Home Sales Continue at Modest Pace: Pent-Up Demand Growing

Vancouver, BC - March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago.

"BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above their current pace."

Year-to-date, BC residential sales dollar volume declined 24.6 per cent to $4.1 billion, compared to the same period last year. Residential unit sales dipped 19.6 per cent to 7,911 units, while the average MLS® residential price was down 6.2 per cent at $523,117.

More News in the World of Real Estate and Finance....HST. Well finally it will be leaving us, we will go back to the world of PST/GST. What this means in our industry is that our services will no longer be charging HST: things like Inspection Fees, Real Estate Commissions and also the dreaded HST on top of the price of brand  new homes. However....there is a new tax coming into play that you should know about if you are considering purchasing a new home.  f you are planning on buying a new home over the next two years, then you need to know about the 2% BC Transition Tax.It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as of April 1, 2013. The 2% BC Transition Tax will end on March 31, 2015.

The 2% BC Transition Tax applies to the full price of a new home, which is 10% or more complete, where ownership or possession is on or after April 1, 2013, but before April 1, 2015. The 5% GST also applies to the full price of a new home, where ownership or possession is on or after April 1, 2013.

With the end of the HST and the return to the PST/GST system, the BC government chose to introduce the 2% BC Transition Tax as a way, in their words, "to ensure the equitable application of tax for purchasers of new residential homes currently under the HST system" and after April 1, 2013 when the province returns to GST on new residential homes. The government also wishes to replace some of the revenue lost through the return to the PST.

Read more: http://www.vancouversun.com/news/Transition+homes+coming+April+2013/8049624/story.html#ixzz2NXgYaWHw

 A Very Happy Birthday to Royal LePage, we are celebrating our 100 Years in Real Estate! Helping you is what we do....since 1913!!! 

The Warmest of Regards, And a Happy St. Patrick's Day to you all!!

 Jen and Sheri

Residential Realtors 

Royal LePage Wolstencroft 

P.S. We are never too busy for your referrals!

Chocolate Mint Icebox Cupcakes

Yield: 8 cupcakes

Prep Time: 15 minutes

Total Time: 2 hours 15 minutes-includes chill time

These no-bake cupcakes are easy to make and perfect for St. Patrick's Day!

Ingredients:

2 cups heavy cream
3 tablespoons powdered sugar
1/4 teaspoon peppermint extract
Green food coloring
1 (5.25 ounce) box Anna's Chocolate Mint Thins
Chopped Andes Mints, for decorating
Sprinkles, for decorating

Directions:

1. In the bowl of a stand mixer, whip the cream, powdered sugar, and peppermint extract together on high speed until medium peaks form. Fold in the green food coloring. Start with a few drops and add more if you want the color to be more green.

2. To assemble the cupcakes, spread about 1 tablespoon of the whipped cream on top of a chocolate mint thin. Place another chocolate mint thin on top of the cream to make a sandwich. Spread more whipped cream over the thin and add another thin. Top the final chocolate mint thin with whipped cream. You want to use four wafers per cupcake and end with cream.

3. Place cupcakes in cupcake liners or on a plate and stick in the refrigerator for at least 2 hours. You can refrigerate them overnight. The whipped cream will soften the thins making them soft like cake.

4. When ready to serve, remove the cupcakes from the refrigerator and sprinkle with chopped Andes mints and sprinkles, if desired

 recipe by Two Peas and their Pod

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Did you know......

Secondary suite fees approved in Langley Township

Township of Langley homeowners with secondary suites will have to pay as much as $580 a year under new regulations given final approval on Monday, March 4.

Councillor Kim Richter cast the only vote against the fees.

"It will add an unnecessary and unfair burden on existing legal suites," Richter said.

It was the same complaint a number of homeowners made during earlier council meetings.

The critics said the 1,000 homeowners who have properly registered their suites will be the first to pay, not the estimated 10,000 to 12,000 illegal secondary suites in the Township.

The exact amount billed will vary depending on whether a house is connected to municipal sewer and water services.

By Dan Ferguson - Langley Times
Published: March 11, 2013 5:00 PM