Thursday, March 29, 2012

What is a contract and when is it legally binding?

Home_inspection


A contract is a legally binding agreement between two or more parties and describes the rights and obligations of the parties to the contract.

Where a contract has been properly drafted and signed by the parties to the contract, and where the terms are clear and the contract is not for an illegal purpose, then it is likely that a Canadian court would consider the contract valid and enforceable.

Only the parties to a contract can sue or be sued under the terms of that contract.

Before you sign a contract

1. Never sign a contract if you don’t understand it.
2. Before you sign a contract, consult your REALTOR®, your REALTORS®’ managing broker, and/or your lawyer for advice.

As a general rule, Canadian courts expect that if you have signed a contract, you have agreed to it and you will therefore be bound by its terms. You may not be protected if you claim you did not understand what you were signing. Always make sure you understand a contract before you sign it.

Standard form contracts

The real estate contracts used by REALTORS® are standard form contracts. The wording and terms of these contracts have been prepared by lawyers and have been tested in Canadian courts.

Cancelling a contract

If you have signed a standard form Multiple Listing Contract, Exclusive Listing Contract or Exclusive Buyer Agency Contract and you wish to cancel the contract early, you can only do so if the other party to the contract (your REALTOR®’s company) agrees. The Real Estate Board cannot require its members to cancel listing or buyer agency contracts early.

If you have signed a contract to buy or sell a property (contract of purchase and sale) and wish to cancel it you should seek legal advice without delay. REALTORS® are not parties to these contracts and therefore cannot cancel them unless the contracting parties agree, in writing, to do so.

What happens if a buyer or seller doesn’t fulfil the terms of a contract?

Even though your REALTOR® may have drafted the contract to sell or buy a property for you, s/he is not a party to that contract. A REALTOR® cannot force his/her client to fulfil the terms of a contract with the buyer or seller. If the buyer or seller does not fulfil the commitments they have made in the contract, you may have legal recourse and should seek legal advice.

If you do not have a lawyer, you may wish to contact the Lawyer Referral Service: 604.687.3221. If you have difficulty understanding English then you may wish to contact organizations like S.U.C.C.E.S.S., call 604.684.1628 for assistance.

Here are examples of common issues for which the buyer or seller (not the REALTOR®) is responsible:
• Buyer does not close the sale.
• Buyer does not remove the contract’s subject clauses.
• Seller does not close the sale.
• Seller does not remove the contract’s subject clauses.
• Property is left untidy or dirty by the seller.
• Seller has removed items that were included in the contract.
• Transaction does not close on time.
• Appliances break down or a previously unknown property defect reveals itself after closing.

Your REALTOR® and his/her brokerage may be able to assist you to resolve this type of complaint. Typically your REALTOR® will contact the other party’s REALTOR® or brokerage and let them know about your concerns and ask them for assistance in resolving your concern. As noted, your REALTOR® cannot force the other party to do what they said they would do in the contract. (For this, you need the assistance of a lawyer or the Courts.)
 
Source: Greater Vancouver Real Estate Board

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Wednesday, March 28, 2012

Kudos from a happy client

Sold_remax_real_estate_sign

Hi Roland, 

Vanessa and I wouldlike to thank you for your excellent service throughout the listing of ourapartment and purchase of a larger unit. Without your dedication and level of servicethe process would have been a much more stressful endeavor.  We appreciated your thoughtful and timely advice.  Needless to say we were ecstaticonce the subjects were removed on our listing and are happily moved into ournew unit.  Thanks again Roland for going above and beyond our expectations!

Sincerely Jackson& Vanessa

March 2012

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Sunday, March 25, 2012

Who is your agent and what are their obligations?


The real estate brokerage where your REALTOR®* is licensed is your agent. All real estate agents are licensed under the Real Estate Services Act.

Your REALTOR® represents that brokerage and has legal obligations to you including, loyalty, confidentiality and disclosure. REALTORS® are legally obligated to:

  • disclose their relationship with you and whether they have any relationship with the seller (if you are the buyer) or the buyer (if you are the seller)
  • put your interests ahead of their own
  • refrain from revealing your personal information unless you approve
  • advise you of all pertinent information relating to a property, real estate contracts and their relationship with you before you make a decision
  • obey all lawful instructions you give them
  • account for all monies entrusted to them

Note: While REALTORS® have agency (fiduciary) obligations of loyalty, disclosure and confidentiality to their clients, they do not have these same obligations to parties who are not clients. (However, REALTORS® must treat unrepresented parties fairly, as defined in the REALTOR® Code of Ethics.) Therefore, it is important to understand who is representing whom in a real estate transaction.

*Real estate professionals who are members of a local real estate board and the Canadian Real Estate Association. Only these professionals can call themselves REALTORS®.
 
SOURCE: Real Estate Board of Greater Vancouver

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Friday, March 23, 2012

I recently sold this Apartment at # 225 8120 JONES RD

This is a modern & spacious 716 sqft 1 bdrm & den, 1 bath apt in the popular ZENIA GARDEN complex. Featuring a large patio, insuite laundry, open kitchen with granite countertops, gas stove, stainless steel appliances, 1 parking stall, 1 storage locker and a great floor plan. Enjoy the community and amenities nearby, including outdoor areas, children's play area and just steps to Skytrain Station, Richmond Centre, Library, Recreation Centre and much more!


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Tuesday, March 20, 2012

Canada's fourth-largest bank lowered its five-year, fixed mortgage rate to 2.99 per cent

What amazing rates! Call me if you need a referral for a great mortgage advisor that I trust and will serve you right. Remember that low rates are key, but there are so many other things to consider... do your homework and choose a professional that will serve you best

Roland Kym

2011 Medallion Club  Member ~ Re/max Executive Club & 100% Club Member

Remax Select  Properties
Cell : 604 970-0393
 
________________________________________________________
 

Date:
Thursday Mar. 8, 2012 7:01 PM ET

BMO Bank of Montreal announced Thursday it's lowering two key mortgage rates, setting off what could be yet another mortgage war with other lenders.

Canada's fourth-largest bank lowered its five-year, fixed mortgage rate to 2.99 per cent Thursday. That represents a drop of a half a percentage point.

It's also introducing a new 10-year mortgage that comes with an introductory fixed rate of 3.99 per cent. That mortgage will be available starting Sunday. Both the five-year and 10-year offers apply to 25-year amortizations.

The new rates will be available only until March 28. BMO is urging home buyers to get pre-approved financing now to take advantage of the special rates.

With BMO throwing down the lower-rate gauntlet, it is expected that other lenders will soon roll out similar offers. When BMO last offered 2.99 per cent rate back in January, TD Bank and Royal Bank quickly followed up with their own similar deals.

The new rates come a day after two housing reports were released that said that prices in Canada's housing market are shifting in favour of home buyers.

Scotiabank senior economist and real estate specialist Adrienne Warren said the market is cooling but still remains in better shape than many international markets.

Warren did warn that if job growth slows significantly, or household debt spikes, the housing market could suffer.

In a separate report, the RBC Housing Trends and Affordability Report found that home prices eased off and income increased at the end of 2011 -- two forces that combined to give a break to the Canadian housing market.

On Thursday, Statistics Canada said the national average price of new houses rose 0.1 per cent in January from the previous month. It said higher prices in Calgary and Vancouver were the main contributors to the increase, offsetting decreases in Victoria and St. John's, N.L.

Benjamin Tal, deputy chief economist with CIBC World Markets, told CTV's National Affairs Wednesday that the Canadian housing market is "overshooting," but won't be crashing anytime soon because the Bank of Canada is unlikely to increase interest rates and risk hurting the economy.

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I recently helped clients buy this Townhouse at 209 11TH Ave E, Vancouver East, British Columbia Mount Pleasant VE.

Welcome to the cool factor! Move right into this stylish two-level, south-facing townhome at Tala Vera, a small complex minutes from Main!   Great street appeal and your own front entrance! Walk into a bright open plan that encompasses living, dining and kitchen on the main and two good size bedrooms up! Cozy, comfortable, convenient with a gas fireplace. And a patio right off the kitchen that's made for BBQing. Close to everything: Trendy restaurants and shops on Main Street, the Mount Pleasant Community Centre and a short commute to downtown on public transit.


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Monday, March 19, 2012

Letter Of recommendation for Roland Kym Realtor

Happy_face_2

"Roland was exactly what I needed even before I firmly decided to purchase an apartment.

 

I wanted someone to hold my hand at least initially and to feel comfortable in asking all questions and to guide me through the first steps of buying my own personal property. 

First and most importantly Roland presented me a professional Real Estate portfolio binder complete with all pertinent information on purchasing property - this was important to me as I was not familiar with real estate terms - hence I had all necessary data to refer to on my own, at my leisure and at my finger tips.

With working full time I also needed quick and easy decisions as to where and when we would meet up to view properties - Roland was readily accessible and easily available to coordinate a time and place to meet and view the properties giving me much appreciated advise on the possible transactions.
 

Once we found the right apartment for me Roland was prompt in summarizing the required documentation, carefully going over the important items to ensure my understanding. He was organized, resourceful and attended to all of my needs AND matched this with congratulatory gifts along the way. 

I hope to do business with Roland and highly recommend him for all your Real Estate needs."

Susanne Lambert

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Friday, March 16, 2012

Are you a first time home buyer? Call me and let me help you thorugh the daunting process.

First_time_buyer_dream

By Lauren Krugel, The Canadian Press

CALGARY - There are few milestones more important for a couple than buying a home together, and the amount research and paperwork involved can be daunting.

That's what Nicole Simone and her partner Mike Wilson are discovering as they scour Toronto's west end for the perfect home.

Simone, a 25-year-old government worker, figures house hunting accounts for 90 per cent of what she and Wilson talk about these days.

"And if you don't just keep a good sense of humour about it, you're not going to get through it," she said.

The duo was disappointed to lose a bidding war for a house in the Etobicoke area of Toronto, but the quest must continue.

"It just wasn't meant to be, so we kind of just have to let it go and keep in mind the kinds of things we liked about that place, and hopefully we find some things better and cheaper," Simone said.

The journey usually starts with a meeting at the bank to get a pre-approval for a mortgage, a step that Simone and Wilson took in October.

TD Canada Trust mortgage specialist Jessy Bilodeau says the lender sifts through a client's financial history before approving a loan so, if there are any skeletons in the closet, it's best to let them out right away.

It's best for the clients to alert the mortgage specialist of possible issues before they meet so there's no surprises, she says.

"We can tell them what documents we're going to need, and they can bring them along with them to that first appointment."

No issues came up when Simone and Wilson had the money talk. They were aware Simone still carried a lot of student debt, and she was "pleasantly surprised" to find out how much Wilson had in his savings account.

"We're both very comfortable with sharing our finances," said Wilson.

It's not just the mortgage payments couples have to worry about, says Bill Briggs, a Re/Max broker-owner in Edmonton.

"A lot of them don't understand the cash commitments that are going to be necessary," he said.

Those may include a down payment, moving expenses, insurance, utilities, condo maintenance fees and taxes. Some repairs may be necessary as well and new owners usually want to do at least some redecorating and furnishing.

Vancouver-area Re/Max realtor Lynda Terborg recommends first-time homebuyers "practice" ahead of time.

Work out how much the mortgage and other expenses are going amount to and sock it away. Then that sum can go toward home decorating, for example, and the couple will know what to expect when they own a home for real.

"It's going to be a little more than what you're paying now renting or living at home with mom and dad," she said.

For a double-income household, normally one of those incomes goes toward housing costs alone, said Terborg.

"You can follow that formula. It's a hard one to swallow, but that's the reality."

Couples may be gung-ho about shopping for properties as soon as they've lined up their mortgage, but Re/Max realtor Frank Rudge, based in Victoria, said it's important to have a long talk with an agent before the hunt begins.

He said he often tells clients not to rush, and also have a meeting to discuss their needs and interests.

"Let me help you make that right decision rather than 'I'm going to quickly sell you something before you go and buy from somebody else' and before you make a snap decision," he said.

There are some things a potential homebuyer may not be aware of — like that some condo buildings have age restrictions, and may not be worth buying if starting a family is in the cards.

Real estate agents say it's also important to keep an open mind. Sometimes what people want going in to the process isn't what they wind up with.

Simone and Wilson, for instance, started looking at condos, but realized after a while a house may give them more bang for their buck. They've also widened their target area, looking at parts of Etobicoke they hadn't in the beginning.

"I would argue we probably wasted a good three months on looking at condos. We've probably seen over 50 condos, and that was a whole waste of time — pretty much spending every Saturday going to see five or six condos," said Wilson, a 26-year-old who works at an engineering firm.

Their real estate agent — a woman who is only a few years older than them — has been a huge help, he said.

"I think she really can relate to us, as we're first-time home buyers. She knows what we're looking for and our expectations and our needs," said Wilson.

"I think being with a real estate agent that gets you is really key," added Simone. "And we lucked out." 3

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Thursday, March 15, 2012

CREA NEWS: Canadian home sales edge higher in February

Market_trends

OTTAWA – March 15, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity improved in February 2012 after having declined in January.

Highlights:

  • Home sales rose 1.4% from January to February.
  • Actual (not seasonally adjusted) activity was up 8.6% from February 2011 levels.
  • The number of newly listed homes climbed 1.9% from January to February.
  • The national sales-to-new listings ratio was little changed, remaining firmly in balanced territory.
  • The national average home price advanced 2.0% on a year-over-year basis in February.

Sales activity recorded through the MLS® Systems of Canadian real estate Boards and Associations edged up 1.4 per cent from January to February 2012, recouping one-third of the monthly decline in activity between December 2011 and January 2012.

Activity was up on a month-over-month basis in half of all local markets in February, led by Calgary, Toronto, Barrie, Montreal, Quebec City, Saint John, and Halifax-Dartmouth.

Actual (not seasonally adjusted) activity was up 8.6 per cent on a year-over-year basis in February. A total of 61,772 homes traded hands in the first two months of 2012, up 6.7 per cent from the same period in 2011.

The number of newly listed homes also rebounded 1.9 per cent on a month-over-month basis in February, reaching the highest level since May 2010. A rebound in new listings in Toronto and Montreal, Canada’s two most active markets, offset a retreat in new listings in Vancouver, Canada’s third largest market.

With both sales and new listings having risen, the national sales-to-new listings ratio, a measure of market balance, was little changed in February (53.3 per cent) compared to January (53.6 per cent) and remains firmly in balanced market territory.

“The national rise in both sales activity and the number of newly listed homes beyond the normal seasonal increase provides clear evidence that Canadians are confident in housing market prospects,” said Gary Morse, CREA’s President. “Confidence varies by region, as do prospects for housing demand. For that reason, buyers and sellers should talk to their local REALTOR® to understand current and prospective trends in their local housing market.”

“It is important to remember that MLS® home sales and purchases are a significant source of economic activity and job creation. Total consumer spin-off spending resulting from MLS® home sales and purchases will add an estimated $19.4B to the economy, and create over 159,000 jobs in 2012,” continued Morse.

Based on a sales-to-new listings ratio of between 40 to 60 per cent, 60 per cent of local markets were balanced in February. Compared to the previous month, there were more buyers’ markets and fewer sellers’ markets.

The number of months of inventory stood at 5.9 months at the end of February on a national basis, unchanged from levels reported in January. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in February 2012 was $372,763, up two per cent from its reading for the same month last year.

“In February 2011, the national average price was stretched upward by a spike in high-end home sales in some of Vancouver’s priciest neighbourhoods, and a replay of that was not expected this year,” said Gregory Klump, CREA’s Chief Economist. “February’s data bear this out, but other factors are now keeping the national average price aloft. The main one is the housing market in Toronto, where a tight balance between supply and demand continues to drive some of the strongest home price gains in the country, particularly for single detached properties.”

There has been a preference in recent months, in Toronto and other markets, for single family homes which are typically more expensive. This trend held in February, putting additional upward pressure on the national average home price.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS®working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm.

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Wednesday, March 14, 2012

I just finished uploading this House for sale, 2453 DORMAN Drive, Burnaby North, British Columbia

Terrific location to everything, this is a move-in ready home with character. A home that also has vast re-development potential, yet private and safe and ready for enjoyment this summer. This amazing home has been tastefully cared for over the past many years. Featuring a lot size of over 12,000 sqft, it features a detached workshop, great garden space, lots of yard & patio space, lots of parking, a large 2-bedroom mortgage helper, open floor plan with plenty of space for two separate families to comfortably live together. This property borders on green space, the golf course & is conveniently located to shopping, great schools & easy transportation routes. First Open's: Sat & Sun. March 17th & 18th, from 2:00pm to 5:00pm.


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The February Vancouver Housing Market are trending towards the long-term averages... + great time to be looking and a great time to be selling

Thin_vancouver_pic

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.

At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800.
Source: The Vancouver Real Estate Board

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4 bedroom, 3 bathroom townhouse in Lower Lonsdale

TH9- 188 E Esplanade St North Vancouver- Info sheet.pdf Download this file

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Monday, March 12, 2012

Property taxes 101...explained by the GVREA

What are property taxes?
An annual local government tax levied on real property based on BC Assessment’s estimated market value. Local governments calculate the tax by dividing the annual budget by total assessed property values. In rural areas, the province assigns the tax rate. Rates vary among property classes: residential, business, light and heavy industry, farm, recreation, utility and managed forest land.

The assessed value of each property is typically determined annually by BC Assessment, as of the previous July 1.

Where do I find out what my property taxes are?
Look at your tax notice which was delivered by mail in late May or early June. You can also check your local government web site, which may have information. For example, the City of Vancouver has a property tax web page where you can find your account balance. For information contact your local government tax office or BC OnLine.

What happens if I don’t get a tax notice?
You must pay whether or not you have received a notice. Contact your local government finance department and arrange for a duplicate notice. You must ensure that your local government and BC Assessment have your correct mailing address.

Five misconceptions about property taxes
1. You can appeal property taxes. No. You can appeal your assessment, not your taxes. You annually receive your assessment the first week of January and must appeal by January 31.

2. An appeal will change the market value. The market value may not correlate to the assessed value. BC Assessment typically assesses properties as of the previous July 1. A REALTOR® valuing a home now – 11 months later – may find the market has changed, the home has had an addition or the street has been re-zoned, all of which affect value.

3. If you just bought a home, the previous owners are liable for taxes. No. When you buy a property you become liable for all outstanding taxes.

4. New home owners can claim the Home Owner Grant. No. New home owners cannot claim the Home Owner Grant if the seller paid the taxes or if the new home owner claimed a grant on another property.

5. You haven’t claimed your Home Owner Grant for a few years and you want to claim it all now. You’re out of luck. You can claim the grant amount only for the previous year.

What does your property tax bill include?

Municipal tax – is set by council and staff in the local government’s annual budget process and is based on revenue needs for infrastructure and services.

Regional district tax – is set by the regional districts for key services such as regional water and sewage treatment. For example, Metro Vancouver tells their local governments what their revenue needs are, and the local governments collect on their behalf. In rural areas, the province (Surveyor of Taxes) collects for regional districts.

School tax – is set by the BC Government to fund schools and varies by local government. It’s paid by residential and non-residential property owners.

Hospital tax – is set by the regional hospital districts to help partially fund local health facilities. For example, in Metro Vancouver hospitals are funded by the province, not by property taxes. Outside Metro Vancouver, hospital taxes are still levied.

Other taxes – are set by local taxing authorities and collected by the local government to fund BC Assessment, the Municipal Finance Authority and TransLink.

How to pay property taxes
Visit your local government’s web site for details on how to pay. Then check the due date on your tax notice, complete the Home Owner Grant application and then pay:

online by www.epost.ca: you must first sign up for this free online Canada Post delivery service that lets you pay electronically. When you pay and claim your Home Owner Grant electronically, you’ll receive a receipt with a confirmation number
in person: take your tax notice and a credit or debit card, your cheque book, a certified cheque or cash to your local government finance department. Check business hours
at the drop box: located near the front entrance of most City Hall offices. There may be drop boxes in alternate locations as well
• by mail: your payment must arrive at City Hall by the due date on your tax notice
• at a financial institution: most banks and credit unions accept tax payments in person. You can also pay online or by phone through your bank or credit union. Remember to submit your Home Owner Grant form directly to City Hall
• through your mortgage: your mortgage company can pay your property taxes on your behalf if you arrange for this service beforehand
• by installments: check with your local government to see if prepayment options are offered.

For an explanation of a sample property tax notice, click here.

If a home owner doesn't pay their property taxes

If a property owner doesn't pay their property taxes by the due date (check the tax notice), and doesn't submit the Home Owner Grant form by the due date, there are serious consequences.

The property owner will be charged a percentage of outstanding taxes as a penalty. If taxes are unpaid after three consecutive years, the property may be auctioned. Tax sale dates and processes can be found on local government web sites.
 
SOURCE: Greater Vancouver Real Estate Board

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Rize Alliance proposal in Mount Pleasant receives a thumbs up from Vancouver city staff

By Charlie Smith, February 28, 2012

Vancouver city staff gave a strong endorsement last night to a contentious rezoning application in Mount Pleasant.

On the first day of a public hearing for Rize Alliance's bid to build a large mixed-use project on the southwest corner of East Broadway and and Kingsway, several city staff explained why they felt the application deserved council's support.

Rezoning planner Yardley McNeill pointed out that the Mount Pleasant community plan identifies three sites in the neighbourhood where rezoning proposals are encouraged: Kingsgate Mall, the IGA site on Main Street, and the Rize property.

"It's important to note that a significant goal of the plan is to retain the existing character in the area while permitting a select series of sites to redevelop through the rezoning process," McNeill told council. "The plan specifically mentions this site as one of the three larger sites strategically located within the area where higher densities and greater building heights should be considered. The plan does not, however, describe the maximum height or density for this site."

McNeill explained that Rize has applied to rezone its site from C-3A (commercial) to CD-1 (comprehensive development) to allow for a series of buildings that would include 241 strata-title housing units and a two-storey commercial podium with a green roof and urban agriculture for building occupants.

"To facilitate greater traffic flow, a new left-turn bay will be installed on Kingsway so traffic can turn onto westbound Broadway—a movement that is currently prohibited," McNeill said. "With respect to the 10th Avenue bikeway, the proposal is to make 10th Avenue flow one way, except for bicycles, which will reduce car and truck volumes and limit adverse effect on the bike path."

McNeill and senior urban designer Scott Hein each told council that Rize redesigned its project twice in response to criticism from the neighbours at community open houses.

Hein noted that the first proposal included a 340-foot tower and a 7.5 floor-space ratio. The final proposal now before council has a 215-foot tower and a floor-space ratio of 5.55.

"We anticipate no building taller [in the neighbourhood] under the auspices of the plan," Hein said.

Later, he suggested that this will be the tallest building in the area for the next 100 years.

McNeill acknowledged that there is still considerable opposition in the community, with 80 percent expressing a negative opinion at a January 2012 open house. However, she also said that of 425 pieces of written correspondence received up until completion of a council report, 51 percent were in support. Another 92 comments flowed in after that point, with 59 percent in opposition.

"Comments received as part of a staff-advertised public meeting showed consistent opposition to the project," McNeill said. "However, the comments that have come in as a general public feedback over the course of the rezoning process show a closer relationship between opposition and support."

The developer has offered a $6.25-million community amenity contribution to the city. McNeill told council that $4.5 million would be directed toward a cultural use within Mount Pleasant, with the remaining $1.75 million going to an affordable-housing fund. This would be added to other funds to eventually create an affordable-housing project in Mount Pleasant.

"All residents have emphasized a desire to have these amenities stay within the Mount Pleasant area in order to benefit local residents," she said.

City planner Peter Burch told council that one of the "over-arching principles" of the Mount Pleasant community plan is to recognize the neighbourhood as a "hilltown that slopes up to the Main, Kingsway, and Broadway area".

A key component of the plan, he said, is to create a cultural district north of Broadway at Main Street, which would retain existing cultural spaces, such as the Goh Ballet building, and add new space for the arts.

"New development will be encouraged south of Broadway along Kingsway, including the Rize Alliance site," Burch said. "New development should lead to the creation of more housing, more units close to a future transit station, the prospect of site improvements including more open space, improvements to the existing built form, more customers for local business, plus contributions to public benefits, like support for the cultural district north of Broadway."

Later in the meeting, the city's director of transportation, Jerry Dobrovolny, described the Rize property as "an ideal location for additional density and for additional jobs as well".

"There has been a lot of discussion about future rapid transit, but even today, there is five major bus routes there," Dobrovolny said in response to a question from Coun. Geoff Meggs. "It's a situation where you don't need a schedule. You simply go out and grab the next bus and it takes you to SkyTrain or along the Broadway corridor. So even with the existing transit levels today, it's an ideal location."

William Lin, president of Rize, said his company bought the first portion of the site in 2004 because he felt that Mount Pleasant would be a "critical area to accommodate Vancouver's growth".

"The demand for homes is growing as demonstrated by another project council approved last year: Marine Gateway," Lin said. "To date, Marine Gateway has received approximately 8,000 registrations of interest for approximately 400 new homes, showcasing the great demand for housing on transit corridors. Vancouver will continue to grow. A project like this will continue to make our city one of the most livable in the world."

Rize founder William Lin speaks to council about the demand for housing.

Architect Mark Ostry expanded on this theme in his comments to council, noting that 40,000 people move to Metro Vancouver every year.

"Metro Vancouver will need to house one million more people over the next 25 years," he said.

Ostry suggested that given the Rize project's proximity to major transit corridors as well as the highest residential and employment densities in the region make it "ideally located for an increase in density to support and encourage future growth and motivate anticipated transit investment in the Broadway corridor".

Architect Mark Ostry says the form of development aligns with the community plan.

Prior to the public hearing, neighbourhood activists raised a red flag over a supposed misleading architectural rendering of the project, which purportedly makes it appear smaller in scale than it actually is.

However, Ostry's partner, Russell Acton, took exception to that interpretation. He claimed that when the perspective lines were extended in the citizen's analysis, three vanishing points appeared on the left where he would have expected to see only one. On the right-hand side of the citizen's analysis, five vanishing points appear, whereas only one would be expected.

"One can't help but wonder what margin of error is associated with the assumptions regarding the height of the camera and the location of the multiple vanishing points, which are presumably used to locate the citizen's 3-D model in the context photo," Acton told council.

He pointed out that the renderings were not part of the rezoning documentation that was presented to the city.

Acton also cited "anomolies" in the citizen's model, such as a Waves coffee shop projecting onto Main Street and Pings Café hovering directly above East 11th Avenue.

"It tells us the making of architectural renderings is a bit more of an art than a science, and a fairly complex one at that," Acton said.

The only community activist who spoke to council was Stephen Bohus, who tried to make the case that the renderings were important in assessing the impact of the Rize project on the community.

At one point, Coun. Kerry Jang criticized the citizen's rendering for "building over a car" and for providing an image of a "floating building".

Stephen Bohus focuses his presentation on computer imagery.

Bohus held his ground and later maintained that a community liasion group wanted no buildings taller than six storeys, whereas Rise is proposing a 19-story structure.

The public hearing is expected to resume tonight at 6 p.m. in the Vancouver council chamber.

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Saturday, March 10, 2012

Open House Today.. 1:30pm to 4:30pm..come & visit

We are proud to announce that this Mar 10th, 1:30 PM to 4:30 PM we will be hosting an Open House at 188 ESPLANADE Street E in the Lower Lonsdale neighborhood, North Vancouver. This is an opportunity to visit this excellent Townhouse for sale in beautiful Lower Lonsdale.

Web linked @

http://my-listing.ca/EastEspanade.html

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New Listing: Townhouse for sale, TH9 188 ESPLANADE Street E, North Vancouver, British Columbia

STUNNING! This is a very large 4-bedroom, 3 bath one-of-a-kind Townhouse in popular Lower Lonsdale. This Townhouse features a great floor plan, lots of space & storage, lots of outdoor living with its 3 sunny patio's, hard surface flooring, granite countertop, stainless steel appliances with a gas range and a modern kitchen. Supported by a pro-active 156 unit strata, this excellent concrete building offers great value for home ownership and for rental ability. Move in and you could live just a few steps to cafes, shops, recreation, the ocean and just a short Seabus ride to downtown... Property includes one parking and one storage locker. Rentals & Pets allowed. Please see REALTOR'S website for further information.

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