However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.

Detailed data and graphs are in this full report.

If you are interested in investing or buying real estate properties in Vancouver area, please contact Angel immediately for best pricing and listing.

Canada Mortgage and Housing Corp. said Monday the number of seasonally adjusted housing starts were up 5.9 per cent from November, to 174,500 units. Most economists had expected an increase of between 160,000 and 165,000 units in December, following an upwardly revised 164,800 starts the previous month.

According to CMHC data, urban starts were up 6.6 per cent to 157,100 units in December, CMHC said in its report. Multiple-unit starts totalled 77,700 during the month, up from 72,800 units in November, while single-unit starts totalled 79,400, up 6.4 per cent from the previous month.

Urban construction was up 17.8 per cent in Quebec, 15 per cent in Atlantic Canada, 8.7 per cent in British Columbia and 2.9 per cent in Ontario, the report said. In the Prairies, urban starts declined 3.8 per cent.

Rural starts were unchanged at 17,400 units.

The Bank of Canada may shed further light on whether that strength has pushed Canada into a housing bubble when one of the governor’s advisers talks about the real estate sector in a speech Monday afternoon in Edmonton.

Meanwhile, Statistics Canada said Monday the value of building permits fell in November by 4.6 per cent from the previous month to $5.9 billion. Still, that was 23.1 per cent higher than November 2008 and 62.8 per cent higher than February 2009. The decline was due to a drop in the non-residential market, which offset increases in the residential real estate market.

In the Greater Vancouver area, the most exclusive locations include Point Grey, UBC, Point Grey Road, Shaughnessy, West Vancouver’s Altamont, Dundarave, and British Properties (with upscale panoramic ocean and city views), and the waterfront. The most prestigious neighbourhoods in White Rock-South Surrey include Morgan Creek and Elgin/Chantrell. In Victoria, buyers seeking retirement or lifestyle properties are attracted to Esquimalt, Victoria West or Victoria Proper, where many properties offer a mix of exclusive, upscale waterfront units. Also popular are Oak Bay, Cordova Bay, Fairfield and Ten Mile Point. In Kelowna, lakefront properties carry the highest price tag. The most popular upscale neighbourhoods include Upper Mission, Lower Mission, Lakeview Heights, and Carr’s Landing.

If you are a non-resident involved in the selling of Canadian real estate assets that you own, you should be aware of the applicable provisions of the Income Tax Act to avoid problems when the time comes for the sale to complete.In brief, if taxes are owing to the Canada Customs and Revenue Agency (Revenue Canada) by a property owner, the property can be charged to secure payment of outstanding taxes. This applies to both residents and non-residents. What, however, specifically applies in the case of non-residents selling Canadian real estate is that the property may be charged even after being transferred to the new owner.

In order to be protected and pursuant to the requirement of the Income Tax Act, the Buyer must make a ‘reasonable inquiry’ as to the Seller’s residency status.

Thus the need for indicating ‘Resident of Canada/Non- Resident of Canada’ under the Sellers information in the top left section of the Contract of Purchase and Sale. The Buyer’s notary or lawyer will make a similar inquiry of the Seller when the convyancing documents are signed. If the Seller is a non-resident of Canada, he must apply for and obtain a Clearance Certificate from Revenue Canada and provide the Buyer with this Certificate. It normally takes four to six weeks for Revenue Canada to issue a Clearance Certificate. If a Clearance Certificate is not provided to the Buyer or his conveyancing representative, then the Buyer must hold back one-third of the sale price until the Certificate is provided. If the Certificate, furthermore, is not forthcoming the holdback money is then remitted to Revenue Canada and the Buyer – and the newly acquired property – are protected from any further liability or charge.
A problem, moreover, may arise at the time of completion if,

for instance, the existing mortgage exceeds two-thirds of the sale price and there are therefore no sufficient proceeds to allow for the holdback and clear title, not to mention payment of closing costs. So therefore, if you are (or will be at the time of completion) a non-resident Seller be sure to raise this issue before the property is sold and there is still time to obtain the required Clearance Certificate. Likewise, if you are the Buyer and you learn that the Seller is a non-resident, be sure there is ample time before completion and possession.

Feel free to inquire about the latest information of selling real estate in Vancouver Canada.

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luxury Real Estate Point Grey

The neighborhoods in close proximity to West Point Grey are also on the map when it comes to luxury real estate in Vancouver. Just south of West Point Grey lies the neighborhood of Dunbar which features many ocean view homes in the Arts & Crafts style. South of Dunbar, luxury home buyers will be enchanted to find the Southlands, a pleasantly unexpected little bit of country in the city. Mostly low-lying and bordering the mouth of the Fraser River, this area features luxury estates and homes and a decidedly country feel satisfying the equestrian pursuits of wealthy city-folk. Imposing luxury estates and mansions line Southwest Marine Drive as it curves southward towards Richmond, looking south over the ocean towards Vancouver Island.

Luxury Home West Point Grey

With ocean front real estate and convenient access to some of Western Canada’s most prestigious institutions, it is no wonder that luxury real estate buyers in British Columbia are attracted to the West Point Grey area.