#realestate #vanre #Vancouver CTV News CTV Vancouver
#realestate #vanre #Vancouver CTV News CTV Vancouver
"According to a just-released report from the Conference Board of Canada, titled Economic Insights into 13 Canadian Metropolitan Economies, the Vancouver area’s real GDP growth between now and 2019 is on track to be best-in-show, annually hovering between three and 3.5 per cent.
Vancouver, it appears, has sidelined that once-prosperous civic darling, Calgary, which lately has been nursing economic wounds flowing from lower energy prices. Unlike Calgary, Vancouver has one of the most strongly diversified economies in the country, helping sustain its numero uno status.
Even as forestry — that traditional bulwark of B.C.’s economy — is in a downturn due to the pine beetle chomping into timber supplies, the economy here is not skipping a beat.
Vancouverites may have a hard time believing in their own economic supremacy given this area’s history of trailing several Prairie cities. And Vancouver has long been put to shame by Calgary’s prowess in attracting corporate head offices.
Then, too, a lot of folks here may not be personally feeling fiscally frisky because of their own debts, linked to steep housing costs.
But the proof is in the pudding. And, incredibly, by 2018, Metro Vancouver’s unemployment rate is expected to fall to an unheard of 4.9 per cent before dipping lower, to 4.7 per cent, in 2019.
That’s down from six per cent this year. Four to six per cent generally is considered “full employment.”
The big story behind the Vancouver numbers is manufacturing, boosted by an $8-billion federal contract for non-combat ships awarded to Seaspan in North Vancouver. The sector grew modestly last year, by 2.6 per cent. But with the Seaspan work starting last June, manufacturing output is slated to surge 8.6 per cent this year.
The Conference Board notes growing U.S. demand, linked to a depressed Canadian dollar, is boosting B.C. exports, further fuelling the manufacturing boom.
The construction industry has been another bright spot. A 4.9 per cent annual growth rate is expected to zoom to 7.4 per cent in 2016, because of activity both in the residential and non-residential sectors. “The strength of the overall economy and suspected foreign investment have been helping to drive demand,” says the Conference Board.
Other areas lately firing on all cylinders include wholesale and retail trade, finance, insurance, and the real estate and business services sectors.
The happy tidings extend to per capita incomes as well as population and job growth.
Personal incomes are expected to increase at a clip of about three per cent per year to $47,900 by 2019, from $42,500 this year.
Those living in Vancouver, Delta and on the North Shore are the highest income earners in the region, according to the Conference Board, with Vancouverites and Delta residents reporting average per capita incomes in the range of $44,000. Incomes of North Vancouverites are roughly $50,700 and West Vancouverites, nearly $79,000. Lowest incomes recorded per tax filer were found in Richmond, at $33,300.
Metro Vancouver’s population will continue its expansion, with a steady stream of immigrants joining a growing number of migrants from other provinces. Until a couple of years ago, Vancouver had been experiencing net out-migration.
All these things, in turn, will keep retail spending at healthy levels — welcome news for a bevy of luxury shops that have opened here in the past few years.
The challenge in any fast-growing economy is ensuring everyone gets to share in the good times. That goal has been difficult to achieve in Vancouver, even during periods of moderate growth, because housing prices can sap economic well being.
And the more Vancouver gets paraded as an economic star, the more people will be attracted to the region, increasing competitive forces that tend to boost prices further."
© Copyright (c) The Vancouver Sun
Read more: http://www.vancouversun.com/barbara+yaffe+vancouver+economy+booming+will+everyone+prosper/11406636/story.html#ixzz3nMTN1Zth
Are you thinking about selling your dog friendly home or buying a dog friendly home in Vancouver?
Jeffrey Sefton is a Dog Friendly Real Estate Agent that works with pet owners to find the perfect home and one that will welcome their pets. If you are looking for a strata condominium or townhouse that’s where his experience and services will really benefit you. Strata properties present the biggest pet challenges since each have their own bylaws with regards to dogs!
If you happen to have more than one dog or a large dog the number of potential homes decreases as some strata complexes may not allow more than one dog or perhaps dogs over a certain height or weight. Some even restrict specific breeds.
Jeffrey double checks the bylaws for each strata complex before he books a showing for you. Why get excited about a potential home without the preliminary check being done regarding the pet bylaws?
It’s a big let down to find out that your pet isn’t welcome when you are already emotionally invested. I help my clients by doing the work for them, saving them time and making the home buying experience pleasant and worry free.
One of the questions that I often get is why do strata bylaws differ so much from one complex to another? Typically a developer will use a standard set of bylaws when the property is initially developed. Sometimes they change the bylaws to reduce pet restrictions. These bylaws of course can be changed over time with a 3/4 vote at the annual general meeting. Some stratas have voted in additional pet restrictions where others may have relaxed or removed pet restrictions.
If you’re ready to buy or sell a dog friendly home call me for a no pressure coffee meeting. Contact me today!
Sutton West Coast Realty - Jeffrey Sefton
5511 West Boulevard #200
Vancouver, BC V6M 3W6
Pet Friendly Condos – Dogs, Cats Welcome!
Contact Dog Friendly Real Estate Agent Jeffrey Sefton today!
- See more at: http://www.vancouversun.com/Video+Interest+rate+cuts+Vancouver+real+estate/11217266/story.html#sthash.0SwnilkQ.dpuf
The price increase corresponds with tighter supply, with the number of homes for sale down 32 per cent and comes as “local demand is strengthening alongside foreign interest.”
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014, and a 0.5 per cent decrease compared to the 3,362 sales in August 2015.
Last month’s sales were 32.9 per cent above the 10-year sales average for the month.
“Residential home sales have been trending at 25 to 30 per cent above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
Realtor® SRES® CNE®
Sutton West Coast Realty
5511 West Blvd, Suite 200
Vancouver, BC V6M 3W6
Vancouver, BC - Jeffrey Sefton with Sutton West Coast Realty has been awarded the Seniors Real Estate Specialist (SRES®) designation by the Seniors Real Estate Specialist (SRES®) Council
Jeffrey Sefton joins more than 16,000 real estate professionals in North America who have earned the SRES® designation. All were required to successfully complete a comprehensive course in understanding the needs, considerations, and goals of real estate buyers and sellers aged 50+.
SRES Council, founded in 2007, is the world's largest association of real estate professionals focusing specifically on representing senior clients in real estate transactions. There are more than 16,000 active members of the organization world-wide.
Jeffrey is a licensed REALTOR® in the province of British Columbia. He is a member of the Real Estate Board of Greater Vancouver (REBGV), the BC Real Estate Association (BCREA®) and the Canadian Real Estate Association (CREA®). Jeffrey provides his clients with a high level of service and protection.
Jeffrey Sefton SRES® CNE®
Sutton West Coast Realty
200 – 5511 West Boulevard
Vancouver, BC V6M 3W6
Here is a list of home buying costs in BC.
Property Transfer Tax – Home buyers in BC pay a provincial Property Transfer Tax when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder. First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for between $475,000 and $500,000. At $500,000 and above the rebate is nil.
Checkout the BC Government website for more details on the property transfer tax
GST on New Home Purchase – The GST of 5% will only apply on new housing or one that has been substantially renovated that it is considered as-new. The GST will not be applicable on previously occupied resale condominiums and houses. New home buyers can apply for a rebate of the 5% GST if the purchase price is $350,000 or less. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Checkout the BC Government website for more details on the GST housing rebate
Appraisal fee – When the lending institution requires an appraisal of the property before approving your loan, it may be your responsibility to pay the appraiser’s fees. The fee ranges from $150 to $350.
Home inspection fee
A home inspection is a report on the condition of the home that can alert you to any potential issues. The fee is about $350 to $1000, depending on the size and complexity of the inspection.
Survey fee – Your lender may require an up-to-date survey of the property. If the seller does not provide the document, you will have to pay to have one done. The fee range is approximately from $150 to $350. (Houses)
Mortgage Application Fee – Lending institutions may charge a mortgage application fee. This application fee may vary between lending institutions.
Mortgage Default Insurance – This type of insurance is required on all mortgage loans in excess of 75% of the appraised property value. Its purpose is to insure that the lender will not lose any money if you cannot make your mortgage payments and the value of your property is not sufficient to repay your mortgage debt. The insurance premium is paid to the lender and ranges from ½% to 3% of the loan value; however, in most cases this premium is added to the loan amount and paid over the term of the loan.
Legal Fees – The transfer of property ownership from the seller to the buyer must be recorded in the Land Title Office in order to protect the new owner’s interests. You will probably want to engage a Lawyer or Notary Public to act on your behalf during the completion of your purchase. The legal fees for this service will include payment of a registration fee. $800-$1500
Fire & Liability Insurance – The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds. To cover yourself, make the insurance effective on the earlier of either the completion date or the date that you pay the balance of the funds in trust.
Home Buying Costs continued: Other Fees To Consider
Life & Disability Mortgage Insurance – At your option, you may purchase insurance which will ensure that your outstanding mortgage balance is paid if you die or become disabled.
Property Tax – If the current owners have already paid the full year’s property taxes to the municipality, you will have to reimburse them for your share of the year’s taxes.
Moving fee – You will need a moving company or rent the equipment to do it yourself. Don’t forget, you will also need boxes. Have a garage sale or donate items, the more you get rid of prior to your move, the easier it will be on you.
Renovating costs for your new home– Is you new home move in ready? Do you want or need to do anything to prepare your new home so you are more comfortable, if so, think about the cost of paint, materials and time to get it done.
Utility Costs and Maintenance Fees – These are monthly fees, so be prepared for them. Monthly maintenance fees are common with condominiums. These fees pay for services such as landscaping, garbage pickup and management.
Please note that the above is a guide to costs associated with buying a home in BC. There may be other costs associated with purchasing a new home that may not be listed here as each situation is different and regulations may change. These are typical approximate costs associated with the purchase of a new home.
Get your real estate buyers guide today!
Contact me if you would like to connect with a mortgage broker to get a true picture of your buying power!
Contact Jeffrey Sefton for more information or home buying advice.
Jeffrey Sefton SRES® CNE®
Sutton West Coast Realty
Paint is the classic makeover potion. Instead of repainting a whole room, just paint one wall in a focal colour or paint a contrasting rectangle over a sofa to use as a “gallery” space. You can also paint the insides of bookshelves in an unexpected colour or paint your ceiling a lighter version of the wall colour. Update your kitchen with paint or any other space in your home.
Update your window dressings. IKEA and other home stores have reams of readymade draperies you can hem to the right size (or leave to puddle on the floor), or you can make your own from sheets or lengths of designer outlet fabric. Hang from an attractive new curtain rod, also available in stock sizes.
Pull a room together by choosing two contrast colours – black and white, say, or white and one bright colour – and use them as a repeating theme throughout, such as a row of yellow and white pillows on a sofa, or robin’s egg blue walls and all-white furnishings.
A simple but effective tip: Edit your accessories. Too much of a good thing is too much. Try taking all your home decor accessories and putting them in a box, then putting them back one by one where they’ll have the most impact.
Take down all your paintings and other art and move them around to different walls or different rooms. It’ll be like seeing them for the first time.
A classic display scheme ever since Victorian times: Create a gallery wall of family photos and other small pictures in matching (or contrasting) frames, arranged in a collage on a large wall such as a stairwell or hallway. (For best results, first create a plan by arranging them on the floor till you find the right composition and “balance.”) The art of arrangement is always stylish.
Inexpensive frame mouldings from the box store can transform a plain wall or hallway into an instant paneled look. Paint the mouldings in a contrasting shade or white.
Replace overhead lighting with thrift-store (or box store) chandeliers. (Note: it’s recommended to hire a professional electrician to install them.) A dated-looking chandelier can be painted white. You can also add extra crystal drops, available at lighting stores.
Peruse Craigslist, eBay or freecycle.org regularly for finds. It’s amazing what shows up at a bargain or even free – but like any good flea market shopper, be sure to check regularly, as good things go fast.
Carpet stores often have remnants of high-end carpet at rock-bottom prices that make a great area rug. The store may bind the edges for you, or you can do it yourself with carpet binding tape and some tidy hand-sewing.
Some paint stores sell mixed paint for much less than custom-mixed paint because the colour was off or it was returned to the store. Great if you’re willing to experiment on the colour.
Re-tile kitchen backsplashes. Most backsplashes require only a few square feet of tile, so you can treat yourself to a fancy style or use plain porcelain tile for most of the surface. Then intersperse a few hand-painted or high-end tiles as accents.
Small details make all the difference: Beautiful coasters, interesting desk frames, a small but exquisite crystal vase filled with fresh flowers.
Buy a half-dozen four-inch terra cotta pots and paint in a trio of coordinating colours. Plant with herbs and line the pots up on a kitchen windowsill.
Big box stores have come a long way in terms of cheap and chic bathroom accessories and stylish storage options. For a fraction of what you’d pay in a high-end bath boutique, you can often get pretty designs in wood or china, or sleek modern accents.
A trick made famous by Woody Allen in Annie Hall: Change the lightbulb in your bedroom lamp with a pink one for a rosy, romantic glow. Or opt for a pink lampshade, which can produce something of the same effect.
Replace the drawer and cabinet pulls in your kitchen, bath, bedroom, or on a furniture piece. Inexpensive stylish options can be found at Lee Valley, Summerhill Hardware, IKEA or other big box stores, or you can scour a thrift shop or antique store for vintage ones.
Replace your bathroom shower curtain and curtain hooks, for an instant freshener for even the most dingy bathroom. Create a sparkling bathroom makeover.
You can now buy ready-made slipcovers that with a few judicious tucks, fit much better than the wrinkly versions of yore. Or, for a little more investment, have loose-fitting slipcovers made.
Replacing an ugly old faucet with a new one is a relatively simple DIY project. Many big box store styles are designed for home installers and include all the fittings and instructions in the box.
Purchase an inexpensive but attractive frame, or rescue an old one from an antique store or your parents’ attic. Paint flat white and attach small rings to the upper corners. Place hooks on the wall to correspond and hang. Hang a couple of vintage plates or smaller framed pictures artfully inside, or leave the framed space as-is, for an artful and simple focal point.
Maximize light in a darker room by hanging a framed mirror directly opposite the window.
Take a walk in the park, woods or beach and pick up interesting (and free) seasonal accents for your home. A tray filled with pinecones, a tall vase of dried pampas grass stalks, or a bowl of colourful pebbles, beach glass or shells all make eye-catching home decor accessories.
Spruce up your entrance by painting your front door a cheerful colour. Pair it with a new lighting fixture, mailbox and house numbers - all available at the box store.
For more easy decor tips, try these 99 cheap decorating tricks.
Read more in Decorating & Design and Budget
This article is featured on Budget-friendly home makeover ideas
- Sutton Group - West Coast RealtyRealtor, present
I help people like you to find hidden gems and avoid the lemons while steering you away from the pitfalls that can occur when buying or selling a home.
* I have helped out-of-town clients purchase their dream home without ever having been in it.
* Successfully negotiated for home sellers in multiple offer situations. (As many 10 offers simultaneously)
* Guided buyers towards great investments by uncovering hidden yet pertinent information.
* Fought for home buyers to get them their first choice home over competitors.
* Secured pet friendly homes helping buyers weed out unsuitable condos with restrictive bylaws. (Vancouver’s pet friendly realtor!)
* Protected clients by teaching them how to reduce financial risk when buying or selling a home.
* Sold homes for clients in 1 day and put extra money in their pocket by getting over asking price.
If you’re ready to buy or sell your property or want to get on my list of preferred clients, contact me today.
Jeffrey Sefton SRES® CNE®
Sutton West Coast Realty
200 - 5511 West Boulevard, Vancouver, BC V6M 3W6
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