Asbestos and YOU!

Asbestos and buildings, how can it affect you? If not handled correctly, people are in danger of inhaling asbestos contaminated air and serious chronic health problems can result.

It is important to have a heighted awareness to asbestos when acquiring, disposing, renovating, and demolishing a property that may have materials that contain asbestos.  It is advisable to have an inspection done on a property to determine if there is asbestos in advance of undertaking any of the above mentioned activities.  Costs to remove asbestos can be very substantial.

WorkSafe BC outlines those buildings older than 1990 have a potential of containing asbestos. Materials that can contain asbestos include but are not limited to, insulations; shingles and felt for roofing; exterior siding; pipe and boiler covering; compounds and cement, such as caulk, putty, roof patching, furnace cement; drywall; texture coat; ceiling tiles; vinyl floor tiles; and wiring.  For more information on this check out WorkSafe BC’s website... www.hiddenkiller.ca

We are now into 2013!! This is the year of change and the year when we make things happen!!

I am working on an exciting NEW HOMEBUYERS course to get those who are looking to buy the information they need! It will be a fun and interactive way to make things happen!!

Stay tuned!

Enjoy this New Year and work hard, train smart and enjoy life!

Arran

Final Cost of Buying a Home

by Arran McLellan 

The purchase of your home is the biggest cost but not the only one.



1. Application/Mortgage Broker Fee - There can be a fee attached as the application costs lenders money as there can be credit and income issues to deal with.



2. Appraisal Fee - The appraisal amount of the home usually determines the amount of mortgage you will receive. This is sometimes done at the Buyers cost.



3. Land Survey Fee - If there is some issue with the boundaries or encroachments such as part of your neighbours house on your property, this is a cost that the Buyer will absorb.



4. Insurance - If you are applying for a high-ratio mortgage - borrowing more than 80% of the homes value - you will have to pay mortgage insurance as a protection to the lender if there is default on payments. You must obtain fire and extended coverage as the home is security against the mortgage.



5. Legal Fees - These are the conveyancing fees that a lawyer will charge to clear title, drawing up the title deed and registering the mortgage.



6. Property Transfer Tax - This is the tax that is paid on the transfer of a property from one party to another. It is calculated at 1% on 1st $200,000 and 2% on the balance. First time homebuyers are exempt if the price of the home is $425,000 and under.



7. HST - this applies to the sale of new homes. Resale homes are exempt from this tax. You can qualify for a new housing rebate on new construction up to $42,500 if the value of the home is $850,000 or less



Purchasing a home is one of the most rewarding and satisfying experiences you can have. Make sure to budget for cost such as utilities, taxes, maintenance etc...

Canadian Housing Starts - January 10, 2012


Canadian housing starts rose almost 8 per cent month over month in December, to a seasonally adjusted annual rate (SAAR) of 200,200 starts. New home construction in BC urban centres fell 20 per cent from November, at 21,000 starts (SAAR) and were down 26 per cent year over year in December. The year 2011 ended with housing starts 3 per cent higher than 2010 at 24,235 units, driven by a 20 per cent increase in multi-family starts.
Looking at major metropolitan areas, housing starts fell 30 per cent year-over- year in Vancouver due to a 40 point drop in multi-family starts. Total starts in Vancouver finished 2011 up 17 per cent at 17,867 units. Abbotsford new home construction fell 43 per cent year-over-year in December, but was up 4 per cent for all of 2011 at 543 units. Housing Starts in Victoria fell 54 per cent year-over-year in December and finished 2011 22 per cent lower at just 1,642 starts . Finally, new home construction in Kelowna showed some encouraging signs of recovery to end the year, rising 88 per cent year-over-year in December. However, 2011 was another challenging year, with starts ending the year 2 per cent lower than 2010 at 934 total starts.

For 2012, we expect that housing starts will grow roughly in-line with new household formations at 27,500 units, though with a clear bias toward multi-family units and relatively weak new single family starts.

www.bcrea.bc.ca/news_room/2011-08.pdf

President Rick Valouche Past President Moss Moloney | | Vice President Jim McCaughan Chief Executive Officer Robert Laing | | bcrea@bcrea.bc.ca www.bcrea.bc.ca | | 604.683.7702 604.683.8601 1420 – 701 Georgia Street W, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 (tel) (fax) For immediate release Home Sales Stable During Summer Months Vancouver, BC – September 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 16.4 per cent to 6,504 units in August compared to the same month last year. The average MLS® residential price climbed 10.7 per cent to $539,953 last month compared to August 2010. “BC home sales edged up one per cent in August compared to July on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates continued to underpin housing demand in the province last month.” “Total active listings in the province remained elevated in August,” added Muir. “Most regional markets exhibited buyer’s market conditions, meaning little upward pressure on home prices.” Year-to-date, BC residential sales dollar volume increased 17.7 per cent to $31.7 billion, compared to the same period last year. Residential unit sales increased 2.6 per cent to 55,132 units, while the average MLS® residential price rose 14.7 per cent to $574,962 over the same period. 

The purchase of your new home involves other costs that a REALTOR® can make sure you are aware of.

Application/ Mortgage Broker Fee - A fee is sometimes charged if income and credit issues come up.

Land Survey Fee - A plot plan is important to see if there are any encroachments such as a neighbours shed on your land.

Insurance - If you are applying for a high ratio mortgage, a loan of more than 80% of the purchase price, lenders protection in the form of a mortgage insurance fee.  Make sure there is fire and extended coverage to protect the home.

Legal Fees - for setting up mortgage, conducting a title search, drawing up title.

Property Tranfer Tax - This is calculated on the fair market value - 1% on $200,000 and 2% on the remainder.  First time home buyers exempt with certain conditions, including value of home less than $425,000

HST - You pay the tax on new homes.  You are eligible for a rebate of the provincial protion(71.43% of HST).  up to $26,250 on $525,000 and  a flat rebate of $26,250 on anything over $525,000

Arran McLellan

Market update!