Brook Lynn is a collection of 63 homes in a 4 to 5 storey wood frame building – offering 1, 2 & 3 bedrooms – at 467 Mountain Highway, developed by the Wanson Group (www.wanson.ca). At this point, we understand most suites will have 9’ ceilings – and the Penthouse level will offer 13’ ceilings. There are also parking stalls & storage lockers, although we don’t know yet if this applies to all homes. Get in to their smallest suite for as low as $299,900. Sales start soon – so if you would like more information, please CALL OUR OFFICE at 604-984-7253 and we’ll ensure you are well represented if you would like to register for updates. There are many benefits of having your own representation when you purchase a home - #1 is a dedicated sales professional working solely for you – and a close 2nd is knowing what questions to ask!

 

Remember, GST of 5% applies, and Property Transfer Tax will apply to all homes – unless you are a “First Time Buyer”, then there are potential exemptions for suites priced up to $500,000.


(http://bit.ly/PropertyTaxFTHB).

 

Stay tuned for updates as we hear about them.

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We bring this to you Courtesy of The BC Real Estate Association ...



After an initial upward adjustment in global interest rates following the US presidential election, bond markets have since adopted a wait and see approach to US economic policy. As a result, the yield on the benchmark five-year bond has stayed constant through the first quarter of the year. Consequently, Canadian mortgage rates have also remained relatively unchanged. However, we could see some upward movement in interest rates over the second half of 2017, due to a stronger Canadian economy and a large degree of policy incoherence in the United States. Indeed, for the first time in several years, US monetary and fiscal policy seem to be at cross purposes. The US Federal Reserve, seeing an economy close to its estimate for full employment, has signaled its intention to raise rates multiple times this year.


READ MORE HERE

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Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market.



... This is due largely to reduced activity in the detached home market.

 

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.  Last month’s sales were 10.3 per cent below our 10-year January sales average.

 

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”


As for most of the Lower Mainland, 2016 was more than a banner year in the North Vancouver real estate market – and toward the end of the year, we experienced significant changes to inventory & days on the market.    North Vancouver inventory climbed from 120 Active Detached Listings in August, 2016 to 306 as of November 30th – and today, back down to 218.  There is a slightly longer marketing period (stats show approximately 8 days on average in the early part of this year.  October showed 16 days on average in North Vancouver – & today it’s an average of 23 days).  Still quick, but less frenetic.

 

In a year where Buyers have been ‘beat up’ through the Spring, with huge demand and very little supply, and prices rising, plus the industry being under the microscope, the new 15% Foreign Buyer Tax, the recent US election, and the hit on mortgage qualifying for those with less than 20% down, it is not a huge surprise that the end of the year market was a little bumpy, and buyers were taking a bit of a breather.   Nevertheless, people want to live here, 3 weeks on the market is still quick, and we find ourselves in a market still favoring sellers – and with Spring on the way, which is usually the best time to sell, conditions are favorable to Sellers now looking to make a move, particularly in the "under $1.6 Million" detached market.


Apartment sales are still going strong, with many cases of multiple offers, although again, less frantic than early 2016.  Inventory in the apartment world is still incredibly low in North Vancouver - just 117 units listed.  Same in the Townhome market - only 32 active listings.


While Sales have have slowed considerably since the Spring of 2016 (May / June was the peak – and the last three months have been at levels about 1/3 of Spring 2016), and there is no longer tremendous upward pressure on prices, there seems to be good balance in the market now and the phone is beginning to ring.  Spring is always expected to show a greater number of transactions.  If inventory remains low, we could be saying, “here we go again!”.

 

 

 

 

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We're excted to bring this fantastic family home to the market !

4455 Nottingham Road, offered at $2,215,000



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OK, so we promise this is the last post about Tax Assessments- but as we are still getting calls and emails, we thought we'd outline how to appeal, if you want to go down that road:


Since you’ve opened the envelope from your Municipality, you’re likely in good company with others who have experienced up to a 35% increase over last year’s Assessed Value.


If you don’t think the assessment is fair, or believe the new value is out of line with your neighbour’s house, you can ask for a reconsideration. It will take some time & a nominal fee.   Deadline to appeal is January 31st.


The process itself is relatively simple – and you will have five minutes to appear before a panel of volunteers, who will generally deliberate for another 5 minutes – at the most.

Should you bother?   We’ve helped clients do it before – and we can tell you that the system isn’t perfect.  However, we have heard that about half of the appeals provide some reduction in assessed value, so it may be worth the effort.  If You wish to appeal should know that you need to make a really good case for your argument. 


Start by looking up your assessments on BCA's e-valueBC website.  Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description, and property ID.  If property details are incorrect, you will be directed to complete and submit an e-valueBC Data Validation Form.


Don’t just compare your online numbers to your neighbors - walk around your neighborhood & take photos.  You are welcome to call us for some information on neighborhood sales so that we can help you state your case.  info@thebottoteam.com.


Will my taxes rise by the amount of the increase?  No. While typically we should steel ourselves for a heftier bill, some taxes may actually fall if the increase is below the average for the community, OR if the Municipal Budget stays the same as the previous year (Laughing yet??).


As always, we are here to help. 

Call (604) 984-7253 or email (info@thebottoteam.com) anytime.  


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Property owners received their 2017 assessment notices the first week of January.

In the Lower Mainland, increases of 30 to 50 per cent are typical for detached homes in Vancouver, the North Shore, Squamish, Burnaby, Tri-Cities, Richmond, and Surrey. Property owners with a significant increase received a warning assessment in early December 2016.

Commercial and industrial properties will likely see increases in the 15-40% range, according to Jason Grant, assessor, Greater Vancouver Region.

The 2017 Assessment Notice is BC Assessment’s (BCA) estimate of a property’s value as of July 1, 2016, and for new construction or substantially renovated homes, the physical condition as of October 31, 2016.

BCA is a publicly owned provincial Crown corporation responsible for determining and reporting property value estimates for the 2,017,364 properties in its database. This is an increase of 1% from 2016. BCA started producing the assessment roll in 1974.

BCA’s assessment and a REALTOR’S® assessment. Why the difference?

BCA’s assessment and the market value determined by a Realtor may be different. Why?

Both BCA assessors and Realtors calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location such as on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.

Where every lot and every home on a street are typically the same, both BCA’s value and a Realtor’s value will be similar during stable market conditions.

Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions?  Contact BC Assessment.

Home Owner Grant coverage declining

The Home Owner Grant is a provincial grant which reduces the amount of property tax an owner pays. To qualify you must be the registered owner, you must occupy the home as your principal residence, you must be a Canadian citizen or permanent resident of Canada, and you must live in BC.

The grant is available to owners of properties assessed at up to $1.2 million.

It’s reduced by $5 for each $1,000 of assessed value over $1,200,000. It’s eliminated on homes assessed at $1,314,000 or $1,354,000 in northern and rural areas.

Local governments are asking the provincial government to increase the grant thresholds because the value of so many properties in the Lower Mainland has risen and many owners are losing their grants because of the increased value of their homes.

When you view your assessment

Property owners can look up their assessments on BCA's e-valueBC website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description, and property ID.

If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed.

Deadline to appeal assessment is February 1, 2017

Property owners who disagree with their assessment should do homework by:

  • comparing their assessment with neighbouring properties; and
  • contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there's an obvious error, for example if BCA included a complete renovation when there was merely a spruce-up.

Property owners who decide to appeal their assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. (Step 7)

The deadline to file an appeal is February 1, 2017.

Each year less than 1% of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1-866-valueBC (1-866-825-8322).

Sample Property Value Changes in our neighbourhoods

The District of Squamish saw the greatest increase in the Greater Vancouver assessment region with a 47% increase for a detached home. North Vancouver’s Lynn Valley and Burnaby’s Buckingham neighbourhoods were close behind, with detached homes increasing 46%. 

 
BC Assessment 2017 table

Additional examples may be found in these BCA news releases for Greater Vancouver and Fraser Valley assessment regions.

Did you know?

  • Total value of real estate on the 2017 BC assessment roll is $1.67 trillion, an increase of 25% from 2016.
  • In BC, 88% of all properties are classified with some residential component (class 1), equating to $1.29 trillion.
  • Changes in property assessment reflect movement in the local real estate market and can vary greatly from property to property.
  • Real estate sales determine a property’s value which is reported annually by BCA. 
  • BCA’s assessment roll provides the foundation for local and provincial taxing authorities to raise $7 billion in property taxes each year, which funds community services including the school system. 
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Increases to your Property Assessment - a rousing topic every January, and this year, not really a surprise that 2017 Assessments are considerably higher than they were in 2016.   If you haven't yet received your 2017 Property Assessment, you will shortly.  Whether buying, selling, or just home-owning, here are 5 important things to know:


(1) Property Assessments do NOT necessarily equal market value


(2) Just because your Assessment went up, doesn’t mean your TAXES will increase.  And, if your taxes increase, it’s not just because your property assessment increased!


(3) BC Assessment uses a mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighborhood and then applies the information to arrive at an assessed value.  This information is typically obtained from MLS sales, NOT by visiting the properties in question.  BC Assessment has approximately 650 full-time staff positions in 17 offices throughout the province.  They can’t possibly visit every residence.


(4) The most important factor is the TIME at which a property is assessed.  A 2017 assessment notice is BCA’s estimate of a property’s market value as of July 1, 2016, which is 6 month’s prior to you receiving your assessment.  (and the reason why a REALTOR®’s market value can be different – as it reflects the current state of the market).


(5) BCA’s Market value assessment is for tax purposes only.  It is widely considered to be the fairest system for distributing the property tax burden.  As the real estate market can change very quickly, depending on an historical assessment (July assessment for next year’s tax purposes) to be an accurate indicator of market value can be erroneous.

 

Bonus #1-

Here are the median price increases in North Vancouver :

                   July 2015 - July 2016                         Dec 2015 – Dec 2016

                   (Assessment period)                          (Year over year data)

Detached              22% ↑                                                  7% ↑

Attached              25% ↑                                                   6% ↑

Apartments         19% ↑                                                 26%  ↑

 

Bonus #2 –

Here is a service that you may find helpful – available each New Year until March, where you can view details on a single property, compare neighbouring properties, and compare sales information. http://evaluebc.bcassessment.ca/

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Effective on transactions entered into on October 1, 2016, or later, this tax is modeled closely on the provincial “Property Transfer Tax Act”.  The PTT Law adopts the provincial rate of 1% on the first $200,000 of fair market value (purchase price), 2% of the fair market value that exceeds $200,000, but does not exceed $2Million, and 3% of the remaining fair market value.


The PTT Law adopts the same exemptions as are offered off-reserve, including exemptions for first time home buyers, and the recently added exemption on new construction (purchases under $750,000 are exempt).


It is important to note that there are transitional rules in place.  For example, for those of you who purchased in the Spring at “Seymour Village” above Ravenwoods – which completes in 2017:  There is no PTT on new residential property (a “pre-sale”) where the pre-sale agreement was entered into within one year of the PTT Law coming into force and where the home is finished and the sale completes within two years of the PTT Law coming into force.  There is also no PTT on the sale of a residential property where the agreement of sale was executed before the PTT Law came into force and the sale completes within six months of the PTT Law coming into force.


Read the full overview HERE.


Questions ?  Call us - we are here to help!


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With September almost to a close, there may be some rainy days ahead - and here is a project for "one of those rainy days" !

 

Warranties, Manuals and Receipts

These documents provide you with a proof of purchase date and determine service and parts guaranteed. In addition, the manuals usually provide care information so you can help ensure your household appliances are being properly maintained. You should keep your warranties, manuals and receipts for these items for as long as you own the appliances.

 

Home Inventory

If you were ever to lose any of your possessions due to fire, burglary, or vandalism, having a home inventory can help you avoid a lot of heartache and make it easier when filing an insurance claim.

 

Start with a sheet a paper for each room in the house. Go around the room and list every item. Don’t forget the attic, basement or other storage places. For each item, write the original cost, purchase date, replacement cost, model number, brand name, where purchased, and a general description.  Pop these into an Excel spreadsheet  or use Google Spreadsheets (it's free!) so that you have an electronic copy.

 

Besides a written inventory, take photos or video of each room for visual documentation. It is also a good idea to arrange valuable collections, silver, jewelry, etc. and take close up photos.

 

Keep a copy in your home & electronic files (and perhaps one at the office, too!) and the originals in a fireproof safe or safe deposit box. Make sure you update your home inventory photos and list at least once a year.

 

Organizing your home files may take a considerable amount of time initially, but it will definitely be time well spent in the event you need the documents later on.

 

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Home buyer competition is intense in today’s housing market, and multiple-offer situations have become commonplace.

These trends have everyone wondering who is buying homes in Metro Vancouver today?1 Are millenials being priced out? Are retirees downsizing? Are investors driving the market?


To shed some light on these questions, the Real Estate Board sends a home buyer demographic survey each month to members who represented a buyer in a sale over the previous 30-day period.

Between 150 and 200 REALTORS® regularly complete the survey. Analysis is based on an average of the last 12 months of responses.


“This feedback, while not scientific, gives us a deeper understanding of the trends in the marketplace,” says Dan Morrison, Board president. “We’ve conducted this poll over several years and some consistent themes have emerged.”

Home buyer trends (2015 - 2016 averages)

image

Since 2015, first-time home buyers have, on average, accounted for 32 per cent of Metro Vancouver home sales, according to the survey, and 21 per cent of home buyers are people moving from one property to another similar property in the region.


Speculation of real estate investor activity is much discussed in social and traditional media today. Our survey finds that nearly one in five homes sold to real estate investors last year, with domestic investors (15 per cent) making up the largest portion of these purchases. Foreign investors make up less than five per cent of all property sales in the region.

Home buyer demographic

image

Young families with children are active in today’s market. This group accounts for 34 per cent of all activity, and young couples with no children make up 18.5 per cent of all activity.


Retirees (eight per cent) and empty nesters (seven per cent) both represented less than 10 per cent of Metro Vancouver home sales according to the survey.

Home buyer residency

image

The clear majority of buyers, around 82 per cent, are already living in Metro Vancouver when they make their purchase. The next largest group of buyers migrate from other areas in BC and Canada. Roughly eight per cent of home buyers come from outside Canada, according to the survey.

Financing trends

image

On average, just over 60 per cent of buyers pay for their homes using traditional mortgages with at least a 25 per cent down payment. Cash purchases and high ratio mortgages make up the remaining 40 per cent in nearly equal proportions.


“While the volume of home sales has increased in recent months, the characteristics of people buying in our market remains relatively constant according to this monthly research,” Morrison says.

Footnotes

  1. Areas covered by the REBGV include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. 
  2. Data collected from REBGV Market Survey, March 2015 - February 2016
  3. Article courtesy of the Real Estate Board of Greater Vancouver
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We have listed a new property at 231 19TH ST W in North Vancouver.
Attention investors and developers! Prime, sunny, south facing Central Lonsdale zoned duplex property (OCP designation R2; 0.5 FSR). This 50’ x 143’ mid-block property has lane access, southern exposure and great potential! Existing home is mostly original inside. Excellent revenue potential while you apply for permits, as there's a 2 bedrm suite down with its own laundry and separate entrance; just needs a little TLC. Huge double garage/workshop at rear with power. Steps to Mahon Park & Carson Graham Secondary. Value mainly in the land, however house is in good shape, and is occupied so PLEASE ask permission before walking the property.
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We have listed a new property at 313 333 1ST ST E in North Vancouver.
Super South facing one bedroom suite at classic “Vista West” across from Hamersley Park, cozy & attractively finished with warm maple cabinetry & gas fireplace. Built in attractive Craftsman Tudor style, with stone facing, cedar trim & extensive wood detailing – AND with rain screen exterior by reputable Ledingham McAllister, Vista West is a classic, well maintained building. Start here with a terrific little layout of 642 sq ft, lots of storage, in-suite laundry & lovely south - east views from your covered balcony! Enjoy the vibrant Lower Lonsdale lifestyle and bring your four legged friends, too! You’ll rarely need a car here - just minutes from the SeaBus, Lonsdale Quay, Shopping, Entertainment, Restaurants and more.
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Please visit our Open House at 313 333 1ST ST E in North Vancouver.
Open House on Sunday, April 10, 2016 2:00 PM - 4:00 PM
Super South facing one bedroom suite at classic “Vista West” across from Hamersley Park, cozy & attractively finished with warm maple cabinetry & gas fireplace. Built in attractive Craftsman Tudor style, with stone facing, cedar trim & extensive wood detailing – AND with rain screen exterior by reputable Ledingham McAllister, Vista West is a classic, well maintained building. Start here with a terrific little layout of 642 sq ft, lots of storage, in-suite laundry & lovely south - east views from your covered balcony! Enjoy the vibrant Lower Lonsdale lifestyle and bring your four legged friends, too! You’ll rarely need a car here - just minutes from the SeaBus, Lonsdale Quay, Shopping, Entertainment, Restaurants and more.
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We have listed a new property at 262 18TH ST E in North Vancouver.
Yes, it’s really a ½ duplex. Stunning, Craftsman style home offers nearly 2700 square feet of sophisticated living on 3 levels. Enjoy bright & airy open space. Corner location adds to the spacious feeling here; the yard and patio wrap around to the Southeast. You are welcomed by an enormous entertaining-size covered front porch & entry. A kitchen built for the gourmet entertainer with stone counters & stainless Kitchen Aide appliances (& a window over the sink!). Easy care, dark espresso engineered hardwood floors are a foil for a neutral palette which includes custom drapery, blinds, screens on all windows & remote control drapes on the main. Nine foot ceilings on the main add tons of natural light to the space. Three bedrooms up, Master with vaulted ceiling, walk-in closet & lush 5 piece ensuite will make you want to get up in the morning! Lower level has its own entrance, huge foyer, 2 bedrooms, full bath & is roughed in for a suite – or keep the bar sink & add a big TV & enjoy Netflix in a great rec room. Detached, double garage at the rear, lane access, and balance of 5-10 Warranty. Spectacular !
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Spring is a season of renewal. Birds are singing and the flowers are beginning to burst into bloom. The days are getting longer and people are getting outdoors again. So not surprisingly, real estate activity begins to swing into high gear. The weather is more cooperative and families are looking to move during the summer break.


If you are considering putting your home on the market, now's a good time to do some spring maintenance to make sure your home is in tip-top shape.  Even if you aren't planning to sell your home, you should still add these tasks to your list to help preserve your home's value and help avoid major repairs later on.


Walk Around the Outside




Check for any damage caused by winter's cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can't do yourself.


Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.


Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.


If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.


Don't forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.


Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.          


Take A Tour Inside




Start making a list of things to do in each room. Then dive in. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.


Clean fan blades using mild soapy water. Check the A/C or Heat Pump  unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of the furnace; remove and change filters.

Make sure all exhaust fans and vents are clean and clear. Don't forget to remove the lint buildup from the clothes dryer vent.


One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace's ash pit or into a dustpan.

 

Look around for clutter.  Are there items you don't use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.



And lastly, don't forget to replace batteries in smoke and carbon monoxide detectors.  Did you change them when you changed your clock for daylight savings time ? If not, change them now !


Although performing these spring chores may not be something you really want to do, they go a long way in maintaining and even enhancing the attractiveness, quality and VALUE of your home.  Happy Spring!

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We, like most North Vancouverites, consider our pets “family”.  And fortunately in our fair city – many buildings permit pets.  Frankly, we are such a pet-friendly city that it can be detrimental to your Apartment or Townhome’s market value should pets not be allowed!  That no-pets-no-rentals-no-BBQ’s rule really reads, “No fun here” !  While most of the time ‘pets’ means dogs or cats, most buildings allow fish & birds, but not snakes or reptiles …


Here are 5 buildings that welcome your four legged friends, and have other benefits, too:


One Park Lane (170 West 1st Street)



One of the most elegant and best-selling concrete buildings in Lower Lonsdale – in fact won a 2005 Georgie Award for “Best Residential Building in BC”.  Lucky 13 floors, and 117 apartments & townhomes.   Has a swanky foyer, Conceirge, Gym, Lounge, Theatre, Video Security, secure resident & guest parking, bike lockers.  Adjacent to Jack Loucks Park (where, funny enough, dogs are prohibited??!)

Small dogs and/or cats to a maximum of two (2) with a weight restriction.

 

 

Vista East & Vista West at Hamersley Park (333-365 East 1st Street)



A collection of 140 apartments, built in 2 phases; in Craftsman Tudor style, AND with rain screen exterior by reputable and still-in-business, Ledingham McAllister.  This is a super quiet location, and indeed across from Hamersley Park, and just steps to the waterfront & cool places like historic Hamersley House, Finch & Barley, and the Juicery.  Two pets permitted here, too – dogs, cats or one of each.  No weight restriction.


The “Q” – 124 West 1st Street


Popular & very well kept concrete building, built in 2001 when a one bedroom, 610 sq ft home here cost between $129,900 & $155,900 – and a 2B 2B suite of almost 900 sq ft set you back $200 - $250K.   73 really great suites here, no rentals permitted, but up to three pets.  Many of these homes have spectacular views, large patios / terraces and spacious floor plans.  Steps to Buddha-full Juice Bar & eatery, Waves coffee, Obsession Bikes, and some really great Pizza.

 


“Burham Court” – 222 East 5th Street



One of Noort Developments’ very first projects in North Vancouver (1998).  19 beautiful townhomes, measuring about 1500 sq ft each.  This complex is a shining example of good maintenance, and has always sold well.   Most recent sale was $891,000 in Dec ‘15.  Lovely generous floor plans, good outdoor space, well landscaped, well built, and this part of 5th Street is really pretty.  “Standard” Bylaws apply here in regard to pets, so that is 1 cat or 1 dog.  A great favorite of ours; ticks all the boxes, but people move in & stay – so very few come up for sale.

 

15 West – 150 West 15th Street



OK, so technically “Central” Lonsdale, but WOW – so good we couldn’t resist.  A Citimark / Grosvenor project.  Gorgeous views from many suites in this all concrete building.  18 stories, lots of glass, party room, gym, meeting room, tons of visitor parking (thank goodness – have you tried to park middle of Lonsdale these days ?), a beautiful lobby with soaring ceilings (so nice to come home to), some MASSIVE patios and HUGE storage lockers and private garages for the PH suites.  Delicious.  2 pets permitted in this very urban – super high quality building.  Take your pet one block North to Fur-Doos grooming!

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The BC government introduced its 2016 budget February 16th, and there is some really good news here. The budget included a number of items intended to affect affordability and availability in the Lower Mainland’s housing market.  Here’s a summary:

Property Transfer Tax (PTT)

• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and

• a partial exemption will apply on newly built homes priced $750,000 to $800,000.

• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance. 


These changes will take effect on February 17, 2016. 


Data collection

Starting this summer, individuals and corporations buying property must disclose if they are Canadian citizens or permanent residents of Canada and if neither, their home country. These changes will provide information on the volume of foreign investment in BC. 


Home Owner Grant

The Home Owner Grant threshold will increase to $1.2 million from $1.1 million for the 2016 tax year.

Affordable housing

The province will invest $355 million to help the BC Housing Management Commission support more than 2,000 affordable housing units for residents with low-to-moderate incomes.  


Additional Government resources:

Read the Housing Affordability Backgrounder. Read the Budget Speech. (Opens 24-page pdf)

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The public is invited to attend a drop-in open house on Tuesday, Jan. 19, 2016, to learn more about the $36-million Mountain Highway Interchange project designed to improve traffic flow and safety on the Trans-Canada Highway (Highway 1) north of the Ironworkers Memorial Bridge. 


The new Mountain Highway Interchange project is the first phase of the $150-million Lower Lynn Improvements project, which is slated for completion in spring 2021.


This open house session is an opportunity for people to learn about the upcoming Mountain Highway project and provide feedback. Staff from the Ministry of Transportation and Infrastructure and other members of the project team will be at the open house to go over the information, answer questions and provide details on this important three-phased project.  


If you’re unable to attend, the information presented will be posted online after the start of the open house and an online feedback form may be filled out at:http://gov.bc.ca/lowerlynninterchanges


You may also send comments or questions to the project team by phoning 604 527-3105 or sending an e-mail to senior project manager Jay Porter at: Lowerlynn@gov.bc.ca


Public Information Session:

Date: Tuesday, Jan. 19, 2016
Time: 4 to 8 p.m.

Media invited at 3:30 p.m.
Public invited from 4 to 8 p.m.

Location:
Holiday Inn & Suites
700 Old Lillooet Rd.
North Vancouver


Learn More:

Highway 1 – Lower Lynn Improvements Project website:

http://gov.bc.ca/lowerlynninterchanges


Follow the work of the British Columbia Ministry of Transportation and Infrastructure online: www.tranbc.ca

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So it was a slow news week last week.  Combine that with the media’s ravenous appetite for real estate gossip, and the increase on your 2016 Property Assessment is once again an exciting topic.


Yes, there have been continued increases in prices in the Lower Mainland, and particularly the North Shore month over month for many years running, but this is all readily available public information, so not really a surprise that 2016 Assessments are considerably higher than they were in 2015.


The thing is, Property Assessments do NOT necessarily equal market value (that’s actually good news, because if 2016 Taxes were actually based on end of year 2015 values, they’d be considerably higher – see below).


And, just because your Assessment went up, doesn’t mean your taxes will increase by the same amount (or even at all).  And, if your taxes increase, besides a change in assessed value, there could be changes in the City’s Tax rate, or in other tax authorities’ tax rate, so it’s not all about the real estate.


The municipal portion of the property tax bill (property tax + utilities) represents roughly 65% of your entire tax bill in the City if North Vancouver.  Additional property tax charges are levied by Metro Vancouver regional district, TransLink, the Province of BC (school taxes), the BC Assessment Authority and others. Year-over-year changes in these charges may vary significantly from the change in the municipal property tax.

As a brilliant example, The City of Richmond (different municipality, but the concept is the same) was fed up with the confusion, and has a terrific YouTube video on how Property Taxes are calculated, and you can view it here:

https://youtu.be/_EYvg6X0bDQ

 

Here are the price increases of a Benchmark North Vancouver home in the Assessment Period (you may find similar increases over last year on your Assessment Notice):

                   July 2014 - July 2015                         Dec 2014 – Dec 2015

                   (assessment period)                                      (Year over year data)

Detached       16.5% ↑                                            + 26.6% ↑

Attached            3% ↑                                            + 16.6% ↑

Apartments       2% ↑                                            +  9.9%  ↑

 

 

Off the cuff, we can’t recall a year when an individual tax bill has decreased, regardless of what happens to property values.  However, at some point economies of scale must come into play.  Increased tax base, more people, higher property values … We look forward to the year when the Municipalities do a better job with what they’ve got and are able to deliver some good news in the mail the first week in January.

 

P.S.

Here is a service that you may find helpful – available each New Year until March, where you can view details on a single property, compare neighbouring properties, and compare sales information.


HERE is a link to the BC Assessment News Release for 2016.

 

 

We are happy to help you with more stats – we have LOADS of them, for every neighborhood.  You can take a peek here.

 

 

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Everyone is talking about  the now imminent development in the Lynn Valley Town Centre. The great news is that Floor-plans & Pricing are now available!



We have included links to the floor plans here:

 

Please click here for Furnished Floor-plans



For your convenience, we have included  a link to the starting prices below:

 

Please click here for Starting Prices



The Vancouver Sun recently ran an article on The Residences this past weekend.  You can click here for the story!


Want your own VIP Tour ?   Construction of The Residences Sales centre, located across from CIBC at Lynn Valley Centre, is well underway and we would love to take you through your very own tour of these homes, so CALL US TODAY and we'll set up an appointment!


CALL US AT (604) 984-7253

 

 

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