1923-1959 Purcell Way (Lynnmour South)

1923 – 1959 Purcell Way is currently the home of approximately 90 apartments, built in 1973; physically the residential complex closest to Capilano University.  Woodbridge Northwest has applied to redevelop this property, and propose 60 market townhome and 124 market condominium units, with a floor space ratio of 1.75.   In addition, a student housing building on Capilano University's land would be built that would provide housing for about 60 students.  Further, there are to be 303 parking spaces on site, plus student parking on Capilano University's land and a new amenity building that will be shared with this project and the existing building to the west.If the project proceeds, it will require rezoning, and a development permit for form and character of commercial, industrial, and multi-family development, plus energy and water conservation and greenhouse gas emission reductions.  As of mid December, 2017, the application was presented to Council for Second and Third Reading.A useful link to the District of North Vancouver’s Official Community Plan can be found here.

Why Use a Local REALTOR®

While a B.C. real estate license is good anywhere in the province, there are some compelling reasons why you should use a local REALTOR® when buying or selling property.

It’s in your best interest to use an agent who knows the local real estate market and no one knows local real estate better then a local REALTOR®. Local real estate agents have extensive knowledge of the area and unique insight into local property values. They have expertise in the local market; and current issues and trends. They regularly attend local property tours, know the listing inventory and know their way around the area, can identify areas the market feels are more or less desirable, and can also save time when looking for a hard-to-find listing.

They are familiar with local issues (traffic patterns, services, utilities, creeks, hazards); they know what’s considered above the snow line and what’s considered below, they know about local permit areas and are familiar with local municipal requirements for building, renovating and secondary suites.  Those with longevity in the business will be familiar with building eras and what to be aware of over time, including things like how homes were heated when first built (oil tanks?), what areas were before they were residential (industrial? Cottage country?).

A local area REALTOR® has cultivated relationships over time with their colleagues.  After all, the essence of the MLS System is co-operation, and what better way than to get to know your local colleagues and work together with them for the benefit of the people we all serve?  A good & familiar relationship based on trust & co-operation makes things go smoothly for all concerned.

In the case of Royal LePage Sussex, we have over 300 local agents and are the largest volume-producing firm on the North Shore.  Why is that important?  We network with these people daily.  We have an internal “hotsheet” so we may hear of something coming to the market before it hits the MLS system, giving our buyers and sellers a little bit of an advantage in timing.  We hear some of the actual stories & reasoning behind the numbers.  We can share knowledge, feedback, ideas and expertise among this group in an environment of trust & mutual respect.  We have the best administrative & management staff in the business.  We are all here to help one another, and that helps us all better serve our clients. 

A local area REALTOR® not only studies the market statistics, but lives them, and can make sense of them to put them in perspective for their clients.  Is the data market-wide?  Or is it pocket oriented?  (ie.) sub-area specific?  Are some areas performing better than others?  Which parts of the local area have always sold well over time?  Which ones have traditionally been a challenge to sell?  When is the best time to sell or buy? …

An agent who lives and works in the local area can be on hand for inspections and appraisals. They are involved in their community and can put you in touch with service people you may have need of.   

If a buyer is from out of town, they can even play a little bit of “Tour Guide” after the home touring part of their trip is over… ..and who knows, they might even turn out to be a neighbor!

Looking to buy or sell on the North Shore?  Give us a call.  Looking in other parts of B.C?  We have a wide network of professionals who are experts in their respective communities and we would be happy to introduce you to the right person for you!

After such a beautiful summer, the weather is changing .... Let us help you prepare for the new season with some tips and advice in preparing your home and yard for colder weather. This weekend is the perfect opportunity to check a few items off your list!

#1 - Walk it Out

Take a walk around your property and make note of any signs of damage to the roof, siding or foundation. Be sure to schedule any repairs in the next couple of weeks!

#2 - Clear the Gutters

After the leaves have fallen, clear your gutters and downspouts of any leaves or debris that could otherwise lead to clogs. Clogged gutters can cause exterior damage, so installing leaf guards may be a good investment!

#3 - Stay Warm

Call a professional to inspect and clean your chimney annually to prevent dangerous chimney fires. Consider having a home heating inspection to ensure your furnace or gas fireplace is working properly. Also, replace the filter in your furnace.

#4 - Hoses and Sprinklers Away

For next month, remove garden hoses from outdoor faucets to prevent water from backing up, which can freeze, expand, and crack the faucet or pipes. Drain your irrigation system to avoid any broken pipes or sprinkler heads. A professional can assist if you're not sure how to get the job done properly.

#5 - Care for your Plants

Late fall is the best time to prune plants and trees - when the summer growth cycle is over. Your goals is to keep limbs and branches at least 3 feet from your house so that moisture won't drip onto roofing and siding, and to prevent damage to your home's exterior during strong winds.

#6 - Seal it Up

Grab a couple of tubes of color-matched exterior caulk ($10 - $15 per tube) and make a journey around your home's exterior, sealing up cracks between trim and siding, around window & door frames, and where pipes and wires enter your home. Preventing moisture from getting inside your walls is one of the least expensive and most important of your fall jobs. You'll also seal air leaks that waste energy!

Brook Lynn is a collection of 63 homes in a 4 to 5 storey wood frame building – offering 1, 2 & 3 bedrooms – at 467 Mountain Highway, developed by the Wanson Group (www.wanson.ca). At this point, we understand most suites will have 9’ ceilings – and the Penthouse level will offer 13’ ceilings. There are also parking stalls & storage lockers, although we don’t know yet if this applies to all homes. Get in to their smallest suite for as low as $299,900. Sales start soon – so if you would like more information, please CALL OUR OFFICE at 604-984-7253 and we’ll ensure you are well represented if you would like to register for updates. There are many benefits of having your own representation when you purchase a home - #1 is a dedicated sales professional working solely for you – and a close 2nd is knowing what questions to ask!

Remember, GST of 5% applies, and Property Transfer Tax will apply to all homes – unless you are a “First Time Buyer”, then there are potential exemptions for suites priced up to $500,000.

(http://bit.ly/PropertyTaxFTHB).

Stay tuned for updates as we hear about them.

We bring this to you Courtesy of The BC Real Estate Association ...

After an initial upward adjustment in global interest rates following the US presidential election, bond markets have since adopted a wait and see approach to US economic policy. As a result, the yield on the benchmark five-year bond has stayed constant through the first quarter of the year. Consequently, Canadian mortgage rates have also remained relatively unchanged. However, we could see some upward movement in interest rates over the second half of 2017, due to a stronger Canadian economy and a large degree of policy incoherence in the United States. Indeed, for the first time in several years, US monetary and fiscal policy seem to be at cross purposes. The US Federal Reserve, seeing an economy close to its estimate for full employment, has signaled its intention to raise rates multiple times this year.

READ MORE HERE

Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market.

... This is due largely to reduced activity in the detached home market.

Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold.  Last month’s sales were 10.3 per cent below our 10-year January sales average.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

As for most of the Lower Mainland, 2016 was more than a banner year in the North Vancouver real estate market – and toward the end of the year, we experienced significant changes to inventory & days on the market.    North Vancouver inventory climbed from 120 Active Detached Listings in August, 2016 to 306 as of November 30^th – and today, back down to 218.  There is a slightly longer marketing period (stats show approximately 8 days on average in the early part of this year.  October showed 16 days on average in North Vancouver – & today it’s an average of 23 days).  Still quick, but less frenetic.

In a year where Buyers have been ‘beat up’ through the Spring, with huge demand and very little supply, and prices rising, plus the industry being under the microscope, the new 15% Foreign Buyer Tax, the recent US election, and the hit on mortgage qualifying for those with less than 20% down, it is not a huge surprise that the end of the year market was a little bumpy, and buyers were taking a bit of a breather.   Nevertheless, people want to live here, 3 weeks on the market is still quick, and we find ourselves in a market still favoring sellers – and with Spring on the way, which is usually the best time to sell, conditions are favorable to Sellers now looking to make a move, particularly in the "under $1.6 Million" detached market.

Apartment sales are still going strong, with many cases of multiple offers, although again, less frantic than early 2016.  Inventory in the apartment world is still incredibly low in North Vancouver - just 117 units listed.  Same in the Townhome market - only 32 active listings.

While Sales have have slowed considerably since the Spring of 2016 (May / June was the peak – and the last three months have been at levels about 1/3 of Spring 2016), and there is no longer tremendous upward pressure on prices, there seems to be good balance in the market now and the phone is beginning to ring.  Spring is always expected to show a greater number of transactions.  If inventory remains low, we could be saying, “here we go again!”.

We're excted to bring this fantastic family home to the market !

4455 Nottingham Road, offered at $2,215,000

OK, so we promise this is the last post about Tax Assessments- but as we are still getting calls and emails, we thought we'd outline how to appeal, if you want to go down that road:

Since you’ve opened the envelope from your Municipality, you’re likely in good company with others who have experienced up to a 35% increase over last year’s Assessed Value.

If you don’t think the assessment is fair, or believe the new value is out of line with your neighbour’s house, you can ask for a reconsideration. It will take some time & a nominal fee.   Deadline to appeal is January 31^st.

The process itself is relatively simple – and you will have five minutes to appear before a panel of volunteers, who will generally deliberate for another 5 minutes – at the most.

Should you bother?   We’ve helped clients do it before – and we can tell you that the system isn’t perfect.  However, we have heard that about half of the appeals provide some reduction in assessed value, so it may be worth the effort.  If You wish to appeal should know that you need to make a really good case for your argument. 

Start by looking up your assessments on BCA's e-valueBC website.  Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description, and property ID.  If property details are incorrect, you will be directed to complete and submit an e-valueBC Data Validation Form.

Don’t just compare your online numbers to your neighbors - walk around your neighborhood & take photos.  You are welcome to call us for some information on neighborhood sales so that we can help you state your case.  info@thebottoteam.com.

Will my taxes rise by the amount of the increase?  No. While typically we should steel ourselves for a heftier bill, some taxes may actually fall if the increase is below the average for the community, OR if the Municipal Budget stays the same as the previous year (Laughing yet??).

As always, we are here to help. 

Call (604) 984-7253 or email (info@thebottoteam.com) anytime.  

Property owners received their 2017 assessment notices the first week of January.

In the Lower Mainland, increases of 30 to 50 per cent are typical for detached homes in Vancouver, the North Shore, Squamish, Burnaby, Tri-Cities, Richmond, and Surrey. Property owners with a significant increase received a warning assessment in early December 2016.

Commercial and industrial properties will likely see increases in the 15-40% range, according to Jason Grant, assessor, Greater Vancouver Region.

The 2017 Assessment Notice is BC Assessment’s (BCA) estimate of a property’s value as of July 1, 2016, and for new construction or substantially renovated homes, the physical condition as of October 31, 2016.

BCA is a publicly owned provincial Crown corporation responsible for determining and reporting property value estimates for the 2,017,364 properties in its database. This is an increase of 1% from 2016. BCA started producing the assessment roll in 1974.

BCA’s assessment and a REALTOR’S® 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 such as 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.

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions?  Contact BC Assessment.

Home Owner Grant coverage declining

The Home Owner Grant is a provincial grant which reduces the amount of property tax an owner pays. To qualify you must be the registered owner, you must occupy the home as your principal residence, you must be a Canadian citizen or permanent resident of Canada, and you must live in BC.

The grant is available to owners of properties assessed at up to $1.2 million.

It’s reduced by $5 for each $1,000 of assessed value over $1,200,000. It’s eliminated on homes assessed at $1,314,000 or $1,354,000 in northern and rural areas.

Local governments are asking the provincial government to increase the grant thresholds because the value of so many properties in the Lower Mainland has risen and many owners are losing their grants because of the increased value of their homes.

When you view your assessment

Property owners can look up their assessments on BCA's e-valueBC website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description, and property ID.

If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed.

Deadline to appeal assessment is February 1, 2017

Property owners who disagree with their assessment should do homework by:

• comparing their assessment with neighbouring properties; and
• contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there's an obvious error, for example if BCA included a complete renovation when there was merely a spruce-up.

Property owners who decide to appeal their assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. (Step 7)

The deadline to file an appeal is February 1, 2017.

Each year less than 1% of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1-866-valueBC (1-866-825-8322).

Sample Property Value Changes in our neighbourhoods

The District of Squamish saw the greatest increase in the Greater Vancouver assessment region with a 47% increase for a detached home. North Vancouver’s Lynn Valley and Burnaby’s Buckingham neighbourhoods were close behind, with detached homes increasing 46%. 

 

Additional examples may be found in these BCA news releases for Greater Vancouver and Fraser Valley assessment regions.

Did you know?

• Total value of real estate on the 2017 BC assessment roll is $1.67 trillion, an increase of 25% from 2016.
• In BC, 88% of all properties are classified with some residential component (class 1), equating to $1.29 trillion.
• Changes in property assessment reflect movement in the local real estate market and can vary greatly from property to property.
• Real estate sales determine a property’s value which is reported annually by BCA. 
• BCA’s assessment roll provides the foundation for local and provincial taxing authorities to raise $7 billion in property taxes each year, which funds community services including the school system. 

Increases to your Property Assessment - a rousing topic every January, and this year, not really a surprise that 2017 Assessments are considerably higher than they were in 2016.   If you haven't yet received your 2017 Property Assessment, you will shortly.  Whether buying, selling, or just home-owning, here are 5 important things to know:

(1) Property Assessments do NOT necessarily equal market value

(2) Just because your Assessment went up, doesn’t mean your TAXES will increase.  And, if your taxes increase, it’s not just because your property assessment increased!

(3) BC Assessment uses a mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighborhood 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.  BC Assessment has approximately 650 full-time staff positions in 17 offices throughout the province.  They can’t possibly visit every residence.

(4) The most important factor is the TIME at which a property is assessed.  A 2017 assessment notice is BCA’s estimate of a property’s market value as of July 1, 2016, which is 6 month’s prior to you receiving your assessment.  (and the reason why a REALTOR®’s market value can be different – as it reflects the current state of the market).

(5) BCA’s Market value assessment is for tax purposes only.  It 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) to be an accurate indicator of market value can be erroneous.

Bonus #1-

Here are the median price increases in North Vancouver :

                   July 2015 - July 2016                         Dec 2015 – Dec 2016

                   (Assessment period)                          (Year over year data)

Detached              22% ↑                                                  7% ↑

Attached              25% ↑                                                   6% ↑

Apartments         19% ↑                                                 26%  ↑

Bonus #2 –

Here is a service that you may find helpful – available each New Year until March, where you can view details on a single property, compare neighbouring properties, and compare sales information. http://evaluebc.bcassessment.ca/

Effective on transactions entered into on October 1, 2016, or later, this tax is modeled closely on the provincial “Property Transfer Tax Act”.  The PTT Law adopts the provincial rate of 1% on the first $200,000 of fair market value (purchase price), 2% of the fair market value that exceeds $200,000, but does not exceed $2Million, and 3% of the remaining fair market value.

The PTT Law adopts the same exemptions as are offered off-reserve, including exemptions for first time home buyers, and the recently added exemption on new construction (purchases under $750,000 are exempt).

It is important to note that there are transitional rules in place.  For example, for those of you who purchased in the Spring at “Seymour Village” above Ravenwoods – which completes in 2017:  There is no PTT on new residential property (a “pre-sale”) where the pre-sale agreement was entered into within one year of the PTT Law coming into force and where the home is finished and the sale completes within two years of the PTT Law coming into force.  There is also no PTT on the sale of a residential property where the agreement of sale was executed before the PTT Law came into force and the sale completes within six months of the PTT Law coming into force.

Read the full overview HERE.

Questions ?  Call us - we are here to help!