Real Estate – A Backseat To The Games?

Real Estate - A Backseat To The Games

Into 2010, and the Olympic Games mere days away from commencement! A lack of Vancouver area snow and the blossoming of venues, transportation improvement and general city embellishment have been major talking points of late.

This major world event is certainly an interesting factor in our current real estate cycle. But what of April and beyond? Some comments later.

On a personal level, I am thrilled to be playing a role as a volunteer and will be involved (and a temporary resident – thanks Gord and Peggy) for the balance of February in Whistler. I believe we will see a calming down of the Feb/Mar markets in the local area as we all become distracted by Olympic action, podium results and playing hosts to athletes and spectators from some 80 plus nations and our fellow Canadians visiting from other provinces. I have faith that Hockey will be reinforced as Canada’s game!

Again, visit my website to see and “hear” the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

Alan

Podcasts

North Shore Real Estate Radio

This year I pledge to continue my personalized service and further reduce my business ecological “footprint”. A new initiative is the radio (podcast) library which I am creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368

Click on the “Launch Podcast Player” Icon in the top right of this website to listen now

North Vancouver Real Estate

Podcasts

Example Of Current North Shore Costs

Example Of Current North Shore Costs

An Estimation Of Closing Costs On The North Shore
Approximate Legal Fees and Disbursements           $900/1,200*Survey Certificate (if one is not available)       $350
Appraisal (if required by the lender)              $250
Inspection fee (not mandatory, but strongly        $300/450
recommended)Property Transfer Tax         1% of the first $200,000
plus         2% of the balance of the
purchase price

E.g:   A  $525,000 home would attract PTT at this level
1% of the first $200,000 – $2,000
2% of  $325,000 – 6,500  8,500

Other Fees – If your down payment is less than 25% of the purchase price of the home, the lender will require mortgage insurance from CMHC (Canada Mortgage and Housing Corporation)/or other Mortgage insurers. The insurance premium, which is usually added to the mortgage, ranges from 0.5% of the mortgage amount to 3.25% depending on the size of down payment.

Property Tax Adjustment – In addition to the above costs, you may be required to have cash on hand to repay the vendors for taxes they have paid in advance (depending on possession date and how the vendors paid their taxes). A good rule of thumb is to have enough money on hand to pay six months of taxes. e.g. $500,000 home – approx
$2,400

Insurance – You will have to arrange insurance a few days before possession. The annual rate for a basic policy is approximately(detached)
$800/1,200

*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.

I have not tallied the above as you should determine which will apply to your purchase.

 

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