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Blog by Mario Felicella - Sutton Group Westcoast Realty

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Vancouver property tax expected to increase 2.5%

February 29th, 2012

Vancouver residents can expect a 2.5% property tax increase if council gives approval in principle today to its 2012 operating budget. The increase includes a substantial jump for the Vancouver police department, including funds to hire 35 more officers and to put in place recommendations from the Stanley Cup Riot.

But the $1.1-billion budget also includes substantial fee increases ...

New tax credit for first-time home buyers

February 22nd, 2012

A new tax break for first-time buyers of new homes will help stimulate the construction industry and create plenty of new jobs, an industry executive said of Tuesday’s 2012 provincial budget.

“This is welcome,” Greater Vancouver Home Builders’ Association president and chief executive officer Peter Simpson said of a temporary bonus for first-time homebuyers that will be effective u ...

BC Government announces new HST/PST housing transitional rules

February 17th, 2012

The government today announced the HST/PST transitional rules on new homes.

As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:

  • The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a p ...

Average housing price slips in Greater Vancouver and Fraser Valley

February 17th, 2012

While home sales in Greater Vancouver and the Fraser Valley dipped at the start of 2012, other regions throughout the province faced increased market activity, according to the British Columbia Real Estate Association.

The number of houses sold in the Vancouver region through Multiple Listing Service was down 13.4 per cent in January from the same month last year, the industry grou ...

Canadian home sales fall 4.5% in January

February 15th, 2012
Homes sales declined at the start of 2012, while prices rose at the slowest pace in a year, according to the Canadian Real Estate Association.

Sales were down 4.5 per cent in January from the previous months, the industry group said Wednesday, adding that the number of newly listed homes edged down 1.4 per cent for the month

"This marks the first monthly decline in national activity s ...

It's all about location for Vancouver's housing market

February 9th, 2012

Hemmed in by mountains on one side, and the Pacific Ocean on the other, land-scarce Vancouver can't build homes fast enough to cope with demand from locals, immigrants and Chinese investors, who see Canada as a perfect place to park their cash.

In a report published last month, Demographia, a consultancy on urban development, tagged Vancouver as the second most unaffordable of the ...

Vancouver house prices show signs of stability

February 8th, 2012

Sellers were more active than buyers in January as prices stabilized and sales dropped, according to a monthly report released Monday by the Real Estate Board of B.C.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” REBGV president Rosario Setticasi said.

According to the repor ...

Canada's housing market is heating up again

February 7th, 2012

Canada's realtors have a new way to test the housing sector and, based on the first set of results, the market is showing signs of heating up again after posting its first price increase in two months.

The MLS home price index was up 5.2 per cent in January from a year ago, and 0.27 per cent from a month earlier, based on the five markets surveyed. For now, only Calgary, the Fraser ...

Savvy buyers from Asia find BC attractive

February 5th, 2012

Since 2009, it has become evident the Vancouver real estate market saw dramatic increases in the number of multi-million dollar properties sold to Chinese buyers and investors.

With an increase in immigration since 2010, the urban real estate properties in the Greater Vancouver area naturally becomes the "hot" region in the market. As Vancouver has once again been ranked as the wor ...

120-122 West 8th Ave, Vancouver, BC

February 3rd, 2012

I just finished uploading this 1/2 Duplex for sale, 120-122 West 8th Ave, Vancouver, BC

Sterling Place is a new 8,500 sq ft five storey I-1 zoned concrete building with underground parking. The building features a sleek modern exterior featuring glass and metal finishes, open floor plan, incredible views,elevator access, loading dock at rear and secured underground parking.

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