Don McNeill, Real Estate for the Auto enthusiast : Latest Blog Posts

New Mortgage Rules

Fri, 19 Feb 2010 02:20:06 GMT

Government of Canada Takes Action to Strengthen Housing Financing

The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.

Thanks to the Department of Finance Canada.

www.fin.gc.ca

70 340 Duster

Fri, 12 Feb 2010 03:12:17 GMT

I have not seen this car for some time, unfortunatley it's in the same spot as last time i saw it. Owner has had the car for many years and hopes to have it restored one day.

It's a factory FM3 Pink car! 340 4sp, bench seat.

I am not sure on how many pink Dusters were made in Canada but there were ony 414 made in the U.S.

Here is what the car looked like when it was new.

HST Information

Fri, 12 Feb 2010 02:49:20 GMT

With the HST upon us fairly soon, here is some legal information courtesy of Spagnuolo & Co Real Estate Lawyers.

HARMONIZED SALES TAX

HOW IT APPLIES TO RESIDENTIAL REAL ESTATE

GENERAL DISCUSSION

On July 23, 2009, British Columbia announced its plans to implement a Harmonized Sales Tax ("H.S.T.") for B.C. effective July 1, 2010. The H.S.T. is a combination of the 7% Provincial Sales Tax ("P.S.T.") with the 5% federal Goods and Services Tax ("G.S.T.") for a single sales tax rate of 12%.

For consumers, goods and services (with some exceptions) will be subject to the H.S.T. in the same manner as they are currently subject to GST. This applies to real estate as well.

For both used and new homes, there are some extra costs for buyers or sellers but these are for the services required to buy or sell, not on the price of the home.

Buyers of used residential real estate can expect to pay H.S.T. on items such as home inspectors, appraisals and other such services. Lawyer fees will not change as they have been forced to charge P.S.T. for years.

Sellers of used residential real estate can expect to pay H.S.T. on realtor commissions, and any other services they may use (we can’t think of any).

H.S.T. has different implications for used residential real estate and new residential real estate. There are also different rules for commercial properties, mobile homes and other types of real estate. Below is an explanation of each situation.

USED RESIDENTIAL REAL ESTATE

There is no H.S.T. on the price of used residential real estate, much like the current rules regarding G.S.T. There are no extra closing costs on the purchase or sale of a used residential house, subject to the comments above.

NEW HOUSING

Here is where the costs will increase.

H.S.T. will be payable

on the sale of new or substantially renovated homes, where the Contract of Purchase and Sale was entered into after November 18, 2009 and both ownership and possession of the home is transferred after June, 2010. H.S.T. will not be payable on sales of newly constructed or substantially renovated homes where ownership or possession of the home is transferred before July 2010, or where the Contract of Purchase and Sale is dated prior to November 18, 2009.

New Housing Rebate

The Provincial Government is proposing a New Housing Rebate ("the Rebate") to ensure that purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current P.S.T.

The Rebate is 71.43% of the provincial component of the H.S.T. paid, up to a maximum of $26,250.00.

To illustrate this, let’s assume a purchaser is purchasing a new home for $500,000.00. Current Tax Payable		Proposed Tax Payable
G.S.T.		H.S.T.
Purchase Price	$ 500,000.00		$ 500,000.00
G.S.T.	$ 25,000.00		$ 25,000.00
H.S.T. additional tax	$ -		$ 35,000.00
Rebate of H.S.T. (71.43% of H.S.T. additional tax)	$ -		$ 25,000.50
Total Purchase Price	$ 525,000.00		$ 534,999.50

Note that in the above example the purchaser is paying about $10,000 more with the H.S.T. This is approximately 2% more than under the current G.S.T.

The government states that while sales of new homes in B.C. are not directly subject to the P.S.T., building materials used in the construction of homes are subject to the 7% P.S.T. The total amount of P.S.T., on average, embedded in the selling price of a new home is estimated to be equal to two percent. As a result, the government claims that purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current P.S.T. This of course assumes that the price of homes drop 2% due to the elimination of P.S.T. on building supplies.

Note also that the maximum rebate is $26,250.00. This means that the extra tax will increase dramatically for homes over $525,000.00. Consider the following example for a home priced at $900,000.00. Current Tax Payable		Proposed Tax Payable
G.S.T.		H.S.T.
Purchase Price	$ 900,000.00		$ 900,000.00
G.S.T.	$ 45,000.00		$ 45,000.00
H.S.T. additional tax	$ -		$ 63,000.00
Rebate of H.S.T. (maximum of $26,250.00)	$ -		$ 26,250.00
Total Purchase Price	$ 945,000.00		$ 981,750.00

Using the above example, the purchaser of a new home priced at $900,000 will pay an additional $36,750.00 with the imposition of the H.S.T.

The new housing rebates would be federally administered in a manner similar to the G.S.T. rebates for new housing. Individuals would be able to file an application for the rebate directly with the Canada Revenue Agency. However, in the case of homes sold by the builder, similar to the G.S.T. new housing rebates, the builder would have the option of paying or crediting the new housing rebate to the purchaser at the time of purchase.

Other rebates

New housing rebates would be available for the provincial component of the H.S.T. paid for all types of housing eligible for G.S.T. new housing rebates. This includes rebates for the following:

New housing rebate – for purchasers of new houses together with leased land

New housing rebate – for purchasers of new mobile homes and floating homes

New housing rebate – for houses acquired through the purchase of qualifying shares in a housing co-op

New housing rebate – for owner-built homes

New rental housing rebates

Rather than retyping the government announcement on these rebates, please visit http://www.rev.gov.bc.ca/documents_library/shared_documents/HST/new-housing-rebates.pdf. This has complete details on all of the above rebates. It also has information on rentals of new homes by builder-landlords and purchaser-landlords, as well as transitional rebates for partially constructed homes.

We have been unable to find information related to the change in use of properties (primarily short term rental property).

E Body

Sun, 24 Jan 2010 15:52:23 GMT

Not sure if this a Cuda or Challenger but it seems that it requires some tlc.

This rat rod with Alberta plate cruised by me heading east on the #1.

Back in the garage. A freinds hot rod that threw a rod out the block awaits a fresh engine.

Local 71 Scamp

New Year Update

Sun, 24 Jan 2010 05:13:07 GMT

For immediate release: January 5, 2010

YEAR OF THE REAL ESTATE REBOUND FOR

FRASER VALLEY

(Surrey, BC) – Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in

December reflect the real estate story of 2009: recovery.

“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”

According to Penner, a significant portion of the 148 per cent increase in activity in December’s sales,

1,260 compared to 508 in December 2008, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. “An informal poll of our members in December revealed 40 per cent of home sales were by first-time buyers when it would normally be in the 25 per cent range.”

The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26 per cent. However, it received 15 per cent fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34 per cent going from 9,960 properties in December 2008 to 6,534 in December 2009.

“We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a

flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure

on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets,” explained

Penner.

The MLSLink Housing Price Index (HPI) benchmark price for detached homes was $497,732 in

December compared to $464,189 in December 2008, an increase of 7.2 per cent. Although prices have

gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.

The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4 per cent

increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.

The benchmark price of apartments decreased by 0.3 per cent year-over-year going from $237,786 in

December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.

Real Estate News

Tue, 15 Sep 2009 17:41:09 GMT

‘MOVE-UP’ BUYERS RETURN TO FRASER VALLEY

REAL ESTATE IN AUGUST

(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.

There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales– outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.

“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”

“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”

Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.

“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a

conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”

The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.

The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings.

This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.

Garage Cabinet Storage

Sat, 12 Sep 2009 14:47:23 GMT

Need some storage for your garage? Left overs from a Caninet shop.

Great deal for the budget conscious car guy.

Choose from base (lower) and wall cabinets left over from previous large scale projects
that would be great in a garage or workshop. Many sizes and configurations
can be built from what are available. Some that are suitable for race car trailers
with limited space. First come first served as supplies last.

There seems to be a good selection at this time including doors.

All basic "orphaned" wall or base cabinets $40 each!

For $20 more you can have doors to match if they have them in stock also.

Again first come first served. This is a really inexpensive way to add
some good storage and work surfaces to your shop, trailer, basement or
whatever.

Contact Pierre at Stoney Creek Cabinet Co. Located in Coquitlam near United Blvd.
604 808 7425

Hougen Park show

Fri, 11 Sep 2009 14:54:15 GMT

A few fellow Mopar owners attended the Early Ford V8 car show at Hougen Park recently. It never ceases to amaze me at the new rides comming out of local garages. It was a great day and of course all the corn on the cob you can eat! Here are a few entry's.

Plum Crazy Challenger R/T

70 Boss Mustang

Very cool big block Torino GT

I didn't get a chance to speak with this owner to find out exactly what this car is however the attention to detail is mind blowing. Little things like all the phillips head screws on the light covers are alligned the same way. On the inside of the hood is an airbrush picture of the Cobra snake head!

Here are a few cars that caught my eye while driving around the valley.

A nice pair of colour matched Mopars

Charger

Early sixties Riviera

A friends hot rod that sent a rod through the side of the engine. Great excuse for installing that other engine that he had collecting dust. And of course a little more power.

With the cooler weather here it's time to take advantage of the fall cruise season before the inevitable sets in until spring.

Local Real Estate Market sets new record

Sat, 29 Aug 2009 14:52:21 GMT

JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY

August 5, 2009

SURREY, BC – Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board's Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.

"The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a 'move-up' market.

"In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up."

Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. "Whether you're buying or selling, it's important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren't moving."

The Fraser Valley Board's MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.

The benchmark price measures the value of a 'typical' Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in July was $477,420, a decrease of 5.6 per cent compared to July 2008. In the last three months, the HPI benchmark price of a detached home has increased by 3.7 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 6.9 per cent from $327,604 in July 2008 to $304,940 in July 2009, and in the last three months has increased by 3.3 per cent. The benchmark price of apartments also decreased year-over-year by 8 per cent, going from $254,510 in July of last year to $234,178 in July 2009, and has increased by 1.7 per cent in the last three months.

The Fraser Valley Real Estate Board is an association of 2,923 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Local sightings

Thu, 27 Aug 2009 17:21:07 GMT

Here are a few local cars that made the cruise to Langley for the Mopar show.

70 Panther Pink Cuda AAR Clone

67 Coronet 500 440

Super attention to detail on this big block 69 Dart

Super clean Scamp

Angry looking Coronet R/T

And the winner of the modified A Body class,

Congratulations !

Rotisserie made easy

Tue, 14 Jul 2009 21:53:18 GMT

Carl at Maximum collision has recently come up with a great idea for a rotisserie for his Nova wagon streeet rod. We all know how hard it is to get to the bottom of a car for restoration work. Rotisserie's have been around for some time, however buying one would most likley require some alteration for your particular vehicle. Not to mention the cost. Here is a great example made of exhaust tubing and some steel.

Being an octagon it can be rolled with 2 people and would need a 10' ceiling to roll over. A fairly straight forward project to get your car up in the air.

Here you can see the alterations made to the rear wheel tubs to allow for the bigger tire.

An extra stock frame rail being added for strength as the outer one had to be altered for the large tires.

Factory rear tire size and the new size.

For all your collision needs ,

Maximum Collision Ltd

2778 Emerson st

604 859 9223

Local projects

Fri, 10 Jul 2009 15:53:01 GMT

Chevelle/Malibu?

63 Riviera that the owner has had for 25 years! 3rd owner. Last time it was on the road the owner made a trip to a Riviera show in Lake Tahoe, on to San Francisco and up the coast. Great road trip in a very cool car. It's currently getting a makeover with new paint and interior.

Check out the sensor for the auto headlights on top of the dash.

Then the neighbor said he has an old truck. Lets have a look.

55 Chevrolet pickup that has sunk to the floorboards.

This trunk was driven down from the interior not that many years ago. Amazing what the elements can do to a vehicle.

Darn, someone stole the battery!

Nothing a little spit and polish can't take care of.

It seems this owner likes to collect cars too,

55 Chevrolet 210 with Bel Air trim. 350 4sp. Doesn't it scream American Grafitti !

and a 67 Camaro RS awaiting it's turn.

Phew!

Found Mopars

Wed, 24 Jun 2009 18:11:54 GMT

Go Fish? Late 60's Cuda awaiting it's new life.

68 Road Runner 383 4sp, bench seat. Originally Turbine bronze and vinyl roof. Current owner has chosen to remove the diamond tuff seat covers. THANK YOU.

Real Estate Market Update

Fri, 29 May 2009 14:56:28 GMT

Some great news.

For immediate release

BC Housing Market Stabilizing
Balanced markets emerging in Victoria, Vancouver and the Fraser Valley

Vancouver, BC –May 26, 2009.As part of its Spring 2009 Housing Forecast, the British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average Multiple Listing Service® (MLS®) residential price in British Columbia is forecast to decline eight per cent to $420,600 in 2009, instead of 13 per cent originally forecasted at the beginning of the year.

“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”

Super Bee

Fri, 29 May 2009 14:37:16 GMT

After many years of hibernation Johnn'y Dodge's Bee has recently seen some progress.

Way to go JD! Don't stop now.

Calling car 3? Car 3, Car 3?

1962 Plymouth Police car out of the U.S that has been restored. This owner has numerous Vintage Emergency Vehicles that are used for parades, displays, weddings, movies and community events.

Nice to see them restored and not robbed for their valuable parts.

More Mopars

Thu, 07 May 2009 23:59:50 GMT

When this enthusiast found a 69 Coronet 500 383 in Santa Cruz CA the decision was made to drive it home. Almost home near Bellingham it started to snow! 6 inches of the white stuff quickly made the decision for him to find a safe place to park it. How people drove these cars back then all year around I will never know.

383 , Buckets and console, Vinyl roof, Magnums.

After removing the engine for a detail and cleaning up the firewall it looks good as new.

Here is another local Dart being reborn.

Fiberglass flip front end and a big block.

A couple of old timers resting.

Hot Rod Shop

Fri, 01 May 2009 14:41:50 GMT

I stopped in at K&M automotive this week to see a vast array of Muscle cars in the shop. Owner Corey Doerksen has always had a passion for a little extra HP and it seems that since the weather has been great the Hot Rods are comming out of hibernation. Whether your Hot Rod needs some maintenance, a little extra horsepower, custom exhaust, brakes or a correct part for your restoration Corey only does it one way. The right way.

64 Fairlane, 347 Stroker motor

70 AMX 360 T10 4sp with Rally Pak

Stunning 69 SS 396

57 Bel Air Convertible

I have known Corey for 20 years and have always been impressed with his automobile knowledge, passion and the willingness to take on something out of the ordinary.

Whether your Hod Rod needs a little something extra or the family car has a cold be sure to give Corey a call or stop by.

K&M Automotive

2665 Minter street

Abbotsford B.C.

604 859 3812

Cars in Driveways part 2

Wed, 22 Apr 2009 14:56:19 GMT

I have driven past this house for 20 years and noticed the 1966 Satelite behind the R.V. Many years ago there was another 66 Satelite 2 streets over that I tried to buy. After making an offer I was told to call back the next day. Well I called back and after a short conversation was told the car was not for sale! I guess my offer was to low as the car dissapeared a few days later.

This Satelite was bought new by the current owner. 318, buckets and console. Unfortunatley the B.C weather has not been good to the old Mopar. Like to see it back on the road one day.

The owner also has this nice 1967 Fairlane 390 GT that he has had for 18 years.

Here is another enthusiast with a few toys.

Gorgeous 51 Ford

Mint T-bird and on top of the hoist is a Maserati / Lebaron? Who knew.

This street rod is stunning. Mustang SVT running gear should put a smile on your face.

55 Pontiac

Sat, 18 Apr 2009 00:35:58 GMT

This 55 Pontiac was found in Alberta by the current owner and at that time(1980's) was not for sale. It had been sittng in a field for years at that time. In 1993 the car finally changed hands and was hauled out of the field and towed to Abbotsford. Ken has spent since 1993 restoring the car. A little more skin off the knuckles and it should be cruising around. I came across it when his garage door was open. Thanks for the story about the car Ken.

Dodge Darts

Sat, 18 Apr 2009 00:10:27 GMT

Forgotten Mopars

Fri, 17 Apr 2009 20:54:05 GMT

Welcome to the start of "Cars in driveways". I am always looking out for old cars that have seen better days. Some of the cars are in progress or have not turned a wheel in many years. Here is a few that I have known about for some time.

Charger 340

Cool Dart GT Convertible

Johnny Dodge's 70 Bee that was a driver until, under some Bad Influence, decided to make it a racer. Unfortunatley that was 20 years ago and has not seen any progres since.

If you have an interesting old car sitting around or have a project in the garage I would love to feature it on my new site, " abbotsfordgaragehomes.com " Real Estate for car guys.

Thinking of Selling your home that has a shop or multiple garages? Let's market your home to a target

audience that is looking specifically for what you have.