Tuesday, July 31, 2012

NEW LISTING! 1 Bedroom Condo for Sale in Richmond BC


#316 - 6660 Buswell Street, Richmond British Columbia, V6Y 2G8, Canada

RICHMOND BC APARTMENTS/CONDOS
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/316-6660-buswell-street-richmond-bc-v6y2g8-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse
MLS® No. V964619
Bedrooms: 1
Bathrooms: 1
Total sq.ft.: 832

Bright spacious 830 sq ft. top floor 1 bedroom condo in central Richmond. Central convenient location walking distance to skytrain, bus, Richmond Centre Mall, Public Market, restaurants, schools, Minoru Community Ctr, Arenas, Aquatic Centre, Family Doctors, Dental Office, other Professional Services. New roof & boiler in 2009. Strata fee includes heating, hotwater & laundry. Secured parking #18 & a full size storage locker#47
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

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Thursday, July 26, 2012

NEW LISTING! 3 Bedroom Home For Sale in Ladner BC


4687 Holly Park Wynd, Ladner, British Columbia, V4K 4T3, Canada

LADNER BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting my blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/4687-holly-park-wynd-ladner-bc-v4k4t3-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Holly
MLS® No. V962997
Bedrooms: 3
Bathrooms: 2
Total sq.ft.: 1,951
Lot Size sq.ft.: 5,670

Very well kept large rancher with close to 2,000 square feet of living area. Newer living room laminate, kitchen floor tiles, back splash, counter tops and more. Radient hot water heat. Heated sunroom with built in BBQ. Sunny well landscaped west fenced back yard with private patio and storage shed. Double Garage with easy attic storage. Roof 3 years new. Many extras a real pleasure to show.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
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Monday, July 23, 2012

Price Reduced! 5 Bedrooms Home for Sale in Richmond BC


10820 Reynolds Drive, Richmond British Columbia, V7E 4B4, Canada

RICHMOND BC HOMES
VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting our blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/10820-reynolds-drive-richmond-bc-v7e4b4-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Woodwards
MLS® No. V958170
Bedrooms: 5
Bathrooms: 3
Total sq.ft.: 2,484
Lot Size sq.ft.: 6,794

Bright and sunny west fenced back yard siding onto green space. 3 bedrooms up and 2 down. Recently completely and professionally renovated. Both kitchens with granite countertops, new cabinets, all newer laminate flooring with moldings on both levels. Furnace, hot water tank, windows, roof,and fence all done recently. Pleasant outlook from resurface deck. A must see. Well cared for home on a quiet Cul-De-Sac. No busy streets to school.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
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Wednesday, July 11, 2012

Priced Reduced! 2 Bedroom Condo for Sale in Richmond BC

#107 - 8975 Jones Road Richmond BC, V6Y 3Y7, Canada

RICHMOND BC APARTMENTS/CONDOS
VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting our blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:

http://www.michaelcowling.com or
http://www.michaelcowling.com/107-8975-jones-road-richmond-v6y-3y7-canada/ 
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse South
MLS® No. V945575
Bedrooms: 2
Bathrooms: 2
Total sq.ft.: 1,242

Description:
REGENT'S GATE by Polygon 2 bed 2 bath on south east corner with huge 600+ square foot balcony. Large kitchen with eating area, newer cabinets and countertops, crown moldings, laminate flooring, gas fireplace, in side by side suite laundry, huge ensuite with soaker tub, separate shower and 2 sinks. Large walk-in closet. Tones of storage and extra storage locker with secured parking. Gated adult 19+ community with extensive facilities including a pub, pool table darts, activity room, exercise room, Jacuzzi, two guest suites, workshop, lounge, sunroom & outdoor patios. Pet friendly. Strata Fee includes heat, hot water, gas & sewer. Building has been rain screened and has a newer roof.
--------------------------------------------------------------------------------­--------------------
RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen

LIKE me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
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PRICE REDUCED! 1 Bedroom Condo for Sale in Richmond BC


#304 - 8880 Cook Road, Richmond British Columbia, V6Y 2Y4, Canada

RICHMOND BC APARTMENTS/CONDOS
VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting our blog. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my website and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/304-8880-cook-road-richmond-bc-v6y2y4-canada/ for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Brighouse
MLS® No. V956222
Bedrooms: 1
Bathrooms: 1
Total sq.ft.: 700

Spacious top floor 1 bedroom with east outlook, great open layout, newer kitchen cabinets, bathroom vanity, sink, tub, fan, light fixtures, countertops, and laminate flooring. Newer white appliances. Building had a new roof in 2008, boiler in 2007, the siding has been redone in vinyl, very well maintained. Storage locker is on the same floor and under building parking included. Recreational facilities include: outdoor pool, swirl pool, saunas, clubhouse with pool and ping pong tables, lounge large screen TV, basketball and tennis courts. Very close to transit, steps to park shopping and all amenities.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Tuesday, July 10, 2012

Ottawa caps CMHC mortgages at 25 years


Finance Minister Jim Flaherty has outlined new rules aimed at reining in a hot housing market and ensuring Canadians aren't taking on more debt than they can afford.

Flaherty laid out a series of changes to the rules that govern the Canada Mortgage and Housing Corporation, the Crown Corporation that effectively oversees the housing market by insuring the vast majority of Canadian mortgages.

The most important new change is that the maximum amortization period has been reduced to 25 years, down from 30. The longer a mortgage is spread out, the lower the monthly mortgage payments are — but the more the borrower ends up paying overall over time.

The impact of the change is likely to be significant. It's about the same as a 0.9 percentage point increase on a typical mortgage, Bank of Montreal economist Robert Kavcic noted.

Indeed, the numbers add up. A $300,000 mortgage spread over 30 years at 4.0 per cent would cost $1,426 a month to pay back. That same mortgage amortized over only 25 years increases the monthly payment by $152 or 10 per cent to $1,578 a month.

Ultimately though, the higher monthly payment saves the borrower money in the long run. The total interest payments are $213,558.91 on the 30-year mortgage, but only $173,416.20 on the 25-year one.
The shortened amortization is also likely to affect a huge segment of the market, as about 40 per cent of all new mortgages were amortized over 30 years last year, the Canadian Association of Accredited Mortgage Professionals estimates.

Anyone who needed or wanted a 30-year mortgage before is going to have to qualify under tougher 25-year requirements now.
 
Ottawa has now moved three times to rein in the maximum mortgage term, since the CMHC briefly started insuring mortgages with 40-year terms in 2006. The limit was brought down to 35 years, then 30 and now the more traditional 25.

"The reductions to the maximum amortization period since 2008 would save a typical Canadian family with a $350,000 mortgage about $150,000 in borrowing costs over the life of that mortgage," Flaherty said.

"Our government has encouraged Canadians to borrow responsibly," Flaherty said. "Most Canadians have done so."

At 25 years, the maximum amortization period for CMHC-backed loans is now back to where it had historically been before the Harper government began raising the period after taking office in 2006.

Interim Liberal Leader Bob Rae made that very point in question period on Thursday, asking Prime Minister Stephen Harper if raising CMHC's limit to 40 years in the first place was a mistake.

"The government has altered rules a number of times and will continue to do so on a prudent and flexible manner depending on the circumstances," the prime minister replied.

Refinancing limit set at 80%
Flaherty also outlined a few other measures.

The government has lowered the total amount that Canadians can withdraw when refinancing their homes to 80 per cent of the home's value, from 85 per cent.

"This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes," Flaherty said.

Flaherty also moved to cap the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent in order to get CMHC insurance. Banks calculate the former by adding up mortgage payments and property taxes on a home loan, and dividing by the borrower's income. The latter adds in other debt payments such as lines of credit and credit cards to the top side of the ledger.

Although they both have obscure, technical names, they're both effectively just limits on how much debt a borrower is allowed to take on as a percentage of their overall income. That move, too, is aimed at making sure borrowers can't bite off more than they can chew.

The final change was to limit CMHC insurance to homes priced under $1 million. "Wealthy people can borrow whatever they want from banks, and they can work that out from banks," Flaherty said. "That is not my concern."

July deadline
That effectively means that a homebuyer who wants to purchase a home for more than $1 million can't get insurance on it — which in turn means the buyer will have to come up with the 20 per cent down payment requirement in order to get an uninsured mortgage.

So under any circumstance, any new borrower wanting to buy a home of $1 million or more is going to have to put $200,000 down at a minimum. That's also likely to have a major impact on a comparatively small segment of the market.

"Although this could create some market dislocations in the just-under-$1-million segment, it's consistent with CMHC's recent efforts to focus its insurance business on encouraging owner-occupied purchases among average Canadians," BMO economist Michael Gregory noted.

All of the changes went into effect as of July 9, 2012.

The Canadian Real Estate Association reacted coolly to the news on Thursday, calling it a "measured response" to rein in debt loads, but taking pains to note that the home resale market contributes $20 billion a year to Canada's economy and as such, is deserving of caution.

"Going forward, we would urge the government to consider the impact of further interventions in the market carefully," CREA said.
______________________________________________

What is an 'insured' mortgage?
In order to guard against risk in the financial system, Canadian law requires certain borrowers to purchase insurance against their loan, in case they end up defaulting on it.

Under the current rules, any would-be home buyer must purchase insurance (this most often comes from CMHC, Canadian Mortgage and Housing Corporation, but sometimes from other private-sector insurers) if their down payment is less than 20 per cent of the value of the home.

Any borrower who meets that threshold can get a mortgage from a bank without having to obtain insurance, and those are known as "uninsured" mortgages. So a borrower who gets a $300,000 mortgage and puts down only $30,000 or 10 per cent on the home would be insured, but a borrower who has $100,000 down for the same home would be uninsured.

Source Real Estate Board of Greater Vancouver, Vancouver Sun.

Monday, July 9, 2012

Greater Vancouver and Richmond housing market favoured buyers in June


The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

Overall conditions have trended in favour of buyers in our marketplace in recent months. This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 per cent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent decline compared to the 6,927 new listings reported in May 2012.

At 18,493, the total number of residential property listings on the MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.

Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in a buyers market. This ratio has been declining in our market since March when it was 19 per cent.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.

Richmond
Sales of detached properties on the MLS® in June 2012 reached 76, a decrease of 51.9 per cent from the 158 detached sales recorded in June 2011, and a 45.3 per cent decrease from the 139 units sold in June 2010.

Sales of apartment properties reached 113 in June 2012, a 18.7 per cent decrease compared to the 139 sales in June 2011, and a decrease of 36.9 per cent compared to the 179 sales in June 2010.

Attached property sales in June 2012 totalled 59, a 31.4 per cent decrease compared to the 86 sales in June 2011, and a 55.6 per cent decrease from the 133 attached properties sold in June 2010.

Source Real Estate Board of Greater Vancouver