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Housing Market Trends April 28 2014 – Macintosh Appraisals for full article email or call me and I can provide you a copy.

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Over View:

Inter Alia MortgageVancouver Regional real estate housing market has been stable throughout the winter and early spring months. Recently however the market appears to be changing, showing signs of less predictability due to:

 

 

  • Inventory being up
  • Prices climbing depending upon location

The tendency in the previous year was many properties selling below assessed values.

Most municipalities in the Lower Mainland (with some exceptions) remain over supplied with Single family homes, Townhouses & Apartments.

Real Estate Board Statistics Indicate:

  • Approximately 22,200 Properties for sale in GVR
  • Single Family Homes 9,800
  • Townhouses & Apartments 11,500
  • Land Listings 900

This represents a 20% increase in the total number of listings from February of this year

mortgageDetached and Attached sales:

  • Approximately 2,271 over the past 30 days (absorption rate of 9.5 months which is a market increase from 3 months ago when it was 7)
  • Sales volume over last 30 days is down 40% over last months as well as 40% down over same period last year
  • Average sale volume over the last 3 months drop of 6%

rental income iconPricing:

 

A property prices in Greater Vancouver Regional District has had a slight market shift over the early year activity.

  • Vancouver West Side – Down 5%
  • Vancouver East Side – Up 5%
  • Burnaby – Up 5%
  • Coquitlam – Up 8%
  • Port Coquitlam – Down 1%
  • Ladner – Down 18% (small Sampling)
  • Maple Ridge – Up 2%
  • North Vancouver – Up 15%
  • West Vancouver – Up 3%
  • New Westminster – Up 2%
  • Port Moody – Down 3%
  • Richmond – Down 5%
  • Tsawwassen – Up 18% (small sampling)
  • Pitt Meadows – Up 1.5%
  • North Delta – Down 4%
  • North Surrey – Down 4%
  • Central Surrey – Unchanged
  • Cloverdale – up 2%
  • South Surrey / Whit Rock – Up 10%
  • Langley – Up 2%
  • Abbotsford – Up 4%
  • Mission up 8%

2nd mortgage calculator infographicABSORPTION:

 

 

 

 

Absorption Rate in the real estate market is up substantially since February 2014 in almost all categories and municipalities in Greater Vancouver with some exceptions:

  • Vancouver West Side Detached 9.5 Months – Attached 8 Months – both up
  • Vancouver East Side Detached 4 months – down slightly attached up at 7 months
  • North Vancouver Detached Down a bit at 4.5 months – Attached up at 9 months
  • New Westminster unchanged at 4.5 months for detached and attached up at 9.5
  • Burnaby detached up 8.5 months attached up 8 months
  • Coquitlam 6 months detached unchanged –Attached up a lot to 12 months
  • Ladner / Tsawwassen detached and attached both down to 6.5 months and 8 months
  • Maple Ridge Detached unchanged at 12 months Attached up 18 months
  • Pitt Meadows Detached up 8 months attached up 13.5 months
  • Port Moody detached up 7 months attaché 5 months
  • Port Coquitlam detached down 2.5 attached up 9.5
  • Richmond Detached and attached 12 months
  • West Vancouver Detached up 10 months attached up 14 months
  • North Delta Detached and attached 8 months
  • North Surrey Detached d 12.5 attached 24
  • Central Surrey Detached and Attached both increased 16 & 14 Months
  • Cloverdale detached down 6.5 attached up 12.5
  • South Surrey / White Rock detached and attached up 11.5 & 12.5 months
  • Langley detached 8 months attached up 9.5
  • Abbotsford detached and attached up 10 & 15 Months
  • Mission Detached and attached up 15 & 18 months

For the full article from Macintosh Appraisals email me jeff@yourequity.ca and I will provide you a copy.

 

 

Income Tax Time BC – Self Employed

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Income Tax Time Comes Every Year; if you are Self Employed are you prepared?

Income Tax time comes every year but are you ready for it? For many small and mid size business owners in Canada income tax time can be a big dread. You try to prepare by having all your receipts in order and contributing to an RRSP in hopes to reduce the monies you owe. When surprises hit are you ready for them?

Income taxes can be paid in two ways.

Canadian Revenue Agency has options for paying your taxes:

  1. Installments (usually quarterly payments)
  2. Lump Sum

pension iconIf you find yourself short on paying your income tax what do you do?

 

 

  • Borrow from a LOC
  • Take out a 2nd mortgage
  • Take out a Loan
  • Use the Equity in your home
  • Pay bills on credit cards so you can pay your taxes
  • Do nothing and pay them next year

debt consolidation iconA strong financial plan is needed to successfully navigate your finances each year.

Like most  self employed people many take a live and learn process to your business model. You weren’t born with all the knowledge but every year you hope to get better and better.  A mortgage broker can be a valuable asset when looking to refinance a mortgage or even debt consolidate  all your bills into one low monthly payment, this can include income tax consolidation.

 

Pitfalls of Being Self Employed with poor credit or stated income?

With a few miss steps it is easy to find yourself being BFS, business for self, with A-1 credit to struggling to find mortgage financing with poor credit or a lender willing to work with stated income. More so being self employed with income taxes outstanding for one year you may have great difficulty convincing your bank to work with you.

rental income iconHow to pay Canadian income tax – If you don’t have the money saved

 

With one call to www.yourequity.ca 1-877-744-3436 we can assess you current situation and provide mortgage solutions that will help you achieve greater cash flow for today. We work with our client’s current situation and help guild them to a brighter financial future.