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 ratio 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 depending 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 apartment 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.

In a prior release, we reviewed what was believed to be the process for the new BC First Time Homebuyer Bonus.  The Bonus was initially referred to as a refundable tax credit, which indicated a process similar to the Federal first time buyer $5,000 tax credit which has been in effect since 2009.  If fact, the BC first time buyer new home bonus will be administered quite differently.  The different processes are noted below.

 Federal Grant :

• First, this is a $5,000 income tax credit claimed when filing your annual personal tax return
• The $5,000 is applied as a tax credit at the basic personal federal tax rate of 15%
• Accordingly the effective value of the grant is $750
• The $750 value is applied regardless of the income of the buyer
• This grant is available to first time buyers, but the home need not be a brand new home

More details can be found HERE

• The BC Grant is a Bonus for first time buyers in BC
• The Bonus is 5% of the purchase price, subject to a maximum of $10,000
• The home must be a new home to which HST is applied
• The Bonus is scaled back based on income of the purchasers
• The purchaser can apply immediately after completion of the purchase via an application form that will soon be available on the BC Government web sites

More information on the BC Bonus is available HERE

The Greater Vancouver Real Estate Board’s Government Relations department has created an informational bulletin about the newly announced HST/PST transitional rules. It is packed with useful information including important dates and links to other resources.

This information is current to February 21, 2012 and has been verified with the Canada Revenue Agency, HST Branch. However, be advised that the information could change depending on HST rulings to come.

As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:

• The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
• The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
• Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
• For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.

HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:

• entirely under the HST;
• entirely under the PST; or
• partly under HST and partly under the PST.

The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

REBGV successfully advocated for the following:

• An increase in the threshold value of homes to be covered by the rebate;
• An increase in the rebate amount;
• An announcement of the transition rules for new homes as early as possible.

For more information, visit the BC Ministry of Finance at: www.pstinbc.ca

To read the Ministry of Finance announcement: www.newsroom.gov.bc.ca/2012/02/transition-measures-support-new-home-buyers-builders.html

Showroon coming Fall 2012.

Preview registration on now.

Wall Centre Central Park

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent compared to January 2011.

Northlands Terrace

Northlands Terrace North Vancouver Condo Living

North Shore mountain living with city convenience is now here at the new Deep Cove North Vancouver real estate development called Northlands Terrace condos and townhomes. Discover your style right here at the new Northlands Terrace North Shore condo project where you will find an exclusive collection of both townhouses and condominium residences located at 3300 Mount Seymour Parkway North Vancouver, close to beautiful Deep Cove. Surrounded by breathtaking views and a close proximity to natural green spaces, urban parks, the waterfront and the North Shore mountains, the new Deep Cove Northlands Terrace North Vancouver condos and townhomes is the perfect place to sit back and enjoy the finer things in life, which includes the natural outdoors. In addition, along the beautiful slopes of Mount Seymour by Northlands Terrace North Vancouver condos is the Northlands Golf Course, just seconds away. If you are looking for close proximity to local conveniences, stores, dining, public transit, major highways, schools for all ages, recreational opportunities and entertainment, the new Deep Cove North Vancouver Northlands Terrace townhomes and condos will certainly be ideal for you and your family. Set within one of the most desirable North Shore real estate district, the North Vancouver Northlands Terrace Deep Cove condos will feature a great locale that will provide great short and long term real estate value. In over 15 years, the neighbourhood around Mount Seymour Parkway has been carefully protected and the Northlands Terrace North Shore condos is only the second of its kind in the location which means that this is a very unique and promising opportunity for both homebuyers as well as investors. The preconstruction North Vancouver Northlands Terrace condos will include one bedroom and two bedroom plus den apartment residences in addition to a select few three level, 3 bedroom townhouses for sale. There will be a total of 60 units for sale at this new Deep Cove North Vancouver real estate project set deep within the wooded and tree lined neighbourhoods of Deep Cove Seymour district, within a few steps from the Parkgate Community and Shopping Centre. The new presentation centre is now open and located at 850 Harbourside Drive North Vancouver (not the project site) and is now open daily from noon to five except closed on Fridays. The website for the Northlands Terrace condos in North Vancouver Deep Cove is at www.NTliving.com. The project is brought to you by Mount Seymour Developments Inc with about 18 years of residential construction experience. All new homes come with the standard 2-5-10 year home warranty.

The Building Amenities and Property Site at North Vancouver Northlands Terrace

Located close to the beautiful village of Deep Cove on the eastern coast of the North Shore, the North Vancouver Northlands Terrace condos and townhomes will feature an impressive development that will include 60 exclusive homes for sale. The building exterior will be modern west coast with stone cladding, durable metal roof system with thirty years manufacturer warranty in addition to an impressive lobby with fireplace (stone clad surround as well), natural limestone floors and a beautiful lighting feature. As well, the preconstruction North Vancouver Northlands Terrace condos for sale will include a multi purpose clubhouse lounge/room in addition to an on-site gym. Other on site amenities include an urban garden, outdoor play area for children as well as a central plaza that will feature amazing North Shore mountain views. There is a public art feature in addition to rooftop courtyards with views too. Home owners at the Northlands Terrace North Vancouver preconstruction condos and townhouses will also enjoy a great locale close to Deep Cove, an idyllic village style community with great bistros, cafes, restaurants and boutique stores in addition to plenty of green spaces, parks, picnic areas, and outdoor recreation. Also close by are the North Shore mountains for winter snow sports and summer hiking/biking in addition to rowing, tennis, parks, trails and golf courses. The Northlands Terrace North Vancouver preconstruction condos will also be close to great schools, banks, community facilities, highways, public transit and restaurants. For security purposes, the new Northland Terrace North Vancouver condos will have hard wired smoke detectors, fire sprinkler system, pre wiring for alarm systems and key fob proximity readers for common areas. Also, there is an underground parkade that is well lit and each suite entry door has a dead bolt lock. The lobby entrance at the North Vancouver Northland Terrace condos and townhouses will have a video enterphone so you know who is calling you in addition to storage lockers for bikes underground. There is a high speed elevator, visitor parking and each home purchase has a parking stall included with the price. The Northland Terrace North Vancouver condos will also have all pre-wiring pre-installed in addition to baseboard heating and Telus fiber optic nietworks.

The North Shore Townhome and Condo Features

Here are some standard (and incredible) features at the new North Shore Townhomes at Northlands Terrace Deep Cove property: engineered hardwood floors in the main living areas including the kitchen and entryway as well as the den. Carpets are standard in every bedroom with nice underlays for a great cushion feel in addition to horizontal blinds on all windows, Whirlpool washer and dryer (both front loading) and decora light switches. Other Northlands Terrace Townhome features include polished chrome finished hardware throughout and spacious outdoor living. The kitchens in these new Northlands Terrace North Shore townhomes for sale will introduce stainless steel sinks with gourmet in sink disposal units, Whirlpool stainless steel fridge, free standing gas range (and self cleaning) in addition to a ss dishwasher. Many of the floorplans will have free standing kitchen islands as well as Kohler vegetable spray faucets. Other kitchen features at the new North Shore Northlands Terrace townhomes include wood veneer finished cabinets, soft closing mechanisms for all doors and drawers and granite backsplash. The countertops are of granite too. The bathrooms at the new Northlands Terrace North Shore townhomes will have Kohler toilets, soaker tubs and glass walk in showers in select floor plans in addition to large format porcelain tiled floors, granite counters and shaker wood veneer engineered cabinets too.

The main differences between the townhomes and condominium residences at Northlands Terrace near Deep Cove North Shore is that the condos are single level while the townhomes are three level residences. In addition, the laundry appliances at the Northlands Terrace condos in North Vancouver will have Whirlpool electric thin twin laundry systems and soaker tubs/walk in glass showers in select units only. Also, the kitchens will have engineered quartz slab counters and a different set of stainless steel appliances when compared to the amazing townhouses. The Northlands Terrace condos in North Vancouver are part of a four storey low-rise residential building (4th floor is the penthouse level).