If you haven't yet received your 2020 Property Assessment, you will shortly.  Whether buying, selling, or just home-owning, here are 5 important things to know:

(1) 2020 marks only the fifth time since B.C. Assessment’s inception in 1974 — and the first time in 20 years — that the province’s assessed values saw an overall decline. (B.C.’s overall assessment values also decreased in 2000, 1999, 1987 and 1983).

 (2) Just because your Assessment went down, it doesn’t necessarily mean your TAXES will decrease.  That’s because every municipality still needs to raise enough revenue to fund its annual operations.  Here’s a great article to read: https://bit.ly/36oXJp3

 (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 2020 Assessment notice is BCA’s estimate of a property’s market value as of July 1, 2019, which is 6 month’s prior to you receiving your assessment.  (and the reason why current Market Value can be different – as it reflects a more current state of the market).

(5) Good news – the Home Owner Grant threshold has been set lower!  This year: $1.525M  and last year: $1.65 M.

Bonus #1-

Here are the median price changes in North Vancouver, so you can see how your Assessment may not necessarily equal true, current market value:

                   July 2018 - July 2019                          Dec 2018 – Dec 2019

                   (Assessment period)                          (Year over year data)

Detached           down 9%                                               down 7%

Attached            down 9%                                               down 2%

Apartments       down 9%                                               up   9.5%

Bonus #2 –

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

Success is something often worth repeating, and Brent Sutherland, a Certified Financial Planner and Real Estate Investor, has certainly made his way in a momentum-driving direction. Here are 3 tips he shares from a recent piece in Business Insider on the benefits of owning real estate:

1. Real estate diversifies your income

“While it is certainly important to be properly diversified with your investments, it is even more important to be diversified with your income. This is because the largest financial risk for most of you is the loss of your primary source of income, which is typically in the form of a day job.”

The article highlights how having multiple sources of income, such as those derived from real estate investments, can eventually lead to relying less and less on a day job. Sound dreamy? It can be. When done well, real estate investments may eventually open up your time and the financial freedom to explore other things, like travel and other aspirations you may have for the future, particularly in the golden years of retirement.

2. Real estate produces near-immediate results

“You can achieve and feel the results almost immediately. Property improvements are visible and tangible. You can cash, spend, and invest rent payments. Today! Not 30 years in the future.”

Currently, home prices are appreciating in all price ranges, and last month, Royal LePage Corporate announced that their outlook for Canada’s housing sector is for continued market expansion. With that in mind, real estate today is definitely driving immediate results!

3. Passive income can help you become financially independent sooner

“If you need $40,000 a year to live, you could alternatively invest in assets that generate an 8% cash-on-cash return. This is a very reasonable assumption. And it means you would only need to save a total of $500,000 (instead of $1 million). Yet, your investments would still meet your annual household living needs.

While returns, taxes, and inflation can, of course, affect your timeline, cash-flowing real-estate is a clear asset.”

Homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you’re contributing to your net worth by increasing the equity in your home, bringing you one step closer to true financial independence.

Bottom Line

If you want to increase your savings and overall net worth, real estate is a great way to go. To learn how you can make it happen, contact a local real estate professional to guide you through the process.

Who is Brent Sutherland?

Sutherland was 35 when he bought his first single home to rent out for income, less than five years later, he owns eight additional properties and part of a commercial real estate project.

After almost three decades, a program to remove thousands of toxic oil tanks from North Shore properties has had marginal success, leaving homeowners -- and the environment -- at serious risk.

Residential underground storage tanks, large metal containers that were once used to hold heating oil, are buried next to thousands of houses in North and West Vancouver. The tanks, many of which were designed to last only 25 years, are inclined to leak toxic oil products into the surrounding soil.

Municipalities have been encouraging their removal since 1989 when the province included their disposal in the fire code. But after nearly 30 years, only a small number of the containers have been taken out. That means the ground around many North Vancouver properties is growing more toxic every year, and the costs are now being felt by the environment and by homeowners. The oil, a carcinogen, sits on top of water, eventually coming to the surface. It can contaminate households by being tracked in on shoes; and it can migrate into neighboring properties and into watercourses. 

A corroded tank, usually buried eight feet deep, can also become a dangerous sinkhole. Most tanks were installed between the 1920s and 1960s. When people switched to natural gas, most doing so by the 1970s, many simply abandoned the old tanks. In the absence of proper installation records some property owners do not even know they are there. 

For more information on the consequences of unremdiated oil tanks, click here.

If you think you have an oil tank on your property, please contact a qualified

environmental consultant.

Suggested Companies.

If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision.

According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are:

• Online website (93%)
• Real estate agent (86%)
• Mobile/tablet website or app (73%)

Clearly, you’re not alone if you’re starting your search online; 93% of home buyers are right there with you. The even better news: 86% of buyers are also getting their information from a real estate agent at the same time.

Here are 3 top reasons why using a real estate professional in addition to a digital search is key:

1. There’s More to Real Estate Than Finding a Home Online. It’s a lonely and complicated trek around the web if you don’t have a real estate professional to also help you through the many steps you’ll face as you navigate through a real estate transaction. That’s a pretty staggering number! Determining your price, submitting an offer, and successful negotiation are just a few of these key steps in the sequence. You’ll definitely want someone who has been there before to help you through it.

2. You Need a Skilled Negotiator. In today’s market, hiring a talented negotiator could save you thousands, maybe even tens of thousands of dollars. From the original offer to the appraisal and the inspection, many of the intricate steps can get complicated and confusing. You need someone who can keep the deal together until it closes.

3. It Is Crucial to Make a Competitive and Compelling Offer. There is so much information out there in the news and on the Internet about home sales, prices, and mortgage rates. How do you know what’s specifically going on in your area? How do you know what to offer on your dream home without paying too much or offending the seller with a lowball offer?

Dave Ramsey, a financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring a real estate professional who has his or her finger on the pulse of the market will make your buying experience an informed and educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

If you’re ready to start your search online, don’t skip over the support of an educated and informed real estate professional. You’ll want someone at your side who can answer your questions and guide you through a process that can be complex and confusing if you go at it with the Internet alone.

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 competition, 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, and preparing (not necessarily 'staging') your home for sale.

Did you know ?

•ALMOST A THIRD (28%) OF BUYERS ARE MORE WILLING TO ‘OVERLOOK PROPERTY FAULTS’ WHEN A HOME IS STAGED

•Staging can save you from a costly price reduction

•A staged home will sell for 17% more on average than a non-staged home, and 95% of staged homes sell 87% faster than non-staged homes

•EVERY ONE OF OUR SELLERS RECEIVES A FREE CONSULTATION WITH A QUALIFIED DESIGNER TO HELP THEM PREPARE THEIR HOME TO ITS BEST ADVANTAGE

•With our complimentary designer’s service, you will receive a written plan that outlines typically a small investment of time and money, and the results will have huge payoff for you!

To get started yourself, 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 fixtures 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 inspector to thoroughly and impartially evaluate the property.  (For a list of inspectors in your area, visit the Canadian Association of Home Inspectors 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.  

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 possible light.  They also just might make the sale.

Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019. Last month’s sales were 7.8 per cent below the 10-year July sales average.

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

You can read the entire report here: http://members.rebgv.org/news/REBGV-Stats-Pkg-July-2019.pdf

We are thrilled to be involved as Sponsors in this very special 'gathering of community' event since its beginning in 2015!

Dinner on the Pier celebrates the special community of North Vancouver on Wednesday, August 7th, 2019.  Enjoy a beautiful evening of music, amazing food, drinks, and sunset dancing with collaboration and support from local businesses.  

#DOTP2019 guests are welcomed to Dinner on the Pier on a warm August evening, with cocktails and entertainment at the historical Pipe Shop venue. After announcements, introductions to the night’s contributions, and time to mingle; guests make their way to dinner by Chef Joel Green, under the lights at the Burrard Dry Dock Pier - Rain or Shine!

This year, we are happy to share that the goal this year is to raise $5000 for WISH Drop-In Centre Society.   Get your tickets HERE - before they sell out! 

2019 marks our 8th year participating in the Ride to Conquer Cancer!  As proud members of Team Finn, we will be Crew Support for our 50 teammates on August 24 as they begin a challenging 2 day journey to Hope. 
 
Nothing, however, compares to the challenge of a family facing cancer. We know we are not alone in the experience and heartbreak of cancer as it affects our families, friends, colleagues & clients - and have been very motivated to support the cause since our first ride in 2012.  Through our association with Team Finn, we really see your dollars at work and making a tangible difference in the lives of children, their families, and others with cancer – here in BC, across Canada and around the world.
 
Thank you so much in advance for your contribution - every little bit helps!  We promise your dollars will go to work and be a tremendous gift to so many people who are living with Cancer.
Jasmine & Grant Botto

Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house.

According to Royal LePage's President & CEO, Phil Soper, "Some of the most desirable regions in Greater Vancouver are seeing home price declines. Properties in the region’s higher-end markets like West Vancouver, North Vancouver, Burnaby, and the City of Vancouver are all declining in price offering buyers seeking luxury housing a rare window of opportunity to enter some of Canada’s highest priced markets"

A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.

While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.

Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.

Bottom Line

If you are debating upgrading your current house to a higher priced, premium or luxury home, now is the time!