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Greetings!                                                                   
 
 Welcome to my eNewsletter... Real Estate Insights.

I focus a lot of my attention on providing the best client service I can. Is there anything I can do to be helpful? If so, please let me know. I welcome your call or email anytime. If you - or a friend, colleague, family member or neighbour - ever need to talk to a Realtor with the kind of commitment that I strive to provide, I hope you'll think of me. I appreciate your support and the opportunity to be of service!

Forward this issue to a FriendSincerely,  Greg
In This Issue
Property transfer Tax
Competitin Bureau
Capilano Road
Market Forecast 2011
TaxWhat is the Property Transfer Tax?
 
I've heard a few people suggesting they believe the government is going to repeal the controversial PTT(Property Transfer Tax) but don't hold your breath. The PTT is usually the largest single closing cost you have when buying a home. The tax is 1% of the first $200,000 of the purchase price and 2% of the balance. For example; a home which cost $600,000 would have $10,000 in PTT (1% of $200,000 + 2% of $400,000 = $10,000). This tax goes into general government revenue and can not be included in your mortgage. The Real Estate Board of Greater Vancouver has been in consultation for years to have the tax eliminated or at least adjusted to reflect the realities of home prices today but to no avail.

MLSThe Competition Bureau and Real Estate

 

You may have heard stories in the news lately with respect to the Federal Competition Bureau in a dispute with CREA (Canadian Real Estate Association) with respect to the MLS (Multiple Listing Service). But what's it all about? In essence the Bureau claimed that the rules for access to the MLS system are anti-competitive in nature despite claims from CREA to the contrary. The Board of Directors of CREA approved a settlement with the Competition Bureau, subject to member approval at the Special General Meeting in St. John's later this month. We have not heard specifics about the agreement other than it does not grant public access to the MLS® System, it remains a member to member service. Moreover, it does not require brokerages to change their business models. The agreement specifies that Boards and Associations cannot prevent or discriminate against mere posting business models. CREA has always maintained its rules do no such thing. 

Road WorkCapilano Road Improvement Project 

Capilano Road is a critical corridor in both local and regional transportation networks. It links Highway 1 with the Lions Gate Bridge, provides access to the District's primary tourist attractions and many of the District's residential neighbourhoods, and is a major vehicular and transit route that is also used by pedestrians and cyclists. This route is currently undergoing the largest scale improvement project in years. Details of the project and updates of progress can be found here!
ForecastMarket Forecast for 2011
 
Chief Economist of the British Columbia Real Estate Association, Cameron Muir, presented his economic outlook for 2011 at a realtor only event this past week. After reviewing a number of key indicators of the economy including job growth, financial markets and housing requirements he summed up his report. In Mr Muir's opinion the market will enjoy modest growth in some months of 2011 but may loose a little ground in others. In short, no huge market increases but certainly no crash!