The purpose of this site is to provide you with information on North Vancouver ( with a clickable map) and its neighbourhoods, where I live and work, along with a variety of interesting Internet links, and other things. The site is quite extensive, and getting more so all the time.

North Vancouver is an extremely desirable place to live. It's eclectic, scenic, established and generally a good place to own real estate. The only part of NV that is currently being redeveloped is the Lower Lonsdale area.

Lower Lonsdale is the historic heart of North Vancouver and the Foot of Lonsdale was once the transportation hub of the North Shore with services such as streetcars and trains. It is the only part of NV that is about to be completely redeveloped. The new developments, including apartments, hotel, new shops and offices will completely transform the area over the next few years.

At left is a pictoral look at the proposed developments in the Lower Lonsdale area sometimes called the Shipyards, the Pier and/or the Foot of Lonsdale. To view more photos of the area click on the picture at left.

Below, you will find links to the current 6 sub-sections of this site and links to some very local information, such as neighbourhood zoning:

Property Transfer Tax change - BC Budget February 20, 2008

Good news for first time buyers of homes! As of February 20, 2008, first time buyers can buy a home up to $425,000 (previous limit was $375,00) without paying the Property Transfer Tax (PTT). There is also a proportional exemption up to $450,000. Other rules governing size of mortgage etc have also changed. Please check all details with your lawyer.

The PTT is 1% on the first $200,000 of the purchase price & 2% of the balance. It is paid at the time of title transfer, normally, through a lawyer.

The Home Owner Grant - Update - Jan. 2008
The Home Owner Grant is a benefit available annually, only to BC homeowners and only on their principal residence. It is intended to help reduce the annual tax load, which is based on the assessed value of each property.

As a result of strong market conditions, property values have increased considerably in the last few years resulting in higher and higher annual property taxes. For the fifth consecutive year, the BC government has improved the Home Owner Grant. In January 2007, Finance Minister Carole Taylor announced an increase of $170,000 in the threshold, which meant that owners of property assessed at up to $950,000 would be eligible to receive the full grant. Within 10 days of BC homeowners' receiving their assessment notices in 2008, the minister has once more increased the threshold for the Home Owner Grant. Now the full grant is available up to an assessed value of $1,050,000.

The new threshold means “that 95 per cent of BC home owners will still have the chance to get the full Home Owner Grant,” explains Finance Minister Carole Taylor. "I think it is shocking to all of us that we are talking about $1 million homes being the 95% level".

The new threshold is $1,050,000. The new phase-out level will be $1,164,000, up from $1,064,000 (no grant available). In between $1,064,000 & $1,164,000 the grant will be reduced by $5 for each $1,000 of assessed value. It is eliminated on homes assessed at $1,219,000 or more.

The grant amount as of 2006 is $570 (was$ 470) per annum for most eligible homeowners. It also gives eligible seniors age 65 and older, eligible persons with disabilities and eligible war veterans an additional grant of $275. Thus, a homeowner may be eligible, with the additional $275 annual grant, for a total of $845. For more visit: www.sbr.gov.bc.ca/hog

2008: the threshold is $1,164,000
In 2007, the grant was increased from $780,000 to $950,000.
In 2006, the grant was increased from $685,000 to $780,000.
In 2005, the grant was increased from $585,000 to $685,000.
In 2004, the grant was increased from $525,000 to $585,000.

Bank Rate and Mortgage Rates (they are not the same!)

Interesting facts - Updated March 2009

Historically speaking, Canadian mortgage rates are on the very low side. On March 4, 2009 the Bank of Canada dropped its rate to 0.5% - the lowest ever. It is an obvious fact that the bank rate can't go much lower.

Based on information from the Bank of Canada, I found that the lowest Canadian bank rate (since 1935) was 1.22% in July 1958. And that was for only one month. From 1945 to 1950 it was 1.50%. On Sept. 29, 1960, the Canadian bank rate dropped to a low of 1.93% for a short time. Then, not till January 2002, when the bank rate went down to 2.25%, had we seen really low rates. In fact, the peak was in August 1981 when the bank rate hit the extreme high of 21.03%.

Compare the cost of borrowing $100,000:

January 2009 - $100,000 at around 3.50% (1 yr mtge) with a monthly payment of $499.27
August 1981 - $100,000 at rates about 23% (1 yr mtge) with a monthly payment of $1838.75

That's a difference of $1339.48 per month. In 2009, Canadians can borrow approx. $368,000 for the cost of borrowing $100,000 in 1981.

To act as a guide for borrowers, just below, you will find a list of some of the best, current Canadian mortgage rates. 


If you have questions, please don't hesitate to call me (my number is at the bottom of this page) or send me an e-mail.

News

From the Vancouver Sun
Saturday, January 31, 2009

VANCOUVER — BC will become the first province in Canada to license home inspectors to protect buyers.
Up until now, home inspection training has been voluntary, and consumers have had no way of knowing if the inspector(s) they hired were adequately knowledgeable.

From the Globe and Mail
January 21, 2009

OTTAWA — Consumers pinched by the credit crunch are getting some relief as lenders lower their rates on both fixed and variable mortgages.

Lenders including Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, Toronto-Dominion Bank and CIBC are slicing mortgage rates shortly after the Bank of Canada cut its key lending rate to a historic low of 1 per cent.

The banks quickly followed suit, passing on the full central bank cut .../

From Friday's Globe and Mail
October 31, 2008

Nobody understands what is going on with the world economy but here in Vancouver, the basic real estate fundamentals are good.
The degree of the market fall is anyone's guess, but economists and industry professionals agree that this is more of a temporary slump than a permanent new reality.

Economists expect the market to pick up moderately by mid-2009.

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A
Commentary
on the
Current Real Estate
Market:
"The year ends..."

my comments on the NV million dollar market, current inventory and price increases..