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Posted on 11/12/2008 at 1:13.59 PM.

On November 27, 2008, the provincial government passed the Economic Incentive and Stabilization Statues Amendment Act, 2008, S.B.C. 2008, c. 44 (Bill 45), which provides special valuation rules for the purpose of the 2009 tax year only. Part 3 of Bill 45 provides that properties valued at market value will, on the 2009 assessment roll, be valued at the actual value calculated using either a July 1, 2007 or July 1, 2008 valuation date, whichever is lower. Properties valued using regulated rates will be valued at the rates developed for the 2008 assessment roll. About 94 per cent of property owners in British Columbia will see an identical or lower assessed value on their 2009 notice compared to 2008. Eighty-two per cent of BC’s 1.85 million properties will reflect last year’s assessed value. Another 12 per cent of properties will be assessed at July 1, 2008 values because that value is lower than July 1, 2007. The remaining six per cent of properties will have undergone changes that are described in the previous question-and-answer section of this fact sheet.

Posted on 04/07/2008 at 1:49.25 PM.

OPEN HOUSE: Saturday & Sunday, July 5th & 6th, 2-4 pm, @ 121 10th St. Unit 506, New West. Spacious 2 bedroom, 2 bath Corner unit with park like outlook. Large living room with access covered balcony. Functional kitchen with loads of cupboards and space for small table. Insuite laundry with storage area, Sauna/Steam Room, Swirlpool, Hot Tub. Concrete Bosa built high-rise is well maintained with re-piping to be paid by Seller. Pets are not allowed but rentals allowed. Close to Skytrain, Douglas College, and shopping. SEE YOU THERE!

Posted on 17/04/2008 at 10:45.02 AM.

OPEN HOUSE this Sunday April 20th, 1-3 PM, at #304-2990 Boulder Street, Abbotsford. This maculate 805 1 bdm and Den, located at Westwood\'s central location, luxury interiors features laminate flooring + Berber carpet, stainless steel appliances, granite countertops, cherry wood, electric fireplace, 2 inch wood faux blinds. Perfect for first time/single family. Den can be a junior BDR. This unit is priced to move quickly. Less than a year old. You won\'t want to miss this home!

Posted on 04/04/2008 at 3:03.32 PM.

OPEN HOUSE this Sunday April 6th, 1-3 PM, at #304-2990 Boulder Street, Abbotsford. This maculate 805 1 bdm and Den, located at Westwood\'s central location, luxury interiors features laminate flooring + Berber carpet, stainless steel appliances, granite countertops, cherry wood, electric fireplace, 2 inch wood faux blinds. Perfect for first time/single family. Den can be a junior BDR. This unit is priced to move quickly. Less than a year old. You won\'t want to miss this home!

Posted on 14/03/2008 at 4:43.00 PM.

I would like to welcome you to my open house this Sunday March 16th, from 2-4 PM on 304-55 10TH ST, Downtown New Westminster. This bright & spacious 2 bedrooms, 2 full bath & 2 balconies in Westminster Tower comes with brand new appliances, new laminate floorings and tiles in the kitchen and bathrooms. Steps to SkyTrain, shopping & Douglas College. Rentals allowed. Buyer to verify measurements. See you there!

Posted on 11/03/2008 at 3:25.21 PM.

Will the US economy impact our real estate market? The downturn in the US economy has some Metro Vancouver home owners and home buyers worried and asking, \"Could it happen here?\" The US situation Right now in the US, a combination of a housing slowdown and a credit crisis are heightening recession fears and slowing the economy. As a result, the economic downturn is becoming one of the most severe in decades. It all began in 2003 when home prices were rising at a rate of more than 10 per cent per year, the economy was growing at a good pace, employment was high and the future looked rosy for Americans. Home buyers who couldn\'t afford high prices in urban centres such as San Francisco looked to other suburbs like Stockton, California, now known as the foreclosure capital of North America with 1.4 billion in bad mortgage loans. In Stockton 4,200 homes are in default or foreclosure and it\'s far from over. Depending on the mortgage lender, a home buyer with poor or no credit history could get financing to buy a home. Typically lenders offered \"teaser rates\" as low as two or three per cent, typically for two to three years, for 100 per cent or even more of the purchase price. These became known as sub-prime mortgage loans. Often the lender sold these mortgages to investors or investment firms, who re-packaged and resold them. With strong demand for homes, prices rose to record highs. This resulted in declining affordability. For the first time in decades, this led to slowing demand and, in turn, decreasing prices. By 2005, home owners with sub-prime mortgages began to see their mortgage rates adjusted to as high as 10 or 11 per cent. Home price: $450,000 Mortgage loan: $450,000 (25-year amortization) Teaser rate for first two years: 3% Rate after two years: 11% Monthly payment: $2,134 Payment jumps to: $4,411 The ripple effect had begun. As arrears, delinquencies and foreclosures rose, prices further declined. Home owners saw the value of their homes decrease while they scrambled to pay their sky-high payments. Some buyers chose or were forced to walk away. Lenders foreclosed, depressing prices and delaying the housing recovery. California, Florida and Nevada were hardest hit and housing starts declined in some areas to the lowest in 27 years. In turn, the stock markets dropped. Measures for recovery To counter the housing correction, on January 21, 2008, the US Federal Reserve implemented the largest bank rate cut in decades - three-quarters of a percentage point and on January 30, 2008 they cut the rate a further half a per cent. As well, on January 29, 2008 the US introduced a House Bill, an economic stimulus legislation to jump start the housing market. If passed, interest rates will be temporarily frozen for troubled homeowners or will help them refinance. This will allow an estimated 200,000 homeowners to refinance and potentially keep their homes. It is expected to create half a million jobs by the end of 2008. Could this happen here? No. As opposed to the lax lending and easy financing practices of the US, Canada\'s mortgage lending standards and practices, are rigorous and don\'t encompass sub-prime loans or loans for more than the amount of the home value. What is the impact on our real estate market? The weak US housing market directly impacts demand for our forest products. Canfor has shut down a mill in Fort Nelson and laid off 500 workers. \"The longer US housing starts remain at current low levels, the more likelihood that troubles in the BC forest sector will trickle down to the BC consumer,\" says BC Real Estate Association Chief Economist, Cameron Muir. \"The forest industry is a large component of our economy and includes a broad range of workers and professions from forest workers to truck drivers to accountants.\" Overall, Muir is optimistic, explaining that the health of the housing market has a great deal to do with the confidence of those who live, work and raise families in our communities. \"We have high employment and rising wages and the economy is growing. Barring any unexpected shocks, home sales should remain strong in 2008.\" Credits: Real Estate Board of Greater Vancouver.

Posted on 11/03/2008 at 3:22.30 PM.

Using your RRSP to buy your first home sooner! For many first-time homebuyers, the question of how to come up with a downpayment can be worrisome. But many could actually be saving for this amount without even realizing it. The Canada Revenue Agency has a program to help potential homeowners with a downpayment. The Home Buyers Plan (HBP) allows participants to withdraw up to $20,000 in a calendar year from their registered retirement savings plans (RRSPs) to buy or build a qualifying home. The advantage of such a program is that it allows first-time homebuyers to build a down payment without the trouble or stress of borrowing the amount. Participants of this program have up to 15 years to repay the RRSP balance without a penalty. \"The Home Buyers Plan is a great way to leverage your retirement money today, and still grow your RRSP tax-free. \"Borrow from yourself to buy first home More than 100,000 Canadians use RRSP plan annually to finance their purchase\" Sharon Adams CanWest News Service Thursday, February 15, 2007 Rules governing the plan can be found at: www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/ Along with the HBP, first-time homebuyers can take advantage of mortgage options that can help make monthly bills more manageable. Financial institutions are now offering extended amortization periods and minimal down payment programs to help increase the affordability of home ownership. This provides a great opportunity for first-time buyers to purchase their first home sooner.