Vancouver Real Estate Resales & Vancouver Apartments for Rent

Southeast False Creek 2010 Olympic Village Update - Millennium Developments gets $100-Million Bailout from City of Vancouver

noreply@blogger.com (Mr Real Estate) — Fri, 07 Nov 2008 23:45:00 +0000

City of Vancouver Mum about $100 Million Bailout for Olympic Village

According to Metro News Vancouver’s Maria C on the secretive bailout by the City of Vancouver for Millennium Developments cost overruns for the Olympic Village 2010. The city of Vancouver yesterday refused to comment on details of a closed door meeting that enabled a $100 million bailout to help offset the mounting costs of the 2010 Olympic Village in False Creek. “It’s not in the taxpayer’s interest to talk about the day-to-day dealings,” said Jody Andrews, the Olympic Village’s deputy manager, and project manager for the southeast False Creek real estate project, adding that the taxpayer’s “risk profile in this project hasn’t changed – the project will be delivered on time.” Furthermore, Andrews said that the “commitment of the city remains unchanged.” Vancouver city coundil approved the money in a closed door session on October 14th, 2008, when the private developer, Millennium Development Group, was struggling with the international credit crunch and cost overruns in a slowing Vancouver real estate housing market, according to new reports. Yesterday, NPA mayoral hopeful Counc. Peter Ladner reamiend tight lipped about the meeting, and was led away by staff when reporters questions him about the loan for the 2010 Olympic Village $100 million bailout plan following the Downtown Vancouver Association’s debate. Earlier, he conceded that the council is “concerned about finances.” “We’ve been prudent with (the Property Endowment Fund),” he said. “It is equipped to take situations like this and make loans like this.” Ladner was also stunned to learn that Vancouver’s director of finance. Estelle Lo, had resigned. Media reports speculate that Lo quit her position after months of expressing concern that the City of Vancouver was taking on too much financial risk in this 2010 Olympic Village southeast False Creek real estate development project. The full cost of the Olympic Village has been estimated at about $1 billion, and as part of the public private partnership some of the units will be made available as affordable or social housing.

$100 Million Handout for the 2010 Olympic Village in Southeast False Creek Vancouver

There are more questions than answers today about the financial future of Vancouver’s Olympic Village after a report emerged suggesting city council had secretly approved a $100 million bailout to the 2010 Olympic Village Southeast False Creek site’s developer. This according to 24Hours Vancouver. Senior city staff yesterday refused to confirm or deny that council had authorized the $100 million loan last month to Millennium Development Corp, which is tasked with building out the site in Southeast False Creek real estate district. And city councilors who are said to have unanimously given the deal a thumbs up, including a mayoral candidate, stayed largely silent on the issue as well. But the senior city official in charge of the Olympic Village site insisted the project was in order, despite acknowledgeing the $1 billion overall plan was roughly seven per cent over budget. “The taxpayer is under no additional exposure and it’s being complete on scheduled,” said deputy city manager, Jody Andrews. But he refused to speculate on the finances of the Southeast False Creek Olympic Village in Vancouver. “What I can say is the overall package remains unchanged,” Andrews said. “The day-to-day transactions on how to get there, we don’t reveal.” What remains to be seen is the extent of any political fallout on the issue with just over one week to go before the November 15th elections. Vision Vancouver mayoral candidate Gregor Robertson, who doesn’t currently sit on council, yesterday called for a public hearing to air out the city’s finances before the election. “The public has a right to know what’s going on before the election,” said Robertson. NPA Coun. Peter Ladner, chair of the city’s finance committee, refused to comment as the story developed yesterday but said in a press release that Robertson’s call for an open discussion on the finances “reveals his lack of experience in how civic government works.” By Irwin L. Right now, it is presumed that the Vancouver City Council has approved a $100-million loan to Millennium for the Olympic Village Southeast False Creek real estate development project.

ancouver Olympic Housing Worries

A recent study shows previous host cities have seen negative impact on local housing markets. This by Maria for MetroVancouver. A study of seven different Olympic cities around the world found that local residents were the biggest losers when it came to the impact of the Olympic games on local housing markets. “The local people living in a city shouldn’t be adversely affected by a sporting event that lasts for two weeks,” said Clair Mahon, a principal author of the 2007 report entitled Fair Play for Housing Rights: Mega Events, Olympic Games and Housing Events. According to Jenny Kwan, NDP MLA for Vancouver-Mt. Pleasant, since the Winter Olympics were announced for Vancouver-Whistler, more than 1,200 single room occupancy units have been lost. “This is housing that’s been lost to low-income populations and it’s had a direct impact on the increase in homelessness that we’ve seen since the games were awarded to Vancouver,” said Laura Track, a lawyer with Pivot Legal Society. Activist Am Johal added that a funded watchdog group was promised but not set up, as was a civil liberties round table that hasn’t come to fruition. “Many other cities and many other people are watching what happens in Vancouver and hoping this can continue to be an example for the rest of the world in terms of how you organize an Olympic games,” Mahon said. “So the idea is to say, ‘Let’s continue to make it better.’”

Olympic Village Tab Could Rise Even Further
According to 24Hours Bob M. There could be more bailouts on the way if the Vancouver Olympic Village struggles to the finish line. The August 31, 2006 lease agreement between the City of Vancouver and Millennium Southeast False Creek Properties, obtained by 24 Hours calls for substantial completion by September 30, 2009 and VANOC to begin exclusive use November 1, 2009. A clause gives the City of Vancouver the power to order Millennium to accelerate work, but the City of Vancouver would pay the bill for extra wages, materials and heavy equipment. The contract said Millennium Southeast False Creek properties would not be liable for unavoidable delays beyond its control, such as destruction of buildings by explosion, riots or earthquake. Inability to meet financial obligations is not considered an unavoidable delay. If Millennium commits materials default by failing to pay rent or not adhering to project milestones, the City of Vancouver could “re-enter and take possession of the lands and building,” according to the contract. City council approved a $100 million bailout loan for cash-strapped Millennium Southeast False Creek Properties in a secret October 14th meeting. Information was leaked to the Globe and Mail but all NPA, Vision Vancouver and COPE councillors have refused to talk about the meeting. NPA Counc. Peter Ladner, who is running for mayor, was unavailable for comment yesterday. Ladner fought back Friday at Vision Vancouver apponent Gregor Robertson by conceding he is “prepared to lose this election to save this project and protect the city’s taxpapers.”

Hollyburn Properties presents Downtown Vancouver West End Glenmore Apartments for Rent - Beautiful Quiet Neighbourhood with Luxury Rental Condos

noreply@blogger.com (Mr Real Estate) — Wed, 05 Nov 2008 15:29:00 +0000

The Glenmore West End Vancouver Downtown Rentals and Apartments for Rent by Hollyburn Properties

A great article from the Vancouver Home Renters Guide by Zac G. goes through the Hollyburn Properties managed West End Glenmore apartment condos in downtown Vancouver homes for rent. Quiet West End Living is still available at these rental properties at the Glenmore condos for rent in downtown where renters will find quality apartments and superior management by Hollyburn Properties in this completely renovated suites in the West End rental market for apartment homes. The Glenmore West End Vancouver rental suites include studio and one bedroom apartments with new kitchen appliances including dishwashers. Other new features for these condos for rent at the West End Glenmore Hollyburn Properties managed tower include hardwood flooring, vertical blinds, mirrored closet doors and the latest in bathroom fixtures and faucets. Located on a quiet tree lined street of Barclay Street in the downtown Vancouver West End rentals, the Glenmore apartments for rent will be walking distance to Stanley Park, boutiques, restaurants and transite. There is gated parking for all renters at the Glenmore West End apartments rentals and heat and hot water are included with your rental lease. Sorry, no pets are allowed at this Hollyburn Properties Glenmore apartments that provide affordable downtown Vancouver West end rental suites. Located at 1885 Barclay Street in Vancouver, you can contact Hollyburn Properties at 604.644.0062 for available rental apartments in the West End of Vancouver. With his experience working in building management, Leigh Follack understands the challenges involved when different personalities share the same rental building. So as a resident at the West End rental properties at the Glenmore apartments, he’s qualified to critique how Hollyburn Properties manages his home – and he gives them top marks. “They score a 10 with me,” says Leight. “I’be been in a few rental buildings in the West End and I know how busy they can get. But here, everyone respects everyone’s privacy, and that isn’t the norm in the city. Sometimes you’re taking a chance.” The chance that Leigh refers to is the possibility of noise and disruption creating a tense relationship among Glenmore neighbours. He’s experienced that at other rental apartment places, and he’s quick to point to the professionalism of the resident manager at The Glenmore West End apartment rental condos as part of the reason the downtown Vancouver rental building remains so quiet and peaceful. “The resident manager here gave a very warm introduction,” says Leigh. “He is very professional and wears a uniform. The meet and greet sets the standard for living in the building.”

A Boutique Rental Building in the West End

Renovations are currently underway at The Glenmore apartments for rent in the West End of downtown Vancouver rental condo market, including new plumbing and bathrooms. Several freshly renovated studio and one bedroom suites will be available September 1st, giving future residents practically a new rental apartment home to move into. “Hollyburn Properties invests a substantial amount of money into their buildings,” says Alisa Aragon, sales and marketing manager at Hollyburn Properties property managers. “The Glenmore West End renovated suites will have hardwood flooring, vertical blinds, mirrored closet doors and new kitchen appliances, including a dish washer.” And to offer even more value, Hollyburn Properties has formed a strategic partnership with many major corporations including Co-Operative Auto Network, Shaw, Costco and ING Insurance, to pass on exclusive savings to renters at the Glenmore apartment condo West End rentals. Unlike some new buildings, the West End rental homes at the Glenmore are spacious and airy, with large windows infusing natural light into the rooms and flexible floorplans giving residents many options. Even the studio apartments for rent at the West End Vancouver Glenmore are generously proportioned, offering open living rooms nad walk in closets. “It’s a really boutique building,” says Alisa of the charming, four floor complex.

A Quiet West End Community

Located at the corner of Barclay and Gilford, this friendly neighbourhood is ideally located between the Robson shopping district and Stanley Park. It forms a peaceful pocket secluded from the big city bustle yet in proximity to every amenity for renters at The Glenmore West End apartments. Bikes and walking are the preferred modes of transportation here, creating a calming atmosphere reinforced by an abundance of trees and Gilford being a no-through road. The vibran nieghbourhood offesr an eclectic mix of residents and a slower pace than other parts of the West End rental market. “The west side of Denman is very nice,” says Leigh. “The closer to Stanley Park you are, the quieter it becomes.” Consistent with the lifestyle here, Hollyburn Properties is also committed to being eco-friendly. “Hollyburn recognizes that corporate environmental responsibility is important to both its residents and the community,” says Alisa. “We are committed to decreasing energy consumption to minimize environmental impact on our operations at the Glenmore rental condos in the West End.” Throughout the rental apartment homes at the Glenmore Vancouver Downtown you will find energy efficient appliances, Power Smart lighting fixtures and light bulbs, along with other energy saving measures.

Hollyburn Properties proudly owns and manages their buildings featuring quality West End rental apartments with superior management in Vancouver, Calgary and Toronto. The Glenmore West End is located at 1885 Barclay Street. For more information or to arrange a viewing, please call 604.644.0062 or visit www.rentersguide.com.

The Institute of Commercial Real Estate (ICRE) explains why Vancouver Commercial Property Investment is a great choice

noreply@blogger.com (Mr Real Estate) — Wed, 05 Nov 2008 15:26:00 +0000

How You Can Get Super Rich With Vancouver’s Commercial Real Estate!

Self-made Multimillionaire reveals the next jackpot for real estate investors in Vancouver. Apartments, Offices, Retail, Medical, Warehouses, Industrial, Hotels & Resorts. Discover why Vancouver Commercial Properties are easier to own, pay greater cash flow, and are more profitable than owning rental houses... and anyone can do it! Vancouver, BC – It’s no secret that commercial real estate in Vancouver is legendary for its ability to “multiply” your net worth. And this year is poised to be one of the best years ever to invest in Vancouver commercial property and secure your retirement. The Wall Street Journal reported: “commercial real estate is showing solid fundamentals in many markets – with occupancies high, increasing rent growth and supply under control.” Now you can get a complete overview of what it takes to be successful in your own hometown investing in Vancouver commercial real estate property. A free workshop reveals how to own commercial property in Vancouver real estate area. This FREE 90-minute introductory workshop shows you how you could own lucrative commercial real estate in as little as 60 days. You’ll discover how it’s possible to: increase the worth of a commercial building by up to 30% in 30 days, quickly pinpoint the value of a commercial building – no calculator needed and also determine the highest and best use for any commercial property in Vancouver. In addition, you can find out how simple paperwork can add huge value to your property. Commercial real estate has proven to make more money much faster. Commercial real estate is richer than single family housing. You make more money, get faster appreciation, and avoid today’s residential real estate down cycle. But did you know, you can become independently wealthy on just one deal? The FREE workshop will highlight how this can be done with Vancouver commercial property. Commercial real estate beats Residential property in many ways including: huge wealth is possible and make $1 million from just one deal, little to no risk and make money without risking a penny of your own, fast income and make money in less than 30 days, steady money and generate a constant cash flow you can bank on, secure growth and get long term trenants with built in rent increase as well as less work and enjoy hassle-free, low cost or no cost property management with Vancouver commercial real estate property. Who should attend this Vancouver commercial property workshop? First time real estate investors: if you have never invested in real estate, get started with the big moneymaker right from the start in the form of a new Vancouver commercial real estate property. Residential real estate investors: find out how to move up to the phenomenal income potential of commercial real estate. Get proven strategies that take you from residential real estate in Vancouver to commercial property and put you in a whole money making league. Commercial real estate investors: discover how to construct truly powerful deals that take your income to the next level and beyond. Discover how to find, analyze and secure lucrative properties. Real estate professionals: Now it the time for you to make more money on your commercial real estate deals in Vancouver. See how you can earn more than a commission and massively increase your net worth by getting in on the action for yourself. Small business owners: stop paying rent to someone else. Build an additional cash flow stream for your business and watch your wealth multiply through owning Vancouver commercial property.

Commercial Property in Vancouver Workshop brought to you by Cherif Medawar

The workshop for Vancouver real estate commercial property is brought to you by Cherif Madawar, the founder of the Institute of Commercial Real Estate (ICRE). His education at UCLA taught him how to work for money, but now how to make his money work for him. He was working night and day as ah otel manager in California when a billionaire guest pulled him aside and said, “Cherif, come work for me. I will show you the path to wealth.” Cherif learned how to acquire properties, how real estate deals are structured, and how billions are made. ON a much smaller scale, he also began to buy his own properties and develop a personal system for creating wealth. Today, his properties are all over the world. And yet, he works less than ever. The Vancouver commercial real estate workshop will be great for beginners and seasoned property investors alike. Now you can learn ways to master the art of commercial real estate in Vancouver and get a complete overview of what it takes to be successful in your own city. You’ll get an up-close view of the best types of commercial Property in Vancouver to invest in now, and the hidden properties with big payout potential that often get overlooked including: finding prime Vancouver commercial real estate in your area before it hits the market, investing in commercial property using other people’s money, starting with a positive cashflow Vancouver commercial property, getting immediate cash back and location Vancouver real estate commercial rpoperties that can subsidize your retirement sooner. It’s OK to start at zero, as long as you start. Some of today’s most successful commercial real estate investors started with nothing. Like Cherif, banks wouldn’t talk to him. They had no personal assets. No money. Now you can find out how it’s possible to overcome the obstacles and go from $0 to millions. At the FREE 90 minute workshop focused on Vancouver commercial property for sale, you will discover the hidden real estate gems, how to structure risk-free commercial property deals and to find out how to invest in our local city. Save your free coupon and plan now to attend. See why almost anyone can tap the “millionaire mind set” and become truly wealthy through investing in Vancouver commercial real estate today. In you area for 4 days only so learn how to make money with commercial real estate investments in Vancouver. Admission is free. Sunday, September 28 to Wednesday October 1st. Presented by the Institute of Commercial Real Estate or ICRE.

Don’t Let These Myths Stop You From Owning Vancouver Commercial Real Estate!

MYTH: commercial real estate is too expensive. REALITY: it can be the best bargain in real estate investing. Fact is, it can cost no more out of your pocket to acquire a commercial property in Vancouver than to buy a house. Even acquire Vancouver commercial properties with little or no money down. MYTH: commercial real estate investing in Vancouver is too complicated. REALITY: it can be easy. Buying your first commercial property can be no more complicated than buying your first home. MYTH: Commercial real estate property Vancouver investing is too volatile. REALITY: history shows it can be much more stable than investing in houses, especially in the market we’re in today. Plus get property value appreciation, tax benefits and higher income. The biggest myth of all: only the rich can afford commercial property. REALITY: Commercial Vancouver real estate makes your rich, but you don’t need to be loaded with cash to get started. Find out why at this amazing free workshop: How To Make Money With Commercial Real Estate Investing in Vancouver.

Lease to Own Home Ownership Model (aka Rent to Own Condos) is a Grey Area PLUS Home Owner Soon explains why this model works for both buyer & seller

noreply@blogger.com (Mr Real Estate) — Wed, 05 Nov 2008 15:24:00 +0000

Lease to Own or Rent to Own Options are a Grey Area

According to Pieta W of the Georgia Straight: On October 6, the day the TSX tumbled 1,106.95 points, Jon Murray’s phone was ringing off the hook, as it has been for the past six months. The real-estate consultant specializes in helping people – whom the banks won’t touch due to poor credit, recent immigration, lack of income proof or other reasons – buy their own homes. The strategy is called “lease option”, otherwise known as “rent-to-own” or “lease-to-own” homes. The creative financing thrives in an economy when home sellers are having trouble selling and buyers face a risk averse mortgage industry. “All day, every day, I’m on the phone because so many people want to do it,” Murray told the Georgia Straight, noting that about 100 realtors in B.C. are negotiating these leases. “Just in the last six to nine months, the lease-option or rent-to-own/lease-to-own market is starting to get really hot because there’s lots of houses not moving. The privately contracted deal is pretty simple. The home buyers seeking the rent-to-own or lease-to-own lease option puts about five per cent of the price of the home to “secure it”. Then he or she moves in. Over a period of about two years, the home buyer pays an inflated “rent”, part of which goes toward equity in the house. At the end of that period, if everything goes well, the homebuyer gets a traditional mortgage from the bank. For example, at strategichousing.ca, which specializes in lease options or rent-to-own home purchase models, a seven bedroom home with two suites in Surrey real estate market can be leased fro $2,840 a month. Of that, $950 per month goes toward equity. The rest, $1,890, is considered rent. Although lease options are relatively new in Canada, San Francisco-based real estate agent John Reed has watched them for about 25 years. He wrote about them in his 1998 self published book, Single Family Lease Options, now in its fourth edition. Reed thinks they should be illegal. “It’s generally a scam down here,” he told the Straight on the phone from his home in Alamo, California. “in 90 to 95 per cnet of cases of lease to own or rent to own lease options, the lessee never exercises the option to buy. So they lose the front-end money, which was $5,000 to $25,000 and they lose the rent they paid… it’s a heavy duty outrage.” Reed notes that even though lease options are somewhat regulated across the U.S., with 45 states with statutes in place and two federal laws pending, most home buyers who get involved in lease options and rent to own models don’t have the wherewithal to fight for their rights when the deals sour. “They think they’re just tenants,” he said. “So when they get evicted for being a day late with their rent, the agent gets to keep $30,000. They are preying on unsophisticated newlywed couples.”

More about the Lease Options Home Buying Model

In Canada, lease options and rent-to-own homebuying models occupy a hazy legal zone. They’re not covered by the Real Estate Act, according to Anthony Cavanaugh, the communications officer with the Real Estate Council of B.C. In addition, lease options or lease-to-own contracts not covered by the Residential Tenancy Act, according to the Tenants Rights Action Coalition spokesperson Tom Durning. “If it sounds too good to be true, it probably is,” Durning told the Straight. “you should get a lawyer before you sign anything, and you’re crazy if you don’t With five per cent down and these low interest rates, why rent to own?” According to strategichousing.ca owner Andy Santoso, the reality in 2008 is that 40 per cent of Canadians don’t qualify for a traditional mortgage. That’s where lease options and rent-to-own home buying models can help. “Home ownership elevates your social and financial well-being,” he told the Georgia Straight, explaining whey that 40 per cent shouldn’t be content to just rent. Sam Ryan, owner of lease2ownbc.com told the Straight he researched lease options and rent-to-own contracts thoroughly before opening his business this May. Since the real estate market slumped, he noted, interest is booming in lease options in Canada. Given the Conservative government’s cancelling of the zero-down, 40 year mortgage, as secured by the Canada Mortgage and Housing Corporation, he said, “people are more concerned about being able to get into a property rather than the actual price of it, as long as their payments are affordable.” Murray, owner of Jowen Investments and Consulting Group (jowen.ca) admits that there can be problems with unethical lease option agents and rent-to-own contract models. Individuals should protect themselves, he suggested. But in a real estate market were the banks are cracking down on who can borrow, he said, lease options and lease to own are certainly the present reality, and they may be the future too.

Why Rent When You Can Own? Rent To Own Homes Across Canada

You can choose your dream home. Select any home available for sale… anywhere with Home Owner Soon. A special advertisement from the Canada Real Estate Magazine featuring Home Owner Soon. Do you: have credit challenges due to job loss, divorce or brankruptcy? Lack sufficient down payment for bank financing? Lack established credit history? Have difficulty qualifying because you are self employed or a small business owner? We can help make home ownership a reality for you through Home Owner Soon. Visit www.HomeOwnerSoon.com to find out how YOU can Rent to Own your own dream home! Call Home Owner Soon toll free at 1.866.702.4334.

Be a Home Owner… Very Soon through Rent to Own or Lease to Own Model

By Sharon A. More and more renters who dream of owning their own home, but face some financial obstacles, are turning to HomeOwnerSoon.com. Launched in 2006, the company features two rent-to-own programs that make it possible for those who’ve been rejected for a mortgage by the big banks to buy a home in a timely manner. “Many people have difficulties obtaining conventional bank financing,” says Guy Lew, the company’s credit manager. “We fill a need in the marketplace for those who want to own a home, ut can’t obtain financing from major financial institutions.” HomeOwnerSoon.com clientele include those who lack an established credit history, don’t have enough money for a down payment ot quality for traditional bank financing, are self-employed or small business owners, or possess credit challenges due to job loss, health issues, divorce or bankruptcy. Those who think they’ll be ready to purchase a home within two to three years can take part in one of two rent to own or lease to own programs offered by HomeOwnerSoon.com. The Rent to Own Program enables participants to choose a property from among the approximately half dozen listed on the company’s website. They make a small down payment that is credited to them as a deposit that will form part of their overall equity in the property that they are lease to own. They then begin making monthly payments, which include a rental payment and a Monthly Option Credit payment (typically about 20% of the rental payment), which is saved and credited towards the purchase price of their property.

Benefits of Rent to Own Models

Rent to Own participants enjoy the benefits of a guaranteed purchase price, even though they won’t purchase the property for a while; equity appreciation right away; and affordable monthly payments. Most popular, however is HomeOwnerSoon.com’s Buyer Selection Program, which works the same way as the Rent to Own Program, but allows clients to select almost any home they wish in Canada, whether it be available through MLS or private sale. “About 90% of the time, our clients gravitate towards our Buyer’s Selection Program,” says Alex, the company’s relationship manager. “The terms are exactly the same, except people have total freedom in choosing their own home. From what I’ve seen, this is a unique program in the marketplace.” The easy qualifying process means that as long as interested individuals can afford the monthly payments, they can sign up. Once they do, they receive valuable advice and coaching from HomeOwnerSoon.com credit experts on debt consolidation and credit repair and optimization – this helps them be better prepared when, at the end of the program, they approach banks for mortgage financing. “We go through their credit bureau report with them, and if their beacon score is too low, we offer tips on how they can improve it,” says Lew. Once clients are on the road to home ownership, he says, they can enjoy the tremendous benefits that accompany it.

“If you compare owning versus renting, home ownership always increases your overall net worth, helps you build equity, and customize your home according to your needs,” says Kluge. So far, hundreds of aspiring home owners have enrolled with HomeOwnerSoon.com, including many young families, and their feedback has been overwhelmingly positive. “people don’t believe how easy it is, that they can choose any home they wish, a detached house, condo or townhouse, new or resale, and that they can make their dreams of home ownership come true,” he says. “They are very grateful to us for helping them achieve that.”

The Canadian Mortgage Market - Banks in Canada Change Mortgage and Lending Rules and take out 40 year amortization & 0% down - Pre-Sale Condo Problems

noreply@blogger.com (Mr Real Estate) — Fri, 31 Oct 2008 15:02:00 +0000

Ottawa Backs Mortgage Market

The federal government in Canada has bought up $25 billion in residential mortgages to give Canada’s chartered banks more cash for loans, but the effort shouldn’t be considered a bailout similar to the U.S. government lifeline for Wall Street banks, the federal government and industry watchers say. “It’s a huge stretch to look at it as a bailout – it’s a helping hand,” said Brad Smith, a banking analyst at Blackmont Capital, a brokerage. Prime Minister Stephen Harper said the mortgage transfer is sensible and risk free for taxpayers since the government is buying mortgages it already insures through the Canada Mortgage and Housing Corp. “This is not a bailout of banks; this is a market transaction that will cost the government nothing,” Harper said.

First Time Home Buyers: New Mortgage and Lending Rules Spark Debate

Consumer still at risk with mortgage changes says Experts according to Brian T of the MetroNews Paper in Vancouver. The change to mortgage lending practices isn’t the crackdown it’s meant to look like experts say, and it doesn’t make Canadians any safer from large debt. In July, Ottawa announced a decision to tighten lending rules governing mortgage-lending practices to protect Canadian homebuyers. Under these rules, the amortization period for financial guarantees from the government for insured mortgages – meaning Ottawa pays off a mortgage insurer should a worst-case sceniario happen and a home buyer is unable to pay the premium – has been reduced from 40 years, to 35 years and under. Homebuyers in Canada also need a minimum down payment of 5 per cent, effectively eliminating zero down mortgages. Home buyers in Canada also now require a minimum credit score in order to get a home mortgage. The changes to the lending rules of mortgage lending in Canada have sparked nationwide debate as to whether it helps or limits options. John, president of debt elimination service Debt Freedom Canada, says this is a case of optics. He argues Ottawa is putting on the air of shielding homebuyers in Canada from 40 year amortization periods, but the difference between them and 35 year periods is marginal at best (see chart at the end of this article). “Nothing has happened to protect the consumer from debt. You might have more money in pocket with a 40 year period, but 100 per cent owing going in is 100 per cent owing coming out the back end,” he said. “The financial institutions are still making a buck, and the government gets to look like the good guy.” On Tuesday, Prime Minister Stephen Harper said in order to stimulate the economy, first time homebuyers in Canada would receive a tax credit of up to $750 should a Conservative government be elected into office. But a real estate expert estimated that its impact would be modest: Doug Porter, deputy chief economist at the Bank of Montreal, told the Canadian Press that such an incentive would be unlikely to draw in new Canadian homebuyers. A possible reason for the existing changes, speculates Jim Murphy, president and CEO of the Canadian Association of Accredited Mortgage Professionals (among the groups Ottawa consulted before making the new rules), is that more Canadian homebuyers, particularly young ones, are choosing no money down mortgages with longer term amortization periods. Amounts owing are growing as well: Murphy says Canada’s home owners collectively carry $900 billion in mortgage credit. That number grows by 10 per cent per year. “Thirty seven per cent of Canadians who have taken out a mortgage in the last year have chosen amortization periods of 30, 35 and 40 years,” Murphy said, citing a report his group published in 2007. (This year’s report is due in late October) “It will be much higher when we ask them that question this year.” What has been underreported in the media, Murphy says, is the disadvantage to changes present to immigrants looking to buy a home. “How does a new Canadian, with some income but zero credit score, get a mortgage that requires a minimum credit score of 620 to be guaranteed?” he asks. In terms of hurting the buoyancy of the Canadian housing market, Murphy thinks the new rules will have minimal effect. While in a housing slowdown, he says it still remains strong. In terms of protecting consumers and home buyers from crippling debt and a house rich cash poor sutation, Podlewski says the changes have even less effect. “You need a plan your entire future. Your house is only a part of it,” he added. “Do you want to serve coffee at 65 because you haven’t properly planned an you owe too much money? I get my Tim Hortons in the morning and it’s either a snow-top or a no-top behind the counter. It can happen to you.”

Comparing a 35 Year Amortization Period to a 40 Year Amortization Period Mortgage Payments
Here’s a hypothetical look at what you’d pay on a mortgage with both a 35 year and 40 year amortization period. Numbers have been determined using Filogix Expert, an industry standard point of sale system.

Mortgage 1 with 35 Year Amortization Period
Amount = $200,000
Interest Rate = 5.45 per cent
Amortization Period = 35 years
Term = 60 months
Disclosure Rate = 5.45 per cent
Payment Frequency = Monthly
Compounded = Semi-Annually
Monthly Payment = $1,059.55
Total Payments = $63,573
Total Interest = $52,489.77
Total Principal = $11,082.23
Balance Remaining at Maturity = $188,916.77

Mortgage 2 with 40 Year Amortization
Amount = $200,000
Interest Rate = 5.45 per cent
Amortization Period = 40 years
Term = 60 months
Disclosure Rate = 5.45 per cent
Payment Frequency = Monthly
Compounded = Semi-Annually
Monthly Payment = $1,016.50
Total Payments = $60,990
Total Interest = $52,863.77
Total Principal = $8,126.33
Balance Remaining at Maturity = $191,873.67

Source is from Debt Free Canada

Canadian Banks Shedding 40-Year Mortgage Loans

According to REW of Greater Vancouver, major banks in Canada have changed mortgage offerings to bring its lending rules in line with regulatory changes set to take affect in October. TD bank said, effectively immediately, the maximum amortization period for new mortgages will be 35 years and will require a five per cent down payment. TD bank said it would continue to process those mortgages with a longer amortization period or a lower down payment that have already been approved. TD joins Bank of Montreal in changing its Canadian bank lending rules ahead of the change in regulations. Other Canadian banks are following the lead. Starting October 15th, 2008, Canadians will no longer be able to purchase a home with a government backed mortgage with a 40 year amortization and no down payment. Instead, Canadian mortgages will be limited to 35 years and the government will only insure 95 per cent of the value of the home, meaning home buyers will need to come up with at least a five per cent down payment. As well, borrowers must demonstrate that debt servicing costs are no more than 45 per cent of gross income and have a good credit rating. Government backed insurance is currently available on mortgages where the loan to value ratio is up to 100 per cent – in other words, the home buyer has borrowed all the money to buy a home and then gets insurance coverage on the whole amount.

Door Closing Soon on Zero Downpayments for Canadian Mortgages

Home buyers, especially first time homebuyers, should take note that generous mortgage incentives in Canada bank will be ending this fall. On October 15, 2008, the federal Finance Department will cease guaranteeing 40 year amortization mortages and zero down payment mortgage loans in Canada. Some real estate markets observers expect to see a spike in home sales over the next two months as home buyers try to beat the deadline. Home buying in Canada real estate activity could rise leading up to the October 15 cut off, according to other mortgage professionals. The Canadia government made the changes to its mortgage guarantees to strengthen the real estate market in Canada, and to help guard against a US style housing bubble. Mortgage insurance was introduced in 1954 through the Canada Mortgage and Housing Corporation (CMHC) to help Canadians who hadn’t saved up enough money to quality for traditional mortgage loans from the banks. Currently, home buyers with less than 20 per cent down payment pay a premium for the insurance, which protects the bank lender in case of default. Three competitors of CMHC have now entered the Canadian mortgage insurance market, Genworth financial Canada, AIG United Guaranty Canada and the PMI Group Inc Canada. It is unclear whether the private insurers will continue to offer 40 year Canadian mortgage loans. While popular, 40 year mortgage loans are more expensive int eh long run than a conventional mortgage. However, because monthly mortgage costs are lower they do allow some home buyers to get into the real estate market for the first time.

Know the Real Estate Rules When Buying a New Home

Hire the pros, read fine print and negotiate says HouseLeague Ryan D. for the Metro Newspaper. Does buying a previously owned home appeal to you about as much as purchasing a used pair of shoes? Then buying “presale” (direct from the property developer) may be the solution. While it may seem like a simple task, the rules of buying “presale real estate” differ greatly from your standard “resale” purchase. When buying something new you are essentially engaging in a game of real estate monopoly (without the fun coloured money) – your moves are dictated to you and you must follow the present rules or purchasing a Vancouver presale property. Developers’ contracts are written in their favour, a complete turn about on the standard purchase method. They set the price, the completion dates and most of the other terms of the contract. In this topsy-turvy scenarios, here are some tips to keep you out of trouble and ahead of the Vancouver presales property game. Firstly bring your own realtor. Every real estate developer will pay your realtor’s commission for you. It is always a good idea to have someone on your side. They can navigate through the presales property contract with you tot make sure all your needs are being met. Secondly, in a buyer’s market like we have now, you can sometimes even negotiate a reduction on the purchase price. It’s true. The real estate presales developer’s pricing is usually set in stone, but when they are sitting on an abundance of inventory that needs to be moved, you have that much sought after leverage. Thirdly, GST is paid on all new construction, including presales Vancouver property, but a portion of it is rebated back to you if your new home is your primary residence. Many presales real estate Vancouver developers will pay the rebated portion for you if you sign a waiver allowing the rebate to go to them. That is a new wardrobe (and maybe a different boardgame)! Finally, during the seven-day recision period in all “presale” contracts, where you can back out of the deal if need be, consult a lawyer. Who really understands all that legal jargon better? Just because it may not sound like any language you may have heard, does not mean you are not bound by that fine print in a Vancouver presale property contract. Make sure you understand it all. So, while the game may be stacked in Vancouver presales real estate developer’s favour, these few tips will ensure that when it comes time to make your move, you ar ready and able to see it through. And who knows, when all is said and done, you may even end up with some green back in your pocket. Ryan is a realtor for Sotheby’s International Realty Canada and hosts Novus TV’s Real Estate Minute program.

Beware of Nasty Surprises When Buying a New Home

Rotten joists, missing carpets and dead soldiers buried in the backyard – buying a home can come with all kinds of nasty surprises according to Brian T. for the Metro Newspaper. The beautiful home that you’ve just purchased can house a litany of hidden horrors that you will be left to fix after you move in. A B.C. based realtor advises that there’s no way around it. You must expect – and inspect- the unexpected when you finally sign on the dotted line. “It’s a situation where the home buyer really has to be thinking caveat emptor,” says Tom, A Vancouver Island based real estate agent and co-author of True Real Estate Stories, a compendium of odd and sometimes gruesome anecdotes from the world of home buying. “An inspection should be the first thing on most people’s minds. Problems will inevitably come up and an inspection will show you what those problems will cost to fix.” A home inspector won’t catch everything wrong, Everitt notes, as they can only visually investigate the house. He knows first hand: While Everitt and his wife were resodding their backyard, they discovered the gravestone of Sgt. Joseph Morley, a World War 1 veteran. Another key is to get as specific a contract as possible. Some legal agreements concerning what will remain in the house on move-in day are detailed down to the light switches, Everitt says. Some of his clients have walked into their new home under the impression certain amenities would be there, only to find the seller took those items with them, he adds. “the more thorough the contract, the safer you are. We had home buyers moving intoa townhouse where the previous owners removed the carpet,” he said. “The owners said. “well, we took it with us because we heard they were going to install hardwood flooring,” but the contract stipulated that he carpet would be there. The buyers were furious. Besides that, carpets are specifically measured to be details of a house. What kind of person would want to take it?” If you do discover something untoward about your home purchase, you can launch a lawsuit; having a specific legal document strengthens your claim. Everitt says you must consider the costs of such a lawsuit, however, “Pick your battles,” he says. “Do you really want to take someone to court over missing light switches?” More importantly for those buying a new home is that the contract is clear on who covers the warranty, which can often be the builder themselves. These people are the ones to approach should your home become more interesting than you intended. “If the house is built as just a one-off, you better be darn sure you know what you’re buying,” adds Everitt. “You don’t want to get stuck with a lemon.”

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..

noreply@blogger.com (Mr Real Estate) — Fri, 17 Oct 2008 21:01:00 +0000

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.

The newest trend in development projects: Gay Friendly Communities and Gay Oriented Real Estate Projects throughout North America

noreply@blogger.com (Mr Real Estate) — Fri, 17 Oct 2008 20:59:00 +0000

New Gay Friendly Real Estate Communities On The Rise

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

noreply@blogger.com (Mr Real Estate) — Fri, 17 Oct 2008 20:56:00 +0000

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.