real estate in british columbia - David Hennessey

July 7, 2025July 21, 2025

Maple Ridge Detached homes Market update 2025 July 7 newsletter exert

David Hennessey REALTOR® eXp realty with this weeks real estate news for you.

Maple Ridge Detached homes Market Weekly Market comment

The level of sales activity at this time in Maple Ridge detached homes has decreased slightly over the last week. The number of price reductions is lower and the number of new listings entering the market is down.

However, according to Andrew Lis, GVR director of economics and data analytics, we appear to have reached a change in momentum, a slowing down in the amount of listings and price reductions.

Worth noting is the supply of detached homes in Maple Ridge listed for less than 1 m that did not exist a year ago are now on the decline from 58 a few weeks back to now 49. 3 homes sub 1 m sold in the last week.

High points:

We are seeing a slight decrease in sales over the last week
Less price reductions this last week
Slight reduction in number of new listings entering the market

Overall, we are statistically still in a buyer’s market for detached homes in, less favorable for sellers and many opportunities for buyers.

Subscribers to my weekly Maple Ridge detached homes report get all the details that are not shown here.

Contact me today to subscribe to my valuable, detailed market report

Note: This article offers you general information only and not to be considered specific professional advice for your situation. Let us meet for you to have information specific to your needs so you can make an educated decision on your real estate needs.

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

June 30, 2025July 21, 2025

Maple Ridge Detached homes Market update 2025 June 30 newsletter exert

David Hennessey REALTOR® eXp realty with this weeks real estate news for you.

Maple Ridge Detached homes Market Weekly Market comment

The level of sales activity at this time in Maple Ridge detached homes has decreased over the last week. But there are still buyers looking. I had a very busy open house this last weekend so there are buyers looking but they are looking for the right price. Less price reductions may signify resistance by sellers, a price change is often what re-ignites interest in a property by buyers. The surprise of the week is the large increase in sales with sale prices over 1.5m possibly from buyers selling below 1.5m and buying up into property that most likely is less expensive that it was a few months ago.

High points:

We are seeing a decrease in sales over the last week
Less price reductions this last week
Slight reduction in number of new listings entering the market

Overall, we are statistically still in a buyer’s market for detached homes in, less favorable for sellers and many opportunities for buyers.

Subscribers to my weekly Maple Ridge detached homes report get all the details that are not shown here.

Contact me today to subscribe to my valuable, detailed market report

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

June 19, 2025June 18, 2025

BC Assessment Property Values Tip

If you are curious to know BC assessment property values in an area but you do not know that exact address here is a tip. You find an address that you do know in the area and then scroll down the BC assessment page to the map showing the location of the property you searched and zoom out and then move around to the area you are curious about. Then if you spot the property, click on it and you can see the BC assessment.

Recall BC assessment is not the same as a current market evaluation of your property. If you want a current market evaluation and to be keep up to date on sales in your area of choice in the Maple Ridge / Pitt Meadows area reach out to me via my contact page details.

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

June 12, 2025June 4, 2025

Important Tax Reminder Maple Ridge Pitt Meadows

Important Reminder if you need it
Maple Ridge Property Taxes due date click here

Pitt Meadows Property Taxes due date click here

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

June 5, 2025May 28, 2025

Residential Title Insurance Coverage Calculation

Have you considered title insurance?

Are you trying to figure out the cost?

One example of a title insurance company is Stewart Title. Stewart Title offers title insurance products for home purchasers and existing owners that protect the ownership interest in their property. I am not recommending this company simply offering you an example of a title insurance company in BC, Canada. Vist Stewart Title website

Stewart Title has a title insurance calculator on their site here for you to use to find out the cost

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

May 29, 2025May 26, 2025

Calculate BC First Time Home Buyers PTT Exemption

Calculate BC First Time Home Buyers PTT Exemption
This is from details on the Spagnuolo Law firm website.

Note: there is a first time home buyer exemption or partial exemption from PTT and there is a different PTT exemption or partial exemption based on the fact that the property is NEWLY built. More details here and as always check with your real estate lawyer to confirm the rules and regulations have not been changed before you start home shopping.

FTHB PTT exemption and partial exemption

Reminder: First time home buyer (FTHB) means the Buyer

Source of information

Has never have owned an interest in a principal residence anywhere in the world at any time;
Is a citizen of or a permanent resident of Canada;
Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
If the fair market value of the property is:

– a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;
– a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;
– a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and
– no exemption for properties with a FMV over $860,000.

Read full details and calculate here

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

May 22, 2025May 26, 2025

Can you calculate PTT for me?

At open houses I often meet home buyers who want to know how to calculate PTT.

PTT is the Property Transfer Tax, a tax payable to the BC Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

How is PPT calculated?
This is not a calculation I can do in my head. I will share how it is currently calculated and then offer you a link to an online calculator to make it really easy for you to calculate in the future.

At this time (May 22, 2025) the amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value. (source: BC real estate lawyers)

Go here for the calculator and test it out.

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

May 15, 2025May 15, 2025

What is Strata Property Ownership in British Columbia?

Strata titles are a sub-type of fee simple property grant where there is both the strata property belonging to the owner and the common property that is shared with the other owners of the strata corporation.

While some basic aspects of the strata lots can be verified with a title and BC Assessment search, the strata plan should also be obtained from the Land Title Office to verify the strata lot is in three-dimensional space, and a Form B Information Certificate package should be obtained from the strata property manager (bylaws, budget, rules, and depreciation report).

Note: Whether a property is a bare land strata, non-bare land strata, or fee simple (non-stratified) property cannot be assessed by simply touring the property. Only through careful review of the land title and subdivision or strata plan will the nature of this interest be clear. Bare land strata designations are generally indicated in the title of the registered strata plan.

Lots of complexities exist, for example, in smaller strata properties (i.e., duplex and fourplex units), it is incorrect to think that there are “no bylaws,” as the Standard Bylaws under the Strata Property Act apply even if the strata has not developed its own set of bylaws.

Note: This is only a general introduction to the complexity of strata properties.

Source: BCREA

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Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903