February 2014 RSS Feed

First-time home buyers received long awaited and welcome news yesterday when the provincial government released the new budget. Effective for properties registered on or after February 19th, under the First-Time Home Buyers Program, you can now purchase a home worth up to $475,000 without incurring PPT (Property Transfer Tax). They have also continued the partial exemption which now applies to homes valued between $475,000 to $500,000. 

What could this mean for you? Up to $7500 that you can put back in your pocket. Or maybe instead of buying a condo, you can now qualify to purchase a townhouse, or instead of an attached property... you can qualify for a detached home. 

The Real Estate Board of Greater Vancouver along with the BC Real Estate…

In North Vancouver prices are up by approximately 4% across all property types this January compared to last. While detached sales remain relatively unchanged, North Vancouver attached sales have increased. Apartment sales are up 32% and townhouse sales are up 12% over January 2012. We've also noticed in these early weeks of February that sales on new listings are happening more quickly... and that even 60 - 120 day old listings are starting to move. 

Now let's talk inventory. The total number of detached listings is down by 23.4% compared to last January and townhouse listings are also down (by 17%). This would be why those 'older' listings are starting to sell as more buyers enter the real estate market in these early stages of spring. On the flip…

Throughout 2013, the North Shore housing market maintained a consistent balance between supply and demand. This resulted in modest price and sales increases. While we didn't see record-breaking sales months as we have in past years, it was definitely a stronger market in 2013 compared to 2012 where the market peaked in April and ended on a less than stellar note. This year, however, North Vancouver prices are up over last December and so are sales, with the exception of townhouses.

We didn't really see too much of a slow-down in December and were still showing properties as late as Christmas Eve! Buyers definitely remain on the lookout. 

North Vancouver detached home prices are up 4% over last December, condos are up by 3% and townhouses by…