Real Estate

Icon 2 building in Yaletown

Amy and Laura visit the Icon 2 building in Yaletown.

Icon 2 is definitely one of my favorite buildings in Yaletown so far. Unlike it’s sister building Icon 1, Icon 2 is a low-rise building with only 11 stories. This building is perfect for just about anyone who has a healthy social appetite and loves the outdoors; it’s located right on the Yaletown seawall in front of the northern shores of False Creek, next to the George Wainborn park and very close to David Lam park as well. It’s also only blocks away from Yaletown’s social district; which means, although most units come with parking, you won’t be in need of a car very often, which means you’re officially eco-friendly!

Icon 2 Low-down

Location: 633 Kinghorne Mews, Vancouver (Yaletown)
Year built: 2006
Architect: Peter Busby
Stories: 11
Units: 52

Features & Amenities

• “Club Oasis”
• 80 foot indoor pool
• Whirlpool
• Fully equipped fitness facility
• Shower facilities & steam room
• Lobby & lounge
• 24 hour concierge service
• Massage & spa room
• Hollywood style theatre
• Meeting room
• Billiards room
• Landscaped courtyard garden
• Multi-purpose room with kitchen

The Icon 2 amenities are shared with the Icon 1 building and also the Silver Sea building across Kinghorne.

For more information on units currently available in Icon 2, get in touch! Amy: 778 855 0841 or amy@vancouverpowersearch.com.

Real Estate

Pre-Olympic Vancouver Real Estate Market Update

We are days away from opening ceremonies for the 2010 Olympic Games here in Vancouver BC. The city has never looked so beautiful! Within all the buzz and excitement lies a question that Vancouverites and many others around the world are speculating; “What effect will the 2010 Olympic Games have on Vancouver Real Estate?” Now this is a question that no one can answer as no one can predict the future.

Opinions are very divided. To be honest, I could personally argue all possibilities. It comes down to the basic economic principal of supply and demand. A few questions to ask yourself (amongst many) would include:

1. Economy:
How will the state of our economy post Olympics affect the housing market?

2. Foreign Investment:
With the spotlight on Vancouver will we see an increase in foreign investment?

3. Interest Rates:
What will the bank of Canada do with interest rates? Will the cost of borrowing increase significantly?

4. Pricing:
Many people are holding off with the dealings of Real Estate in Vancouver until after the 2010 Olympics. Will this bring a rise in supply or demand? Or balance eachother out keeping prices stabalized?

Obviously none of us have a crystal ball and so it’s impossible to tell what exactly will happen. It should be a very interesting year for us here in Vancouver though, and I’ll be sure to keep you posted with occurances and events as they come along.

Real Estate

First Time Home Buyer Property Transfer Tax (PTT) Exemption

What is Property Transfer Tax (PTT)? For those of you who don’t know, it’s a tax that is payable to the provincial government when acquiring an interest in or purchasing a property, and this is assumed by the buyer. Many first time home buyers are aware but not clear on their rights towards their property transfer tax exemption with their first real estate purchase. I get asked this question on a regular basis, especially from US and US/CDN dual citizens. As a first time home buyer you may qualify for an exemption in you property transfer tax. To qualify you must meet all of the following criteria:

1) Must be a Canadian Citizen or Permanent Canadian Resident.
2) Must have resided in British Columbia for the past year, and at least 2 of the last 6 taxable years.
3) Must have never held title to property anywhere internationally at any given time.
4) Must not have applied for the property transfer tax exemption previously.
5) To obtain full exemption, the purchase price must not exceed $425,000 CDN. A partial exemption is available for homes between $425,000 and $450,000.

For more detailed information you may contact me at any time, at laura@vancouverpowersearch.com.

Real Estate

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

Real Estate

Coal Harbour Video Tour

Amy and Laura take you on a tour of one of Downtown Vancouver’s waterfront communities, Coal Harbour.

Coal Harbour is located on the southern shores of the Burrard Inlet and is home to one of Vancouver’s more prestigious marinas, Coal Harbour marina (which is also one of the two marinas that will accommodate larger boats with 330′ slips.

The boundaries of Coal Harbour are Georgia Street, Denman Street, Burrard Street, and the waterfront.  Here you will find condominium units in newer highrise buildings, many with fantastic views of the Burrard Inlet, North Shore Mountains, Stanley Park and the marina. Studios start right on the $300,000 mark, one bedrooms in the mid $300,000′s and two bedroom units start in the higher $500,000 range.

The seawall starts in Coal Harbour and trails along the edges of Stanley Park back to the West End community. The Downtown waterfront is home to the new green-built, state of the art convention centre, a close to $900 million dollar project which will be the meeting grounds for the 2010 Olympic staff. Trendy furniture boutiques, yacht sale broekrages and seafood-type restaurants also line the seawall.

Want to know more about Coal Harbour real estate or would like to see some listings? Call or email us. Amy or Laura at 778 855 0841 or 604 209 3674!

amy@vancouverpowersearch.com
laura@vancouverpowersearch.com

Real Estate

Facts on HST and how it will affect BC Real Estate

How will the new Harmonized Sales Tax affect Real Estate purchases in Vancouver? This is a question that I been recently asked over and over. My answer is not as much as most people think.

HST is a 12% sales tax that will be implemented in July of 2010. This tax will replace the current 5% government sales tax combined with the 7% provincial sales tax that currently exists. Listed below are the key facts that will influence your Vancouver Real Estate purchase:

1. HST will affect the purchase of NEW homes. Currently there is only a 5% federal tax for the purchases of new contruction. This tax will be replaced by th 12% HST as of July 2010.

2. The government has announced that any new properties costing up to $525,000 will be exempt from the new tax. The original government proposed amount was $400,000. This represents a 30% increase in the exemption amount.

3. For new construction costing more than $525,000, the government has announced a provincial tax rebate program for the HST paid on a new home purchases. This amount has increased to $26,250 from the original $20,000 rebate announced when the proposed HST was originally released to the media. Again, this represents a 30% increase.

4. HST will be applicable to the costs and fees associated with a Real Estate transaction. This will include fees regarding any home inspections, legal work, comissions and any other closing costs that are part of a Real Estate purchase.

5. HST will also be applicable to many monthly costs associated with running a household. These costs include monthly strata fees, cable, internet, gas and electricity just to name a few.

The question that you are probably asking yourself righ now is “Will there be anything exempt from HST?!?” The answer is, “Not much”. I say this in regards to all pruchases not even related to Real Estate.

In saying that, unless you are planning on purchasing new construction, HST will not affect you a whole lot. Real Estate transactions that are not new construction will be exempt from HST. In this case, the only additional tax costs will be on costs/fees associated with the transaction.

Real Estate

West End Video Tour!

The West End is, in my opinion, Vancouver’s in-city suburb. The West End is the only area you will find in Downtown Vancouver where detached residential homes exist on tree-lined streets. Homes in this area are older heritage homes, with many Craftsmen style homes (strating in the lower million dollar range) that have been converted to duplexes and triplexes. The rental rate is some of the highest in this community of the Downtown Vancouver area so for investors looking for small rental investments, the area is ideal.

Just blocks away from the neighborhood is one of the city’s most populous beaches, English Bay. The close-by commercial corridors, Robson, Denman and Davie are also a 5 minute walk from the residential area and thus makes it a great home for those who like a more quiet lifestyle without the hustle and bustle of Downtown Vancouver.

Condos here can be found starting in the higher $200,000′s and lower $300,000′s. Buildings here tend to be older as most of the highrises are developed closer to Coal Harbour, Yaletown and Downtown, and thus provide more space compared to the new construction units with some of them being in the 300 sqft’s.

Several locally owned eateries call the West End home, including several Sushi places, Greek places and Gelato shops. The area is quite ecclectic as well and funky boutiques are seen one after another. My recommendations for eats? Try Stepho’s Greek Taverna on Davie Street (expect a lineup, my trick is to order take-out to avoid them), Tanpopo’s on Denman for all you can eat sushi, or Samurai’s on Davie, a little hole-in-the-wall type place with AMAZING food!

For more information on West End real estate and Vancouver real estate, contact me directly at 778.855.0841 or email me at amy@vancouverpowersearch.com!

Real Estate

Vancouver Real Estate Market Bounces Back

To the surprise of many, the Vancouver Real Estate market has rebounded and continues to remain strong. After a busy summer, many expected a decrease in activity into the Fall months. However, the market has done just the opposite. Sales in September surpassed those made in August and marked the point where pricing had made a full recovery from the beginning of the economic downturn last year. This trend in Vancouver Real Estate repeated itself once again for the month of October with the number of sales recorded in October 2009 has again increased 4.1% of those recorded in September, 2009.

Rises in consumer confidence paired with the low cost of borrowing have been the two key components that continue to drive the Vancouver Real Estate market. Unfortunately, with the low interest rates, buyer demand has increased which will have an opposite effect on affordability. Many experts have debated whether there will be enough momentum for this to continue through to the end of the year and had predicted a slow down. September and October have so far proven these predictions to be incorrect with record breaking months. It seems as though the experts are finding themselves surprised each month with the Vancouver Real Estate market continuing an upward trend as we near the end of 2009.