Vancouver Realty Online

Our local mortgage experts at the Mortgage Centre, Jim Kwon and Lisa Yun have published an update on Mortgage Rates, and some insights on the new Federal Budget:

Rate Update

Due to declining mortgage rates please note the low monthly payments based on a 35 year amortization:

For every $100,000 the mortgage payment will be:

• $464.03 on a 5 year fixed
• $429.10 on a variable

***Please note I did not factor in any cmhc premium so the payment will be slightly higher (minimal)

On a $300,000 mortgage this would equal $1392.10 on the fixed rate and $1287.30 on the variable

Federal Budget Announcement

Good morning everyone,

The federal budget released Tuesday contains a few items of interest to those in the residential construction industry. In summary, they are as follows:

Home renovation tax credit:
Homeowners can claim a non-refundable 15% tax credit on eligible home renovation costs incurred and paid after January 27, 2009, and before February 1, 2010, under agreements entered into after January 27, 2009.

The tax credit is available on expenses exceeding $1,000, but a maximum of $10,000 of expenses qualify per family unit, so that the maximum credit will be $1,350 (i.e., $9,000 x 15%).

Home Buyers’ Plan:
Commencing January 28, 2009, first-time home buyers can withdraw $25,000 from a Registered Retirement Savings Plan (RRSP) to purchase or build a home, without incurring tax. Previously, the limit was $20,000.

First-time home buyers’ tax credit:
First-time home buyers that acquire a qualifying home after January 27, 2009, can claim a 15% non-refundable tax credit on up to $5,000, for a maximum credit of $750. If a home is purchased jointly, the total credit that may be claimed by all purchasers is $750. The unused portion of the credit can be transferred to a spouse or common-law partner.

As further details come up I will let you know.

If you need money for those renovations and you would like to take advantage of the lower rates today, please give me a call to see if you will qualify for a new mortgage!

Have a great day.

Lisa Yun, AMP
Jim Kwon, AMP
Mortgage Consultants
MORTGAGE CENTRE – Elder Mortgage Corp.
Tel:  604-808-1884 (Lisa)
Tel:  604-808-1050 (Jim)

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REBGV President Dave Watt explains a number of positive attributes regarding the new Federal budget as tabled by Prime Minister Stephen Harper on Wednesday, January 26th, 2009.

VANCOUVER, B.C. – January 29, 2009 –Yesterday’s federal budget offered a number of initiatives to benefit homebuyers and homeowners in our communities.

“The housing measures tabled in yesterday’s budget will go a long way to addressing local economic uncertainties, consumer confidence and the quality of life in our neighbourhoods,” said REBGV president Dave Watt. “Home sales are so important to our economy. Each time a home changes hands, the transaction generates significant spin-offs and jobs because homebuyers also purchase furniture, appliances, carpeting, and numerous other goods and services related to their homes.”

The federal budget announced a new First-Time Home Buyers’ Tax Credit of up to $750 to help homebuyers with closing costs such as land transfer taxes and legal fees, a new Home Renovation Tax Credit of up to $1,350 for homeowners who renovate, a new funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements and a new social housing program.

The federal budget also announced an increase to the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000. The Plan was first introduced in 1992 to help first-time homebuyers by allowing them to withdraw from their RRSPs to buy a home. The withdrawal limit had not been increased since then. Eligible couples can now withdraw up to $50,000.

The REBGV has advocated these changes for many years, and, in 2008 received support from Delta-Richmond East MP John Cummins who introduced a private members’ bill and personally raised the issue with colleagues from all parties, including the Minister of Finance.

“The federal budget demonstrates that the Government of Canada is listening to our concerns and paying attention to what we have to say,” said Watt. “As a result of the budget announcements, homeownership today is more accessible and more affordable for all Canadians.”

Interested in how these tax breaks, and Federal initiatives benefit you?  Contact us for a complimentary budget break down!

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The team at Vancouver Realty Online is proud to offer our first ever romantic Valentin’es day dinner draw!  Simply fill out the form between now and February 10th, and you will automatically be entered to win a $150 gift certificate* to a restaurant of your choice in the Vancouver West** area!  The winner will be able to swing by our offices, and claim their prize!  In order to qualify you must be over 18 years of age, and not be licensed under any real estate board or brokerage.

Please click here for more information!

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Vancouver Realty Online would like to present  ‘Westside Detached Stat Package’ for the week of January 19th – January 26th.

This past week there were 63 new detached active listings in the Vancouver West Region. Please note if your neighbourhood is not included in the weekly list it indicates there were zero (0) new listings in your area for that period.

The 63 new detached active listings on the Westside were distributed as follows:

Arbutus (AR) : 6
Cambie (CA) : 4
Dunbar (DU) : 6
Kerrisdale (KE) : 1
Kitsilano (KT) : 3
MacKenzie Heights (MH) : 3
Marpole (MR) : 2
Oakridge (OA) : 3
Point Grey (PG) : 10
Quilchena (QU) : 5
South Cambie (SC) : 2
South Granville (SG) : 7
Shaughnessy (SH) : 5
Southlands (SL) : 3
S.W. Marine (SW) : 3

63 total detached listings on the Westside from January 19th – 26th.

This past week there were 13 detached sold listings in the Vancouver West Region. Please note if your neighbourhood is not included in the weekly list it indicates there were zero (0) sales in your area for that period.

The 13 detached sold listings on the Westside were distributed as follows:

Arbutus (AR) : 1
Cambie (CA) : 1
Dunbar (DU) : 4
Kitsilano (KT) : 1
MacKenzie Heights (MH) : 1
Marpole (MR) : 1
Oakridge (OA) : 1
South Granville (SG) : 1
S.W. Marine (SW) : 1
University (UL) : 1

13 total detached sales on the Westside from January 12th-19th.

If you are interested in more detailed breakdowns of sales versus listing ratios for your area please do not hesitate to get in touch with us! And remember to visit http://www.vancouverrealtyonline.com for even more real estate updates and info!

Westside resident?  Check out http://www.kitsilanoshomes.com for information, and news specific to your neighbourhood!

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Vancouver Realty Online would like to present our  ‘Westside Attached Stat Package‘, for the week of January 19th – January 26th.  Numbers remained relatively static over the past week as Vancouver West ratios stayed fairly level; though we are seeing a predictable post-holiday rush of new listing activity.

This past week there were 237 new active attached listings in the Vancouver West Region with 103 falling in the Westside neighbourhoods. Please note if your neighbourhood is not included in the weekly list it indicates there were zero (0) new listings in your area for that period.

The 103 new active listings on the Westside were distributed as follows:

University (UL) : 18
S.W. Marine (SW) : 1
South Cambie (SC) : 5
Shaughnessy (SH) : 2
Quilchena (QU) : 1
Marpole (MR) : 6
Mount Pleasant (MP) : 4
Kitsilano (KT): 31
Kerrisdale (KE): 5
False Creek (FC) :5
Fairview (FA) : 23
Cambie (CA) : 2

The Westisde neighbourhoods accounted for 103 : 237 or 43% of overall Vancouver West attached actives from January 19th – 26th.

This past week there were 38 sold attached listings in the Vancouver West Region with 18 falling in the Westside neighbourhoods. Please note if your neighbourhood is not included in the weekly list it indicates there were zero (0) sales in your area for that period.

The 18 sold listings on the Westside were distributed as follows:

University (UL) : 2
Quilchena (QU) : 2
Point Grey (PG) : 1
Marpole (MR) : 1
Mount Pleasant (MP) : 1
Kitsilano (KT) : 5
Kerrisdale (KE) : 1
Fairview (FA) : 5

The Westside neighbourhoods accounted for 18 : 38 or 47% of overall Vancouver West attached solds from January 19th-26th.

If you are interested in more detailed breakdowns of sales versus listing ratios for your area please do not hesitate to get in touch with us! And remember to visit http://www.vancouverrealtyonline.com for even more real estate updates and info!

Westside resident?  Check out http://www.kitsilanoshomes.com for information, and news specific to your neighbourhood!

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