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The BC government is raising the threshold for the province’s homeowner grant well past the $1 million mark, which Finance Minister Mike de Jong said is in response to rising assessments, even though some assessments are going down.

Homeowners in the Greater Vancouver area with homes assessed at $1,295,000 will be eligible for a $570 reduction in their property taxes.

“The homeowner grant helps keep property taxes affordable for families, even as property value assessments rise,” de Jong said.

“By ensuring the homeowner grant threshold keeps pace with assessments, we’re helping families with the costs of owning their homes and ensuring at least 95.5% of BC home owners are eligible for the full grant.”

Overall, sales and median prices of homes in BC have dropped, according to the BC Assessment Authority. Some assessments will therefore go down.

For the July-September period, for example, there were 11,529 single-family home sales with a median sale price of $465,000 in 2011. That dropped to 9,091 sales and a median sale price of $426,500 for the same period in 2012.

Similarly, condo sales dropped for the same period. There were 8,392 condo sales in July-September 2011, with a median sale price of $339,900; that decreased to 6,355 sales and a median price of $318,000.

According to the BC Assessment Authority’s 2013 list of priciest residential properties in BC, Belmont Avenue and Point Grey Road in Vancouver are the Boardwalk and Park Place of BC.

Belmont Avenue boast 17 homes in the $13 million to $39 million range. Point Grey Road has 14 homes assessed at $12.9 to $35 million.

The province’s most expensive piece of residential property is a mansion at the corner of Belmont Avenue and Blanca Street in Point Grey, worth $39.3 million.

© 2012 Real Estate Weekly (REW.ca)

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There are more than 20,000 homes for sale in the Lower Mainland, so making your home stand out for potential buyers is vital. It is especially true in today’s buyer’s market.
First, work with your Realtor to get the maximum exposure for the home. Then prep both yourself and your home for sale day.

Say to yourself, “This is not my home; it is a house—a product to be sold.” Make the mental decision to let go of your emotions and focus on the fact that soon this house will no longer be yours. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners.

Say goodbye to every room. Don’t look backwards—look toward the future. All sellers want their home to sell fast and bring top dollar. Well, it’s not luck that makes that happen. It’s careful planning and knowing how to professionally spruce up your home. Here is how to prep a house and turn it into an irresistible and marketable home.

Dawna Johnson, an Accredited Staging Professional Master (ASP) says the idea behind staging is to allow rooms to show themselves.Think clean and simple: when prepping a home for sale, get rid of clutter, clean and, if necessary, stage rooms with rented artwork, flowers.

“If your home is vacant, it’s soulless,” Dawna warns. “Without staging, it will probably remain on the market for many months.” She has this practical advice for making a home sparkle:

• Apply orange oil to cabinets that appear dry, which will renew their original lustre
• Put out large bowls of fruit such as polished apples, bright oranges, luscious grapes
• Arrange colourful and fun cookbooks on the kitchen counters

Dawna believes in bringing the outdoors inside through the use of greenery and plants, creating clean, crisp spaces and arranging furniture with plenty of room to walk around.

She says bathrooms are essential to dress well. “Bathrooms should look open, airy and delightful,” says Dawna. One of her favourite tricks is to add baskets filled with spa items such as small towels tied with ribbon, bottles of lotion and scented soaps.

The front and back yards often need staging, too. For patios and decks, Dawna brings in plants and potted flowers and makes sure decks are clean and clutter free. Your Realtor has been through many open houses and will be able to provide other tips on getting your home sale-day ready.

© 2012 Real Estate Weekly (REW.ca)