Real Estate Online Tools Through My Home Planner by Genworth PLUS Top 10 Home Buying Mistakes, Long Term Real Estate Questions, New Versus Resale

Real Estate Online Tools Help Make Sense of the Canadian Homeownership Process

While they are often cause for celebration, planning a Canadian home purchase and a move are often cited as some of life’s most stressful life experiences and events. Many other life moments have built in backup to help you along the way such as weddings have planners, and vacations offer itineraries and tour guides for you. It only makes sense, that something this important such as a Canada home purchase should come with planners and checklists to keep you organized and in control every step of the way. My Home Planner, found at www.myhomeplanner.ca is a new and useful online tool by Genworth Financial Canada that helps make sense of the homebuying process in Canada real estate markets. It’s like having a constant companion on your journey to homeownership in Canada property – one with a great memory and a knack for details. An interactive calendar show you your roadmap at a glance and serves as an official countdown to when you close the Canadian real estate property deal and move in. Canadian My Home Planner does the memory work for you – keeping track of tasks and decisions that need to be handled ont eh way to your new Canadian home purchase. It even generates email notifications to remind you of key details so that you can stay focused on the big picture of Canadian home purchase. Why go it alone? Tools like My Home Planner Canada from Genworth Financial Canada can help you understand what Canadian homeownership looks like, plan your journey and close the deal knowing that you haven’t missed a single step along the way. Other free resources from Genworth Financial Canada for Canadian homeownership and home purchase includes a personalization feature that populates your Home Planner calendar with both standard and customized homebuying tasks leading up tot eh closing of your new home, the ability to save your own Home Planner Canada to your desktop or laptop, and print it for easy reference. In addition, My Home Planner Canada will provide interactive tools like ‘What Can I Afford’ and ‘Rent vs Buy’ calculators and a library of articles from industry experts, filled with tips and advice about the Canadian home buying process.

The Top 10 Home Buying Mistakes and How To Avoid Them

A useful article from the Canadian Real Estate Magazine outlines the top ten problems and mistakes that Canada homebuyers make when deciding on a home purchase. #10 – Making an offer prematurely is one of the top 10 home buying mistakes in Canada where homebuyers decide on a property without looking at other options or enough other properties. #9 – Homebuyers Using the Wrong Realtor – as many realtors entered into the Canadian real estate marketplace to make the quick buck (not because they really enjoyed being agents), the tougher times have allowed Canadian home buyers to select the best realtors for the job at hand. A challenging market poises more challenges, and an experienced local realtor is definitely important in your purchase decision. #8 – Not reviewing the purchase contract closely can become a top 10 home buying mistake in Canadian real estate as there are many clauses, inclusions and exclusions in every purchase contract. And since many first time Canadian home buyers purchase condominiums, these agreements are usually drafted by builder lawyers. #7 – Scrimping on the inspection process can cause you a lot more money and headaches in the future and thus is a top 10 homebuying mistake in Canada as it only costs $500 to thoroughly inspect a full single family home before you write the final cheque and lift conditions on your offer to purchase. #6 – Choosing the wrong location is a Top 10 Home Buying Mistake that can mitigated – as most first time homebuyers tend to stay in their homes for five to seven years, but you need to look at your eventual resale value. #5 – Not knowing your mortgage options can cause you to spend a lot more money on your mortgage payments both short term and long term and thus is a top ten home buying mistake that many first time hombuyers in Canada fall into. Get mortgage brokers to talk to banks on behalf of your application to help you along your way. #4 Not getting pre-approved for a mortgage is another top Canadian home buying mistake as a pre approved mortgage allows you to understand how much banks are willing to help finance your new home purchase. #3 – Settling on a property is the opposite of over buying and afflicts many Canadian homebuyers and thus, you need to make a more informed choice. #2 – Emotion over reason is a common Top 10 Canada Home Buying mistake as the emotional attachment that you get can outweigh any reasonable reason, your budget and many other critical factors in selecting a new home. In addition, cosmetics and furnished homes for sale will not look the same with your furniture and features integrated into the home. #1 Top 10 Home Buying Mistake in Canada is overbuying, so make sure that you can afford the home that you put an offer on.

12 Top Questions for Long Term Real Estate Potential

When it comes to capital appreciation and increase in rents over the long-term, the top 12 long term real estate potential questions for homebuyers and investors include the following questions that you must ask yourself and other professionals before purchasing a new home in Canada. Will any short term challenges (such as negative publicity, layoffs) disappear? Is the area attractive to Baby Boomers? Is there a major transportation improvement occurring nearby? Is the neighbourhood located in an area of renewal or gentrification? Is the region’s Economic Development Office helpful and proactive? Has the local and provincial political leadership created a growth atmosphere? The final six top 12 questions for long term Canadian real estate potential include: Will the property value benefit from a major redevelopment nearby? Is the Canadian real estate booming in the surrounding region more than where you’re looking? Does the area have more than one major employer? Is the area creating jobs faster than the provincial average? Is the area’s population growing faster than the rate of the provincial average is? Is the area’s average income increasing faster than the provincial average is? From REIN.

Buying New Versus Resale Real Estate in Canada – Which One Is Better?

There has always been an ongoing debate amongst both homebuyers and investors on whether to purchase new property or to buy resale real estate. One of the common questions firs time homebuyers have is whether to buy a new or previously owned home, typically called a resale property. Much of your decision, according to CMHC as well as the Canadian Real Estate Magazine hinges on your budget, the area you want to live in and other specific details – but there are some characteristics that all homebuyers should be aware of when the new versus resale real estate debate goes on. So in this real estate debate of new versus resale, a new home will have the following disadvantages over re-sale property (in no particular order): extra costs (like upgrades) and taxes (such as GST, HST etc.). However, the advantages of new property versus resale real estate is that the newer builds have neighbourhood amenities, new home warranty program to protect your investment in the short to medium term, builder warranty for your protection, low maintenance costs, up to date on the latest building standards and modern design/layouts. From the resale home perspective, there is no GST or HST, landscaping and fencing are already usually established, you can see exactly what you are buying before you make your final decision but there may be possible redecorating and renovations required for an older home.

Tips and Tricks in Selling Your Home Faster in the Vancouver Re-Sale Real Estate Market - Curb Appeal and Summer Decks

Property Curb Appeal Magic

By S. Boyce for Homebase. The three principles of Earth Inc. each serve up a trio of their top tips for enhance curb appeal. James Dale- A separate pedestrian entrance to your front door lessens the impact of a large driveway – after all, people are more important than cars. Proper lighting enhances curb appeal by creating a sense of welcome and increasing viewing hours well into the evening. Lighting also provides incredible curb appeal during winter interest that’s often overlooked. Sometimes a planting scheme for curb appeal may be completely offensive to a viewer on the opposite side of a fence or property line. A quick discussion of your intentions not only makes better nieghbours but the end result may end up complementing both your homes better in terms of property curb appeal. Kennedy Mcrae – Plant both sides of your driveway with similar plants and it will frame your house like a picture to add property curb appeal for your home. If you have a stone house, vines will instantly give it warmth and comfort. Just remember not to let the vine touch the windows. Architectural structures like benches or screens can create a beautiful courtyard and draw out the arechitecture of your house for added real estate curb appeal. Joel Loblaw – Spaces that can’t be seen from the curb but make people wonder what’s there give a garden interest, intrigue and a sense of wonder. Sculpture, urns, or water features add zing to any front yard to add curb appeal for your property – especially when you are willing to take a few risks by thinking differently. Remember plants grow. An evergreen tree is a perfect example of something that looks great initially, but can ultimately overwhel a residence decreasing the curb appeal of your home through time.

The Home Sale Starts Outside – Curb Appeal Importance

Curb appeal can be the defining factor in selling your home according to HouseLeague Ryan D. for the Metro Newspaper. Staging, renovating, and updating a home’s interior seems to be second nature for many when it comes time to list that property, but what most people tend to forget is that the first and last impression in property makes is from the outside curb appeal. Whether you live in a house, or a condo, there are some simple rules to keep in mind when getting your property ready for sale. One of the most important is going to be ensuring that the outside brick or paint work is fresh, updated and neutral. Lime greens and dusty roses do not do much to convince the average home buyer, so seek out the potential gem inside. In fact, you may find that purchasers will not even make it to the front door if you have bad curb appeal: Throwing on a coat of paint and repairing any damaged brick or siding is the first place you should start when prepping your home for the real estate market. Plants are another easy way to spruce up that dreary property and turn it into the palace you want to portray through curb appeal. Even if you do not have the greenest of thumbs, a dead garden, or one overgrown with weeds and plants can make the most diligent homeowners appear lazy. If you are useless in the garden, plant local species of shrubs and flower for better curb appeal. Just remember even the simplest of gardens need to be pruned every now and then. Finally, whether you live in a house or a condo, bed sheets and tacky drapery panels will never do as window coverings. Pay attention to the fact that these can be seen from the outside, as well as the inside of the property. Make sure that if you are putting up drapes that match an unusual colour plalate inside, you have a neutral backing facing out. You do not want your home to look like a carnival fun house.

Take It To The Deck For Summer Entertaining

Fro 24Hrs. Building a sturdy deck is one way home owners in Greater Vancouver are creating a home they can enjoy more now, while looking smartly ahead in case they want to sell later. According to Remodeling magazine’s 2007 Cost vs. Value report, adding a deck built with composite decking, a deciking material made of combined wood and plastic, can be expected to yield an approximate 77 per cent cost recovery on average at resale. Composite decks rank higher than the national average of cost recovered for a major kitchen remodel, which are two types of projects homeowners often undertake in Greater Vancouver real estate to make their homes more appealing during resale. One consideration for homeowners in Vancouver property market for homeowners planning to add a deck is to look at other decks in their area to determine the approximate size and scope of their deck project for their neighbourhood. Vancouver home owners should also consider a decking material that will last in the long term. Not only will homeowners in Greater Vancouver real estate enjoy a durable, inviting deck while they livei n the home, but the type of material they use can help determine how well it will retain its value over time. Many Vancouver homeowners are turning to wood-plastic composite decking for durable decking material that doesn’t require staining or painting. Composite decking is also resistant to moisture and decay. And, the composite decking material will not splinter or crack. For Greater Vancouver home owners searching for environmentally responsible materials, some wood-plastic composite decking is made from recycled materials, potentially keeping unused waste out of landfills. From ARA Content.

Is It The Right Time To Buy Vancouver Real Estate? Low Interest Rates and Falling Housing Prices Make It A Good Time to Consider Investing in a Home

Vancouver Real Estate Update April 2009 – New Stock of Vancouver Condo Units Dwindling

In a recent study and analysis of Vancouver real estate inventory, it came as a shock for many homebuyers and real estate investors/analysts that the housing stock is dwindling in the City of Vancouver as of March and April 2009. According to 24 Hours Vancouver newspaper, Dharma: “Prices for new Vancouver housing real estate stock have hit the floor, according to the man who launched a series of bulk real estate sales across the region. According to Cameron McNeill, president of MAC Marketing Solutions, he said that his latest condominium Vancouver promotion, which started on March 20th, 2009 and represents over $110 milion in Vancouver home sales at four real estate developments, could be the last of its kind as vacant properties in the Lower Mainland and Fraser Valley built before the economic downturn are filling with residents. “New [Vancouver real estate] developments cannot come to market at these values,” McNeill said. “They don’t make economic sense or every few of them do.” A further drop in Vancouver new home sales prices may not be in the cards according to MAC Marketing solutions as well. “I think that we’re going to see that we’ve found the floor and we’re going to be staying close to these prices –for six months to at most a year – and then we’re going to see a slow appreciation.” But Tsur Somerville, associate professor at UBC’s Sauder School of Business, said projecting an economic recovery in the Vancouver real estate market is no easy task. “People in the business of selling talk about the economy stabilizing and starting to come around and then there are others who aren’t so optimistic,” Somerville added. “There’s a consensus that prices [for Vancouver real estate housing] have further to fall. What there’s not as much as consensus on is when things start turning around.”

Vancouver Real Estate Market Downturn or Property Market Opportunity?

We are in a Greater Vancouver/Lower Mainland housing market that has definitely changed from the furious pace of the last few years. While the media slowly tires of sensationalized stories of a crash, industry experts watch as Vancouver real estate opportunities emerge. And I ask, is this a market downturn or a market opportunity? A special advertisement provided by Polygon real estate developers in Vancouver. Economic Slowdown: After six years of exceptional growth there is no doubt British Columbia now faces a more difficult challenge. With the financial crisis and global economic slowdown new challenges have emerged in the Greater Vancouver real estate market and will become the stories of 2009. Home Prices Within Reach: The bad news is not unfamiliar, home prices in Greater Vancouver have fallen. But is this really bad news? For those renters looking to get into a new home, home prices in the Lower Mainland are within reach for the first time in years. For those that currently own a Vancouver home, the news isn’t all that bad either. Sure, the price of your home may have correted, but so too has the dream home you aspire to own. Do the math; a 10% reduction on fthe cost of a more expensive home represents a greater savings to you than a 10% reduction in your own lower priced Vancouver home. In a booming real estate market the reverse is true. Today’s lower prices in the Greater Vancouver real estate market clearly presents an opportunity to purchase for many. Interest Rates Lowest in Years: With recent drops in lending rates from the Bank of Canada, a prospective homeowner now stands the chance of getting a home financed at some of the lowest mortgage rates in fifty years. For many, the difference between a mortgage payment on an average priced home six months ago and one made today can represent savings of hundreds of dollars a month or thousands a year, clearly an opportunity not to be missed in today’s Lower Mainland real estate market! Strong Political Leadership: Our country is now facing some challenging political times; however, thanks to Premier Gordon Campbell, and the efforts of our B.C. Liberal Government, British Columbia offers some of the most competitive personal and business tax rates in Canada, and is leading the country in job creation, economic strength, business confidence and fiscal responsibility. Consumer Confidence: Let’s be honest, with such great real estate Vancouver prices, low interest rates, plenty of choice and all the buying power a prospective homebuyer could ask for, the only thing keeping people from acting is fear. I suggest that if you are planning to stay in your home for five years or more, there has never been a better time to purchase a new Vancouver home. Think about it, smart homebuyers buy in a buyer’s market. Even this past fall, we saw many smart people taking advantage of today’s opportunities in the Lower Mainland real estate market as we closed over 300 sales int eh last three months of the year. Real estate markets change but two things remain constant: the desire to live in well designed homes, and Polygon’s commitment to building them well. After building more than 18,000 homes in Greater Vancouver real estate market, over the last 28 years, Polygon continues to be confident in the future of British Columbia. If you are thinking about upsizing, downsizing, or getting into your first home, I encourage you to take advantage of today’s Vancouver home buying opportunities. The advice I share with friends and family is to buy the best home you can afford in the best neighbourhood for your search area in the Lower Mainland. Visit a Polygon community in your area this weekend and we’ll help you find the new home that’s right for you. In the long run, you will realize the value to yourself and your family of owning a home int eh great Province of British Columbia. Neil, Present and Chief Executive Officer for Polygon. Polyhomes.com.

Polygon Builders Report Steady Sales in South Surrey Real Estate Market

According to a Vancouver Sun special advertorial by Polygon, the home buyer’s response to amenities and value make Polygon’s Kaleden and Cathedral Grove at Morgan Heights in the new South Surrey a success this year. “There’s a reason that the quiet treed corridor along South Surrey’s 158th Street has become a such a popular place. It could be the allure of the stands of mature evergreens set against a backdrop of the North Shore Mountains. It could be it’s proximity to the lively new shopping district of Morgan Crossing just a short walk away. But most likely, it’s the combination of these factors and the quality, design and value of Polygon’s latest new home communities Kaleden and Cathedral Grove in Morgan Heights, South Surrey real estate market. AS the saying goes, few factors have the ability to secure a home sale quite like the age-old adage ‘location, location, location.” And Kaleden and Cathedral Grove by Polygon in Morgan Heights community stands as a testament to this, offering Vancouver homeowners a convenient doorstep to one of the liveliest new neighbourhoods the Lower Mainland reale state has to offer at Morgan Heights. Walking distance to a brand new and expansive selection of urban village style boutique shopping and dining, a short drive to the sandy beaches and shorelines trails of White Rock real estate or the lush greens of Morgan Creek Golf Course, Polygon’s two new communities at the South Surrey Kaleden homes and Cathedral Grove houses sit among the best this area has to offer. But if fun in the sun in the sunniest place in the Lower Mainland real estate market proves not to be enough then Steve Nash’s 38,000 square foot fitness centre (coming soon to Morgan Heights South Surrey) or the arena, pools, and other amenities of the local South Surrey Athletic Park are sure to fill your day for even the most active of families. And with easy access to the highway a weekend trip to Seattle or the outlet malls across the border are conveniently close. For young families with children, or newlyweds with plans for kids and ht eprospect of school on the not too distnad horizon, the options are equally promising at the Morgan Heights community of South Surrey real estate market. The top ranked Southpointe Academy is at the end of the street for those interested in private school; or, with the city’s approval of a new public elementary school slated for the land across the street, a quick trip home ofr lunch could be in the cards for the kids of Morgan Heights Kaleden and South Surrey Cathedral Grove home communities in the very near future. “A strong selling point for our homebuyers is certainly our central location,” says Cathedral Grove Sales Manager Laura. “But for many it is what they find on their arrival that sets us apart from the rest,” she says pointing down a winding path through stands of mature evergreens that tower over a central amenity clubhouse here at the Morgan Heights South Surrey Cathedral Grove and Kaleden home communities. “Our favourite part is the trees,” says Cathedral Grove homeowners. “During our first visit we noteiced the clubhouse. It was beautiful, sow e walked over to have a look. The pool was fabulous, the barbecue was on, and the ambience was great!”

The Evergreen Club at Morgan Heights and More Info

The Evergreen Club South Surrey, a breathtaking 7,500 square foot country club inspired clubhouse, features a beautiful outdoor pool and spa, state of the art media room, fireside lounge, and more, to which residents at both Polygon South Surrey Morgan Heights communities receive exclusive access. In addition, with two guest suites that homeowners can reserve for visiting house guests, and a resident manager who ensures everything runs smoothly, owning a home at Cathedral Grove Polygon homes or Kaleden South Surrey truly is a resort inspired experience. With many new homeonwers having already moved in, the community is quickly coming to life. Residents of both Polygon communities in the South Surrey community were recently treated to one of their first official neighbourhood events: a Wine Tasting party hosted in the inviting fireside lounge of the Evergreen Club by local wine merchant Liberty. The evening marked the first of many more events to come at the Evergreen Club of Morgan Heights as both communities continue to grow and welcome the new neighbours who will make their home at Kaleden or Cathedral Grove by Polygon Homes. On the home front, it doesn’t take long to fiture out the appeal of owning a Polygon home. Whether it’s a contemporary two or three bedroom floor plan at Kaleden Morgan Heights or a spacious four bedroom at Cathedral Grove South Surrey real estate, the quality, design and value Polygon delivers in every home is evident. Distinguished for its remarkable affordability while including designer finshings, such as integrated cabinet paneled appliances, granite countertops, and warm wood style flooring, it is not surprising Kaleden Morgan Heights South Surrey homes has been reconized as the fastest selling townhome community in all of the South Surrey real estate market. For htose families looking for some additional space and finer details, Cathedral Grove at Morgan Heights offers home up to over 2100 square feet, gourmet kitchens well equipped with Bosch appliances and granite countertops, and the conveniences of two car garages. In today’s South Surrey real estate market, likely the most important and final consideration for prospective hombuyers is the price. “Kaleden Homes is our first home purchase a is by far the best value we could find,” homeowners at Kalden by Polygon Homes. At just $314,900 for a new home at Kaleden South Surrey and only $419,900 for a four bedroom home at Cathedral Grove in Morgan Heights neighbourhood, these two new communities offer some of the best value in the entire Lower Mainland property market. “We are delighted with the steady sales at both communities having sold 105 homes here in the last seven months. WE are now down to eight homes in our first phase at Cathedral Grove… and having quickly sold out of our first phase at Kaleden, we will be releasing more homes this weekend.” Offering a vibrant lifestyle in a convenient, yet exclusive, setting, Kaleden and Cathedral Grove homes in Morgan Heights South Surrey shine as two of the best in the hot new neighbourhood. The Polygon family of companies, British Columbia owned and operated since 1980, has built more than 18,000 homes throughout the Lower Mainland, and earned the trust of thousands of families. Polygon’s award winning Customer Service team provides after sales service, and all homes are protected by comprehensive 2/5/10 warranties by the Traveler’s Gaurantee Insurance Company. The Morgan Heights Kaleden and Cathedral Grove South Surrey sales centre and display homes, as well as the impressive Evergreen Club, are open daily from noon to 5pm except Friday, and are located at 27th Avenue and 158th Street in South Surrey. For more information about Kaleden, please call 604.541.4246 or Cathedral Grove, please call 604.541.7383 or visit www.polyhomes.com.

Doom and Gloom or Smooth Sailing? What is the 2009 Vancouver Real Estate Forecast and Housing Outlook in the Lower Mainland now and beyond 2010?

2009 Vancouver Housing Forecast and Lower Mainland Property Outlook for 2010 Olympic Year

There is much talk about the Vancouver real estate forecast for 2009 and further ahead into the Winter Olymipic 2010 Vancouver property market forecast, but really, there is no one in this world who can predict what will happen to the Lower Mainland housing market. There are predictions and outlooks, forecasts and opinions, but these are not based on facts or reality, just yet. This is an article that talks about the future of the Vancouver real estate market in terms of forecasting the 2009 Vancouver housing market as well as the property outlook further into 2010 before and beyond the Winter Olympics. Based on fundamental issues such as the Vancouver economy, in and out migration, housing affordability, GDP growth and other factors such as aging population and transient work force, there are many things to be happy about in terms of the Vancouver housing forecast for 2009 and beyond, but there are also many traps and assumptions being made that should not be by the typical Lower Mainland home buyer and investor. A wide range of chief economists, bank leaders and Greater Vancouver real estate experts have taken claim to what they think is the true outlook for the Vancouver property outlook 2009 as well as the Vancouve real estate forecast for 2010. Published, blogged and submitted to newspapers and magazines, these experts’ opinions vary widely in their perception of what is going on with the current housing market and the 2009 Vancouver housing real estate forecast that is already upon us. Let’s take a look.

The Vancouver Real Estate Forecast for 2009

The Greater Vancouver property market has faced an unprecended growth period during the past decade, lead by huge property gains in West Vancouver, the west side of Vancouver, downtown as well as many suburbs like Richmond, Burnaby, New West, Surrey and Abbotsford posting some of the largest gains in Canada real estate market. However, during the past 10 years, many homebuyers and investors have failed to notice why the property values and housing market was keeping afloat and exponentially increasing in value seamlingly every month. With a growth economy based on commodities, construction (of course), employment was at its peak and unemployment was at all time lows in Greater Vancouver. However, everything changed as soon as the global economic crisis took hold of world economies, trade and credit financing. Vancouver real estate did not escape the US housing market liquidation. Perhaps, we have fared better than our countertops down south through 2008 and into 2009, but most Vancouver municipalities have faced large drops in real estate housing values in 2009 already. The effect of long term exponential growth in Greater Vancouver property values has taken its negative effect on the property forecast 2009 for Vancouver. Affordability is now the major issue facing first time homebuyers (who service the engine that creates a balance Vancouver real estate market) and with property affordability in Vancouver at it’s all time lowest (one of the most expensive cities to live in the world), this segment of the population has been kep out for about a year now. With the economy in ruins and jobs disappearing, Vancouver is in a tight position when it comes to people wanting to buy a home right now. In addition, with credit tightening throughout all the major banks, it has become very difficult for first time home buyers to get a good mortgage product for any home that they choose. Therefore, the 2009 forecast for Vancouver real estate and the Vancouver housing outlook 2009 is for a more stable market than the last quarter of 2008, but don’t expect any huge returns or gain in value. Stabilization of the Greater Vancouver property market may come later in the fourth quarter of 2009, and forecasts on the Vancouver housing market 2009 suggest that gains in value won’t even begin until mid-2010. As far as the 2009 Vancouver real estate outlook is concerned, you can probably expect a slight drop in future sales prices and a huge drop in sales volume through the first six months of 2009. The forecast for Vancouver home market 2009 later in the year is for a steadying of the sales volume and maybe even a slight gain property values, but nothing is set in stone. As long credit is tight and the global economy is in trouble, the Vancouver real estate forecast 2009 seems grim for those looking to sell. For those homebuyers looking to purchase a home or for first time home buyers, 2009 may be the best opportunity for you to get into the market. With a 2009 Vancouver housing forecast for a slight drop in property values coupled with low interest rates for both variable and fixed mortgage financing, the outlook for Vancouver real estate market for buyers is bright. There have been several surveys that have shown that homebuyers in Vancouver are changing their perspective on buying a new home this year compared to the last six months of last year. If this is the case, the 2009 Vancouver housing real estate outlook should be good heading into 2010.

Winter Olympics and Its Affect on the 2010 Vancouver Property Outlook

With recent surveys and analysis, many experts believe that the US housing market will come out of its downward spiral and foreclosure problems by the end of 2009. These same articles and experts expect the Greater Vancouver housing outlook and sales to balance out after that, so some time in very late 2009 or early 2010. With the winter Olympics showcasing Vancouver, there is a lot to be said about creating a renewed interest in the city, not seen since Expo ’86. The 2010 Vancouver housing forecast and Vancouver real estate outlook is calling for smooth sailing once 2010 Olympics hit and there are many reasons why. The Winter Olympics will employ many people before, during and after the Games, creating a legacy like no other large event can provide. The city will be showcased to most of the world’s population, profiling Vancouver as one of the most beautiful cities in the world. In addition, mortgage rates are expected to stay very low through 2010, so that Vancouver home buyers looking to purchase in a year’s time, will still be able to get great financing products. The Lower Mainland property market has seen it’s share of negative news including the cancelled Coquitlam Riverbend project, and the Homer & Helmcken plus Garden City Richmond condo receivership problems. Now comes the Millennium 2010 Olympic Village fiasco with over-runs, debt mounting and problems with completing the affordable housing component. With all of this, it doesn’t seem like the 2010 Vancouver real estate outlook should be very good, but it is. And then, you can also add the delay of the West Vancouver Evelyn project, the cancellation of the Hills Vancouver condos, the delay of the Ritz-Carleton condo hotel residences and the cancellation of Jameson House and the forecast for 2010 Vancouver housing market should look bleak. However, it is safe to say that condo and housing inventory has been kept in check through all of these delays and cancellations. With an ever increasing population moving into the Lower Mainland, the outlook for 2010 Vancouver housing market is for a shortgage of units by years’ end and into 2011, even with the estimated completion of these delayed projects. With many developers holding back and not building for another year, this will cause some problems in terms of new inventory that comes onto the market for homebuyers. With this limited supply of homes, the 2010 Vancouver real estate forecast is calling for an increase in value, sales figures and sales volumes through the year and into 2011. By 2012, it is expected that Greater Vancouver will again face a shortgage of homes and affordable housing such as condos and the construction process will start yet again. Therefore, the Winter Olympics will provide a vehicle for the Vancouver property forecast in 2010 to be positive … and with sales volumes and prices increasing, the 2010 Vancouver housing outlook is very positive to say the least.

So What Do the 2010 and 2009 Vancouver Real Estate Outlook Mean to You?

If you currently own your own home or you have invested in condos/townhomes that you are now renting or have yet to close, HOLD ON to your property. The biggest mistake homebuyers and investors make is to listen to the top headline news about the world falling down. This is not a time to panic. Rather, you should think through and calculate your monthly cashflow to see if you can afford your place still as well as whether or not to keep your rental properties. If you are tight on cash, sure, sell. However, if you aren’t, holding onto your Vancouver property and real estate through 2009 and 2010 is a great way to ensure that you will not incur losses or have to pay capital gains tax if you have made money. The 2009 Vancouver housing forecast is good and the Vancouver real estate outlook for 2010 is even better. By keeping your rental homes for another 12 months, you may end up facing an upswing in property values again during the Olympics when Vancouver is on the world stage. If you are a first time home buyer, 2009 may be the BEST year to purchase your new home. With a drop in Vancouver property 2009 in addition to great mortgage rates and financing packages, you can skip ahead of the rest of us who purchase during the past five years and locked in at higher rates. If you can afford it comfortably, 2009 is the best year to purchase Vancouver property. The forecast for 2010 Vancouver housing market is calling for an increase in value as well as both fixed and variable mortgage rates, so why wait? As an investor, the 2009 Vancouver housing outlook is bright for you as well. Again, as a real estate investor, cashflow is king. If you can operate your business with positive cashflow (meaning your rental income is higher than all expenses), you should put in your due diligence and start purchasing property again. These are great times for you. 2009 Vancouver real estate outlook is calling for more liquidation events such as the MACBULK Onni condo sales in addition to many other real estate developers providing incentives to purchase their available inventory. The forecast for the 2009 Vancouver real estate outlook is calling for more developers taking on the GST, anywhere from 10 to 35% off the original pre-construction pricing, no strata fees or property fees paid for for the first year or even getting a new car with the purchase of a new home. These incentives will not last through the 2009 Vancouver property market and by 2010, the forecast for Vancouver housing outlook will again re-start bidding wars for good property. These gloom and doom times are actually not so bad when you look at all the factors involved with how you can take advantage of these special times.

Other News Items:

Major Banks in Canada Slash their Prime Rates and See Recovery Sooner Rather Than Later

According to the Real Estate Weekly for Vancouver, the Bank of Canada slashed their prime lending key interest rate to its lowest level in the history of the country this month and all of the major banks, surprisingly, followed suite with a drop in their bank prime rates too. The central bank of Canada cut the trend setting over night rate by 0.5% to the lowest 1% level in history, lower than the 1958 rate of 1.12%. In mortgage moves, the Royal Bank of Canada slashed its one two and three year rates by 1.1%. It’s five year posted rate drops to 5.79% and there is a five year closed rate special at only 4.49%. Many economists see the Central Bank of Canada lowering its rate again by as much as 0.5% as early as the next BoC announcement on March 3, 2009. Overall the BoC predicts that inflation will average at a very lot 1.1 per cent this year and won’t return to the target inflation rate of 2% until 2011. There is speculation that the recovery in Canada will come sooner rather than later with a full recovery come mid-2011. That is yet to be seen. Alarmist view dismissed recentlay and published in the Real Estate Weekly. A major Canadian bank believes fears of a future downturn in housing markets is more myth than reality. According to another article, homes throughout Vancouver and in all of Canada have become more affordable to typical homebuyers and this coupled with low interest rates and loans create opportunity for people looking for new homes. There is a better chance of buying an affordable new Vancouver home now than at any tie in the past decade says REBGV. With home sales and consumer confidence already bouncing back in certain cities and neighbourhoods, people and homebuyers have seen a long-term strength in investing in property and owning a home. With low interest rates and consumer confidence already hitting all-time lows and recovering, there are numerous opportunities for homebuyers to get back into the market. Overall Vancouver residential benchmark prices, as calculated by the Vancouver Board’s Housing Price Indix, decline 10.9% to $489,007 between January 2008 and 2009. The benchmark price for a Vancouver single family detached home declined 11.2% to $659,638 in Janaury 2009 compared to $742,490 January 2008. The same trends are seen in the Vancouver condominium/apartment market in addition to to a lesser extent, attached units like townhomes and duplexes. REBGV also reports that sales of detached Vancouver homes and apartment properties declined as much as 58.1% when comparing January 2008 to 2009. New listings in the Greater Vancouver real estate market have also declined. The Bank of Canada has slashed its key interest rate to the lowest level in history to 1 per cent. The decrease was in line with the expectations of most Canadian economists, who have been calling for bold action on the parts of the Bank of Canada and the federal government. Shortly after the BoC rates fell, the big banks led by BMO and TD dropped their lending prime rates by the same amount.

The 2009 Vancouver Real Estate Forecast - Growing Trends in Vancouver Property Market Outlook, Credit Crunch - First Time Homebuyers Seminar

The 7th Annual Spring Parade of New Homes in Greater Vancouver Real Estate Market

It’s a great time to buy a new home! Can you believe that it’s the 7th Annual Spring Parade of New Vancouver Homes already? With the doom and gloom surrounding the Vancouver real estate market just a year ago in 2008, 2009 brings a air of optimism and some bright future outlooks for certain developments and communities in the Lower Mainland. With continued low mortgage rates, declining asking/listing prices and new home inventory coming onto the market, the 7th Annual Spring Parade of New Vancouver Homes comes at an excellent time for home buyers and investors. Brought to you by the Greater Vancouver Home Builders’ Association, also knwn as GVHBA, the 7th Annual Spring Parade of New Homes in Greater Vancouver will be happening from April 18th through 26th at various locations across the Lower Mainland. For more information, you can visit www.paradeofhomes.ca today. This year, the 7th Annual Spring Parade of New Homes in VAncovuer presents thirteen builders with 57 show homes in six cities and one presentation centre. From $209,900 to over $869,900, the wide range of homes presented at the 7th Annual Spring Parade of New Vancouver homes will have something for everyone. Here is the list of new developments featured this year.

2009 7th Annual Spring Parde of New Coquitlam Homes
1. Burke Mountain Heights single family Coquitlam homes at 3398 Don Moore Drive
2. Belmont at the Foothills single family detached Coquitlam homes at 1456 Avondale Street
3. Whitetail Lane Coquitlam townhomes for sale at 1357 Purcell Drive
4. Birchwood Estates single family detached Coquitlam houses at 3372 Scotchpine Avenue

Delta Parade of Homes
1. Radiance at Sunstone Delta at 8385 Delsom Way

7th Annual Spring Parade 2009 of Langley Homes
1. High Point Equestrian Estates at 20048 Second Avenue with single family homes
2. Milner Heights including single family Langley homes, fee simple rowhomes and four plex manor homes for sale at 20843 – 69B Avenue

Maple Ridge Parade of Homes
1. The Crest at Silver Ridge Mapel Ridge single family homes at 22845 – 137 Street
2. The Meadows at Verigins Ridge townhomes in Maple Ridge at 11282 Cottonwood Drive

The 2009 Spring Parade of New North Vancouver Homes
1. Branches low rise North Vancouver condominiums at 1111 East 27th Street

Surrey 2009 Spring Parade of Homes
1. The Brownstones Townhomes at 25 – 15833 – 26th Avenue
2. Salus townhomes and low-rise Surrey condominiums at 1-6671-121st Street
3. Springfield Village Surrey townhomes at 8676 – 158 Street
4. Lotus Townhomes at 16355 – 82nd Avenue
5. Panorama Hills single family Surrey detached homes at 15038 – 59th Avenue
6. Vista’s West Surrey single family houses for sale at 6093 – 164th Street
7. The Estates at Vista’s West single family Surrey homes for sale at 16327 – 60th Avenue
8. Glenmore at Morgan Heights South Surrey townhomes at 2450 – 161A Street
9. Kaleden townhomes at 2729 – 158th Street
10. NUVO live work Surrey townhomes at 10- 15454 – 32nd Avenue
11. Morgan Heights South Surrey single family homes for sale at 16363 – 26th Avenue
12. Clayton Heights single family Surrey homes at 7001 – 194B Street
13. Hazelwood Estates Surrey homes at 7880 – 164th Street

First Time Vancouver Homebuyers Seminar 2009 - 15th Annual First Time Homebuyers Seminar

Get out the red pen and calendar. Fire up your electronic day-timer. If you’re a first time Vancouver homebuyer, you’ll want to be sure to reserve the evening of Tuesady, March 24th, because that’s the date for the 15th Annual First Time Homebuyers Seminar in Vancouver. Brought to you by the Greater Vancouver Home Builders’ Association (GVHBA), this springtime tradition is a Must Attend Event for anyone considering home ownership. “Our experts will help first-time hom buyers de-mystify the home buying process,” says Peter Simpson, GVHBA’s CEO for the 15th Annual First Time Homebuyers Seminar. This year’s panel of experts for the 15th Annual First Time Homebuyers Seminar Vancouver will discuss which location and type of home best suits your needs to legal considerations, how the new federal tax credits impacts first time Vancouver homebuyers, and the benefits of builder licensiving and mandatory home warranties. The 15th Annual First Time Homebuyers Seminar takes place in the newly renovated Sheraton Vancouver Guildford Hotel (15269 – 104th Avenue) in Surrey on Tuesday, March 24th, 2009. Doors open at 6:00 pm giving you time to browse the displays and chat with industry experts. The seminar runs from 7:00 to 9:00 pm. As always, this exceptional resource is free thanks to generous sponsorship, but pre-registration is required for the Vancouver 15th Annual First Time Homebuyers Seminar. Call GVHBA at 604.588.5036 or get more information online at gvhba.org today.

The 15th Annual FREE Seminar for First Time Home Buyers – Tuesday, March 24th, 2009

Brought to you by the Greater Vancouver Home Builders’ Association, the 15th Annual Free Seminar for Vancouver First Time Home Buyers is happening on March 24th, 2009 from 7-9pm with doors opening right at 6pm. Located at 15269 – 104 Avenue in Surrey, or at the ballroom of the Sheraton Vancouver Guildford Hotel, this is an incredible event for tips and advice for Vancouver first time homebuyers to attend a free seminar with great professionals to speak with. You are ready to purchase your first Vancouver home, but you need a little help to understand what is involved, especially during these days of attractive sales prices. What location is best? What type of home is best suited to your current needs and financial resources? What are the Vancouver mortgage options right now? What are the legal considerations for buying your first Vancouver first time home buyer? How do the new federal tax credits benefit first time Vancouver home buyers? What is the value of builder licensing and mandatory home warranties? To help you make informed decision, the Greater Vancouver Home Builders’ Association, in partnership with its sponsors, is hosting the 15th annual FREE seminar for Vancouver first time home buyers. Plus, you can ask the expert question period, affordable home displays, financial options exhibitors and a wealth of housing information here at the 15th Annual FREE Seminar for First Time Vancouver Home Buyers. More than 40 valuable door prizes and free parking. Pre-registration for the 15th Annual FREE Seminar for First time Vancouver home buyers is required. Call 604.588.5036 from 8:30am to 5pm Monday to Friday. Registrations will also be taken by answering machine at the same number on weekends. The 15th Annual First Time Vancouver Home Buyers Seminar is a free event, however, the Greater Vancouver Home Builders’ Association is asking all attendees to bring a non-perishable food donation to support the Surrey Food Bank. Shopping for a new Vancouver home after the seminar? You are invited to tour the latest new home projects during the Greater Vancouver Home Builders’ Assocaition’s 7th Annual Spring Parade of New Homes, April 18 – 26, 2009. Information about the 7th Annual Spring Parade of New Homes will be available at the seminar or visit www.paradeofhomes.ca today.

More About the Vancouver First Time Homebuyers Seminar March 2009
With real estate, there is much to be aware of during these days of economic uncertainty, but the current Vancouver home buyers’ market presents outstanding opportunities, particularly for first-time homebuyers. Today’s young homebuyers in Vancouver real estate market need help dy-mystifying the home buying process. Is buyins a home now a produent decision? What location is best? What type of Greater Vancouver home is best matched to current needs and financial resources? What are the mortgage options? What are the legal considerations of your Vancouver real estate purchase? How do the new federal tax credits affect first-time Vancouver home buyers? What is involved with purchasing a pre-construction Vancouver condo? What are the benefits of builder licensing and mandatory home warranties? These and other key questions will be answered by a panel of Vancouver housing experts at the 15th Annual Seminar for First Time Vancouver Home Buyers, presented by the Greater Vancouver Home Builders’ Association (GVHBA) on Tuesday, March 24, from 7 to 9 p.m. in the newly renovated Shearton Vancouver Guildford Hotel at 15269 104 Avenue in Surrey, BC. Admission to the popular 15th Annual Seminar for Vancouver First Time Homebuyers is free. Speakers include real estate experts from Canada Mortgage and Housing Corporation, Homeowner Protection Office, Genworth Financial Canada, residential mortgages from TD Bank, Real Estate Board of Greater Vancouver, National Home Warranty, GVHBA and otheres. More than 800 people attended last year’s Annual Vancouver Seminar for First Time Home Buyers and because real estate seems to dominate the news these days, turnout should be even greater this year. Pre-registration for th 15th Annual Seminar for Vancouver First Time Home Buyers is required by calling 604.588.5036 Monday to Friday.

Greater Vancouver and BC Home Prices Expected to Fall 13% in 2009 – Vancouver Real Estate Forecast 2009

Realty Section of MetroNews Vancouver newspaper. The average price of a home in British Columbia is expected to decline 13 per cent this year, according to the B.C. Real Estate Association 2009 forecast released yesterday. “the global financial crisis and worldwide recession will continue to take their toll on the B.C. economy this year,” said Cameron Muir, BCREA chief economist. The average BC home price is forecast to drop to $396,600 as nine per cent fewer residences are expected to sell in 2009 according to the latest 2009 Vancouver real estate forecast. According to Muir regarding the Vancouver real estate forecast 2009, prices and sales are expected to stabilize in 2010. At the same time, 24Hours Vancouver published an article on Look Out for a Home Buyers’ Market. Homebuyers looking for a good deal may hit the jackpot in 2009. Amid the global recession, job security fears and a cooling real estate market, the British Columbia Real Estate Association is predicting average home prices to drop 13 per cent this year according to their 2009 Vancouver real estate forecast. That’s bad news for sellers, but good news for home buyers across the province. “It should be a good year for potential home buyers,” said BCREA chief economist Cameron Muir. “Affordability is as good as it’s been in two years.” Muir said a high supply of available homes and low demand for them will drive down prices and eliminate competion for home buyers. And as real estate developers get desperate to sell off inventory, Muir expects several more Onni like liquidations in 2009. The property developer offerd 25 to 40 per cent off condos earlier this month as it tried to liquidate 375 condo suites across Greater Vancouver real estate market forecast 2009. It could make for a wild year before the market is expected to stabilize again in 2010 according to Matt of 24 Hours.

First Time Homebuyers in Canada Need More Info According to New Survey

As published in 24Hours Vancouver, A recently released survey of first time home buyers in Canada real estate market discovered some surprising results: Three out of four first time homebuyers in Canada property market would benefit from additional education about the buying process. The new report was conducted by Genworth Financial Canada from October 17th to November 2nd, 2008. Respondents qualified if they planned to purchase a new or resale Canada home or other property in the next 24 months and if the property they planned to purchase was to be their first home. Questions included which payment frequency pays down a mortgage fastest (bi-weekly accelerated), how much making just one extra mortgage payment each year will shorten the life of a 30 year amortization (approximately five years), and how much a first time homebuyer in Canada real estate market may withdraw from their RRSP to put toward a down payment (up to $20,000). The majority of Canadians surveyed (86 per cent) of first time homebuyers were aware the reducing the amortization period saves money on interest. However, only 38 epr cent knew monthly payments should not exceed 40 per cent of their gross income, and more than two thirds at 68 per cent incorrectly thought the term of the mortgage is the length of time it takes to pay the amount lent. Opinions were virtually split down the middle when came to variable interest with 54 per cent of respondents indicating they believe historically consumers pay less interest with a variable rate mortgage over the life of the loan and 46 per cent believing this strategy to be false.

Participants in this first time Canada homebuyer survey were also asked to identify their level of understanding of 10 common mortgage terms: Credit rating, mortgage term, variable/fixed interest rates, bi-weekly accelerated payments, mortgage amortization, mortgage default insurance, refinance loan payments, closed/open mortgages, conventional versus high ratio down payments, and debt service ratio. Only 25 per cent correctly answered more than seven out of the 10 questions and less than one per cent correctly answered all 10. Most misunderstood were conventional versus high-ratio down payments and debt service ratio, with only one in 10 respnodents claiming they understood what the terms means. A useful exercise that qualifies the need for more financial education in the school system today. Susan B.

Vancouver Real Estate Home Sales Drop Significantly – 2009 Vancouver property forecast not looking good.

According to Metro Vancouver newspaper: Homes sales dropped dramatically in Greater Vancouver last month, falling 69 per cent compared to last year, the Real Estate Board of Greater Vancouver (REBGV) announced yesterday. Dave Watt, REBGV president, said 874 homes were sold across Gerater Vancouver in November 2008, compared to 2,883 sales during the same period last year. “Residential benchmark prices across all properties declined 12 per cent between May and November of this year,” Watt said in a podcast yesterday. He added that across the Lower Mainland real estate market, it’s taking longer for homes to sell compared to previous months. “In Greater Vancouver, the days on market average for November was 64 days,” Watt said. That’s 20 more days than November 2007.

Vancouver City Skyline Nearly as Bleak as Real Estate Markets

A great article by Derek for InTransit section of MetroVancouver News. The chaos on Wall Street continues to pummel the economy in the new year and is going to be felt locally. In metro Vancouver, a signature of the economic boom years – so called starchitecture – is about to take a major hit. Construction financing is harder to get and uncertainty and confusion are prevalent in the real estate business in greater Vancouver. Which means some inspired Vancouver condo buildings designs are on the verge of going down before ever getting the chance to go up. What a shame. Historically, many folks in the Lower Mainland real estate market have grumbled about the vanilla look of condominium towers. The harshest critics maintain that Vancouver’s skyline is less breathtaking than it is boring. Internationally renowned architect Arthur Erickson once referred to it as “blah.” That reputation changed, to some extent, with several sleek condominium projects slated for the region – including one created by Erickson himself. Dubbed “Vancouver’s Turn,” the Residences at Ritz-Carlton condo tower was designed by the locally based architect. But the downtown Vancouver condo project is not suspended pending “design changes.” The economic meltdown can’t take all the blame. Last year, Vancouver-based Henriquez Partners Architects put forth plans for a sleek 120 metre tower for the North Vancouver real estate market waterfront. But instead of embracing it, a group of area NIMBYs made enough noise to quash the real estate project. When it comes to inspired architecture in metro Vancouver real estate, it seems, if nervous accountants can’t kill a project, neighbourhood activists most certainly will.

Credit Tight and Sentiment Low

This according to Reuters – MetroNews Vancouver report. Lending conditions in Canada worsened considerably in the fourth quarter and overall business sentiment is at its lowest level in at least a decade, two Bank of Canada surveys showed yesterday. The central bank surveyed senior loan officers at 11 major banks and senior management at about 100 businesses during the quarter in two separate studies. “Business sentiment has deteriorated markedly since the autumn survey as the effects of the international financial crisis and the weak global economy intensified and spread to domestic demand,” the banks said. The pessimism had some bankers predicting the Bank of Canada will opt for a half point rate cut in its key lending rate rather than a less aggressive move on January 20th, 2009. Charmaine Buskas, senior economics strategist at TD securities, predicting the bank could trim 50 basis points. The loan officers reported two thirds of companies felt tighter credit conditions, compared with 44 per cent in the third quarter, both in terms of price and in terms and standards. They attributed it to the worsening economic outlook. Business owners were pessimistic as well: Three quarters of those surveyed think inflation will stay below the central bank’s two per cent target in the next two years.

Correction in Toronto Condo Market is Coming, says Chief Economist

According to MetroNews Vancouver, a prominent Toronto housing economist, Will Dunning is warning of a substantial correction in Toronto real estate’s overheated condominium market. The impact will be felt particularly in the condominium market of Toronto real estate, says Dunning. By the end of September, the economist estimates there were a looming 33,919 condos under construction in the Toronto census metropolitan area. “This very large pending inventory is setting the stage for a substantial correctin,” he said in a sobering report looking at the rental and condo market in Toronto rela estate market. Pre-sale Toronto condominium starts are normally in the 10,000 to 12,000 range annually, but a bottleneck in construction from record sales in prior years has a significant number of units still to be completed, according to the analyst. Finicky condo investors are already beginning to sell in central Toronto real estate, up by 75 per cent in November compared to a year earlier, he says.

Canadians 11% of U.S. Foreign Home Buyers

According to REW article this fall, Figures from the U.S. National Association of Realtors indicate that 11 per cent of all foreign buyers of homes in the United States last year were Canadian. In Florida, the U.S. state with the highest foreign home ownership, Canadians made up nine per cent of home buyers in 2007, up from 7.1 per cent in 2005. Tannis Dawson, a senior tax and financial expert with Investors Group, noted that “the Canadian dollar has been on par or nearly at par with the U.S. dollar for some time now and that has many thinking that it has leveled off and probably isn’t going any higher,” she said. Many Canadians also have concluded it is more expensive to try to buy a second home in Canada than in the U.S. real estate market when looking for the same square footage, she says. In the U.S., she says, in 2002, a house cost about CAN $519,000. In 2008, a U.S. house now goes for about C$325,500. Dawson has some tips for people wishing to buy a property in the United States real estate market. “It is best to have the funds to pay for a U.S. property up front especially when the currencies are at or near par” so as to take advantage of the strong Canadian dollar, she says. If people have enough equity on their house in Canada, “they can take out a mortgage on that… or do a line of credit or some personal debt,” she says.

About 53 per cent of Canadian home buyers take out mortgages and 47 per cent pay cash, according to figures compiled by the Investors Group. Dawson says it is more expensive to get a U.S. mortgage. “In the U.S., if you’re a non-resident they require you to put down 30 to 40 per cent of the property value. Plus have to put six months of your mortgage payments, insurance payments and your property taxes in an escrow account… looked after by an escrow agent,” she says. If you take out a Canadian mortgage on a U.S. home or property, you can go to the bank first and see how much you can raise, and then go shopping in the U.s. As well, you don’t have to put down as much. A seminar in investing in U.S. homes and real estate is held this Saturday, September 6 at the Marriott Pinnacle Hotel in downtown Vancouver, from 9am to 3pm. The event is presented by real estate consultant Ozzie Jurock and will feature experts discussing where to buy, what markets to avoid and tips on buying U.S. foreclosures. For more information, call Marc Jurock at 604.683.1111.

Vancouver Home Renovations 2009 - The Art of Small Condo Living plus Kitchen Islands and Appliances top list of DIY home renos

The Art of Living Small – Condo Living

A great article in the Home Section of Look Magazine by Deborah A. Only a decade ago, purchasing a single family home was still a realistic dream for first time buyers. However, rising real estate costs have since forced many to downsize their square footage dreams and settle for something smaller. But smaller doesn’t have to mean “less,” and townhouse and condominium developers are offering creative interior designs that maximize usable space and are adding external amenities that create a resort-like feel. “Living small” has become an emerging lifestyle in its own right. There are 100 little tricks to making a small space look bigger, but real estate property developers have, for the most part, concentrated on two main things, says Adera president Norm C: “Making the living area bigger by creating open, flow-through designs and making everything else that can be shrunk, smaller.” Adera helps home buyers adapt to a smaller space by offering a line of customized, built-in options to replace freestanding furniture, including wall units for condo living. Space-saving features for condos inherent in their designs include extra wall mounting for flat screen TVs, breakfast bars in some units, rooftop decks called “lanais.” “On the West Coast, people spend more time outdoors,” says Couttie. “The outdoor lanai becomes an extension of indoors-an extra room to relax in and entertain.” Resort-like external amenities in condo living – including pools, hot tubs, and on-site theatres are becoming more common in condominium developments, says Mark B of Fifth Avenue Real Estate Marketing. “Condo living is more of a lifestyle choice and a more liberating experience than it was in the ‘90s. When you come home to your condo, it is a place where you can literally decompress.” Kitchens, where guests typically gravitate toward at a party, have become the entertainment focal point and the true “living room” of the home. As space decreases, the gourmet aspect of the kitchen has increased. “Kitchens have become more designer oriented and functional. Every square inch is utilized. You feel like you’re on a ship’s galley where everything is compact and accessible,” says Beilling. He adds that designers have also focused on making kitchen esthetics more sophisticated. “Finsishing materials are broader in scope and can be co-ordinated to fit with other areas of the home.” If you’re purchasing a condo unit in an older property, some redecorating may be necessary to achieve optimum streamlined functionality. “Designing small spaces often requires choosing comfort over an established idea of what ‘home’ has to have,” says Mila D of Intermind Design. This can be as simple as replacing a traditional coffee table with a few cube-shaped ottomans that can double as seating, or can be moved into corners when space for a larger gathering is required. “Moving into a small space calls for decorating solutions that allow for multiple uses of space and furnishings,” says Djuras. And, she stresses, “You need to think outside the box.”

Making Small Condo Spaces Even Bigger

BRING THE OUTDOORS INSIDE. Let your décor mirror your outside view to make one a continuation of the other. Trees and flowers or sky, glass and concrete can be reflected in building materials, furnishings, accessories and colour palette. UNIFY FLOOR AND WALL COLOUR COMBINATIONS. Create a feeling of richness and open space using a variety of shades of the same or similar colour for both walls and flooring. Continue the same flooring and colour palette throughout the condo unit. STRIVE FOR A CLEAN, UNCLUTTERED LOOK. Choose modular and/or multi-purpose furniture. Reduce visual clutter by limiting artwork to only a few large pieces. Accessorize with complementing, rather than contrasting, colour accents. CUSTOMIZE AND COMBINE STORAGE SOLUTIONS. A floor-to-ceiling wall-to-wall built-in unit in the bedroom can serve as a wardrobe, TV stand, bookshelves and general storage area. The design can combine “behind the door” and open shelving. ADD REFLECTIVE FINISHES. Mixing reflective finishes such as metal, glass and leather with natural finishes adds to the illusion of additional space in your condo. Choose only a few finishes and apply them consistently through the condo living space. SOFTEN THE UTILITARIAN LOOK. Replacing standard doors with those that have textures and patters such as sandblasted glass or interesting wood panels will help to minimize the utilitarian look of your condo home. CREATE NEGATIVE SPACE. Use small-scale streamlined, movable furnishings that have raised or taller legs. The negative space beneath will add visual depth. LIGHT UP YOUR LIFE. Keep windows clear of obstructions and add as much artificial lighting as you can. Track lighting, wall lamps (up lighters), or cabinet lighting add light without taking up space. Generously provided by Intermind Design – Mila D.

Home Designers say Kitchen Islands and Appliances Top List

A kitchen island and updated appliances should be among the first items changed during a kitchen renovation, according to a survey of registered Canadian designers. The kitchen island is the ofcal point for kitchen design. Forty two per cent of designers predict that kitchens will be built around this central workstation, according to the survey, that was conducted by Jenn-Air. More than half of the home designers, however, also recommended going with new appliances, noting that fresh new designs are now hitting the real estate property market. Warm tones like bronze and copper will continue to be a colour trend in the kitchen through 2008, but they’re not the only colours being used. Home designers identified a wide range of colours fro the kitchen this year including greys, red, greens, blue and white. But they note, “the timeless look of stainless steel also remains popular.” Forty two per cent of registered interior home designers recommend that their clients splurge on appliances, rather than other kitchen design elements such as flooring, fixtures and countertops. “Capturing clients” vision for their dream home kitchen is about piecing together svera design elemtns to create a cohesive environment that is both funcitional and stylish,” said Alexandre Blazys, a Montrel based kitchen home designer. From the Real Estate Weekly of Vancouver Newspaper.

Inexpensive Tips For An Interior Home Makeover

As the cold winter weather becomes a faint memory, urbanites in all price ranges are catching the makeover bug. This spring, don’t let financial woes discourage you from adding flair and funciontality to your apartment or condo. Below are five ways to inexpensively upgrade your apartment’s interior, inspired by the residents of Flatbush Garden, group a New York city dwellers who are looking to save money on housing:
1. Plant Life: Adding live plants to your apartment décor is an inexpensive way to provide color and aroma. Makes ure to do your research to find a plant that fits your needs. For example, a bamboo plant does not aggravate allergies, is easily cared for, and costs very little.
2. Change fixtures: cabinet and doorknow fixture options can be found at all price ranges and are simple and fast way to spruce up an apartment.
3. Anything can be turned into art: Expensive artwork is not the only thing worthy of hanging on your walls. Why not hang a patterend blanket?
4. Utilize your wall space: Mounting shelves, baskets, and cabinets allow you to maximize floor space and will greatly open up a small apartment.
5. Pick a theme and stick with it: even if you do not purchase an entire bathroom or bedroom décor, choose two or three colors per room, and keep them in mind with every home furnishing purchase. The theme will boost your appearance of your apartment as well as reflect cohesion and organization.
Locally, Delta contractor and designer Jeffery Rebiffe says that today’s materials mean it is possible to get a great look, even a kitchen makeover, without spending a lot. He advises, thought, that even a low-cost renovation should have a flash of sophistication. In a kitchen, for example, adding a true slate backsplash or an expensive, high-quality lighting can raise the standard without breaking the bank. For more great renovation ideas, visit the 15 houses on the annual Parade or Renovated Homes, held Jun 8. For details, see www.gvbha.org.

Get The Most Out of Your Living Space
From Metro News of Greater Vancouver Newspaper: Here are some easy-to-do tips to help you put a lot of stuff into a little place. By Interior Divine Colin & Justin. Fancy, ahem, cramming in a little extra where you, ahem, need it most? Stick with us kids – we’ve got it sorted. However, crammed your house or tight your condo, here’ show to mac up and make it, at least feel, far more dommodious …

Be Flexible
Use “smart double-duty furniture such as sofas which unfold into beds, coffee tables that raise to become dining tables or upholstered ottomans with removable tops that would make the perfect seat, toy box or foot stool.

Make a wheel difference
Position wheeled storage cubes, side lamps atop, either side of your sofa for a slick modern aesthetic. Fancy a change? Remove lamps and push into the centre of your space to make the perfect coffee table. But there’s more. Lift the lids for immediate access to magazines, books and newspapers. Bingo!

Small scale thinking
To maximize space, lose that “big box” PC in favour of a small, sli laptop that can be stored away when not in use. Or swap elaborate outsize squashy chesterfields for smaller compact sofas and chairs.

Behind closed doors
We recently created a glorious white galley kitchen in a tiny London condo and, because our client works from home, assigned on side of the room to food prop and the other to his stock-market business. On first glance, the long white room looks like kitchen heaven, however, open doors on one side and computer, files, and photocopier suddenly appear. Also, a section o worktop pulls out by 18 inches to create a desk where our chap can go about his business! Close the doors back over, push back the counter … and culinary calm is restored.

Discover you’re big downstairs!
Don’t ignore one of your biggest assets! Instead, dive below into the great Canadian basement to create awesome possibilities chez vous. Rather than languish in what’s little more than a dank, messy storage room, consider the benefits of a finishe basement. We’re thinking guest suite, home office, children’s play room, spa bathroom… The choice is, and the added flexilibty will be, yours!

Here’s a hit list of double duty kit that will help you shop “smart”:
Storage Ottoman – seating, storage and table all in one
Kitchen Storage Bench – cook books, and baking trays, housed casually within kitchen table seating
Sofa Bed/Murphy Bed – a guest suite in minutes and no extra room required
Coffee Table With Stashable Stools – additional seating when you need it
Extendable Dining Tables – office/work space as required
End Tables With Drawers Or Shelves – a stylish way to introduce extra surfaces and extra storage
Armoire – use a multimedia housing, TV disguise or clothes storage. Particularly good for bedroom offices. Don’t forget to pins sleeves to the inside of the doors to stash flast files etc.
Stackable Chairs – enough said!

Colin and Justin’s Home Heist airs Tuesdays at 6pm, Saturdays at 4pm and Sundays at 11am on HGTV. www.hgtv.ca

Update on the Canada and Vancouver Real Estate Market: BoC Rate Decision, Bank Prime Rates, Mortgage Lending, Home Prices, Property Assessment Freeze

Canada Greater Vancouver Housing Starts Continue to Plunge

According to both Metro Vancouver News and 24 Hours Vancouver, the Greater Vancouver housing starts in most municipalities continue to plunge to record low levels admist the global economic problems and real estate sales declines. From MetroNews Vancouver: Groundbreaking housing starts falls for 6th straight months in Greater Vancouver to only 134,600, which represents a drop of 12.3%! Canadian housing starts fell by a greater than expected 12.3 per cent in February 2009, marking a sixth straight month decline in housing starts in Canada (consecutive months) and the lowest level since June of 2000, as domestic economy strugges through a major downturn. Groundbreakings on new homes dropped to a seasonally adjusted annualized rate of 134,600 units last month from 153,500 in January 2009 with declines seen in the single and multiple dwelling Canadian real estate sectors, Canada Mortgage and Housing Corp said yesterday. The number of starts in February 2009 in Canada was below analyst forecasts fro 145,000 starts. But there was a silver lining in the weak numbers of the plunge in Canadian housing starts this month. While it suggests that builders are responding to weaker demand, which could have a short term negative effect on economic activity, it also indicates there may not be a severe oversupply of homes throughout Canada. Economists continue to describe the Canadian housing downturn as only a correction that will last the better part of 2009, and many experts expect the real estate markets in Canada to make a recovery in 2010 according to Reuters. Construction of urban single family homes in Canada real estate markets fell 11 per cent to 44,500 units, while multiple dwellings, like condos and townhome communities, dropped 17.5 per cent to 63,300 units throughout Canada, representing a huge plunge in Canadian housing starts for the sixth consecutive month. According to 24Hours Vancouver: Housing starts throughout the Lwoer Mainland plunged in February compared to a year ago, new stats from the Canada Mortgage and Housing Corporation suggests. There were only 701 homes started in the Greater Vancouver real estate area last month, compared to 2,446 in February 2008, representing a whopping 71 per cent drop in Vancouver housing starts this February 2009. CMHC analysts are calling it a moderation in the Greater Vancouver real estate market. “New home construction slowing to more sustainable levels,” CMHC said in a news release regarding the sudden drop in housing starts in the Vancouver property market. It’s a trend seen in most areas of the country. Overall, Canadian urban centres saw an average drop of 60 per cent in housing starts last month compared to 2008 (a year earlier). But it’s also a change that’s hitting cities in the wallet just as property tax season comes around and finance officials struggle to balance their books and finances. In the City of Vancouver, revenue for building permits related to all forms of construction real estate has continued to fall as well. In January 2009, the value of building permits issued was 29 per cent lower than December 2008 (just a month earlier), and more than half the value of January 2008 (a year earlier), according to city officials. That represents a difference of $46 million on a total budget of roughly $900 million. By Irwin L of 24 Hours Vancouver.

Rate Decision by Canadian Banks Angers Some Home Owners

Canadians are speaking out against a decision by the big six banks not to fully match a big interest rate cut by the Bank of Canada, as indicated in MetroNews Vancouver. A spokes person says the Consumers’ Association of Canada has received “hundreds of calls” from “outraged” Canadians across the country since the chartered banks decided to lower their prime rates by only 50 basis points. The central bank of Canada had earlier cut its trend-setting rate by 75 basis points. Consumers appear upset that the banks are blunting the impact of the Bank of Canada’s monetary policy, and that they are doing so at a time when they are tapping taxpayer-funded programs to bolster lending. Among those intiatives, Finance Minister Jim Flaherty has tripled Ottawa’s mortgage purchase program to $75 billion and backstopped more than $200 billion in interbank loans. In a statement, Flaherty’s spokesperson noted the objective of both the mortgage purchase program and the lenders assurance facility is to “further improve credit availability and affordability,” for soncumser and businesses.

Is Now the Right Time to Buy Your First Vancouver Home?

According to Your Money section in Vancouver 24 Hours newspaper: Today’s economy has many people wondering if now is the right time to buy their first Vancouver home. With a moderate real estate market, interest rates at all-time lows and incentives for first time homebuyers announced in January’s Federal Budget, some think that now is a good time to make home ownership dreams into reality in the Greater Vancouver real estate market. Almost four of every ten Canadian or 38 per cent believe now is a good time to purchase an 32 per cent think it is a bad time, so it’s basically split in the middle, according to a report released recently by the Canadian Association of Accredited Mortgage Professionals. “Residential mortgage consumers remain remarkably positive as they weather the financial storm,” the association says. The Conference Board of Canada also found that consumer confidence in the country rebounded slightly in January 2009 from a twenty seven year lo in December 2007. The organization says the number of people considering making a big purchase such a car or new home rose to 28.5 per cent from 26.7 per cent. An online survey conducted by CAAMP also reveals Canadians expect housing prices to fall: 35 per cent, more than twice as mnay as last fall.

Most Experts and Canadian Home Buyers Expect Stability in the Housing Prices for 2009

According to the front page Real Estate Weekly newspaper, 65 per cent of all Canadians expect home prices to increase or stay stable over the next year, according to a report from the Canadian Association of Accredited Mortgage Professionals (CAAMP). Many of the people’s attitudes are very positive even in the face of tough economic times and recession in the North American markets. Attitudes towards local conditions have shifted only slightly with 38 per cent of Canadians believing now is a goot time to purchase and 32 per cent believing it is a bad time. Mortgage arrears remain very low in Canada home market and steady at 0.28 per cent and 84 per cent of home owners are satisfied with their current home mortgages. The information was gathered by Maritz from an online survey of over 2,000 Canadians in mid October 2008. In addition to this report, some Canadians do expect housing prices to fall: 35 per cent, more than twice as many as last fall, now believe prices will drop; half o those survedyed gave a neutral answer while the number who thought prices would go up fell from 40% to 20%. In BC, hardest hit by the recent drop in property prices, 48% of those surveyed said they expect prices to fall, far above the national Canadian average.

Canada Housing Sales to Stay Stalled

According to MetroNews Vancouver, the first half of 2009 to be somewhat static according to a recent report. Canada’s real estate market is expected to be “somewhat static” for at least the next six months as the economic downturn makes potential buyers extra cautious, while the average house price is expected to fall, according to a report released yesterday. The Re/Max Housing Market Outlook, which tracks 22 real estate markets across the country, says it expects 440,000 homes to change hands in 2008, down 15 per cent from 2007. It predicted the same number of sales for next year, but the first six to nine months of 2009 will be under pressure from volatility in financial markets and the threat of recession. Housing markets across Canada real estate should recover as stability returns to the financial sector the Re/Max report said. If consumer confidence is restored and overall economic activity picks up, so should the housing market and a bounce back could occur “as early as spring.” Eleven major real estate markets in Canada are expected to match or exceed 2008 home sales next year. Report highlights: A buyers market emerged in the latter half of 2008. Housing values are expected to slip three per cent to an average of $300,000. Unit sales should match 2008 levels by year end 2009, but the average price is forecast to fall another two per cent to $293,000.

Vancouver House Prices to Fall 18% in 2009

The latest forecast for housing prices in Greater Vancouver calls for the bottom in 2010. By Jeff N. for the Black Press. House prices in B.C. are in for a two year slide that won’t bottom until 2010, predicts a leading economist. Helmut Pastrick of Central 1 Credit Union says the B.C. and Greater Vancouver housing market is heading into recession on the heels fo the global impact of the credit crisis. He projects median B.C. hose prices will fall 13 per cent in 2009 and drop another 5 per cent in 2010 before reaching a turnaround point. “A poor economic outlook for 2009 and tight credit conditions extending into next year will keep housing sales on a downward trajectory for several more months,” Pastrick said. Housing sales in Greater Vancouver real estate market, already down 30 per cent this year, will drop another 17 per cent in 2009, he said. Pastrick also projects a 37 per cent plunge in new construction next year as a result of a poor sales climate and tight credit environment. House starts should make a modest recovery in 2010, he added.

Property Assessment Freeze in Vancouver Real Estate Prices Expected – With Some Exceptions

According to Real Estate Weekly, the B.C. government is freezing 2009 property tax assessment to help ailing home owners who have felt the economic times and freeze in lending/financing for their homes. According to REW, the BC government will freeze all tax assessments for 2009 at the July 2007 levels (with some exceptions) because the July 2008 would misinterpret the value of their homes through 2009. July 2008 as many home owners know was the peak fo the real estate market here in British Columbia and Vancouver and would have been much higher than the market value through 2009 if the values were used in the 2009 tax assessments. Some of the exceptions include: new homes built on what were building lots, substantial renovations that add value to a property in addition to fires and other accidents causing damage will not have the same benefit and will be valued at the July 2008 market value. Please watch for www.bcassessment.ca for more information about this. Meanwhile, the national Canadian real estate states are lowest since 2002. The number of homes sold through the Canadian Multiple Listing Service plunged 14 per cent last on the weakest level since July 2002, according to the Canadian Real Estate Association since Friday. The statistics reflect tighter money and the erosion of Canadian’s sense of wealth because of continued stock market declines, CREA suggests. Changes in federal mortgage rules that shortened loan periods and made it more difficult for people with little down payment to finance a home, also had an impact on sales.

Mortgage Changes in Canada Will Have Little Effect

Another article according to the Real Estate Weekly suggests that the tightening of the Canadian mortgage bank lending rules will have little impact on homebuyer choices. With the abolishment of the 0% down mortgage and the decrease from a maximum 40 year amortization to 35 year amortization, these won’t make it more difficult for home buyers to get an affordable mortgage for their new home. The difference is so little monthly and over time that it won’t have a big impact on people’s decisions to buy or wait. Canadians regularly exercise their options to pay down their mortgage debt sooner as well according to REW. In fact most Canadian home owners repay their mortgage in 15 to 20 years or in far less time than the amortization periods affected by these new criteria. While the changes won’t deny many people the chance to own a home, they will help ensure our housing market stays strong.

New Canadian Homes Prices, Starts Defy Experts

According to REW, the price of new homes in Canada actually increased by 2.1 per cent in September 2008 on a year over year basis, slightly ahead of economist’s expectations, Stats Canada reported. The 12 month increase for Vancouver was 1.4 per cent and in Victoria, contractors’ selling prices increased 0.2 per cent year over year. Most analysts had called for a two per cent decline in new homes prices and much slower starts. Canada Mortgage and Housing Corp. however, reports that housing starts remained relatively strong, declining by just 3.1 per cent to 211,800 units in October from 218.600 in September.

Real Estate Investment – Thinking Long Term for your home

Cited by many as a somewhat non-intuitive benefit of this year’s market change is a growing return to the concept that your own home should be somewhere you live, an investment in real estate to be held for the long term rather than analyzed minute by minute against market fluctuations like stocks or bonds. After all, in the grand scheme of things, if you’ve found the perfct home – one you love, you can afford, and that meets all your criteria – history suggest the Chinese proverb that says “the best time to buy real estate was five years ago, but the next best time to buy real estate is today” remains valid advice for home buyers today. This is a great article written by S. Boyce for the New Home Buyer Guide of Greater Vancouver on the market outlook in Greater Vancouver for the upcoming year. Return to Village Living is another concept that home buyers have been embracing this year in 2008. Across all municipalities of the Lower Mainland, 2008 saw the new home real estate market in Vancouver change to be driven in large park by the multi-family sector. As the lock-and-go lifestyle becomes more about choice than nccessity, homebuyers in Lower Mainland of all generations are opting to let others take care of the daily hassle of maintenance. Amenities figure strong among these choices. Spa style clubhouses with state of the art fitness centre, even demonstration kitchens and multimedia rooma are showing in increasing frequency in new home construction in the Greater Vancouver real estate market these days. Some properties in Vancouver property market are even including on site temperature controlled wine lockers. WE also saw a strong leaning toward lifestyle centres like South Surrey’s Morgan Crossing and Garrison Crossing in Chilliwack real estate market. These multi phase property developments celebrate intergenerational living communities and the idea you can live, work and play in a neighbourhood where everything is within walking distance. Shopping and services rub shoulders with different types of housing. Recreational facilities are just down the road and services from laundry or doctors offices to banking and pet sitting just round the corner.

Metro Vancouver Homelessness Key Issues and Numbers - Social Housing Updates - North Shore Homeless Count - Affordable Housing on Its Way?

Downtown Eastside Vancouver Rainier Hotel Re-Opens for Women’s Social Housing

The complex offers homes and hope according to Kristen T. of MetroNews Vancouver. Forty one women who had been sleeping in alleys or shelters will now have a safe place to call home with the opening of the women’s housing social apartment complex in the downtown Eastside of Vancouver. Rainier Hotel was re-opened yesterday after a $9.5 million contribution from the provincial and federal governments and $5 million from Health Canada. The 41-unit, single room occupancy Rainier Hotel Vancouver downtown eastside building will have a 20 unit treatment program for women in recovery from detox and 21 units for social housing tenants. “In our community there is a lot to be sad about,” said Liz Evans, founder of the Portland Hotel Socity, which will be managing the third floor units at the downtown Eastside social housing Rainer Hotel in Vancouver. “This building represents homes and hope for the women in the Vancouver downtown eastside. This will have a great impact on the lives of the people here.” Heather Hay, with Vancouver Coastal Health said yesterday was a “benchmark day,” for the women of Downtown Eastside Vancouver and social housing. “Housing is often the first step in recovery, but it isn’t enough,” she said. “By offering a rnage of supports to vulnerable women after detox treatment, we are giving them the tools to become stable, regain control of their health and establish a foundation for ongoing recovery.” Expanding social housing has been a priority for the provincial government. The Rainier Hotel in Downtown Eastside Vancouver was one of six single room occupancy social housing hotels bought by the BC government last year to protect and expand affordable housing. To date, the province has acquired 23 hotels with 1350 units in Vancouver, mostly in the downtown Eastside for social housing and treatment facilities. Renovations are currently underway at 11 of the buildings.

Vancouver Social Housing Update - March 2009 - BC To Fund New Affordable Social Housing Sites

The provincial government of British Columbia has announced that it will fund and build six long awaited social housing sites in Vancouver, part of a year old pledge to fast track a dozen social housing projects on city-owned land. This is according to 24Hours Vancouver and written by Irwin L on March 18, 2009. The six new Vancouver social housing sites will be located at: 1338 Seymour Street (with 105 new social housing units in Vancouver Downtown), 1005 Station Street (with 80 new Vancouver social housing suites), 525 Abbott Street in Gastown with 108 units, 188 East 1st Avenue in East Vancouver with 129 new social housing units, 3212 Dunbar Street with 51 units and 339 West Pender Street with 96 new affordable housing suites. This move by the BC government came on Tuesday as advocates in the Downtown Vancouver Eastside accused the province on failing to deliver on their election promises. By kick starting $172 million in funding for affordable social housing in Vancouver, these will be an additional 569 units built in the next year. Five of the six Vancouver social housing sites are in downtown Eastside. This is only half of the promised Vancouver social housing projects that was promised back in 2007. If fully constructed, the dozen Vancouver social housing sites would see up to 1200 small studio units of housing for low income singles, with many catered towards hard to house clients with mental health and addiction service providers.

Metro Vancouver Homeless Tally Up 22 Per Cent

This according to 24Hrs Matt K: Metro Vancouver has 22 per cent more homeless today than it did three years ago. The Greater Vancouver Regional Steering Committee on Homelessness published the final results of its March 2008 Homeless Count. “We’ve approximately named the report ‘Still on our Streets…,’” said Val MacDonald, the chair of the Steering Committeee’s communications working group. “Without exception, all communities showed an increase in homelessness.” Volunteers tallied 2,660 homeless people during the 24 hour count, which is meant to provide a “snapshot” of Vancouver’s homeless situation. In 2005, volunteers reported 2,174 homeless people. This year’s homeless numbers are particularly staggering for the Aboriginal community. After a 34 per cent spike in their homeless population, Aboriginals now make up 32 per cent of all homeless people in Vancouver included in the count. “The findings of Aboriginal homelessness are some of the most disturbing,” said Ken Clement, the chair of Lu’ma Native Housing Society. “We can’t afford to look at Vancouver homelessness just as one piece of the problem. It’s a system issue. We need to act.” Both Clement and MacDonald challenged all levels of governments to step up with funding to meet the growing demand to house the Metro Vancouver homeless.

Numbers Show Homelessness Still Rising in Greater Vancouver

According to Andrea W of Metro Vancouver newspaper: The findings of last March’s homelessness count were released yesterday, confirming what is no surprise to Vancouver locals: homelessness is on the rise. The count, done by the Greater Vancouver Regional Steering Committee (RSCH), showed that there were at least 2,660 homeless people on the streets in Metro Vancouver during the 24 hours in which it was conducted. The total number of homeless people in Vancouver, however, is likely much higher. “Considering that 24 hour point in time counts inherently undercount the homeless, the numbers in the report tell us that the region is experiencing a continued growth in homelessness,” said Alice Sundberg, co-chair of the RSCH, in a statement. The report also found that Metro Vancouver homeless people in the region increased by an estimated 22 per cent since 2005 and 137 per cent since the first count in 2002. Street homelessness in Vancouver increased by 40 per cent since 2005 and by 373 per cent since 2002. Aboriginal people represented 32 per cent of all Vancouver homeless people surveyed, despite making up only two per cent of the Greater Vancouver region’s population.

North Shore Outlook- Homeless Count in Vancouver

The North Shore’s homeless population is now the fourth largest in Metro Vancouver real estate. According to the 2008 Homeless Count in Greater Vancouver the number of people living without shelter grew 40 per cent (to 113) since volunteers last conducted the 24 hour survey in 2005. Based on the number of homeless turned away at the North Shore Lookout Emergency Shelter, executive director Karen O’Shannacery knew this wasn’t a typo in the report. “The visible homeless is on the rise not just on the North Shore, but everywhere,” she said. “We’re not surprised by the drastic jump at all.” The overall number of homeless people in Metro Vancouver jumped by 22 per cent from 2005. The number of homeless on the North Shore ranks only behind Vancouver, Burnaby and Surrey. If anything, O’Shannacery said the homeless numbers collected during the point-in-time count are underreported. The North Shore homeless shelter has limited capacity: 45 temporary beds and 25 traditional housing units. “There’s a number of people living on the streets [in North and West Vancouver] because they refuse to leave because this is where their comfort zone is,” she explained. Many are forced to live rough because of a dearth of shelter beds and – perhaps- more importantly – supported North Shore housing units. “Where is the affordable, supported housing?” she asks. Breaking the cycle of homelessness on the North Shore required permanent housing options with support services for those wishing to transition from life ont eh streets. At the moment, there’s only a “nominal” supply of supportive housing units on the North Shore, she added. Last year the provincial government announced more than $80 million in funding for approximately 1,000 supportive housing units in Vancouver, Victoria and Burnaby. O’Shannacery conceded that North and West Vancouver may suffer from the “attitude that the North Shore is wealthy and can meet their own needs,” and believes North Shore municipalities must increase pressure on federal and provincial governments to start an affordable housing supply program for the homeless on the North Shore. “The North Shore has even less affordable housing than Vancouver and other municipalities. [The temporary shelter] is the pathway to the solution – not the solution.” – The Outlook.

Government Parties Promise Housing

According to Carlito P for the Georgia Straight Real Estate section. When police started ticketing homeless people camped out in Vancouver’s Oppenheimer Park last summer, Kathy Walker and her neighbours decided to take action. They started going to the park early in the morning, when police started arriving, and they stood in solidarity with the campers. One evening, Walker, a resident of the Jackson Avenue housing cooperative on the east side of the park, camped out with her young daughters amid the homeless. At one time, walker said, she counted about 30 tents in the park. In mid-August, the campers were moved into hotels and housing units owned by the provincial government. Walker recalled that one woman told her she had been on a housing wait list for the past five years. Oppenheimer Park has returned to what it was prior to the camp-out. But according to Walker, there are always homeless people hanging out there. With the federal election campaign in full swing, Walker wants to hear politicians talk more about what their respective parties intend to do about homeless and housing the homeless. “It’s such a basic thing for human dignity,” Walker to the Straight by phone on September 22nd. “People need decent, safe place to live.” On Sept 16, Prime Minister Stephen Harper announced that if reelected, his government will give first time home buyers a tax credit of $5,000 of the closing costs of a house purchase. The next day, ministers Monte Solberg and John Baird rolled out a pledge that a new Conservative government will extend for five years three programs with funding of $1.9 billion. These are the Affordable Housing Initiative, the Residential Rehabilitation Assistance Program and the Homelessness Partnering Strategy. For their part, the federal Liberals have promised to tackle the Vancouver housing crisis by providing 30,000 new social housing gunits. They will also refurbish 30,000 existing units. The Liberal platform also includes expanding subsidies for low income people living in federally funded co-op housing in downtown Vancouver east side.

More about Social Housing Vancouver

Like the Conservatives, the Liberals pledged to renew the RRAP. They will also continue with the Homeless Partnering Initiative, a component of the HPS. If ever they get to form a government, the NDP has am ambitious program to implement. They will start a 10 year national housing program that will build 200,000 social housing and co-op units. They will also renovate 100,000 existing units. Rent supplements will be given to 40,000 low income tenants. An NDP government will underwrite low interest mortgages on affordable housing. The Canada Mortgage and Housing Corporation will be redirected to fund social housing. The Greens are more modest. They have promised to build 20,000 social housing units and rehabilitate 10,000 existing units over the next 10 years. They will also provide credit and loan guararntees to nonprofit housing organizations and co-ops. The Greens will subsidize private real estate developers who include affordable housing in their housing projects. If politicians aren’t saying much about the housing and homelessness, voters themselves can put these issues front and centre. The Canadian Housing and Renewal Association, a national organization representing nonprofit housing groups, has assembled a tool kit so that anyone can be a “housing champion” in his or her riding. The kit has a sample letter or email to candidates that explains why social housing in Canada has to be on the campaign agenda. It states that four million Canadians “live in housing they can’t afford, that is overcrowded or that is unhealthy or unsafe.” When the Striaght first talked with Walker on August 15, the day after campers were removed from Oppenheimer Park, she offered a smiple solution to help ease the problem of homelessness. “With all the energy and resources and time going to prepare for the Olympics, if we can divert some of the time and energy and money… we could get people off the streets and into decent social housing.”

Tents No Vancouver Housing Answer
According to the 24Hrs Vancouver newspaper: Vancouver’s less fortunate can no longer be shuffled out of sight, homeless advocates charged yesterday. Speaking outside of city hall, Streams of Justice organizer David Diewert cited a B.C. Supreme Court ruling that allows Vancouver homeless people to erect tents in parks and on public grounds in Victoria as a catalyst for a parallel action in Vancouver. “All this is really doing is brining into the visible landscape the true reality of desperation and homelessness that are in our cities,” Diewert said of the decision. Pivot Legal Society lawyer Laura Track said a case before Vancouver courts to strike down a similar vagrancy bylaw should yield the same result since the number of homeless people in Vancouver is more than double the number of available shelter beds. If city attorneys in Victoria had been able to provie there was sufficient shelter space, the judge would have faced a more difficult position, she said. Still, Diewert said tents are no solution, and called for the immediate opening of vacant Vancouver housing. Diewart is taking part in a seven day fast and vigil on city hall property to mark Homelessness Action Week. An article by Dharm M for 24 Hours.

Social Housing and Homelessness Activists take on Vancouver Housing Hurdles through the Eastside Vancouver Poverty Olympics

According to MetroNews Vancouver’s Jeff H., activists in the downtown Eastside Vancouver held a $6 Olympics yesterday in protest of the $6 billion Olympics in Vancouver-Whistler 2010 that wil take place in Vancouver in little more than a year from now. The Poverty Olympics, as they call themselves featured short skits of athletic events like Housing Hurdles, Wrestling for Community and Skating Around Poverty. Gena, who co-hosted the second annual event dressed as mascot Chewy the Rat, said she was representing all the people of downtown Eastside Vancouver “who have go nothing out of all the Olympic promises.” The Vancouver Eastside Poverty Olympics began with a torch relay and protest march through the Vancouver downtown eastside to the Japanese Language school on Alexander Street. The first event, Sweeping Aside Poverty (curling), featured poverty Olympians pitching rocks (painted milk jugs) across a carboard ice sheet covered with obstacles like bureaucratic red tape and paper clips. Meanwhils, their opponents, a slick looking team called Vanoc, had no such difficulty. They were able to sweep away obstacles with bailout brooms or cut thorugh them with help from their friends in the police and corporate media. The Vancouver Poverty Olympics has been a hot issue around town lately.

North Shore Property Update: West Vancouver Secondary Suites Issue, West Van Limits Size on Monster Homes, Problems with North Van Coach Houses

City of North Vancouver Cancels Coach House Installation

In the latest twist to the ever slowdown of results and progress for affordable housing in North Vancouver, city councillors narrowly voted down a proposal on Monday that would have installed a prototype coach house for display on unused city land according to North Shore News, Benjamin. Home show demo home offered at cost, but North Vancouver councillors balks at the $150,000 required to complete a demo Coach House in North Van real estate to showcase the benefits of affordable housing initiatives that could alleviate the shortage of affordable rental units on the North Shore. The motion called on the City of North Vancouver to spend up to $150k out of a reserve fund for the purchase of roughly six hundred square foot home. The intent was to display the North Vancouver coach house to the public at 204 East First Street for an unspecified period before selling and moving it ot the buyer’s lot. The proceeds of the sale of the coach home in North Vancouver would have been returned to the reserve fund when all said and done. Keating emphasized the energy efficient features of the Smallworks coach house prototype. However, Coun. Bookham opposed the motion because she thought it was highly inappropriate for the city of North Vancouver to promote the services and products of a third party builder. She also couldn’t fathom how the city could justify spending up to $150,000 on a coah house model at this time. Bookham and the City of North Vancouver could produce a list of xisting privately owned North Vancouver coah houses in the city for interested buyers to inspect. Mussatto told city council that the had visited a homeless shelter over the weekend that had turned away 70 people. “There are still camps out there, people looking for shelter. There are people one paycheque away from losing their home, losing their mortgage. And they’ll be looking for somewhere to go. This is one option we could consider,” as he talked about the City of North Vancouver plans to go ahead with coach houses rental suites. But council was not swayed by the mayor’s appeal, and defeated the motion marginally by four to three. Mussatto immediately tabled another motion directing staff to request competing proposals for a similar North Vancouver coach house project in hopes this will addres some of the Councillors objections. This was also voted down, so there is not much anything is being done about the affordable housing problems in North Vancouver. The interior of the Laneway Loft House built by Smallworks Studios/Laneway Housing coach house is at the B.C. Home and Garden Show until Sunday.

West Vancouver Secondary Suites Recommended

Report calls for more housing options in the form of West Vancouver secondary housing suites for the city. This according to Daniel Pi for the North Shore Outlook newspaper. A report presented to West Vancouver Council Monday night recommends allowing secondary suites in the West Vancouver community to raise housing stock in the expensive North Shore community. On Monday, West Vancouver councilors sent the report, penned by the Community Dialogue on Neighbourhood Character and Housing Working Group, to district staff for further research. According to Stephen Mikicich, senior community planner for the district, staff will be reporting back to council in the fall with ideas to implement the 20 recommendations listed in the report, including the West Vancouver secondary suites housing issue. Besides allowing secondary suites in West Van, the recommendations include: considering “infill” housing, exploring new West Vancouver housing types with pilot programs, utilizing surplus district owned lands “to address identified housing gaps in the community, protecting and defining neighbourhood character, and finding ways to reduce residents’ reliance on cars. The report also recommends amending the West Vancouver Official Community Plan’s Housing Policies “to enable consideration of new housing types to meet the current and future needs of West Vancouver residents.” The working group developed its recommendations through public input that included community forums, workshops, and presentation, and an online form. The group also sent out a questionnaire and two newsletters to residents.

West Vancouver Home Sales Drop by Half

According to the North Shore News: Metro figures similar but economist says U.S.=style collapse in the West Vancouver real esate market housing prices unlikely. Written by James W. West Vancouver home sales are down more than 50 per cent from last summer, according to figures released by the Greater Vancouver Real Estate Board, and it’s possible there is more to come. Just 101 detached homes were sold in the West Vancouver / Howe Sound area between June and August this year, according to the September 3rd release. That’s down from 230 West Vancouver homes sold during the same period in 2007, a drop of 56 per cent. Other West Vancouver real estate resident types have seen similar declines. With just 13 per cent sales, attached homes in West Vancouver real estate property are down close to 19 per cent; and with 29 sales, condos are down almost 53 per cent. The slide is part of a wider trend across the Greater Vancouver region, according to the board. Lower Mainland homes ales of all kinds dropped 53.7 per cnet last month compared to August last year. North Vancouver is among the communities caught in the fall, although declines there have not been quite as pronounced as its neighbour’s in West Vancouver real estate market update. Summer sales of North Vancouver detached homes are off by more than 33 per cent, and other home types by more than 46 per cent. In a nutshell, says one expert, the good times are coming to a close. “It’s the end of the boom,” says Tsur Somerville, director of the Centre for Urban Economics and Real Estate at UBC”s Sauder School of Business. He identified three factors behind the change in West Vancouver and North Vancouver real estate property markets in summer of 2008. The first is a simple truth inherent to all housing booms: they just can’t last forever. Eventually it gets to a point that people can’t pay any more. “You can’t continually have growing number of sales and rising prices unless the economy is growing faster and faster and population is growing more and more,” said Somerville. “since we don’t have those conditions, we have a boom and it tires itself out.” This is what is happening in the new West Vancouver real estate market housing values are dropping. This works in conjunction with a second, psychological component: Canadians are looking at what happened to the housing market in the United States and wondering if the same might happen here. But when asked what thi means for the future, Somerville’s answer was very simple, “I don’t know.” The real estate market in West Vancouver is a difficult thing to rpedict, he said, and any forecasting on his part would likely come back to bit hime. “That’s an invitation for me to be wrong and have everybody remember it,” said Somerville. That said, he made certain observations that might shed some light on the future. For one thing, a crash on the scale of the American housing crisis seems unlikely. That’s because the conditions were different in Canada and West Vancouver real estate market when our neighbour was building its bubble.

The extremely cheap credit that has been available south of the border in recent years encourage speculation in the real estate market. Many Americans, emboldened by super lower interest rates, have been borrowing more money than they can afford, and investing it in houses they hope will make them a quick buck. That in turn inflated housing prices in the U.S. beyond a sustainable level. Canada has not seen credit quite as cheap, however, so speculation here in West Vancouver and North Vancouver real estate markets has been more limited, said Somerville. That doesn’t mean it has been non-existent, however. “We do have potential for bad things to happen in the condo market because we have so many real estate investors there,” he said. “There is definitely is speculation in that market.” And if condos tank as a result, they could drag down other types of West Vancouver property with them, added Somerville. “People wouldn’t be moving up (from condominiums to houses) and people who are… comparing the two might say, ‘Hey, I’m not going to buy a house for this much when I can get a condo for that.” However, guarding against an all-out collapse is the fact that BC’s economy does not appear to be as bad as has been suggested. “I’m not saying it’s all good news. But you look around the Lower Mainland, and where’s the 15 per cent unemployment and the shutting mills and the real problems?” said Sommerville. “A lot of industries are not doing great, but they aren’t abysmal.” Rather than plummeting, housing prices in West Vancouver real estate market may just rise at a slower rate,” he said. And at the end of the day, the Lower Mainland – which ahs been limited supply of homes, is still drawing new people who need a place to live. That has to push up property values in West Vancouver real estate over the long term, said Somerville. So what should homeowners do if they’re thinking of selling? “Be prepared to take a lower price than they think they’re going to get,” he said. “Be prepared to wait longer to sell.” His advise to home buyers in West Vancouver real estate was not far from the same. “If you’re thinking of buying, it’s a time to take your time,” said Somerville. “There’s not reason to feel rushed.

One Size Doesn’t Fit all in West Vancouver Real Estate

According to Jessica B of the North Shore News: District of West Vancouver residents are willing to let go of monster house mania to make way for smaller, more affordable housing, council heart Monday. In addition to smaller houses, West Vancouverites want a greater variety of housing types, but still like the idea of a single family home with a garden or green space. “One or two sizes no longer fit the community that we live in,” said Any, Vice Chairman of the neighbourhood character and West Vancouver housing working group. “We need to change in order to stay the same.” The West Vancouver housing working group, comprised of West Vancouver residents, many with backgrounds in urban planning, engineering and real estate, has been collecting public input through meetings and workshops for more than a year. The Group appeared at Monday’s meeting to president its findings to the West Vancouver Real Estate Council, complete with 20 recommendations based on resident input for preserving community character and shaping neighbourhoods for the future. “This whole dialogue was about people talking to people,” said Christine Banham, group chairwoman. “We heard many personal stories telling of Wets Vancouverites’ struggles and challenges in their neighbourhoods.” Banhm spoke of single retirees coping with the high cost of West Vancouver living, disable adults with accessibility concerns and the so called “sandwish generation” who are at once caring for aging parents and not yet independent children. “Each story is unique, but we heard the same messages over and over again,” Banham said. “West Vancouver residents want to maintain thei homes and neighbourhoods, they wan to remain in community over the long run, even as their needs and abilities change over time. The report’s recommendations for the West Vancouver real estate future include an overwhelming need and public support for West Vancouver secondary suites such as coach houses or infill housing district wide. The West Van working group also suggested leasing district lands for lower-income housing and developing pilot projects in certain neighbourhoods. One thing all the recommendations have in common, Banham said, is that they intended to move council to take action.

West Vancouver Plans New Limits on Large Homes

First steps to a rewrite of zoning in the City of West Vancouver real estate according to Jessica B for the North Shore News. Zoning bylaws in the District of West Vancouver are in for an overhal that will make it more difficult for developers and homeowners to build bulky houses. A series of zoning amendments designed to close loopholes in current legislation that allow real estate developers to skirt the existing bylaws were introduced to council on Monday night for first reading. According to director of planning Bob Sokol, the proposed amendments are the first part of a comprehensive rewrite of bylaws that will overlap with concerns by residents, brought up last week in the neighbourhood character and housing dialogue. The floor area ratio is the amount of floor area that is allowed in relation to the size of the lot. Most West Vancouver housing neighbourhoods allow houses that are 35 per cent of the lot. For example, a 10,000 square foot lot would allow up to 3,500 square foot house. In Ambleside, Dundarave and Horseshoe Bay, however, houses may take up to 50 per cent because the lots tend to be smaller. But Sokol said exceptionas to floor area ratio are contributing to West Vancouver’s bulky monster house epidemic. The biggest culprits, Sokol said, are covered decks on second floors and attached accessory buildings that don’t count toward the floor space ratio. “Over the past few years, there’s been kind of an explosion of people putting covered decks on their houses,” Sokol said, “They add substantially to the bulk of the West Vancouver house, particularly when theyr’ on the second storey.” Sokol added that people routinely add accessory buildings as extensions to their West Vancouver houses too. The accessory buildings are supposed to be separated from the house by a dividing wall. However, Sokol said the walls frequently come down after real estate developers and homeowners receive their last building inspection Under the proposed bylaw amendments, second storey covered decks will still be allowed but would be included in the floor area ratio. The proposed West Vancouver real estate amendments also reduce attached accessory building exemptions from 240 sf to 50 sf. Bylaws limiting changes to grades and retaining wall heights were also introduced along with a proposal to reduce rock and soil removal from 600 cubic metres to 200 cubic metres. More aspects of the neighbourhood character and West Vancouver housing working group report will likely be seen as Sokol proceeds with the zoning and policy rewrites. For instance, Sokol said he did not want to limit basement sizes right now because they may play a role if council decides to allow West Vancouver secondary suites in some neighbourhoods. The interim amendment are “baby steps” on the way to the comprehensive rewrite, Sokol added, which could take up to a year to complete. The zoning bylaws of West Vancouver real estate will also undergo a technical rewrite to bring the 1968 document up to 2008 standards. Council voted unanimously to refer the amendements to the deign review committee for comment. A public hearing on the proposed West Vancouver real estate amendments is scheduled for October 20th and Sokol is expected to return to council on October 27th with a technical review and a list of other policy issues his team will be addressing.

North Shore Real Estate Update by Alan Skinner, the Most Trusted Source of Property Information – October 2008

The Supply/Demand Dictatorship. WE know we live in a democracy, but not everybody realizes that there is a tyrant – depends on which side you’re on – that dictates our lives. Obviously, my old hobby horse, embodie in the term willing seller/willing buyer, is that of which I speak. Say, for a minute, the Supply side represented by potential sellers, got together, and said… buyers (Demand side) are not appearing confident to make the decision to buy a home. Therefore, it makes sense to take our homes off the market (or not add them to the supply pool). But, I hear you sya, that is not realistic as so many of us really want to (need to) sell. Precisely my point! Now, and this is not meant to be facetious; Sellers, realize that it is your collective wants and needs that will cause prices to drop. Supply must decrease or the confidence of home buyers must be restored. We do know that a very large part of that “damage” can only be repaired by the actions of our neighours to the south. Just how long will it take?

North Vancouver Home Rentals

Beware the pitfalls of renting your home to vacationers according to the North Shore Outlook Contributor Jennifer R. If you’re looking to earn a little extra cash this summer, a short term vacation rental may sound like a sweet deal. A quick and easy way to help lighten your mortgage load over the holiday months right? But, according to the Better Business Bureau, many North Vancouver home owners are unaware of the pitfalls of renting their homes to vacationers. “What can look like an easy way to make profits is really not so easy,” says Lynda Pasacreta, Better Business Bureau president and CEO. “Being successful with vacation rentals requires extensive planning and knowledge on how to market your property effectively.” But with some experts saying a homeowner could double or even make up to 10 times the amount with a short term vacation rental than a traditional month to month home rental, the potential pitfalls show no signs of slowing down eager North Shore residents. And with the 2010 Olympics around the corner, many North Vancouver homeowners are taking the time to prepare for winter visitors by renovating their residences. Capitalizing on vacationers often means taking loans to update homes and installing self-contained suites. But before you jump start a renovation project, the BBB urges homeowners to protect themselves by taking a few simple precautions. All you have to do is a little homework. If you are adding a suite to your home, you may need to install a bathroom or a kitchen, which often requires a building permit. It’s a good idea to check with the BBB before you hire a contractor to start the renovation. Next, make sure to get the right type of insurance. To help avoid future headaches consider fire insurance, liability insurance and burglary protection. Ask other North Vancouver homeowners in your neighbourhood what policies they have to cover their homes. Also, check your municipal laws and taxes before you move ahead with a home rental. Familiarize yourself with both provincial and local restrictions and contact your local tax office or chamber for up to date information including B.C. rental tax laws. A hotel room tax coule apply to your short term accommodation if you have four units for rent or more or if you rent to one person for longer than one month. Visit the Ministry of Small Business and Revenue website for more information (www.gov.bc.ca/sbr/). Licensing may also be required. If you are planning on providing services outside your own home rental, you may require additional licensing for areas such as property management and acting as a travel agent. Lastly, be careful when you advertise. The Internet can be a powerful tool for attracting vacation renters through online listings, but some sites are scams. Take your time, do your research and when possible ask for a referral. For more information and consumer tips visit www.bbb.org.

Home Construction Down in North Vancouver Real Estate Market

This article taken from the North Shore Outlook newspaper and written by Jeff N for Black Press. Home builders say they see few signs so far of imminent collapse in the construction industry. Greater Vancouver Home Builders’ Association president Peter Simpson is pointing to the latest statistics showing Metro Vancouver housing starts are so far up 11 per cent from 2007 housing starts. “If we continue on this pace, we’re looking at the best year since 1993,” he said. Simpson was responding to predictions that the decline in Vancouver real estate prices in the region will soon trigger a building construction decline that could create a drag on Metro Vancouver’s economy. He did not rule out the possibility that will happen in the months ahead. “There are some clouds out there, but the sky is not falling,” Simpson said. “We warned our builders some time ago to be risk averse. Don’t plan out too far in advance.” He said there may be “ abit of shakeout” with smaller industry players, particularly newer entrants. “We’re looking ahead with cautious optimism.” Canada Mortgage and Housing Corporation (CMHC) analyst Robin Admanche said 2008 should be the fifth straight year in which housing starts have topped 18,000 units in the Greater Vancouver real estate region. She said the demand for new homes remains healthy, but the inventory of unsold new homes is beginning to rise. Surrey leads the region so far in new home construction, CMHC reported, with 4,000 units started – three quarters of them are multi family units. That’s a 66 per cent increase from the same period in 2007. Vancouver is up 74 per cent with 3,568 starts. Delta has twice as many new starts (171) this year. Langley, Burnaby, New Westminster, North Vancouver and Maple Ridge have all experienced significant declines of at least 20 per cent however. Real estate prices in Metro Vancouver peaked in March, the latest realtor statistics show, and are down about 4.5 per cent so far. Many more homes are now available for sale and buyers have become much more selective.

Community Update for Park & Tilford Shops & Gardens on the North Shore

Park & Tilford gets pedestrian friendly makeover according to the North Shore News magazine. New design of Park & Tilford makes a strong connection with the Gardens. One of the North Shore real estate’s favourite shopping, dining and entertainment destinations will soon be sporting an attractive new look. Park & Tilford Shops and Gardens is nearing the end of the first major renovation in its 20 year history. The $6 million makeover will include new fabric canopies, improved signage and a red brick façade designed to match the architectural style of the gardens at Park & Tilfod. “I think it’s going to be much more inviting, much more friendly,” says greg Richardson of Omicron, the project architect. “When you put canopies on a building you tend to lower the scale and make it more pedestrian friendly. It gives it a small town look and makes for a more comfortable shopping experience.” Richardson says the design of the new Park & Tilford North Vancouver shopping and gardens makes a much stronger connection between the shops and the gardens. “This will unify the whole centre. This is much more than a quick paint job,” says Tony Segaric, Vice President of Operations and Construction, Bentall’s Retail Property Management Division. “We are updating and upgrading the entire shopping centre.” Segaric says the North Vancouver Park & Tilford shopping centre experienced general wear and tear over the years and the exterior had suffered some damage from the elements. “The need for repairs gave us an opportunity to include an aesthetic upgrade to give Park & Tilford a warmer, more modern appearance and improved functionality.” Environmental considerations at the new North Vancouver Park & Tilford were also included in the renovation, and in day-to-day operations, with the use of building components that include recycled material as well as upgrades to improve energy efficiency. The improvements have earned Park & Tilford North Vancouver a “Go Green” designation from the Building Owners and Managers Association of Canada, which recognizes leadership in environmental stewardship. Segaric says the approach to the upgrades is consistent with Bentall’s long term view of retail property development such as Park & Tilford in North Vancouver. “We’re extending the lifespan of Park & Tilford to help our retail tenants deliver service and value to the community for many more years to come.”

Whether you are a homebuyer or investor, is this the right time to buy a new Vancouver home? The latest on the falling Vancouver real estate prices..

Greater Vancouver Home Prices Still Dropping

According to MetroNews Maria C, The average price of a home in Greater Vancouver has dropped eight per cent compared to last year, according to the B.C. Real Estate Association. The average price now of a Greater Vancouver home sits at $535,598 down from $582,354 last September. “Weaker consumer demand and a large number of greater Vancouver homes for sale are having an impact on home prices in the province,” said the association’s chief economist, Cameron Muir. With the economic crisis on the minds of many, people don’t seem to be spending as much, nor are they as willing to make major purchases compared to a year ago. Residential home sales in Greater Vancouver real estate market dropped a whopping 43.2 per cent this month compared to last year – that’s well above the provincial average of 30 per cent.

Canadian Housing Starts Rise 13 Per Cent

According to MetroNews, Canadian Housing Starts rebounded in August, beating expectations, but some economists cautioned against reading too much into the number since it followed a weak reading for Canadian housing starts in July. Housing starts in Canada rose 13 per cent in August to a seasonally adjusted annualized rate of 211,000 units from 186,500 units in July, the Canada Mortgage and Housing Corp said. The bulk of the gain, which topped the consensus analysts’ expectation for 195,000 starts, was in Ontario real estate housing starts, where there was an 81 per cent jump. The government owned CMHC attributed the surge in multiple-unit starts in Canada which shot up 25.2 per cent to 114,700 units following a 20.2 per cent slide in July. But some real estate Canadian experts said since the bounce back in housing starts in Canada followed weakness, it doesn’t mean that Canadian housing activity is buoyant. REUTERS.

Greater Vancouver Housing Sales in Area Drop by 43 Per Cent

REAL ESTATE UPDATE from the MetroNews Vancouver Monica M. Homes ales in Greater Vancouver real estate fell 42.9 per cent last month, according to a report released yesterday by the Real Estate Board of Greater Vancouver (REGBV). Home sales dropped by 1,585 units this September compared to 2,776 in September 2007. The president of the REBGV, Dave Watt, said the Greater Vancouver real estate market is simply adjusting itself. “Affordability played a role,” he said. “Prices rose to the highest levels in February and March and now they’ve declined by five per cent.” Watt also said the U.S. subprime mortgage crisis is affecting consumer confidence.

Ritzy Vancouver Real Estate Under Price Pressure

New report says multi-million dollar Vancouver real estate properties may have passed peak prices. This according to the North Shore Outlook’s Jeff N for the Black Press. A new report predicts the prices of tony homes in West Vancouver real estate and across the Lower Mainland may sag from their stratospheric heights. The starting price point for upper end homes in Metro Vancouver real estate market has climbed to around $2 million, according to the RE/MAX market survey of ritzy real estate in Vancouver. On Vancouver’s west side, the starting price is closer to $4 million. The most expensive Canadian home sold so far in 2008 (through MLS listings) went for $11.5 million in Metro Vancouver, the report said. But home buyers will have to open their wallets wider yet to buy the priciest properties available in the metro Vancouver real estate market today. A Burnaby mansion is on the real estate market for $25 million and a “world class” country manor in Richmond real estate with its own bowling alley, tennis court and equestrian riding fields can be had for $24 million. Two more single detached houses in Kitsilano and West Vancouver’s Caufield area are on the West Vancouver real estate market for $19 million. Metro Vancouver property is also home to Canada’s priciest condo now for sale – for $14.9 million. If that sounds expensive, consider that it’s already been marked down from the original list price of $18 million. Nearly 400 high-end homes sold in Metro Vancouver real estate market in the first seven months of the year, up five per cent from the same period last year. “Affluent baby boomers, Generation X and Y, and an influx of international home buyers from Mainland China and Europe are behind the push for luxury real estate,” the report says. “Money mad in oil and gas sector in Alberta has also made its way into Vancouver’s residential housing market.” What do well-heeled home buyers want? Large lots with more privacy – often traditional character homes in exclusive neighbourhoods – with more square footage and either views or waterfront. The luxury Vancouver home threshold is lower - $1.2 million – in White Rock – South Surrey real estate, where the report says some would be buyers are waiting for a correction while sellers “are still trying to cash in at peak levels.” The report says 218 high-end Vancouver homes are listed now in that area. The luxury home market is usually the first place pressure cracks appear in a downturn, but RE/MAX executive vice-president Michael P. said the reverse has so far been true. However, the Wall Street financial meltdown has cooled the ardour of some buyers and Polzler said that “will give purchasers cause for concern in the immediate future.” The firms’ report notes some rich real estate investors are instead trolling U.S. housing markets to scoop West Coast properties at rock bottom prices.

Canada Housing Prices Slow For Sixth Month in a Row

According to MetroNews, The increase in the price of a new Canadian house slowed in July for the sixth month in a row, mostly because of a softening market in western Canada real estate market. Statistics Canada says selling prices for new houses in Canada were up 2.7 per cent year over year in July slower than the 3.5 per cent June increase. Prices roses fastest in Regina real estate market, where the cost of a new house skyrocketed 29.6 per cent, though that was down from a 34 per cent April record increase. Meanwhile, buyers in Newfoundland and Labrador faced a fourth consecutive price increase in 24.3 per cent. By Torstar News Service.

Party On in Local Vancouver Real Estate

On The Market by Carly K for 24 Hours. Wayne’s World has nothing on Vancouver real estate agent Tom Everitt, who’s launched his own homemade show. Instead of his parents’ basement, a la Wayne and Garth, Everitt films his daily two to four minute web show, Vancouver Market Watch (www.think-tom.com) in his newly turned studio (to the tune of $25,000) garage. And instead of “babes,” he discusses another “hot” topic: Vancouver real estate. “In the stock market, you can go to the TSX and check out Google,” says Everitt, “but it’s very, very hard to figure out what’s going on in the real estate market.” Everitt shares insider knowledge as well as hot sheet statistics, daily reports in which Vancouver realtors are given an up-to-the-minute snapshot of Vancouver real estate market activity. For instance, Monday’s Vancouver Market Watch show dealt with open houses on the weekend. “There were 383 opens on the West Side… 202 opens on the East Side… 80 opens above $1.4 million.” What does that mean? There’s a lot of competition, says Everitt. Likewise, yesterday’s Vancouver Market Watch show shared the scoop that the day netted 100 new listings, 65 price reductions and only nine Vancouver home sales. Which Everitt interprets to mean “definitely a slow down in the Vancouver real estate market.” Other topics include negotiation skills and legalities of contracts. And like his zany SNL predecessors, Everitt of Vancouver Real Estate Market Watch tries to infuse some fun into the often stressful subject of shopping for or selling a home. Humorous pokes include “I’d like to move it… move it (the importance of pricing in today’s Vancouver real estate market) and a homestaging episode in which he digs himself out from behind a clutter of décor no-no’s such as ahigh school grad photos, trophies and decaying plants. While you won’t see any air guitar riffs or extreme close-ups on the Vancouver Market Watch show, Everitt does promise to answer the question on everyone’s mind: Will Vancouver’s real estate bubble ever burst? Yep, just as soon as he equips his new studio with a crystal ball.

Good Time To Buy Vancouver Property

According to Ryan D. of HouseLeague written for MetroNews: With the U.S. economy in continuing decline, many are wondering if our American counterparts have enough economic sway on Canada to lead our housing market to the same fate. In a word, no. Let’s put it in perspective. The “subprime” mortgages offered in the U.S. were mortgages granted to people who would not normally qualify for such loans, primarily due to lower credit scores. As housing prices in the U.S. began to soar in 2005 and 2006, banks began supplying subprime loans, believing that the real estate market would continue to rise. In 2007, as the U.S. market softened and interest rates went up, refinancing these loans became increasingly difficult, with more and more people defaulting and going into foreclosure. As this happened, interest rates continued to climb, forcing homeowners who could barely afford their payments to foreclose on their homes. Mortgage insurance companies were unable to continue reimbursing banks, causing huge financial losses for many mortgage lenders. This inevitably led to the U.S. real estate market crash. It is important to note that while property values plummeted, it was due to a mortgage-lending crisis, not a real estate crisis. In Canada, mortgages are regulated by stricter guidelines with fewer lenders and much harsher credit checks. Financial institutions in Canada examine applicants’ total debt service ratio: the ratio between the applicant’s total debts for housing, car loans etc. versus their total income. Most lenders will not consider you for a loan if your total debt is more than 40 per cent of your income. It ensures that if interest rates rise, or other financial hurdles are encountered, homeowners will still be able to afford their property and will not lose their homes to foreclosure. The Bank of Canada is adding additional precautions by abolishing the “zero down” mortgage (in favour of a minimum of 5 per cent down) and will no longer allow mortgages to be amortized beyond 35 years. With low interest rates and a large selection of properties, it continues to be a great time to buy that dream house or condo.

Vancouver Real Estate Market Glut A Good Time To Take Stock

If you’re one of those who are kicking themselves for not selling their condo or townhouse a year ago, take a deep breath. Then take a good look around according to the UrbanDweller Carlyn Y. for the Metro Newspaper. You’ll notice there’s a record glut of “units” all looking for home buyers at the moment, and many of those home owners don’t have a chance of getting close to their asking price. You might want to view this as a sign. This could be a good time to hang tight and work on making the most of your home instead of worrying about what might have beeen. If you are determined to sell, it’s clear that the days of simply straightening up the joint are over. The slightest imperfection – a cracked bathroom mirror, a broken bi-fold door – could be a deal-breaker. And even if everything is in good running order, landing a home buyer may come down to something as elusive as a feeling. You know the feeling; its’ that I could live here non quantifiable that hits us every once in a while. It’s less likely to be the result of stagin tricks, like the bubble bath, the Sunday New York Times spread out on the bed, the jazz filtering in the background, the aroma of resh baked cookies or coffee. That good feeling is more likely to come from the same things that have you bent on selling; space to entertain, in suite storage, more natural light, a kitchen two can work in, or a usable balcony. You can’t grow more square footage for these perks, but you can clear the decks. Consider that when apartment hunters come to an open house, they’re already slightly disoriented from the walk through the unfamiliar common areas. The last thing they need upon entering your unit are more visual barriers like side tables, bookcases and shoeracks. Those tables and racks might be useful to you, but they’re impediments to viewers, so plan accordingly. Also be aware that your Tuscany or urban street décor style may be off putting to others, so dial the décor down to clean and versatile. Stay away from fussy tile patterns or fad wallpaper. They may speak to you, but they may scream at others. If you’re unsure where to begin, bring in an impartial third party to help identify the problem areas. It’s amazing how blind we become to the detractions of our own homes, like popcorn ceilngs or shabby lino in the bathroom. Check out more from Carlyn at Home Reworks at www.homereworks.com.

Vancouver Real Estate Decline To Bottom Out Next Year According to Economist

Prices predicted to drop another five per sent according to Black Press Jeff N for the North Shore Outlook. A slide in Lower Mainland real estate prices that began in March is likely only half way to a bottom that will likely come sometime next year, one economist predicts. Helmut Pastrick of Central 1 Credit Union (formerly Credit Union Central of B.C.) says Greater Vancouver home prices are down roughly four to five per cent from their peak earlier this year. “I’m saying a 10 per cent decline from top to bottom, from peak to trough,” he said. “It could be more. I’m not ruling that out at this point.” Pastrick said he therefore expects a similar drop of at least five per cent on top of what has occurred so far before prices stabilize some time in 2009. “I tink it will continue for another six months and potentially 12 months,” he said of the declines. Within the Greater Vancouver zone (Metro Vancouver excluding North Delta, Surrey, White Rock and Langley), the sale prices of detached houses dropped two per cent in August to $738,000. Townhouses and duplexes fell 2.2 per cent to $463,400 while condos slid 1.9 per cent to $374,400 for a benchmark property. The numbers show Greater Vancouver home prices in most of the region are no longer at levels double what they were five years ago. Detached houses in the Greater Vancouver real estate market are up 84 per cent over five years in Greater Vancouver, and 70 per cent in the valley. Only condos in Surrey, Port Coquitlam, Richmond, East Vancouver and Abbotsford are significantly more than double their value of August 2003 (up 110 to 135 per cent). While home prices changes vary from month to month and city to city, Pastrick says data shows this year’s drop is a broad based decline. “It’s market-wide,” he said. “It’s hitting detached homes, townhouses, apartments all roughly the same.” Pastrick says it’s a different type of Vancouver real estate downturn form what’s been seen before. Past triggers – like dramatic spikes in mortgage interest rates or high unemployment –aren’t present now. Instead he attributes the drop to prices that have risen too high – beyond the affordability issues for first time buyers – coupled with consumer angst about everything from high oil prices to the U.S. economy and the real estate market meltdown there. “These kinds of things affect consumer confidence,” Pastrick said. Falling Greater Vancouver home prices will deter potential sellers he said, who will opt to postpone selling unless they’re forced to sell. Real estate investors owners sitting on empty units will likely begin renting more of them, he added. The price decline will translate into less new home construction in Greater Vancouver, Pastrick predicts, and that drop in activity will shake out in fewer construction jobs and less money buoying the Metro Vancouver economy. He says the signs of an mpending drop were present a year ago when realtors first began to report declining sales in the Greater Vancouver real estate market. “That always raises a red flag that housing prices will be responding,” he said. Going back even further, he added, sales began to plateau in 2005, an early signal the hot real estate market in Vancouver would not be climbing indefinitely. Home sales in August were down 53 per cent in Greater Vancouver and 48 per cent in the Fraser Valley region from a year earlier. Fraser Valley Real Estate Board president Kelvin Neufeld said potential home buyers “took a wait and see approach this summer.” When the Vancouver real estate market was soaring, home buyers often had to make snap decisions on properties and could still end up paying more than asking price. Now home buyers are in the driver’s seat. “Selection is at record levels,” Neufeld said. “interest rates remain competitive while prices have moderated.” August 2008, one year % change: North Vancouver detached house - $868,200 (+ 2.6%) and West Vancouver detached house $1,512,900 (+7.2%) Benchmark or median sales prices from Greater Vancouver and Fraser Valley real estate boards.

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Market to the Gay Friendly Real Estate Community - One of the fastest growing property market today. An online resource for gay friendly property and gay real estate development communities that are popping up in Canada and the United States. www.gayrealestatedirectory.com. We need knowledgeable, professional gay or gay friendly real estate agents, brokers, mortgage lenders, home appraisers, insurance agents, and gay home inspectors who would look forward to serving our gay real estate community.

Why is the gay friendly property community expanding?

One of today’s fastest growing home owner market segments is our gay family communities. They are highly motivated, successful and very influential members of our American society. Gay and lesbian individuals and couples have the means and the need to secure loans and purchase homes in some of the wealthiest gay friendly real estate communities. They are searching for likeminded as well as opened minded business professionals to help them achieve their life goals. We believe that with the recent court rulings, the legalization of gay marriages in some states, that our new gay communities will begin flourish even more. This is creating a large demand for more service professionals to help service our gay brothers and sisters in fulfilling their American dream of new gay friendly real estate communities and gay property developments. If you are the type of service professional that can embrace and accept their needs, wants, and lifestyle, we invite you to become a working part of our gay property community. We need representation in all of the major cities to service our real estate gay communities. Our future new gay homeowners would like to view your website listings and possibly find their special dream home. They would also like to secure the gay real estate community services of all the professionals who are a part of the process in securing and protecting their dream home in a gay friendly community property development.

More about the Gay Real Estate Directory Listings

Our real estate and property oriented gay community website has already moved up to the first or second pages of Yahoo, Google, Lycos Pro, AOL, & Netscape, just to name a few of the top search engines. You will find us there under terms like Gay Real Estate, Gay Real Estate Agents, Gay Real Estate Listings, Gay Real Estate Directory, and many other search word phrases. As you can see, we work very hard to provide the real estate gay friendly Community with a unique gateway access to some of the Top Real Estate Professionals and Brokers in the country. We want them to feel comfortable that our gay friendly real estate professionals understand their life style and will be focused on their specific needs and goals in finding their next dream home in a gay friendly community and property development. We also believe we have a very fair and competitive pricing structure. We don’t request an exorbitant premium to be listed on our gay friendly real estate directory, nor do we demand a portion of your commissions, like some other gay sites do. Please take a moment and check out one of our city ads to get an idea how your ad might look. Check out the address below. http://www.gayrealestatedirectory.com/california/san%20francisco.htm.

The next steps
Submitting your site to online directories is an easy and a efficient way to help drive targeted consumers to your gay friendly real estate oriented website. People will find you on our internet site and be given a path to go directly to your real estate property community website. This not only brings visitors to your website, but it also provides a direct path for search engine "spiders" to find your website and index your pages within their results. This also gives you valuable, one way, inbound links which will help your page rank on all search engines. We do all of this for you so you can focus on closing your gay friendly real estate transactions and taking care of your client base. For an annual fee of $80.00, (US Funds) you can have two advertising positions on our property gay friendly real estate community site (more if desired) and all the advertising exposure that goes with it. We not only include your business address, e-mails, telephone and cell numbers; we also create a direct path to the home page of your personal web site. We include a personal photograph if you so desire and you may write a small paragraph about the unique services that you will be offering to the gay friendly real estate community. In case you don't have a web site, this will give you internet exposure on the World Wide Web. You can enter the home page of our site at http://www.gayrealestatedirectory.com/. To share your professional services with our visitors, all you need to do is to go to this address http://www.gayrealestatedirectory.com/register.htm and fill out the required form. Once you have completed the form, hit submit at the bottom of the page which will take you to Link Point Central Secures Billing processing service, there you may complete your transaction. Gay Real Estate Directory, we take PRIDE in servicing the Gay community.

North Shore Real Estate Agents & Realtors know what's coming up... a slow property market in North & West Vancouver | Faith Wilson Vancouver Realtor

A Great North Shore Real Estate Professional

A good real estate professional will help you buy or sell a property, regardless of real estate market conditions. A great one exploits those conditions, whatever they are, when you’re looking for the right home or the best home buyer for yours. This is a great article published in the North Shore Magazine on Austin Gangur who share the secrets of his real estate marketing powers. Written by Peter H.

The ability to power a changing real estate North Shore market is making Austin Gangur a star in the North Shore real estate world, and he’s willing to share some of his secrets. “Right now,” he advises, “There’s a lot of inventory. A year or two ago, you could price a home aggressively, expecting to bring in multiple offers and sell over the listing price. It may take off again, but with fewer new listings attracting multiple offers, exact pricing on North Shore homes is becoming more important.” A short time ago, Gangur listed a North Shore condo for $519,000. It produced six unconditional offers and sold for $550,000. He continues to set the stage with an energetic real estate marketing program that gets homes exposed to the North Shore buying public.

EXPOSURE. “A home only sells to one buyer, and solid marketing makes it more certain that the best buyer – the one who is going to fall in love with your home and be ready to pay your price – is aware of the listing and has a good chance to view it,” he says. “I ask clients to let me do an open house ont eh first weekend of a listing, and to have it from noon to 4 pm on both Saturday and Sunday. If someone’s interested in that kind of North Shore property, and they can’t get to an open house that’s just Saturday or just Sunday, and just from 2 to 4, I want to make sure I have the home open when they can. That person might be the right buyer.” People who are looking for a North Shore home want to search efficiently, he notes. “They are helped by things like a website and listings that are professional and easy to understand. They only take a few seconds for a first look, so they’re more likely to be interested whtn a home is visually appealing.” Gangur advertises all his listings on www.austingangur.com, www.realtylink.org, www.mls.ca, www.sutton.com and www.mslink.mlxchange.com.

REMEMBERED. Some North Shore sales people take pictures themselves. Gangur works with professional photographer Mike Chatwin. “I get him to shoot all the properties I list, and he edits them on his Mac so they’re absolutely striking.” With North Shore home buyers looking at a lot of homes on the internet, Chatwin’s photography makes Gangur’s listings stand out. Chatwin also designs the colour flyers Gangur produces fro each listed property. “I deliver the flyers throughout the neighbourhood,and that helps create a buzz. Potential buyers can also take my flyer with them after viewing the property – that’s much more powerful than a generic sheet of statistics.

MADE EASY. Once there are interested North Shore buyers, he says, the key is to make a North Shore property easy to buy. Gangur hires a professional to measure all aspects of a property. “For condos, strata plans should have proper measurements, but sometimes they don’t,” he says. “You can list dimensions and just say “it’s approximate,” but getting everything re-measured precisely means there’s one less thing for a North Shore home buyer to worry about. “When someone is making a major North Shore real estate investment in a property, you want to be able to tell them about it exactly and with confidence. It shows I’m doing my job and that creates trust. Disclosure is everything.” He also makes it easier to buy by inviting mortgage broker Jessi Johnson to attend his open houses. “Jessi doesn’t push his services, but he’s there when a potential North shore home buyer needs answers to crucial financial questions that can make the difference on a sale.” Gangur’s energy also makes it easy for home buyers on the North Shore reale state market and he’s been featured in MacLean’s Magazine, the Vancouver Sun, Vancouver radio shows and on TV for camping out in new condo line-ups on behalf of clients. He helps by guiding North shore home buyers through their pre-qualification process for a mortgage, notifying them of new listings as they hit the market and also property inspections on potential purchases.

AT HOME. Focusing his energy on the North Shore real estate market means more than cultivating an image, Austin Gangur finds. “You have to be yourself. This business is all about relationships, and people who are smart enough to smell a fake. If you’ve got the understanding and knowledge, a marketing program that’s proven, and a good track record, that’s what’s important.” Born and raised in North Vancouver, Gangur attended Windsor Secondary. Before getting into North Shore real estate, he studied at Capilano College and was an entertainer as well as waiting tables at Red Robin on Marine Drive. He still produces music and writes songs in his own studio, and has been an active performer all of his life – sometimes singing the anthem at B.C. Lions and other pro sports games.

CONNECTED. Gangur is backed by Sutton Group – West Coast Realty managers Roasrio Setticasi, Gerry Goldman and Croft Tracey. “I’ve been known to call them anytime on the 24 hour clock with all sorts of questions.” Laughs Gangur. “their guidance has always been a bright light on the horizon.” Gangur took the UBC real estate program and became fully licensed. His first real estate North Shore property deal cam eone night while he was serving customers at Red Robin.

ORGANIZED. Gangur finds out about the interests of those at open houses who don’t buy, keeps a database with that information, and contacts them directly with new listings that might suit them better. After Gangur sold three townhomes in their complex Allen Zhu, a professor of Business at Capilano University, and his wife Lisa Zhu called to ask hime not notify them of new listings in a complex that interested them in the North shore real estate market. When the right one hit the North Shore real estate market, he had the Zhus in there later that day. The Zhu family is now settled in their new North Shore home, and Gangur sold their previous McCartney Lane home as well. Gangur has sold six North Shore townhomes in the Northlands area alone over the past year and just listed his fifth at McCartney Lane.

SUCCESSFUL. Working with Sutton Group – West Coast Realty, Gangur is excited about being a top producer in an office that’s a leader on the North Shore. He won the Sutton Canada Presidents Award for 2007, has already sold more property this year and is in the running for the even more prestigious Platinum Award from Sutton Canada. “It’s great to work with these professionals. They’re good at what they do, with more experienced Realtors sharing their wisdom and those who are newer to the industry bringing their liveliness, technical understanding and willingness to learn. The cooperation really helps, like showing a home for someone whose schedule is too tight.” Gangur share his success with clients, by giving each North Shore home buyer or seller a vacation package.

TEAMWORK. Gangur credits the real estate North Shore team he works with including Odenza Marketing Group (www.odenza.com) the Burnaby based vacation incentive provider that organizes the high quality rewards for his clients. “We are serious about results, but fun is a part of it,” Gangur says, pointing to photography for this article, including the cover, done by Mike Chatwin of ShotbyChatty. “Seymour Creek Golf Center lent us some turf seen on the cover, Monique Rock, a fellow Realtor at Sutton helped with hair styling and it was great.” With that support, Gangur marketing savvy, hometown knowledge and his energy, Austin Gangur is powering towards new records for real estate sales on the North Shore. This communication is not meant to cause or induce breach of any existing agency agreement. Austin Gangur of Sutton Group – West Coast Realty at 604.710.2671 or www.austingangur.com. Mike Chatwin, Shot by Chatty Photography at 778.839.6735 or www.shotbychatty.ca and Jessi Johnson, AMP, Global Mortgage at 604.716.6474 or www.firsthomeinfo.ca or www.jessijohnson.com.

Faith Wilson – Leading Real Estate Agent in the Lower Mainland
After 15 years as one of the Lower Mainland’s top realtors, Faith Wilson has gained an outstanding level of insight into a real estate market that is becoming increasingly complex. “There has always been a lot of hype in the media as to what’s happening in the market,” explains Faith Wilson. “But what we need to keep in mind are the trends occurring within each neighbourhood.” A third generation Vancouverite, Faith Wilson has cultivated an exceptional understanding of the city, especially when it comes to west side Vancouver neighbourhoods like Kitsilano, Dunbar and Shaughnessy as examples. Faith Wilson and her team of friendly and experienced professionals are able to help clients through every step of the buying and selling process. “Sellers understand that the real estate market has changed,” she says. “Home buyers need to recognize that if they are realistic, mutually beneficial deals are going to happen.” With over 40 properties ranging from $300,000 to $6.5 million, Faith Wilson is currently managing some of the finest Vancouver real estate opportunities in the city. Lcoated in the heart of Kitsilano, just a short walk from the beach and the best of 4th Avenue, is 2451-2459 West 5th Avenue, a beautiful heritage conversion and one of the few new townhom projects available in the area. Blending classid Kits architecture with ultra modern design, each of these 4 two bedroom townhomes embraces an attention to detail that speaks to the history of the classis Vancouver real estate style. Built by Shella Bay Homes with a 2.5.10 year warranty and designed by Paul Phillips, EDG, there are now only two homes available starting from $799,000. And, there is an exciting new promotion: buy a townhome and get a brand new 2009 Honda Fit! Another outstanding property being offered by Faith Wilson is 1498 Laurier, a spectacular turn of the century Shaughnessy mansion located on a pristine 20,000 square foot parcel of land. From the sunny breakfast room to the formal living room with its grand, coffered ceilings, rich oak flooring runs throughout this completely renovated west side classic. Very exclusive and highly sought after, this exceptional home is priced at $4,900,000. For more information on a variety of Vancouver properties being offeredy by Faith Wilson and her team of real estate experts, visit www.faithwilson.com. This is an advertisement in Western Living. According to her other ad: You’ve put your heart and sould into making your house a home. Now put your trust in Faith. Faith Wilson has lived in Vancouver all her life. And, with over 15 years of successful real estate experience she understands the ups and downs of the Vancouver real estate market. Faith Wilson is a dedicated real estate professional who has built her reputation and team on hard work and satisfied clients. Recently, she has risen beyond the top 1% to be in the top 0.2% of REALTORS in Greater Vancouver. Even in this challenging market, Faith Wilson and her team have sold over 70 homes so far this year. Thi sis not a time for novice agents. You need a skilled professional to guide you through the current Vancouver reale state market. Now more than ever, you’ve got to have Faith because Faith moves houses.

Latest Trends and Numbers from the Vancouver Housing Market - July to September 2008 Vancouver Real Estate State of the Union

Vancouver Home Prices to Fall Almost 18% by 2010, says analysis

According to the Vancouver Sun and MetroNews Vancouver by Maria C. Credit Crunch. The average price of a home in Greater Vancouver is expected to drop more than $100,000 by 2010, according to an economic analysis by Central 1 Credit Union released yesterday. The report suggests that Greater Vancouver homes in the area will cost an average of $460,000 compared to the average going rate of $570,795 for a home last year. The roughly 18 per cent devaluation over the next two years is being blamed on the world wide credit crisis. “The downturn is widespread and affects most real estate markets and most housing types,” Centrals’ chief economist Helmut told Metro. “The markets are weak and prices are heading lower fo the next several months.” The forecast takes into account the higher demand for homes expected ahead of the 2010 Olympic Games in Vancouver. “For the year as a whole, I do expect that market conditions will imrpove during the course of the year 2010 and even potentially later in 2009,” he added. “But the year-over-year will still be negative.” Provincially, the study anticipates median housing prices will fall 13 per cent in 2009 to $310,000 compared to March 2008 rates.

Vancouver Housing Prices Drop One Per Cent

According to Metro News: Economy – Canadian average home prices have fallen for the second straight month in a row, raising concerns by economists that the Canadian housing market may have been caught in the undertow of a U.S. based recession. Home prices nationally fell by a significant 3.6 per cent to $327,020, from year ago levels in July, according to figures released by the Canadian Real Estate Association yesterday. In June, prices fell by 0.4 per cent, the first time decrease in nearly a decade. “We had a small drop the month before, but this looks like the real thing. We hope it’s not the beginning of an accelerating trend,” said TD Securities Economics Strategist Millan Mulraine. The bulk of the declines were in the western provinces, with cities such as Calgary down by 7.8 per cent and Edmonton by 5.3 per cent. The previously unassailable Vancouver real estate market saw a one per cent drop, all helping to bring the national average down. A drop in prices is typically preceded by a fall in sales. In this case, sales volume in cities such as Vancouver were down by a mammoth 44 per cent and Calgary by 13 per cent.

Housing: Canadian Foreclosure Info Takes Some Digging According to Georgia Straight – How the BC Foreclosure Process Works

Media reports from the United States routinely lists a litany of horrors about the number of foreclosures. According to the August 4 New York Times report, 8.41 per cent of subprime-mortgage loans from 2005 were in arrears by 90 days or more or in foreclosure in the month of June. Of subprime-mortgage loans from 2007, 16.6 per cent were delinquent, according to the report. This is creating huge problems for US real estate lenders, who have to put properties in foreclosure and then find a buyer in a property market that is already glutted with distress sales. Fortunately, in B.C. there haven’t been nearly as many foreclosures, which are loegal processes in court to extinguish all rights, title, and interest in an owner’s property so that it can be sold to pay a lien against it. According to the Canadian Bankers Association, just 0.15 per cent of B.C. residential mortgages were in arrears in April, the latest month for which figures are available. This is quite low when compared with other months dating back to 1990. The percentage of B.C. mortgages in arrears peaked in May 1999 at 0.66 per cent – more than four times the most recent figure.

Vancouver real-estate educator and foreclosure researcher Kap Hiroti told the Georgia Straight in a phone interview that he expects the number of B.C. foreclosures in real estate to increase – but only because the numbers are so low. He noted that some high-risk borrowers who’ve previously relied on alternative financing companies are finding themselves in trouble because those lenders have abandoned the real estate market. “What that means is that you’ve got people who’ve got a mortgage one or two years ago,” Hiroti said. “They’re coming up for renewal, and that company cannot renew because they pulled out of the real estate market. Usually, they’re very highly leveraged loans.” Those cases, however, are the exception to the current B.C. real estate market norm here. Hiroti pointed out another difference between the U.S. and Canada when it comes to B.C. foreclosure properties: south of the border, information is readily available. In Canada, it’s much more difficult to find data on foreclosure properties that are about to enter foreclosure proceedings.

ForeclosureList.ca a Web site owned by Hiroti, does the legwork in digging up information on B.C. foreclosures. He explained that a foreclosure typically beings when a bank lender issues a demand letter to a property owner seeking repayment of a debt. If the borrower doesn’t respond appropriately, the next step is for the bank lender to file a legal document called a petition to the B.C. Supreme Court. The foreclosure petition lays out the particulars, and normally asks for a court order quashing the owner’s rights, title and interest in a B.C. property. At this point, the owner of the property has a chance to file a response, which sets the legal wheels in motion. Prior to judicial ruldings, the home owner still has control over the property and can usually sell it without obtaining permission from the lender.

Hiroti said his company at ForeclosureList.ca web site compiles information form these petitions and distributes it for $99 per month to subscribers, most of whom are real estate investors in B.C. foreclosure properties. He estimated that there are approximately 20 foreclosure petitions filed in B.C. Supreme Court each week. Doing this research isn’t cheap. In B.C. it costs $8 to research a court file and $1 per page to photocopy documents about petitions and potential B.C. foreclosure properties. Ordinarily, a judge or a master of the B.C. Supreme Court will issue a decree nisi, which may require home owners to pay down the debt within six months. Hiroti said the next step is for a judge or a master to issue an order for the conduct of sale. “That’s where they actually bring a realtor onboard,” he commented. The agent has to list the property for market value on the Multiple Listing Service. Once an offer is made on the BC foreclosure property, the court must approve the sale. It can be a time consuming process, which is why Hiroti thinks it’s useful for real estate investors in BC foreclosure properties to find out about foreclosures much earlier in the process. So can a buyer get a better deal by approaching a property owner who has just received a petition? “It’s a good question,” Hiroti responded. “There is the potential,”

Local Housing Market Plummets

According to MetroNews, Vancouver’s housing market is slowing with sales down by 54 per cent from the same month a year ago. According to the Greater Vancouver Real Estate Board, 1568 units were sold in the region this August compared to 3,348 units the previous year. Sabine Boersch was going to sell her condo in Burnaby, but decided to rent it out after seeing the signs. “We have four units in our complex and five across the street that have been for sale since spring,” she said. Boersch said the fact that neighbours rented their apartment after just two showings made her confident it wouldn’t be an issue.

Redefining Greater Vancouver Homeowners

According to New Canada and republished in the West Coast Homes and Design Magazine by the Vancouver Sun, the girl next-door is more likely to own that home, as research shows women are anticipated to keep driving the Vancouver real estate market. To better understand emerging demographics in the Vancouver real estate market, Royal LePage has commissioned research on various home buyer segments. A recent Canada nationwide consumer poll examined the growing trend of female homebuyers in the Canada real estate market. The Royal LePage Female Buyers Report found that just over one third (37 per cent) of single never before married women own their own home and that another 28 per cent plan to purchase their next home in the next three years. A regional Vancouver real estate market analysis also showed a surge in female home buyers over the past five to ten years across the country. “Today, women are driven by independence and a growing desire to set up their own place. They are more real estate savvy than in the past and they are financially stable,” said Lisa da Rocha, vice president of Marketing and sales for Royal LePage Real Estate Services. “an active and healthy real estate market with affordable interest rates and properties targeted specifically to womens’ needs are also in their favour,” added da Rocha. Related industries have also identified women as an emerging influential group and are empowering and educating them through specialty stores and tools designed specifically for female homeowners. As the number of Vancouver single female home buyers continues to show significant year to year growth, women are anticipated to keep driving the Vancouver real estate market. More on trends in your neighbourhood is available online at www.royallepage.ca.

Federal Canadian Government Takes $2 Billion GST on New Homes in Canada Real Estate

The federal government is raking in more money than it ever intended from the GST on new home sales, study shows. Ottawa takes in about $2 billion a year in GST on new Canadian home construction. The GST on the average priced new home in Canada is fast approaching $20,000 almost double what it was in 1991. New home prices higher than $450,000 were not elgible for a rebate. Resale homes are exempt from the GST. The Greater Vancouver Home Builders’ Association notes tha the vast majority of local new home buyers have paid more for the GST than other Canadians for many years.

Vancouver Real Estate Builders Start on $2.9 Billion in New Work

According to Real Estate Weekly of Greater Vancouver: The total value of building permits increased for the second straight month in May, despite a decline in the overall residential Vancouver building sector. Contractors in the Vancouver real estate building industry took out $6.6 billion in permits in May, up 1.1 per cent from April and the highest value for permits since October 2007. The total was 6.7 per cent above the monthly average for 2007 and it marked the first back to back increase in construction intentions since November 2006. Statistics Canada reports municipalities issued $2.9 billion in non-residential permits in greater Vancouver real estate building, up 12.8 per cent. Residential intentions fell 6.6 per cent to $3.7 billion in May, the result of a considerable decrease in the value of multi-family permits. The value of Greater Vancouver real estate building permits in the residential sector has been on a downward trend since September 2007.

Vancouver Home Buyers Jump Back into the Drivers’ Seat

Higher property listings and easing Vancouver home prices have put buyers back in control of the MetroVancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that housing sales declined 42.9 per cent in June to 2,425 from the 4,244 sales recorded in June 2007 according to REW magazine. New listings, meanwhile, increased 18.3 per cent to 6,546 compared to June 2007, when 5,533 new units were listed. For home buyers in Vancouver’s real estate market, this may represent a great opportunity to search out that dream house or condominium which would have been hard to find just months ago. “We are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt, though he noted that prices are generally still higher than a year ago. “Home prices at a competitive level continue to sell quickly, but it is important for people to accurately identified their home’s value when putting it on the market.” Sales of Vancouver detached properties in June declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the Board’s housing price index for Vancouver real estate for single detached houses rose 7 per cent from June 2007 to $765,654. Sales of Vancouver condominium declined 42.7 per cent last month to 1,057 compared to 1,846 sales in June 2007. The benchmark price of a Vancouver apartment condo increased 7.8 per cent from June 2007 to $388,722. Attached Vancouver property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The Vancouver benchmark price of a attached unit increased 7.6 per cent between June 2007 and 2008, to $476,585. Ask your local Vancouver Realtor for specific market details.

Vancouver Home Prices Drop as Listings Rise

According to the Real Estate Weekly newspaper, the change is moderate, but Vancouver housing price reductions of all types of residential property are now being seen for the first time in nearly a decade, reports the Real Estate Board of Greater Vancouver. The overall benchmark price in Greater Vancouver housing real estate market dipped 2.1 per cent since the end of May 2008, to $556,605 as of July, the Real estate Board of Greater Vancouver said. “We’re seeing price reductions on properties listed on the real estate Vancovuer housing market, which is having a leveling impact on housing price increase,” explained Real Estate Board president Dave Watt. Watt noted that there has been also been a decline in the total active listings on the real estate Vancouver housing market “Which is a welcome departure from recent trends.” The Vancouver housing price reductions reflect a general softening of the housing market. Total sales through MLS were down 43.9 per cent in July to 2,174 units, compared to July of 2008. Still, Greater Vancouver housing and real estate values reamin the highest in Canada. As of July, the benchmark price for a Vancouver detached house was $753,165, while a typical townhome sold for $473,953, and the benchmark price for a condominium apartment was $381,687. On the West Side of Vancouver housing real estate, the average detached house now sells for $1.3 million which is up 5.3 per cent from a year ago. East Vancouver real estate housing has the lowest priced condominiums, on average, in the city with a benchmark price of $326,324, up 7.2 per cent from a year earlier. On the West Side of Vancouver real estate, the benchmark price for a condo apartment is now $482,080, which is up a modest 3.5 per cent from last year.

Less New Vancouver Homes Being Started as Construction Slow

According to REW Newspaper: The Vancouver residential and non-residential building sector both dropped as the total value of building permits in June fell 5.3 per cent from May to $6.3 billion, according to Stats Canada. The decline hit most provinces and was 5.5 per cent in constant dollars. The value of Vancouver housing building permits fell 4.4 per cent in the residential real estate sector to $3.6 billion driven by lower values in multi-family permits in all provinces except Saskatchewan. The value of building permits dropped 6.6 per cent to $2.8 billion in the non residential sector due to declines in commercial and industrial intentions. Municipalities issues $1.3 billion worth of housing permits for multi-family real estate developments in June, down 13.8 per cent, with most of the declines occurring in Ontario and Alberta. Single family housing permits edged up 1.8 per cent to $2.3 billiong, StatsCan reports.

Vancouver Realtors Raise $1.2 Million for Charities

Greater Vancouver Realtors and their companies donated more than $1.2 million to 60 local charitable organizations last year, according tot a recent examination. This revelation is the result of the Real Estate Board of Greater Vancouver (REGBV) efforts to aggregate the annual monetary contributions its members give the charity each year. This is the first time a real estate board in the country has embarked on such a program said REGBV president, Dave Watt. “We know this figure likely only touches the surface, since many Realtors wanted their giving practices to remain quietly low key and anonymous,” Watt says. “As well, our members give a tremendous amount of time volunteering in their communities, doing everything rom coordinating the annual Realtor’s Care Blanket drive to coaching kids’ sports.

Vancouver Realtors Recycle Electronics

In a recent recycling effort, Greater Vancouver Realtors recently donated over 2,000 used electronics items to the Electronic Recycling Association (ERA), a non-profit organization that collects computers and electronics and recylces or refurbishes them for charities and community groups. All of the items received were given to the ERA and will be recycle for local schools, charities, non profit groups, libraries, elderly homes and other Greater Vancouver community organizations. “this event garnered an incredible response. Nearly 400 Vancouver realtors made drop-offs during the five days we offered the service,” said Dave Watt, president of the Real Estate Board of Greater Vancouver. Hard-drives, printers, and monitors wer the three most collected items, followed by mobile phones, VCRs and old stereo equipment. Four trips were a full-sized moving truck were required to pick-up all the accumulated items. Environment Canada estimates that computers phones, AV equipment and small household appliances account for more than 140,000 tonnes of waste in Canadian landfills each year.

Vancouver Realtor to lead Real Estate Institute

According to REW Newspaper, Vancouver Realtor Peter Remillong has been elected president of the Real Estate Institute of British Columbia’s board of governors for the 2008-2010 term. Remillong is a licensed Realtor and a director with the Real estate Board of Greater Vancouver. Other newly elected officers of the Real Estate Institute of British Columbia board include: vice president Peter Bretherton (BC Assessment), secretary/treasurer Don Ellis, and past president Scott Ullrich. New to the board of governors are Bonnie Knight with BC Assessment and Richard Wood of the Fraser Valey Real Estate Board. Both will represent the Fraser Valley District. The mission fo the REIBC or Real Estate Institute of British Columbia is to advance the highest standards in education , knowledge, professional development and business practises in all sectors of the Vancouver real estate industry. Professional members are accredited by the RI designation which recognizes their experience education and commitment to professional and leadership development in the real estate industry. For more information about the Real estate Institute of British Columbia or REIBC, and its members, visit the website www.reibc.org.

Real Estate Market Blamed for Housing Slowdown

New housing prices increased at their slowest pace in more than six years, with Vancouver’s year-over-year prices up only about half the rate of the national increase according to Metro Vancouver’s Andrea W. According to Statistics Canada report released yesterday, national contractors’ selling prices rose 3.5 per cent between June 2007 and June 2008, compared with the 4.1 per cent year-over-year real estate increase in May. Vancouver was up only 1.8 per cent. Neil Killips, economist for Stats Canada, attributed the slowing to a softening Vancouver real estate housing market. “We try to ask the builders why they increase or decrease their prices and they’ve been saying that there’s an increase in competition and the real estate Vancouver property market in general is slowing down,” he said. While Vancouver property price increases have been relatively slower, however, the Canada Mortgage and Housing Corporation (CMHC) reported yesterday that housing Vancouver property starts took a big jump last month. There was a 25 per cent increase in Vancouver homes going up than in July 2007, attributed heavily to higher density, multiple-family projects.

Choosing a Vancouver Home of Lasting Value requires Due Diligence

Buy smart and over time your Vancouver real estate investment will almost certainly appreciate. Whether you’re thinking of buying your first home or planning to move from one to another, your Vancouver home purchase is more than a place to live, it will probably be your biggest investment ever. And like any real estate investment in Vancouver, you want it to appreciate in value. Whether it does, and to what degree, depends a great deal on your own pre-purchase due diligence. Once you’ve considered the needs of yourself and family and know what you’re looking for, now is the time to consider the factors that will maximize the Vancouver home investment value of your home in the future – the day when you sell your home and move on. “I know people have heard this before, but it bears repeating: location is the single most important component in home value,” sayd Gary Marshall, VP Sales and Marketing of ParkLane Homes Vancouver real estate developers. “ParkLane pays meticulous attention to siting. That’s why we feel a well-lcoated community will appreciate in value over the ong term, especially as our products are matched to the neighbourhood and what home buyers want in a home.” ParkLane Homes will, for example, select a prime location close to services, shopping, schools, and transit that’s perfect for singles, young families and empty nesters, then build residential options to suit these demographics. Alternatively, ParkLane Homes may choose a premium Vancouver real estate site for an enclave of luxury presales homes where the location’s value is enhanced by prestigious amenities within the community or nearby. Either way, purchases of new homes are buying into the ideal fit for their needs and resources – homes that will have al asting appeal to them, as well as for future home buyers when the time comes to resell. To Gary Marshall, buying Vancouver homes smartly, also means buying now. “Timing is Everything. There’s a real window of opportunity that makes this the perfect time to make a move. Mortgage rates remain low and there’s lots of choice available.” But Marshall sounds anote of auction to these looking to buy build and finished products: The Lower Mainland’s real estate market has temporariliy slowed with fewer new home starts, which means existing Vancouver real estate inventory is going to get snapped up pretty quickly.” He adds, “So my advice is to get out there and start looking at what’s available. You shouldn’t rush into buying a new home, but don’t wait so long that the best is gone.” Once you’ve bought your home, Marshall says not to be concerned about small real estate Vancouver fluctuations. “The real estate market goes up, the market goes down… it’s a market. But when you’ve done your homeowkr, you mitigate th risk over the long term. If you’ve purchase a Vancouver residence in a master planned architecturally controlled community such as ParkLane’s Bedford Landing, Southport or Heritage Woods, values will most certainly increase over time.”

By seizing this window of opportunity to buy a new Vancouver home in a master planned community built with ParkLane’s legendary quality, you’ll not only enjoy and appreciate the wonderful neighbourhoods, but you’ll have the peace of mind of knowing that the lasting value is assured in your real estate investment. One of the largest and most recognized home builders in Western Canada, ParkLane Homes has built over 5,500 homes in beautiful master planned communities throughout the Greater Vancouver area and has won more then 250 provincial and national awards for their efforts. For more information, please visit www.parklane.com.

Tips on Home Buying, Rebate Tax on Green Homes, First Canadian Title, Mortgage Options, And Other Vancouver Real Estate News

First Canadian Title

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Take Advantage of Prepayment Mortgage Options

Seventy five per cent of recent Vancouver home buyers say they intend to pay off their home mortgage as soon as possible, but only 33 per cent even make a lump sum prepayment against their mortgage, according to a recent survey by the Canada Mortgage and Housing Corporation. Mortgage brokers offer some strategies fro mortgage holders who are thinking about making mortgage prepayments. Here’s what you could do with a $200,000 five year mortgage at a now competitive fixed rate of 5.45 per cent and a 25 year amortization: Add a bit to your monthly payment: Adding an extra $50 onto the monthly payment of $1,215 will save $14,987 in interest over the life of the mortgage, and allow the borrower to pay off the loan just under two years sooner. Make a yearly pre-payment: Paying an extra $2,000 on this same mortgage once per year on the anniversary date of the mortgage will yield a saving of $39,015 in interest over the life of the mortgage, and allow the borrower to repay the loan about five years sooner. Make a larger prepayment early in the mortgage: Making a single $5,000 lump sum prepayment three years into that mortgage on the anniversary date will save $10,882 over the life of the mortgage. However, waiting 15 years before you make the same payment will result in savings of only $3,446 over the life of the loan.

“Rebate Tax on Green Homes”

The Real Estate Board of Greater Vancouver has joined in a call for the provincial government to cut the property purchase tax (PPT) on the purchase of homes that are built or renovated to high environmental standards. In nothing that PPT revenues are forecast to reach $1 billion in 2008, Brian Naphtali, president of the Real Estate Board of Vancouver, noted tha the government is in a position to tackle climate change by providing the tax incentive. Five recommendations that were delivered to the provincial government will see both PTT and Provincial Sales Tax (PST) revenues used to fund a provincial Green Building Tax Incentive and Rebate Program. The recommendations include offering a PPT rebate on new Built Green homes and PST rebate to homeowners renovating to energy efficient standards.

Home Buyers Weigh Real Estate Needs

Commute may be a factor when looking to purchase a home or condo in Vancouver according to Metro Magazine’s Andrea. First time homebuyers looking to save money should carefully weight their needs and lifestyles against what’s being offered in various municipalities, according to local realtors. Gary Born of Prudential Sussex Realty said that the further away from downtown Vancouver a house is, the cheaper it is likely to be, but other factors such as a lengthy commute can make it impractical. “That’s why they’re less expensive – because the commute is going to be long, expensive and frustrating,” he said. Smon Myara of Sutton Group West Coast Realty said Vancouver real estate home buyers can usually get more for their money the further east they go, in areas such as Burnaby, New Westminster and Langley, for example. “You’ll see that in Vancouver’s west side, for instance, for around $300,000 you would find a dmall, one bedroom apartment,” he said. “as you go further out, you start goint to two bedrooms for $300,000, $320,000. It happens almost right away when you go past a certain boundary,” he added. Born said Abbotsford, Chilliwack and Maple Ridge are three fairly inexpensive areas, as are Pitt Meadows and Northern Langley, which are growing in population due to affordable real estate and developing transit lines. Sebastien Albrecht of Royal LePage Westside recommended areas such as Fairview, an affordable pocket close to both downtown and Granville Island, and East Vancouver real estate, which is close to the Trans Canada Highway and rapidly developing.

Looking to purchase a new home? Congratulations – you’re part of a sophisticated, savvy group. According to a recent report by Canadian Association of Accredited Mortgage Professionals (CAAMP), Canadians mortgage consumers are educated, informed, attuned to local real estate market conditions, and remain confident in our housing and mortgage markets. We’re also increasingly taking advantage of alternative mortgage products like longer amortization periods, no down-payment mortgages, and interest only mortgages. In fact, CAAMP found 37 per cent of recent home purchases in 2007 had been funded with extended amortization periods. Younger Canadians looking to become first time homebuyers are most interested in alternative mortgage products, and while cautious and conservative, they remain optimistic about the overall future of these options. And within that group, renters loking to buy remain most positive about the value of extended amortization mortgages as part of their home buying strategy. And if you’re one of the people with a new home in your future, here are a few that are making their first appearance in New Home Buyer’s Guide.

Tips on Buying a Vancouver Condo Assignment

The B.C. office of the Superintendent of Real Estate has issued an updated information bulletin for those buying assignment condominiums in Greater Vancouver for a new condo or other residential property. The alert is provided to consumers for information purposes only. It is important for purchasers to obtain appropriate real estate and legal advice prior to entering into an assignment condo Vancouver agreement. Things to consider before buying an assignment condo: Consider whether an assignment is permitted under the purchase contract. Some real estate developers in Vancouver do not permit condo assignments. Others may require the developer’s consent and a substantial assignment fee. Review the Developer’s Disclosure statement and thoroughly review all documents related to the sale. Obatin advice from a lawyer and/or real estate professional prior to entering into an assignment condo Vancouver contract. Consider all your options, such as whether the deposit and “lift” will be paid to the assignor upon signing the Vancouver condo assignment or held in trust until some later date. Generally, it is preferable from the assignee’s perspective if money is released to the assignor only after the unit is built and title is being transferred and Confirm in the Vancouver condo assignment agreement how the assignor will meet all of their agreements for a valid assignment of condominium, and set out what will happen if there is any breach of the assignment agreement or the presale contract. For further information on Vancouver real estate transactions and contact information for government offices and industry associations, visit www.fic.gov.bc.ca or the Homeowner Protection Office official website at www.hpo.bc.ca.

Real Estate Council Censures Nixon

Management infraction nets District of North Vancouver real estate councilor 28 day suspension as published in the North Shore News and written by Bethany L on July 23, 2008. District of North Vancouver councilor Alan Nixon was handed a 28 day suspension from real estate practise last month, after he was censured for professional malpractice by the Real Estate Council of B.C He and three other real estate agents were also ordered to pay a fine of $1,500 between them. “This is a little bump in the orad. It’s something that I’ve put well behind me,” Nixon said about the real estate suspension, which ended on Tuesday. Alan Nixon was disciplined for allowing two real estate agents to act as property managers without the proper licenses and for not actively managing the brockerage that employed him. At the time, Alan Nixon was the managing broker for Re/Max Crest Realty, but he left the brokerage in March and is currently unlicensed. The suspect activities began in October 2005, when Nixon said he discovered that two Realtors under his supervision were managing several condos in Vancouver without the proper accreditation. Douglas Soo and Marjan Mazaheri, with help from their assistant Coral Ashe, were managing about 60 units when Alan Nixon said he told them they must hire someone with a license. “Ironically, this is probably one fo the best documented property management relationships that exist out there in the industry,” Nixon said. “Everything was done in strict accordance with the rules of the Real Estate Services Act, except they didn’t have the necessary accreditation to do it.” Soo and Mazaheri did hire a licensed property manager soon after Nixon spoke to them, but they fired him after six onths and resumed managing the units themselves until July 2007. Mazaheri and Ashe are still listed as Crest employees, but Soo is serving a 21 day suspension that will end on July 29. As part of the disciplinary action, Alan Nixon and Soo were also orderd to attend classes entitled Professionalism – It Pays! Be Safe or Be Sued! And Legal Update. He said he plans to enroll in September. The councilor said he plans to return to the real estate industry in the very near future. He has applied for a license for a new brockerage in North Vancouver, and expects to be approved within the next two weeks. Alan Nixon said that he left Crest because of a conflict between himself and the owner over different “operating philosophies”: the owner wanted to expand the brockerage, but Nixon wanted to maintain its current number of agents. A representative for Re/Max Crest Realty confirmed that Nixon left the company for reasons unrelated to the disciplinary action against him. Nixon comfirmed that he would be running for re-election as a district councilor this fall, when he will seek his third term in office.

North Shore Real Estate Trends and Housing Value Predictions - Metro Vancouver Real Estate Prices Should Moderate through to 2009

House Sales Slow Across North Shore Real Estate

High supply makes for home buyers’ market according to Deneka of the North Shore News. After years of favourable conditions for home sellers, the North Shore real estate market appears to be giving buyers the upper hand, according to a new report issued by the Real Estate Board of Greater Vancouver. Multiple Listing Service figures released by the board last week show that sales for both North Vancouver and West Vancouver real estate housing in June were down from the same time last year, while listings were up. The percentage of sales-to-listings for detached homes in North Vancouver last month was 28 per cent, while in June 2007 that figure stood at 93 per cent. In West Vancouver housing market, the percentage was 29 per cent last month and 64 per cent for the same time last year. For several months now there have been signs of moderation in the British Columbia home market as demand has eased off from the highs of last year, explained Cameron Muir, chief economist with the B.C. Real Estate Association. The North and West Vancouver housing real estate market has been rebalancing itself from the high demand state, and now there is actually higher supply than demand, meaning the property market is now favourable towards homebuyers.

“More balance between demand and supply means less upward pressure on home prices. It also reduces the chance of multiple bids on the same house in North or West Vancouver property, giving homebuyers more time to investigate properties thoroughly before purchasing,” said Muir in a recent press release. “This is probably a long-anticipated, realignment of the market,” he added in an interview. The B.C. Real Estate Association forecasts that residential sales for the Greater Vancouver area will fall by eight per cent his year, from 38,978 unit sales last year to 25,900 for 2008. They anticipate that in 2009 sales will again drop by three per cent for the area to 34,800 sales. Yet despite the fact that salese are dropping, home prices are not, explained David Watt, president of the Greater Vancouver Real Estate Board. According to the Board’s recent report, overall prices in the Greater Vancouver area were up 7.3 per cent in June compared to the same time last year, bringing the average residential property selling price to $564,982 last month.

In North Vancouver real estate housing market, since June 2007, the benchmark price of a detached home increased by 4.7 pe cent to $893,639, the average attached home price increased by 8.1 per cent to $608,225 and the average condo price rose by 4.4 per cent to $386,212. In West Vancouver housing real estate market, over the past year, detached home prices have risen by 0.9 per cent to an average of $1,428,139 while the average attached home price increased by 4.9 per cent to $719,783 and the average condo selling price was up by 6.9 per cent to $711,268. BCREA expects the rpcie increase will continue, but at a slower pace than the double digit increases seen over the past several years. According to their spring 2008 housing forecast, the association predicts that overall MLS selling prices for the Greater Vancouver area will rise by nine per cent this year to an average of $621,000 and will increase by an additional five per cent next year to $651,000. Lower year-over-year increases are a result of the rebalancing of the real estate market, said Muir. With more homes on the market in North and West Vancouver housing market, sellers need to be more educated and need to price their homes at reasonable prices so that their houses will sell. Homes that have been on the market for some time and that have been listed in anticipation of continued rising prices may have to re-evaluate their pricing, he said. “Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,” Watt said in the press release. However, lower listing prices do not mean that home prices are decreasing, he explained in the interview. “It’s not even that prices have gone down, it’s just that they aren’t marked up,” he said.

Here are some updated North Vancouver MIRA resales condos in Lower Lonsdale re-sale real estate market at Mira on the Park townhomes.

With the North Vancouver housing market and West Vancouver real estate taking a downturn south of the border, many Canadians have grown wary that Canada will suffer the same fate as the United States, but comparing the two industries is a far stretch, said Gregory Klump, chief economist with the Canadian Real Estate Association. The U.S. housing market experienced extremely rapid price increases and poor lending practises which has now resulted in price corrections, he said. In Canada, on the other hand, price increases of the magnitude seen down south did not happen and Canadian lending always remained conservative, so a real estate market crash in Canada is not likely, he said. “We don’t see a crash on the horizon, we see it returning to normal levels,” he said. Some areas in Canada, however, have seen falling sales prices, according to a summer 2008 report issued by BMO Capital Markets. In Calgary, prices are down 2.4 per cent since last year and in Edmonton, prices have dropped by 4.8 per cent. Prices are also expected to drop in Saskatchewan, said Michael Gregory, senior economist with BMO Capital Markets. British Columbia, on the other hand, did not see the major price mark-ups seen in Alberta and Saskatchewan, and so B.C. remains in good shape, he said. “the rate of price increases will slow, but it (B.C.) still has a pretty strong economy,” he said, adding that he predicts, “a soft landing, rather than a collapse.” A report issued by Landcor Data Corporation at the end of last month shows that some areas in British Columbia are faring better than others.

In 2001, sales values in the province totaled $19 billion; last year they totaled $62 billion and at the end of this year, the rate is expected to be over $61 billion, explained Rudy Nielsen, president of Landcor Data Corporation. “Things are cooling but things aren’t bad,” he said. “Overall, I look at B.C. as very positive,” he added, explaining that the province has great natural resources, good tourism and a high quality of life. Even in places where prices may decrease, he says homeowners just need to wait it out because prices will again increase. He said he expects the cooling period to only last two or three quarters before turning around next year sometime. As for the North Shore real estate market specifically, Watt said he believes it is secure and, if anything, real estate in North and West Vancouver will become more desirable as gas prices rise and people look at living in areas that are closer to the city core.

House Prices Start To Sag – North Vancouver Realtors Predict “Soft Landing”

An article written by Jeff for Black Press of the North Shore Outlook Newspaper. Real estate prices have begun to slip in some parts of the Lower Mainland. The cooling trend comes as realtors report high numbers of prospective sellers. “Real estate is cyclical and the numbers show that we’ve entered a buyer’s cycle,” said Kelvin Neufeld, president of the Fraser Valley Real Estate Board. Prices are still up by at least single digits year-over-year, but the stats indicate most cities saw prices peak sometime int eh second half of 2007 or early in 2008 and some areas have since been trending lower. In the Fraser Valley, the typical single family house fell by 0.3 per cent in price in the past 3 months, while apartments were up 0.4 per cent and townhouses rose 1.6 per cent. The Greater Vancouver Real Estate Board reported its benchmark house price fell about $6,000 in June to $765,000, but that’s still up seven per cent from a year ago. Condo and townhouse prices are also down marginally in the past month. Detached houses in White Rock, Port Coquitlam and Burnaby fell more than $20,000 in price since April, the stats show. The biggest drop so far has been in West Vancouver, where detached houses fell more than 10 per cent in price in the last two months, from just under $1.6 million to $1.43 million. West Van house prices there are now up only 0.9 per cent year-over-year. “We’re experiencing a soft landing coming off the strongest and longest real estate cycle in our history,” Neufeld said. Sales are down sharply from a year ago across the region. New listings, meanwhile, are up and the number of unsold homes is rising. Realtors say sellers are in some cases having to moderate their expectations of how much they will get for their properties. We are beginning to see more price reductions in properties listed on the market today,” said Greater Vancouver Real Estate Board president David Watt.

Metro Vancouver Housing Market Moderates in 2008 and 2009, says the current release by Canada Mortgage & Housing Corporation.

Strong economic and demographic fundamentals, steady job growth and population growth, along with continuing low mortgage rates – will support demand for new and resale Vancouver housing. However, softening consumer sentiment and high mortgage carrying costs will temper the effects of these positive factors, dampening home buyer demand in Metro Vancouver.

New Vancouver Home Construction and MLS Sales Will Dip Slightly, but say high from a historical perspective for the remainder of the year and through 2009. Vancouver home prices will rise, but at a slower pace than in the past few years, as an increasing supply of both new and existing homes for sale give Vancouver home buyers more choice and more time to make their purchasing decision.

MLS Sales in Metro Vancouver Real Estate Will Come Down off the Near-Record High Reached in 2007, but stay well above the ten year average of 31,000. Strong Vancouver home buyer demand, fuelled by job growth, and a steady flow of people moving to the region will keep sales brisk. However, waning consumer confidence and high mortgage carrying costs will constrain Vancouver home sales. MLS sales will dip eight per cent to 36,000 units in 2008, and a further three per cent in 2009 as mortgage rates start to creep up. The main factors tempering Vancouver home buyer demand will be high home prices and softening consumer sentiment. With the average resale home price in Metro Vancouver at more than $600,000 and still rising, some potential homebuyers will opt to delay their purchase. Some low equity and first time home buyers could find it difficult to negotiate a mortgage with achievable monthly carrying costs, in spit of low mortgage rates. At present active listings sold is around 25%, which is the amount that divides a Vancouver sellers market to a balanced market.

The Supply of Vancouver Resale Homes on the real estate market will grow as homeowners look to capitalize on the home equity build up resulting from four straight years of double digit home price increases. The decision to sell may take an added urgency in light of the Vancouver housing marketing downturn int eh US. In the first quarter of 2008, the average number of active MLS listings for sale in Metro Vancouver increased nine per cent p=compared to the same period last year; with the supply condominiums for sale increasing more than other home types. At the end of the first quarter there was a five month supply of Vancouver homes on the real estate market, up from four months. Over the last 10 years, the highest supply was in 1995 when it was at 12 months.

Home Building Will Be Robust: new home construction in the Vancouver real estate area will be near historic highs this year and next, but will dip slightly compared to last year’s swift pace. Some moderation in new Vancouver home building will be due to an easing in demand for new pre-construction homes as homebuyers are able to meet their housing needs int eh better supplied resale market. Secondly, tightening credit conditions for Vancouver real estate developers may make it more difficult to secure financing for new multi-family projects. Home starts will decline 8% this year, and a further 3% next. Two thirds of homes built last year were condo projects.

Condominiums And Rental Outlook Positive – Vancouver Resale Condo Market – existing Vancouver condo sales will moderate slightly, but stay high for the remainder of 2008 and through 2009. Demand for condominiums will be sustained by the strong fundamentals mentioned above and will also be bolstered by continuing low mortgage rates and the lower price of condo homes, compared to detached. The average MLS price of a condo in Metro Vancouver is now more than $400,000 below the average price of a house.

Expect the Supply of Condo Listings To Trend Up over the next 18 months as demand moderates. In the first quarter of 2008, the average number of active MLS condo listings in Vancouver for sale increased 16% compared to the same period last year. By end of first quarter, the supply of condos on the Vancouver real estate market increased to a 4 month supply, up from 3 months a year earlier. This signals demand and supply moving towards equilibrium.

New and Existing Condo Prices in Vancouver Will Continue to Rise, but at a slower pace in the past few years. Price growth will slow into the single digit range this year with 8% appreciation this year and 5% next.

New Vancouver Condo Construction absorptions of new condos have been closely tracking completions for the past year, with virtually all (98%) units absorbed upon completion. An estimated one half of units underway are pre-sold and the supply of completed, unsold new Vancouver units is growing slowly but remains at less than one third of the 10 year average level. Unsold supply is located mainly in Maple Ridge/Pitt Meadows and Surrey. Vancouver has very few unsold units.

High starts and longer completion times have pushed the number of condos under construction to record highs, with over 20,000 units underway at he end of March 2008. At the current absorption rate of 600 condos per month, there is a 33 month supply of units coming on stream over the next 2-3 years. When Vancouver pre-sales condos is taken into account the number of months supply is halved to 16 months. The supply of unsold new condo Vancouver units will edge up as condo demand moderates from the buying frenzy of the past few years and as more resale condo listings become available through the remainder of 2008 and in 2009.

Speculative and Investor Activity speculation in Vancouver’s condo markets has been trending down over the past year and will continue to edge down as the pace of price growth slows this year and next. In 2007 almost one quarter of condo units in the Metro Vancouver were owned by real estate investors, a marginal dip from 5 years ago. Investor presence is higher in the downtown core, where 45% of condos are investor owned. The more expensive areas of downtown (Coal Harbour and False Creek North) have a slightly lower proportion of Vancouver investor units compared with less expensive areas.

Vancouver Economy will support housing demand solid local economic conditions in Metro Vancouver will support demand for housing this year and next. Economic growth of 3% or better is forecast for the region through 2009 with residential and non residential construction, as well as wholesale and retail trade growth. Vancouver home building will stay at high levels with non-residential construction, including Olympic related projects and non related projects, such as the Vancouver Convention Centre, ongoing work on the Vancouver International Airport and building renovations at UBC, will keep Vancouver’s builders busy.

Consumer spending, the largest component of domestic demand, will be spurred on by a growing population job and income growth. The unemployment rate is at 20 year low of 4% with 36,000 jobs added in the Metro Vancouver region last year. Strong job growth will continue and will support demand for homeownership and rental housing.

Vancouver’s healthy job market and growing international reputation as a clean, liveable city will draw people to the region from other provinces and from abroad. Greater Vancouver will gain more than 30,000 people through migration in each of the coming years. International migrants will account for most of this Vancouver growth, but the Vancouver region will continue to attract people from other provinces who are looking for jobs. This will sustain housing demand.

On the downside, one of the main factors limiting homebuyer Vancouver demand will be softening consumer sentiment. Consumer confidence is based on the US economic and housing slowdown, the sub-prime crises in the US and the economic slowdown in central Canada as well, the high Canadian dollar and low lumber prices in BC. While Metro Vancouver economy is diverse and somewhat insulated from these economic developments, downside risks to the economic outlook remain.

Mortgage rates will remain relatively flat.