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Please come with any questions you may have. In the meantime you can take a virtual tour of this Deep Cove Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
MacDonald Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this Dollarton Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
MacDonald Realty

Amazing view, amazing property, amazing house! Huge private ocean & mountain view lot with fully remodelled post & beam house. Windows everywhere, stone fireplace, wood floors, beautiful kitchen with high end appliances, hot tub, wine cellar, nanny suite, the list goes on & on. Landscaped yard with fountain, outdoor kitchen & detached cottage for guests. One of a kind home - walking distance to the beach, trails & shops!

While this has nothing to do with Deep Cove real estate, I think it is of interest to most people involved in real estate transactions.

People who know me know that I am a firm believer in buyers and sellers having their own agents except in very exceptional circumstances.  I think that given that the buyer wants the lowest price and most buyer friendly terms and the seller wants the highest price, and the most seller friendly terms it is usually impossible to act for both parties - the realtor may benefit but I think that either the buyer or the seller loses out.  Even if price is not a concern, there are many issues, such as the contract subjects, responsibility for things such as oil tanks, etc. which should be approached differently depending upon whether one is representing a buyer or a seller.

A recent article out of the USA reports on a survey done showing that home buyers are now recognizing the importance of having their own realtors.... Relying On An Agent by Carla Hill

View this recently sold Property or see all my home sales

Please come with any questions you may have. In the meantime you can take a virtual tour of this Indian River Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
MacDonald Realty

Here in BC, 2011 was another strong, stable year for the housing market as solid domestic demand and positive demographic shifts continued to buoy both prices and sales. The biggest gains were seen in the 5 municipalities of Vancouver, West Vancouver, Richmond, Burnaby, and White Rock. These 5 key markets averaged detached home price gains of roughly 20% in 2011. The remainder of municipalities in the Lower Mainland, along with cities and towns on the Island and in the Interior, has price growth charts that mirror the rest of Canada: from flat to 8%.

We believe the reason for the discrepancy between these 5 markets and the remainder of the Province can be explained by the settlement patterns of Mainland Chinese investor-class immigrants who choose to move to Canada. To qualify for this immigration classification, applicants must have a net worth of CDN$1.6 million, with investable assets of at least $800,000. Of these applicants, the majority are now from China, with 80% of those choosing to settle in BC because of its geographic proximity to China. And of those 80%, the majority is choosing to settle in the 5 municipalities listed above.

This is a pattern that BC has seen before. During both the Hong Kong and Taiwan immigration waves, certain neighbourhoods in Vancouver appreciated in value at much faster rates than the surrounding suburbs and the rest of BC. Eventually, however, the rest of the Province caught up as Sellers downsized or moved to other areas of the province, pushing up prices. This same pattern has yet to occur this cycle, but the influx of foreign capital is expected to counteract news of the fragile global economy.

In spite of the current global economy, migration and demographic patterns in BC will see roughly 35,000 new households created annually for the foreseeable future. Because of this, a survey of the Macdonald Realty senior management team found that most expect the 2012 BC Housing Market to be similar to 2011 in terms of sales and pricing. The one exception is East Vancouver, which is expected to outpace the rate of growth in BC in 2012 to narrow the gap with Vancouver's Westside.  Despite all of this, every survey respondent had the same caveat: We live in an interconnected world, all bets are off if the global economy suffers a massive shock. I am not sure I agree with the management team projections-even with the offshore influence, I don't think the gains in the 20% range are sustainable...and I think there is a lot of evidence that the global economy is on shaky ground and we could see the "massive shock" they mentioned.  I hope not but we will see!

All the best in 2012!



*based on Multiple Listing Service statistics on residential detached properties sold in Deep Cove from Jan 1, 2010 to Dec 31, 2011

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With the recent defeat of the HST (to be implemented in March 2013), I have received some questions about how this will affect the real estate market. The short answer is: there will be a minimal effect, and some people will win, while others will lose.

While we can prognosticate about how these changes will affect the market, the government has yet to come up with a set of transition rules for how this will go ahead. However, to predict how things will be affected, we must break down its effects into 3 categories: New Construction, Resale, and Fees.

New Construction

This category is the one that is likely to be most influenced by the change back from HST to GST. All new residential construction will be taxable at the 5% rate rather than the previous 12%. However, the government will also be eliminating the New Housing Rebate, which was introduced to offset the burden of the HST on a property valued up to $525,000. For new construction valued at over $525,000, the rebate of $26,250 is being eliminated as well, but with the lower tax burden, there should be a net savings.

But that's not the end of the story. The change back from the HST to the GST & PST will result in higher construction costs as government rebates for input costs are eliminated. That means that while the tax burden may go down on these homes, the cost base will go up.

The net result is that for homes valued at more than $525,000, the overall cost will likely go down, while homes that are valued at less than $525,000, the overall cost will likely increase.

Resale

The change back to GST should have little to no effect on the resale market as 'used' homes are not subject to HST and in the past were not subject to GST or PST. Instead, the government has a Property Transfer Tax, which will remain the same: 1% on the first $200,000; 2% on the balance.

Fees

The change back to GST from HST will in some cases lead to a decrease in the fees associated with a transaction. That said, many of the fees currently associated with transacting a home already charged both GST & PST so there will be no change. However, the rate of taxes on a realtors' fees should decrease by 7% once HST no longer applies as previously only GST applied to this fee.

Currently when paying commission on a sale the seller pays 12% tax on that commission; when HST is gone, the commission amount will remain the same but the tax on the commission will be less than half of what it is currently.

Taking all of this into account, it is clear that the change back to the GST will have a positive effect on the market, but only slightly so. That said, depending on your asset class, you may end up behind.

In addition to the change in tax regimes, one must also be aware of the typical hidden costs of buying or selling a home.

I've spelled them out below:

Hidden Costs of Buying or Selling a Home:

Traditional Sellers' Costs:

• Lawyer's Fees: Attending to Execution of Documents
• Costs of Clearing Title including:
  • Discharge Fees charged by Encumbrance Holders
  • Mortgage Prepayment Penalties
• Real Estate Commission

Traditional Buyers' Costs:

• Inspection
• Appraisal (if required for Financing)
• Survey
• Lawyer or Notary Fees and Expenses including:
  • Searching Title
  • Investigating Title
  • Drafting Documents
  • Land Title Registration Fees
• Insurance
• Property Transfer Tax (1% on the first $200,000; 2% on the balance)
• Goods and Services Tax (5% on new product)

This is by no means an exhaustive list, but it will give you an idea of some of the additional costs associated with a Real Estate transaction.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Seymour Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
MacDonald Realty

View this recently sold Property or see all my home sales

Please come with any questions you may have. In the meantime you can take a virtual tour of this Indian River Property for sale.

As always please do not hesitate to give me a call at 604-376-7653 if I can answer any questions before the open house, or if you would like to book a private showing.

Patricia Houlihan
MacDonald Realty

The PERFECT family home! Huge private mountain view yard with lovely 4-5 bedroom home in one of North Van's best neighbourhoods. Nice layout with space for nanny or inlaws and great yard for kids and adults alike. Close to trails, skiing, parks, shopping, restaurants and the best schools.