Other water damage may be covered by homeowner policies, including sewer backup and burst pipes, but not for overland flooding.
Wednesday, June 26, 2013
Monday, June 24, 2013
Cool bike installation in east Vancouver that I discovered while on a buyers tour
This is a neat bike installation in east Vancouver that I discovered while on a buyers tour recently. It really fit the area, I especially like the lights and the old wooden wine box on the back that has been converted to a planter box.... great job homeowner
Wednesday, June 19, 2013
Did you know these FACTS about Canadian mortgage holders:
· An average 69 per cent have fixed rate mortgages;
· Their average mortgage rate is lower - 3.52 per cent compared to 3.64 per cent last year
· Some 18 per cent of mortgage holders increased their mortgage payments in the past year. An additional 16 per cent made lump sum payments on their mortgages during the past year;
· About 8 per cent of all homeowners took out equity, averaging $48,000, similar to 2012;
· 80 per cent of mortgages have an original amortization of no more than 25 years;
· Most borrowers plan to repay early – the expected average is 21.6 years;
· 85 per cent of mortgages taken out in the last year were fixed rate
SOURCE: Canadian Association of Accredited Mortgage Professionals (CAAMP)
Wednesday, June 12, 2013
DID you know there is a Bed Bug Registry for Vancouver?
Yukky Topic but....
Following is a link to the Vancouver Bed Bug Registry:
Following is the link to your Bed Bug registry APP
Tuesday, June 4, 2013
I recently sold this Condo at 307 1440 BROADWAY Other E, Vancouver East, British Columbia Grandview VE
Looking for a reno project? This top floor north facing one bedroom is priced right! Needs a complete renovation. Super location. A short walk to Commercial Drive shops, skytrain and Broadway B Line bus. Rainscreened (2011), updated hallway s.
Friday, May 31, 2013
The Ghost of Foreign Investment In Vancouver
Foreign investors get blamed for much that's wrong with Vancouver real estate. But apart from scary stories, we're not sure they really exist. City of Vancouver as a whole had 7.7 per cent non-resident occupancy. Two new studies try to provide some hard data on this elusive force in our market....
SOURCE: Real Estate Magazine
Foreign Investment in Vancouver Real Estate
When it comes to foreign ownership of Vancouver real estate, we operate in a data vacuum. No agency collects information on where home buyers come from. It’s not that this is an impossible task: Australia, Alberta, Switzerland, and many other places routinely keep track of foreign buyers. We don’t.
We know investors and speculators are buying here. We see their influence in desirable neighbourhoods where prices have spiralled up steadily, or in downtown condos with most of their windows dark at night because no one’s home. We see the influence of investment buyers when they suddenly disappear, leaving their former haunts with escalated prices and few buyers.
A couple of recent studies have tried to identify segments of the foreign investor market. And while they’re not wholly successful, at least they give us data—something sorely missing from the uproar about foreign ownership and investment in Greater Vancouver housing.
Luxury House Buyers
A new report from Sotheby’s International Realty found that foreign buyers make up 40% of the luxury single-family home market in Greater Vancouver. Most come from China, but “There has also been a recent surge in buyers from Iran and the United States.”
The Top Tier Trends Report surveyed the top agents in Sotheby’s Canadian network to find out who’s buying luxury houses in Vancouver, Toronto and Montreal. It also asked about those buyers’ preferences.
It defined a luxury home in Vancouver as having at least 3,500 sf and an entry-level price point averaging $2.8 million (compared to $2 million in Toronto and Calgary, and $3.5 million in Montreal). However, the minimum price point for a luxury house in Vancouver varies widely depending on the neighbourhood. The West Side fetches a $4 million minimum price. The bottom of West Vancouver’s high-end is a relative bargain at $2.5 million. And at $2 million, an entry-level luxury house in North Vancouver is cheap like borscht, if you have that kind of money.
Here are more findings from the study.
Andy Yan’s Non-Resident Occupancy Study
The Sotheby’s survey didn’t cover condos or non-luxury homes. But Andy Yan, Senior Urban Planner with Bing Thom Architects, took on the task of identifying investor-owned properties of all kinds in 2008 and has been honing his measurements ever since.
He uses a range of methods to try to peg foreign investor-owned properties in the City of Vancouver including:
- BC Assessment notices sent outside Metro Vancouver
- BC Hydro bills that show under 150 kwh of power usage
- Strata minutes revealing the number of renters or empty units…
… And most recently, the 2011 census numbers for unoccupied dwellings and those “occupied solely by foreign residents and/or by temporarily present persons.”
After a great deal of number crunching Yan says, “It isn’t as easy to measure foreign investment in Vancouver real estate as to talk about foreign investment in Vancouver real estate.”
In a later blog post he adds, ” … we strongly believe that many Downtown condos are investor owned/non-owner occupied. However, there is no simple and direct method of determining whether this investment is held by a Canadian or not. The nationalities/citizenship status of these investors is not readily known through these data sets.”
Yan presented his findings during a recent SFU Woodward’s panel discussion called “Foreign Investment in Vancouver Real Estate.” The big takeaways from that discussion were that a) we need to talk about investment as a whole, not just foreign investment, and b) we can’t talk about it intelligently if we don’t have hard numbers, so we need to start tracking properties that are bought for investment purposes, and where those investors come from.
In the slide that got the most attention, Yan restricted himself to simply identifying non-resident occupancy, i.e., people (local or not) who own condos but either rent them out, live in them part time or leave them empty. He created this map showing the concentrations of non-resident occupancy in the City of Vancouver.
While the City of Vancouver as a whole had 7.7 per cent non-resident occupancy, parts of Downtown had up to 23.7 per cent—almost one in four.
Both the Sotheby’s survey and Andy Yan’s research show that location matters. Investors tend to cluster in neighbourhoods that suit their needs. And by flooding into a neighbourhood, they change it. This is a major reason Yan recommends finding reliable methods to measure homes bought for investment.
As he said in his presentation, “Is the issue really more about investment in Vancouver real estate and the kind of behaviours that occur with that investment?”
He’s talking about the mentality where owners see their property as simply an investment vehicle, and they’re not involved in the life of the community.
He concludes, “… I think we live in a remarkable urban, global age. And while I’m not sure about foreign investment in Vancouver real estate, I really do believe that like many other cities around the world, money floats. And money in the world is coming to Vancouver just as much as it’s coming to San Francisco or Singapore…. and where it ultimately parks in a city, fundamentally presents challenges if we are to aspire to a sustainable, liveable and just city.
“And where it’s parking in a city perhaps means that we are posed a challenge towards rethinking some of those parking rules.”
The two studies are a good start on opening up the discussion.
See also:
Vancouver Sun: “Vancouver Planner Andy Yan Fights to Prevent a ‘Zombie’ City”
South China Morning Post: “Vancouver Eyes ‘Mictro-Suites’ as Mainlanders Buy Up Mansions”
The Globe and Mail: “At Vancouver’s ‘Cold Harbour’ a Neighbourhood Hollows Out”
Wednesday, May 29, 2013
The Vancouver Skyline in Five Years
The Vancouver Skyline in Five Years
It’s hard to remember the Vancouver skyline when it was devoid of One Wall Centre and Living Shangri-La. Here’s what’s popping up next
The Vancouver downtown skyline is changing—and fast. With highrises like the 29-storey residential tower on Beach Avenue and the 63-storey hotel and residential building at 1151 West Georgia Street already approved, development is surging upwards with no sign of slowing down. Immigration is on the rise, American retailers are moving to Canada and for a city like Vancouver, hemmed in by mountains on one side and ocean on the other, building up (rather than out) is the only way forward. Seventeen multi-storey highrises sit on the current projects and activities list for the city’s planning department earmarked for the downtown core. This is what it could look like if they all come to fruition.
| 60 W. Cordova St. (approved) 10-storey mixed-used building Henriquez Partners Architects | 1151 W. Georgia St. (approved) 63-storey hotel and residential building Holborn Developments Ltd. |
| 520 W. Georgia St. (approved) 22-storey mixed-use building Henriquez Partners Architects | 1050 Expo Blvd. (approved) 6-storey multiple dwelling of supportive housing Dys Architecture |
| 455 Beach Ave. (approved) 29-storey residential tower The Hulbert Group B.C. Ltd. | 1009 Harwood St. (approved) 17-storey residential tower Amacon Development Corp. |
| 1372 Seymour St. (approved) 33-storey residential building Onni Contracting Ltd. | 1155 Hornby St. (proposed) 18-storey multiple dwelling Henriquez Partners Architects |
| 734 Rolston Cr. (approved) 34-storey residential tower and 7-storey low-rise residential building IBI Group Inc. | 68 Smithe St. (proposed) 18-storey mixed-use building IBI Group Inc. |
| 31 W. Pender St. (approved) 7-storey mixed-use building Joe Y. Wai Architect Inc. | 1304 Hornby St. (proposed) 31-storey mixed-use building Concert Properties Ltd. |
| 745 Thurlow St. (approved) 25-storey office tower with retail and restaurant space Musson Cattell Mackey Partnership | 942 Granville St. (proposed) 2-storey commercial building Studio One Architecture Inc. |
| 177 Robson St. (approved) 20-storey hotel and residential building Relative Form Architecture Studio | 720 Robson St. (proposed) 5-storey mixed-use building Musson Cattell Mackey Partnership |
| 775 Richards St. (approved) 46-storey mixed-use building Henriquez Partners Architects |
SOURCE: BC Business Magazine, Sarah Fullbrook | May 6, 2013
Thursday, May 9, 2013
Another Recent Sale for one of my clients
This is a beautiful family home, which is in move-in condition with a professionally renovated kitchen and bathrooms. This amazing 5 bedroom/3.5 bathroom home has been tastefully cared for, and recently updated with meticulous style and design.This home is featuring an open gourmet kitchen with stainless appliances, ample counters & cupboards for your cooking needs.This home has great curb appeal, borders green space, and is conveniently located near shopping, great schools and so much more. The basement suite is turnkey ready to for your needs. The seller has conducted a pre-listing inspection for the benefit of buyers, available upon request with other warranties and receipts to prospective buyers.
Wednesday, May 8, 2013
Thank you for your great Testimonials Mae & Bill!
Thank you for your great Testimonials Mae & Bill!
To all future sellers of your home or buying a new one,
Our experience with having Roland Kym from REMAX as our realtor was a great feeling of ‘trust’. When one has been in the same home for over 25 years, it is a huge decision to move especially when we have been out of the real estate market for so many years. With Roland as our realtor the transition went very smooth. We were at peace of mind knowing Roland was there for our best interest. His method of introducing our home to the real estate market was fabulous on paper and the internet. Even with a few hiccups we had on the way everything was handled very professionally. Not only did Roland sell our home, he is also responsible for finding our present home we now live in. Roland goes above the rest by giving us these wonderful black binders with loads of information that we found very helpful. We do recommend Roland to others who are selling their home or looking to buy.
Thank you Roland for all your help in selling our home.
Mae and Bill Haight
Tuesday, May 7, 2013
I just made a donation to the BC Childrens Hospital..When was the last time you made a donation to a great cause?.... Today is a great day to start!
Thank you Kiki and Zeb for gving you time for such a great cause and thank you for the oppotunity to support you through my small donation. This morning I realized it has been many months since I made a donation and it felt GOOOD... When was the last time you made a donation to a great cause?.... Today is a great day to start!
Thursday, May 2, 2013
Wednesday, May 1, 2013
Real Estate Investment in Greater Vancouver …1 + 1 = 2…
Real Estate Investment in Greater Vancouver …1 + 1 = 2… If you are ever taking advise from a REALTOR on investment properties... ask them do you own investment properties?… if they do not say yes as I would, then you should re-consider the advice and maybe consider working with me.
I send out to my client’s timely “spotlight” opportunities on Greater Vancouver Real Estate investments that I come across. Some are for flips, some are for buy and hold, some are for cash flow, some are high-risk, etc. If you’re interested in receiving valuable information, please send me your contact information to roland@rightpricedrealty.com and I will connect with you. Following is a sample email that my clients received recently, they would off course also receive the strata minutes, property address and other pertinent information. Thank you, Roland
Tuesday, April 30, 2013
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
Sunday, April 28, 2013
Have your received your Vancouver Food Scraps Bin?
Have your received your Vancouver Food Scraps Bin?
We were away for a few days and we came home to a nice new green food scraps bin from the City of Vancouver with instructions on how to use it.
Starting now your green bin and recycling will be emptied every week and your garbage will be emptied every other week..... a big shift!
Friday, April 26, 2013
What are the Benefits of ENERGY STAR light fixtures and CFLs?
· Indoor fixtures come with pin-based CFLs, which use 75% less electricity than standard incandescent bulbs and last up to 10 times longer.
· Qualified light fixtures and CFLs carry a two-year warranty – double the industry standard – making them perfect for hard-to-reach places because the bulbs do not need to be replaced as often.
Get lots more tips and information on the energy efficient lighting at: http://www.bchydro.com/powersmart
Thursday, April 25, 2013
Why is Vancouver such a solid rental investment?
Right now is a great time to be looking for investment properties in Vancouver. I am beginning to see some slightly cash-positive investments that offer a great long-term hold with a 20% to 25% down payment. I recently just helped two clients purchase their first investment properties this year, and I am often asked why Vancouver is such a strong rental and investment opportunity? The quick answer is
Ongoing low vacancy in Vancouver + and little rental-purposed construction in the last many years, have continued to foster a = very strong rental market.
Monday, April 22, 2013
Get an Inspection done when your buying a house... everytime!
I tell all my clients when buying; we are looking for one of two outcomes from an inspection.
Outcome 1.) We do not discover any major issues that we were not already aware of, however the inspection will have clearly outline all the small deficiencies in the building that would take you a year to discover. For example the scratches, chips, “broken this,” “loose that” and so forth; you will then be in a position to accept it or not more forward.
Outcome 2.) We discover major issues that were not disclosed to us, or we discover things that are not conforming to what we have been told. You will then be in a position to walk away from the accepted contract or re-negotiate a different purchase price if all parties agree.
Following are five common mistakes that can be avoided, if you follow these rules when you get a home inspected.
1.) ALWAYS get a newly constructed home inspected. Don’t assume your builder or contractors haven’t made mistakes just because you are buying new, and the home has passed all local codes and ordinances. A good inspector will catch any problems or issues. The other very valuable factor when you get an inspection of a brand new home is that the items your inspector finds can be brought up in your deficiency tour and corrected under the builders warranty.
2.) Choose the best inspector you can; he/she should be knowledgeable, trustworthy and thorough. Don’t hire based exclusively on fees, or someone simply because that is the one name you got from a friend. Often those with the least experience and technical knowledge will cost less; so, be wary. Ask for several names, so you can interview them and make the right choice. Accreditation, licensing, credentials, professional experience, whether the inspector carries Errors and Omissions (E & O) insurance, and your comfort level should be determining factors.
3.) Attend the inspection—at least the last part of it. A written report doesn’t reveal everything. Sometimes minor problems can be overemphasized or major problems, disastrously underemphasized. Also, ask questions and listen when the inspector gives his/her opinion of the house. A great report has clear details of how everything is performing and has clear pictures to support the key issues.
4.) Follow up on issues discovered by the inspector before the closing. You might not realize the cost to repair certain items, or the extent of necessary work. Although the inspector should not recommend a repair person, he/she might be able to shed light on the contractors’ suggestions.
5.) Don’t expect inspectors to predict specifics about when a particular aging component might fail. Their response would only be an educated guess. Because their income doesn’t hinge upon the property’s closing, unlike others, they are hired and paid by you to give you honest answers; so you can always count on them to be neutral.
Source: Roland Kym & August 24th, 2011 of the Real Estate News
Thursday, April 18, 2013
Bank of Canada Interest Rate Announcement - April 17, 2013
BCREA ECONOMICS NOW
BCREA Economics Now
Bank of Canada Interest Rate Announcement - April 17, 2013
The Bank of Canada kept its target overnight rate at 1 per cent this morning. In the statement accompanying the decision, the Bank forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 per cent in 2013 before rising to 2.8 in 2014. The Bank's revised forecast means that the economy is now projected to return to full capacity in mid-2015, rather than in 2014 as previously predicted. A more persistent output gap will keep downward pressure on inflation, which is now expected to gradually rise to the 2 per cent target rate by mid-2015. The Bank continued to sound a much more dovish note on future rate increases, noting that the considerable policy stimulus currently in place will likely remain appropriate for "a period of time, after which some modest withdrawal will likely be required."
With an expanding output gap and inflation trending well below its 2 per cent target, it is natural to ask if the next move by the Bank of Canada is a rate cut rather than the rate hike that almost all economists have penciled into their forecasts. However, unless the economy deteriorates much more or inflation trends much lower, the Bank is unlikely to lower interest rates since doing so would run counter to a year of loudly exhorting households to cut back on debt. Instead, the Bank will likely continue to use forward guidance about the need, or lack thereof, for future rate hikes in order to influence long-term rates and the Canadian dollar lower. The combined of effect of which should provide continued stimulus to the Canadian economy.
For more information, please contact:
Wednesday, April 17, 2013
Which school catchment you are standing in? Has anyone found a link or an app that can tell you instantly on your cell phone? If yes, please tell me!
What is the closets elementary school for this apartment? What is the closest Highschool for this house?
I hear these questions at least once a week from my buyers when we are on tour. In case I do not know the answer at that given point in time I always check the following Vancouver School Board Catchment link.
Each Vancouver school belongs to a family of schools including a secondary school and the elementary schools
Tuesday, April 16, 2013
Your fired! Last night, I fired a buyer client it was a hard decision at the time, but now it feels like a brand-new-day!
My only regret is that I did not trust my gut early enough and I invested so many hours and so many emotions.. lesson learned!
These buyers talked about morals, ethics and so much.. through spending hours and hours of time working together I saw that they did not treat others this way.... and I did not want their business anymore. They did not deserve my dedication and I feel a lot better this morning already!
Monday, April 15, 2013
Things may come to those who wait, but only the things left by those who hustle!,
GREAT Quote for a Monday morning.... have a great week everyone~!
Sunday, April 14, 2013
BAD Realtor Mistake! ...As when I visited the upstairs the toilet seat was up & there was stale water in the bowl that was clearly days old.
Yesterday afternoon I visited a brand-new Duplex in east Vancouver. It was already half way-through the open house and clearly the agent had not done a round of the property yet but was busy taking to prospective buyers downstairs. As when I visited the upstairs the toilet seat was up & there was stale water in the bowl that was clearly days old.
For this very reason... I always check all my rooms, place the lids down and turn on all the lights for each one of my open houses... common sense is not that common!
Saturday, April 13, 2013
I think Tiger Dropped his golf ball beside my house.... how many stroke penalty is that ;o)
I think Tiger Dropped his golf ball beside my house.... how many stroke penalty is that ;o)
Friday, April 12, 2013
I recently sold this Condo at 222 638 7TH Ave W, Vancouver West, British Columbia Fairview VW
I recently sold this Condo at 222 638 7TH Ave W, Vancouver West, British Columbia Fairview VW
The Buyer is happy, happy, happy, she got herself and new puppy and is really making the most of the backyard patio. This was an unique apartment that did not have a door to the bedroom but was not a loft. With the clients design, furniture selection and taste is has been beautifully appointed and looks great.
Thursday, April 11, 2013
Great Presentation today by Darryl Bailey, a registered home inspector. The most powerful thing I learned was that as a seller, get your house pre-inspected.
Great Presentation today by Darryl Bailey, a registered home inspector. The presentation was about your house drainage system and the value of a Pre-inspection if you are going to sell your home. Do not think of it as an added cost of sale, rather as an investment to maximize your disclosure and maximize your sale price.
The most powerful thing I learned was that as a seller, get your house pre-inspected. This will outline all the areas that need addressing that the future buyer will bring up and puts you into a position with two options:
1.) Find the solutions, invest in the home and get the problems fixed; but the most powerful learning was:
2.) If you’re not able or willing to get the problems fixed… go out and get three quotes for the outstanding work. This will provide you with an unbiased opinion of the TRUE cost associated and put both you as a Seller and the future Buyer in a realistic position. Otherwise, you as a Seller think it may be a $10,000 fix and the Buyer thinks it is a $30,000 fix…. Whereby the deal will likely fall apart or never come together.
If you need a great inspector, consider Darryl
Darryl Bailey RHI (Registered Home Inspector)
License# 47936
Level 1 Thermographer
Ph: 604-671-5528
Wednesday, April 10, 2013
Mortgage Broker leverages on the RBC public relations fiasco
Mortgage Broker leverages on the RBC public relations fiasco
This situation with RBC, foreign works and the quick social media response is a great example of how we live in such a busy, hyper-reactive world!
AMAZING how quickly this happens once something goes viral, and has a strong-enough social audience through being sensitive or socially current as it was in this case (RBC being exposed two days after bad Canadian Job Loss numbers are publish). It will be interesting to see how corrosive this story is to RBC and other companies that use the outsourcing. I personally believe that outsourcing will grow into a far bigger political and trade issue over the coming years. Following is an article about a Vancouver mortgage broker who is leveraging off this RBC disaster, and has created a page on his website to try and switch disgruntle RBC mortgage clients to another lender. I will follow-up on this in this months newsletter and see how much traction Scott Dawson’s website got. Roland
One broker is leaving nothing to chance amid the RBC public relations fiasco, creating a web page showing people how to switch their mortgage from the embattled bank to another lender.
“The response to the RBC story has been phenomenal,” says Scott Dawson, a Vancouver mortgage broker who yesterday told MortgageBrokerNews.ca that RBC’s public relations stumble in outsourcing its IT work to a company based in India was “gold” for mortgage brokers.
“I created a page on my website outlining what's required for an RBC client to switch their mortgage.” He says. “After sharing the link to clients and industry associates on various social media sites, it has already become the most visited page on my site.”
Dawson, who promoted his new webpage “RBC Mortgage Switch” on his twitter feed Tuesday morning, is well-known in the channel for his blogging, magazine writing and participation in the online Canadian Mortgage Hangout forum.
“A quick search on Twitter and Facebook clearly shows that people are upset about what RBC has allegedly done and are talking about it openly,” he told MortgageBrokerNews.ca. “Personally, I know of one person who has already moved all of their day-to-day banking to another financial institution because of it.”
RBC confirmed Sunday that it was laying off 45 employees who do its IT-related work, outsourcing jobs to a smaller group of employees who work for iGATE and would be granted Canadian temporary work permits . The move to outsource had been approved by Ottawa prior to the announcement.
That controversial move by RBC followed another, with the banking titan confirming it would increase its mortgage discharge and switch-out fee structure, from $250 to $300 – the second such $50 increase in consecutive years.
For Dawson, his webpage is designed to help educate RBC customers, and offer them not just a financial solution, but possibly an ethical one as well.
“Possible penalties aside, moving your mortgage is a bit more complicated than just walking into a branch to close your account,” says Dawson. “I set up the page to assist RBC customers so they can become more informed about the process and help them navigate the many Canadian mortgage lenders and help you choose one that makes not only financial sense, but ethical sense as well.”
Monday, April 8, 2013
Saturday, April 6, 2013
Clients recently bought this great apartment for their kids to live at while going to UBC
Clients recently bought this great apartment for their kids to live at while going to UBC
Bought for $325,000, # 203 2335 YORK AV, Kits, V971406
North of 4th, dream location 1 block from Kits Beach! This extremely well cared for corner home, has a large and very functional floor plan offering generous room sizes with abundant natural South light. A 100 sq ft balcony wraps the home and overlooks a quiet tree lined York Ave. Clean and move in ready, or bring your own decorating tastes for easy customizing. Includes underground parking. 2 storage lockers and bike storage. The size and location you've been looking for in Kits, with low strata fees that include heat & hot water
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