SOLD! 4360 Lancelot Drive 3 Bedroom House in Richmond BC

4360 Lancelot Drive, Richmond, BC, V7C 4S3, Canada

RICHMOND BC HOMES
GREATER 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/4360-lancelot-drive-richmond-bc-v7c-4s3-canada/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Boyd Park
MLS® No. V981467
Bedrooms: 3
Bathrooms: 2
Total sq.ft.: 1,900
Lot Size sq.ft.: 4,702

Description:
Tastefully and recently remodeled well cared for 3 bedrooms, 2 bathroom and 2 Den family home with newer wood flooring, tile, bathroom vanities, kitchen cabinets, and countertops. Great layout, plenty of storage. Private and sunny south fenced yard. Quiet Street. Hugh Boyd and Grauer School Catchments.
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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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SOLD! 11411 No. 2 Road 4 Bedroom House for Sale in Richmond BC

11411 No. 2 Road, Richmond BC V7E 2E6, Canada

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

Please visit http://www.michaelcowling.com or 
http://www.michaelcowling.com/11411-no2-road-richmond-bc-v7e2e6-canada/ 
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Sub Area: Westwind
MLS® No. V81072
Bedrooms: 4
Bathrooms: 2
Total sq.ft.: 1,820
Lot Size: 7,201

Build Big, Move-in or Rent and hold. Either way this is a Prestigious Westwind Area property. This 60 by 120 = 7201 Sqft lot with a 1824 sqft, 4 bedroom, 2 bathroom house. Close to amenities; walking/biking distance to Steveston Village and trails; near bus route. Property has a west backyard, is fully landscaped and includes a covered deck; hot tub; wired workshop/shed; new concrete in the rear with a BBQ pad. Other Upgrades: new vinyl windows 2010, new patio 2009, new hot water tank 2008, wood fireplace and wood stove in the family room, security system and many more features. Westwind and McKinney school catchment. Priced below Government Assessment.
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RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner
http://www.michaelcowling.com

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Interesting Mortgage Statistics

Among all mortgage holders, 65% have fixed rate mortgages, 28% have variable rate mortgages and 7% have a combination.

For mortgages in 2012, there has been a significant shift to fixed rate mortgages - 79% are fixed, 10% are variable and 11% are a combination of both.

68% of mortgages obtained during 2012 have amortization periods of 25 years or less.

32% of mortgage holders are making significant efforts to accelerate repayments, including taking one or more of the following actions in the past year:
• 16% have voluntarily increased their monthly payments.
• 15% have made a lump sum contribution to their mortgage.
• 6% have increased their payment frequency.

Among borrowers who took out a new mortgage in 2012, a record 47% obtained it from a mortgage broker.

The average mortgage interest rate is 3.55%, which is lower than last year's average of 3.92%.

There has been a considerable amount of locking-in (converting from variable rate to fixed rate). Among the 3.85 million Canadian homeowners with fixed rate mortgages, 13% locked in during the past 12 months.

Among mortgage borrowers who have renewed a mortgage this year, 61% experienced a reduction in their interest rate.

The average actual rate for 5-year fixed rate mortgages is 1.85 percentage points lower than typical (posted) rates in 2012.

Of the 9.7 million homeowners in Canada, 5.95 million have mortgages and 3.75 million are mortgage-free.

The arrears rate has fallen for 19 consecutive months and is approaching a record low of 0.25%. Compare this to mortgage arrears in the United States which is consistently over 20% (100 times higher than Canada) over the past 4 years. Cannot compare the 2 banking systems...

87% of Canadian homeowners have 25% or more home equity.

According to simulations, 17% of high ratio mortgages funded in 2010 could not have been funded today, including 11% of prospective high ratio homebuyers who can't qualify for a mortgage under the new 25 year amortization rule.

Since the most recent round of mortgage tightening came into effect there has been a drop in Canadian housing resale activity: between August and October, sales were 8% lower than in the year prior to the announcement.

Source: Taylor Made Mortgages

SOLD! #8 - 8320 Cook Road Home in Richmond BC

#8 - 8320 Cook Road, Richmond British Columbia, V6Y 1V5, 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 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/8-8320-cook-road-richmond-bc-v6y-1v5-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. V980500
Bedrooms: 3
Bathrooms: 2
Total sq.ft.: 1,137

Updated 3 bedroom townhome 2 bathrooms. Newer engineered hardwood flooring. Insuite Laundry hook-ups, Built in vacuum and fireplace. Kitchen with skylight, sunken living room, walkout to private well landscaped west facing garden patio. Huge secure storage & 2 secure parking spaces. Central location, steps to Canada Line, Richmond Center Mall and all amenities.
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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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Pre-Sale Purchase Law protects buyers and developers

As the market soared during most of the 2000s, condo pre-sales were a popular and profitable way to buy a new home today, while there may not be long lines of buyers outside sales centres, pre-sales continue to be a popular choice for both investors and home buyers.

Regardless of the purpose of a pre-sale purchase, there is an inherently speculative aspect to it. This is because a pre-sales contract locks in the price. After the buyer signs the contract, the market may go up or down, mortgage rules and interest rates may change, and in extreme cases, a buyer may no longer qualify for a mortgage.

Before the market decline began in 2008, buyers paid little attention to the Real Estate Development Marketing Act (REDMA). Then, when the decline occurred, many buyers found themselves stuck with contracts to buy properties above market value. The result was litigation.

There have been a number of cases testing the consumer protections enshrined in REDMA. For the most part, the results have been very good for purchasers. Breaches of REDMA – some seemingly unimportant – have resulted in purchasers being able to rescind their contracts and get their deposits back.

In 299 Burrard Residential Limited Partnership v. Essalat, the Court of Appeal found that a roughly four month delay in construction required the developer to file and deliver an amended disclosure statement. The developer did not do so and the purchaser was entitled to rescind the purchase agreement. Notably, the purchaser knew of the delay, but it was not formally set out in an amendment to the disclosure statement.

In Woo v. ONNI Ioco Road Limited Partnership, purchasers were not provided with one of the amendments to the disclosure statement. They completed their purchases and lived in the properties for seven months before learning of the missing amendment. They waited a further 10 months before issuing notices of rescission. The court recently held that the purchasers were entitled to rescission. By the time of the court’s ruling, the purchasers had owned the properties for over three years. They were entitled to return the properties for the full purchase price.

While REDMA provides robust protection for consumers, it also cuts both ways. While breaches by a developer will lead to a seemingly harsh result, if the developer complies with REDMA, it has a free hand to do almost whatever it wants without the risk of purchasers lawfully rescinding.

A developer may change anything that affects the price, value or use of the property. The only caveat is that the developer must immediately file and deliver an amendment to the disclosure statement clearly identifying those changes. Critically, so long as this is done, the purchasers have no right of rescission. They must still complete the purchase, regardless of what they think about the changes set out in the amendment.

REDMA is clear that receiving a disclosure statement does not provide a right of rescission.

Pre-sales purchasers should understand that the developer can change the price, value or use of the property and purchasers may not have a right to back out of the contract as a result. This is the quid pro quo of REDMA. While it provides purchasers robust consumer protection, it also provides developers the right to change important aspects of the development while keeping purchasers tied to their contracts.

Source: REGBV Article by Wesley McMillan, Harper Grey LLP

SOLD! #302 - 7080 St. Albans Road 1 bedroom home in Richmond BC

#302 - 7080 St. Albans Road, Richmond British Columbia, V6Y 4E6, 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/302-7080-st-albans-road-richmond-bc-v6y-4e6-can...
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. V973268
Bedrooms: 1
Bathrooms: 2
Total sq.ft.: 835

Concrete construction, Quiet large west facing 1 bedroom and den, 2 bathroom condo in Monaco by Bosa. Very well kept. Stainless appliances gas fireplace in suite laundry pleasant west facing balcony, secured under building parking. Recreation includes lounge, party room with kitchen and pool table, media room, guest suite, fitness room, hot tub, garden area. Plenty of visitor parking. Central location walking distance to Canada Line skytrain 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
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FOLLOW me on TWITTER
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Housing market sees slight changes in October

The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.

The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a 27.4 per cent increase compared to the 1,516 home sales in September 2012.

October sales were 28.5 per cent below the 10-year October sales average of 2,700.

Buyer demand increased slightly in October compared to the previous few months. Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323 in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374 properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321 new listings in September 2012.

At 17,370, the total number of residential property listings on the MLS® increased 12 per cent from this time last year and declined 5.3 per cent compared to September 2012.

Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®) composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.

There’ve been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years.

Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver have seen declines of 6 per cent over the same time period.

Richmond

Sales of detached properties on the MLS® in October 2012 reached 79, a decrease of 25.47 per cent from the 106 detached sales recorded in October 2011, and a 40.60 per cent decrease from the 133 units sold in October 2010.

Attached property sales in October 2012 totalled 61, an 3.17 per cent increase compared to the 63 sales in October 2011, and a 28.24 per cent decrease from the 85 attached properties sold in October 2010.

Sales of apartment properties reached 85 in October 2012, a 10.53 per cent decrease compared to the 94 sales in October 2011, and a decrease of 36.09 per cent compared to the 133 sales in October 2010.

Source Real Estate Board of Greater Vancouver