of $26,250.

Home buyers (new and resale) must pay the HST on services, for example, appraisal, legal, REALTOR® and survey fees.

Home inspector’s fee: most buyers (and most lenders) require any offer to be subject to a professional inspection. Fees vary and typically cost approximately $500.

Home insurance: lenders typically require buyers to carry fire and extended coverage and liability insurance. Rates vary depending on a property. Expect to pay between $250 and $750 per year.

Land survey fee: for detached houses lenders may require a property survey. Costs vary.

Legal fees: lawyers’ services range and may include reviewing the offer to purchase, searching the title, completing mortgage documents, overseeing the closing, and disbursements as well as costs for a title search, preparing the title deed, and registering a mortgage. Ask for a fee schedule.

Property Transfer Tax: when you register your property title you must pay 1% on the first $200,000 and 2% on the remainder. First-time homebuyers may be eligible for rebate. For information, visit www.gov.bc.ca and in the search box type PTT rebate.

Mortgage adjustment: home buyers will be required to pay the interest accrued between the closing date and the first mortgage payment. This can vary depending on the mortgage amount and payment schedule.

Mortgage application fee: lenders (financial institutions and private lenders) may charge a fee for processing a mortgage application.

Mortgage broker’s fee: a mortgage broker is typically paid by the lender, although you should verify with your lender if there is a cost and how much it is.

Mortgage insurance: the federal government requires high-ratio mortgages (with less than 20% downpayment) to be insured against default. CMHC fees range and are based on the mortgage amount. For information.

Mortgage life insurance: often required by lenders. Premiums vary.

Property taxes: lenders may require home buyers to add monthly property tax bills mortgage payments. Check with your lender.

Title Insurance: your lender or lawyer may suggest title insurance to cover loss as a result of title defects.

More costs and fees: moving expenses, curtains and blinds, carpet, appliances, paint, deck chairs, plants, hoses, paint and more.

Is Vancouver real estate a good investment?

In April 2000, the benchmark price of an apartment condominium in Greater Vancouver was about $100,000. As of April 30, 2010, that same condominium is $397,779.
Population growth is driving price increases. This growth is expected to continue and by 2040, the population in the Lower Mainland will reach to 4.1 million residents from our current 1.8 million according to David Baxter of the Urban Futures Institute.
Where will this growth be located? There will be a trend to condominium living and higher density since Vancouver is geographically constrained by the Gulf of Georgia, the North Shore Mountains and the Canada-US border.
For home buyers, prices will likely go up, since housing demand is forecast at 29,600 new housing units per year.
Link to chart: Average Price residential detached homes, Real Estate Board of Greater Vancouver.