2 Storey Penthouse Unit located in 'Harbour Terrace' - one of the False Creek's premier concrete buildings. Just steps to seawall, Granville Island, marina & minutes from South Granville, downtown & Canada line. Enjoy the peace & tranquility of the garden below & an unobstructed Easterly view of the Marina, City and Mountains from a large covered deck on both levels. Rarely does a top floor unit of this size become available. Spacious 1584 sq.ft. of living space, 2 bedrooms, 2 1/2 bathrooms, kitchen & bathroom updates & cozy wood burning fireplace. Built-ins include ample closet space in the Master, large storage room, built-in vacuum, in-suite laundry, 2 parking stalls & separate storage locker. Pre-paid lease to 2040. Great opportunity!

TOP FLOOR, CORNER UNIT 2 Bedroom, 1 level townhouse with fantastic City & Mountain views with a rooftop deck with amazing panoramic views @ Dover Pointe. Fully rainscreened and newer roof. Good room sizes and large kitchen w/ balcony for bbq., balcony off master bedroom & living room plus a cozy wood burning fireplace. Currently tenanted and in original condition so bring your decorating ideas. Beautiful complex boasting great street appeal & situated on a gorgeous tree-lined street which enters into a landscaped interior courtyard. Conveniently located steps from the seawall, 2 Canada line stops, Cambie Village, Broadway & huge selection of shops & restaurants. A superb Fairview Slopes location. No opens, by appointment only.

All the ingredients for a great home are here: soaring entry, cross hall lvg/dng room design, family room on main, open plan, granite & stainless kitchen w/ eating area opening on to the extra large, level yard thats almost 30% larger than a standard lot. Up has 4 LARGE bdrms and 3 full baths. There is even a 5th bdrm on the main floor that can double as an office. 2 fireplaces,radiant hear, marble and hardwood flooring, 2 car garage, high ceilings & very spacious plan and so much more. Rec rms down could make a nice nanny suite. On the west side on main St. and w/ a lovely treed view of QE Park; close to Hillcrest Olympic Centre w/ rink,pool & fitness centre, nat Bailey and the Farmers Market. Don't overlook this home!

When considering a deeply discounted 5-year rate, keep in mind that cheapest isn't always best. Strangely, we know that's true when we're shopping for anything else - but we still tend to believe that lowest rate is the one and only factor in choosing a mortgage. But, that low-rate mortgage could actually cost you more in the long run.

An amazing cut-rate mortgage could have you locked in to a very rigid contract filled with financial "trip lines" that could work against you down the road. That's why it's important to check the fine print. For instance, is the mortgage fully closed? That means you're not leaving the lender unless you sell your house, so your options are limited and you have no negotiating power if your needs change in the next 5 years. Low or no prepayments: means you have no or limited ability to chip away at your principal to reduce your overall cost. Maximum 25-year amortization can take away flexibility you may need later. Many prudent homeowners take a 30-year amortization but set their payments higher using a 25-year or lower amortization. This gives them the option to reduce their payments should an emergency arise or a special need like maternity leave. For first-time buyers too, a 25-year amortization means higher payments than a 30-year amortization and could limit their entry into the market.

Spot a deeply discounted 5-year rate? Talk to a mortgage specialist first. They will help you find the right combination of low rate with the options you need to achieve your goals for homeownership and the financial future you want.

Source: Invis

Bright & beautifully maintained split level family home located on a huge 7986 square foot lot with west facing backyard in the highly sought after Seafair neighbourhood just steps to Dyke, shopping & transit. Features: recently repainted exterior & paver patio, low-e vinyl windows & sliding doors complete with screens & blinds, newer high efficiency furnace & gas fireplace, new carpet & flooring on the ground floor. 3 bedrooms up, open living room & dining room perfect for entertaining, kitchen leads to large sundeck plus ground floor has large rec/den area with wood burning fireplace and full bathroom (Inlaw/Nanny suite potential). Move-in ready or build your 3600+sf dream home. Gilmore Elementary(English and French Immersion) & Hugh Boyd Secondary Catchment. Superb opportunity not to be missed!

Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.

"Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year," said Cameron Muir, BCREA Chief Economist. "BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units."

Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.

BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 per cent lower than in December 2010.

For the complete news release, including detailed statistics, click here.

Beautifully renovated rarely available PENTHOUSE loft style 2 bedroom suite on a quiet tree-lined West End street. Bright & sunny south facing home has a great layout with no wasted space featuring vaulted 16' living room ceiling,XL picture windows, skylight upstairs & completely private 190sf south facing patio. Totally renovated open concept kitchen with corian counters, stainless steel appliances, breakfast bar & tile backsplash perfect for entertaining. Also includes a newly renovated bathroom, in-suite laundry, 1 secured parking & huge separate storage locker. Incredibly quiet with a fire wall to one side & stairs to the other. Just steps to English Bay, Stanley Park, Davie, Denman & Robson. Pet & Rental Friendly. Superb!

In the hot, competitive Vancouver housing market, it helps to know what your target market is after- and to make sure that you are delivering on it.

Is there such a thing as a “dream house”? Homebuyers realize that perhaps some concessions need to be made in order to get what they want. A recent survey sponsored by REW.ca suggests that there are certain elements that buyers in Vancouver’s Lower Mainland are willing to compromise on.

Topping the list as the most important factor- as well as one that they were least willing to compromise on was a “livability factor.” The survey found that “Close" is the word that sums up what respondents want in a location, with 41% of home buyers and sellers selecting "close to amenities" and 33% saying "close to family/friends". "Close to work/lessened commute time" came third, with acceptable commute times averaging 30 minutes.”

Many also indicated that the style of their home was an influencing factor, but many (44%) indicated that this was something that they would be willing to compromise on.

“What this tells us is that people in Vancouver Lower Mainland communities want a certain style of home but in reality they are willing to compromise on this for liveability factors such as living close to amenities with lower commute times," says Ian Martin, General Manager, REW.ca.

When asked what factors, other than liveability, helped homebuyers select location, respondents said being close to amenities such as shops, grocery stores, medical facilities (41%); close to family/friends (33%); close to work/lessened commute time (22%); close to public transit (19%); safety/less crime (16%. 15% of respondents said that they favoured being close to parks and green space and/or water.

Assuming that price was no object, factors that influenced homebuyers on selecting homes themselves, included the size of the home, style and number of bedrooms.

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

The variations are consistent with real estate trends of the past year, said Tsur Somerville, a professor at University of British Columbia’s Sauder School of Business.

“West Vancouver, the west side of Vancouver and parts of Richmond are in their own separate universe in terms of price increases – and everywhere else is much flatter,” Dr. Somerville said on Tuesday.

Some “spillover” in the Lower Mainland has helped push up assessments in areas such as Vancouver’s East Side, he added. The typical assessment for a single-family East Side home has climbed to $1-million from $816,000 last year.

On the West Side, the assessment for a single-family home on a 33-foot lot has climbed to $1.3-million from $1-million. The figure for a house on a 50-foot lot in the same area went to $1.6-million from $1.2-million.

Most homeowners in Vancouver can expect increases of 10 to 25 per cent over last year’s assessment.

The B.C. Assessment Authority posted 2012 assessment information on Tuesday. Provincial and municipal governments use the assessment roll to set property taxes, which pump more than $6.2-billion a year into government revenue.

In Richmond, owners can expect increases of five to 30 per cent for single family houses.

In the North Fraser region, which includes Burnaby and Port Moody, homeowners can expect modest changes ranging from 5-per-cent declines to 15-per-cent increases, with the exception of neighbourhoods such as Burnaby’s Buckingham Heights, where assessments could rise by as much as 25 per cent

In Kitimat, homes have increased in value and owners can expect assessments to climb by between 5 and 10 per cent.

In Whistler and Pemberton, however, the arrow is pointing in the opposite direction and homeowners can anticipate declines of up to 15 per cent.

“Whistler’s the same as it was,” said Pat Kelly, owner of Whistler Real Estate Co. “I think what you’re seeing is a reflection of the previous two or three years of economic volatility.”

A greater emphasis on value for money in all segments of the market is putting downward pressure on prices and slowing the pace of transactions, he added.

At the top end of the market, places once listed for $6-million are now being advertised for $4-million to $4.5-million, Mr. Kelly said.

The bulk of Whistler real estate transactions – about 85 per cent, according to Mr. Kelly – are townhouses and condominiums selling for less than $1-million.

Restraint is evident in that market as well, he said. “People’s approach to purchasing big-ticket items, particularly discretionary items, has changed dramatically. They’re buying what they need, maybe not going out there and buying what they want.”

Resorts and tourism spending suffer in times of global uncertainty, but Whistler remains an internationally known spot that offers good value compared with other resorts, Mr. Kelly said.

In Greater Victoria and in the Fraser Valley, assessments are expected to be flat or show small changes.

This marks the second year that B.C. assessments have topped the $1-trillion mark. The number of properties on the roll is 1.9 million, up 0.75 per cent from 2011.

On Tuesday, the province raised the threshold of the homeowners grant to $1.3-million, from $1.2-million. The grant provides a maximum reduction in residential property taxes on principal residences of $570 in the Capital, Greater Vancouver and Fraser Valley regional districts and $770 elsewhere in the province.

SOURCE: GLOBE AND MAIL NEWSPAPER

New home or resale – which suits you best? 

Looking for a home is an exciting time, with so many different types of properties from which to choose.  A good way to narrow down your search is to weigh the benefits of new vs. resale homes.  If you're planning on buying a home in the new year, here are some key things to keep in mind:

Costs – A new home may involve a range of extra costs such as landscaping, appliances, window coverings, a security system, and GST/HST.  For older homes, their individual charm often goes hand in hand with increased maintenance – it is wise to create a budget and timeline for anticipated and unanticipated repairs.  

Customization – In a new house, you can often have input into the flooring, blinds, cabinets, appliances, paint colours, etc.  In an older home, you rely largely on the previous owner's tastes, unless you plan some remodelling projects (include any renos into the overall cost of your home).

Landscaping – Older homes tend to have well-established trees, gardens, and lawns.  Most new homes may have smaller trees and sparser vegetation, but may also have irrigation systems. 

Energy efficiency – New homes feature more advanced materials such as triple glazed windows, thicker insulation and more efficient appliances to lower energy costs.  Older homes, unless they have undergone a retrofit, usually cost more per square foot to heat or cool, which should be added to your monthly expenses. 

Neighbourhood – Many new subdivisions offer centrally located playgrounds, clubhouses, as well as jogging paths for residents.  More established districts typically have better access to urban shopping venues and city restaurants.

The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

8-1-9 Hamilton is one of the best managed and kept, boutique strata buildings in Vancouver, centrally located downtown, right across from Library Square and steps to the best entertainment, dining and shopping in the city. This is the best 2 BEDROOM AND DEN corner suite in the building, enhanced with clever renovations opening the den & the addition of French doors in the master bedroom. At 864 sqft, it has plenty of space & great features that include great views of our iconic Library and city, cozy gas fireplace with a custom built TV nook above, balcony & beautiful striated bamboo floors. One parking and storage locker included. Pets and rentals welcome.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Mount Pleasant VE Condo for sale.

As always please do not hesitate to give me a call at 604-678-3334 if I can answer any questions before the open house, or if you would like to book a private showing.

Karel Palla & Darryl Sjerven
RE/MAX - Select Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this Mount Pleasant VE Condo for sale.

As always please do not hesitate to give me a call at 604-678-3334 if I can answer any questions before the open house, or if you would like to book a private showing.

Karel Palla & Darryl Sjerven
RE/MAX - Select Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this False Creek Condo for sale.

As always please do not hesitate to give me a call at 604-678-3334 if I can answer any questions before the open house, or if you would like to book a private showing.

Karel Palla & Darryl Sjerven
RE/MAX - Select Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this Mount Pleasant VE Townhouse for sale.

As always please do not hesitate to give me a call at 604-678-3334 if I can answer any questions before the open house, or if you would like to book a private showing.

Karel Palla & Darryl Sjerven
RE/MAX - Select Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this West End Condo for sale.

As always please do not hesitate to give me a call at 604-678-3334 if I can answer any questions before the open house, or if you would like to book a private showing.

Karel Palla & Darryl Sjerven
RE/MAX - Select Realty