Conditions continue to favour buyers in the Greater Vancouver housing market...

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.

September sales were 41.6 per cent below the 10-year September sales average of 2,597.

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Eugen Klein, REBGV president said. “This makes homes less affordable for the people of the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September. This represents a 6.3 per cent decline compared to September 2011 when 5,680 properties were listed for sale on the MLS® and a 31.6 per cent increase compared to the 4,044 new listings in August 2012.

At 18,350, the total number of residential property listings on the MLS® increased 14.1 per cent from this time last year and increased 4.5 per cent compared to August 2012.

“Today, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last three months.

“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two,” Klein said.

Sales of detached properties on the MLS® in September 2012 reached 594, a decrease of 37.9 per cent from the 957 detached sales recorded in September 2011, and a 31.4 per cent decrease from the 866 units sold in September 2010. The benchmark price for detached properties decreased 0.5 per cent from September 2011 to $935,600.

Sales of apartment properties reached 676 in September 2012, a 26.7 per cent decrease compared to the 922 sales in September 2011, and a decrease of 30.4 per cent compared to the 971 sales in September 2010. The benchmark price of an apartment property decreased 0.7 per cent from September 2011 to $368,600.

Attached property sales in September 2012 totalled 246, a 33 per cent decrease compared to the 367 sales in September 2011, and a 35.8 per cent decrease from the 383 attached properties sold in September 2010. The benchmark price of an attached unit decreased 2.7 per cent between September 2011 and 2012 to $458,600.

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Do You have a cold Basement?

Do You have a cold Basement?

Do you have a finished basement or basement suite that has a forced air heating system and the area is still cold?

Assuming that the finished area is insulated one of the biggest issues with forced air systems is the lack of a cold air return in these areas.

Typically a homeowner will finish off the basement or add a basement suite without the full understanding of a how the heating system works. In the majority of cases the heating registers are also located in the ceiling. The best location for heat registers is at the lower level of the finished wall with a cold air return on the opposite side of the heat source.

A forced air system relies on air movement and circulation. Most houses are designed with inadequate cold air returns. As a result, there is not enough airflow through the furnace. Additional cold air returns in the living areas, particularly in the bedrooms, can increase air circulation and heating system efficiency while improving comfort and air quality in the house.

To allow for air movement in bedrooms a minimum of ¾ inch gap is required under the door.  The cold air return should also be unobstructed to allow for full airflow. Typically the cold air return register has to match the equivalent of all heating registers. ie if the total area of heating registers is 120 sq inches (6, 5 inch supply vents) then the cold air return should be 120 sq inches.(14.5 inches, inside dimension of stud framing x8.5 inches high). This will allow correct air flow.

For even heat distribution the system may also require balancing. This is typically done with the adjustment of heating dampers, which are located on some of the heat supply ducts or trunks.

By contacting a heating specialist they will be able to evaluate the entire system for you. An upgrade on the furnace is usually not required if the whole system is working efficiently

With winter just around the corner it may be time to look at the heating system in your home.

For any information of systems on your home please contact.

Darryl Bailey RHI, Licensed Home Inspector.

Auscan Home Inspections

www.auscanhomeinspetions.com 604-671-5528

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October 23, 2012 Foreclosure.pdf Download this file

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Great Foreclosure Apartment Investment Opportunity Downtown Vancouver

October 23, 2012 Foreclosure Investment Opportunity.pdf Download this file

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Canada's Smallest Condos... Would/could you live in 290sqft????

Canada's Smallest Condos to be Developed in Surrey, B.C.

Apartments will start at 290 square feet and will cost about $650 a month

Surrey development company Tien Sher is hoping to build Canada's smallest condos - starting at just 290 square feet - if its latest project is approved.

The project, called Balance, is a four-storey building containing 56 "micro suites" that will all include five stainless steel appliances, hardwood floors and a balcony. Sixty per cent of the suites in the complex will be 305 square feet or smaller, while the largest will be a 653-square-foot, one-bedroom condo.

Charan Sethi, president of Tien Sher, said he's putting forward the proposal to create more affordable housing for people with average incomes. The complex is part of the Quattro development, which is a seven-minute walk from the Gateway SkyTrain Station on 108th Ave. Sethi said that he often has people who want to buy into the Quattro development, but who don't qualify because their income is too low.

"Real estate prices in the Lower Mainland are among the richest in North America. In cities like New York, Tokyo and Paris, they found a solution - build smaller, but build closer to amenities. We wanted to build suites that renters could afford to purchase - today," said Sethi. "With suites starting at $109,900, if you can afford the $6,000 down payment and you make a salary of $17 per hour, we have a home for you."

Sethi said monthly payments would be about $650 a month and would require an annual income of about $35,000. The suites come with an eight-foot linear kitchen, a shower instead of a bathtub to save space, and a closet that could accommodate a washer and dryer.

Similar studio suites that are 425 square feet rent for $750 to $800 a month across the street in the Quattro 3 building, Sethi said.

"There is an outcry by people making between $22,000 to $55,000 a year who do not qualify to buy a lot out there, but they want a piece of the action. They want their own home, rather than renting all their life," Sethi said.

Peter Simpson, president and CEO of the Greater Vancouver Home Builders' Association, said he thinks the suites will attract first-time homebuyers, investors and maybe even some empty nesters who want to keep their toe in the Metro Vancouver real estate market.

New mortgage rules limiting amortization periods to 25 years have made it tougher for people to qualify for mortgages, and may be contributing to the real estate slowdown in Metro Vancouver over the past few months.

"That has taken a big bite out the industry because now it's even harder to qualify," Sethi said.

The project still has to pass three reviews by Surrey city council, but Sethi says he has been working with city staff and council and the project has passed its first hurdle.

"So far there has been a good response from the city," Sethi said. "It's moving forward, and it's a matter of going through the process."

Simpson said he expects other builders will be watching the Balance project closely.

"This is an idea I expect to see emulated throughout the region in the years ahead," Simpson said.

The suites do not include a parking stall, but buyers can buy one if they wish, Sethi said, adding that a co-op car will also be available in the complex.

Last year, the Burns Block building in downtown Vancouver was refitted with Canada's smallest self-contained apartments, with suites between 226 and 291 square feet. The landlord renovated the building, which had previously operated as a single-room occupancy hotel, into suites that rent for about $850 a month. The Surrey project are the smallest independently-owned suites that Sethi is aware of in Canada, and sales are expected to start in January 2013.

Read more: http://www.vancouversun.com/business/developer+introduces+Canada+smallest+condos+Surrey/7400490/story.html#ixzz2A9HBHXLu

 

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Bank of Canada Interest Rate Announcement - October 23, 2012

The Bank of Canada once again opted to hold its target for the overnight rate at 1 per cent this morning. Interest rates have been held constant for over two years, the longest such period since the 1950s. The Bank somewhat tempered its bias for higher future interest rates, including a softer statement regarding the appropriateness of a gradual withdrawal of monetary stimulus as excess supply in the economy is absorbed. In a bit of a surprise, the Bank actually raised its forecast for the growth in the Canadian economy this year to 2.2 per cent, but kept its 2013 forecast at 2.3 per cent growth. The Bank judges that at that pace of growth, the Canadian economy will return to full capacity by the end of 2013.

It is our view that monetary policy at the Bank of Canada will continue to be constrained by external events in the global economy and household debt growth at home. While the Bank's preference for tighter policy is clear, it is difficult to make a case for higher interest rates when core inflation is below the Bank's 2 per cent target and already slow economic growth is threatened by global uncertainty. Therefore, we are forecasting that the Bank of Canada will hold its target overnight rate at 1 per cent until mid-to-late 2013 when, conditioned on an improved global economic outlook, it may test the water with a 25 basis point rate increase.

For more information, please contact:

Cameron Muir	Brendon Ogmundson
Chief Economist	Economist
Direct: 604.742.2780	Direct: 604.742.2796
Mobile: 778.229.1884	Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca	Email: bogmundson@bcrea.bc.ca

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FAST Fact of the day...

With average vacancy rate in Greater Vancouver at less than 2.6%. Rental properties continue to prove recession proof in the prime Vancouver markets.

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Right time to BUY??

Right now is a great time to buy a home or investment property; there are many great options available in all categories of Vancouver Real Estate.  I truly believe in home ownership and the benefits derived from owning your home and an investment property for your retirement. Right now there is a lot of news in the Vancouver Marketplace as to what is happening on a macro level. Sit down with me, figure out your plan and take the steps towards establishing your real estate goals. Roland

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New housing starts surge 15% in September -- best level since '08

Ground breaking on new U.S. homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction and supporting the wider economic recovery.

Housing starts increased 15 percent last month to a seasonally adjusted annual rate of 872,000 units, the Commerce Department said on Wednesday.

That was the quickest pace since July 2008, though data on starts is volatile and subject to substantial revisions.

The U.S. economy has shown signs of faster growth in recent months as the jobless rate has fallen and retail sales data has pointed to stronger consumer spending.

The data showed the housing market, which was battered by the 2007-09 recession, is increasingly one of the brighter spots in the economy and could add to growth this year for the first time since 2005.

"One of the big headwinds for the economy has been the weak housing market and this indicates that headwind has dissipated," said Gary Thayer, an economic strategist at Wells Fargo Advisors in St. Louis, Missouri.

The brighter economic signal is likely to be welcomed at the White House, where a sluggish economy is weighing on President Barack Obama's chances of re-election next month.

Economists estimate that for every new house built, at least three new jobs are created.

More home building could help compensate for some of the weakness recently in factory output, which is seen as due to sluggish export demand and cooling investment in capital goods.

Not Yet Normal

Economists polled by Reuters had forecast residential construction rising to a 770,000-unit rate. August's starts were revised to show a 758,000-unit pace instead of the previously reported 750,000.

Housing remains hampered by an glut of unsold homes, and the housing starts rate is still about 60 percent below its January 2006 peak.

September ground breaking for single-family homes, the largest segment of the market, rose 11 percent to a 603,000-unit pace - the highest level since August 2008. Starts for multi-family homes climbed 25.1 percent. "Things are lining up for housing and housing is likely to contribute to GDP growth this year ," said John C anally, an economist at LPL Financial in Boston. "It's another step in the right direction, but you still have a long, long way to get back to 'normal' in housing."

Building permits grew by 11.6 percent to a 894,000-unit pace in September. August's permits were unrevised at 801,000 units.

Economists had expected permits to rise to a 810,000-unit pace last month.

U.S. home sales have been creeping up and the steep decline in prices since 2006 appears to have bottomed. That has helped home-builder sentiment, which this month rose to a fresh six-year high.

In a bid to help the economy by encouraging people to buy homes, the Fed said last month it would buy $40 billion in mortgage-backed securities every month until the jobs outlook improves substantially.

The Fed's efforts to lower borrowing costs have pushed interest rates on 30-year mortgages to all-time lows. Last week, fixed 30-year mortgage rates rose 1 basis point to average 3.57 percent, the Mortgage Bankers Association said.

Applications for U.S. home mortgages fell last week, but demand for purchase loans, a leading indicator of home sales, reached the highest level since June, the association said.

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Vancouver Post office building up for sale

Vancouver Post office building up for sale

Canada Post moving out of West Georgia location

Quick Facts:

·         The facility occupies a full city block, 1.2-hectare property

·         Was built in 1958 at a cost of $13 million.

·         A story in The Vancouver Sun in 2007 reported the property could be worth as much as $60 million;

·         The 54-page memo from CBRE – the broker handling the sale of the mail-processing plant – notes that high-profile luxury retailers are looking for ways to get into Vancouver’s tightly packed downtown;

·         According to information being traded among the city’s tightly connected network of brokers, developers and marketers, there are already roughly 20 companies and pension funds interested in the site, including the budget retailer Target;

·         The city has the discretion to allow buildings as high as 450 feet in the downtown. But the Canada Post site won’t be allowed to go higher than 225 feet for most of the block, except for one slice at Georgia and Homer that could go as high as 285 feet, because of limits imposed by the city’s policy on protecting views of the North Shore mountains.

·         The facility was described as a “Taj Mahal with elevators” when it opened in 1958.

·         The building, which still has a functioning post office in front, is notable for its grand colonnade facing Georgia Street, terracotta tiles, terrazzo floor in the lobby, intricate aluminum work.

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7 key questions for your new Realtor

 

There are at least seven key questions every investor needs to ask their prospective real estate agent before making the decision to hire, says Tahani Aburaneh, author of "Real Estate Riches: A Money-Making Game Plan for the Canadian Investor."

Today’s markets are filled with potential landmines and dead-end deals," she tells CREW. "For you, the investor, this means hiring the right agent is more important than ever. Unfortunately, not all real estate professionals are created equal."

Following this list of seven questions will help small and large property investors seperate the real estate wheat from the chaff.

1. How do you determine if a property is a good investment?

This is your million dollar question… so when you ask it, sit back and listen carefully to the agent’s answer. Your agent should have a proven process to evaluate potential investments.

Do they discuss cash flow, cap rate and return on investment? Do they know how to properly calculate these figures? Your agent should also have a rubric to filter out bad investments.

My clients all get access to an investment calculator that crunches numbers for them. If the investment makes money, we dig deeper. If not, we move on. Make sure your agent understands the investment language and the process.

2. Are you an investor yourself?
As an investor, you need an agent that speaks your language. You need an agent that not only talks the talk, but walks the walk. You need an agent that “gets it.”

What better way to ensure your agent “gets it” than if they invest themselves? As a fellow investor, your agent knows first-hand which strategies will work for your particular type of investment, and which won’t.

They view deals through a different lens as they’ve been in your shoes themselves. You wouldn’t want advice on the stock market from a broker who had no money invested themselves … real estate is no different.

3. How much of your business is based on working with real estate investors? 

As the old saying goes, Jack of all trades, master of none; and never does this axiom prove truer than in real estate. Most agents in this business focus almost exclusively on residential real estate, working on investment requirements only when one happens to fall into their lap. You should avoid this kind of representation like the plague.

You need an agent that specializes specifically in investment properties. When you’re looking at investments, it’s not about the size of the kitchen or the paint in the bedroom; it’s about the bottom line, plain and simple. There’s no room for emotion in investing. You want an agent who understands this. After all, you wouldn’t ask a divorce attorney to handle a patent case, you’d want a specialist. It’s the same in real estate.

4. What kind of real estate investment do you specialize in?
Many agents now-a-days will sell absolutely anything and everything to make a buck. This is a huge disservice to you, the investor. Selling ABC retail centres is a different world altogether than selling multi-family investments, or residential housing. In fact, it’s a different universe. Not only do the hot-button negotiation topics vary considerably between property types, but so do the players and the trends.

A great agent will understand the power of specializing. For example, while vacancy rates for residential investments may be low in one market, the same market may exhibit high vacancy rates for retail centres. In order to stay up-to-date on these trends, an agent has to specialize. Make sure your broker is a specialist in your particular property type.

5. How well do you know my market?
Real estate is a highly localized industry. National or even regional market fundamentals may not reflect the realities of your particular market. You want a broker who knows your local market inside and out. 

6. Are you familiar with strategies such as seller financing or LTO?
Your real estate agent should be more than an intermediary between you and a multiple listing service. A good real estate agent will find you opportunities you never even thought to look for. They’ll help you look at opportunities in a different light, they are creative and bring power to you and your business. They’ll be an expert and adviser. If your agent can’t discuss strategies like vendor take-backs (VTB), lease-to-own options (LTO) or seller financing, you’re missing out on valuable opportunities that might have otherwise made you a lot of cash. If your agent can’t discuss these strategies, you should find an agent that can.

7. Do you have a power team of professionals that you can refer to me?
A real estate deal requires more than just an investor and their agent; it requires the experience and expertise of a diverse group of professionals including lawyers, accountants, mortgage brokers and appraisers. I call this my “power team.”

Your agent should be able to refer you to their power team, who, just like the Realtor, specialize in these investment transactions – this way you know you’re covered from the start of your deal to the finish.

SOURCE: Written by Tahani Aburaneh

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Kevin & Stephanie, Thank you for a great testimonial.... enjoy your house!

My wife and I had recently had the distinct pleasure of working through the home-buying process with Roland Kym. I had known Roland for more than 2 years before I had the opportunity to work with him, and I already knew him as a professional, hard-working and knowledgeable realtor whose focus on his client’s best interests was paramount. As both of us were new to real-estate ownership, we greatly appreciated Roland’s systematic approach to home-buying, which made a complex process much easier to understand. Everything was laid out in step-by-step order so that we knew exactly what to expect at each stage and there were no surprises. We bought the home that we wanted for less than it was listed against competing bids which is a testament to Roland’s understanding of his business and his negotiating ability. I trust Roland and admire his professionalism and values enough to have referred close friends to him already and I would not hesitate to do so again. It is no surprise to me that he is among the top realtors in Vancouver as his innovative, warm and thoughtful approach to working with his clients made what could have been a very stressful time in our lives easy to deal with. I highly recommend anyone who is thinking of buying or selling a home to meet Roland and see for themselves.

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Happy Thanksgiving everyone!

Wishing you all a safe, happy and fun-filled holiday weekend.

Roland & the Team

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