Wow... look at the rain outside this Grey Cup Sunday.. here are the Top 10 ways to Deal with Water Damage

What’s at stake?

When it comes to property damage, water is one of the worst culprits. Whether it’s a leaking roof, a sewage back-up or simply a pinhole in a pipe, water damage can cost you a lot of money and cause you a lot of headaches. If left unattended, water damage can cause serious structural problems and create toxic moulds; these moulds can lead to health problems such as allergies and lung infections.

What to do if you discover water damage;

1. First and foremost, shut off any interior water source that may be causing the problem.
2. Don’t turn on any electrical switches until your electrical system has been checked.
3. Open all windows in your home to help accelerate the drying process.
4. Check water-soaked ceilings to ensure that they won’t collapse under the weight of the water.
5. Puncture holes in the ceiling to release excess water. Be ready with a bucket.
6. Move household items to areas where they will not sustain further damage.
7. Remove excess water from fragile surfaces such as wood and upholstery.
8. Remove wet carpets and contaminated materials from your home. Drying these inside will only cause more moisture and pose health risks.
9. Call flooring experts to see if your floors and carpeting can be cleaned or repaired.
10. Avoid using electrical appliances, such as vacuum cleaners, to clean up water. Mop up as much of it as possible.
11. Call your insurance company to make a claim.

Maintenance first

Home maintenance and proper installation/construction are the keys to preventing water damage in the first place. After all, your home is built to prevent water damage. Potential damage can be minimized with routine inspections and repairs. When in doubt, hire a professional to do the inspection. Keep in mind that when you act quickly to repair any damage, you can avoid problems such as mould, which is not covered by your insurance policy.

Source: BC Furnance Blog

 

 

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DID you know? there is a great website to see what is the ROI you can expect on Home Renovations?

 The Appraisal Institute of Canada has developed RENOVA,... http://t.co/uUPoHqv8

 

The Appraisal Institute of Canada has developed RENOVA, an interactive web-based guide to the value of home improvements. RENOVA is designed to give consumers a better idea of the return on investment they can expect for a variety of home improvements. RENOVA does this by providing a payback value range derived from the cost of the improvement expressed in dollars. For example, a homeowner might indicate that he or she is considering spending $10,000 on remodeling the kitchen. RENOVA will then provide a payback amount of between x and y dollars for that particular renovation. Homeowners can choose from among the 20 most popular renovation improvements, identified by a survey of AIC members.

Our goal in developing RENOVA was to determine, in the informed opinion of Canada's professional real property valuers, what effect home improvement projects have on the value of resale houses.

RENOVA also ranks the renovation trends, in terms of which provided the highest payback potential.

Consumers should be aware that RENOVA is a guide, which provides ranges. Home values and returns on renovation investments are dependent on so many factors such as the location of the property, i.e. province, rural/urban, the neighbourhood and notably important is the quality of workmanship and materials. For a comprehensive valuation of your home and or renovation project, an accredited member of the Institute should be consulted for a cost-benefit valuation. An AIC valuator can identify the value of your home prior to the renovations being undertaken and provide a projected valuation based on your anticipated renovation plans. Homeowners could save themselves a lot of time, expense and heartache by calling an appraiser first, even before the designer, contractor and architect.

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GOOD or BAD? Do you agree that the repeal of the HST has caused more uncertainty among property buyers?

The death of a sales tax is usually cause for celebration. But if you’re from British Columbia, it depends what side of the fence you’re on.

In August, British Columbians voted to repeal the controversial HST in a referendum that had 54.7 per cent of voters in support of rescinding the tax. But with 45.3 per cent voting to keep the tax, the divide was more evenly split than one might think.

The province’s business community, including developers, builders and construction companies, loved the HST because it spread the tax burden to include consumers and veered away from traditional means of taxing business and income.

Given the uncertain economy, business leaders fear that B.C.’s taxes will continue to provide less instead of more in terms of jobs and economic stimulation.

The business community’s concerns are not unfounded. Burnaby realtor Luigi Frascati says the majority of new home and condo buyers are opting to delay buying until March 2013, when the HST is officially repealed and replaced by the previous GST/PST system. Frascati himself happens to be one of those buyers.

On the search for a two-bedroom housing unit, Frascati fully intends to hold off buying until the year after next. “I am one of those buyers,” says the Realtor® who works for Sutton Centre Realty.

While the HST does offer a rebate program on new home sales up to $525,000, Frascati believes the rebate is virtually pointless. “Depending on where you go in this town, a half-million dollars doesn’t get you much of a condo these days, even less if you are looking for a two-bedroom unit like I am.”

According to Frascati, there are a few developers in B.C. offering incentive programs intended to entice buyers not to delay their purchases, but he says the fact is that most people are holding off pending the announcement of a structured re-introduction program on the part of the province.

That may be even more pronounced within the market for higher priced homes and condos, where a buyer would stand to save significantly by waiting until 2013.

RE/MAX real estate agent Sam Wyatt believes the real result of both the implementation and the rescission of the HST is how it will affect the psyches of buyers in British Columbia. Buyers may now think that if they wait till 2013, the HST will no longer apply and they will pay less for their new home. “They may well pay less,” warns Wyatt, “not because they don't have to pay HST but rather, because of the slumping sales as a result of everyone holding off buying.”

Vancouver Realtor® Mike Stewart was a fan of the HST because it reduced costs for developers so he’s disappointed to see it go. He doesn’t think its repeal will have any impact on Vancouver’s condo market. “It was a great tax,” he says. “I was a fan but it was so poorly communicated to the public. The government basically did something that made sense for the business elite of B.C. They always get their pound of flesh, but the general public didn’t understand it. They thought the repeal of the HST meant there would be no taxes.”

Frascati also takes issue with how the tax was presented. He believes the government did a poor job in introducing the new tax, choosing to force it down taxpayers’ throats rather than present it within a forum that promoted public debate. “I think it might have had a different reception then,” says Frascati. “Perhaps taxpayers might have settled for a 10 per cent HST, and perhaps the threshold for the rebate on the purchase of real capital assets could have been set at a higher level than the meagre $525,000.”

The uncertainty surrounding the repeal of the HST is doing more harm than good for the real estate industry, according to a panel of real estate industry experts who spoke last month at a Vancouver Board of Trade event.

Eugene Klein, president-elect of the Real Estate Board of Greater Vancouver told those in attendance that buyers, especially the under-25 group, are sitting on the sidelines. “It’s also affecting home renovation projects with HST on them because consumers don’t know what to do,” he said. Ward McAllister, president of Ledingham McAllister Properties, said he has been “literally begging” the provincial government for transitional rules since the vote to repeal the HST.

“What is amazing to me is that it took the government three days to bring this new tax in and now they are telling us it is going to take up to 18 months to unravel,” said McAllister. “This is really hurting us in the new home business just because of the uncertainty.” Klein and McAllister said they are seeing developers taking on a portion, or even all, of the HST on their product to try and remove that uncertainty for potential buyers.

Despite the worries about the repeal of the HST, housing professionals on the panel predict low interest rates will hold steady into the foreseeable future, which will translate into continuing sales. Added to real estate’s affordability factor, was immigration numbers that show approximately 52,700 immigrants will move to British Columbia this year. Of that total, some 42,000 will move into the Metro Vancouver area, meaning that the need for new housing will remain strong.

Source: PRoperty Wire

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Stable outlook for Canada’s housing market in 2012

House prices and sales will remain stable through 2012, according to the latest forecast by the Canada Mortgage and Housing Corporation (CMHC).

In its fourth quarter outlook, CMHC predicts the average price will increase 1.2% from $363,900 in 2011 to $368,200 in 2012. Sales will rise from 450,100 units in 2011 to 458,500 in 2012, up 1.9%. Housing starts, however, will drop 2.2% from 191,000 in 2011 to 186,750 in 2012, according to the CMHC outlook.

Global economic concerns have resulted in growing fears about how that might impact Canada’s market, but CMHC Deputy Chief Economist Mathieu Laberge said the country’s real estate market will remain strong.

“Despite continued uncertainty in the global economy, Canada’s economic fundamentals remain positive, particularly with respect to interest rates, employment and immigration,” said Laberge. “These factors will continue to support Canada’s housing sector in 2012.”

In Vancouver and Abbotsford, where average-price growth has topped any other Canadian city, the average will gain 3.2% in 2012, on top of 5.3% gains forecasted for this year.

Unemployment there will drop from 7.9% to 7.5%, said the CMHC report. Sales activity, however, will start to tail off from the 7.3% growth in 2011 to 3.3% growth in 2012.

The market will likely continue to attract builders, with housing starts expected to rise 9.4% in 2012 and building on 5.1% gains in 2011 over 2010.

In the Greater Toronto Area, apartment starts are expected to be 37.5% higher in 2011 over 2010, totalling 18,200 stats in 2011. Those numbers won’t slow in 2012, as apartment units will gain another 1.6% to reach 18,500 in 2012.

Overall housing starts will drop 2.3% in Toronto, CMHC predicts, largely based on a 14.1% drop in single-detached starts, from 8,500 in 2011 to 7,300 in 2012.

Toronto price gains will also slow, from 4.3% gains in 2011 to 1.4% gains in 2012 to an average of $457,500

Source: http://www.canadianrealestatemagazine.ca/news/item/877-stable-outlook-for-canada’s-housing-market-in-2012

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Did you know...

Natural light isn’t just more pleasant than artificial light, it is also better for your health. Sunlight stimulates the production of Vitamin D in your body, which is used to help maintain bone density. In addition, sunlight can improve mood. So, whenever possible, open the curtains in your home and let the light shine in!

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PwC Emerging Trends in Real Estate 2012 (Canadian Edition)

 

Canadian real estate markets remain the most stable in North America. Institutions hold on to the best properties and avoid boom/bust frenzies over pricing, while conservative fiscal policies discourage lax underwriting and licentious lending. A resource-rich economy does not hurt either. Interviewees expect these markets to weather world economic turmoil, particularly U.S. contagion, but anticipate a slowdown in 2012 as consumers and homebuyers back off a recent wave of uncharacteristic splurging. Eastern provinces tied to U.S.-related manufacturing could be affected more than western regions, living off energy stores and other commodities. Toronto and Vancouver stake claims as top markets; their gateway status attracts business and a surge in Asian investors parking capital in condo projects, which spring up in all directions.

For 2012, U.S. real estate players must resign themselves to a slowing, grind-it-out recovery following a period of mostly sporadic growth, confined largely to “wealth island” real estate markets—the primary 24-hour gateways located along global pathways. A handful of cities also should continue to benefit from expansion in locally based technology- and energy-related industries. Otherwise, most commercial markets have stabilized, but will find marked improve- ment in occupancies and rents relatively elusive. Despite some stepped-up bargain hunting, capital generally will continue to avoid commodity real estate in most secondary and tertiary cities. Among the property sectors, only apartments will score especially well: demographic trends and the aftermath of the housing bloodbath combine to increase and sustain demand for multifamily units.

Enduring economic doldrums and the absence of dynamic jobs generators hamstring overall demand, weighing on real estate markets. While the nation’s lackluster employment outlook delays filling office space, the related drag in consumer spending compromises growth in retail and industrial occupancies and rents. Interviewees uniformly struggle to identify new employment engines: competition from overseas markets, technology gains, government and personal debt loads, an aging population, and global financial breakdowns all combine to stanch wage growth and hiring. As a result, businesses that are focused on squeezing profitability out

of productivity gains and families forced into belt-tightening use less square footage. “The Era of Less” forecast in last year’s Emerging Trends takes firm hold. Housing markets continue to founder in widespread borrower distress. Many cash-strapped, prospective buyers can meet neither stricter credit requirements nor higher equity hurdles. Casting a further pall on respondent outlooks, U.S. government disarray breeds uncertainty about policy affecting business and investment decision making.

Return expectations continue to ebb, although well-leased core real estate in leading markets will continue to produce solid single-digit income- oriented returns. Opportunistic investors ratchet down forecasts; even projections of returns in the midteens look like a stretch as risk increases from squirrely supply/demand fundamentals. Buying sentiment declines as selling interest increases. Investors who bought at or near market bottom in 2009 and 2010 consider cashing in some gains. Many players back off from bidding on trophy properties in better markets, fearing that pricing is outpacing the potential for recovery in net operat- ing incomes. Cap rate compression has ended; a leveling off is expected, with possible upticks for some property sectors in certain markets.

Most developers and homebuilders will twiddle their thumbs in ongoing extended hiatus; without evident demand drivers, construction lend- ers hold back funding on most projects, except for multifamily development. Expect a ramp-up in apartment development across many markets justified by plunging vacancies and continuing rent increases. When the odd new office building goes forward, developers likely will employ green technologies and concepts; tenants begin to insist on cost-saving, energy-efficient systems.

Shaken by stock market declines and anemic bond yields, investors gravitate toward equity real estate, but grow somewhat unsettled in the face of limited property investment opportunities. “Face it: real estate doesn’t offer enough growth poten- tial to satisfy” the demand, says an interviewee. Although debt capital remains undersupplied, lenders and government regulators work hard to avoid a refinancing crisis with hundreds of billions in commercial mortgages maturing over the next three to four years. Well-capitalized borrowers and solid, revenue-generating properties have no trouble obtaining financing, while lenders and special servicers will continue to extend and pretend as long as borrowers on less-stable assets can pay something out of cash flows. Foreclosures will increase, but at a relatively restrained rate given the number of still-troubled properties.

The top investment markets remain the usual suspects, led by the 24-hour global gateways— Washington, D.C., San Francisco, New York City, Boston, and Seattle. Austin, the moderately sized Texas capital, sneaks into the number-two spot on the survey, benefiting from dynamics created by its large university, the local tech industry, government jobs, and regional energy-based economy. Houston and Dallas also solidify rankings off their oil and gas businesses and relatively strong jobs advances. Other tech- and/or energy- related markets scoring well include San Jose, Denver, and Raleigh-Durham.

Among property sectors, everybody wants apartments. Living smaller, closer to work, and preferably near mass transit holds increasingly appeal as more people look to manage expenses wisely. Interest cools on offices, especially sub- urban office parks: more companies concentrate in urban districts where sought-after generation-Y talent wants to locate in 24-hour environments. Investors continue to place bets on high-ceiling warehouses in the gateway ports and around international hub airports. And East Coast and Gulf Coast ports vie to attract the most new ship- ping traffic coming through a widened Panama Canal in 2014. Winning cities could transform into major distribution sites. Shopping center owners continue to face incursions from internet retailing: fortress malls and infill grocery-anchored centers consolidate business at the same time that older regional malls and fringe strip centers appear to lose ground. The hotel recovery begins to flag: good news concentrates in the prime business traveler/tourist gateways and in middle-market brands without food and beverage.

The two largest Latin American real estate markets head in different directions. Brazil matures into more of a core play, especially in Rio de Janeiro and São Paulo, where vacancies in top properties barely register and condo prices com- pete with New York City’s best residential districts. Investors shy away from Mexico as drug violence takes an unfortunate toll.

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RPR's October Facebook Contest Winner is Kristina Barck

Congratulations to Kristina Barck for winning our October Facebook Contest.

You just won a $25 Cobbs Gift Card.

Thank you for supporting us and good luck to everyone else for next months draw!

http://www.facebook.com/messages/?action=read&tid=id.322187311129869#!/RightPricedRealty?sk=app_139229522811253

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Home Sales Climb Higher Outside Vancouver

Vancouver, BC – November 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 6.5 per cent to 5,865 units in October compared to the same month last year.       The average MLS® residential price was up 2.6 per cent to $535,695 last month compared to October 2010.

"BC home sales rose three per cent in October compared to September on a seasonally adjusted basis," said Cameron Muir, BCREA Chief       Economist. "While consumer demand in Vancouver edged lower last month on a  year-over-year basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver Island."

"Total active residential listings in the province declined by 3,360 units in October from September. However, active listings were up 6.9 per cent from October 2011," added Muir. "Market conditions remained slightly in favour of home buyers last month."

Year-to-date, BC residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period lastyear. Residential unit sales increased 3.5 per cent to 66,922 units, while the average MLS® residential price rose 12.9 per cent to $566,925 over the same period.

Source: BCREB

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Another Successful Sale by the RrightPricedRealty.com Team

I just sold this Condo at 208 1591 BOOTH Ave,

 

Located in Developing Maillardville. Easy Access to highways, shopping, schools and transportation. Almost completely remodeled. Spacious two bedroom, two bathroom unit featuring new laminate flooring, two new bathrooms, designer paint, crown moldings, and feature gas fireplace. Private balcony overlooks inner courtyard - tranquil and very quiet. Rain screened, healthy contingency fund, great building

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728 sqft, 1 bed & Den @Arbutus Walk.. Open House Today 1:00pm to 4:00pm

Come visit our open house today!

This is a great value home for $499,900... who knows we might even be giving out some post-Halloween treats!

Roland

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Another Testimonial of Our Great Service at Right Priced Realty Team

We were very happy with Roland. He was very helpful before we started looking at houses with explaining the entire process. We actually found the townhouse ourselves but when we told him about it he knew who the builders were and were able to verify that they were good quality so it saved me a lot of time. He was very good in the fact that once we told he we knew which one we wanted and when we wanted everything to happen by he made it happen. Thanks Roland! We love our home!

Terence & Katy Bergen

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Did you know...

Most cold and flu viruses are transmitted by hands. In fact, you’re more likely to catch a virus from a handshake than you are from standing next to someone who is coughing. That’s why, when a family member is feeling under the weather, it’s important for everyone to wash their hands regularly.

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Five large boards/CREA partner to develop a national housing price index

A new method for measuring trends in housing prices will soon be available to REALTORS® and the public in five major markets across Canada.

Five of Canada's largest real estate boards – Calgary, Fraser Valley, Montreal, Toronto and Vancouver -  together with the Canadian Real Estate Association (CREA) are developing a national housing price index (HPI) which will be ready for launch at the end of January 2012.

An HPI is the best and purest way of gauging price trends in the housing market. It takes housing quality into account, such as housing category, location, number of rooms, living area, etc., in a way that no other method of price tracking does.

An HPI is not new in Canada. Both REBGV and our neighbouring Fraser Valley Real Estate Board have had an HPI in place since 1996, when we hired economists to build a local housing price index for the BC Lower Mainland. The HPI has been widely recognized as providing the most accurate indication of housing price trends in our markets.

An HPI:
Is the best measure for home prices.
Improves measurement accuracy of pure home price change by combining the advantages of Hedonic & Repeat Sales methodologies.
Can track home prices by sub-market (housing sub-category and/or sub-area).
Is based on data from the Multiple Listing Service® (MLS®), which is widely-recognized as the most comprehensive and accurate real estate data in the country.

Expect to hear more about the national HPI in the coming months.

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NEW LISTING: #354- Salal Drive $499,900 (Open House this weekend)

I just finished uploading this Condo for sale, 354 2175 SALAL Drive, Vancouver West, British Columbia

This is a south-facing, spacious 1-bedroom and den, featuring 728 sqft in The Savona - one of Arbutus Walk's finest buildings in vibrant Kitsilano. This apartment offers a great location that is just a few blocks to cafes, shops, recreation, and so much more. This apt features an open setting, parking, storage, insuite laundry, 9' ceiling windows, Tuscan styling with stainless appliances, gas range, breakfast bar, fireplace, oak flooring and large balcony. Enjoy this beautiful home, close to community services, bike routes, shopping, schools, parks and much more! Please see REALTOR'S website for further information. Pets allowed with some restrictions.

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New Listing: 7360 Coronado Drive, V918218

I just finished uploading this Townhouse for sale, 7360 CORONADO Drive, Burnaby North, British Columbia

 

This is an upper unit, bright & spacious, 3 bedroom + den, 2 level townhouse overlooking tranquil greenery, in popular Villa Montecito complex. Featuring storage, insuite laundry, parking, 2 bathrooms and an open floor plan. Enjoy the community and amenities, including outdoor entertaining areas, outdoor pool, children's play area and just steps to golf courses, schools, shopping, parks and much more! Please see REALTOR'S website for further information.

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