We have listed a new property at 104 310 3RD ST E in North Vancouver.
Stylish Garden Suite with Huge Patio! A beautifully kept home & building...offering a generous 928 square foot corner floor plan, with 2 large bedrooms, living room with wood burning fireplace, and an additional 341 sqft of private,fenced, outdoor patio space! This suite occupies the ground level, northwest corner of a very well run building. Enjoy updated kitchen and bathroom, large picture windows, soft neutral colors, sophisticated acid wash concrete floor finish in the living area, and carpeted bedrooms. Tons of storage, shared laundry, and feline friends are welcome. Dynamite Lower Lonsdale location - and tremendous value here!
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The Home Owner Grant threshold rises with
property values


To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold
by $10,000 to $1,295,000. The threshold is the maximum assessed value an owner’s property can reach, which
still allows them to claim the full Home Owner Grant.

 

 


Quick Facts:

• The Home Owner Grant program began in 1957.

 

• The grant is not provided automatically. Home owners must apply every year.


How is the threshold established?


BC Assessment estimates the value of all BC homes on July 1 each year. The Ministry of Finance reviews this data
and adjusts the Home Owner Grant threshold to ensure at least 95.5 per cent of eligible homeowners receive the
full amount.

 

This move ensures more than one million home owners in BC may be eligible to receive the full grant. Owners of
homes valued above the threshold may qualify for a partial grant.

 

The basic Home Owner Grant gives home owners:


  • a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver
    and Fraser Valley regional districts;
     
  • an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of
    certain wars, or low-income Canadian Forces veterans who don’t already qualify as seniors or persons with
    disabilities; and
     
  • a Northern and Rural Area Homeowner Benefit which increases the Home Owner Grant by $200 to provide
    additional property tax relief for northern and rural British Columbians.


Basic grant: for 2013, the basic grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is
eliminated on homes assessed at $1,409,000 or more.

 

Additional grant: for 2013, the additional grant is reduced by $5 for each $1,000 of assessed value over $1,295,000,
and is eliminated on homes assessed at $1,464,000 or more.

 

Home Owner Grant Thresholds


 

“The Home Owner Grant helps keep
property taxes affordable for families,
even as property value assessments
rise. By ensuring the Home Owner
Grant threshold keeps pace with
assessments, we’re helping families
with the costs of owning their homes
and ensuring at least 95.5 per cent
of B.C. home owners are eligible for
the full grant.”

– Minister of Finance Michael de Jong

 

Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
The BC Government also provides property tax deferral programs for qualifying property owners including those age 55+,
persons with disabilities, and families with children.

 

Deferment programs are low-interest loan programs that allow qualifying residents to defer all or part of their property taxes
until they sell or transfer ownership of their home, or it becomes part of an estate.


Home owners planning to participate in a tax deferment program should seek appropriate financial advice. For information
on BC property tax deferment programs, visit:

 

For information, visit: www.sbr.gov.bc.ca/hog


 
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We have listed a new property at 243 6TH ST W in North Vancouver.
Every home is special. This one is simply remarkable. Classic Arts & Crafts exterior belies a thoroughly contemp interior. Custom built by Cragg, this is an ideal family home w/ exceptional quality thru-out. Main flr features gourmet kitchw/teak cabinetry, hi-gloss, large island, Sub-Zero,Wolf & Bosch appl's & Silestone counters. Four generous bdrms up + laundry & 2 full baths. To-die-for master ensuite w/ his &hers sinks, Oceania Jacuzzi tub,sep shower w/lg rain shwr head. Flexible down offers 2 bdrms,den,1.5 baths, & rec / media rm. Incredible extras: Geotherm. heat'g, solid wood flrs, smart home wiring & AV sys, B/in vac, built-in spkrs & 9' ceilings thru-out. An extraordinary home, worthy of pages in Architectural Digest!
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Please visit our Open House at 1 252 19TH ST E in North Vancouver.
Open House on Saturday, February 2, 2013 1:00 pm - 4:00 pm
View website here. "Three of a kind" opportunity to own 1 of 4 brand new exclusive half-duplex homes in Central Lonsdale...Terrific design by Architect, John Clark, & built to perfection by Alchemy Construction. Innovative and sleek exteriors reflect natural materials - clear cedar, concrete, brick & stone. Main floor features gorgeous kitchen w/SS appliances, quartz counter tops & custom cabinetry in 2 colour schemes, lvgrm w/gas f/p, & 2 pc bath. 2 bedrms & 2 baths above; recrm 3rd bdrm & full bath & storage utility on the lower level - with walk out patio at each home. Rainscreen exterior, central courtyard, private landscaped yards, & single det'd garages. 2-5-10 National Home Warranty. Only 3 homes available! Move in this Winter!
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Please visit our Open House at 2 252 19TH ST E in North Vancouver.
Open House on Saturday, February 2, 2013 1:00 pm - 4:00 pm
View website here. "Three of a kind" opportunity to own 1 of 4 brand new exclusive half-duplex homes in Central Lonsdale... Terrific design by Architect, John Clark, & built to perfection by Alchemy Construction. Innovative & sleek exteriors reflect natural materials - clear cedar, concrete, brick & stone. Main floor features gorgeous kitchen w/ss appliances, quartz counter tops & custom cabinetry in 2 colour schemes, lvgrm w/gas f/p, & 2 pc bath. 2 bedrms & 2 baths above; recrm, 3rd bdrm & full bath + storage utility on the lower level - with walk out patio at each home. Rainscreen exterior, central courtyard, private landscaped yards, & single det'd garages. 2-5-10 National Home Warranty. Only 3 homes available! Move in this Winter!
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Please visit our Open House at 1 254 19 ST E in North Vancouver.
Open House on Saturday, February 2, 2013 1:00 pm - 4:00 pm
"Three of a kind" opportunity to own 1 of 4 brand new exclusive half-duplex homes in Central Lonsdale... Terrific design by Architect, John Clark & built to perfection by Alchemy Construction. Innovative & sleek exteriors reflect naturalmaterials - clear cedar, concrete, brick & stone. Main floor features gorgeous kitchen w/ss appliances, quartz counter tops & custom cabinetry in 2 colour schemes, lvgrm w/gas f/p, & 2 pc bath. 2 bedrms & 2 baths above; recrm, 3rd bdrm & full bath + storage & utility on the lower level - with waltk out patio at each home. Hardi PlanK exterior, central courtyard, private landscaped yards, & single det'd garages. 2-5-10 National Home Warranty. Only 3 homes available! Move in this winter!
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What’s a property worth? Property assessment notices are here

Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment (BCA).

 

This notice is BC Assessment’s estimate of a property’s value as of July 1, 2012, and for new construction or substantially renovated homes, the physical condition as of October 31, 2012.

 

BCA is the government agency responsible for determining and reporting property value estimates for the 1,935,426 properties in its database, a 0.92% increase in the number of properties since 2012.

 

 

BC Assessment and a REALTOR® assessment. Why the difference?


BCA’s assessment and the market value determined by a REALTOR® may be different. Why?

 

Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location – on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.

 

Where every lot and every home on a street are typically the same, both BCA’s value and a REALTOR’s® value will be similar during stable market conditions.

 

Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.

 

Differences also occur during market instability when prices rise or fall during the six-month period between July 1 and January 1 of the following year.

 

Property values stable


Since July 1, 2012 home owners may have seen prices stalling in some neighbourhoods and rising in others. BCA reports that the majority of residential homeowners will experience an assessment change of less than 5% compared to last year’s assessment roll.

 

The deadline to appeal an assessment is January 31, 2013


Property owners who disagree with their assessment should do their homework by visiting www.bcassessment.ca and then e-valueBC to compare their assessment with those of their neighbours. Each year, typically less than 2% of all BC property owners appeal their assessment.

 

Property owners should first contact their local assessment office and talk to staff who can make adjustments if there is an obvious error, for example if BCA included a complete renovation, when it was merely a spruce-up.

 

Area assessors’ phone numbers


 

Property owners who decide to appeal must complete a Notice of Complaint (Appeal) form and file it by January 31, 2013 at 11:59 p.m. For information, visit www.bcassessment.ca and select Property Assessment Review Process. Then select Property Assessment Complaint Process – Step-By-Step Guide.

 

What can a successful appeal mean for a property owner?


If a property assessment decreases, property taxes may potentially also decrease.

 

BCA determines the assessed value of a property for tax purposes. The taxing authorities – both local and provincial governments – set tax rates each spring according budget requirements. The tax rate is used to determine the amount of property tax that must be paid, based on the assessed value of a property.

 

The tax rate applies to each $1,000 of net taxable value. The formula for calculating taxes on property is:

 

Tax Rate x Assessed Value / 1,000


If the tax rate for residential property is 4.01, taxes of $4.01 are charged on every $1,000 of assessed value. Residential property valued at $1,000,000 will have property taxes of $4,010 ($4.01 x $1,000,000/1,000).

 

A caution for REALTORS® using
BC Assessment data

REALTORS® using BCA data to help determine the value of a property should ensure they check the BCA database for the most current assessed value. If a property assessment is under appeal, the assessed value can change. A recent BC Supreme Court decision found that:

“Licensees using MLXchange should be aware that there may be a delay in MLXchange receiving, and publishing updated assessment information from BC Assessment. Accordingly, where a buyer wishes to have the assessed value confirmed, licensees seeking to minimize their risk should verify assessment information from MLXchange with BC Assessment, or directly with the seller to establish whether an appeal has been taken and the result of that appeal.1

1 Clee, Jennifer A., “Verifying Assessment Data,” Legally Speaking, Number 455, July 2012

 

No assessment notice


Property owners who haven’t received an assessment notice by mid-January should contact the area phone numbers listed above or visit www.bcassessment.ca and select Questions about your assessment? (Far right-hand side) or by phoning 1.866.825.8322.

 

If a property owner has concerns about their local taxes, they should contact their local government office. Taxes aren’t appealable.

 

New features


New features on the BCA website at www.bcassessment.ca include:

  • Assessment roll total value by area and property class.
  • Provincial median sale price to November 2012 for single family residential and for strata residential.
  • Photos (thumbnail size) for some properties from communities where BCA has been working on its Property Photo Update initiative.
  • Top 200 Valued Residential Properties in all of BC.
  • Top 100 Valued Residential Properties in Vancouver Sea to Sky assessment region (Includes Vancouver, North Vancouver City & District, West Vancouver, Squamish, Whistler, Pemberton, Bowen Island, Sunshine Coast).
  • Top 100 Valued Residential Properties in North Fraser assessment region (Includes Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Anmore, Belcarra).
  • Top 100 Valued Residential Properties in the Fraser Valley assessment region (Includes Maple Ridge and Pitt Meadows).
  • Top 100 Valued Residential Properties in the Richmond/Delta assessment regiona (Includes Ladner and Tsawwassen).
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It may be a new year but it is the same story this morning from the Bank of Canada which once again held its target for the overnight rate at 1 per cent. The statement released in support of the interest rate decision noted that the global economic outlook is weaker than the Bank previously projected, though risk of a severe external shock to the economy has diminished. As a result, the slowdown in the Canadian economy in the second half of 2012 was more pronounced than the Bank had anticipated. The Bank has revised its estimate for economic growth in 2012 lower, to 1.9 per cent, and now forecasts 2 per cent growth in 2013 before an acceleration to 2.7 per cent in 2014. Importantly, the Bank has also shifted its expectation that the economy will reach full capacity out to the second half of 2014. On inflation, the Bank expects growth in consumer prices to run significantly below its 2 per cent target for much of 2013 before gradually rising to target in 2014. 


Following two years of overly optimistic forecasts, the Bank has struck a slightly more dour tone in its outlook. The gloomier growth forecast and positive signs that households are reigning in household debt have prompted the Bank to revise its language on the gradual withdrawal of monetary stimulus.  In its concluding statement accompanying the rate decision, a key focus of monetary policy watchers over the past year,  the Bank continued to note that a withdrawal of stimulus would likely be required over time, but that the timing of any such withdrawal is less imminent than previously anticipated. This strongly suggests that interest rates will remain constant at 1 per cent for all of 2013.

 

Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.

 

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As a seller, your #1 goal is to sell your home in a timely fashion, at the best possible listing price.  In today's market, where there is much more competion, it is important to put your best foot, or in this case, home forward because first impressions are critical.

 

Many of today's prospective homebuyers have busy lifestyles and are looking for properties that don't require a lot of work..  Therefore a home in move-in condition is much more attractive.  Before placing your home on the market, you may want to invest in making needed repairs.

 

To get started, inspect both the inside and outside of the home.  Take inventory of practical and aesthetic repairs.  You may want to apply a fresh coat of paint on the walls, doors, and shutters.  Clean the carpet  and buff and polish wooden floors.  Tighten and polish hardware.  Repair cracks in sidewalks and driveways, and clean any stains on them.  Replace missing or warped roofing.  Clean or re-grout kitchen and bathrooms.  Repair dripping faucets and drains or plumbing fixtrures that aren't operating.

 

Fix sticking doors and replace old locks and doorknobs.  Replace old bulbs and broken electrical sockets.  Replace cracked windows and torn screens.  Repair broken fencing and reseal the deck.  Clean up stains on tiles and countertops.

 

Some experts also recommend hiring a certified  home inpector to thoroughly and impartially evaluate the property.  (For a list of inspectors in your area, vist the Canadian Association of Home Inpectors website, www.cahpi. bc.ca, or click here).  A standard report will review the condition of the home's heating system, central air conditioning, plumbing and electrical systems, the roof, attic, walls, ceiling, floors, windows and doors, the foundation, basement and visible structure.  Standards of practice can be found on our website: Standards of Practice.

 

If there are recommendations for improvement, consult with your real estate professional in prioritizing the list of repairs.

 

Depending on your goals and budget, you may want to repair only items that could cause significant deterioration to the home, such as a leak.  In addition, your local market conditions may dictate how extensive your repairs need to be.  Let your budget and your real estate professional guide you.

 

However, be careful about major items.  Sellers rarely recoup money on major remodeling projects, and you may want to save funds for your new home.

 

A home in good condition demonstrates pride of ownership.  Taking the time to make small repairs to your home can go a long way in making sure your home is presented to potential buyers in its best possilbe light.  They also just might make the sale.

 

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It is important to note that In British Columbia, property assessments, typically mailed in January, reflect market values effective July 1 of the preceding year.

 

In general terms, market value is the price expected if a reasonable amount of time is allowed to find a purchaser and if both seller and prospective buyer are fully informed. For assessment purposes in British Columbia, market value is the most probable price that an unencumbered property would sell for on the open market on July 1st.

 

The annual assessment process is often a confusing one for many commercial and residential property owners.  Typically there is a difference between the property value assessment on the assessment notice and the current market value as determined by a REALTOR®.

 

This difference is a result of two factors.  The first factor involved BCA’s mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighborhood or for units in a strata complex and then applies the information to arrive at an assessed value.  This information is typically obtained from MLS sales, NOT by visiting the properties in question.  The variables BCA uses to calculate this value include house type, square footage, age, heating, property classification or use, and additions or demolitions of features such as garages, sheds, pools and spas.

 

The second factor depends on the time at which a property is assessed.  Normally, a 2013 assessment notice is BCA’s estimate of a property’s market value as of July 1, 2012, whereas a REALTOR®’s market value reflects the current state of the market, not the market six months ago.

 

“Market value assessment” is widely considered to be the fairest system for distributing the property tax burden.  As the real estate market can change very quickly, depending on an historical assessment (July assessment for next year’s tax purposes) expecting Assessed Value to be an accurate indicator of market value can be erroneous.

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We have listed a new property at 2101 FLORALYNN CREST in North Vancouver.
A beautifully updated rancher on a coveted street...and an 8100 sqft lot, with newer maple granite kitchen (2007), 2 new spa-inspired baths (2006), loft style Master Bedroom, huge sun room, and a family room off the kitchen. Lots of roomhere for everyone - three bedrooms in total, plus a large office, & the sun room measures 260 sqft and offers a cozy wood stove. Enjoy an oasis-like back yard with a beautiful & relaxing water feature, easy care landscaping, slate patio & large deck, plus attached workshop & two separate storage sheds. A great floor plan and a quiet, family-friendly street - walk to Viewlynn Park and the Lynn Valley Town Centre!
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For those of you who are considering the sale of your home this year, or for your "future reference" file, we thought we would pass on some tips about making needed repairs before putting your home on the market.

 

A home in move-in condition makes selling a home as quickly as possible, for the maximum price much easier.  We cannot say enough about how a clean, uncluttered home in "showable" condition has made a difference in the amount of time on market and the price attained.

 

Many of todays prospective homebuyers have busy lifestyles and are looking for properties that don't require a lot of work. Homeowners should be proactive by making (often minor) needed repairs before listing their property.

 

Inspect both inside and outside the home. Take inventory of practical and aesthetic repairs. You may want to apply a fresh coat of paint on the walls, doors, and trim.  Clean the carpets and/or buff and polish wooden floors.  Tighten and polish hardware. Repair cracks in sidewalks and driveways, and clean any stains on them.  Replace missing or warped roofing.  Clean or re-grout kitchen and bathrooms.  Repair dripping faucets and drains or plumbing fixtures that aren't operating; powerwash the exterior depending on time of year.

 

Fix sticking doors and replace old locks and doorknobs.  Replace burned-out bulbs and broken electrical sockets. Replace cracked windows and torn screens.  Repair broken fencing and reseal the deck.  Clean up stains on the tiles and countertops.

 

Remove as much personal and day-to-day clutter as possible, and store neatly.  Invest in some Rubbermaid containers!  As a bonus this will make your ultimate move that much easier.

 

Depending on your goals and budget, you may want to repair only items that could cause significant deterioration to the home, such as a leak.  In addition, local market conditions may dictate how extensive repairs need to be.  Let your budget and us, as your real estate professionals guide you.

 

However, be careful about fixing up too much.  Sellers rarely recoup money on major remodeling projects.  Visit the CMHC site at  link for some samples reports on Cost vs. Value.

 

A home in good condition demonstrates pride of ownership.  Taking the time to make small repairs to your home can go a long way in making sure that your home is presented to potential buyers in its best possible light.  They also just might make the sale.

 

We would be delighted to speak to you about this, or any other real estate related matter.  We are looking forward to another very busy year !  Call us anythime at 604-984-7253.

 

THE BOTTO TEAM

 

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Happy New Year to one and all !  

 

Our very best wishes to you and yours for 2013.  Is there a move in your future ?  We know the importance of maintaining a positive attitude.  In fact, it's probably the biggest reason we have been so successful in the real estate industry.  If you or someone you know is thinking of selling or buying a home, call us today !  We are POSITIVE we can help !  Call us at 984-SALE (7253).  Impressive results guaranteed !

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