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BC Property Source
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PROPERTY TRANSFER TAX - WHAT A BURDEN FOR BUYERS!!!

This tax has become such a cash cow for the government - the formula was created back in 1987, when homes were a fraction of the cost compared to now. The formula is 1% on the first 200k, and 2% on the balance - a $700,000 house would bring the government $12,000 revenue. You, the buyer, need to have this cash on hand...in addition to any other closing costs for the purchase. The government will earn this revenue EVERY TIME the house sells.

Now imagine you live in a 700k home but want to move your family to a new area...maybe because of job change, schools for the kids, or maybe you just need more space for your growing family. You've already paid the tax when you purchased the home the FIRST TIME, and you're going to pay it again when you purchase the NEXT home!!

Let's say you upgrade to a $1,000,000 home - the government is getting $18,000 on your new purchase, and getting $12,000 from the people who purchased your old home....a total of $30,000 REVENUE!!!

I don't think I'm alone with the feeling that this formula NEEDS TO CHANGE!! Or maybe current homeowners could receive a credit for when they purchase the next home. For instance, if you SELL a $700,000 home and upgrade to a $1,000,000 home you'd only pay tax on the difference....reducing the tax burden from $18k on the new purchase to a more reasonable $4k (using current formula but on a reduced $300k value).

WHAT ARE YOUR THOUGHTS???

http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/ancient-property-transfer-tax-gives-vancouver-buyers-the-creeps/article21180431/
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Having a tough time saving for your downpayment? Vancity will help you by contributing up to $12,500!!! On top of that, they'll pay your legal fees!! 

https://www.vancity.com/Mortgages/TypesOfMortgages/DownPaymentHelper/index.jsp?utm_source=FB&utm_medium=pagepost&utm_content=fthb&utm_campaign=FY14Mortgage_April_June
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Awesome family home in Maple Ridge (Albion)!!!  Check it out!!

http://www.bcpropertysource.com/2014/03/27/albion-family-home-10294-243st-maple-ridge/
PhotoPhotoPhotoPhotoPhoto
2014-03-27
16 Photos - View album
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If you're considering a move to Ocean Park, there's now one LESS home for sale......I JUST SOLD this listing: http://www.thetownhouseguy.ca/1383-129a-street-south-surrey-ocean-park/
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Like sipping on craft beer while discussing real estate?  Check out the new guys in town....
White Rock Beach Beer Company
White Rock Beach Beer Company
whiterockbeachbeer.com
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What do you guys think of this?  Would you live in a shipping container?  
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This is a win win. Personal Real Estate has proven to be one of the best investments Canadians can make. The 3 big benefits are; 
(1) Tax Free; growth in value (on personal residence. 
(2) Savings; it's an easy forced savings plan as you pay down the mortgage. 
(3) Investment; you'd be hard pressed to find any other financial investment which has performed as well as personal Canadian real estate in the past 20 years.
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2011 REAL ESTATE MARKET SHOWCASES REGIONAL VARIATION

(Surrey, BC) – Overall, Fraser Valley’s real estate market in 2011 was below the 10-year average in property sales and above average in the number of new listings received, however, according to the president of the Fraser Valley Real Estate Board, results varied widely depending on the community and property type.

Sukh Sidhu observes, “I can’t remember a year that illustrates better how local real estate is and the importance of talking to your REALTOR® before making a decision to buy or sell. For example, in my community of Abbotsford, sales of single family homes dropped by almost 7 per cent compared to 2010, pushing prices down slightly, while in South Surrey/White Rock sales increased year over year by 45 per cent resulting in double-digit price increases.”

The Board’s Multiple Listing Service® processed 15,529 sales in 2011 compared to 14,891 the previous year, an increase of 4 per cent, while the number of new listings remained about the same – 31,592 in 2011 compared to 31,437 in 2010. Over the year, the number of active listings for buyers to choose from dropped by 9 per cent going from 8,139 properties in December 2010 to 7,399 in December 2011.

Although 2011 ranks the third slowest year for sales in Fraser Valley since 2002, it was only 10 per cent less than the 10-year average of 17,210 sales. The volume of new listings received in 2011 was 6 per cent more than the 10-year average of 29,867 new listings, placing last year third in ranking since 2002.

Sidhu adds, “One trend from 2011 that is clear was the preference for single family homes. For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.”

In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 per cent compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to December 2010 and a decrease of 0.5 per cent compared to November.

Average prices year over year show detached homes up 9.1 per cent – $610,269 in 2011 compared to $559,456 in 2010. The average price of townhomes increased by 2.6 per cent, going from $336,484 in 2010 to $345,138 in 2011 and the average price of apartments increased by 0.9 per cent going from $223,910 in 2010 to $225,976 in 2011.

The Fraser Valley Real Estate Board is an association of 2,893 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90-year anniversary in 2011.

For FULL Real Estate Statistica Package: http://www.fvreb.bc.ca/statistics/Package%20201112.pdf
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NOVEMBER, 2011 - Real Estate Market Update

STEADY DEMAND FOR HOMES HEADING INTO THE HOLIDAYS

(Surrey, BC) – The November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month-over-month seasonal decline.

The Fraser Valley Real Estate Board processed 1,120 sales in November on its Multiple Listing Service® (MLS®), an increase of 3 per cent compared to the 1,084 sales during the same month last year and a decrease of 2 per cent compared to 1,139 sales in October. In the last decade, sales decreased on average 9 per cent from October to November.

Board president, Sukh Sidhu says, “Given the time of year, Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point.

“For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.” Sidhu adds, “Fraser Valley offers buyers the key value of affordability. Currently, over half of our townhomes and condos are listed for $289,000 or less.”

While sales remained stable, MLS® inventory decreased from October to November, typical for the time of year. The board posted 1,926 new properties in November, an increase of 9 per cent compared to November of last year and a decrease of 23 per cent compared to October. November finished with 9,471 active listings in the Fraser Valley, 5 per cent more than the same month last year and 5 per cent less than October’s 10,005 listings.

Sidhu says, “Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types.” Prices for a typical Fraser Valley apartment are down year-over-year and month-over-month, while both single family detached and townhomes are still showing positive price gains compared to November last year and remain stable compared to October.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.

The Fraser Valley Real Estate Board is an association of 2,897 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marks its 90-year anniversary this year.

Full package:
HTTP://FVREB.BC.CA/STATISTICS/PACKAGE%20201111.PDF
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JUST LISTED - $339,900.

GATEWAY GARDENS, White Rock / South Surrey. Modern detached rancher one level living. Quiet location on one of the the largest lots. Extra long driveway for additional parking spot.. Great layout, Updated w. flooring, Roof, appliances, etc. Solid Oak cabinets. Vaulted ceilings. Bright skylights give lots of natural lighting. Fenced Sunny west facing garden & yard, very private setting. RV parking available.

SEE MORE PICTURES AND VIDEO HERE: http://bit.ly/gatewaygardens
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