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Interest Rate Outlook

In the face of slowing growth, muted inflation and lingering global financial instability, the Bank of Canada has held its overnight rate at 1.00% since September. Although the Bank’s medium-term objective of returning rates to normal long-run levels is still intact, the Bank will take a very cautious approach to tightening monetary policy over the next 6 to 12 months. Given that inflation is projected to remain subdued and growth is expected to slow, we do not expect any action from the Bank of Canada until the second quarter of 2011, if not later. Our current forecast is for the Bank of Canada’s target overnight rate to rise from its current level of 1.00% to between 1.75% - 2.00% by the end of 2011.   Click HERE for the full report.

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We were just thinking how dull our home looks now that all the Christmas decorations have come down - and thought we should tell you about our favorite place to go to freshen things up a bit !   For some lovely things at reasonable prices, go talk to the gals at POSY and RED TULIP in Lynn Valley Village ! Visit them both on the web at  www.posy.ca and www.theredtulip.ca ... and brighten your home this January !
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If you haven't yet received your 2011 Property Assessment, you will shortly.  Whether buying, selling, or just home-owning, it is important that you understand that BC Property Assessments do NOT necessarily equate to market value !  At this LINK, there is an explanation as to why.  Note that the assessments are as of JULY of the PREVIOUS year.  The most recent major change in our marketplace was 2009's recovery over 2008's dismal year end.  In comparing July 2010 to July 2009, then, BC Assessment would register a very large change in values, as the majority of their information comes from MLS sales.  This is partially why most people will find that their 2011 assessment is up substantially over 2010.  In reality, median price on the North Shore did not change substantially in 2010 (up 5% compared to 2009).  Call us any time if you would like more information !  BC Assessment has all property assessments available online until March.   Check out their website for more information.  www.bcassessment.bc.ca

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In Strata Property Ownership, Unit Entitlement indicates each Strata Lot's share in the Common Property (grounds, parkade, hallways, etc.), Common Facilities (guest suite, exercise room, bike storage), and other assets of a development.  The Unit Entitlement is used to determine the proportionate contribution for each Strata Lot to the expenses of the Strata Corporation ( all the owners = 'Strata Corporation').  The calculation of the Unit Entitlement figure as determined by a BC Land Surveyor, is based on the "habitable area" of the Strata Lot, expressed in square meters, rounded to the nearest whole number.  The habitable area means the area of a residential strata lot, which can be lived in, but does not include patios, balconies, agarages, parking stalls, mechanical rooms or storage lockers.  As a very simple example, if there are ten strata lots in a development, and they are all identical in size, then each owner would have 10% share in the common property, common facilities and other assets of the Strata Corporation, and therefore each would pay 10% of the expenses for these per year.
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Is a building permit really necessary ?  You may have asked yourself this question before you begin a removation project…  

Home owners are investing more money in home renovations than ever before.  Whether a small cosmetic change, or a major professional renovation, many homeowners are investing time and money to make their residences more functional , comfortable, and stylish.

Although considered by many to be an added inconvenience and expense, building permits and building inspectors are actually important safeguards that help ensure you get sound workmanship and good value for your money, plus they addresses safety concerns and add value to the home !

A building permit is issued by the local municipality prior to beginning work and ensures that your project conforms to local building codes and bylaws. Your project will later be inspected by a qualified building inspector who ensures that the project is consistent with the plans submitted for the permit.

All these measures are benefit you, your neighbors, and subsequent homeowners.  After all, who wants to find out after you’ve already built a new deck that’s it’s too close to your neighbor’s property, and that they can require you to move it over by three feet? What if this happens after you’ve sold your home? Yikes.

In addition to ensuring that your project used the correct materials and conforms to safety standards, the benefits to you and your family are obvious. If you’re working with a professional contractor, it is their responsibility to obtain the permit prior to commencing your work.  BEWARE the contractors that suggest a permit is not required – especially for electrical, gas, plumbing and structural work !!  If the contractor implies the job will be cheaper without the permit, you should seriously consider another opinion.  Permit costs, as a function of the total price of a renovation are minimal.  Think of it as an ‘insurance policy’ !  If you are well organized submitting the required information to the municipality, the process is not long.  If you use a contractor to do the work, consider a local contractor with experience dealing with the local municipal authorities.

We check permits for every home we list or sell – and you as a homeowner must disclose whether work was done with or without a permit.  The risk is that the local municipality can require that you undo work done without a permit, whether it appears well done or not !  The prudent way to go?  Obtain permits for work requiring permits.  Not sure what is required ?  Check out the DNV’s website here:

 

 
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After many months of searching for just the right “someone” we are thrilled to announce that Mike Parminter is joining our real estate practice.  Mike is a graduate of the BCIT Marketing Management Program and has been a licensed agent with Prudential Sussex Realty since 2005. He has also worked in customer service at BC Hydro and is an active member of our North Shore community, where he has resided all his life.

 

Mike shares our passion for excellent service and for the community.  He has been coaching minor hockey in North Vancouver for more than five years and demonstrates his positive attitude and strong work ethic on and off the ice (He’s a Canucks Fan,  thankfully !).  We appreciate his energy, enthusiasm and effort as he works tirelessly to ensure our clients’ needs are met and interests are protected.  He’s great!

 

Mike’s extensive experience in sales and marketing, combined with his knowledge of all our wonderful North Shore neighborhoods is great news for our clients and for us.  We are so pleased to be working with another dedicated realtor who shares our commitment to our clients and to our community.

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Congratulations to Kristin Ames, owner of Posy Floral Design in Lynn Valley, for First Place in the Reader's Choice Awards of the North Shore News !  If you have not yet visited Posy in the Lynn Valley Village, you are in for a real treat.  Guess we can't send flowers to congratulate her ?!!
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Lots of listing inventory ramping up this past week ... 99 new residential listings in North Vancouver, for a total of 505 Active as of today.  162 of those are detached homes, and 343 apartments / townhomes.  Spring should prove to be very active.
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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.