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.

The PTT is 1% on the first $200,000 of the fair market value (normally 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 Rates, Mortgage Rates - interesting facts.............
Historically speaking, Canadian mortgage rates are on the low side. Based on information from the Bank of Canada, the lowest Canadian bank rate (since 1935) was 1.50%. That was from 1945 to 1950. 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 2.00%, 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 today at 5.20% ($593.04 per month for a 1 year mortgage) with August 1981 when the mortgage rates were about 23% ( $1838.75) - a difference of $1245.71 per month. Today, Canadians can borrow approx. $300,000 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

CIBC World Markets
Weekly Market Insight - March 7/08
by Avery Shenfeld, Senior Economist

Is the US in recession? As they say, if it looks like a duck, and quacks like a duck, it’s a duck.

In the past, Canada has avoided following the US into recession when the source of the initial shock has been of greater severity south of the border. That was the case in the US technology recession of 2001, when Canada’s battered tech sector was simply too small a share of Canada's economy to produce anything worse than a twoquarter
period of flat growth. It was the same story in the 1973-75 oil-shock recession, when our lesser dependence on imported crude gave us an edge. As a result, Canada’s economy saw no worse than a threequarter
run of very slow growth.

And that looks to be roughly what’s in store for Canada in what will be called the US housing recession of 2008. The domestic economy remains healthy, in large part, because of the combination of monetary stimulus and a huge fiscal boost from government hiring, with nearly half the job growth in the past year found in the public
sector. Rate cuts are needed to keep the banking system healthy enough to finance growth, and the C$ tame enough to prevent deepening damage in manufacturing. And because of the loonie’s buying power, inflation is tame enough to give the economy the benefit of the doubt. Further rate cuts could be in smaller doses, but
they’ll be needed nevertheless.
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Globe and Mail Update

January 22, 2008 at 9:10 AM EST

OTTAWA — The Bank of Canada has cut its key interest rate by a quarter of a percentage point, and is indicating there are further cuts to come, in order to help Canada deal with a brutal U.S. slowdown.

Inflation in Canada is also proving to be less of a threat than the Bank of Canada expected in its last forecast in October, the bank said, suggesting that prices will remain suppressed until the end of 2009.

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

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