The BC government cancelled the Homeowners Protection Office’s interest-free Reconstruction Loan Program for owners of leaky condos in 2009. The program was set up in 1998 as part of the Homeowners Protection Office. Existing loans have been transferred to the ministry of Finance. If you have any questions or concerns you can call 604-646-7050.

As of June 30, 2010 the PST Relief Grant for owners of homes with completed building envelope repairs was terminated in conjunction with the introduction of the Harmonized Sales Tax (HST).

The enclosed information while deemed to be correct is not guaranteed.

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· Age Restrictions: It is now definite that strata corporations can pass an age restriction bylaw.

· Disclosure of conflicts of interest: Strata council members are required to disclose conflicts of interest, abstain from voting on contracts, transactions or matters in which they have conflicts, and leave meetings during discussions of related topics.

· Hearings: By application in writing stating the reason for the request, an owner or tenant may request a hearing at a council meeting. The council must hold a meeting to hear the applicant within four weeks after the request. If applicant seeks a decision of the council, the council must provide a written decision within one week of the hearing.

· Strata corporation Records: a former owner or tenant can access strata corporation records relating to the time they were an owner or tenant.

· Resolutions: only 20% of votes (instead of the former 25%) are required by owners wanting their strata corporation to consider a resolution at an annual or special general meeting.

· Email: Strata Corporation can send and receive notices by email.

· Rental restrictions: where a strata has a rental restriction bylaw, the calculation of units rented should not include rentals to family members or those exempt because of hardship. If a rental restriction is immediately effective. A Rental Disclosure Statement applies to every owner of the unit and protects the right of the first owner to rent until the date the rental period expires as specified in the disclosure statement. New strata corporations cannot change rules for units already designated rental.

· Special levies: if a bylaw is in place regarding charging interest on special levies, and there is a surplus, refunds for unused special levies will go to the owner of the strata lot at the time of the refund. While this may not be the owner who paid the levy, this simplifies bookkeeping for strata managers.

· Votes: if there is a tie vote at an AGM or SGM, the president or vice-president (in the president’s absence) may break the tie.

The enclosed information while deemed to be correct is not guaranteed.

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• Home insurance
• CMHC
• Title insurance
• Mortgage life insurance/creditor insurance

Home Insurance

If you have a mortgage, the lender/bank would usually require you to buy home insurance

• Because the mortgage is secured to the home and if something happens to your home (eg. fire), the lenders want to ensure that they will be able to get their money back
• With home insurance, you are insuring your physical home and contents in the home

CMHC

CMHC mortgage loan insurance is required when you put less than 20% down payment on your property and is backed by the government.

• Sometimes this insurance is also provided by Genworth
• This insurance helps protect  the lenders (not you) in case you default on your mortgage

Title Insurance

This type of insurance is very different from the typical insurance that you are used to.  It protects your deed or claim to the property, therefore allowing you to be able to use or sell the property.

• Prevents fraud against your deed
• Mandatory in most provinces and with most lenders

Mortgage Life/Disability Insurance

This is like any other life or disability insurance, except that it just covers your mortgage if something were to happen to you and you are unable to make the mortgage payments.

• Optional but when you are signing your mortgage documents, you have to either accept or waive
• Consider getting this insurance if you have dependents because if something happens to you, the mortgage payments would be covered

The enclosed information while deemed to be correct is not guaranteed.

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The enclosed information while deemed to be correct is not guaranteed.

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The enclosed information while deemed to be correct is not guaranteed.

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The enclosed information while deemed to be correct is not guaranteed.

Search for listings on your own Virtual Office Website (VOW), sign up for a FREE subscription and receive listings before mls.ca, in Full Public Printout. search by address, MLS#, street, view walkscore or using your iPhone, Android or iPad.

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The enclosed information while deemed to be correct is not guaranteed.

Search for listings on your own Virtual Office Website (VOW), sign up for a FREE subscription and receive listings before mls.ca, in Full Public Printout. search by address, MLS#, street, view walkscore or using your iPhone, Android or iPad.

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The enclosed information while deemed to be correct is not guaranteed.

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Great month for the Aquarius complex, there were a total of 6 sales in the four towers, so far is the best month.

The enclosed information while deemed to be correct is not guaranteed.

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The Greater Vancouver housing market experienced steady activity to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to

May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008.

The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.

For more detailed info and graphs please click on the image:

The enclosed information while deemed to be correct is not guaranteed.

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David Lam Park Stage, presented by BC Transmission Corporation, is the mainstage offering during Jazz at the Roundhouse & David Lam Park, the festival's major free event on the closing weekend.

Park is located at 1300 Pacific Boulevard.

Showtimes: 12pm, 2pm, 4pm, 6pm, 8pm.

Cost: Free.

Artist that will be playing in this venue:

The Shirley;s, Saturday, July 3, 2010 at 12:00pm.

Ray Piper and Gostosinho, Saturday, July 3, 2010 at 2:00pm.

Mimosa, Saturday, July 3, 2010 at 4:00pm.

Current Swell, Saturday, July 3, 2010 at 6:00pm.

Deborah Ledon, Saturday, July 3, 2010 at 8:00pm.

The Ben Powell Quartet, Sunday, July 4, 2010 at 12:00pm.

Corbin Murdoch & the Nautical miles, Sunday, July 4, 2010 at 2:00pm.

Robert Wilson & The Blackbird P.A., Sunday, July 4, 2010 at 4:00pm.

Hey Ocean, Sunday, July 4, 2010 at 6:00pm

Five Alarm Funk, Sunday, July 4, 2010 at 8:00pm

Enjoy ;)

At the beginning of June 2010, every Starbucks location in the USA, through AT&T, made their WiFi access free to all. The problem with this was that Canada has Starbucks locations too and the free access was never announced here.

At the time, Starbucks locations in Canada are run through Bell. Users can receive 2 hours for free by signing up for an account or opt to pay for access. Alternatively, if you have an iPad with a Bell SIM card or an iPhone through a Bell contract, you receive free WiFi access.

Well, effective July 1, 2010, Starbucks has now changed its policy and is offering free WiFi access to Canada as well. Starbucks seems to have reached a deal with Bell and WiFi is now accessible through a single-click sign-in with no time limits. 100%, totally free WiFi.

Whether you are a Bell customer, have an iPhone, iPad, iPod touch, Blackberry, or whatever other device you can think of, it does not matter. Free WiFi for all!

Effective July 1, 2010, British Columbia will be combining the GST and PST taxes into one Harmonized Sales Tax (HST). The implementation of the HST will not change the taxation on mortgage insurance premiums. However, the HST will be applicable on new construction homes and may be eligible for the HST new housing rebate.

• In BC, the HST rate on new construction housing (i.e. both house and land) will be 12% (GST of 5% and PST of 7%) 
• There will be a partial rebate of the PST portion of the HST in an amount equal to 5% of the purchase price up to a maximum rebate of $26,250. The rebate would eliminate any tax increase on new housing sold for a purchase price of up to $525,000. There would be no phase out of this rebate, such that homes priced above $525,000 would qualify for the maximum rebate amount of $26,250.
• New home buyers may be eligible for the federal GST new housing rebate, which generally equals 36% of the tax paid on the first $350,000 of the purchase price. The amount of the GST rebate is phased out on a straight-line basis for homes priced between $350,000 and less than $450,000.

Examples of the applicable taxes are as follows:

Note: Lender Financing of HST - For qualification and submission purposes, the lender is not required to deduct the rebate from the purchase price.  The lender may finance and submit to the insurer, the total purchase price as reflected on the purchase and sale agreement that would include the HST for a total Purchase Price.

Article courtesy of Christine Chien, mortgage broker with The Mortgage Group www.BestRateBestMortgage.com

The enclosed information while deemed to be correct is not guaranteed.

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And we keep complaining about real estate prices here in Vancouver.

A plot of land in Hong Kong recently sold for HK$1.82 billion dollars (US$233 million) equating to HK$68,000 per square foot.

A record price for an auction of luxury residential land in Hong Kong, it was purchased by Lee Shau-kee, the 82-year-old tycoon who runs Henderson Land Development Co.

His son Martin explained they were going to construct three or four houses on the plot which is located on the Peak.

Called Falconridge, it was sold through auctioneers Jones Lang LaSalle and was put on the market by another Hong Kong property tycoon, Hui Sai-fun.

The enclosed information while deemed to be correct is not guaranteed.

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So You’ve Decided to Buy a Condominium . . .

Condominium living is a popular option for many Canadians as it can be a relatively carefree housing option. Currently, in some parts of the country, one out of three new homes built is a condominium. Interest in condominiums tends to grow with a shortage of rental accommodation, relatively low mortgage interest rates, and urban core renewal. Most major newspapers now include a condominium section which recognizes the increasing number of people who already live in—or aspire to live in—a condominium.

This Guide has been created to help you become an informed condominium buyer and to help you make the best choice. Please see the glossary at the end of the Guide for full definitions of some of the terms used in this guide.

The Guide will give you the basic background information you need to get started on the path to condominium ownership. It will identify important questions to ask—and the people you should be asking—before you make this important purchase. At the end of the Guide, we’ve provided you with a
condominium selection checklist to help you narrow down the choice between the different types of condominiums you might see.

This Guide provides a general overview of the purchase of condominiums. It is not intended to provide legal or technical advice. It is recommended that you retain appropriate legal and technical professionals to guide you with any condominium purchase you may consider.

Please click on the image to read/download the full report, courtesy of CMHC

The enclosed information while deemed to be correct is not guaranteed.

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Most apartment and condominium buildings are secure and safe. However, you should be aware of, and periodically review, the security and safety of your apartment and apartment building.

In rental buildings, the building owner and management are responsible for security. In condominiums, suite security is typically an owner concern and the condominium corporation is responsible for common areas—including exterior doors and windows and corridor doors to individual
apartments. Your best defence is to know about and use the security and safety features in your building and surrounding spaces. Be alert and prevent dangerous situations before they occur.

This About Your Apartment highlights the types of security and safety features you may have in your building and how to use them effectively. It deals with personal security; discouraging theft and trespassing;
preventing falls from windows and balconies and combustion safety.

Whether you own or rent your apartment, you can make it more safe and secure for you and your family. If, after reading this About Your Apartment, you realize that your apartment or building has security or safety issues, discuss them with your building management or condominium corporation.

Remember, an ounce of prevention is worth a pound of cure.

Please Click on the image to download the full article, courtesy of CMHC.

The enclosed information while deemed to be correct is not guaranteed.

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Whether you are buying or renting this guide, provided by CMHC, will help you solve some of the most frequently asked questions. Just click on the image.

If you have further questions you can always contact me.

The enclosed information while deemed to be correct is not guaranteed.

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If you can’t sleep at night because your neighbour is moving chairs or walking with high heel shoes, have a look at this tips provided by CMHC, just click on the image.

The enclosed information while deemed to be correct is not guaranteed.

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