Tips on Home Buying, Rebate Tax on Green Homes, First Canadian Title, Mortgage Options, And Other Vancouver Real Estate News

First Canadian Title

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Take Advantage of Prepayment Mortgage Options

Seventy five per cent of recent Vancouver home buyers say they intend to pay off their home mortgage as soon as possible, but only 33 per cent even make a lump sum prepayment against their mortgage, according to a recent survey by the Canada Mortgage and Housing Corporation. Mortgage brokers offer some strategies fro mortgage holders who are thinking about making mortgage prepayments. Here’s what you could do with a $200,000 five year mortgage at a now competitive fixed rate of 5.45 per cent and a 25 year amortization: Add a bit to your monthly payment: Adding an extra $50 onto the monthly payment of $1,215 will save $14,987 in interest over the life of the mortgage, and allow the borrower to pay off the loan just under two years sooner. Make a yearly pre-payment: Paying an extra $2,000 on this same mortgage once per year on the anniversary date of the mortgage will yield a saving of $39,015 in interest over the life of the mortgage, and allow the borrower to repay the loan about five years sooner. Make a larger prepayment early in the mortgage: Making a single $5,000 lump sum prepayment three years into that mortgage on the anniversary date will save $10,882 over the life of the mortgage. However, waiting 15 years before you make the same payment will result in savings of only $3,446 over the life of the loan.

“Rebate Tax on Green Homes”

The Real Estate Board of Greater Vancouver has joined in a call for the provincial government to cut the property purchase tax (PPT) on the purchase of homes that are built or renovated to high environmental standards. In nothing that PPT revenues are forecast to reach $1 billion in 2008, Brian Naphtali, president of the Real Estate Board of Vancouver, noted tha the government is in a position to tackle climate change by providing the tax incentive. Five recommendations that were delivered to the provincial government will see both PTT and Provincial Sales Tax (PST) revenues used to fund a provincial Green Building Tax Incentive and Rebate Program. The recommendations include offering a PPT rebate on new Built Green homes and PST rebate to homeowners renovating to energy efficient standards.

Home Buyers Weigh Real Estate Needs

Commute may be a factor when looking to purchase a home or condo in Vancouver according to Metro Magazine’s Andrea. First time homebuyers looking to save money should carefully weight their needs and lifestyles against what’s being offered in various municipalities, according to local realtors. Gary Born of Prudential Sussex Realty said that the further away from downtown Vancouver a house is, the cheaper it is likely to be, but other factors such as a lengthy commute can make it impractical. “That’s why they’re less expensive – because the commute is going to be long, expensive and frustrating,” he said. Smon Myara of Sutton Group West Coast Realty said Vancouver real estate home buyers can usually get more for their money the further east they go, in areas such as Burnaby, New Westminster and Langley, for example. “You’ll see that in Vancouver’s west side, for instance, for around $300,000 you would find a dmall, one bedroom apartment,” he said. “as you go further out, you start goint to two bedrooms for $300,000, $320,000. It happens almost right away when you go past a certain boundary,” he added. Born said Abbotsford, Chilliwack and Maple Ridge are three fairly inexpensive areas, as are Pitt Meadows and Northern Langley, which are growing in population due to affordable real estate and developing transit lines. Sebastien Albrecht of Royal LePage Westside recommended areas such as Fairview, an affordable pocket close to both downtown and Granville Island, and East Vancouver real estate, which is close to the Trans Canada Highway and rapidly developing.

Looking to purchase a new home? Congratulations – you’re part of a sophisticated, savvy group. According to a recent report by Canadian Association of Accredited Mortgage Professionals (CAAMP), Canadians mortgage consumers are educated, informed, attuned to local real estate market conditions, and remain confident in our housing and mortgage markets. We’re also increasingly taking advantage of alternative mortgage products like longer amortization periods, no down-payment mortgages, and interest only mortgages. In fact, CAAMP found 37 per cent of recent home purchases in 2007 had been funded with extended amortization periods. Younger Canadians looking to become first time homebuyers are most interested in alternative mortgage products, and while cautious and conservative, they remain optimistic about the overall future of these options. And within that group, renters loking to buy remain most positive about the value of extended amortization mortgages as part of their home buying strategy. And if you’re one of the people with a new home in your future, here are a few that are making their first appearance in New Home Buyer’s Guide.

Tips on Buying a Vancouver Condo Assignment

The B.C. office of the Superintendent of Real Estate has issued an updated information bulletin for those buying assignment condominiums in Greater Vancouver for a new condo or other residential property. The alert is provided to consumers for information purposes only. It is important for purchasers to obtain appropriate real estate and legal advice prior to entering into an assignment condo Vancouver agreement. Things to consider before buying an assignment condo: Consider whether an assignment is permitted under the purchase contract. Some real estate developers in Vancouver do not permit condo assignments. Others may require the developer’s consent and a substantial assignment fee. Review the Developer’s Disclosure statement and thoroughly review all documents related to the sale. Obatin advice from a lawyer and/or real estate professional prior to entering into an assignment condo Vancouver contract. Consider all your options, such as whether the deposit and “lift” will be paid to the assignor upon signing the Vancouver condo assignment or held in trust until some later date. Generally, it is preferable from the assignee’s perspective if money is released to the assignor only after the unit is built and title is being transferred and Confirm in the Vancouver condo assignment agreement how the assignor will meet all of their agreements for a valid assignment of condominium, and set out what will happen if there is any breach of the assignment agreement or the presale contract. For further information on Vancouver real estate transactions and contact information for government offices and industry associations, visit www.fic.gov.bc.ca or the Homeowner Protection Office official website at www.hpo.bc.ca.

Real Estate Council Censures Nixon

Management infraction nets District of North Vancouver real estate councilor 28 day suspension as published in the North Shore News and written by Bethany L on July 23, 2008. District of North Vancouver councilor Alan Nixon was handed a 28 day suspension from real estate practise last month, after he was censured for professional malpractice by the Real Estate Council of B.C He and three other real estate agents were also ordered to pay a fine of $1,500 between them. “This is a little bump in the orad. It’s something that I’ve put well behind me,” Nixon said about the real estate suspension, which ended on Tuesday. Alan Nixon was disciplined for allowing two real estate agents to act as property managers without the proper licenses and for not actively managing the brockerage that employed him. At the time, Alan Nixon was the managing broker for Re/Max Crest Realty, but he left the brokerage in March and is currently unlicensed. The suspect activities began in October 2005, when Nixon said he discovered that two Realtors under his supervision were managing several condos in Vancouver without the proper accreditation. Douglas Soo and Marjan Mazaheri, with help from their assistant Coral Ashe, were managing about 60 units when Alan Nixon said he told them they must hire someone with a license. “Ironically, this is probably one fo the best documented property management relationships that exist out there in the industry,” Nixon said. “Everything was done in strict accordance with the rules of the Real Estate Services Act, except they didn’t have the necessary accreditation to do it.” Soo and Mazaheri did hire a licensed property manager soon after Nixon spoke to them, but they fired him after six onths and resumed managing the units themselves until July 2007. Mazaheri and Ashe are still listed as Crest employees, but Soo is serving a 21 day suspension that will end on July 29. As part of the disciplinary action, Alan Nixon and Soo were also orderd to attend classes entitled Professionalism – It Pays! Be Safe or Be Sued! And Legal Update. He said he plans to enroll in September. The councilor said he plans to return to the real estate industry in the very near future. He has applied for a license for a new brockerage in North Vancouver, and expects to be approved within the next two weeks. Alan Nixon said that he left Crest because of a conflict between himself and the owner over different “operating philosophies”: the owner wanted to expand the brockerage, but Nixon wanted to maintain its current number of agents. A representative for Re/Max Crest Realty confirmed that Nixon left the company for reasons unrelated to the disciplinary action against him. Nixon comfirmed that he would be running for re-election as a district councilor this fall, when he will seek his third term in office.