“A ten per cent dip in Lower Mainland home sales offset a 14 per cent increase across
the rest of the province,” said Cameron Muir, BCREA Chief Economist. “Kamloops,
the Okanagan and the North all posted double-digit increases in home sales in
April compared to levels one year ago.”

“The share of provincial sales garnered by Vancouver and
the Fraser Valley declined from 65 per cent in April 2011 to 60 per cent last
month,” added Muir. “A larger proportion of homes sold in less expensive
regions contributed to the average BC sales price dipping nearly 11 per
cent.”

For the complete news release, including detailed statistics,
click here.

Copyright British Columbia Real Estate Association. Reprinted with permission.

I recently had a new mortgage idea presented to me by Lisa Alentejano. She is a mortgage broker with over 14 years of financial experience. No matter your situation, there is valuable knowledge to be learned from this and it is designed to save you money. You will not hear about this from your bank! If you do nothing else, just click the link to the website below & play the 6 min 26 sec video. You’ll be glad you did!

http://www.moneyinyourmortgage.com/af/194/janbombardier/about

Bank of Canada Interest Rate Decision – April 17,
2012

The Bank of Canada left its overnight rate unchanged at 1 per cent
for the 13th consecutive meeting. In the statement accompanying the decision
the Bank noted that economic momentum in Canada is slightly firmer than the
Bank had forecast in January and that economic headwinds from the US and Europe
have abated somewhat. However, the Bank still judges the continued accumulation
of debt by Canadian households to be the biggest domestic risk facing the economy.
The Bank further noted that the degree of economic slack has been smaller than
anticipated in January and that the economy is now expected to return to full
capacity in the first half of 2013. Given a more rapid return to full capacity,
we may see rate increases sooner than the mid-2013 date that most
economists have penciled in. Indeed, the Bank sounded a more hawkish note in
concluding their statement on the interest rate decision, citing that a modest
withdrawal of monetary stimulus may become appropriate given firmer underlying
inflation. However, the Bank was careful to condition that any withdrawal of
stimulus would need to be balanced against domestic and global economic
developments.

Our bias, and our modeling, still point to rates remaining at 1 per cent until
the first quarter of 2013. However expectations of
an increasingly hawkish Bank of Canada may start to get priced into
long-term interest rates which could push mortgage rates higher in coming
months.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Check out this video from Dummies.com, to get invaluable ideas for kitchen staging.

Now that it’s almost spring, many potential sellers are getting ready to list – and first
impressions can go a long way to giving your house the advantage over the competition. Here are some tips to put your home ahead of the rest.

1. Paint

One of the most cost-effective ways to update any space is using paint; pick a neutral palette and get set to transform! For an added cost-reduction, don’t forget to browse the “mistints,” section of your local paint store — you can pick up various amounts and colours for a fraction of the cost. People often bring back beautiful colours that just do not work in their space. And, keep in mind that a freshly painted room not only looks nice, but smells clean too!

2. De-Clutter

Before selling, try and de-personalize and let go. It is important to stand back and see what the buyer is going to see. If your house if very “full,” take this opportunity to pack up some personal belongings, like, photos, ornaments, books and anything else that is dated and could distract potential buyers. Another thing to consider if you will be packing away a lot of items, is renting out a storage unit. This could contain larger items like the mismatched chair that doesn’t go with your other furniture. Lastly, taking the leaf out of your dining room table will make your room feel larger.

3. Make Minor Repairs

Take the time to fix any minor repairs that won’t set you back a lot of money, but would be quickly noticed. For example: leaky faucets, burned out lights, squeaky doors and chipped or broken tiles. These things can really take a buyer’s eyes off of the important things that they should be noticing.

4. Organize Storage Areas

This means cupboards, closets and anywhere else they may peek into. Stack dishes neatly (removing any excess when necessary), turn cup handles the same direction and organize your unruly spice cabinet. This goes for closets as well. Have linens neatly placed so that the buyer can see the space around them. You don’t want a stack of towels falling on them when the door is opened! And, don’t forget the clothes closets: organize them so that people can see how much space they will have to work with. Accordingly, packing up out-of-season clothes and shoes will not only feel good, but will make your space appear larger. Last but not least, this is a great time to give away anything you won’t use again – don’t waste time and energy packing and unpacking things you no longer need. If transporting is an issue, check around – many donation depots will even pick up your used goods.

5. Clean, Clean, Clean

There cannot be enough said on this topic! A clean space is always more attractive than a dirty one. Make sure to add windows to your list, as well as the usual vacuuming and dusting. Furthermore, this would be a great time to clean out your fridge and oven — and don’t think they won’t peek in those — they will!

6. Curb Appeal

This is a must! You never get a second chance to make a first impression. It might be prudent to start a few weeks ahead of the date you would like to list. Firstly, make sure your house number is visible from the road. And whether your house is big, small, fancy or not, a well-kept yard is appealing. Paint faded trim, touch up mulch beds with a fresh layer, keep the grass mowed and trim overgrown trees. Moreover, if you want to go the extra mile, consider pressure washing the exterior of your home and any other sheds or out-buildings. People remember the feelings associated with looking at a well-ordered home, and that starts when they first drive in.

These 6 tips should ease the preparation of selling your home. Although some of it may seem like a lot of work, remember, you’ll have less to do when the deal is done!

Ministry of Finance

Transition measures support new-home buyers, builders

VICTORIA - New housing transition measures give certainty to an

important economic sector and help to keep taxes equitable throughout

the transition as the province returns to the PST, Finance Minister

Kevin Falcon announced today.

B.C. will return to the PST on April 1, 2013, meeting the Province's

commitment to return to the PST as quickly and responsibly as possible,

while ensuring businesses can plan their training and systems switch-

over effectively to apply the sales tax correctly.

Government is announcing new relief measures that will benefit

purchasers and builders of new homes. The B.C. new housing rebate

threshold will be increased to $850,000, meaning more than 90 per cent

of newly built homes will now be eligible for a provincial HST rebate of

up to $42,500. It is important to note that the HST does not apply to

resale housing.

In addition, to help support workers and communities in B.C. that depend

on residential recreational development, purchasers of new secondary

vacation or recreational homes outside the Greater Vancouver and Capital

regional districts priced up to $850,000 will now be eligible to claim a

provincial grant of up to $42,500 effective April 1, 2012.

The housing transition rules help ensure when people buy a newly

constructed home under the PST, whether built entirely under the HST,

entirely under the PST, or partly under HST and partly under the PST,

they will all pay a consistent and equitable amount of tax.

Specifically:

* B.C.'s portion of the HST will continue to apply before April 1, 2013.

Purchasers will be eligible for the new higher B.C. HST new housing

rebate, of up to $42,500, and builders will continue to claim input tax

credits.

* B.C.'s portion of the HST will no longer apply to newly built homes

where construction begins on or after April 1, 2013. Builders will once

again pay seven per cent PST on their building materials. On average,

about two per cent of the home's final price will again be embedded PST.

* For newly built homes where construction begins before April 1, 2013,

but ownership and possession occur after, purchasers will not pay the

seven per cent provincial portion of the HST. Instead, purchasers will

pay a temporary, transitional provincial tax of two per cent on the full

house price. This ensures equitable treatment among purchasers and will

help mitigate distortive market behavior. Builders will receive

temporary housing transition rebates to offset PST on materials to help

prevent double-taxation on homebuyers.

The transition rules outlined today provide certainty for new-home

construction and sales, particularly during the transition period.

For goods and services that will be subject to PST, PST will generally

apply where tax becomes payable on or after April 1, 2013. Detailed

general transitional rules for goods and services will be available with

the full PST legislation introduced in the legislature this spring.

The provincial changes are subject to the approval of the legislature.

Quotes:

Finance Minister Kevin Falcon -

"These measures ensure that there is fairness and equity throughout the

transition period, and provide a roadmap for the housing industry to

make the transition back to PST as smooth as possible."

"The relief measures announced today are a boost to home buyers

purchasing either a new primary residence or a secondary home. At the

same time, they help an important job-creator in all parts of the

province."

Quick Facts:

* Raising the B.C. HST rebate threshold to $850,000 is expected to save

purchasers about $60 million in 2012-13. The maximum value rises to

$42,500 from $26,250, a 60 per cent increase.

* More than 90 per cent of newly built homes sold in B.C. are below the

new higher rebate threshold.

* Average amount of embedded sales tax in newly built homes under PST:

two per cent.

* Tax paid by purchasers on an $850,000-newly built home after HST

rebate: two per cent.

* Tax rate on a newly built home during transition: two per cent.

* The temporary housing transition measures will be in place for two

years, until March 31, 2015. The tax only applies to homes where

construction begins before the transition date and ownership and

possession occur after.

* The temporary housing transition tax and the temporary housing

transition rebates will be administered by the Canada Revenue Agency on

behalf of B.C. The Province is administering the grant for new secondary

vacation and recreational homes.

Contact:

Jamie Edwardson

Communications Director

Ministry of Finance

250 356-2821

Connect with the Province of B.C. at: www.gov.bc.ca/connect

US Federal Reserve Interest Rate
Announcement - January 25, 2012

The US Federal Reserve ushered in a
new era of transparency today. Gone are the days of Fed-watchers carefully
parsing press-release language for hints on the direction of interest rates.
Instead, the Fed’s new communications strategy outlines not only the FOMC’s
views on the economy, but also its forecasts of the future path of the federal
funds rate. In its first release under the new communications regime, the Fed
left the federal funds rate unchanged at 0 – 0.25 per
cent and projected the need to keep rates “exceptionally
low” until 2014, a move beyond the previous conditional commitment of
mid-2013.

The Fed’s transition to enhanced transparency can theoretically provide
additional stimulus to the economy by influencing expectations of long-term
interest rates. Indeed, long-term rates in the US and Canada were lower
following the announcement. However, long-term yields are already so low that
the impact on the economy will likely be minimal. The Fed’s commitment may
further influence Canadian rates by constraining the ability of the Bank of
Canada to raise interest rates without risking a pernicious rise in the
Canadian dollar.  We therefore continue to expect a very low interest rate
environment for the foreseeable future.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Royal LePage predicts home price appreciation contrary to talk of decline

Royal LePage House Price Survey (Q4)

Check the following link for useful tips on buying or selling your home.

The Informed Home Buyer/Seller