Richmond

Vancouver 2010 Olympic wrap up video!

As many of you might have seen on TV, the city of Vancouver has been absolute mayhem during the 16 days of the 2010 Winter Olympics.

We’ve been working to prepare for this event for the past 7 years…and despite the controversial glitches in the beginning of the event Canada managed to pull it together and emerged victorious at the final US vs Canada hockey game for the goal medal. We ended up winning 14 gold medals, the most gold medals ever won by the Olympic host country.

Several events were held in the Downtown core of Vancouver, including live concerts, light shows, ziplining down Robson Street (which supposedly had a 7 hour wait), and parties virtually everywhere; Granville Street, Vancouver’s main nightlife strip, was just packed during the night hours. Several pavilions were open showcasing the different provinces in Canada and the different countries participating in the games.

I myself visited Downtown a few times during the games, but the most memorable visit had to be after the Closing Ceremonies…walking down Granville was an experience for sure, and it made me so proud to live in this country with such patriotic residents. People dressed in red and white were walking down the streets high-fiving random people in opposing traffic, screaming and cheering and having a blast…all without getting into trouble! There was security probably every few feet but not a single fight could be spotted. At least by us.

It’s not often which we get to experience such a magnificent event in your own city! Hopefully you’ll enjoy the video, which shows a little bit of the Downtown mayhem, both day and night.

Tax Assessed Value vs Fair Market Value?

In just this past month, I’ve had 3 buyers tell me that they aren’t willing to pay much higher above what the tax assessed value of the property is. Reason? They all seem to be under the impression that tax assessed value equals what the price of the property should be.

It’s because of this misconception that some listing agents write things such as “priced under assessed value” etc in their marketing remarks, and in turn, partially because of those marketing remarks properties priced under assessed value have been deemed good deals. This is not necessarily true.

ASSESSED VALUE is a valuation placed on property by a public tax assessor (in BC it’s a provincial crown corporation called BC Assessment) for purposes of taxation. Tax authorities, for example the City of Vancouver, then apply their own tax rates to the assessments provided.

FAIR MARKET VALUE is the price that a knowledgable, willing and unpressured buyer is willing to pay to an owner who is willing and is under no obligation to sell their property. Prior to listing a property, the listing agent typically will pull up comparable properties that sold in the last 3-6 months, depending on what they find. They then guide the seller as to how to price their property. The agreed upon price between a buyer and seller effectively becomes the fair market value of that property. This is also why you should take a look at comparable sold listings prior to making an offer; it’s a great way to determine whether the subject property is priced accurately.

Have any questions? Feel free to reach me or my partner Laura at any time.

Amy Kizaki
Team Leader
Vancouver PowerSearch

778 855 0841 direct
604 209 3674 Laura direct
amy@vancouverpowersearch.com
laura@vancouverpowersearch.com

Have you used your home renovation tax credit?

Deadline is approaching! At the end of January 2010, the Federal Home Renovation Tax Credit incentive, part of Canada’s economic action plan, will be coming to an end. If you’re a Canadian homeowner and were thinking of a kitchen remodel or finally landscaping your front or back yard…time to move.

Here’s the low-down on the Home Renovation Tax Credit.

What is it? : It’s a federal non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage exceeding $1,000 but not more than $10,000.

Maximum credit: $1,350.
Valid period: Purchases made before February 1, 2010.

Eligible expenses must be of an enduring nature and integral to your property (no, new TVs or lawn mowers don’t count, sorry).

Be sure to get your contracts in writing, and keep your receipts. Claim the credit on your 2009 income tax return at the time of filing.

Examples of Eligible Expenses:

• Kitchen, bathroom, basement renovations
• New windows, doors, flooring
• Major remodels such as building an addition, garage, deck, shed or fence
• A new furnace, woodstove, fireplace, water softener, water heater
• A new driveway or resurfacing a driveway, re-shingling a roof, or painting of a house
• Landscaping- new sod, perennial shrubs and flowers, trees, etc
• Swimming pools (must be permanent, in and above ground)
• Fixtures- blinds, shades, shutters, awnings, lights, fans, etc
• Associated costs such as permits, professional services, equipment rentals, and incidental expenses

Examples of Non-eligible Expenses

• Furniture, appliances, tools, and audio and visual electronics
• Routine repairs, maintenance and cleaning (eg. furnace cleaning, snow removal, lawn care, pool cleaning, house cleaning)
• Financing costs

For more information on the tax credit, call 1-877-959-1CRA or visit www.actionplan.gc.ca.

Hope that you’ve all had a fantastic holiday season and a great New Years! 2010 is going to be an exciting year for Vancouver and we wish you all the best as well!

Vancouver Real Estate Sales break records in July

And we thought June was a great month for the Vancouver real estate market.

The Vancouver Sun reported a couple of days ago that both the Metro Vancouver and the Fraser Valley real estate boards reported record home sales for the month of July. Below are the juicy details (aka the numbers)!!

July Sales for Vancouver Real Estate

4,114 sales in Metro Vancouver (via MLS)
–> 89% increase from July 2008
Price of typical single family home in Greater Vancouver area: $711,702
–> -5.5% since July 2008
–> +10% since beginning of 2009

2,089 sales in Fraser Valley (via MLS)
–> 62% increase from July 2008
Price of typical single family home in Fraser Valley area: $477,420
–> almost -6% since July 2008
–> almost +4% in the last 3 months

Of these sales, a whopping 37% were comprised of first time home buyers.

# 57 12891 Jackbell Dr.

New Listing – Townhouse in Richmond in the California Point Area!

A “Gardener’s Dream” Capistrano by Polygon in California Point, bright and spacious, functional floor plan feats 4 Bedrooms 3 full baths, 1,533 sq. ft. of living space, SE Facing, delightful color scheme, has mountain view from the unit, double garage, nicely landscaped front yard full of blooming flowers, secured and gated complex. Complex has many amenities with outdoor pool, playground, recreation center. Walk to 2 levels of schools, transit, Cambie Community Center, center of everything. A MUST SEE!

#1 Place to Live!!

Vancouver has come out on top of a recent Livability survey!

Its not that surprising for the people that have already moved here, lived here or has ever been here.  But it might surprise people who have not been to Vancouver. Here is the Full Story.

http://www.news1130.com/more.jsp?content=20090608_174330_9272

Makes me proud to be living in a world class City!

Government’s Action Plan for the Economy and how it affects Home Buyers and Home Owners.

Earlier this year Prime Minister Stephen Harper rolled out Canada’s Economic Action Plan. In it there are some plans to help current home owners and First time home buyers.

Current homeowners would be able to get tax incentives or relief up to $1350 for renovating their current home between Jan27,2009 and Feb 1, 2010.

For First time home buyers, the withdrawal limit from your RRSP’s has been increased from $20,000 to $25,000. Withdrawals have to be made after Jan 27, 2009.

Also for first time home buyers, there is up to $750 of tax credit for closing costs for those who purchase after Jan 27, 2009.

for more information and full details go to www.actionplan.gc.ca

Edison Chua
Real Estate Consultant
604 – 728 – 1939

edison@vancouverpowersearch.com

Richmond

Richmond is an incorporated city on the Pacific coast of the Canadian province of British Columbia and forms part of Metro Vancouver. Its neighbouring municipalities are Vancouver and Burnaby to the north, New Westminster to the east, and Delta to the south, with Strait of Georgia on the west. Richmond is the location of the Vancouver International Airport.

Richmond supports about 100,000 jobs in various areas including services, retailing, tourism, light manufacturing, airport services and aviation, agriculture, fishing, and government. Richmond also is a leading centre in the region for high-technology companies, including the Nintendo Corporation of Canada. Microsoft has opened an office in September 2007 for software development. It will eventually employ hundreds of highly-skilled workers from around the world.

As of June 2007, Richmond city planners are one year into their update of its official plan for the city centre. The plan is anchored by the Canada Line, currently under construction, and includes the development of nine transit-oriented village centres. The population of the area is expected to grow from about 40,000 to 120,000 residents. According to a senior planner for the city, the goal of the plan is to “turn the middle arm of the Fraser River into a focus instead of an edge.” A Richmond parks manager said that for “too long residents have felt contained by the river, seen it as being to their backs. Now, They want people to face the river and embrace the waterfront.”

Yesterday, I had the chance to go over to look at the Fullerton in Richmond. There are a few units left being sold by the developer.

I must say these remaining units are of tremendous value for the price and the square footage. They call it their 2 for the price of 1 bedroom event.

An example of a good deal is a 3rd floor- 2 bedroom, 2 bathroom unit is selling for $336,800.
Its a brand new unit never lived in, the GST is net and its 955 sqft.! That amounts to around $342/sqft. which is a pretty good deal in my opinion. Also they would be offering a 2.5% fixed rate finance package for 2 years included with the purchase of the units.

This is a great buy for first time home buyers and for investors looking to make money in the long run. But buyers better hurry they only have 6 remaining units!

The website for more information and the floorplans: http://www.concordpacific.com/fullerton/

So if you or anyone you know is interested in buying their first home or buying their first investment in Richmond, please let me know or pass my information along. I will gladly be of further assistance in this matter.

Edison Chua
Real Estate Consultant
604 – 728 – 1939

edison@vancouverpowersearch.com