First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000.

In 2005, the government increased the threshold to $325,000 from $275,000.

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

Here is a link to the Budget.: http://www.bcbudget.gov.bc.ca/2014/default.htm

Read Full Story
Please visit our Open House at 8535 ANGLER'S PL in Vancouver.
Open House on Saturday, February 22, 2014 2:00 pm - 4:00 pm
RARELY available charming craftsman-style home nestled away in a hidden cul-de-sac just steps away from Angus Lands Park and the Fraser waterfront! This very private and lovingly cared for two-level 3 bedroom and den home features an openfloorplan, vaulted ceilings, grand staircase, large windows with natural light throughout, huge master suite with walk-in, front and back brick patios perfect for entertaining, hidden master balcony, separate pantry, built-in vacuum system and surrounded with lush greenery. Home is a pleasure to show and exceptional value. Don't miss this one! Public Open Saturday & Sunday, Feb 22nd & 23rd, 2:00-4:00pm
Read Full Story
I have listed a new property at West End VW, Vancouver West.

Area: West End
Address: Nicola Street
Size: ~900 square feet
Bedrooms: 1
Bathrooms: 1.5
Parking: 1
Storage: No
Rent: $2100
Term: Short Only
Next Available: Now

**Pictures to come within 24 hours**

Rarely Available - Fully furnished, renovated, ~900 sq ft, 2 level, 1 bedroom, 1.5 bathroom townhome nestled in a quiet pocket of the West End in downtown Vancouver! Home features only 1 common wall, front & back patios, large open concept kitchen and separate entrance. Close to Robson and Denman Shopping, small park directly across the street and within walking distance to everything downtown has to offer (Walkscore 95/100!). Includes all utilites and services (no landline). Optional Housekeeping service is available. Short term only.

Also includes high speed internet/wifi, cable, gas, hot water and electricity.

Deposit: half months rent & extra keys/FOBs deposit (if applicable).
Includes: fridge, stove, dishwasher, microwave, washer/dryer, window coverings, furnishings, electronics, internet, cable, utilities, parking.
Does not include: long distance/toll calls, pay per view, housekeeping service, move in/out fees (if applicable).
Amenities: n/a

Sorry, No Pets & No Smoking. Credit check & references may be requested.

Read Full Story
Please visit our Open House at 8535 ANGLER'S PL in Vancouver.
Open House on Saturday, February 15, 2014 2:00 pm - 4:00 pm
RARELY available charming craftsman-style home nestled away in a hidden cul-de-sac just steps away from Angus Lands Park and the Fraser waterfront! This very private and lovingly cared for two-level 3 bedroom and den home features an openfloorplan, vaulted ceilings, grand staircase, large windows with natural light throughout, huge master suite with walk-in, front and back brick patios perfect for entertaining, hidden master balcony, separate pantry, built-in vacuum system and surrounded with lush greenery. Home is a pleasure to show and exceptional value. Don't miss this one! Public Open Saturday & Sunday, Feb 15th & 16th, 2:00-4:00pm
Read Full Story
I have listed a new property at 15 CORDOVA ST W in VANCOUVER.
Premium Lease opportunity located in the heart of Gastown! Building was completely rebuilt including new roof, floor and foundation. Open floor plan with restored beaming brick, 2 rooftop HVAC's, 4" water service, upgraded 6" sewer and storm water, new 3 phase electrical services and more! Across from Army & Navy Department Store and backing onto historic Blood Alley (soon to be undergoing major upgrades) near Salt, Judas Goat, Cork & Finn and Nicili. Easy to show.
Read Full Story

In strata developments, parking areas and storage lockers are not all allocated in the same way. The specific rights of owners or tenants to use parking stalls or storage lockers vary depending on how the use of these areas has been allocated in the development.

Verifying use can be a puzzling problem for REALTORS®.

As of January 14, 2014, the process is easier because of changes to the Strata Property Act.

Strata corporations must now identify parking spaces and storage lockers associated with units on the new Information Certificate (Form B) given to potential buyers and anyone authorized by the
owner or buyer.

REALTORS® assisting clients buying or selling strata property should review the development’s strata plan to determine whether parking and storage areas are
designated as:
• a separate strata lot or part of a strata lot;
• limited common property; or
• common property.

The strata lot or part of a strata lot

This is any part of the registered strata plan identified with boundaries or as a separate strata lot and owned solely by the owner.
• Parking and storage areas may be designated on the strata plan as a separate strata lot or part of a strata lot.
• Parking and storage areas intended for commercial use can be designated as a separate strata lot, and will have their own strata lot number.
• Parking and storage areas intended to be used in conjunction with a residential strata lot can’t be a separate strata lot, but can be designated as part of the strata lot and so share the same strata lot number as the residential unit.
• A parking or storage area designated as part of a strata lot will always be owned by the strata lot owner, and a strata lot owner will transfer ownership of these areas to a purchaser upon the sale of their strata lot.

Limited common property (LCP)

Parking and storage areas are designated on the strata plan as LCP for the exclusive use of a particular strata lot. An owner with exclusive use doesn’t own the area, but has the exclusive right to use the area.
• LCP areas are common property owned by all of owners in the strata
corporation in proportion to each strata lot’s unit entitlement.
• If parking and storage areas are designated on the strata plan as common property and aren’t limited to the use of a specific strata lot, a strata corporation can create LCP designations by passing a resolution either by a unanimous vote or a 3/4 vote.
• The right to exclusive use of an LCP area attaches to the strata lot, not to the specific owner. When an owner sells their strata lot, the right to exclusive use of the LCP area automatically transfers to the new owner of the strata lot.

Common Property

Parking and storage areas may be designated on the strata plan as common property. Similar to LCP, common property is owned by all owners in a strata corporation in proportion to their respective unit entitlements.

The use of areas designated as common property can be allocated to owners in three different ways:

1. A grant of exclusive use. The strata corporation can give an owner exclusive rights to use parking and storage areas designated as common property for a maximum term of one year.
• The strata corporation can renew the term, alter conditions, and cancel at any point during the term by giving reasonable notice to the owner.
• The ability to use the common property attaches to the owner and not the strata lot. Vendors can’t contractually assign permission to use parking stalls or storage lockers to new owners, as with a lease.
• The new owner must ask the strata corporation for permission to use the
area exclusively.
• The strata corporation has discretion to grant exclusive use of the same or a different parking or storage area, or deny the new owner the right to use any parking or storage area.

2. An assignment of rights under a lease or licence. When a developer creates a strata development, the developer can grant a lease or licence over parking or storage areas to a related company or to itself (a head lease).
• The developer or related company can assign its lease or licence interest in individual parking or storage areas to buyers of a strata lot in the development.
• Head leases or licences of common property are created in developments with large underground parking and storage areas to enable the developer
to control which buyers are assigned which parking and storage areas after the strata plan is filed.
• Some head leases or licences are worded so the sale of a strata lot to
a buyer automatically triggers an assignment of the individual parking or
storage area to the new buyer. If this isn’t the case, the vendor can contractually assign their lease or licence in the contract of purchase and sale.

3. Common use of parking spaces. A strata plan may contain a parking area
designated as common property that is not allocated to the use of any specific owners.
• Owners can often use common property parking areas on a first-come first-served basis.
• There may also be strata corporation bylaws or rules governing how owners use the parking area.

-source: REBGV

Read Full Story
I have listed a new property at 1281 Cordova ST in Vancouver.

Area: Coal Harbour
Address: 1281 West Cordova Street
Size: ~2800 square feet
Bedrooms: 3
Bathrooms: 2.5
Parking: 2, Private Garage
Storage: Yes
Rent: $8495
Term: Short & Long
Next Available: April 1, 2014

One-of-a-kind - Fully furnished, completely renovated, ~2800 sq ft, 3 level, modern 3 bedroom, 2.5 bathroom luxury waterfront townhome in Coal Harbour! This immaculate home is tastefully decorated with high-end furnishings throughout, has floor to ceiling windows on three sides (only one common wall) and contains every conceivable luxury. Two separate ground level entrances, private elevator to all floors including your own storage/pantry room and secured double garage, tinted privacy windows, FOUR patios/decks including a roof top deck, heated bathroom flooring, air-conditioned throughout, alarm system, 2 flex/den areas, separate laundry room, open concept gourmet kitchen, walk-in closets, housekeeping and amazing views of the water, the park, mountains, North Shore and Stanley Park. Building features 24 hour concierge, unparalleled security, meeting rooms, media room, charging stations for cars, car wash bays, indoor pool and exercise centre. Located in Coal Harbour, next to the water and Harbour Green Park, this home is close to everything with a Walk Score of 95/100! Urban Fare (grocery) is 1 minute away, Vancouver Convention Centre is 2 blocks away, Robson Shopping and Malls all within walking distance. Short or Long term available.

Also includes high speed internet/wifi, cable, local phone, gas, hot water, electricity and Housekeeping services (one visit per week).

Deposit: half months rent & extra keys/FOBs deposit (if applicable).
Includes: fridge, stove, dishwasher, microwave, washer/dryer, window coverings, furnishings, electronics, internet, cable, phone, utilities, parking.
Does not include: long distance/toll calls, pay per view, additional housekeeping service, move in/out fees (if applicable).
Amenities: gym, garden, pool, air/con

Sorry, No Pets & No Smoking. Credit check & references may be requested.

Read Full Story
Categories: 1940s | 2011 | 2012 | 2013 | 2014 | Active Listings | Affordability | Affordable Housing | Amalia Liapis | Apartment | Arbutus | Assignments | Average Price | Awards | Bakery | Balanced Budget | Bank of Canada | banking | BC | BC Building Code | BC Government | BCREA | Beauty Salon | Benchmark | Benchmark Price | Bonds | Boundary Road | Bowen Island, Bowen Island Real Estate | Brentwood Park | Brighouse, Richmond Real Estate | British Columbia | Budget | Budget Friendly | Budget Renovation | Building Management | Burnaby | Burnaby North Real Estate | Burquitlam | Business | Business Owner | Buying | Buying Property | Cafe | Cambie | Cambie Corridor | Cambie, Vancouver West Real Estate | Canada | Capilano Highlands, North Vancouver Real Estate | Cedar Cottage | Cedar Hills, North Surrey Real Estate | Central Park BS, Burnaby South Real Estate | Champlain Heights, Vancouver East Real Estate | Character Building | Character Home | Cheap | Chilliwack | Chinatown | Christy Clark | City of Vancouver | Civil Resolution | Civil Resolution Tribunal | CLI | Closing Costs | CMHC | Coal Harbour | Coal Harbour, Vancouver West Real Estate | Collingwood | Collingwood Vancouver East, Vancouver East Real Estate | Collingwood VE, Vancouver East Real Estate | Commerce | Commercial | Commercial Building | Commercial Property | Commercial Real Estate | Commercial Sales | Commercial Space | Commercial Units | Commodity | Communities | Community | Community Profile | Como Lake | Concrete Building | Condo | Condominiums | condos | Construction | Contract | Coquitlam | Coquitlam West, Coquitlam Real Estate | CPI | Creative | CRT | Current Demand | Custom Built | Custom Home | Decor | Demand | Demolition | Detached Home | Detached Properties | Development | Dispute | DIY | Downpayment | Downtown | Downtown Eastside | Downtown NW | Downtown NW, New Westminster Real Estate | Downtown Vancouver | Downtown VE, Vancouver East Real Estate | Downtown VW, Vancouver West Real Estate | DTES | Dunbar | Dunbar, Vancouver West Real Estate | Duplex | East Hastings | East Pender | East Vancouver | Eastside | Economic | Economic Growth | Economics | Economy | Employment | Energy | Energy Efficient | Entrepreneur | Environmentally Friendly | Equity | Fairview VW, Vancouver West Real Estate | False Creek | False Creek, Vancouver West Real Estate | Family | Federal Government | Finance | Financial | Financial Market | Financial Outlook | financing | First Nations | First Time Buyer | First Time Home Buyerr | First-Time Buyer | Fiscal Policy | Fitness Studio | For Lease | For Sale | forecast | Foreign Activity | Foreign Buyers Tax | Foreign Tax | Forest Glen BS, Burnaby South Real Estate | Fraser Valley | Fraser VE | Fraser VE, Vancouver East Real Estate | Gastown | GDP | Gentrification | Glenayre, Port Moody Real Estate | Global | Government | Government Sites | Grants | Greater Vancouver | Green | Gym | Hastings | Hastings Crossing | Hastings, Vancouver East Real Estate | Heritage | Heritage Building | Hidden Costs | Historic Chinatown | Home | Home Decor | Home Owner Grant | Home Price Index | Home Problems | Home Renovation | Home Sales | Home Upgrade | Homebuying | Homeowner | Homeowner Tips | House | House For Sale | Housing | Housing Demand | Housing Market | Housing Stats | Housing Trends | Housing Update | HPI | HST | Increasing Value | Industrial | Inexpensive | Inflation | Inflation Control | Insurance | Interest | Interest Free | Interest Rate | Interest Rates | International | Investment | investments | Kensington Gardens | Kensington Heights | Kerrisdale, Vancouver West Real Estate | Killarney | King Edward | Kingsway | Kitsilano | Kitsilano, Vancouver West Real Estate | Kiwassa | Knight, Vancouver East Real Estate | Land | Land Redevelopment | Land Sales | Laneway House | Lease | Lease Agreements | Leased Space | Leasehold Property | Leasing | Legal | Legislation | Listing | Listings | Loan | Loan Program | Location | Lower Lonsdale, North Vancouver Real Estate | Lower Mainland | Luxury Home | Luxury Market | Lynn Valley, North Vancouver Real Estate | Main Street | Main, Vancouver East Real Estate | Management | Marine Way | Market | Market Demand | Market Statistics | Market Stats | market trends | Marpole, Vancouver West Real Estate | McNair, Richmond Real Estate | Metro Vancouver | Metrotown | Metrotown, Burnaby South Real Estate | Mixed-Use | Mixed-Use Complex | MLS | MLS Listings | MLS Stats | Monetary Policy | Money Savings | mortgage | Mortgage Rate | Mortgage Rates | Mount Pleasant | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Multi-Family | Multi-Use | Neighbourhood | Neighbourhood Project | New Business | New Development | New Home | New Listing | New West | New Westminster | Oakridge | Office | Office Project | Office Space | Offshore | Olympic Village | Online Tribunal | Open House | Open Space | Otter District, Langley Real Estate | Partnership | Point Grey | Point Grey, Vancouver West Real Estate | Port Moody Centre, Port Moody Real Estate | Portfolio | Price Gap | Price Trends | Prices | Professional Business | Projections | Property | Property Management | Property Owners | Property Taxes | Property Transfer Tax | Purchase | QuadReal | Queens, West Vancouver Real Estate | Quilchena | Quilchena, Vancouver West Real Estate | Railtown | Real Estate | Rebates | REBGV | REBGV Report | Recycle | Redevelopment | Regulations | Renfrew | Renfrew Heights | Renfrew Heights, Vancouver East Real Estate | Renovated | Renovation | Renovations | Rental | Report | Residential | Residential Building | Residential Sales | Restaurant | Restrictions | Retail | Retail Level | Retail Space | River District | Sale | Sales | Sales Report | Salmon River, Langley Real Estate | Savings | Selling | Sentinel Hill, West Vancouver Real Estate | Sequel 138 | Shaughnessy | Silk Building | Silver Valley, Maple Ridge Real Estate | Single Family | Single Storey | South Burnaby | South Granville | South Granville, Vancouver West Real Estate | South Vancouver | South Vancouver, Vancouver East Real Estate | Southeast Vancouver | Southlands, Vancouver West Real Estate | Statistics | Stats | strata | Strata Owner | Strathcona | Streetfront | Streetfront Retail | Suburbs | Summer | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Supply | Surrey | Survey | Tax Savings | Taxes | Tech Space | Tenant | Tofino Real Estate | Townhomes | Townhouse | Transit | Two Storey | University VW, Vancouver West Real Estate | Update | Upgrades | Value | Vancouver | Vancouver East | Vancouver Housing | Vancouver Property Values | Vancouver Real Estate | Vancouver West | Vancouver West Real Estate | Vancouver] | Victoria | Victoria VE, Vancouver East Real Estate | Views | Water View | Waterfront | WeRentVancouver | West End | West End VW, Vancouver West Real Estate | West Vancouver | West Vancouver Real Estate | Westbank | Westender | Westside | Willoughby Heights, Langley Real Estate | Yaletown | Yaletown, Vancouver West Real Estate | YVR | Zoning