When people buy Real Estate it should be a happy time. It can be happy and non stressful if you do all of the right things. The number one thing I see people doing in this market all the time, and the one thing they should be doing is confiding in a trusted advisor that has your best interests at heart.

This advisor should be your Realtor and they should represent you and only you, and not the Seller.

There a re a few reasons why people choose withhold info rmation:

1. Fear of how they will be Perceived
2. Irrational belief that they have all of the answers
3. they don’t feel that info rmation is important enough

All of these reasons will come out throughout the course of negotiating the transaction anyway, so why not just get it over with. If you are working with a good realtor they will not judge you for your past mistakes or deeds. They have a fiduciary duty to keep these issues a secret and not disclose them. It is very hard to help a person if you don’t know what they are doing behind your back.

If you have cold feet and don’t want to proceed with the deal, you can talk to your Realtor about these feelings. An experienced Realtor will help discover if you really should back out of the deal or work with you through your anxieties.

Vancouver Realtor Real Estate Vancouver Buyer Agent Real Estate Agent Claire LeLacheur Home Buyer

The first change is a new home page in the residential section, designed to eliminate consumer confusion on how to use the site. The default is now set ot a "quick" search format, with an option to search by interactive map. The pop-up that had been generated complaints has been elimintated.

The results page has also been redesigned to make the photos larger and the interactive map space smaller. The address, if approved for display, has been added to the thumbnail.

The restrictions on zoom level have also been removed. This will stop complaints that the site does not respond due to the number of properties in the area. Until this change was made, users would hit the restricted zoom level without displaying properties, creating the impression the map was zooming in and out of effectively looking like it was out of control.

Vancouver Realtor Real Estate Agent Claire LeLacheur Vancouver Real Estate

When making the desicion to move to the suburbs consider the other costs. Sure yoou may be saving money on yoour mortgage payments but is it really making your cost of living go down? Consider your car payments, wear and tear on your car, gas, insurance, and the great intangible your quality of life and time away from your family.

If you stop and think about the math it could be quite big. If you consider that the commute from Surrey to Downtown one way 1 hours worth of driving. You do this twice a day five days a week, 350 days a year. This 700 hours a year or 29 days that you have spent in the car commuting. A full month.

If you take this into perspective, a smaller house might just be worth your time?

No one really knows and if you think you can time the market to buy when it is at its lowest and sell when it is at its highest then you must have a crystal ball.

Here is the thing.

This return to a Buyer's market means that first time home buyers might actually be able to get their foot in the door. Young people who previously had to sit on the side lines and watch because affordability was out of hand, can actually get in on the game these days. First time home buyers have an unbelieveable opportunity to buy something that is within reach and their affordability.

If you are selling a home and moving up within the Metro Vancouver area then the sale price of the home you leave behind and the the purchase price of the new home will be relative.

If you are starting to fret about the fact that you have recently purchased a home and it may have lost some of its value then I must remind you that you have bought a home, a place for your family to live, don't let it consume you at 3:00 AM. This is not some short term commodity or penny stock that you have just bought. Every market is a cycle and real estate values always come back and then some.

Vancouver Realtor Real Estate Agent Vancouver Real Estate Claire LeLacheur

A new report released by Landcor Data Corporation, Lessons from Expo 86 for the 2010 Olympics looks at construction and price appreciation resulting from the Expo Line, completed in 1985 for Expo 86, and then applies the lessons learned to the Canada Line, being completed in time for the 2010 Winter Games.

The Expo line changed the face of Metro Vancouver. The Canada Line has the potential to do the same," says Government relations Committe Chair Sylvia Sam,  commenting on the report. "Rapid transit can have a big impact on residential real estate contstruction and prices."

The report found that in the decade following the Expo Line completion, 1986-1996, home prices along the Expo Line increased at the same rate as the overall housing market in Expo Line communities. But between 1986-1996 vacant land prices near Expo Line stations increased 251% compared to 133 % for over all housing prices in Expo Line communities. Between 1986 and 2007, vacant land prices increased 628% compared to 352% for housing prices overall in Expo Line citiez.

The number of properties built within a 500 metre radius of Expo Line stations also increased. Burnaby, New Westminster, and Vancouver stations had the largest gains. Ther areaa around Edmonds station saw 1137 units built, a 414% increase from the 1975-1985 period. The area around New Westminster station saw 1378 units built, a 644% increase, and the area around Joyce station saw 1211 units built, a 909% increase.

In contrast little residential activity materialized around the 29th Avenue and Nanaimo stations, because these were longstanding single family residential neighbourhoods.

While market conditions played a role, land use zoning appears to have been the pivitol factor, explains Sam. "Where zoning allowed for high density development, residential activity occured."

The City of Richmond is already planning transit oriented, high density urban villages at three of five stations - Capstan, Lansdowne and Richmond-Brighouse - to be completed in time for the 2010 Winter Games.

The Capstan station will see the surrounding 14 acres developed into 10 residential towers with multiple ammentites and the Lansdowne station will serve the nearby Oval Village, a 300 acre site that is planned to be a complete community, green and economically viable and will eventually be home to more then 30,000 residents.

The City of Vancouver is also planning for higher density, mixed use, pedestrian friendly development surrounding the Canada Line stations.

It remains that homes too close to the stations where residents can hear the train don't always appreciate.

Vancouver Real Estate Vancouver Realtor Downtown Vancouver Real Estate Claire LeLacheur

In the 2008 Budget the BC government announced its new plan to offer sales tax exemptions for energy star qualifies appliances, windows, doors, skylights and home heating equipment for water tanks, weather stripping, caulking, and window insulation and energy efficient home heaters.

The city of Vancouver has also established a program called One Day to help residents qualify for rebates that offset the cost of a green retrofit.

Here is how the One Day Program works:

1. Call a certified energy advisor to asses your home. For a one time cost of $150, the advisor will conduct an on site walk through assessment of heating, hot water, windows, doors, ventilation, insulation and overall home air leakage. They will also prepare a customized report with suggested upgrades.
2. Choose which upgrades are right for you. Make improvements within 18 months of your assessment.
3. Arrange a follow up energy assessment. You will have to pay $150 for this assessment as well, but as long as the second assessment proves that your home is more energy efficient, you will get a $150 rebate to cover the cost of the second assessment. The certified energy advisor will submit the paperwork on your behalf.
4. Receive money within three months of completing these steps. You’ll receive one cheque from LiveSmart BC and another from ecoENERGY.

For more info rmation on the One Day program visit www.onedayathome.ca

You can also visit www.livesmartbc.ca

Vancouver Realtor Vancouver Real Estate Home Buyer Buy Vancouver Home Buying a Home Selling a Home Home Renovations Claire LeLacheur

Small or large it is still an underground oil tank and it it is in the backyard of the house that I have an offer on with my clients. When I hear the other realtor say this to me it gives me a massive case of the goose bumps on the back of my neck.

An underground oil tank was used in houses to store the heating oil in the 40's 50's and 60's. After a period of time the new houses that were built were built with other ways of storing heating oil or other ways of heating the home. Those oil tanks were supposed to be empited and decomissioned. Most homeowners did it but there are still a few who did not and the oil tank is still sitting underground in the back yard. In some cases there is still oil in it and this is where the trouble can lie.

It can be a fairly easy job to remove the oil tank. It must be dug up, emptied, and removed or if not removable, filled with sand and hence decommissioned. The trouble lies when the tank has been sitting full of oil. If it has been leaking all of the contaminated soil must be removed as well. All of it! This can turn into a big job and can ruin all of the homes pretty landscaping as well.

It is the Seller's job to disclose on the Property Condition Disclosure Statement if they know that there is an underground oil tank, and then remove it as will have to be done before the property completes anyway. If I am acting as the Buyers agent, I will insert a clause in the offer that will make the seller liable and then we go about our due diligence.

It is only an oil tank but it is still in the back yard of the house you want to buy and the seller must remove it. Sounds easy but most times it never is!

Vancouver Realtor Vancouver Real Estate Home Buyer Buy Vancouver Home Downtown Vancouver Real Estate Claire LeLacheur

In the last seven years we have been experiencing a bull real estate market with average yearly gins in the double digits. There was an overwhelming surge of consumer confidence as well as a number of real estate success stories. While it is too soon to estimate how the collapse of the Lehman Bros, Washington Mutual and the American bid to re shape their economy, will effect our economy and our housing market they are hard to ignore. The overall attitude of the Vancouver Buyer at this point seems to be wait and see.

For those buyers and Sellers who can see the big picture the future looks relatively bright, what with the BC economy as one of the strongest in Canada, interest have been projected and continue to remain the same, job creation is up and unemployment is down. Metro Vancouver is growing in population, our national status as an Olympic bearing city is being heard and we have gained a reputation as being the gateway to the Asian markets.

We have entered a new stage of our evolution in the Lower Mainland, one of longer term stability and maturity. It is time to take home Buying for what it really is – the purchase of a place to live. It is time to learn to enjoy your purchase and not fret about how much money you did or didn’t make.

Your home must become just that your home! A place of solitude and retreat where you can entertain, relax, put down roots, where your family resides and you watch them grow and play.

In a housing market that may go up or down, from a stock market that goes haywire with each passing bit of news good or bad – we must learn to look at our homes as just that – a home!

Vancouver Realtor Vancouver Real Estate Home Buyer Buy Vancouver Home Real Estate Agent Downtown Vancouver Real Estate Claire LeLacheur

Custom built 14 year old 6 bedroom home on quiet 49' x 125' corner property in popular Kitsilano. Well maintained home with 4 bedrooms and 3 bathrooms up. Main floor has an efficient floor plan with large kitchen and attached family room, as well as spacious living and dining rooms. Bright lower level with large recreation room and guest quarters. Private South facing back yard with 2 car garage. Very solid home and good value.

Custom built 14 year old 6 bedroom home on quiet 49' x 125' corner property in popular Kitsilano. Well maintained home with 4 bedrooms and 3 bathrooms up. Main floor has an efficient floor plan with large kitchen and attached family room, as well as spacious living and dining rooms. Bright lower level with large recreation room and guest quarters. Private South facing back yard with 2 car garage. Very solid home and good value.

Nestled behind the laurel hedge is this wonderful circa 1910 character home, move in ready. New bath up plus 2 bedrooms 2 piece powder room and 3rd bedroom on the main. Updated maple kitchen approximately 5 years ago. Large deck and front porch. Open plan main with fir floors, electric fireplace, and big windows. Suite down is newer 1 bedroom currently rented at $640 per month. Roof approximately 7 years, wiring plumbing, updated, new high efficiency furnace. Quiet street and larger then standard fenced lot.

Many agents are pricing their listings perfectly and are getting lots of Buyers coming through their homes at open houses. Buyers however are tending to take the low road in terms of bringing in offers. There are a few things I have seen in the past few months of this changing market that are not so nice. There are a few Buyers that could do with a bit of etiquette.

1. If the price is too high for the market try an offer any way – in some cases Sellers don’t understand the market and the way things are but they want to try it at their price any way. In some cases they need the offer and will look at it. If they have a good realtor on their side, the agent will present that offer and try any way possible to make it work.

1. If you do make a low offer be prepared – low offers can insult some Sellers. Be prepared to have your offer rejected. Also be prepared to go back a second time, there is always a way to make a deal.

1. Don’t shoot the messenger – The messenger being the Realtor. If a house is priced a certain way and you think it is too high, express your opinion, its free country after all. But don’t give the Realtor the ten thousand different ways that you think they have single handedly ruined the economy and made your life a living hell. You don’t know all the reasons behind why it is priced the way it is. In the same respect if you are the Seller and the Realtor is bringing you a very low offer, don’t shout and lay blame – know that the Realtor feels bad enough as it is. You have three obvious choices when you receive an offer, accept reject or counter. In this market place you had better be ready to counter.

1. Snarly Awkward Buyers stay home- if you feel the house is over priced or something is wrong with it that is detrimental to your health, then ask questions, find out  info rmation. Don’t snarl at the Realtor and make them feel horrible because you can’t afford a house. Happy people are not a dime a dozen these days and the last thing anyone needs at an open house is a snarly Buyer yelling at them.

1. There are some great deals out there – just be prepared to do the leg work to go out and find them. Rome was not built in a day and the best things in life are neither free, or found easily.

Vancouver Realtor Vancouver Real Estate Real Estate Agent Home buyer Buy Vancouver Home Downtown Vancouver Real estate Buying or selling a home

Noun

A distressing emotion aroused by impending danger, evil, or pain. Whether the threat is real or imagined. The common condition of being afraid.

Sounds like the definition for the Vancouver Real Estate market.

If Vancouver Buyers wait for the fear of the market to end and the market to return to “normal” this signals reluctance in the face of great opportunity.

Headlines in the paper that say ”Buy Now” will only let you know that the best time to buy has passed.

Vancouver Realtor Vancouver Real Estate Real estate Agent 

But a Buyers market should be just that, Buyers who are buying real estate. It should not be a fence sitting, waiting, loitering, hesitating, vacillating, delaying, faltering, loitering, foot shuffling market.

Buyers should be out there taking advantage of the situation. By the very meaning of the term taking advantage, I do not mean, wearing down, and bullying the Sellers and their Realtors until they actually give you an unrealistic sale price just because they are so tired of you. I mean getting out and looking at real estate. At this very moment I am sitting at my second open house of the day that no one has come through. Not even the neighbors.

The great irony of this buyers market is that even though the opportunity is there to buy and it has been the best ever in 7 years that we in the Vancouver market have ever seen, Buyers aren’t even out and looking.

Two years ago, when it was trendy to buy, there would be so many people at an open house that I would have to lock the door just to keep my sanity. Not so very long ago everyone was excited about buying. Prices were escalating and it was a very difficult period for a Buyer to even get into the market. Buyers were afraid that they would loose out.

In these heavy economic times, there has been a mighty shift in the market and all of a sudden the tables have turned. Buyers have more opportunity then they have ever had, and the fear of paying too much seems to stop everyone in their tracks. Lemmings. The mob mentality and the herd instinct at its best.

Reading a quote this morning from Warren Buffet, stating that, when everyone is greedy be fearful, and when everyone is being fearful be greedy. Warren ’s take on the contrarians point of view is a time tested and true view at looking at not only real estate but investing.

Those who bought up land in bombed out Berlin after the Second World War were made some of the biggest over night millionaires in the world. Now that is guts. Yes I would admit there would and should be fear there.

Buy in this Vancouver real estate market – sure. It has finally gotten to the point where everyone has wanted it for years, and now those same people are crying because the sky is falling. I just looked out the window and the sky is where it should be.

Vancouver Realtor  Real Estate Agent Vancouver Real Estate Vancouver Market Conditions

Priority living in this new project will be given to residents of the Downtown south area and or neighbouring communitites. Tenants will be single individuals with low incomes, homeless or at risk of being homeless, and currently living in older hotels and rooming houses Downtown. Tenants may have mental health, addiction or other health issues and will include those in need of supportive services. The building will designed to LEED Gold standards.

Other features will include:

*9 residential floors with 133 studio units averaging 330 square feet.

*First floor will be dedicated to office space, ammenity and support services, including reception, counselling and office area, exercise room, conference room, library, computer and TV rooms, laundry, community kitchen and a multi purpose space.

*Large landscaped outdoor ammenity space at ground level.

*13 underground parking spaces, storage area, and bicycle area for 100 bicycles.

*a building security and controlled access system.

*minimum of 2 staff on duty 24 hours a day 7 days a week.

The support services provided to tenants at 1050 Expo Boulevard include:

*Supporting the day to day living of tenants by providing emotional support and life skills programming.

*working with tenants to link them to services in the community regarding health, mental health, counselling and daily support services.

*Advocating on behalf of tenants in applications for medical and disability benefits.

*Developing tenant committes to provide input into the mangement of the buildings and meeting tenants' needs.

Vancouver Realtor  Vancouver Real Estate Downtown Vancouver Real Estate Real Estate Agent Vancouver Real Estate Agent

What Mr. Wolf is emasculating is that Canada’s housing market bubble is set to burst with a huge resounding pop because Canadian house holds are over extended, even more so then those of Britain and almost as much as the U.S.

While I won’t disagree that there are a large portion of Canadians who are over extended on their credit cards, and other untimely debt to un named furniture stores that advertise furniture for free until 2012, I do disagree with the statement that our housing bubble may burst.

There are several huge differences between the Canadian housing market and the US housing market. They were most appropriately made fun of in a Saturday Night Live Skit.

You have to be gainfully employed. A large portion of sub prime mortgages in the United States were handed out to people who had no income, did not have to prove that they ever had any income, and were given a substantially large mortgage based on what? Absolutely nothing.

You must have a down payment of 5% - 25%. This almost leads back to the first point of being gainfully employed. Somewhere along the line large amounts of Americans where aloud by the banks to do Zero down mortgages. What’s worse, they were only paying down the interest and not the principle.

You must be a person of character. Here some might argue that this may be against the Charter of Human Rights. However, those who have some sort or drug or alcohol addiction and have not sorted their lives out, and have no job shouldn’t be allowed to have an interest only zero down mortgage for a house that is worth a half million. Period.

You must show that you have paid your taxes. These days mortgage brokers and banks alike ask for proof that you have paid your taxes and you don’t owe the government outstanding money.

Canada’s sub prime mortgage market made up only about 5%-7% of the overall mortgage market which is not much considering the bigger picture, whereas the US sub prime mortgage market made up about 98% of all their lending.

Taking a look at the bigger picture of Canada as well as BC we are on good economic footing. We have been conservative in our lending processes and cautious in our ways. While there are people out there who have over extended themselves in a mighty way, I don’t believe that we will follow in the US footsteps that are now mired heavily in the mud. While the 700 Billion dollar bailout has just passed through the senate and the House of Representatives, this may take a while to work its way through the system.

Stephen Harper has repeated the same sentiments over the course of the debates in the wake of our looming Federal election, “we will not see the same thing here (Canada) as in the US” stressing that our financial institutions and consumer markets are in much better shape and can ride out a storm as heavy as this.

Vancouver Realtor Vancouver Real Estate Downtown Vancouver Real Estate

This project will be developed by Francesco Aquilini, a name synonymous with the Vancouver Canucks. Both Rennie and Aquilini’s involvement in the project means that Buyers are buying not only from a developer who’s been around, but a developer who going to be around, which is words that warm the Buyers heart and give you the warm and fuzzy feeling all over. These days there are Buyers who are looking for stability and accountability from a developer in the light of the leaky condo situation which has not yet died down in Vancouver from the late 80’s.

Apart from being mindful of space, movement and the fact that you can have 4350 cans of soup in the 102 cubic feet of storage in the kitchen, the marketing states that over 60% of the homes are being sold for less then $500,000. An astounding sum for any other part of Canada but a huge bid for affordability on the part of the developer and the builder.

The development will also include 2 detached heritage homes which will be moved and re situated and then re built and sold as part of the project for a sweet starting point of $880,000.

Apartment sizes will range from 553 square feet to 885 square feet and townhouses and penthouses will be  from 1168 square feet to 1315 square feet, with prices starting at $399,000 going right up to $1.5 million. Occupancy is slated for Fall 2011.

What with Vancouver real estate market softening and for the larger part speculators on pre construction projects have been pushed aside, it will be interesting to see how this project fares. Will it cater solely to the Downtown Vancouver professional just needing a space to hang their hat?

Vancouver Realtor Vancouver Real Estate Home Buyer Pre Construction Vancouver

I will outline some of them here.

Liberals:

To date the liberals and the Greens are the only major federal parties to release a full platform. The Liberals Richer Fairer, Greener action plan specifically targets property owners with green initiatives  to help Canadian families weather higher energy prices and reduce Canada ’s carbon footprint.

The Liberals intend to retrofit 50% of all Canada ’s homes by 2020 and 100% by 2030. If elected they will provide up to $10,000 in direct financial support for any household  that invests in energy saving measures like insulation, weather pr4oofing and efficient heating systems.

They will also introduce interest free green mortgage loans of up to $10,000 per household to help Canadians pay for the up front costs of major energy saving home retrofits such as geothermal or solar heating systems.

They also promise a $140 million Low Income Homes Retrofit Partnership Fund to help upgrade low income housing across Canada including federally administered co-operative housing and reduce energy costs for those least able to pay.

They also intend to provide 30,000 new social housing units and refurbish another 30,000 existing units across Canada .

Conservatives

The conservatives have only made one housing related election promise to date. If re-elected they promise to give first time home buyers a tax credit for up to $5000 of the closing costs on the purchase of a new home.

Although the Conservatives haven’t released a full platform they have previously made tax cuts that helped to offset the cost of owning a home.

NDP

The NDP also have not released a full platform or their position on federal housing and home ownership issues, although Jack Layton has spoken about these issues in some appearances.

Green Party

The green party’s platform includes several green retrofit promises that may impact home buyers and sellers if the party is elected into power.

The green party plans to retrofit all of Canada’s buildings to a high level of energy efficiency by 2025 and zero net energy after 2025 using refundable tax credits, tax deductible green mortgages, 100 % accelerated capital cost allowance, revolving federal loans and changes to Canada’s Building Code.

They also promise to amend the regulations requiring all appliances to meet ENERGY STAR criteria by 2015 with most inefficient appliances and light bulbs phased out by 2010.

Overall and either way you cut it there will be changes in the next Federal election that will effect us all.

Vancouver Realtor Vancouver Real Estate Downtown Vancouver Real Estate Real Estate Agent Vancouver

Vancouver Realtors are professionals just like your local butcher, baker, and your banker. Each agent carries their own set of protocol tips that they adhere to as well as their own set of professional ethics.

1.Undertsand that Agents work on Commission

Very few agents work on a salary - none that I know of! Realtors get paid a commission but only on the close of the transaction and only if their name is on the contract. Don't ask an agent to work for you if you fully intend later on to cut them out of the deal.

2. Keep appointments and be on time

When you call an agent for an appointment they must inturn call the listing agent who calls the Selllers to arrange for an appointment when the Sellers are out. You are not the agents only prospect and God help you if you are! If you are going to be late give a phone call - but try to be on time.

3. Choose an Realtor then stick with that Realtor

Decide whether or not you want to work with an Realtor before you start your home shopping process. Interview a few Realtors and let them know that you are in the interview process. Then pick one and stick with them.

4. Do Not call the Listing Agent if you are working with a Buyers Agent

Listing agents work for the Seller and not the Buyer. If you hire the Listing Agent to work for you and she has also listed the property then you are accepting limited dual agency. If the listing agent shows you the property then they will expect to represent you. Please don't tell the listing agent that you would like to see the property and you are working with a Buyers agent but you would prefer not to bother them because they are busy. Please, who is not busy these days? Stop wasting people's time and get both agents in the room.

5. Practise open house protocol

If you are perusing open hosues let the listing agent know that you are working with a Real Estate Agent. If they ask you to sign in to the open house, add your agents phone number. It is also a good idea to carry a stack of your agents cards so you can hand them out to the other Realtors at the open houses. Don't go to an open house and ask about the Sellers motivation and why they are selling - just leave that to your Realtor to get that information in private.

6. Sign a Buyers Agent Agreement

This is a not generally a big thing in BC right now but I guarantee that soon it will be mandatory. This is a binding document that creates a relationship between you and your Real Estate Agent. Once you are signed up, the realtionship between you and your agent allows her to work smartly for you and in your best interest. Trust me, if you sign a buyers agent agreement you will recieve great service. If you are not ready to sign one then perhaps you are not ready to buy a house?

7. Make your expectations known

If you would like your agent to pick you up at your office and put you in her car - then let her know. Most agents don't have the ability to mind read. Open lines of communication allow your agent to find you a house that you want. Let her know how you like to communicate, via telephone, message, text or email and the best times to call.

8. Don't Sign forms you don't understand

Don't feel silly if you have asked your Real Estate Agent to explain a form that she is asking you to sign again, this is part of the job. Wake up and realize if you are signing a Contract of Purchase and Sale and you have actually bought the place. Finally, realize that Realtors are not lawyers and cannot intrepret the law.

9. Be Ready to Buy

If you are not ready to buy in the next 6 months then don't waste people's time by making private appointments - go to open houses - but be honest and tell the Realtors that you are just shopping. If you have  small children be ready to hire a babysitter so that you can concentrate on the task at hand - finding a home.

10. Be ready to sign on the dotted line!

Vancouver Realtor Vancouver Real Estate Downtown Vancouver Real Estate 

One doesn't have to be living under a rock to realize that the real estate market in the Lower Mainland has taken a dip in prices and an increase in listings offering some fanatastic values in our market place. Over the past few weeks I have seen savvy Buyers snapping up mega deals in Vancouver Real Estate market.

It was only yesterday that we were in multiple offer situations on every listing with Buyers paying much much more then the asking price and unable to negotiate any reprieve with unavailable Sellers. Today, we have greater selection, lower prices, negotiable owners, great interest rates, and Buyers who are rarely forced to offer over asking? 

I have a few great deals myself in my own listing inventory, one being 3892 Nithsdale in Burnaby.

Vancouver Realtor Vancouver Real Estate Home Buyer Home Buyers Agent

This is good news for most Vancovuerites who have been watching the stock market bounce for over a month now with news from the US credit crunch and $700 billion dollar bailout. What we all really need is an escape from realty as of late. The chicken little's of the world have been out telling anyone who will listen that the sky is defintely falling with the "I told you so" attitude.

What the article does say is that there will be a dramaitc drop in housing statrs over the next 2 years. I believe this is good news as what we have seen in Metro Vancouver over the past two years is nothing short of dramatic in the number of residential buildings that have been popping up on every street corner.

There will be a drop in the number of sales throughout the Lower Mainland as well as our real estate prices, of which we have already seen, as well economic growth.

"Those wealth effects have reached British Columbia and people are feeling less wealthy. As a result, they are not increasing their consumption as much as they did over the past several years," says Central 1 economist David Hobden.

While inflation is predicted to stay about the same slower economic growth will translate to slower job growth.

The 2010 Winter Olympics will give tourism a huge boost but broader economic factors will keep tourism growth slow during the entire forecast period. Higher gas prices and a higher Canadian dollar will continue to affect both domestic and U.S. tourist visits.

Vancouver Realtor Vancouver Real Estate Vancouver Market Conditions Downtown Vancouver Real Estate

Yaletown loft at Metropolis. Dramatic 2 level home at this sought after address. Wonderful city vistas and abundant natural light are provided with west exposure and floor to ceiling windows. Soaring double height ceilings in the living area. Open plan and the main level with bedroom and office area up. Building is well cared for and professionally managed. This home includeds one on site secure parking stall and a storage locker.

In the last seven years we have been experiencing a bull real estate market with average yearly gins in the double digits. There was an overwhelming surge of consumer confidence as well as a number of real estate success stories. While it is too soon to estimate how the collapse of the Lehman Bros, Washington Mutual and the American bid to re shape their economy, will effect our economy and our housing market they are hard to ignore. The overall attitude of the Vancouver Buyer at this point seems to be wait and see.

For those buyers and Sellers who can see the big picture the future looks relatively bright, what with the BC economy as one of the strongest in Canada, job creation is up and unemployment is down. Metro Vancouver is growing in population, our national status as an Olympic bearing city is being heard and we have gained a reputation as being the gateway to the Asian markets.

We have entered a new stage of our evolution in the Lower Mainland, one of longer term stability and maturity. It is time to take home Buying for what it really is – the purchase of a place to live. It is time to learn to enjoy your purchase and not fret about how much money you did or didn’t make.

Your home must become just that your home! A place of solitude and retreat where you can entertain, relax, put down roots, where your family resides and you watch them grow and play.

In a housing market that may go up or down, from a stock market that goes haywire with each passing bit of news good or bad – we must learn to look at our homes as just that – a home!

Vancouver Realtor Vancouver Market Conditions  Vancouver Real Estate   Downtown Vancouver Real Estate

All you have to do is tune into CNN to hear about AIG getting bailed out, Lehman Bros filing for Chapter 11, and Washington Mutual being stormed over night with Wachovia straight on its heels.

Over the years as the US has launched new operations into deserts, and raged battles in countries over terrorisits and weapons of mass destruction, there is one thing that is for certain in the media, fear based media sells papers and makes viewers tune in.

Have thought that maybe the media are doing the same thing to us here in the Lower Mainland? Making the absolute worst out of the housing market, printing headlines that allude to the real estate market “falling off a cliff” and headlining the evening news with words that want to make me throw up in my mouth!

However you want to cut it, fear and bad news sells papers and gets the local TV stations higher ratings.

Vancouver Realtor  Vancouver Real Estate Market Conditions

Although leaky condos aren't making as many headlines as they did during the original 1982-1999 leaky condo crises that doesn't mean the probelm has been solved.

"Basically the report is an investigation into market inventory. Its purpose is to give the province an update on the leaky condo situation," explains the Condominium Home Owners Association's Director Tony Gioventu. "The rehab program has been underway for almost ten years and in 1999, nobody really knew how long it was going to take, how many buildings were going to be fixed or how costly it was going to be."

Many believe that this report will set the stage for what will happen next in our province. Higher priced building materials, a shortage of good and experienced trades and inflation may make repairs difficult if not obsolete over time.

A building is looked upon as suspicious when one or more of the following happen:

1. Major water penetration problems

2. Massive building repairs

3. Previous building audits or envelope inspections where the problems have gone ignored by the owners

4. Upcoming building audits or envelope inspections.

The best policy as a Buyer is to watch out for these details when purchasing a condo built within this time period. When constructing an offer where a leaky building is suspected, make sure to ask the Seller for two years of strata minutes, and strata documentation. The problems will be relevant as there will be business that comes up of this nature and the strata will vote down the repairs as a whole in Special General Meetings of Annual General Meetings. A set of financial statements should also be read by the Buyer as if the repairs to the building where voted down, the reason why should be found out. If there is no money in the contingency fund to pay for the repairs then this is also a sign.

It should be pointed out that while there where 159,000 strata units built province wide between 1982 and 1999 and out of those 72,000 suffered some sort of water ingress problems, there are condos out there that were built during this period that are a solid investment and well kept.

Key Findings of the HPO Report:

It indicates that 159,979 units province wide between 1982 and 1999. During this perod approximately 72,000 units suffered from "premature envelope failure." Other scenarios in the report suggest this number may be higher.

It estimates that only 42% of all leaky units have been repaired to date which leaves 58% still to repair.

It concludes that concrete high rises develop water problems at a slower rate then wood frame buildings and that approximately six to ten high rises, often with 100 or more units per building, are identified as leaky buildings every year.

Vancouver Realtor  Vancouver Real Estate Vancouver Condo Condo Vancouver

A new report released by Landcor Data Corporation, Lessons from Expo 86 for the 2010 Olympics looks at construction and price appreciation resulting from the Expo Line, completed in 1985 for Expo 86, and then applies the lessons learned to the Canada Line, being completed in time for the 2010 Winter Games.

The Expo line changed the face of Metro Vancouver. The Canada Line has the potential to do the same," says Government relations Committe Chair Sylvia Sam,  commenting on the report. "Rapid transit can have a big impact on residential real estate contstruction and prices."

The report found that in the decade following the Expo Line completion, 1986-1996, home prices along the Expo Line increased at the same rate as the overall housing market in Expo Line communities. But between 1986-1996 vacant land prices near Expo Line stations increased 251% compared to 133 % for over all housing prices in Expo Line communities. Between 1986 and 2007, vacant land prices increased 628% compared to 352% for housing prices overall in Expo Line citiez.

The number of properties built within a 500 metre radius of Expo Line stations also increased. Burnaby, New Westminster, and Vancouver stations had the largest gains. Ther areaa around Edmonds station saw 1137 units built, a 414% increase from the 1975-1985 period. The area around New Westminster station saw 1378 units built, a 644% increase, and the area around Joyce station saw 1211 units built, a 909% increase.

In contrast little residential activity materialized around the 29th Avenue and Nanaimo stations, because these were longstanding single family residential neighbourhoods.

While market conditions played a role, land use zoning appears to have been the pivitol factor, explains Sam. "Where zoning allowed for high density development, residential activity occured."

The City of Richmond is already planning transit oriented, high density urban villages at three of five stations - Capstan, Lansdowne and Richmond-Brighouse - to be completed in time for the 2010 Winter Games.

The Capstan station will see the surrounding 14 acres developed into 10 residential towers with multiple ammentites and the Lansdowne station will serve the nearby Oval Village, a 300 acre site that is planned to be a complete community, green and economically viable and will eventually be home to more then 30,000 residents.

The City of Vancouver is also planning for higher density, mixed use, pedestrian friendly development surrounding the Canada Line stations.

It remains that homes too close to the stations where residents can hear the train don't always appreciate.

Vancouver Realtor Vancouver Real Estate Real Estate Vancouver 

I for one am truly excited about this list and plan to put my name on it as soon as possible. There has not been a quiet family dinner or a relaxing evening that has gone by in the last few years where the phone rings and it is a radio survey, an automated voice telling me I must come to a free home buyers seminar, someone telling me I won a trip to Mexico, or a phone company trying to tell me that I must go with them as they have the very best long distance rates in the world! I am tired of dealing with pushy sales people who won't take no for an answer when you tell them you already have a credit card and don't need another!

As a Vancouver Realtor, I have not cold called potential clients asking for business for about 7 years. I find it to be a harsh way of doing business and one that has gone the way fo the dinosaur in terms of marketing and getting your name out there. The fine for Realtors who continue to cold call, any person who is on the list will be astronomical and completely not worth the time.

It is unfortunate that surveys and charities are the only exceptions to the rule and will still be able to call anyone on the list without fines.

Vancouver real estate Downtown Vancouver Real Estate

In particular, studio's and one bedroom apartments are renting at higher rates then ever, and the market is astoundingly tight for these particular units.

According to Kennedy Stewart, a researcher at Simon Fraser University, "It comes with urbanization," he said.

"A chronically low vacancy rate is the sign of a city that has to adjust its expectations of lifestyle," he said, adding that people who want to live in high-density areas of "a teenage city" like Vancouver may have to sacrifice living space, vehicles and even furry friends until the new buildings age and owners aren't as concerned about maintaining their pristine condition.

The story in the Vancouver Sun can be found here: http://www.canada.com/vancouversun/news/story.html?id=671fd888-2bc6-4155-ab52-ffd5569ab654

Vancouver Real Estate Market Vancouver Realtor 

The report states that Vancouver is one of the cities in Canada with a highly unbalanced real estate market due to the fact that rental rates and sale prices of homes don't correlate. He states that the Vancouver real estate market is between 7% and as much as 11% over priced at this point in time. Ironically, the next day the Vancouver Sun ran with the story, and the worst case scenario of 11%.

This proclomation has sent many Buyers in the market place into a tizzy wondering whether they should buy or wait to see what will happen with prices and what will happen in the immediate future with our Vancouver Real Estate market. I have many of my own Buyers contact me wanting to know what we should do?

I have read through the report and have come to some of my own conclusions. The only city in Canada right now that has a balanced market according to this report is Toronto where rental rates are in line with sale prices. But what if Vancouver's rental rates are lower then they should be? What if the rental rates are under valued? I also find it very hard to believe that one could base this finding solely on what is listed on Craigs list for rent.

Since when did Craigs list become an indicator that our Real Estate Market is over priced and unbalanced? I don't think so.

My conclusions to this post are that this report is only one way of looking at a very small piece of a larger picture. Sensationalism sells news papers and gets you noticed and perhaps this is Mr. Somerville's fifteen minutes of fame?

The report can be read here:

Tunali on 10th - a brick & glass boutique building with only 23 homes in a coveted Kits location. No wasted space in this one bedroom and den plus flex space perfect for those who work at home. Featuring contemporary open kitchen, walnut ca binets, Italian faucets, large living room with plus carpet, electric fireplace and floor to ceiling windows that flood the inside with natural light. An unblemished interior, deep soaker tub in the bathroom, storage, parking, and no restrictions on the rentals make this a perfect venture for owners or investors alike.

View this recently sold Condo or see all my home sales

View this recently sold House or see all my home sales

Stylish and contemporary 1 bedroom apartment just off the drive! Featuring large open kitchen, dining room and living room provides a versatile interior perfect for relaxing or entertaining. Enjoy the large bedroom big enough for a queen si zed bed and a dresser! Enjoy panoramic city and mountain views from your North facing patio. Elegant decor, gas fireplace, parking, storage, insuite laundry with storage completes a favourite package any buyer would strive for. Small, well-cared for, community minded, building that boasts its garden.

Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent.

Vancouver nabbed the orange colored streets, while Toronto was assigned the magneta group and Montreal actually got the coveted Baordwalk position. I definitely would have thought that Vancouver would have justified the boardwalk position as everyone is always crying that we have the highest real estate prices in Canada?

Vancouver Real Estate Vancouver Realtor Vancouver

I have been working with a tremendous amount of Buyers lately who feel up to the challenges of home renovations. In the initial interview I always ask a new Buyer, if I found you the right place and it needed a bit of paint and new floors would you feel up to the task? Most answer yes, and for sure and I have no doubt that they can take on the challenge. Others answer  a hearty yes and then glance down at their meticulously manicured fingernails and I shudder! They have no idea what they are in for!

As a general rule of thumb the money that you put into your kitchen and bathroom renovations nets the most money back when it comes time to resell the property. New counters, cabinets and applainces go along way in making your kitchen the most eye catching, while a new vanity, tile, floors and light fixtures on the bathroom secure your spa insprired future. Other perfect renos is changing a worn out carpet to hardwood or laminate floors, and neutral paint colors.

For most these renos can turn a regular joe into a weekend warrior. Others should pick up the remote and leave the renos to the experts!

Vancouver Realtor Vancouver Real Estate Home Renovations Home Improvements