Posted in: Downtown VE, Vancouver East Real Estate
I have sold a property at 403 22 E Cordova ST in Vancouver.
Urban people Alert! Fabulous one bed loft in historic GASTOWN, close to shopping, transportation & fine restaurants! With spectacular high ceilings (16') open & functional floor plan, insuite laundry, laminate floors & plenty of windows. Open kitchen with breakfast bar, bedroom in loft with great views. This 4th floor unit is facing to the courtyard so you can enjoy this bright & private living space! A good sized balcony is perfect for relaxation & BBQ. One secured underground parking stall + bike storage. Live in caretaker & good bldg security make this a great and AFFORDABLE CHOICE in Downtown Vancouver. INVESTOR welcome! No rental restrictions! SHARP PRICE. Call now to book a viewing.
Posted in: Downtown VW, Vancouver West Real Estate
I have sold a property at 2506 602 Citadel Parade in Vancouver.
Enjoy the expansive Burrard Inlet water views and Northshore mountains from this stunning 2 bedroom plus den at the Spectrum 4. The suite is tastefully renovated with brand new flooring and fresh paint. Spectrum has some of the best facilities in the city including 80' indoor pool, swirlpool, sauna, steam room, 24 hour gym, media room, several conference rooms, large party room, and concierge service. The building is pet and rental friendly. Price includes one full size parking spot close to the elevator. This is one of the nicest layouts with large living room and floor to ceiling windows all around... did I mention the water view? Best value in downtown.
Open House on Saturday, June 2, 2012 1:00 pm - 3:00 pm
Welcome to Kore! This luxury concrete condo has it all - located right in the heart of beautiful Kitsilano. NEW spacious one bedroom corner unit features high end finishings, large balcony, hardwood floors throughout, open-concept kitchen,stainless steel appliances, Caesarstone & marble counters, gas cooktop, floor-to-ceiling windows and great city views. Priced to sell, no HST, don't miss this one! Public Open House June 2nd, Saturday, 1:00 - 3:00pm
Posted in: 2012
The British Columbia provincial government recently passed regulations (Regulations) pursuant to the Strata Property Act (Act) that requires all strata properties with more than four units to have a common property depreciation report completed by December 13, 2013.
According to the Act, the depreciation report is to provide estimates for “the repair and replacement costs for major items in the strata corporation and the expected life of those items.” The strata corporation can then use that information to assist it in determining the appropriate amount for the annual contribution to its contingency reserve fund. A depreciation report is already a mandatory requirement for strata corporations in several other provinces and many US states.
Section 6.2 of the Regulations sets of the specific requirements for depreciation reports and examples of the ‘major items’ that must be evaluated therein. The depreciation report should be prepared by a qualified individual, typically an engineer or architect with proper liability and errors and omissions insurance coverage. In summary, a depreciation report must contain
The provincial government anticipates that depreciation reports will assist strata owners with the prudent management of their common property by providing information on repairs and replacements that will need to be funded, as well as determining the amount that should be contributed to the contingency reserve fund.
While depreciation reports are now mandatory under the law, the strata corporation may defer obtaining a depreciation report by passing a resolution with a ¾ majority vote of the strata owners authorizing such deferral. If such a resolution is passed, the deferral would be valid for a maximum of 18 months, and the resolution would then need to be re-passed in order to continue to defer the report. Once prepared, the depreciation report is valid for up to three years, after which it must be updated.
It is important to note that the law does not require that the funding requirements identified in the depreciation report be implemented. While the strata corporation remains in charge of determining the amount of contingency reserve fund contributions, the provincial government has now made it easier for a strata corporation to build up its reserve fund levels by elimination a barrier which in the past has prevents some strata corporations form meeting the maintenance and replacement requirements of their common property.
In the past, an annual ¾ majority vote was required to increase reserve fun contributions beyond 100 per cent of a strata corporation’s operating budget but that law has now been amended so that a strata corporation can now do so if the strata owners simply pass a majority vote to that effect.
The depreciation report can serve as valuable disclosure information for potential buyers. In fact, the Property Disclosure Statement for Strata Properties provides a specific inquiry regarding the possible existence of a depreciation report. Owners of strata properties can expect prospective buyers to inquire about the existence of a depreciation report and request its production if one has been prepared. Furthermore depreciation reports may be requested by mortgage providers as part of their financial risk assessment process.
A strata corporation that has organized its affairs to incorporate long-term planning and integrated maintenance in accordance with a depreciation report will likely be well positioned to maintain its building systems, protect its common property assets and reduce the costs to strata owners associated with unexpected failures of such systems or assets, and the potentially costly consequential damage. If a strata corporation defers the preparation of a depreciation report, it ma negatively affect the marketability of strata units as well as the ability of potential buyers to obtain mortgage funding or current owners to obtain refinancing.
For more information on depreciation reports, visit www.housing.gov.bc.ca/strata/regs
Article from the Bulletin, May 2012
Posted in: Legislation
Investors and developers planning to do business on reserve land will find it easier thanks to new provincial legislations. Bill 43, the First Nations Commercial and Industrial Development Act (FNCIDA) Implementation Act, introduced in the BC Legislature on May 3, 2012, will create certainty for business by enabling provincial laws and regulations to apply to major commercial, industrial and residential projects on First Nations lands.
Currently, provincial laws and regulations don’t apply to reserve lands. First Nations lands are under the jurisdiction of federal government and only the federal government has the authority to make laws for “Indians, and Lands reserved for the Indians,” as set out in the Constitution Act 1867, s 91(24) and under the Indian Act. One notable exception is the Tsawwassen First Nation (TFN). Its landmark 2008 Tsawwassen treaty with the federal and provincial governments gave the TFN self-governing powers similar to those of a municipality and land I fee simple, which it can lease.
Of the province’s 198 First Nations, 116 have expressly stated they want the same rights as the TFN by participating in the BC Treaty Commission’s treaty negotiation process. However, progress has been slow, often taking years. During this time, business opportunities are being lost – and their accompanying economic and social benefits including jobs and tax revenue.
Bill 43 holds the potential to speed and simplify business activity by creating a level regulatory playing field so that developments on reserve lands are subject to the same provincial regulations that apply to off reserve developments. This will lead to certainty for business, residents and neighbouring local governments. The impetus for the new legislation came from request from two First Nations involved in two projects.
Bill 43 will operate at the request of First Nation and will also be project-specific. For example, a First Nation planning a mixed-use development alongside a stream can ask the federal and the provincial governments to produce project-specific regulations, which the province will have the authority to monitor and enforce.
Regulations could span everything from the building code to environmental issues to a land title system and a title assurance fund compatible with the BC land title system.
Bill 43 will work with two pieces of federal legislation:
Currently First Nations land interests are registered under the federal Indian Lands Registry System which contains three separate deeds-based systems:
None of these systems is as secure as the Torrens-based land registration system used in BC.
The Squamish First Nation has made this request. A new land title system will be created for residents of the proposed Squamish project, who will be able to register leases with the provincial LTSA on behalf of the federal government.
Article from RealtorLink, May 18 2012, Volume 13, Number 10
I have listed a new property at 307 1808 3RD AVE W in Vancouver.
Welcome to Kore! This luxury concrete condo has it all - located right in the heart of beautiful Kitsilano. NEW spacious one bedroom corner unit features high end finishings, large balcony, hardwood floors throughout, open-concept kitchen,stainless steel appliances, Caesarstone & marble counters, gas cooktop, floor-to-ceiling windows and great city views. Priced to sell, no HST, don't miss this one!
Open House on Saturday, May 19, 2012 1:00 pm - 3:00 pm
Welcome to Kore! This luxury concrete condo has it all - located right in the heart of beautiful Kitsilano. NEW spacious one bedroom corner unit features high end finishings, large balcony, hardwood floors throughout, open-concept kitchen,stainless steel appliances, Caesartone & marble counters, gas cooktop, floor-to-ceiling windows and great city views. Priced to sell, no HST, don't miss this one! Open House May 19th, Saturday, 1-3pm
There are things you can do to help sell your home faster.
1. Check your curb appeal
2. Make a great first impression
4. Clean and/or paint
5. If it's broke, fix it
6. Tidy behind closed doors
7. Look at it through a visitor's eyes
And, when it comes to an open house or private tours, step aside and allow your Realtor to show the home and answer any questions.
Excerpt from Real Estate Weekly
B.C. condo unit owners have yet to take a run at challenging the fairness of deductible downloading bylaws of strata corporations, although case law seems aligned for such an opportunity.
Krista Prockiw of Alexander Holburn Beaudin & Lang LLP mentioned this state of affairs while discussing insurance law issues arising out of British Columbia’s Strata Property Act. She was speaking on May 10 at the Insurance Brokers Association of B.C.’s annual convention in Kelowna, B.C.
First, Prockiw observed the provincial act does not limit the ability of a strata corporation to sue a condo owner to recover a deductible. Such an action can proceed if the strata corporation has a valid bylaw or rule in place allowing the damage to be charged to a unit owner.
Second, a strata corporation can sue a unit owner for the insurance deductible if “the owner is responsible for the loss or damage.”
Prockiw suggested this scenario is akin to strict liability, meaning a condo unit owner can be found “responsible” for damage without requiring a finding of negligence on the part of the owner.
Consider, for example, OSP KAS 1019 v. Keiran, Simkus and Wawanesa Insurance. The owner of a condo unit had a pipe burst in the bathroom wall because high acid levels in the water caused a coupling to break down. The court determined the owner had a duty to repair and maintain the unit, which was not common property, and, therefore, was “responsible for the loss, regardless of the absence of fault or negligence on their part.”
Finally, as Prockiw and brokers attending the seminar noted, policy deductibles for some strata corporations are substantial, running anywhere from $25,000 to $500,000.
“If you live in a strata corporation, you share everything in proportionate shares,” Prockiw said. “You share maintenance fees, you share liability, so this whole idea that one owner is responsible for the entire deductible could be seen as contrary to [the common expense philosophy],” she added.
“No one’s ever taken a run at it, but we are certainly waiting for the case in which you do have an exceedingly high deductible, a strict liability bylaw and no negligence on the part of an owner. The owner might then take a run at [the deductible download] being significantly unfair.”
Four years ago, a case commenced relating to the Strata Property Act’s provisions on “significantly unfair” deductible downloads, Prockiw reported. But the case settled before trial, meaning B.C. courts still have not been called upon to interpret the standard of fairness.
“The courts have held that ‘significantly unfair’ is a really high threshold to meet,” Prockiw said. “It might not be possible to meet that.”
May 11, 2012 canadianunderwriter.ca article, read online at http://www.canadianunderwriter.ca/news/opportunity-exists-for-b-c-condo-unit-owners-to-challenge-fairness-of-deductible-downloading-bylaws/1001253862/
FOR IMMEDIATE RELEASE - from the desk of AMALIA LIAPIS
The political elections in Europe went as expected, the parties who promised MORE won but it is doubtful they will be able to keep most of their promises as they are so far in debt that there is simply no more to give. Markets worldwide went down as the reality of the results sunk in, more instability & market volatility over the next few months. Hollande, the new President of France, is already making his presence felt & could put the Franco-German relationship under threat. The last socialist president of France, Mitterand, nationalized the Banks & imposed a wealth tax. Hollande has already stated he will introduce a 75% tax on the wealthy, so maybe the banks are next. The wealthy are usually the wealth makers so they will leave France like they have done previously & like they have done in other countries when overtaxed. I seem to remember the Beatles leaving England after they were given an award in the Queen’s Honors list for bringing in so much foreign money in from their records sales etc. Then the Government introduced a wealth tax that sent the Beatles & most other high earning entertainers overseas; some never to return.
Greece appears to be in total confusion with no clear winner & this could result in further decline of Greek prospects of recovery. It was hopeless anyway. Rating agencies are still closely looking at the sovereign & bank risks in Europe. I believe we should expect further downgrades in Spain, France & Greece.
So what about our Vancouver Real Estate market?! Well to begin with we are still awaiting the Finance Minister to introduce an incentive package for First Time Buyers of New Condos. Developers screamed loud enough with the HST issue that this package looks like it might just become reality. It is expected to get voted around June 2012 and is only available until March/April 2013. This will help the new condo market.
I’ve been saying it for a couple of years now…Gastown is the favourite neighbourhood to live in…not a lot of product and what comes up for sale is usually gone quickly. The downtown condo market will remain steady though out the summer with an emphasis on the entry level purchases. Westside homes continue to be active with steady activity in the $5million and up market. Price and location will bring immediate results but the general market is still price sensitive...off by $10,000 or $20,000 and there will be little interest from Buyers. It’s still a buyer’s market overall but have to say the available inventory is rather average.
As always I am available for any questions.
Home sale and listing activity has maintained a consistent pace on the Mul- tiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.
April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.
“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ra- tio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.
Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April. At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.
“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depend- ing on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up
3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago.
Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.
Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apart- ment property increased 1.1 per cent from April 2011 to $375,900.
Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300.
Excerpt from realtylink, 2012
1. Green neigbourhoods
2. Transit-orientated density (TOD)
3. Lower Cost Luxury
4. Score your location
5. Get an energy audit
6. Install a high-efficiency heating system
8. Insulate your pipes
9. Insulate your hot water heater
10. Install a programmable termostat
11. Clean your furnace filter
12. Get the most from your fireplace
13. Use curtains
14. Install ceiling fans
15. Use an electric fan
16. Fix leaks. Fix leaking taps
17. Instal a filter
18. Change your light bulbs
19. Sensor lights
20. Keep it dark
21. Holiday lights
22. Replace your fridge
23. Replace your dishwasher
24. Replace your freezer
25. Low flow shower
26. High efficiency or dual flush (you choose the amount of water used) toilets
27. Use smart strips
28. Buy energy smart electronics
29. Recycle your old electronics
30. Conserve Water
31. Drip irrigation
32. Elbow grease
33. Less lawn
34. Grow your own
35. Presever your produce
36. Bee friendly
37. Go chemical-free
38. Plant fruit trees
GREEN AND CLEAN
40. Clean freen
41. Green Laundry detergent
42. Upgrade your washing machine
43. Install a clothesline
44. Get a rack
46. Buy local
47. Don't use paper or plastic
48. Borrow green
49. Green Tool Kit
50. Loan programs
February 6, 2012, Real Estate Board of Greater Vancouver Article
Open House on Sunday, May 6, 2012 1:00 pm - 3:00 pm
Welcome to Kore! This luxury concrete condo has it all - located right in the heart of beautiful Kitsilano. NEW spacious one bedroom corner unit features high end finishings, large balcony, hardwood floors throughout, open-concept kitchen,stainless steel appliances, Caesartone & marble counters, gas cooktop, floor-to-ceiling windows and great city views. Priced to sell, no HST, don't miss this one! Open House Sunday, May 6, 1-3pm
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