“ Housing Choices Bountiful For Spring ”

Greater Vancouver Real Estate Spring 2010- A solid rise in new listings has helped level the housing market throughout the Lower Mainland. In March the Real Estate Board of Greater Vancouver (REBGV) reported a few significant changes in the market place, in particular some striking housing-price increases in the Vancouver's West Side. Where in comparison to last spring the benchmark for a detached home rose by 47-percent reaching $1.66 million, making it the most expensive area in the region. New listings for detached, attached and apartment properties in Greater Vancouver totaled 7,004. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®). Homes listed for sales are the highest in 10 months, meaning that buyers have more to choose. Overall market conditions indicate that there is more stability between demand and supply.

Burnaby Real Estate – Housing market continued to flourish and is looking promising for the future as consumer demand continued to increase. Land mark properties were purchased by developers who are moving forward with plans to revitalize the existing Brentwood and Lougheed mall areas, taking advantage of the density opportunities and transforming the properties into vibrant transit-oriented mixed-use central cores.

Outlook

With the coming of the new Harmonized Sales Tax (HST) this July 1, there seems to be a lot of confusion as to how this will affect the housing market; so here is what you need to know. The Harmonized Sales Tax is a 12% tax applicable to most goods and services, including new homes, real estate, and property. Currently, new BC and Vancouver homes are subject to 5% GST (federal tax) in which first time homebuyers or investors can receive GST rebates. This will be replaced with the higher 12% HST, a 7% tax difference on the total purchase price of a new BC home or property. The B.C. HST program will give partial rebates for new BC homes priced up to $400,000. The government will give these homebuyers a partial 5% HST rebate on the provincial tax side which makes any new B.C. home/property $400,000 or less no more expensive than it is today. Homebuyers looking to buy new Vancouver property over $400,000 will receive a maximum BC HST rebate of $20,000, but will see the purchase price above that level subject to the extra 5% tax rate system. The 12% HST is also applicable to any costs and fees associated with your property/home purchase including legal/notary fees, commissions and other closing costs. The cost of new home ownership will increase significantly, not only will your new home or cost more up front, but the 12% HST is also applicable to strata fees, residential heating fuel, commercial rents, smoke detectors, fire extinguishers, repairs, cable TV, internet, electricity, gas, renovations, painting and other professional services. With your help and community support there is still a chance to stop the HST from coming into effect, for more information please go to www.stophst.com

Greater Vancouver Real Estate Stats for February 2010:

*All figures set against March 2009

Detached Sales

Vancouver West: Up by 44% (from 144 units sold to 208)

Vancouver East: Up by 46% (from 119 units sold to 174)

Burnaby: Up by 80% (from 70 units sold to 126)

Attached Sales

Vancouver East: Up by 105 % (from 20 units sold to 41)

Burnaby: Up by 12% (from 67 units sold to 75)

Apartment Sales

Vancouver East: Up by 27% (from 81 units sold to 120)

Burnaby: Up by 27% (from 134 units sold to 170)

NOTE: The MLSLink Housing Price Index® (HPI) calculates benchmark prices, which represents a typical property within a market. The HPI takes into consideration what averages and medians do not - the price of housing features such as lot size, age, number of rooms, ect. These \'typical house\' in a given area. Each month\'s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, ect. and apply those new values to the typical house model. The HPI measures typical, pure price change (inflation or deflation).

For more information and a free market - analysis please call Italo Fionda