Do you need to increase your living area?

Are you looking at a  property and need that extra bathroom or additional living space?

When purchasing an older home in Vancouver the majority of times the need for additional space is increasing. Typically most homes may have “maxed out” what they may be allowed for FSR. Floor Space Ratio.

When doing renovations or up grades typically most cities will have maximum allowable floor space ratio formula. What this means is that typically you are allowed a certain percentage size of home in relation to the size of the lot.

In Vancouver usually this is 60 % , so lets take an average lot size of 33ft by 122 ft. The lot size is 4026 sq ft @ 60% you are allowed to build a home 2415 sq ft in size. All measurements are taken from extremities of the home and not internal measurements

This is fairly limited especially if you have a basement suite and the attic area that has been developed.

Did you know that the FSR can usually be increased to 70% by applying for a Development permit . There is certain criteria that has to be meet, such as incorporating some design features from adjacent homes site coverage etc.

This now changes things dramatically. That 2415 sq ft home can now be increased to 2818 sq ft. That’s a 20x 20ft addition. This now may allow for that additional bathroom on the upper level or additional bedroom.

For more details visit the help desk at City hall at the building permit section and they can help with all the finer details on what may be allowable.

Suddenly that smaller home that be in your budget or area of desire to purchase is looking more attractive.

When using AusCan Home Inspections these are typically some of the value added tips, amongst numerous others, that are passed along to my clients . I use my 20 year experience in the building industry to aid my clients in any way I can.

Darryl Bailey.

Licensed Home Inspector ,RHI

AuscanHome Inspections.

www.auscanhomeinspections.com

email:auscanhomeinspections@gmail.com

604-671-5528

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US: Home sales climb 2.3% in July

NEW YORK (CNNMoney) -- Americans seem to be stepping up their homebuying while they can still find bargains.

July home sales rose 2.3% from June, and 10.4% from a year earlier, to an annual rate of 4.47 million, according to a report from the National Association of Realtors. 

The market has been bolstered by low home prices and mortgage rates, according to Lawrence Yun, NAR's chief economist, but the inability of some potential buyers to obtain financing has cut into sales.

"The market is constrained by tight lending standards and shrinking inventory supplies, so housing could easily be much stronger without these frictions," he said.

July sales were slightly below forecasts from a panel of industry experts put together by Briefing.com, which had predicted sales of 4.57 million.

Related: Best Places to Live where homes are affordable.

Stuart Hoffman, chief economist for PNC Financial, said the psychology of the market has turned. With mortgage rates coming up off of historic lows and home prices on the rise, homebuyers are more likely to think that housing will get more expensive, making them more inclined to buy.

NAR reported a rise in median home price of 9.6% in July, compared with a year earlier, to $187,300. Listing inventory has fallen to a 6.5 month supply, down 24% from a year ago.

 

Source: CNN Money

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Recently Sold House

My happy buyers are busy moving in as we speak, and getting to know their new neighbourhood after having moved in this weekend.

 

This wonderful family home with South facing open plan living & dining, beautiful fir floors, w/b fireplace & updates throughout. Master bedroom on main, updated bath, large kitchen w/ eating area & office nook. Upstairs offers two bedrooms, landing w/ ample storage & doors to deck w/ views to the North Shore mountains. Downstairs features a great one bedroom suite as mortgage helper w/ large living area. Thee backyard is a very private & rare lush oasis with patio, extensive garden & landscaping. Extra storage under deck + single garage. Situated in a coveted pocket near parks & schools.

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700 sqft 1bedroom JUST Listed, # 303 2239 ST CATHERINES ST

This is a spacious south-east facing, 1 bedroom, corner apartment on the top floor with park views - This apartment offers great value in a location that is just a few steps to the public transportation, shops, close to recreation & Vancouver Community College and so much more. This apartment is on the quiet side of the building, it includes in-suite European laundry,underground parking, new roof, new exterior paint, new windows, gas fireplace, new light fixtures, locker and pets are welcome. Enjoy this beautiful home close to shopping, schools, parks and much more.

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Vancouver once again the world's third most livable city

Vancouver has once again taken home the bronze as one of the world’s most livable cities, with crime and traffic congestion continuing to slow the city down.

The city ranked No. 3 following Melbourne and Vienna, according to the 2012 report from the Economist Intelligence Unit.

Two other Canadian cities —Toronto and Calgary — followed Vancouver in fourth and fifth place, respectively

The annual survey of 140 cities uses more than 30 factors to determine a city’s livability with a score out of 100.

Vancouver scored 97.3 with high scores in areas such as health care, education ,culture and environment. 

Cities are also scored on political and social stability, crime rates and the standard of infrastructure, including public transport.

Vancouver, which held the No. 1 spot for nearly a decade, lost marks for crime rates, availability of quality housing and congested road networks. The city slipped to No. 3 spot last year and remained there in 2012.

The report found that Vancouver’s homicide rate was 2.5 per 100,000 people in 2010 and 2011. That compares with a U.S. average of 4.8 homicides per 100,000 people.

Vancouver also lost marks for transit. The study notes that while work has begun on the Evergreen mass transit line, authorities are also reporting measures such as scramble intersections or road tolls to counteract congestion.

“For cities in general these measures will no doubt have a long term benefit, but in the short term can be disruptive,” the study says.

Montreal was the only other Canadian city to make the list, placing 16th.

The livability index follows just months after another Economist Intelligence Unit report which ranked the world’s best cities. Vancouver wasn’t included in that study that combined livability with a range of other factors.

Source: Vancouver Sun

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CMHC forecasts housing market to slow moderately in rest of 2012, into 2013 via Province

CMHC forecasts housing market to slow moderately in rest of 2012, into 2013 via Province

 

OTTAWA — Canada Mortgage and Housing Corp. is forecasting a moderate slowdown in new-home construction starts as well as sales of existing housing.

The Ottawa-based federal agency isn’t calling for a major decline, but its latest forecast suggests next year will be somewhat softer than estimates CMHC issued in June while 2012 may be somewhat stronger than previously expected.

CMHC has been saying for some time that it expects housing prices in most local markets will grow more slowly than they have been recently.

It says housing starts and home sales have been strong in 2012 — particularly when it comes to multiple-dwelling units such as condos and apartments — but will soften moderately in coming months into 2013.

“Balanced market conditions in most local housing markets will result in a slowing in house price growth as well,” Mathieu Laberge, CMCH’s deputy chief economist, said in an outlook released Tuesday.

CMHC provides various levels of mortgage insurance to protect lenders from defaults by home buyers. It also closely monitors residential construction activity and housing sales and provides outlooks used by various sectors of the economy.

In the latest forecast, CMHC estimates there will be between 196,800 and 217,000 units of housing started in 2012, with a point forecast of 207,200 units.

The point forecast is slightly higher than an estimate of 202,700 issued by CMHC in June, when the range was wider at between 182,300 to 220,600.

In 2013, CMHC now estimates housing starts will be in the range of 173,000 to 207,400 units, with a point forecast of 193,100 units — about seven per cent fewer than this year under the latest forecast.

The previous 2013 point forecast for 195,700 housing starts.

Based on data compiled by the Canadian Real Estate Association, CMHC said Tuesday that it expects about 466,600 units of existing housing to be sold this year and 469,600 units in 2013.

The average price for property sales through CREA members is forecast to be between $351,300 and $378,400 in 2012 and between $358,000 and $395,800 in 2013, CMHC said Tuesday.

CMHC’s point forecast for the average price is now $368,000 for 2012 and $377,300 for 2013, the agency said Tuesday Its June was the average price to be $372,700 for 2012 and $383,600 for 2013.

The Canadian Press

© Copyright (c) National Post

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Toronto not in condo bubble: RBC

Fears of a condo bubble in Canada’s biggest housing market are overblown, according to a new report from the Royal Bank of Canada.

RBC’s senior economist Robert Hogue said in the report Tuesday that demand in Toronto is in line with supply, contradicting claims that a condo bubble has emerged in the city.

He said that Toronto’s condo building frenzy over the last few years is mainly a response to the steep drop in new single-family homes being built. Efforts by the Ontario government to stem urban sprawl in the GTA is one of the reasons why developers are being forced to build laterally, said Mr. Hogue.

Mr. Hogue added that he does not expect supply to outpace demand over the next few years. He also expects that some projects currently in the construction pipeline could be delayed or cancelled.

“Possible reasons for such delays or cancellations include production capacity constraints on the part of builders, the inability of projects to reach sales thresholds necessary to move forward with construction, and tighter lending standards for builders,” he said.

While Mr. Hogue doesn’t see evidence of a bubble, he nevertheless expects housing prices in Toronto to cool over the next year, forecasting 2-7% decrease by mid-2013. One of the factors for the potential pullback are new mortgage rules introduced by Finance Minister Jim Flaherty last month, which, among other things, reduced maximum amortization from 30 years to 25 years.

Mr. Hogue’s report also looked at the issue of investors buying condos in Toronto, something that has been a concern in the past. He concluded that worries about investors artificially inflating condo prices in Toronto are “overblown.”

Mr. Hogue said that a recent sample of projects shows that investors (e.g. buyers who purchase condos but don’t live in them) constitute anywhere from 15-40% of sold condo units. But he points out that the most recent data from the Canada Mortgage and Housing Corp., released last fall, shows that most of those investors are not flipping their condos and are most likely using them as income supplements by renting them out.

“Their involvement has not inflated overall housing demand beyond household formation and may contribute only to a modest overshoot in the coming years if demographics weaken,” he said.

Mr. Hogue does warn, however, that there is a risk that a flood of investors could create an imbalance in Toronto’s condo market. He said that if investors overwhelmingly buy single-bedroom units, for instance, it could skew demand and result in a bubble.

Source: Financial Post, Posted in:

Economy, Investing, Real Estate Tags: Canada housing market, Canada Mortgage and Housing Corporation, condos

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Did you Know

Did you know?

Based on the official community plans for Metro Vancouver municipalities, there is room for an additional 215,000 suites in the region.

Source: Metro Vancouver

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Another supporter of my business and service..

"This was the second purchase for which we have used Roland's services. His organization and professionalism were second to none and was something my wife and I truly valued due to our hectic work schedules. As such, his flexibility was greatly appreciated. Not only did he make himself available during all times of the day, he did so with our best interests in mind. We have been thrilled with the services provided by Roland and would not hesitate to use him again going forward. "

Faiz & Suzy

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Property Disclosure Statement

Buying a home is a significant investment and requires careful evaluation.

In 1991, the BC Real Estate Association, the provincial association for REALTORS®, introduced the Property Disclosure Statement (PDS).

This document is a detailed form that asks a property seller to disclose any defects to a prospective buyer.

This document is not required by law, however, the REALTORS® of BC decided to make the PDS (and its complementary forms, the Strata Property Disclosure Statement and the Rural Property Disclosure Statement) available to any client wanting to list a home on the MLS®. The PDS can be legally incorporated into the Contract for Purchase and Sale.

The PDS goes beyond current legal disclosure obligations and itemizes potential problems for prospective buyers, such as buried fuel storage tanks, asbestos insulation, unauthorized rental suites, renovations done without a permit, moisture problems, unregistered easements or encroachments, and whether the home was ever used as a grow-op or drug lab.

The Strata Property Disclosure Statement covers a range of condominium-specific issues such as parking and storage allocations, special assessments, restrictions on age, pets or rentals and building envelope problems.

The Rural Property Disclosure Statement identifies issues related to rural land, such as the quality of well water, septic systems and flooding problems.

The PDS is not required by law. In some situations, such as an estate sale, the seller may not have enough information to complete the PDS, and the buyer will need to rely on other sources of information.

The PDS is also not a legally-binding warranty of the property’s condition. It is only a report of what the seller knows about the property.

Although the PDS is never a substitute for a thorough, professional home inspection, it is a great place for buyers to begin their due diligence investigation into any home they are hoping to purchase.

By choosing to create the PDS, the REALTORS® of BC sought to provide the public with an additional level of certainty when they purchase a home.

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