The transitional tax rules for new homes in B.C. announced on Friday by Finance Minister Kevin Falcon are significantly more generous than the old ones.

The rule changes are intended to keep the tax burden on most newly-constructed homes at the same level that they were under the old PST regime, that they are under the current HST and that they will be when the PST is reinstated on April Fool’s Day next year. But three provisions make this a sweeter deal for builders and buyers:

. The threshold for a substantial tax rebate has been raised from $525,000 – a ludicrously low amount in the Lower Mainland, which is Canada’s most expensive housing market – to $825,000.

. Buyers of higher-priced homes will also benefit because they’ll pay tax only on the amount over and above the exemption.

. Recreational homes in most of B.C. will be eligible for the tax break for the first time.

The increased exemption goes a long way to address one of the most serious criticisms of the well-structured but badly implemented HST that has caused the governing Liberals so much grief. The exemption was so low and homes are subjected to so many taxes that the HST became yet another driver of sky-high urban house prices.

Would British Columbians’ reaction to the HST have been less visceral and less powerful if measures like these had been adopted from the start?

We’ll never know.

But maybe, just maybe, this more realistic approach indicates the government at least learned a lesson from the voter rage that drove former premier Gordon Campbell from office.

Since houses take a long time to build, the policy recognizes that many will be started under one tax regime and finished and sold under another. Falcon said the objective is to keep the tax burden the same, regardless of the timing.

In the old PST era, there was no provincial tax on the selling price of a new home, but builders paid PST on materials they used. The PST added, on average, two per cent to the total cost of the home.

When the HST was implemented, the seven-per-cent provincial tax applied to the selling price of the house, but the government said it wanted to keep the tax burden at the same level as under the PST. So it implemented a rebate of up to $26,250 (now raised to $42,500) to bring the effective provincial tax rate down to two per cent on the first $525,000.

When the PST resumes next year, the assumption is that the PST will, once again, add about two per cent to the cost of each new home.

Those prices should all work out to be equal.

The problem Falcon had to address was what to do about houses started under one tax regime and finished under another.

Depending on the timing and the policy, it’s easy to come up with scenarios where buyers might be able to duck both taxes, or where they might be dinged with both.

Falcon’s solution is a two-per-cent transitional tax on homes built with tax-free materials and sold with no HST applied. It’s a bit more complex than that, because it has a provision to consider what portion of the materials are bought and what portion of the home is completed under each tax regime.

Complex tax policies always create opportunities for unfairness. But Janice Roper, a specialist on indirect taxes at the Vancouver office of Deloitte, tells me the rules appear to be comprehensive, fair and hard to manipulate.

Peter Simpson, president and CEO of the Greater Vancouver Home Builders’ Association, said they provide the certainty his builders want, and they were announced sooner and with better terms than expected.

So – thus far, at least – Falcon seems to be finding his way through the HST minefield he inherited with his new job.

Source: Don Cayo, The Vancouver Sun

While home sales in Greater Vancouver and the Fraser Valley dipped at the start of 2012, other regions throughout the province faced increased market activity, according to the British Columbia Real Estate Association (BCREA).

The number of houses sold in the Vancouver region through Multiple Listing Service was down 13.4 per cent in January from the same month last year, the industry group said Wednesday.

In addition, the average price of a Vancouver home declined slightly, from $762,562 in January 2011 to $752,380 this year – a difference of 1.3 per cent.

In the Fraser Valley, sales dipped by 3.1 per cent during the same time period. However, prices rose 6.4 per cent from an average of $441,544 last year to $469,635 in 2012.

Meanwhile, B.C.’s northwest and northeast regions, Kamloops and Victoria saw sales gains of more than 10 per cent.

The biggest jump occurred in B.C.’s northwest region, where the average house price increased 14.2 per cent – from $214,357 to $244,872 – in the 12 months from January 2011.

Powell River, with an average price of $209,636, recorded the least expensive homes in the province – a figure down 1.2 per cent ($212,078) over January 2011.

Cameron Muir, chief economist with the BCREA, said consumer demand driven by low mortgage interest rates saw modest improvements in January from a year ago, despite a decline in provincial sales activity.

Across Canada, home sales were down 4.5 per cent in January from the same month one year earlier, while the number of newly listed homes edged down 1.4 per cent.

“This marks the first monthly decline in national activity since August 2011 and the biggest monthly decline since July 2010,” the Canadian Real Estate Association stated.

“The monthly decline reversed a string of monthly increases over the closing months of last year, and returned national activity to where it stood at the end of the third quarter of 2011.

January’s sales declines were led by Greater Toronto and Montreal, as well as a softening in other major centres such as Greater Vancouver, the Fraser Valley, Calgary, Edmonton, Winnipeg and Ottawa.

Still, unadjusted sales last month were up four per cent from January 2011 and were even with the five-and 10-year averages for January sales, it said.

“The national housing market is stabilizing and remains well balanced,” said CREA president Gary Morse.

“That said, forecasts for economic and job growth going forward vary widely for different parts of the country, suggesting a possible continuation of a softening trend in some markets, as well as the potential that demand will pick up based on strong fundamentals in others.”

Source: The Vancouver Sun

Vancouver Sun January 7th, 2012

430 Carlsen Place, Port Moody

Type: 3-bedroom, 3-bathroom townhouse
Size: 1,749 sq. ft.
B.C. Assessment, 2011: $370,000
Listed for: $399,800
Sold for: $389,000
Sold on: Nov. 28
Days on market: 7
Listing agent: Terry Osti at RE/MAX Crest Realty Westside
Buyers agent: Nick Parente at Prudential United Realty

The big sell: One of the reasons this three-bedroom townhome in Port Moody’s Eagle Point complex sold in seven days can be attributed to simple math: With a sale price of $389,000, the cost per square foot for the three-level property works out to $222.41 — about half the cost of a similar-sized townhouse in Vancouver. Other attractions are its comprehensive renovations: there’s a gourmet kitchen with dark wood cabinets accented by a glass tile backsplash; a designer colour scheme throughout; new flooring that’s a mix of laminate, tile and carpet; three new bathrooms; and custom-made blinds. As well, there is a private detached garage, and green space to the front and rear of the home. The building has recently benefited from updated windows and a new roof, deck and paintwork, and the communal amenities include an outdoor swimming pool and playgrounds. The property is close to shops, restaurants, Eagle Ridge Hospital, Port Moody’s Civic Centre, the Inlet Theatre and Galleria, and schools and transportation.

6984 Rupert St., Vancouver

Type: 5-bedroom, 2-bathroom detached
Size: 2,250 sq. ft.
B.C. Assessment, 2011: $875,100
Listed for: $974,800
Sold for: $976,000
Sold on: Dec. 5
Days on market: 8
Listing agent: Joanne Taylor at Sutton Group – West Coast Realty
Buyers agent: John Lee at Royal Pacific Realty

The big sell: According to agent Joanne Taylor, there are specific reasons why this 50-year-old rancher achieved multiple offers the day after its first — and only — open house, offers that resulted in a winning bid over the asking price. Vancouver’s Killarney area is of particular interest to property purchasers due to its proximity to Fraserview Golf Course, Champlain Mall, and other community amenities. The fact that it is one of the last areas in the city that is yet to be fully developed also increases its appeal to buyers and investors. This home had been well maintained. It has an updated kitchen, a fully finished basement with a 1,125-square-foot suite, original hardwood flooring protected under the carpet, a two-year-old roof, two gas fireplaces, and a fully fenced 143-foot-deep back yard with room for a fish pond, patio, storage shed and two-car garage.

4 — 3160 West 4th Ave., Vancouver

Type: 2-bedroom, 1-bathroom townhouse
Size: 832 sq. ft.
B.C. Assessment, 2011: $516,000
Listed for: $514,800
Sold for: $500,000
Sold on: Dec. 4
Days on market: 29
Listing agent: Colette Gerber at RE/MAX Select Properties
Buyers agent: Ruthie Shugarman at Dexter Associates Realty

The big sell: This townhouse in the Avanti complex on Vancouver’s West Fourth Avenue is accessed via an inner courtyard, and according to agent Colette Gerber, that acts as a buffer against the traffic noise and creates a much quieter interior. Since it was built in 2000, the seller has upgraded the unit and installed some mirror arrangements that give the illusion of a much larger space. The home has a gas fireplace, engineered hardwood flooring, and has been painted in designer hues. The rear patio — with its south-facing exposure — ensures that maximum light enters the home. Both bedrooms are upstairs; the front one has been transformed into an office/guest room through the addition of a Murphy bed and a built-in desk and shelving. There is a large in-suite storage area, underground parking, and the building is pet- and rental-friendly.

© Copyright (c) The Vancouver Sun

The 2012 property assessments for British Columbians being mailed this week confirm what we already knew: House prices in Vancouver, West Vancouver, North Vancouver, Burnaby and Richmond are high and still climbing. However, declines in assessed values in the Sea to Sky region, including Whistler, may have caught some by surprise.

Most single-family homes in Vancouver have increased in value by 10-to-25 per cent, according to area assessor Jason Grant, with a typical home on a 33-foot lot on the west side assessed at $1.6 million, up from $1.2 million last year.

On the east side, the example provided by BC Assessment shows an increase to just over $1 million from $816,000 a year ago.

Apartment values are up more modestly, but a two-bedroom apartment on the west side is quoted at $666,000, up 3.7 per cent from last year’s $642,000.

Assessments are established by analyzing recent sales as well as age, size, condition, location and other characteristics of a property. But the assessed value may – in fact, often does – vary from the market value when it’s time to buy or sell.

The main function of the assessment is not to set a benchmark for a market price but rather to calculate property taxes. The assessed value is multiplied by the mill rate set by city council, which in Vancouver in 2010 was $2.14 per $1,000 of assessed value. The property tax on a $1-million home then would have been $2,140 although the total on the tax invoice would be much higher because the city also collects funds for other agencies, including the regional district, school taxes for the B.C. government, TransLink, the Municipal Finance Authority and BC Assessment itself. There is also a shift in the tax burden from business to residents that adds another two per cent or so.

For the city, the important number is the total assessment roll, which increased to $254 billion in the 2012 assessment from $222 billion a year earlier. From this base, the city finance department determines what rate would be required to generate the same level of revenue as the year before and then calculates the rate needed to produce enough additional revenue to finance its operations for the coming year.

The vast majority of taxpayers, close to 99 per cent, do not dispute the assessment on their property. Some may even take delight in the rising value of their homes.

But for all their care, provincial assessors can easily miss improvements that would command a higher listing price, so would-be sellers should get an independent appraisal.

While it is entertaining to cruise the BC Assessment website and compare the value of your home to others, every property is unique and every buyer has his or her own criteria for investing in real estate.

Both buyers and sellers should use caution in their use of the information provided by BC Assessment.

Homeowners planning to neither buy nor sell and who have no objection to the values ascribed to their proper-ties need not concern themselves with BC Assessment’s latest revelations. An assessment notice is not a report card. It’s simply an estimate of what real estate may be worth.

If you have a roof over your head, heat, hot water and enough room to raise your brood, it doesn’t much matter if the provincial assessor says its value is up or down five, 10 or 20 per cent.

It’s your home. Enjoy it.

Source: Vancouver Sun

It’s BC home assessment time again!

The easiest way to see what value your home has been assessed at for 2012 is to click on this link, http://evaluebc.bcassessment.ca, and enter your address.

In a nutshell, North Vancouver home prices went up. Lions Bay and Squamish prices down. Vancouver, West Vancouver went way up. Whistler went way down.

When Metro Vancouver and regional property owners receive their 2012 assessment notices in the mail over the next few days, they’ll see a wide variation in values by region, city and neighbourhood.

The Sea to Sky region, for example, will see assessments generally down, with Squamish homeowners’ property values dropping up to 10 per cent in some areas and rising five per cent in others, according to BC Assessment. The valuation date was July 1, 2011.

In Whistler and Pemberton, some property owners will see decreases in values up to 15 per cent.

In comparison, North Vancouver home assessments have risen five to 15 per cent, while West Vancouver property owners will see significant increases in the 15-to-30-per-cent range.

Vancouver’s 192,000 property owners can also expect big hikes.

“Almost all homes in [the city of Vancouver] are increasing in value compared to last year’s assessment roll,” said area assessor Jason Grant in a statement. “Most single family homeowners in Vancouver will see significant increases, in the 10 per cent to 25 per cent range. Strata condominium owners will also see increases, but typically less than 10 per cent.”

Property owners in Richmond and Burnaby will also see sharp increases in assessments.

Paul Borgo, deputy assessor with the Vancouver Sea to Sky region, said in an interview that while it’s not unusual to see wide variations in value by region, city or even neighbourhood, “the city of Vancouver has been quite robust in 2011. However, the west side outperformed the east side in single family terms. And West Vancouver also has a very strong market.”

Rosario Setticasi, president of the Real Estate Board of Greater Vancouver, agreed, citing Vancouver’s west side, West Vancouver and Richmond as markets that performed better than others. “They’re favoured areas for people to live in [and] there was some influence from foreign investment.”

Setticasi also noted the assessments reflect values on July 1. “We had a surge in the beginning of [2011], it peaked in the summer, and came down a bit in the second half of the year, which won’t be reflected in the assessment.”

Robyn Adamache, senior market analyst for Metro Vancouver, Canada Mortgage and Housing Corp., said she is not surprised at the variation in assessment values given the fundamentals of the region’s real estate market in 2011. “There were wide variations in growth in home prices in different municipalities, so I would expect more variation than usual.”

Overall, Vancouver’s assessment roll increased from $222 billion last year to $254 billion this year, while West Vancouver’s assessment roll increased from $26.4 billion last year to more than $30.2 billion this year.

But Squamish’s assessment roll declined from $3.92 billion last year to $3.81 billion.

An example of local market trends, according to BC Assessment, is a single family home in Squamish’s Garibaldi Highlands neighbourhood which will see its assessment drop from $531,000 to $497,000, while another home in Whistler’s Alpine Meadows neighbourhood will see its assessed value drop from $964,000 to $918,000.

However, a home on a 50-foot lot on Vancouver’s west side will see its value rise from $1.19 million to $1.645 million, while another east Vancouver detached home on a 33-foot lot will rise from $816,000 to $1.03 million.

In West Vancouver’s tony British Properties, an example of the trend to higher prices is a home that will rise from $1.53 million to $2.2 million.

In the Fraser Valley, property owners will see little change in values this year.

“Most homes in the Fraser Valley have remained stable in value compared to last year’s assessment roll,” said deputy assessor John Green.

On a percentage basis, the total change for all residential property types was up 7.9 per cent in Surrey, 16.4 per cent in Vancouver, 16.5 per cent in Richmond, 5.2 per cent in New Westminster, 12.2 per cent in Burnaby, 6.9 per cent in Coquitlam, 5.1 per cent in North Vancouver city, 7.6 per cent in North Vancouver district, 15.9 per cent in West Vancouver, but down 1.9 per cent in Squamish, five per cent in Lions Bay, 6.2 per cent in Whistler and 3.2 per cent in Sechelt.

Pat Kelly, owner of Whistler Real Estate Company, said the resort municipality saw a drop in sales both before and after the 2010 Olympics, although the market has picked up since summer.

“There was a volatile world economic situation [and] people were looking for value for their money, things they need as against things they want.”

He said that while activity picked up in late 2011, prices haven’t reflected that because most activity is in the under-$1 million market.

He also noted that there has been a “noticeable” drop in buyers from the U.S.

Kelly, whose company is also involved in the Squamish market, said Squamish prices have flatlined, partly because there’s no major employer in the town.

“Squamish hasn’t had the same appeal as other suburban markets, and I don’t know why. It’s very good value for an area within 40 minutes of downtown Vancouver.”

Assessments were generally stable or down in other parts of the province, including Penticton and Kelowna, which saw a drop of 2.7 per cent in the total value of all residential properties.

The total number of B.C. properties on the 2012 roll is 1,917,394, a 0.75-per-cent increase from 2011.

The total value of real estate on the 2012 roll is $1.1 trillion, a 6.42-per-cent increase from 2011.

Source: Brian Morton, Vancouver Sun

Multi-family housing starts were up in Greater Vancouver in November over last year, while single family starts were down, Canada Mortgage and Housing Corp. reported Thursday.

“We have seen a reduction in single-family housing starts so far this year, and sort of a resurgence in the multi-family sector,” said Robyn Adamache, CMHC’s senior market analyst. “We’re starting to see some of the larger condo projects starting again, but we’re nowhere near the levels we were in our peak year, 2007.”

Nationally, housing starts declined to 16,615 from 17,637, with B.C. one of only two regions showing an overall increase from 1,609 to 2,241. Urban Quebec also showed a small increase.

Adamache said immigration drives demand in British Columbia and job growth in Vancouver has kept demand for new homes up.

“I think part of what’s going on is we do have a fairly balanced resale housing marking out there, so there is fairly steady demand,” Adamache said. “Part of what’s driving this is ongoing population growth, or people moving here from other countries. In Vancouver, we get 35,000 or 40,000 people moving here every year.”

There were 1,686 housing starts in November in the Vancouver CMA, up from 918 in November 2010. Single-family starts were at 281 for November, down 10 per cent from 2010. Multi-family starts, which include semi-detached, townhouses and apartments, were at 1,405 for November, up a whopping 130 per cent from November 2010.

The year-to-date figures show an overall increase in the Lower Mainland of 23 per cent for 2011 so far over 2010; broken down, there was a 21-per-cent decrease in single-family starts, and a 44-per-cent increase in multi-family starts. This year-to-date shows a total of 13,295 multi-family housing starts, compared to 16,525 in 2007 when housing starts peaked.

The drop in single-family starts could be related to the referendum defeat of the harmonized sales tax, which applies to new homes and which the provincial government said will be phased out by March 2013. Multi-family developments would not be affected in the same way because of the time it takes to build them and because many condos and townhouses would be below the $525,000 threshold for HST.

Richmond and North Vancouver were hot spots for growth, each showing an 89-per-cent increase in housing starts for year-to-date over last year. North Vancouver had 920 housing starts this year so far compared to 486 at this point last year, while Richmond had 2,355 starts compared to 1,248 at the same point last year. The vast majority of those units were multi-family developments.

“Richmond is a big recipient of people moving here from other countries, so that could be driving the demand,” Adamache said.

Because there was a significant slowdown in housing starts in 2009, and because it takes at least two years to complete a multi-family development, there will not be a lot of completed condos flooding the market in the near future, Adamache said.

Source: Tracy Sherlock, Vancouver Sun

Residential sales picked up outside Metro Vancouver in October, according to a B.C. Real Estate Association report released yesterday.

“B.C. home sales rose three per cent in October compared to September on a seasonally adjusted basis,” BCREA chief economist Cameron Muir said in a statement.

“While consumer demand in Vancouver edged lower last month on a year-over-year basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver Island.”

Muir said that total active residential listings in B.C. declined by 3,360 units in October from September, although active listings were up 6.9 per cent from October 2010.

“Market conditions remained slightly in favour of home buyers last month.”

Residential unit sales in the province rose 6.5 per cent to 5,865 units in October compared to the same month last year, while the average price was up 2.6 per cent to $535,695 last month compared to October 2010.

Year-to-date, B.C. residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period last year, the BCREA said.

Residential unit sales increased 3.5 per cent to 66,922 units over the same period.

According to the report, the average Metro Vancouver price rose 8.5 per cent from October 2010 to October 2011 to $767,000.

Prices in the Okanagan dropped 14.3 per cent to $367,000 in that period, and fell 6.1 per cent in Victoria to $476,000.

Total sales dropped one per cent in Metro Vancouver in October compared to October 2010 to 2,359.

Sales rose two per cent in the Okanagan to 403 and were up 3.1 per cent in Victoria to 461.

Source: Brian Morton, Vancouver Sun

BC home sales rose nearly 9% in September compared to the same month last year, with the average price increasing 6% to $524,000, the B.C. Real Estate Association said Friday.

The BCREA reports that multiple listing service sales in the province rose 8.8% to 5,995 units and that sales edged up 3% in September compared to August on a seasonally adjusted basis. A total of 55,616 homes were listed on the multiple listing service at the end of September.

For individual markets, Metro Vancouver saw an average price increase of 10.5% to $751,000 in September compared to September 2010. That compares to Kamloops, which saw an increase of 11% over the same period to $286,000, and Okanagan Mainline, which saw the average price drop 6.6% to $376,000.

“Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment,” BCREA chief economist Cameron Muir said in a statement.

Source: Brian Morton, Vancouver Sun

Vancouver Sun August 19th, 2011

389 Moyne Drive, West Vancouver

Type: 4-bedroom, 4-bathroom detached
Size: 4,577 sq. ft.
B.C. Assessment, 2011: $2.479 million
Listed for: $3.25 million
Sold for: $3.15 million
Sold on: June 6
Days on market: 118
Listing agent: Mark Stephenson at Prudential Sussex Realty
Buyers agent: Jason Soprovich at Prudential Sussex Realty — Jason Soprovich

The big sell: This British Properties home has an indoor/outdoor design that combines a fine balance of architecture with functional living. The house is on a flat, 14,000-square-foot lot with a single-level, open-concept layout that provides both convenience for families and ease of entertaining for guests. Sure to impress is the 18-foot atrium with palm trees, the dining room with a climate-controlled glass wine room, the private master wing with direct access to the pool and spa, the media room and the nanny suite with private entrance. The latest in energy-efficient heating and air systems has been installed, as well as top-of-the-line appliances, custom cabinetry, designer lighting and meticulous finishings.

1105 — 1455 Howe Street, Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 1,285 sq. ft.
B.C. Assessment, 2011: $854,000
Listed for: $928,000
Sold for: $925,000
Sold on: June 7
Days on market: 53
Listing agent: Adriaan Schipper at RE/MAX Crest Realty (Westside)
Buyers agent: Debra Porteous at RE/MAX Masters Realty

The big sell: The Pomaria represents one of the first “green” residential buildings in downtown Vancouver that achieved LEED (Leadership in Energy and Environmental Design) certification through its organic interior environments, sustainability and building efficiency. This southwest corner home fronts a park and offers views from the balcony. Floor-to-ceiling windows, meantime, permit outlooks to English Bay, the North Shore mountains, False Creek, Granville Island and Point Grey. The interior has a gourmet kitchen, nine-foot ceilings and spa-like bathrooms. The floor plan incorporates separate dining and living rooms, a pantry, and a large 16-by-13-foot master bedroom.

117 – 8 Renaissance Square, New Westminster

Type: 2-bedroom, 2-bathroom townhouse
Size: 1,214 sq. ft.
B.C. Assessment, 2011: $463,000
Listed for: $499,900
Sold for: $488,000
Sold on: June 6
Days on market: 33
Listing agent: Shawn (Rexx) D. Rector at RE/MAX Advantage Realty
Buyers agent: Kathy Plante at Sutton Group – West Coast Realty

The big sell: The Murano building was constructed in 2006 by Aragon in New Westminster’s rejuvenated Quay district, providing easy access along the boardwalk to restaurants and shops. As well, it is positioned to allow residents to enjoy far-reaching Fraser River views. The interior of this three-storey loft-style townhouse is contemporary, and includes a slate backsplash, double-nose granite countertops, Kohler fixtures, reclaimed fir solid-planked flooring, a brick feature wall in the living room and a gas fireplace. As well, there’s plenty of outdoor space — a patio, balcony and rooftop deck with more than 400 square feet — on which to relax or entertain. Rentals and pets are allowed with some restrictions and Douglas College and the SkyTrain are close by.

© Copyright (c) The Vancouver Sun

Vancouver Sun July 9th, 2011

4280 Craigflower Drive, Richmond

Type: 3-bedroom, 3-bathroom detached
Size: 2,574 sq. ft.
BC Assessment, 2011: $912,000
Listed for: $1.189 million
Sold for: $1.189 million
Sold on: May 11
Days on market: 2
Listing agent: Helen Pettipiece at Sutton Group – Seafair Realty
Buyers’ agent: Julie Wei at Macdonald Realty Westmar

The big sell: According to listing agent Helen Pettipiece, this family home had been lovingly cared for by the initial owner and was in its original 1979 condition except for the addition of a new roof 10 years ago. It has an outdoor swimming pool that three generations have enjoyed over the years, large reception rooms, a covered patio, a two-car garage, and a southwesterly aspect. One of the clinchers for the buyers was the opportunity-producing 70-by-121-foot lot. The other appealing factor was the location: Richmond’s popular Boyd Park neighbourhood is close to West Richmond Community Centre, Seafair shopping centre, schools, transportation and the pitch and putt golf course. As is the current trend with homes in desirable locations on large lots, this property will be demolished to make way for a new home.

1208 Gordon Ave, West Vancouver

Type: 5-bedroom, 4-bathroom detached
Size: 4,072 sq. ft.
BC Assessment, 2011: $1.966 million
Listed for: $2.495 million
Sold for: $2.7 million
Sold on: May 18
Days on market: 2 Listing agent: Tom Hassan at Prudential Sussex Realty
Buyers’ agent: Jenny He at Royal Pacific Realty Corp.

The big sell: This three-level custombuilt Ambleside home was designed with the family in mind. It has a spacious open floor plan on the main floor, complete with a gourmet kitchen with pantry, a den, living and dining rooms, an entrance hall, and a walkout deck. The upper level has a master bedroom with ensuite and features cathedral ceilings and a private balcony with panoramic views of Lions Gate Bridge, Vancouver’s skyline, the inner harbour and islands to the west. The lower floor contains a recreation room, a games room, and the fifth bedroom. There are topof-the-line finishings throughout, a two-car attached garage, and the yard is level and private. The property is situated just blocks from Ridgeview Elementary and West Van Secondary schools, and the waterfront at Ambleside.

4356 Quinton Place, North Vancouver

Type: 4-bedroom, 2-bathroom detached
Size: 1,350 sq. ft.
BC Assessment, 2011: $1.0048 million
Listed for: $889,800
Sold for: $1.105,000
Sold on: May 9
Days on market: 5 Listing agent: Alan Vlemmiks at Sutton Group – West Coast Realty
Buyers’ agent: Dave Watt at Royal LePage Northshore

The big sell: There were 13 bids on the first weekend of showing for this 1960s rancher in the Canyon Heights subdivision, with four that were more than $100,000 over asking. The winning bid came in at $200,000 over the listed price. What generated such a response? Listing agent Alan Vlemmiks explains that the property was listed under the assessed value to generate fast interest with offers instructed to be made immediately after the open house. Several builders were interested in the 72-by-110-foot lot in an area where new homes are replacing old, but so were families attracted by the home’s charm with original wide plank hardwood flooring, a private courtyard, a 400-square-foot detached garage, and proximity to schools and the Capilano Road feeder.

4827 Holland Creek Ridge Rd., Windermere

Type: 5-bedroom, 3-bathroom detached
Size: 2,926 sq. ft.
B.C. Assessment, 2011: $783,000
Listed for: $750,000
Sold for: $700,000
Sold on: May 21 Days on market: 37
Listing agent: Glenn Pomeroy at Maxwell Realty Invermere
Buyer’s agent: Glenn Pomeroy at Maxwell Realty Invermere

The big sell: According to agent Glenn Pomeroy, the location of Windermere in the East Kootenays makes it particularly attractive to Albertans looking for second homes. This property in the Lakeview Meadows complex is set up for a turnkey operation. It comes fully furnished with a low-maintenance yard, and has air conditioning, a hot tub, a comprehensive security system, and an oversized garage that has room for all the toys, as well as the car. There are large, bright rooms spread over three levels and a choice of decks from which to savour the mountain views. Having an easy-care home means that more time can be spent on the private beach, on the lake, or in the nearby recreation centre, which houses an indoor swimming pool.

3729 Powell Rd., Castlegar

Type: 4-bedroom, 3-bathroom detached
Size: 3,173 sq. ft.
B.C. Assessment, 2011: $157,000
Listed for: $494,900
Sold for: $498,894
Sold on: May 27
Days on market: 49
Listing agent: Simon Laurie at Castlegar Realty Ltd.
Buyer’s agent: Carmen Harris at Castlegar Realty Ltd.

The big sell: This is a custom-designed spec home in a new residential development, which has been recently completed with bespoke finishing and quality construction throughout. It is located on a 0.45-acre lot with outstanding Columbia River views that can be admired from the wall of picture windows, the expansive vaulted deck, and from the private window next to the soaker tub in the master ensuite. The floor plan is spacious and practical, with the main living area conducted on one floor, but with a fully finished walkout basement that could contain guests or a growing family. As stated on the B.C. Assessment website, the assessed value represents the property when it contained a general purpose shed.

For the full story, please click on Real estate sales in Richmond, West Vancouver and North Vancouver and Real estate sales in Windermere and Castlegar