Real estate is making British Columbian families richer, according to Statistics Canada’s latest report on financial security, though that is not necessarily making them better off.

British Columbia saw the median family net worth, which measures total assets minus total debts, rise 128 per cent between 1999 and 2012 to $344,000 from $150,700 13 years previously — the highest among provinces in Canada compared with the national average of 78 per cent to $243,800 from $137,000 over the same time period.

“From a financial planning perspective, that (gain) is irrelevant,” said Ian Black, a registered financial planner and principal with Vancouver firm Macdonald Shymko & Co., “unless you’re looking to get out of the market and (move) to another jurisdiction to release some of that equity.”

Black said the difficulty, particularly in the Lower Mainland, is that even if homeowners sell to downsize, they will still be looking to buy in an already expensive market.

“You’ve got to live somewhere,” he added, and “that (increase in property value) isn’t going to generate any higher income.”

The report did not contain a demographic breakdown for B.C., but on a national basis found that the families with older income earners saw bigger gains in net worth than those where the top income earner was younger.

However, those family units have also accumulated more debt: a total of $1.34 trillion in 2012, up from $864.6 billion in 2005. Most of the debt — about $1 trillion — has been used to finance home purchases. All figures are in inflation-adjusted dollars.

“That is a very significant increase … after-tax disposable income has increased by 10 per cent across all income brackets,” said federal Employment Minister Jason Kenney.

However, the high prices are also a potential problem, according to economist Andrew Jackson of the Broadbent Institute, because prices are widely projected to moderate or even fall in the next few years.

“The big question is if and when we get a housing price correction, individuals will still be holding the debt and that is a cause for concern,” he said.

High prices are also a concern in B.C., particularly the Lower Mainland, because the rising value of real estate assets can come at the expense of other savings, said James Cripps, a chartered financial analyst and certified financial planner with Vancouver Financial Planning Consultants Inc.

“What I’m seeing, actually, is more of people taking on mortgages so big they’ve finally figured out they won’t pay them off in their lifetime,” Cripps said.

So they focus on paying down their mortgage so that they can eventually downsize without debt, “and they’re not saving in RRSPs or (tax-free savings accounts) as a result.”

“From a risk diversification point of view, it’s not a great thing, especially when you consider that affordability or real estate relative to median income is right off the charts,” Cripps said.

North Vancouver realtor Helen Grant said her clients looking to downsize base their decisions on “the margin,” meaning whether or not they are able to move to a smaller home and bank some money.

“They may have purchased their home for $200,000, they turn around and sell for $1 million, then they’re sitting in a market that’s already elevated, where do they put their money?” Grant said.

Many choose to “follow grandchildren” or move to slower-paced communities on the Sunshine Coast, Vancouver Island or Okanagan, she added.

To others, depending on age and circumstance, Grant says she advises to sell and rent, because they are unlikely to see the same gains in condominium price increases that they’ve experienced in single family homes.

The average single family home price rose 221 per cent between 1999 and 2012 in the region of Metro Vancouver covered by the Real Estate Board of Vancouver, compared with 148 per cent for the average condominium.

However, Cameron Muir, chief economist for the B.C. Real Estate Association, said Metro Vancouver condominium prices have seen almost no gains since 2010.

Source: Derrick Penner, Vancouver Sun

The changes aren’t big but for the second year single-family homeowners in Vancouver will see the west-side, east-side differential in their property values narrow with west-side homes losing a bit of ground and east side values rising, according to BC Assessment Authority data released this morning.

From the BC Assessment’s perspective, the picture is one of stability, according to Charmesh Sisodraker, deputy assessor for the Vancouver Sea to Sky region with most property owners seeing modest changes of plus or minus five per cent.

For Vancouver’s west side, BC Assessment pulled example assessments to demonstrate the trend showing a house on a 50-foot lot valued at $1.61 million for 2014, compared with $1.62 and a house on a 33-foot lot assessed at $1.25 million for 2014, down marginally from $1.26 million.

By contrast, the trend example for the east side was a single-family home on a 33-foot lot valued at $1.13 million compared with $1.08 million in 2013.

Condominium apartments on both sides of Vancouver saw their assessments slip. A two-bedroom downtown apartment saw its 2014 assessment slide to $543,000 in 2014 from $567,000 in 2013, a two-bedroom east-side apartment dropped to $364,000 in 2014 from $383,000 in 2013 and a west-side two-bedroom declined to $571,000 in 2014 from $599,000 in 2013.

BC Assessment valuations are estimates of a property’s market value as of July 1, and physical condition as of Oct. 31, with results released publicly in early January to be used by municipalities for setting property taxes.

In Metro Vancouver, the City of Vancouver saw the total value of all of its properties rise to $254.5 billion for 2014, including $3.1 billion of new construction and subdivisions, compared with $248.9 billion in 2013.

Homeowners can compare their assessment to their neighbours online.

Source: Derrick Penner, Vancouver Sun

Vancouver city council is proposing increases in property taxes and utility fees for 2014 below the rate of inflation.

The proposed increases, 1.9 per cent for property taxes and one per cent for utilities such as water, sewer and garbage collection, come just before Mayor Gregor Robertson’s Vision Vancouver administration seeks re-election.

The proposal, which is expected to be ratified next Tuesday, would boost the city’s overall operating budget to nearly $1.2 billion, an increase of $29.6 million. Of that, more than $5 million would go toward new priorities, including more money for social inclusion, culture and recreation, Greenest City initiatives, safety and emergency planning and digital services. The rest involves inflation and program adjustments.

The details are contained in a massive 220-page operating and capital plan document the city unleashed on the public after some people, including opposition Coun. George Affleck, complained about the city not being transparent with its budget process.

The new increases, if approved, would see property taxes for a residential property worth $1 million go up by $36, and utility fees another $29.

Vision Vancouver Coun. Raymond Louie, the chair of the city’s finance and services committee, said the proposed increase is a bargain compared to proposed tax increases in other Metro Vancouver municipalities. Surrey will raise its property tax rates by 2.9 per cent in 2014.

Last year Vancouver was the city with the second-smallest tax increase in Metro, 1.36 per cent, behind West Vancouver.

Louie credited the Vancouver Services Review Program, which has identified $53 million in unnecessary programs and expenditures, for allowing the city to keep tax increases low.

Source: Jeff Lee, Vancouver Sun

Sandra Wyant has come across tantalizing clues that she believes point to a gradual turnaround in Vancouver’s tepid housing market.

The new president of the Real Estate Board of Greater Vancouver sees modest but encouraging signs of a stalemate easing between buyers and sellers. Sales volume in the Vancouver region fell 18.3 per cent in March, compared with the same month in 2012, but there is a silver lining: Decreases in year-over-year sales have slowed since last fall, when the number of homes sold tumbled nearly 27 per cent. Another clue? An industry statistic known as the sales-to-listings ratio has improved in Greater Vancouver. “There seems to be more of a meeting of minds going on,” Ms. Wyant said in an interview.

After a pricing slump that began in the spring of 2012, it means that a recovery – albeit tenuous – for Vancouver real estate is finally within sight, she said. After house prices in Greater Vancouver more than doubled from 2004 to 2011, they fell roughly 6 per cent last year. Prices are expected to be flat or slightly down this year, before a rebound in 2014, housing experts say.

Vancouver and Toronto have been the focus of Canada’s cooling housing market, with sales volume slumping in both markets. But it is in Vancouver where residential resale prices have fallen while Toronto has still managed to eke out small pricing gains.

To arrive at the sales-to-listings ratio, take the number of homes sold in a month and divide it by the number of active listings for that same month. With March’s 2,347 sales divided by 15,460 active listings, that equals a ratio of 15.2 per cent – a statistical reading for being a balanced market, but just barely.

Real estate agents consider it a balanced or neutral market in the Vancouver region when the ratio is between 15 per cent and 20 per cent. It is deemed a buyer’s market below 15 per cent and a seller’s above 20 per cent.

Cameron Muir, chief economist at the B.C. Real Estate Association, cautioned that such numbers are rough guidelines, and it’s too early to declare that Vancouver is swinging back toward a seller’s market, let alone becoming red-hot again. “I don’t think anyone expects to see prices accelerate any time soon like in the previous run-up,” Mr. Muir said.

Tsur Somerville, a professor at the University of British Columbia’s Sauder School of Business, said sluggish prices could be in store for Vancouver for the rest of 2013, but a crash landing is unlikely. “Given where interest rates are, it would be silly to expect a large change in prices,” he said. Still, Prof. Somerville cautioned that if interest rates skyrocket and if there is a major meltdown in financial markets, then Canada’s housing market, not just Vancouver’s, would face turmoil.

The Vancouver area’s residential sales volume began weakening in the fall of 2011. Buyers are waiting for further softening in the market while sellers are holding out for better bids or pulling their homes off the multiple listing service if no decent offers emerge. Benchmark house index prices in Greater Vancouver peaked at $625,100 last May for detached homes, townhouses and condos. Index prices (which strip out the most expensive properties) fell to $588,100 in January, a 5.9-per-cent drop from last May. Monthly prices edged up slightly to $590,400 in February and $593,100 in March. Last month’s index price is down 3.9 per cent from $617,100 in March, 2012.

Source: Brent Jang, The Globe and Mail

The number of residential property sales has hit a 10-year low in Metro Vancouver leading the Real Estate Board of Greater Vancouver to declare a buyer’s market.

The announcement is significant since the board has in recent months been calling the market “balanced.”

According to the board’s June report, sales of houses and apartments dropped to 2,362 last month, a 27.6 per cent decline compared with 3,262 sales in June 2011, and a 17.2 per cent drop over the previous month of May.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” said Eugene Klein, the board’s president, in a news release today.

“This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

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, the report shows.

New listings for detached, attached and apartment properties totaled 5,617 in June, a three per cent drop from the year before and an 18.9 per cent decline compared with the 6,927 new listings reported in May 2012.

“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market,” said Klein.

He said the ratio has been declining in the market since March when it was 19 per cent.

The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600, while apartments increased 0.3 per cent to $376,200.

Source: Tiffany Crawford, Vancouver Sun

Vancouver Sun January 14th, 2012

1704 – 550 Taylor Street, Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 785 sq. ft.
B.C. Assessment, 2012: $498,000
Listed for: $499,000
Sold for: $490,000
Sold on: Nov. 30
Days on market: 42
Listing agent: Natalia Antosh at HomeLife Benchmark Realty
Buyers agent: Seth Baker at Royal LePage Westside

The big sell: Chinatown, with its unique Vancouver heritage, has a growing interest among buyers who enjoy the eclectic neighbourhood and access to downtown. Buyer’s agent Seth Baker reports that his clients grew up in the area, and having witnessed its ongoing evolution, were looking to return. This corner unit in the Taylor building impressed them with its 17th-floor panoramic vistas over Chinatown, the docks and the North Shore. In fact, every window has a view. Since its construction in 2005, the home had been totally redone with an upscale kitchen, track lighting and concrete floors. The dining room was built to entertain, with 7-by-17-foot dimensions that will accommodate “house-sized” furniture. There is a den, separate storage both inside and outside the apartment, and parking. The SkyTrain, Costco, Andy Livingstone Park, and Tinseltown are all within walking distance.

305 — 1425 Cypress Street, Vancouver

Type: 1-bedroom, 1-bathroom apartment
Size: 700 sq. ft.
B.C. Assessment, 2012: $392,500
Listed for: $409,000
Sold for: $410,000
Sold on: Dec. 5
Days on market: 6
Listing agent: Pamela Smith at Macdonald Realty
Buyers agent: Amanda Crosby at RE/MAX Select Properties

The big sell: Properties that come on the market in the Kits point neighbourhood usually attract attention because of their proximity to the beach, downtown and the amenities on Fourth Avenue. Listing agent Pamela Smith reports that the first — and only — open house that she held for this loft-style condo was packed with potential purchasers. A multiple-offer situation resulted in an accepted, subject-free bid slightly over the asking price. In addition to the location of the home, the main attraction was in the renovated interior. It has wall-to-wall California closets in the 14-by-17-foot mezzanine bedroom, two skylights, a remodelled bathroom with an extra-large soaker tub, undermount sinks, granite countertops, an open-plan kitchen with a centre island that also houses an electric fireplace built into the end-facing living room, a walk-in pantry, and new hardwood flooring and carpet throughout. The building is pet- and rental-friendly.

1159 West Keith Road, North Vancouver

Type: 5-bedroom, 5-bathroom detached
Size: 4,587 sq. ft.
BC Assessment, 2012: $1.123 million
Listed for: $1.188 million
Sold for: $1.125 million
Sold on: Dec. 14
Days on market: 78
Listing agent: Karim Virani at Virani Real Estate Advisors
Buyers agent: Carole Yang at Sutton Group – West Coast Realty

The big sell: This impressive Pemberton Heights view property was built in 1983 and renovated in 2007, presenting the owners with accommodation that can suit any living situation. The four levels hold a plethora of bedrooms and bathrooms, as well as two kitchens, a family room, office, storage room and separate living and dining areas, all finished to exacting standards. The uppermost floor has a modern open-concept kitchen with stainless steel appliances and custom cabinetry. The southern exposure and multiple decks ensure that all occupants can enjoy the views and the garden on the 50-by-126-foot lot. With a potential rental income of $5,000-plus per month, this could be a good investment opportunity. Pemberton Heights is an area of North Vancouver east of Capilano Road and south of the Trans-Canada Highway, with easy access to Lions Gate Bridge and numerous schools, parks and trails.

© Copyright (c) The Vancouver Sun

Vancouver Sun December 10th, 2011

4096 Napier St., Burnaby

Type: 5-bedroom, 5-bathroom detached
Size: 3,400 sq. ft.
B.C. Assessment, 2011: $715,000
Listed for: $999,900
Sold for: $990,000
Sold on: Oct. 26
Days on market: 9
Listing agent: John Conte at Sutton Centre Realty
Buyers agent: Cathy Chin at RE/MAX Central

The big sell: There is a strong European influence to this home in Burnaby’s Willingdon Heights neighbourhood: It was originally a custom construction by a German builder in 1978 before undergoing renovation by an Italian contractor some years later. Each of the three floors has eight-foot ceilings, and there are draught-preventing double-paned vinyl windows throughout the property, as well as distinctive tile flooring. The home’s features include a steam shower off the master bedroom, a sunken family room with a floor-to-ceiling Squamish stone fireplace, stainless steel appliances and undermount sinks. As well, there’s a 24-by-23-foot southern-exposed concrete deck with sweeping city views, a solar-powered remote-controlled gate that opens to a paved parking area and double-car garage, and pressure-treated cedar gambrel siding. The property sits on a 37-by-122-foot lot and according to agent John Conte, the 3,400-square-foot house is larger than what would be permitted with current bylaws.

1115 Cloverley St., North Vancouver

Type: 4-bedroom, 2-bathroom detached
Size: 2,421 sq. ft.
B.C. Assessment, 2011: $647,000
Listed for: $699,000
Sold for: $732,000
Sold on: Nov. 14
Days on market: 7
Listing agent: Helen Grant at RE/MAX Crest Realty
Buyers agent: Sarina Lui at Angell Hasman & Assoc. Realty

The big sell: Listing agent Helen Grant reports that she had 70 people through her first – and only — open house, with offers presented the following evening. The result? An unconditional offer of $33,000 over the asking price. Two of the major attractions of this rancher must be the views that encompass Vancouver’s harbour and Ironworkers Memorial Bridge, and the location in the family-friendly Calverhall area, which enjoys trails and proximity to Brooksbank elementary, Sutherland secondary, and the Park and Tilford Shopping Centre. The 1955 home has hardwood floors, two wood-burning fireplaces, and a new fenced front yard and paved driveway. The convenience factor includes a sundeck off the kitchen, three good-sized bedrooms on the main floor and a one-bedroom guest suite or mortgage-helper on the lower level. As well, there’s a 26-by-12-foot family/recreation room, a den, a 19-by-5-foot laundry room, ample storage, and a 7,000-square-foot lot.

3240 143A St., Surrey

Type: 6-bedroom, 5-bathroom detached
Size: 5,100 sq. ft.
B.C. Assessment, 2011: $1.244 million
Listed for: $1.499 million
Sold for: $1.46 million
Sold on: Oct. 30
Days on market: 89
Listing agent: Mike Grahame at Home life Benchmark Realty
Buyers agent: John Grauer at Macdonald Realty Westmar

The big sell: Property experts always say location is key, and the builders of this 2004 home in South Surrey’s Elgin Estates must have had that in mind as they took advantage of a cul-de-sac location, a sunny south exposure, and a private fenced back yard adjacent to a greenbelt. This custom-built three-level home has a soaring entryway, and an open design that allows for plenty of natural light. There is wide-plank flooring throughout the main and upper floors, extensive use of crown moulding and window casings, and a spacious kitchen with granite countertops and bespoke cabinetry. The master bedroom is 20 by 14 feet with a spa-like ensuite, and views of the landscaped garden. The second bedroom also has an ensuite and all four upstairs bedrooms have walk-in closets. The property has a full basement that contains two further bedrooms, a rec room and a wet bar.

© Copyright (c) The Vancouver Sun

Vancouver Sun October 22nd, 2011

843 Union Street, Vancouver

Type: 4-bedroom, 3-bathroom detached
Size: 2,535 sq. ft.
B.C. Assessment, 2011: $815,000
Listed for: $1.075 million
Sold for: $1.05 million
Sold on: Aug. 22
Days on market: 7
Listing agent: Stephen Burke at Sutton Group – West Coast Realty
Buyer’s agent: Geoff Jarman at Sutton Group – West Coast Realty

The big sell: This heritage home in the heart of Vancouver’s Strathcona neighbourhood was purchased in 1999 for $335,000 and recently fetched more than $1 million.According to listing agent Stephen Burke, the house – it dates to 1908 — is in need of some work, but the character of the property and the location on the tree-lined Adanac bike path and opposite the Union Market were a winning combination. The three-level home sits on a high 25-by-122-foot lot and features wood floors, a large front parlour with a gas fireplace, an office/library, a country-style kitchen with eating area and gas stove, skylights and nine-foot, six-inch ceilings on the main floor. As well, it has a renovated bathroom with a two-person bathtub, a two-bedroom in-law or guest suite in the basement and a private mature garden that is overlooked by a rear deck.There are many single-family homes in the area, which is a five-minute drive to downtown.

1206 – 138 East Esplanade, North Vancouver

Type: 1-bedroom, 1-bathroom apartment
Size: 626 sq. ft.
B.C. Assessment, 2011: $388,000
Listed for: $429,000
Sold for: $410,000
Sold on: Aug. 16
Days on market: 27
Listing agent: Tyler MacDonald at Century 21 In Town Realty
Buyer’s agent: Jay McInnes at Macdonald Realty

The big sell: Buying a home that is affiliated to a hotel can pay dividends, especially when residents have access to the hotel’s amenities — as is the case with this condo in the Premiere at the Pier building. The hotel in question is the Pinnacle, which features a five-lane indoor swimming pool, a Jacuzzi, steam room, sauna, and fully equipped exercise room. This unit takes in panoramic southwesterly views of the water, city and the North Shore mountains. It has an open floor plan with white oak hardwood floors, central air conditioning, an electric fireplace, stainless-steel appliances, granite countertops and a balcony. The revitalization of this area four years ago transformed the neighbourhood from a shipyard site into a bustling community, and provided access to this portion of the city’s waterfront for the first time in 100 years. The location is close to the SeaBus, shopping, and eateries in what is now known as Lolo – the Lower Lonsdale area.

19341 0 Ave., Surrey

Type: 4-bedroom, 4-bathroom detached
Size: 3,205 sq. ft.
B.C. Assessment, 2011: $1,213,700
Listed for: $1,849,900
Sold for: $1.6 million
Sold on: Aug. 18
Days on market: 98
Listing agent: Bruce Copp at Sutton Group – West Coast Realty
Buyer’s agent: Brent Silzer at Sutton Group – West Coast Realty

The big sell: You cannot get much closer to the U.S. than this property on 0 Avenue in Surrey. Although neighbours to the south would be impressed if they could see this home, it is hidden from view via a winding driveway that is lined with tall cedar trees. It was built in 1971 in a traditional West Coast style that comprises split cedar, glass and vaulted ceilings. The interior is modern with tiled floors, a floor-to-ceiling stone fireplace, a 24-by-12-foot chef’s kitchen, media room, solarium, wine room, library and a 1,200-square-foot deck. With five acres to enjoy, there is plenty of room for a horse barn, pastures, and a guest cottage with a fireplace and view of the mountains. One of the most enticing features of the property is the lush vegetation that surrounds the home. It includes mature flower gardens, a pond and waterfall, and a variety of birds attracted by the flora.

© 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

Chinese investors are grabbing everything from US$68,000 foreclosed condominiums in Florida to US$2-million beachfront villas in Vietnam, a buying spree fueled by China’s surging wealth that mirrors the country’s expanding influence in markets for gold, oil and food. The search for overseas property accelerated in the past seven months as the governments in Hong Kong and Beijing imposed purchasing and financing limits, steps that are starting to cool off domestic markets.

Buyers from China have come to international property investing much later than their counterparts in Hong Kong, who are wealthier and have a more easily convertible currency.

“The purchase restrictions in China drove them overseas, while they look for investments to counter the inflation,” said Mo Tianquan, founder and chairman of Beijing-based SouFun Holdings Ltd., which runs China’s biggest real estate website and organizes buying excursions abroad. “Some of them will buy homes considering better education opportunities for their kids, while others look for immigration options.”

Full the full article, please see Chinese on global homebuying spree.