As an extensively recognized and awarded top selling associate and office owner with RE/MAX, the number one real estate company worldwide, now operating in 96 countries, I have had the good fortune to have established a vast network, getting to know the most successful Realtors from all around the globe, exchanging ideas on sales, marketing and world class client service. We also regularly introduce each other to our closest trusted family, friends and clients to ensure they can receive the same high standard of service and care that we would provide if we were able to ourselves. When you are considering buying or selling in any market, anywhere, please call me first. Please allow me the privilege of introducing you to known professional who we can trust…

On December 13, 2011 through order in council, the government of British Columbia created an important new regulation related to depreciation reports, affecting all strata corps in B.C. with at least 5 units or more. There are more than 500,000 strata property owners in BC in about 29,000 strata corps. This new rule required all stratas formed on or before then to either complete a Depreciation Report by Dec. 13, 2013, or to opt out with a 75 per cent or more vote of owners, at either a special general meeting or AGM. Newer strata corporations will have until six months after their newly formed strata's second AGM. In my view this was an excellent move for consumer protection. What exactly is a depreciation report you may ask? Simply stated, a…

Canada Mortgage and Housing Corp. has raised mortgage insurance premiums for the first time since the 1990s, and signaled more hikes could be on the way. The increases, which will apply to policies that are obtained from May 1 onward, amount to about 15 per cent on average. The move was quickly copied by rival mortgage insurer Genworth MI Canada Inc. CMHC executives said the higher premiums would mean an extra $5 a month for a borrower with a 95-per-cent loan-to-value (LTV) ratio and a loan of $248,000. But the increase will be more sizable than that for many people. The move is part of a transformational shift at the Crown corporation, which sits at the centre of the country’s housing market. CMHC is attempting to behave more like a private-sector…

Property Transfer Tax Exemption Level has increased to $475,000 for qualified first time BC Resident buyers and partial exemptions available for more in some cases! The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible. For example, if you qualify and purchase a property with a fair market value of $400,000 with a person that doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax

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Time is running out to claim your rebate! If you substantially renovated your home within the past 2 years, you may qualify for a rebate of a portion of the GST/HST paid on labour and materials. See the Canada Revenue Agency (CRA) web page Substantial renovations, conversions and major additions for more information on this. The same rebate available to new home purchasers is also available to investors on qualifying properties. If you purchased a new or substantially renovated residential  investment property and also leased it you may also qualify for a substantial rebate. Feel free to contact us for assistance!

The federal program to attract wealthy immigrant investors has been scrapped in the new budget after being suspended for about 2 years with a backlog of over 45,000 applications in the system. This will no doubt directly impact the high end price surge experienced primarily in Vancouver and Toronto for the past few years. The popular BC Provincial PNP immigrant investor program targeted at small business operators granting immigration for investment in small qualifying business has NOT been affected at this time. BCREA ECONOMICS NOW Cancellation of the Canadian Investor Immigrant Program - February 13, 2014 In its recently tabled budget, the Federal Government effectively cancelled a program, the Canadian Immigrant Investor Program (IIP), which afforded

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We've just received this photo of the exact school we built with our Change Heroes partners last year in Ngosuani, Kenya. All that's left to be done is some landscaping out front of the school. Over the coming months, local workers and Free The Children volunteers will continue to work on the school and prepare for the first day of class! It’s easy, find out how you can help too at: www.ChangeHeroes.com

Most BC property owners will have received their new updated BCAA Property Valuation and most will notice another decrease from the last year. This notice reflects the value effective last July 1, 2013 and is already 6 months out of date when you receive it. Of course the assessor is generally unaware and your notice does not account for any significant improvements, additions (without permit), mechanical, structural or other problems or deferred maintenance (i.e. leaky roof). Strata issues including Special Assessments (arising with increasing frequency from now legislated depreciation reports) are also not typically accounted for.

If you have not received or are curious about the assessed value of any BC property simply go to e-valueBC. For a

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Sales in November slowed to only 412* compared to October’s 512 sales as expected with normal seasonal slowdown and remained higher than November of 2012’s 366 sales. We can expect to see the downtrend in sales volume until we pass through the holiday season when sales will of course increase. Important to note is the continuing downward trend in supply as the total number of active listings continued its decline to only 4,017 at the end of November compared to 4,488 at the end of November last year. Contrary to general belief, right now and early in the new year is a great time to buy or sell as there is less competition in selling than in the spring and also those who are trying to sell are typically more serious about selling. *Note: The Victoria Real…

The Neal Estate Team is a proud supporter and participant of Bear Wear starting the holiday season off every year at the Hotel Grand Pacific to raise money for the Children's Health Foundation of Vancouver Island . The Foundation provides financial assistance for programs, equipment & services that support the health and well-being of children and youth in need and their families on Vancouver Island and the Gulf Islands. Last year's Bears raised an amazing $25,297! We went all out this year to reach our goal of exceeding last year's amount raised. Bears are purchased, dressed, displayed, and voted for. All votes get entered into a raffle and the winner gets to take home their favorite dressed bear and everything displayed with it! The Neal Estate Team

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