michael cowling: Balanced conditions provide a stable backdrop
- 07/06/13 10:56 AM
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 … (0 comments)
michael cowling: New Family Law Act - major changes to division of property and debt
- 06/10/13 05:09 PM
The new Family Law Act came into force on March 18, 2013, replacing the outdated Family Relations Act (1979).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 … (0 comments)
michael cowling: Spring delivers greater balance to Greater Vancouver housing market
- 05/12/13 04:35 PM
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 … (0 comments)
michael cowling: Saying Good-bye to Nasty Neighbours
- 05/12/13 04:30 PM
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 … (1 comments)
michael cowling: The 2% BC Transition Tax on new homes is coming April 1, 2013
- 04/16/13 03:35 PM
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 … (0 comments)
michael cowling: Home sale activity improves but remains below historical averages
- 04/11/13 01:50 PM
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 … (1 comments)
michael cowling: Home sales continue at below average pace
- 03/05/13 02:20 PM
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 … (0 comments)
michael cowling: What’s a property worth? Property assessment notices are here
- 02/08/13 04:30 AM
Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment (BCA). This notice is BC Assessment’s estimate of a property’s value as of July 1, 2012, and for new construction or substantially renovated homes, the physical condition as of October 3, 2012. BCA is the government agency responsible for determining and reporting property value estimates for the 1,935,426 properties in its database, a 0.92% increase in the number of properties since 2012. BC Assessment and a REALTOR® assessment. Why the difference? BCA’s assessment and the market value determined by a REALTOR® may be different. Why? … (0 comments)
michael cowling: Interesting Mortgage Statistics
- 11/21/12 07:12 AM
Among all mortgage holders, 65% have fixed rate mortgages, 28% have variable rate mortgages and 7% have a combination. For mortgages in 2012, there has been a significant shift to fixed rate mortgages - 79% are fixed, 10% are variable and 11% are a combination of both. 68% of mortgages obtained during 2012 have amortization periods of 25 years or less. 32% of mortgage holders are making significant efforts to accelerate repayments, including taking one or more of the following actions in the past year:• 16% have voluntarily increased their monthly payments.• 15% have made a lump sum contribution to their … (0 comments)
Balanced conditions provide a stable backdrop for today’s home buyers and sellers
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