Vancouver prices and number of sales keep increasing

The Real Estate Board of Greater Vancouver reports that in March 10 compared to March 09
- the benchmark price of a residential properties is 20.3% higher and 2.8% above the previous high point of May 2008.
- the number of listings is 7.6% lower but 19% higher than in February 2010 (my comment: this was very much influenced by the Olympics)
- the number of sales was 38.5% higher but only 4.7% higher than in March 08 and 12.4% lower than in March 07.

Stunning brand-new view home in West Vancouver

Just sold the most wonderful home in Chippendale Road, West Vancouver to the most wonderful Buyers. The view is unbelievable, the floor plan fantastic and the finishes and workmanship exceptional. The Seller and builder did an outstanding job and were a pleasure to work with. Compliments to all involved.
The recovery has definitely reached the higher price ranges - properties in all price ranges are selling well. If you are looking to buy a brand-new home, now is the time before the introduction of the new tax HST on 1 July 2010. The Seller of the beautiful home in Chippendale Road has another brand-new home for sale and I know of several other great homes in the area that are not listed on MLS. Contact me if you like further information - tel 604 926 3936 or christinelouw@shaw.ca, http://www.christinelouw.com/

The taxes you pay when buying a new home in Vancouver

A few days ago Harvey Enchin analyzed in an article in the Vancouver Sun the taxes paid by a Vancouver new home Buyer. He concluded that when buying a new detached home for $564,933 the total amount of taxes paid for the house from the purchase of the lot to and including completion by the Buyer is $76,724 - this includes property transfer tax and HST and the rebate of $26,250 for the Buyer of a primary residence.

13.58% of the amount the new home Buyer pays for his/her home is tax! Since the maximum HST rebate is $26,250 the tax percentage increases as the purchase price of the house increases.

January 2010 - Huge increase in new housing starts

According to the CMHC (Canada Mortgage and Housing Corporation) 917 new housing units broke ground in January 2010 in the Vancouver Census Metropolitan area which is 50% more than in January 2009. Surrey led with 295 new housing starts, followed by Vancouver with 234 starts. Of the 400 condos started in the Vancouver CMA, 85 are rental designated.

The CMHC spokesperson added that the strong new home construction in January 10 is a continuation of the trend in the latter part of 2009 and is expected to continue in the near future.