Home owners across British Columbia should have received their property assessments during the first week of January, 2011. The BC Assessment (BCA) is an estimate of a property’s value from July 2010, do don’t be alarmed if you thought your home was worth more than their projection.

BCA is the government body designated to determine the value of all properties across British Columbia.

“The majority of homes in Metro Vancouver are worth more on this year’s assessment roll than they were on the 2010 assessment roll,” said Jason Grant, Area Assessor, Vancouver Sea to Sky region. “Most homes will see increases in the 5 per cent to 15 per cent range.”

Not surprisingly, property values increased considerably in most areas throughout Metro Vancouver, these increases were not exclusive to Vancouver real estate. Here is a brief breakdown of these increases:

Richmond: 17.14%
West Vancouver: 13.03%
Vancouver: 12.17%
Burnaby: 12.07%
Delta: 9.22%
Coquitlam: 9.12%
New Westminster: 9.11%
North Vancouver District: 8.84%
Port Coquitlam: 8.78%
North Vancouver City: 8.05%
Port Moody: 7.58%
Pitt Meadows: 6.44%
Maple Ridge: 5.54%
Squamish: 1.99%

Property values actually decreased in Whistler by 2.06% and 1.87% in Pemberton.

If you would like more specific details on each district and their property assessments, please visit BC Assessments and click on the ‘Information About The 2011 Roll” and then on the “2011 Market Movement Map”.

How is each property’s value determined?
There are several factors that go into assessing a property’s value. BCA appraisers look at: lot size, house type, condition, views, age of the property and whether there is a shed or detached garage.

What if you think your property was assessed incorrectly?
If you feel your assessment was below your expected value, your best first approach is to compare your assessment with that of your neighbours. You can do this by visiting BC Assessments and then clicking on the E-ValueBC link.

You can also call the BCA and talk with an assessor from your area who is authorized to reassess the property only if an obvious error had been made like a garage that had been torn down but was included in the evaluation.

For your convenience, we have included these numbers below:
• 604-739-8588 for properties in Vancouver, North Shore and Squamish.
• 604-241-1361 for properties in Richmond and South Delta.
• 604-294-6441 for properties in Anmore, Belcarra, Burnaby, Coquitlam, New Westminster, Port Coquitlam and Port Moody.
• 604-850-5900 for properties in Pitt Meadows and Maple Ridge.

If you’re still not satisfied and want to take things a step further, you can complete an online form (Online Notice of Complaint) available at BC Assessments. Look for “For information on how to address concerns about your 2011 assessment.”

Appeal Quickly!
The deadline to appeal is only 3 weeks after you receive your notice of assessment, so don’t delay. Each complaint is heard by Property Assessment Review Panel. These panels are independent of the BCA, who are appointed each year by the Ministry of Small Business. If you’re still not content with your response from this panel, you can take your complaint to the Assessment Appeal Board, who will review and respond. These bodies meet from February 1st to March 15 to hear complainants in person.

Did you get your notice?
If you haven’t received your property assessment notice by January 17th, you should contact the proper area phone number listed above, particularly given the small window for appealing a potentially incorrect assessment.

What is the difference between the BCA and a Realtor’s Assessment?
Why would the value of your home differ between a realtor’s assessment and the BCA? A realtor will take real-life factors when assessing a property where a BC Assessor will only look at the hard data. Also, depending on whether a home owner has completed renovations before July 1st of the assessment year, the BCA will not reason this in. Other factors include lot shapes, views and unique architecture.

The Correlation Between Property Assessment and Property Taxes
The BCA is only indirectly involved with determining property taxes. It is the provincial and local governments who base your taxes on the assessed value according to their formula: tax rate x assessed value /1,000. For example if the tax rate for your home is 4.000 and your property has been assessed at $1 Million, your annual taxes will be $4,000.

Property Transfer Tax, unlike property tax which is paid annually, is a one-time, land registration tax that will affect all Vancouver real estate. This tax is paid only when there is a change to a certificate of title, wherein an owner is removed, gained or the property is transferred to an entirely new entity.

The Property Transfer Tax occurs when an application is made at any Land Title Office in BC for the purpose of registering changes to Vancouver real estate. The tax is based on fair market value or the price that the purchaser was willing to pay for the property.

Property Transfer Tax Fees:

• If the fair market value is $200,000 or less, the tax is 1% of the fair market value.

• If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.

For example:

• If fair market value of property is $150,000
• Tax payable is: 1% of $150,000 = $1,500

• If fair market value of property is $250,000

  tax payable is: 1% of $200,000 = $2,000
  plus 2% of $50,000 = $1,000
  for total tax payable of $3,000

First Time Home Buyers

First time home buyers may apply for an exemption if the value of the home is less than the threshold amount, which as of February 2008 (and remains unchanged as of December 2011) is $425,000. Most likely any first time home buyers looking to purchase Vancouver real estate, will not be eligible for this exemption.

If you're curious as to whether you may be eligible for the First Time Home Buyers Plan, please see these documents outlining qualifications and other criteria:

Guide to the First Time Home Buyers' Program
First Time Home Buyers' Program - Follow Up

If you're a first time home buyer, but did not know about this possible exemption, all is not lost. If you qualify for the FTHB, you can still apply for a refund within the first 18 months from the original date of registration. For more information on this, please see:
How to File

Good luck!

It doesn't get much bigger than this. In almost 5000 square feet, 69 Falaise place in the Renfrew Heights area of Vancouver has it all.

This house is full of space and light. Starting with the living room, the windows are floor to ceiling and then wrap up onto the ceiling for even more light. The master bedroom has one wall of windows and then boasts another half wall of windows adjacent.

The house has 8 washrooms - two in the basement, 1 full and 2 half on the main floor, a jack and jill for the two smaller bedrooms and then the Pièce de résistance - two separate ensuite bathrooms for the master. Better than just 2 sinks!

The basement is fully appointed. A bedroom, kitchen/living room, another living space with a fireplace that could be a second bedroom and a wine cellar. Rent it out as a mortgage helper, save it for visitors to have their own space or repurpose it as a mother-in-law suite.

The kitchen has granite counter tops and a huge industrial size gas stove.The deck off the main floor is a whopping 21 x 189 feet. Included on this main floor is living room, a dining room with a wet bar and a 3rd room that could be used as a bedroom or an office. It has it's own washroom and fireplace.

The master bedroom has two walk-in closets, gorgeous hard wood floors and a fireplace. The house has a 4 car garage and a pad that will accommodate 2 more cars.

Falaise Place is a quiet Vancouver cul de sac that is near Falaise Park, walking distance to Rupert Skytrain and seconds away from Highway #1. This house suits a family and extended family and at $1,550,000 it is incredibly well priced for it's size.

Vancouver real estate doesn't get better than this.

Just listed is a wonderful property at 1802-2355 Madison Ave in Burnaby - a quick walk away from Brentwood Mall. At just 4 years old, this one bedroom 18th floor condo boats spectacular views, a large balcony and windows on three sides.

The location is great but the building is even better: concrete construction, granite counters in both the kitchen and bathroom, electric fireplace with architectural surround, indoor pool, gym and media room.

The dark plank flooring flows through the hallway, living room and bedroom and moves the viewer to the huge windows - both in the bedroom and the living room - flooding the apartment with light. Step out onto the balcony and enjoy the southern views towards Metrotown.

The kitchen is an entertainer’s dream as it is open concept into the living and dining areas. Stainless steel appliances, slab tile flooring and white, subway tile backsplash make for a modern and attractive kitchen.
For entrepreneurs this is a must buy as it offers a home office  - click here for pictures to see the built in cabinets and desk in the office.

At $359,900 pets and rentals (with restrictions) okay, this heavenly piece of Burnaby real estate will not last long.  Contact me for Open House details or for private showings.

A quick search for condo's in Central Burnaby in a range of $100K to $275K returns 42 results with the lowest price at $170,000.

A corner suite at 650 square feet in a central location under $200K seems like an excellent opportunity for first time buyers. If the buyer is lucky enough to have a spare cash, they would be able to put their design stamp on the apartment and still come in under budget.

When we look at the condo market in Vancouver, it pales in comparison to Burnaby real estate which offers a 783 square foot apartment in a concrete tower with pool and tennis courts for $249,900 overlooking Central Park.

On Vancouver’s east side, an attractive 580 square foot condo in a wood framed building on busy and somewhat undesirable East Broadway, is offered at $227,000. The square footage comparison alone puts the winning condo firmly in Burnaby.

For growing families who may be second time buyers, Burnaby boasts a 2 bed/2 bath condo at 905 square feet on the south side of Central Park at $259,000 in a concrete building.

Burnaby City Hall needs to start a bit of marketing campaign that says “Buy Burnaby” that highlights the low cost, great value of the condo market in Burnaby.

According to Burnaby Now, Safeway is selling approximately 42 acres of land in South Burnaby, next to Byrne Creek Secondary School in the Edmonds area of Burnaby. This is prime Burnaby real estate. The property site is located between 11th and 14th avenues and from 15th to 18th streets, and is very large covering around eight square city blocks. According to the article in Burnaby Now, the Safeway property went up for sale on June 1, with no listed price. Safeway plans to take offers until July 5. You can read the full article on the Burnaby Now website.

The City of Burnaby has the area listed as multi-family residential in its official community plan. According to the Edmonds Town Center Plan (which was last updated April 2009), the site is marked as 'long term potential' and zoned as 1/2/6 and 3 on the plan.

• 1 means 25 units per acre maximum - Ground - Oriented Multiple Family Dwellings
• 2 means 40 units per acre maximum - Low Rise Apartments / Ground - Oriented Multiple Family Dwellings
• 3 means 40 units per acre maximum - Low Rise Apartments
• 6 means 12 units per acre maximum - Townhouses

According to the City of Burnaby website, Burnaby's Official Community Plan (OCP), is about defining directions. These directions will guide Burnaby's development and meet its anticipated needs over the next decade and beyond. They will also help ensure that Burnaby is an even more desirable place to live, work and invest in the future. According to the website, the OCP for Burnaby is primarily concerned with policy direction for the next 10 to 15 years. Burnaby's OCP envisions a more complete community, an environmentally aware community, a community of economic opportunity, a community with increased transportation choice, an involved community and a community within a livable region. This is all positive news for Burnaby and for the Greater Vancouver real estate market in general. No doubt real estate will continue to develop in Burnaby, and it is great to see that the city is planning and looking towards the future.

You can read more about Burnaby's Official Community Plan (OCP) on the City of Burnaby website.

Here is an amazing property just listed at 204 2925 GLEN Drive in Coquitlam.

This two bedroom corner unit is very spacious at 963 square feet. This unit has updated kitchen countertops, cabinets and stainless steel appliances. Insuite laundry and gas is included. This property has an extra large outdoor deck with access from the master bedroom, second bedroom and living room.

This is a great opportunity to buy into a piece of Coquitlam real estate. The building itself was rainscreened in 2001, and a new roof was installed in 2000. Rentals are allowed (it was rented for $1225/mo). The location of this property is great--transit is right in front of the building, and Coquitlam Centre is directly across the street. West Coast Express is two blocks away. Glen Eagle School, Douglas College and Coquitlam Leisure Centre are also nearby. The Evergreen Line is coming to this area in a couple of years and this is likely to further increase value in this area. This is a great time to buy in! Click here for more pictures or watch the video tour by clicking here.

Despite home prices still falling in the U.S. and talks of a double dip in house prices, things are looking a lot rosier this side of the border here in Canada. The Greater Vancouver real estate market sees no sign of slowing as the Real Estate Board of Greater Vancouver's (REBGV) monthly press release showed increases residential property sales of detached, attached and apartment properties. According to their report, residential property sales reached 3,377 in May 2011, up 7% on May 2010 and up 4.7% on April 2011 which had 3,225 sales.

New listings for detached, attached and apartment properties in Greater Vancouver were up 1.4% at 5,931 in May 2011. However this was a decrease of 15.4% compared to May 2010 numbers. However May 2010 was an exceptional month, as that was the second highest total for any May on record. May 2011 home sales were at a more typical level. In terms of active listings, the total number of residential property listings on the MLS® was up by 2% in May compared to April, but was down by 16% on May 2010 numbers.

According to the REBGV's MLSLink Housing Price Index, every area within the Board's jurisdiction seen an increase in detached house prices, except Port Moody and the Sunshine Coast (year-on-year). Richmond seen the biggest price increase at 25.8%, West Vancouver was next at 20.1%, and Burnaby real estate prices were third in the list with a 15.1% increase. Coquitlam, Port Coquitlam and Maple Ridge all saw increases under the 10% range, but all areas increased nonetheless.

For attached properties, every area saw an increase in prices year-on-year, except Coquitlam (-1.5%) and Maple Ridge & Pitt Meadows (-0.2%). These decreases are very insignificant however, and will most likely increase again in the coming months. The biggest gains in price levels for attached properties were Richmond (+8.2%), Vancouver East (+6.3%), and Vancouver West and Burnaby which were both at (+4%).

For apartments or condos, every area saw an increase in prices year-on-year, except Maple Ridge & Pitt Meadows (-4.2%), Port Moody (-4.1%), and North Vancouver (-3.4%). The areas with the biggest price increases for apartments or condos were Richmond (+5.7%), Burnaby (+3.9%), and Vancouver East (+2.7%).

These numbers are all based on the benchmark price, which is the estimated sale price of a benchmark property, and represent a typical property within each market.

For more details on the May 2011 real estate stats and figures, see the Real Estate Board of Greater Vancouver website.

When it comes to owning property in the Greater Vancouver area, any financial help is welcome. The costs of owning a property versus renting can be significant. There's nothing like owning your home though, and there are several grants and rebates available to home owners at a provincial and national level. The Real Estate Board of Greater Vancouver (REBGV) has lots of useful advice and resources for both existing home owners, and people looking to buy a home. They published a very useful document (updated on April 1, 2011) with their top 25 grants and rebates for property buyers and owners. This list of 25 money-saving tips highlights lots of ways that BC homeowners can save money. The REBGV top 10 out of the 25 are expanded below, but you can read the text on all 25 points on this PDF document. There are links at the end of each of the top 10 which point which leads to the relevant website.

1. Home Buyers’ Plan: Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. You can find out more info at the Canada Revenue Agency website.

2. GST Rebate on New Homes New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. You can read more on this at the Service Canada website.

3. BC New Housing Rebate (HST) Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250. You can read more about this on the BC Government website.

4. BC New Rental Housing Rebate (HST) Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit. You can read more about this at the Canada Revenue Agency website.

5. BC Property Transfer Tax (PTT) First Time Home Buyers’ Program Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. You can find out more about this on the BC Government website.

6. First-Time Home Buyers’ Tax Credit (HBTC) This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. You can find out more info on this at the Canada Revenue Agency website.

7. BC Home Owner Grant Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. You can read more about this on the BC Government website.

8. BC Property Tax Deferment Programs Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes. Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes. Property Tax Deferment Program for Families with Children. Qualifying low income home owners who financially sup- port children under age 18 may be eligible to defer property taxes. You can read more about this on the BC Government website. Kristy has received the Seniors Real Estate Specialist® or SRES® Designation, so she can provide more information on this.

9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. You can find out more information on this at the Canada Mortgage and Housing Corporation (CMHC) website. 

10. CMHC Mortgage Loan Insurance Premium Refund Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations. You also can read more on this at the Canada Mortgage and Housing Corporation (CMHC) website.

11. Energy Saving Mortgages

12. Low Interest Renovation Loans

13. LiveSmart BC: Efficiency Incentive Program

14. BC Residential Energy Credit

15. BC Hydro Appliance Rebates

16. BC Hydro Fridge Buy-Back Program

17. BC Hydro Windows Rebate Program

18. BC Hydro Mail-in Rebates/Savings Coupons

19. FortisBC Rebate Program

20. FortisBC Efficient Boiler Program

21. City of Vancouver Solar Homes Pilot

22. City of Vancouver Rain Barrel Subsidy Program

23. Vancity Green Building Grant

24. Local Government Water Conservation Incentives

25. Local Government Water Meter Programs

You can find out more information on BCHydro rebates at the BCHydro website, and if you live within the City of Vancouver limits you can find out more information on available City of Vancouver grants and rebates at their website - incentives programs for home owners.

According to the monthly press release by the The Real Estate Board of Greater Vancouver (REBGV) Greater Vancouver saw a "solid" month of residential home sales on the Multiple Listing Service® (MLS®) in April 2011. Numbers were were down slightly on the two previous months which both saw a near-record pace. The REBGV press release reported that residential property sales of detached, attached and condos or apartment properties in Vancouver (or the area covered by the REBGV*) decreased by 8.2% last month, with 3,225 sales compared to 3,512 sales in April 2010 down 21% on the 4,080 sales recorded in March 2011.

In the press release, the REBGV president Rosario Setticasi said that the year-over-year decline in April sales could be attributed to a less active condominium market on our MLS®. He claimed that there were actually more detached and townhouse sales in April 2011 compared to the same month last year. There was no mention of the changes in the Canadian mortgage rules which reduced the maximum amortization period from 35 years to 30 years. This fueled the frenzied pace of sale in February and early March, and a slowdown or "return to normal" was expected in April. 

New Real Estate Listings:

For the whole Greater Vancouver area covered by the REBGV, new listings for detached, attached and condos or apartment properties totalled 5,847 in April 2011. This was a 23.5% decrease on April 2010 numbers when 7,648 properties were listed for sale on the Multiple Listing Service®, which was an all-time record for any April since records began.

New listings were also down in April, compared to March, the number of new listings registered was down 14 per cent. The total number of residential property listings on the MLS® did increase in April (by 8.2%) compared to the previous month (at 14,187 listings) which gives buyers lots of choice. In areas such as Burnaby and the Tri-Cities, there are lots of prime properties on the market.

Property Prices:

As with real estate listings, there is also a big difference in activity within the areas or communities that the REBGV covers. This means that home price trends differ depending on the area. Some areas, such as Burnaby, have seen an increase in property values (year-on-year), where as other areas, such as Squamish have seen a slight decrease. Property pricing stats are based on a benchmark price, which is the estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.

*The Real Estate Board of Greater Vancouver (REBGV) is a member-based association of more than 10,000 REALTORS® and covers communities from Whistler to Maple Ridge to Tsawwassen.

April Sales facts for some areas around Greater Vancouver:

Burnaby
Detached: 150
Attached: 98
Condos or Apartments: 155

Coquitlam
Detached: 143
Attached: 63
Condos or Apartments: 72

Maple Ridge/Pitt Meadows
Detached: 89
Attached: 56
Condos or Apartments: 28

Port Coquitlam
Detached: 43
Attached: 24
Condos or Apartments: 27

Port Moody
Detached: 23
Attached: 24
Condos or Apartments: 26

The Evergreen Line is a new rapid transit line that will connect Coquitlam to Vancouver via Port Moody and Burnaby. Commutes between Vancouver and the Tri-Cities will be drastically reduced. Commuting from Coquitlam City Centre to downtown Vancouver will take about 40 minutes (saving almost 45 minutes per day compared to driving). This will increase property prices in the Tri-Cities of Port Moody, Coquitlam and Port Coquitlam.

However, according to an article in the Province newspaper, Port Moody Mayor Joe Trasolini wants the public to lobby TransLink to get to work on the long-delayed Evergreen Line. The construction was anticipated to begin gin in late 2011, and is scheduled to take four years to construct. The project has seen several delays over the course of planning.

No doubt residents of the Tri-Cities are looking forward to the project getting started, and finished. According to the official Evergreen Line website from the B.C. Ministry Of Transportation and Infrastructure, the Evergreen Line will be a fast, frequent and convenient SkyTrain service, connecting Coquitlam City Centre through Port Moody to Lougheed Town Centre in about 13 minutes. The SkyTrain will connect without transfer to the current network at Lougheed Town Centre Station and will integrate with existing regional bus and West Coast Express networks.

There's no doubt about it that improved transportation increases property prices in areas serviced. In 2006, the Real Estate Investment Network (REIN) released a report entitled The Gateway Effect which estimated that the impact of the Gateway Project’s transportation improvement projects on real estate in the Lower Mainland and Fraser Valley, would increase in the range of 10%–20% for key areas. The Evergreen Line was part of the Gateway Project, but those estimates seem a little low, especially in today's hot market.

So which areas are going to benefit most by the Evergreen Line? Here are details of a few of the planned stations:

Lougheed Town Centre Station (Burnaby)
Burquitlam Station (Burquitlam)
Port Moody Station (Port Moody)
Ioco Station (Port Moody)
Coquitlam Central Station (Coquitlam)
Douglas College Station (Coquitlam)

Evergreen Line Route information:

Lougheed/Burquitlam: The Skytrain line will run north from Lougheed Town Centre Station on raised line along the centre of North Road. The new Burquitlam Station will be on the east side of Clarke Road near Burquitlam Plaza. From Burquitlam Station, the line will cross to the west side of Clarke Road, before entering a tunnel towards Port Moody.

For Port Moody, the Skytrain line will come from the tunnel just east of Barnet Highway. Its route moves at ground level along the south side of the Canadian Pacific Rail (CPR) tracks to Port Moody Station. The Port Moody station will be located at the Port Moody transit exchange site. Movinging east, the Evergreen Line then crosses the CPR tracks just before Ioco Station, which is located north of Barnet Highway.

In Coquitlam the Evergreen Line will run along the north side of the CPR tracks towards Coquitlam Central Station, which will be at at the Coquitlam transit exchange site. Then the line will then run north on a raised rail along the west side of Pinetree Way, and will cross to the east side near Northern Avenue, before ending at Douglas College Station, north of Guildford Way.

This will be a huge boon for the area and no doubt will make the Tri-Cities and even more desirable place to live. Coquitlam real estate prices have been slowly increasing over the last few years, but once the new Evergreen Line is finished, property prices could go through the roof. The key is to get in before the next big jump in real estate prices.

For more information and updates, see the official Evergreen Line website.

The Burnaby Mayor, Derek Corrigan, gave his annual State of the City address at the Hilton Vancouver Metrotown on April 13. He covered several interesting topics including current and future plans for Burnaby in terms of social housing, commercial property developments, and residential property developments.

One concept that was mentioned over and over again in the address was that of Burnaby as a "Creative City". This refers to the focus on the development of lively, diverse "streetscapes" and public places, and tying all this in with residential real estate projects in development and being planned--including the proposed "Metroplace" development at the Metrotown SkyTrain station, and Sovereign, the 45-tier development which features 202 residential units on 26 tiers, 169 hotel rooms over 13 levels and a three-tier retail podium.

When Sovereign went on the market last month, all 202 residential units sold out in a single day. This event surpassed the single-day record for Burnaby real estate sales and is a great market indicator for future real estate development projects in Burnaby.

Other Burnaby residential property developments of note which were initiated or partially/fully completed in 2010 include:

• The Empress - a 45-tier mixed use property development with a hotel and 202 residential units at Willingdon Avenue and Kingsway.
• The Jewel II - a 21-tier residential property development with 98 units at Beresford Avenue and Wilson.
• The Concord-Pacific Development - a 21-tier residential apartment tower on Nelson Avenue.
• Polygon Development - a residential high-rise with townhouses (245 units) located between Bennett St. and Nelson Avenue.

Burnaby's current and future real estate projects can be seen on the Burnaby City website. Among its residential goals, the City tries to balance the housing needs of the city with social responsibility:

"Burnaby, through its land use designation function, has the ability to influence the location of housing and provide for various types of neighbourhoods. These actions have encouraged a broad range of choice in residential environments including single and two family areas and town- house and apartment areas that meet the housing needs of differing households."

The four goals for housing as laid out on the Burnaby City website are:

• To provide a varied range and choice of living opportunities within the City.
• To establish increased opportunities for ground-oriented housing.
• To maintain and improve neighbourhood livability and stability.
• To help ensure that the needs of people with special and affordable housing requirements are met.

What can be taken from the annual State of the City address is that Burnaby cares about well planned residential real estate projects. If you are thinking of buying real estate in Burnaby, you can be assured that amenities, transport, and social services are all well catered for.

Here is a great listing and a prime example of the kind of Burnaby real estate on the market today. The property is located at 7012 Griffiths Avenue, Burnaby. The real estate market in Burnaby is red hot right now so make sure you don't miss out on this dream home.

This is a brand new quality built three-level heritage style townhouse. This place is absolutely huge at 1,400 sq. ft. The main floor consists of the living room, dining room, powder room, and kitchen. There are three bathrooms, two bed rooms, and insuite laundry in the second floor. The master bedroom has an ensuite on 3rd floor, open sundeck with view.

The quality of the materials used in this home have to be seen: hardiplank materials have been used on all outside walls, granite counter top in the kitchen and marble granite in all the washrooms, extensive use of crown mouldings, laminated flooring, and white kitchen cabinets. This is the best corner unit with a view. As a bonus this home includes stainless steel appliances, full size washer and dryer, blinds and screens all in and secure garage.

The location is great--this amazing hownhouse is located at Highgate Mall, not far from Edmonds Skytrain station.

Contact me for Open House details or for private showings.

Kristy Mattiazzo, REALTOR®, ABR®,SRES®, CCSP®
REALTOR®, Accredited Buyer's Representative®,
Seniors Real Estate Specialist® & Canadian Certified Staging Professional®
Sutton Centre Realty
PRIVATE PROPERTY Realty
PRIVATE PROPERTY Staging
T) 604-831-7321
F) 604-936-9412
E) kmattiazzo@shaw.ca
W) www.privatepropertyrealty.com

According to the Real Estate Board of Greater Vancouver (REBGV), activity in the Greater Vancouver real estate market continued to strengthen in March. The property market has had a very strong start to the spring season, according to the monthly stats released.

Burnaby Real Estate Stats

Burnaby has seen a huge increase in property listings come on the market compared to February:
221 detached homes, 144 attached homes, and 336 apartments were listed in March.

There were also huge gains in the number of real estate sales in Burnaby in March:
160 detached homes, 103 attached homes, and 191 apartments were sold during the month.

Overall, there was a 1.4% increase in the price of property in Burnaby in March, based on sales of detached (1.9% increase) and attached homes (1.3% increase) and apartments (1% increase), based on the MLSlink Housing Price Index.

The benchmark price of a detached home in Burnaby is now $882,731, the benchmark price of an attached home is now $501,257, and the benchmark price of an apartment is now $364,847. The benchmark price is the estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.

For more information, see the Real Estate Board of Greater Vancouver (REBGV) website.

# 3 1954 W 11th Avenue in Vancouver is a fabulous fully renovated executive ground level townhome in prime Kitilano, or Kits, location! Over 1220 sq. ft. of well laid out floor plan in this open concept two bedroom, two bathroom home.

Renovation included: kitchen, bathroom, living room, flooring,fixtures, lights, window coverings, and paint - over $55K in improvements. Enjoy your own private front patio, one open parking stall, high ceilings, in-suite storage and natural light from north, east and western exposures.

Prime Vancouver Real Estate

Location is everything, this home is very centrally located yet is on a quiet tree-lined street close to schools, shopping, restaurants, and so much more. This well maintained four unit development was build in 2003 and was an early century 1910 heritage conversion project. View photos online and call me for your private showing.

Kristy Mattiazzo, REALTOR®, ABR®,SRES®, CCSP™
REALTOR®, Accredited Buyer's Representative®,
Seniors Real Estate Specialist® &
Canadian Certified Staging Professional™
Sutton Centre Realty
PRIVATE PROPERTY Realty
PRIVATE PROPERTY Staging
T) 604-831-7321
F) 604-936-9412
E) kmattiazzo@shaw.ca
W) www.privatepropertyrealty.com

When buying real estate in BC it is important to look at how much the strata fees are, as they can range from low to high and can include different benefits such as heat or hot water. Not all buildings have strata fees. A strata title building is a multi-residence complex or multi-suite building, where all the units are owned by their individual owners.

What are strata fees?

Strata fees are basically the monthly fees collected from each owner, usually in proportion of the square footage of the units, or which are calculated in accordance with the requirements of the Strata Property Act. The strata fees for a strata lot's share of the contribution to the operating fund and contingency reserve fund are calculated as follows: unit entitlement of the strata lot, divided by total unit entitlements of all strata lots, multiplied by the total contributions and then divided by 12. The expenditure is administered by the strata council. The strata council sets the budget for the year, with a breakdown of costs.

Strata fees cover ongoing costs and general maintenance (hallway cleaning, lights, security, insurance) and contingency funds accumulated for large expenses, like re-roofing, snow clearing or parking lot paving. 

There are two concepts here that often get confused: the strata council and the strata corporation.

The Strata Council:

The strata council’s role is to:

• act as the managing body for the strata corporation;
• make daily decisions that enable the strata corporation to operate smoothly;
• operate within any restrictions created by the Strata Property Act, Regulations, bylaws, or a majority vote of the owners.

The Act states that the strata council’s role is to: “exercise the powers and perform the duties of the strata corporation, including the enforcement of bylaws and rules”.The strata council can hire a strata manager to perform some or most of the functions of the strata council. However, if a strata council has delegated its powers to a strata manager, the strata council is still ultimately responsible for ensuring that its obligations under the Act are fulfilled.

The Financial Institutions Commission (FICOM) strata council guide.

Strata Corporation: The strata corporation is a legal entity with all of the powers of a natural person who has full capacity. This means that it can sue others, be sued by others, enter into contracts with others and hire employees.

The owners of the strata lots are the members of the strata corporation. The strata corporation is responsible for managing and maintaining the common property and assets of the strata development for the benefit of all of its owners.The specific obligations of the strata corporation are usually performed by the strata council, or agents or employees which it hires.Additionally, the strata council will also perform its own obligations which are imposed by the Act and Regulations on the strata council, and will benefit the strata corporation.

The Financial Institutions Commission (FICOM) strata corporation guide.

What if I don’t pay my strata fees?

If an owner fails to pay their strata fees they are contravening the strata corporation’s bylaws and are subject to fines. The Strata Property Act requires a strata to give two weeks written notice demanding payment and noting that further action may be taken. This further action can be in the form of suing, seeking arbitration or putting a lien against the owner’s strata lot.

Kristy Mattiazzo, REALTOR®, ABR®,SRES®, CCSP™
REALTOR®, Accredited Buyer's Representative®,
Seniors Real Estate Specialist® &
Canadian Certified Staging Professional™
Sutton Centre Realty
PRIVATE PROPERTY Realty
PRIVATE PROPERTY Staging
T) 604-831-7321
F) 604-936-9412
E) kmattiazzo@shaw.ca
W) www.privatepropertyrealty.com

The Real Estate Board of Greater Vancouver (REBGV) released a preliminary report on the MLSLINK Housing Price Index for February 2011. This report showed that demand for detached homes continues to be strong across Greater Vancouver with particularly high sales in some areas.

Real estate sales in the Tri-Cities area of B.C. (which includes the cities of Coquitlam, Port Coquitlam and Port Moody) remained strong. Coquitlam real estate in particular showed high benchmark prices for all property types mentions in the report--detached homes, attached homes, and apartments. The benchmark price for a detached home in Coquitlam is now $708,297, the benchmark price for an attached home in Coquitlam is now $454,968, and $300,679 for an apartment.

676 Colinet St., Coquitlam.

One detached home on the market in Coquitlam that is well below the benchmark price at $550,000 is 676 Colinet St. This house is located at the corner of Colinet St. and Cottonwood St. on a huge lot. It is close to all amenities, including a great daycare. This two level, two bedroom, 1697 square feet original Character home amazing value in today's real estate market!

The excellent features in this home include hardwood flooring and trim. a really bright and open kitchen, good sized rooms and new furnace. There is great sun exposure in the backyard. The huge lot features a storage shed, a two-car garage, metal roof and lane access. With the options to hold or build now, you will have to hurry because this won't last!

Contact me for full details:

Kristy Mattiazzo, REALTOR®, ABR®,SRES®, CCSP?
REALTOR®, Accredited Buyer's Representative®,
Seniors Real Estate Specialist® & Canadian Certified Staging Professional?
Sutton Centre Realty
PRIVATE PROPERTY Realty
PRIVATE PROPERTY Staging
T) 604-831-7321
F) 604-936-9412
E) kmattiazzo@shaw.ca
W) www.privatepropertyrealty.com