Real Estate Online Tools Through My Home Planner by Genworth PLUS Top 10 Home Buying Mistakes, Long Term Real Estate Questions, New Versus Resale

Real Estate Online Tools Help Make Sense of the Canadian Homeownership Process

While they are often cause for celebration, planning a Canadian home purchase and a move are often cited as some of life’s most stressful life experiences and events. Many other life moments have built in backup to help you along the way such as weddings have planners, and vacations offer itineraries and tour guides for you. It only makes sense, that something this important such as a Canada home purchase should come with planners and checklists to keep you organized and in control every step of the way. My Home Planner, found at www.myhomeplanner.ca is a new and useful online tool by Genworth Financial Canada that helps make sense of the homebuying process in Canada real estate markets. It’s like having a constant companion on your journey to homeownership in Canada property – one with a great memory and a knack for details. An interactive calendar show you your roadmap at a glance and serves as an official countdown to when you close the Canadian real estate property deal and move in. Canadian My Home Planner does the memory work for you – keeping track of tasks and decisions that need to be handled ont eh way to your new Canadian home purchase. It even generates email notifications to remind you of key details so that you can stay focused on the big picture of Canadian home purchase. Why go it alone? Tools like My Home Planner Canada from Genworth Financial Canada can help you understand what Canadian homeownership looks like, plan your journey and close the deal knowing that you haven’t missed a single step along the way. Other free resources from Genworth Financial Canada for Canadian homeownership and home purchase includes a personalization feature that populates your Home Planner calendar with both standard and customized homebuying tasks leading up tot eh closing of your new home, the ability to save your own Home Planner Canada to your desktop or laptop, and print it for easy reference. In addition, My Home Planner Canada will provide interactive tools like ‘What Can I Afford’ and ‘Rent vs Buy’ calculators and a library of articles from industry experts, filled with tips and advice about the Canadian home buying process.

The Top 10 Home Buying Mistakes and How To Avoid Them

A useful article from the Canadian Real Estate Magazine outlines the top ten problems and mistakes that Canada homebuyers make when deciding on a home purchase. #10 – Making an offer prematurely is one of the top 10 home buying mistakes in Canada where homebuyers decide on a property without looking at other options or enough other properties. #9 – Homebuyers Using the Wrong Realtor – as many realtors entered into the Canadian real estate marketplace to make the quick buck (not because they really enjoyed being agents), the tougher times have allowed Canadian home buyers to select the best realtors for the job at hand. A challenging market poises more challenges, and an experienced local realtor is definitely important in your purchase decision. #8 – Not reviewing the purchase contract closely can become a top 10 home buying mistake in Canadian real estate as there are many clauses, inclusions and exclusions in every purchase contract. And since many first time Canadian home buyers purchase condominiums, these agreements are usually drafted by builder lawyers. #7 – Scrimping on the inspection process can cause you a lot more money and headaches in the future and thus is a top 10 homebuying mistake in Canada as it only costs $500 to thoroughly inspect a full single family home before you write the final cheque and lift conditions on your offer to purchase. #6 – Choosing the wrong location is a Top 10 Home Buying Mistake that can mitigated – as most first time homebuyers tend to stay in their homes for five to seven years, but you need to look at your eventual resale value. #5 – Not knowing your mortgage options can cause you to spend a lot more money on your mortgage payments both short term and long term and thus is a top ten home buying mistake that many first time hombuyers in Canada fall into. Get mortgage brokers to talk to banks on behalf of your application to help you along your way. #4 Not getting pre-approved for a mortgage is another top Canadian home buying mistake as a pre approved mortgage allows you to understand how much banks are willing to help finance your new home purchase. #3 – Settling on a property is the opposite of over buying and afflicts many Canadian homebuyers and thus, you need to make a more informed choice. #2 – Emotion over reason is a common Top 10 Canada Home Buying mistake as the emotional attachment that you get can outweigh any reasonable reason, your budget and many other critical factors in selecting a new home. In addition, cosmetics and furnished homes for sale will not look the same with your furniture and features integrated into the home. #1 Top 10 Home Buying Mistake in Canada is overbuying, so make sure that you can afford the home that you put an offer on.

12 Top Questions for Long Term Real Estate Potential

When it comes to capital appreciation and increase in rents over the long-term, the top 12 long term real estate potential questions for homebuyers and investors include the following questions that you must ask yourself and other professionals before purchasing a new home in Canada. Will any short term challenges (such as negative publicity, layoffs) disappear? Is the area attractive to Baby Boomers? Is there a major transportation improvement occurring nearby? Is the neighbourhood located in an area of renewal or gentrification? Is the region’s Economic Development Office helpful and proactive? Has the local and provincial political leadership created a growth atmosphere? The final six top 12 questions for long term Canadian real estate potential include: Will the property value benefit from a major redevelopment nearby? Is the Canadian real estate booming in the surrounding region more than where you’re looking? Does the area have more than one major employer? Is the area creating jobs faster than the provincial average? Is the area’s population growing faster than the rate of the provincial average is? Is the area’s average income increasing faster than the provincial average is? From REIN.

Buying New Versus Resale Real Estate in Canada – Which One Is Better?

There has always been an ongoing debate amongst both homebuyers and investors on whether to purchase new property or to buy resale real estate. One of the common questions firs time homebuyers have is whether to buy a new or previously owned home, typically called a resale property. Much of your decision, according to CMHC as well as the Canadian Real Estate Magazine hinges on your budget, the area you want to live in and other specific details – but there are some characteristics that all homebuyers should be aware of when the new versus resale real estate debate goes on. So in this real estate debate of new versus resale, a new home will have the following disadvantages over re-sale property (in no particular order): extra costs (like upgrades) and taxes (such as GST, HST etc.). However, the advantages of new property versus resale real estate is that the newer builds have neighbourhood amenities, new home warranty program to protect your investment in the short to medium term, builder warranty for your protection, low maintenance costs, up to date on the latest building standards and modern design/layouts. From the resale home perspective, there is no GST or HST, landscaping and fencing are already usually established, you can see exactly what you are buying before you make your final decision but there may be possible redecorating and renovations required for an older home.

Report for Canadian First Time Home Buyers - by RE/MAX

First Time Home Buyers Report 2009 – RE/MAX Specialist

By Michael P, Executive VP and Regional Director for RE/MAX Ontario-Atlantic Canada. A great article that explains the latest in Canadian First Time Home Buyers Report, growing trends, government incentives and where the property deals are.

RE/MAX has just released its 2009 First Time Home Buyers Report. What were the most significant findings in this report?

The Canadian First Time Home Buyers Report 2009 by RE/MAX confirmed that first time homebuyers are now the engine driving Canadian home buying activity in virtually every major centre. Falling prices and rock bottom mortgage rates have been behind the push for entry level housing across the country. Market conditions across Canadian real estate markets have also helped, firmly favouring purchasers in 69 per cent of the centres surveyed, with another 31 per cent in balanced territory.

Are there any government incentives available for Canadian First Time Home Buyers?

Top of mind is the Federal Governments’ Home Buyers Plan – a plan that allows Canadian first time homebuyers to use RRSP funds tax-free to help purchaser their first home. Changes to the program outlined within the recent federal budget increased the withdrawal limit to $25,000 from $20,000 for the First Time Home Buyers Plan of Canada. The new First Time Home Buyers program, designed to help Canadians with closing costs, also provides a tax credit of up to $750. The Federal Government’s new $2.5 billion Home Renovation Tax Credit (HRTC) program allows for a 15 per cent tax credit up to $1350 per household, on elgible renovation expenditures between January 27, 2009 and February 1, 2010.

Where are the Canadian property deals right now?

Just about every Canadian real estate market offers entry level product at an affordable price right now, but the RE/MAX report identified some key property Canadian markets offering single detached homes priced under $200,000 including Charlottetown, Halifax-Dartmouth, Fredericton, Saint John, Moncton, Windsor, Niagara Falls, St. Catharines, Peterborough, North Bay, Kingston, London, Winnipeg and Saskatoon.

What are the advantages of a Home Buyers’ Market in Canada?

It’s been over a decade since home purchasers held the reigns in a Canadian real estate transaction. The recent surge in listing inventory, diminished demand, and softer housing values have firmly place Canadian home buyers in the drivers’ seat. Homebuyers in Canada have much more leverage in the Canadian marketplace and it will be vendors, not purchasers, who will have to adjust their expectations. Entry level first time purchasers will also have a better selection of properties from which to choose and the luxury of time in making those crucial home buying decisions.

What’s in store for residential Canadian real estate in markets across the country in the months ahead?

Although they ear got off to a slow start, February home sales were well ahead of those reported in January 2009. The upward trending is expected to continue as more and more first time Canadian home buyers enter the market in the weeks ahead. The flurry of activity in the lower end condos and units may also serve to kick start sales in the mid to upper end Canadian real estate markets, which have been relatively sluggish in recent months. While home inventory and days on market was up virtually across the board, it is noteworthy that several Canada real estate markets reported tighter conditions in the lower end of the property market, where demand and buyer activity remains quite healthy.

How have changing Canadian housing markets impacted buyer intentions?

While a sense of caution still prevails, more and more first time Canadian homebuyers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric real estate climate. Improved Canadian housing affordability is prompting many first time home buyers to get off the fence, out of the rental, and into the property market. With lower starting prices and interest rates at historic levels, Canadian home buyers are finding the carrying costs of homeownership at their most affordable level in more than a decade.

Tips and Tricks in Selling Your Home Faster in the Vancouver Re-Sale Real Estate Market - Curb Appeal and Summer Decks

Property Curb Appeal Magic

By S. Boyce for Homebase. The three principles of Earth Inc. each serve up a trio of their top tips for enhance curb appeal. James Dale- A separate pedestrian entrance to your front door lessens the impact of a large driveway – after all, people are more important than cars. Proper lighting enhances curb appeal by creating a sense of welcome and increasing viewing hours well into the evening. Lighting also provides incredible curb appeal during winter interest that’s often overlooked. Sometimes a planting scheme for curb appeal may be completely offensive to a viewer on the opposite side of a fence or property line. A quick discussion of your intentions not only makes better nieghbours but the end result may end up complementing both your homes better in terms of property curb appeal. Kennedy Mcrae – Plant both sides of your driveway with similar plants and it will frame your house like a picture to add property curb appeal for your home. If you have a stone house, vines will instantly give it warmth and comfort. Just remember not to let the vine touch the windows. Architectural structures like benches or screens can create a beautiful courtyard and draw out the arechitecture of your house for added real estate curb appeal. Joel Loblaw – Spaces that can’t be seen from the curb but make people wonder what’s there give a garden interest, intrigue and a sense of wonder. Sculpture, urns, or water features add zing to any front yard to add curb appeal for your property – especially when you are willing to take a few risks by thinking differently. Remember plants grow. An evergreen tree is a perfect example of something that looks great initially, but can ultimately overwhel a residence decreasing the curb appeal of your home through time.

The Home Sale Starts Outside – Curb Appeal Importance

Curb appeal can be the defining factor in selling your home according to HouseLeague Ryan D. for the Metro Newspaper. Staging, renovating, and updating a home’s interior seems to be second nature for many when it comes time to list that property, but what most people tend to forget is that the first and last impression in property makes is from the outside curb appeal. Whether you live in a house, or a condo, there are some simple rules to keep in mind when getting your property ready for sale. One of the most important is going to be ensuring that the outside brick or paint work is fresh, updated and neutral. Lime greens and dusty roses do not do much to convince the average home buyer, so seek out the potential gem inside. In fact, you may find that purchasers will not even make it to the front door if you have bad curb appeal: Throwing on a coat of paint and repairing any damaged brick or siding is the first place you should start when prepping your home for the real estate market. Plants are another easy way to spruce up that dreary property and turn it into the palace you want to portray through curb appeal. Even if you do not have the greenest of thumbs, a dead garden, or one overgrown with weeds and plants can make the most diligent homeowners appear lazy. If you are useless in the garden, plant local species of shrubs and flower for better curb appeal. Just remember even the simplest of gardens need to be pruned every now and then. Finally, whether you live in a house or a condo, bed sheets and tacky drapery panels will never do as window coverings. Pay attention to the fact that these can be seen from the outside, as well as the inside of the property. Make sure that if you are putting up drapes that match an unusual colour plalate inside, you have a neutral backing facing out. You do not want your home to look like a carnival fun house.

Take It To The Deck For Summer Entertaining

Fro 24Hrs. Building a sturdy deck is one way home owners in Greater Vancouver are creating a home they can enjoy more now, while looking smartly ahead in case they want to sell later. According to Remodeling magazine’s 2007 Cost vs. Value report, adding a deck built with composite decking, a deciking material made of combined wood and plastic, can be expected to yield an approximate 77 per cent cost recovery on average at resale. Composite decks rank higher than the national average of cost recovered for a major kitchen remodel, which are two types of projects homeowners often undertake in Greater Vancouver real estate to make their homes more appealing during resale. One consideration for homeowners in Vancouver property market for homeowners planning to add a deck is to look at other decks in their area to determine the approximate size and scope of their deck project for their neighbourhood. Vancouver home owners should also consider a decking material that will last in the long term. Not only will homeowners in Greater Vancouver real estate enjoy a durable, inviting deck while they livei n the home, but the type of material they use can help determine how well it will retain its value over time. Many Vancouver homeowners are turning to wood-plastic composite decking for durable decking material that doesn’t require staining or painting. Composite decking is also resistant to moisture and decay. And, the composite decking material will not splinter or crack. For Greater Vancouver home owners searching for environmentally responsible materials, some wood-plastic composite decking is made from recycled materials, potentially keeping unused waste out of landfills. From ARA Content.

The 2009 Vancouver Real Estate Forecast - Growing Trends in Vancouver Property Market Outlook, Credit Crunch - First Time Homebuyers Seminar

The 7th Annual Spring Parade of New Homes in Greater Vancouver Real Estate Market

It’s a great time to buy a new home! Can you believe that it’s the 7th Annual Spring Parade of New Vancouver Homes already? With the doom and gloom surrounding the Vancouver real estate market just a year ago in 2008, 2009 brings a air of optimism and some bright future outlooks for certain developments and communities in the Lower Mainland. With continued low mortgage rates, declining asking/listing prices and new home inventory coming onto the market, the 7th Annual Spring Parade of New Vancouver Homes comes at an excellent time for home buyers and investors. Brought to you by the Greater Vancouver Home Builders’ Association, also knwn as GVHBA, the 7th Annual Spring Parade of New Homes in Greater Vancouver will be happening from April 18th through 26th at various locations across the Lower Mainland. For more information, you can visit www.paradeofhomes.ca today. This year, the 7th Annual Spring Parade of New Homes in VAncovuer presents thirteen builders with 57 show homes in six cities and one presentation centre. From $209,900 to over $869,900, the wide range of homes presented at the 7th Annual Spring Parade of New Vancouver homes will have something for everyone. Here is the list of new developments featured this year.

2009 7th Annual Spring Parde of New Coquitlam Homes
1. Burke Mountain Heights single family Coquitlam homes at 3398 Don Moore Drive
2. Belmont at the Foothills single family detached Coquitlam homes at 1456 Avondale Street
3. Whitetail Lane Coquitlam townhomes for sale at 1357 Purcell Drive
4. Birchwood Estates single family detached Coquitlam houses at 3372 Scotchpine Avenue

Delta Parade of Homes
1. Radiance at Sunstone Delta at 8385 Delsom Way

7th Annual Spring Parade 2009 of Langley Homes
1. High Point Equestrian Estates at 20048 Second Avenue with single family homes
2. Milner Heights including single family Langley homes, fee simple rowhomes and four plex manor homes for sale at 20843 – 69B Avenue

Maple Ridge Parade of Homes
1. The Crest at Silver Ridge Mapel Ridge single family homes at 22845 – 137 Street
2. The Meadows at Verigins Ridge townhomes in Maple Ridge at 11282 Cottonwood Drive

The 2009 Spring Parade of New North Vancouver Homes
1. Branches low rise North Vancouver condominiums at 1111 East 27th Street

Surrey 2009 Spring Parade of Homes
1. The Brownstones Townhomes at 25 – 15833 – 26th Avenue
2. Salus townhomes and low-rise Surrey condominiums at 1-6671-121st Street
3. Springfield Village Surrey townhomes at 8676 – 158 Street
4. Lotus Townhomes at 16355 – 82nd Avenue
5. Panorama Hills single family Surrey detached homes at 15038 – 59th Avenue
6. Vista’s West Surrey single family houses for sale at 6093 – 164th Street
7. The Estates at Vista’s West single family Surrey homes for sale at 16327 – 60th Avenue
8. Glenmore at Morgan Heights South Surrey townhomes at 2450 – 161A Street
9. Kaleden townhomes at 2729 – 158th Street
10. NUVO live work Surrey townhomes at 10- 15454 – 32nd Avenue
11. Morgan Heights South Surrey single family homes for sale at 16363 – 26th Avenue
12. Clayton Heights single family Surrey homes at 7001 – 194B Street
13. Hazelwood Estates Surrey homes at 7880 – 164th Street

First Time Vancouver Homebuyers Seminar 2009 - 15th Annual First Time Homebuyers Seminar

Get out the red pen and calendar. Fire up your electronic day-timer. If you’re a first time Vancouver homebuyer, you’ll want to be sure to reserve the evening of Tuesady, March 24th, because that’s the date for the 15th Annual First Time Homebuyers Seminar in Vancouver. Brought to you by the Greater Vancouver Home Builders’ Association (GVHBA), this springtime tradition is a Must Attend Event for anyone considering home ownership. “Our experts will help first-time hom buyers de-mystify the home buying process,” says Peter Simpson, GVHBA’s CEO for the 15th Annual First Time Homebuyers Seminar. This year’s panel of experts for the 15th Annual First Time Homebuyers Seminar Vancouver will discuss which location and type of home best suits your needs to legal considerations, how the new federal tax credits impacts first time Vancouver homebuyers, and the benefits of builder licensiving and mandatory home warranties. The 15th Annual First Time Homebuyers Seminar takes place in the newly renovated Sheraton Vancouver Guildford Hotel (15269 – 104th Avenue) in Surrey on Tuesday, March 24th, 2009. Doors open at 6:00 pm giving you time to browse the displays and chat with industry experts. The seminar runs from 7:00 to 9:00 pm. As always, this exceptional resource is free thanks to generous sponsorship, but pre-registration is required for the Vancouver 15th Annual First Time Homebuyers Seminar. Call GVHBA at 604.588.5036 or get more information online at gvhba.org today.

The 15th Annual FREE Seminar for First Time Home Buyers – Tuesday, March 24th, 2009

Brought to you by the Greater Vancouver Home Builders’ Association, the 15th Annual Free Seminar for Vancouver First Time Home Buyers is happening on March 24th, 2009 from 7-9pm with doors opening right at 6pm. Located at 15269 – 104 Avenue in Surrey, or at the ballroom of the Sheraton Vancouver Guildford Hotel, this is an incredible event for tips and advice for Vancouver first time homebuyers to attend a free seminar with great professionals to speak with. You are ready to purchase your first Vancouver home, but you need a little help to understand what is involved, especially during these days of attractive sales prices. What location is best? What type of home is best suited to your current needs and financial resources? What are the Vancouver mortgage options right now? What are the legal considerations for buying your first Vancouver first time home buyer? How do the new federal tax credits benefit first time Vancouver home buyers? What is the value of builder licensing and mandatory home warranties? To help you make informed decision, the Greater Vancouver Home Builders’ Association, in partnership with its sponsors, is hosting the 15th annual FREE seminar for Vancouver first time home buyers. Plus, you can ask the expert question period, affordable home displays, financial options exhibitors and a wealth of housing information here at the 15th Annual FREE Seminar for First Time Vancouver Home Buyers. More than 40 valuable door prizes and free parking. Pre-registration for the 15th Annual FREE Seminar for First time Vancouver home buyers is required. Call 604.588.5036 from 8:30am to 5pm Monday to Friday. Registrations will also be taken by answering machine at the same number on weekends. The 15th Annual First Time Vancouver Home Buyers Seminar is a free event, however, the Greater Vancouver Home Builders’ Association is asking all attendees to bring a non-perishable food donation to support the Surrey Food Bank. Shopping for a new Vancouver home after the seminar? You are invited to tour the latest new home projects during the Greater Vancouver Home Builders’ Assocaition’s 7th Annual Spring Parade of New Homes, April 18 – 26, 2009. Information about the 7th Annual Spring Parade of New Homes will be available at the seminar or visit www.paradeofhomes.ca today.

More About the Vancouver First Time Homebuyers Seminar March 2009
With real estate, there is much to be aware of during these days of economic uncertainty, but the current Vancouver home buyers’ market presents outstanding opportunities, particularly for first-time homebuyers. Today’s young homebuyers in Vancouver real estate market need help dy-mystifying the home buying process. Is buyins a home now a produent decision? What location is best? What type of Greater Vancouver home is best matched to current needs and financial resources? What are the mortgage options? What are the legal considerations of your Vancouver real estate purchase? How do the new federal tax credits affect first-time Vancouver home buyers? What is involved with purchasing a pre-construction Vancouver condo? What are the benefits of builder licensing and mandatory home warranties? These and other key questions will be answered by a panel of Vancouver housing experts at the 15th Annual Seminar for First Time Vancouver Home Buyers, presented by the Greater Vancouver Home Builders’ Association (GVHBA) on Tuesday, March 24, from 7 to 9 p.m. in the newly renovated Shearton Vancouver Guildford Hotel at 15269 104 Avenue in Surrey, BC. Admission to the popular 15th Annual Seminar for Vancouver First Time Homebuyers is free. Speakers include real estate experts from Canada Mortgage and Housing Corporation, Homeowner Protection Office, Genworth Financial Canada, residential mortgages from TD Bank, Real Estate Board of Greater Vancouver, National Home Warranty, GVHBA and otheres. More than 800 people attended last year’s Annual Vancouver Seminar for First Time Home Buyers and because real estate seems to dominate the news these days, turnout should be even greater this year. Pre-registration for th 15th Annual Seminar for Vancouver First Time Home Buyers is required by calling 604.588.5036 Monday to Friday.

Greater Vancouver and BC Home Prices Expected to Fall 13% in 2009 – Vancouver Real Estate Forecast 2009

Realty Section of MetroNews Vancouver newspaper. The average price of a home in British Columbia is expected to decline 13 per cent this year, according to the B.C. Real Estate Association 2009 forecast released yesterday. “the global financial crisis and worldwide recession will continue to take their toll on the B.C. economy this year,” said Cameron Muir, BCREA chief economist. The average BC home price is forecast to drop to $396,600 as nine per cent fewer residences are expected to sell in 2009 according to the latest 2009 Vancouver real estate forecast. According to Muir regarding the Vancouver real estate forecast 2009, prices and sales are expected to stabilize in 2010. At the same time, 24Hours Vancouver published an article on Look Out for a Home Buyers’ Market. Homebuyers looking for a good deal may hit the jackpot in 2009. Amid the global recession, job security fears and a cooling real estate market, the British Columbia Real Estate Association is predicting average home prices to drop 13 per cent this year according to their 2009 Vancouver real estate forecast. That’s bad news for sellers, but good news for home buyers across the province. “It should be a good year for potential home buyers,” said BCREA chief economist Cameron Muir. “Affordability is as good as it’s been in two years.” Muir said a high supply of available homes and low demand for them will drive down prices and eliminate competion for home buyers. And as real estate developers get desperate to sell off inventory, Muir expects several more Onni like liquidations in 2009. The property developer offerd 25 to 40 per cent off condos earlier this month as it tried to liquidate 375 condo suites across Greater Vancouver real estate market forecast 2009. It could make for a wild year before the market is expected to stabilize again in 2010 according to Matt of 24 Hours.

First Time Homebuyers in Canada Need More Info According to New Survey

As published in 24Hours Vancouver, A recently released survey of first time home buyers in Canada real estate market discovered some surprising results: Three out of four first time homebuyers in Canada property market would benefit from additional education about the buying process. The new report was conducted by Genworth Financial Canada from October 17th to November 2nd, 2008. Respondents qualified if they planned to purchase a new or resale Canada home or other property in the next 24 months and if the property they planned to purchase was to be their first home. Questions included which payment frequency pays down a mortgage fastest (bi-weekly accelerated), how much making just one extra mortgage payment each year will shorten the life of a 30 year amortization (approximately five years), and how much a first time homebuyer in Canada real estate market may withdraw from their RRSP to put toward a down payment (up to $20,000). The majority of Canadians surveyed (86 per cent) of first time homebuyers were aware the reducing the amortization period saves money on interest. However, only 38 epr cent knew monthly payments should not exceed 40 per cent of their gross income, and more than two thirds at 68 per cent incorrectly thought the term of the mortgage is the length of time it takes to pay the amount lent. Opinions were virtually split down the middle when came to variable interest with 54 per cent of respondents indicating they believe historically consumers pay less interest with a variable rate mortgage over the life of the loan and 46 per cent believing this strategy to be false.

Participants in this first time Canada homebuyer survey were also asked to identify their level of understanding of 10 common mortgage terms: Credit rating, mortgage term, variable/fixed interest rates, bi-weekly accelerated payments, mortgage amortization, mortgage default insurance, refinance loan payments, closed/open mortgages, conventional versus high ratio down payments, and debt service ratio. Only 25 per cent correctly answered more than seven out of the 10 questions and less than one per cent correctly answered all 10. Most misunderstood were conventional versus high-ratio down payments and debt service ratio, with only one in 10 respnodents claiming they understood what the terms means. A useful exercise that qualifies the need for more financial education in the school system today. Susan B.

Vancouver Real Estate Home Sales Drop Significantly – 2009 Vancouver property forecast not looking good.

According to Metro Vancouver newspaper: Homes sales dropped dramatically in Greater Vancouver last month, falling 69 per cent compared to last year, the Real Estate Board of Greater Vancouver (REBGV) announced yesterday. Dave Watt, REBGV president, said 874 homes were sold across Gerater Vancouver in November 2008, compared to 2,883 sales during the same period last year. “Residential benchmark prices across all properties declined 12 per cent between May and November of this year,” Watt said in a podcast yesterday. He added that across the Lower Mainland real estate market, it’s taking longer for homes to sell compared to previous months. “In Greater Vancouver, the days on market average for November was 64 days,” Watt said. That’s 20 more days than November 2007.

Vancouver City Skyline Nearly as Bleak as Real Estate Markets

A great article by Derek for InTransit section of MetroVancouver News. The chaos on Wall Street continues to pummel the economy in the new year and is going to be felt locally. In metro Vancouver, a signature of the economic boom years – so called starchitecture – is about to take a major hit. Construction financing is harder to get and uncertainty and confusion are prevalent in the real estate business in greater Vancouver. Which means some inspired Vancouver condo buildings designs are on the verge of going down before ever getting the chance to go up. What a shame. Historically, many folks in the Lower Mainland real estate market have grumbled about the vanilla look of condominium towers. The harshest critics maintain that Vancouver’s skyline is less breathtaking than it is boring. Internationally renowned architect Arthur Erickson once referred to it as “blah.” That reputation changed, to some extent, with several sleek condominium projects slated for the region – including one created by Erickson himself. Dubbed “Vancouver’s Turn,” the Residences at Ritz-Carlton condo tower was designed by the locally based architect. But the downtown Vancouver condo project is not suspended pending “design changes.” The economic meltdown can’t take all the blame. Last year, Vancouver-based Henriquez Partners Architects put forth plans for a sleek 120 metre tower for the North Vancouver real estate market waterfront. But instead of embracing it, a group of area NIMBYs made enough noise to quash the real estate project. When it comes to inspired architecture in metro Vancouver real estate, it seems, if nervous accountants can’t kill a project, neighbourhood activists most certainly will.

Credit Tight and Sentiment Low

This according to Reuters – MetroNews Vancouver report. Lending conditions in Canada worsened considerably in the fourth quarter and overall business sentiment is at its lowest level in at least a decade, two Bank of Canada surveys showed yesterday. The central bank surveyed senior loan officers at 11 major banks and senior management at about 100 businesses during the quarter in two separate studies. “Business sentiment has deteriorated markedly since the autumn survey as the effects of the international financial crisis and the weak global economy intensified and spread to domestic demand,” the banks said. The pessimism had some bankers predicting the Bank of Canada will opt for a half point rate cut in its key lending rate rather than a less aggressive move on January 20th, 2009. Charmaine Buskas, senior economics strategist at TD securities, predicting the bank could trim 50 basis points. The loan officers reported two thirds of companies felt tighter credit conditions, compared with 44 per cent in the third quarter, both in terms of price and in terms and standards. They attributed it to the worsening economic outlook. Business owners were pessimistic as well: Three quarters of those surveyed think inflation will stay below the central bank’s two per cent target in the next two years.

Correction in Toronto Condo Market is Coming, says Chief Economist

According to MetroNews Vancouver, a prominent Toronto housing economist, Will Dunning is warning of a substantial correction in Toronto real estate’s overheated condominium market. The impact will be felt particularly in the condominium market of Toronto real estate, says Dunning. By the end of September, the economist estimates there were a looming 33,919 condos under construction in the Toronto census metropolitan area. “This very large pending inventory is setting the stage for a substantial correctin,” he said in a sobering report looking at the rental and condo market in Toronto rela estate market. Pre-sale Toronto condominium starts are normally in the 10,000 to 12,000 range annually, but a bottleneck in construction from record sales in prior years has a significant number of units still to be completed, according to the analyst. Finicky condo investors are already beginning to sell in central Toronto real estate, up by 75 per cent in November compared to a year earlier, he says.

Canadians 11% of U.S. Foreign Home Buyers

According to REW article this fall, Figures from the U.S. National Association of Realtors indicate that 11 per cent of all foreign buyers of homes in the United States last year were Canadian. In Florida, the U.S. state with the highest foreign home ownership, Canadians made up nine per cent of home buyers in 2007, up from 7.1 per cent in 2005. Tannis Dawson, a senior tax and financial expert with Investors Group, noted that “the Canadian dollar has been on par or nearly at par with the U.S. dollar for some time now and that has many thinking that it has leveled off and probably isn’t going any higher,” she said. Many Canadians also have concluded it is more expensive to try to buy a second home in Canada than in the U.S. real estate market when looking for the same square footage, she says. In the U.S., she says, in 2002, a house cost about CAN $519,000. In 2008, a U.S. house now goes for about C$325,500. Dawson has some tips for people wishing to buy a property in the United States real estate market. “It is best to have the funds to pay for a U.S. property up front especially when the currencies are at or near par” so as to take advantage of the strong Canadian dollar, she says. If people have enough equity on their house in Canada, “they can take out a mortgage on that… or do a line of credit or some personal debt,” she says.

About 53 per cent of Canadian home buyers take out mortgages and 47 per cent pay cash, according to figures compiled by the Investors Group. Dawson says it is more expensive to get a U.S. mortgage. “In the U.S., if you’re a non-resident they require you to put down 30 to 40 per cent of the property value. Plus have to put six months of your mortgage payments, insurance payments and your property taxes in an escrow account… looked after by an escrow agent,” she says. If you take out a Canadian mortgage on a U.S. home or property, you can go to the bank first and see how much you can raise, and then go shopping in the U.s. As well, you don’t have to put down as much. A seminar in investing in U.S. homes and real estate is held this Saturday, September 6 at the Marriott Pinnacle Hotel in downtown Vancouver, from 9am to 3pm. The event is presented by real estate consultant Ozzie Jurock and will feature experts discussing where to buy, what markets to avoid and tips on buying U.S. foreclosures. For more information, call Marc Jurock at 604.683.1111.

Update on the Canada and Vancouver Real Estate Market: BoC Rate Decision, Bank Prime Rates, Mortgage Lending, Home Prices, Property Assessment Freeze

Canada Greater Vancouver Housing Starts Continue to Plunge

According to both Metro Vancouver News and 24 Hours Vancouver, the Greater Vancouver housing starts in most municipalities continue to plunge to record low levels admist the global economic problems and real estate sales declines. From MetroNews Vancouver: Groundbreaking housing starts falls for 6th straight months in Greater Vancouver to only 134,600, which represents a drop of 12.3%! Canadian housing starts fell by a greater than expected 12.3 per cent in February 2009, marking a sixth straight month decline in housing starts in Canada (consecutive months) and the lowest level since June of 2000, as domestic economy strugges through a major downturn. Groundbreakings on new homes dropped to a seasonally adjusted annualized rate of 134,600 units last month from 153,500 in January 2009 with declines seen in the single and multiple dwelling Canadian real estate sectors, Canada Mortgage and Housing Corp said yesterday. The number of starts in February 2009 in Canada was below analyst forecasts fro 145,000 starts. But there was a silver lining in the weak numbers of the plunge in Canadian housing starts this month. While it suggests that builders are responding to weaker demand, which could have a short term negative effect on economic activity, it also indicates there may not be a severe oversupply of homes throughout Canada. Economists continue to describe the Canadian housing downturn as only a correction that will last the better part of 2009, and many experts expect the real estate markets in Canada to make a recovery in 2010 according to Reuters. Construction of urban single family homes in Canada real estate markets fell 11 per cent to 44,500 units, while multiple dwellings, like condos and townhome communities, dropped 17.5 per cent to 63,300 units throughout Canada, representing a huge plunge in Canadian housing starts for the sixth consecutive month. According to 24Hours Vancouver: Housing starts throughout the Lwoer Mainland plunged in February compared to a year ago, new stats from the Canada Mortgage and Housing Corporation suggests. There were only 701 homes started in the Greater Vancouver real estate area last month, compared to 2,446 in February 2008, representing a whopping 71 per cent drop in Vancouver housing starts this February 2009. CMHC analysts are calling it a moderation in the Greater Vancouver real estate market. “New home construction slowing to more sustainable levels,” CMHC said in a news release regarding the sudden drop in housing starts in the Vancouver property market. It’s a trend seen in most areas of the country. Overall, Canadian urban centres saw an average drop of 60 per cent in housing starts last month compared to 2008 (a year earlier). But it’s also a change that’s hitting cities in the wallet just as property tax season comes around and finance officials struggle to balance their books and finances. In the City of Vancouver, revenue for building permits related to all forms of construction real estate has continued to fall as well. In January 2009, the value of building permits issued was 29 per cent lower than December 2008 (just a month earlier), and more than half the value of January 2008 (a year earlier), according to city officials. That represents a difference of $46 million on a total budget of roughly $900 million. By Irwin L of 24 Hours Vancouver.

Rate Decision by Canadian Banks Angers Some Home Owners

Canadians are speaking out against a decision by the big six banks not to fully match a big interest rate cut by the Bank of Canada, as indicated in MetroNews Vancouver. A spokes person says the Consumers’ Association of Canada has received “hundreds of calls” from “outraged” Canadians across the country since the chartered banks decided to lower their prime rates by only 50 basis points. The central bank of Canada had earlier cut its trend-setting rate by 75 basis points. Consumers appear upset that the banks are blunting the impact of the Bank of Canada’s monetary policy, and that they are doing so at a time when they are tapping taxpayer-funded programs to bolster lending. Among those intiatives, Finance Minister Jim Flaherty has tripled Ottawa’s mortgage purchase program to $75 billion and backstopped more than $200 billion in interbank loans. In a statement, Flaherty’s spokesperson noted the objective of both the mortgage purchase program and the lenders assurance facility is to “further improve credit availability and affordability,” for soncumser and businesses.

Is Now the Right Time to Buy Your First Vancouver Home?

According to Your Money section in Vancouver 24 Hours newspaper: Today’s economy has many people wondering if now is the right time to buy their first Vancouver home. With a moderate real estate market, interest rates at all-time lows and incentives for first time homebuyers announced in January’s Federal Budget, some think that now is a good time to make home ownership dreams into reality in the Greater Vancouver real estate market. Almost four of every ten Canadian or 38 per cent believe now is a good time to purchase an 32 per cent think it is a bad time, so it’s basically split in the middle, according to a report released recently by the Canadian Association of Accredited Mortgage Professionals. “Residential mortgage consumers remain remarkably positive as they weather the financial storm,” the association says. The Conference Board of Canada also found that consumer confidence in the country rebounded slightly in January 2009 from a twenty seven year lo in December 2007. The organization says the number of people considering making a big purchase such a car or new home rose to 28.5 per cent from 26.7 per cent. An online survey conducted by CAAMP also reveals Canadians expect housing prices to fall: 35 per cent, more than twice as mnay as last fall.

Most Experts and Canadian Home Buyers Expect Stability in the Housing Prices for 2009

According to the front page Real Estate Weekly newspaper, 65 per cent of all Canadians expect home prices to increase or stay stable over the next year, according to a report from the Canadian Association of Accredited Mortgage Professionals (CAAMP). Many of the people’s attitudes are very positive even in the face of tough economic times and recession in the North American markets. Attitudes towards local conditions have shifted only slightly with 38 per cent of Canadians believing now is a goot time to purchase and 32 per cent believing it is a bad time. Mortgage arrears remain very low in Canada home market and steady at 0.28 per cent and 84 per cent of home owners are satisfied with their current home mortgages. The information was gathered by Maritz from an online survey of over 2,000 Canadians in mid October 2008. In addition to this report, some Canadians do expect housing prices to fall: 35 per cent, more than twice as many as last fall, now believe prices will drop; half o those survedyed gave a neutral answer while the number who thought prices would go up fell from 40% to 20%. In BC, hardest hit by the recent drop in property prices, 48% of those surveyed said they expect prices to fall, far above the national Canadian average.

Canada Housing Sales to Stay Stalled

According to MetroNews Vancouver, the first half of 2009 to be somewhat static according to a recent report. Canada’s real estate market is expected to be “somewhat static” for at least the next six months as the economic downturn makes potential buyers extra cautious, while the average house price is expected to fall, according to a report released yesterday. The Re/Max Housing Market Outlook, which tracks 22 real estate markets across the country, says it expects 440,000 homes to change hands in 2008, down 15 per cent from 2007. It predicted the same number of sales for next year, but the first six to nine months of 2009 will be under pressure from volatility in financial markets and the threat of recession. Housing markets across Canada real estate should recover as stability returns to the financial sector the Re/Max report said. If consumer confidence is restored and overall economic activity picks up, so should the housing market and a bounce back could occur “as early as spring.” Eleven major real estate markets in Canada are expected to match or exceed 2008 home sales next year. Report highlights: A buyers market emerged in the latter half of 2008. Housing values are expected to slip three per cent to an average of $300,000. Unit sales should match 2008 levels by year end 2009, but the average price is forecast to fall another two per cent to $293,000.

Vancouver House Prices to Fall 18% in 2009

The latest forecast for housing prices in Greater Vancouver calls for the bottom in 2010. By Jeff N. for the Black Press. House prices in B.C. are in for a two year slide that won’t bottom until 2010, predicts a leading economist. Helmut Pastrick of Central 1 Credit Union says the B.C. and Greater Vancouver housing market is heading into recession on the heels fo the global impact of the credit crisis. He projects median B.C. hose prices will fall 13 per cent in 2009 and drop another 5 per cent in 2010 before reaching a turnaround point. “A poor economic outlook for 2009 and tight credit conditions extending into next year will keep housing sales on a downward trajectory for several more months,” Pastrick said. Housing sales in Greater Vancouver real estate market, already down 30 per cent this year, will drop another 17 per cent in 2009, he said. Pastrick also projects a 37 per cent plunge in new construction next year as a result of a poor sales climate and tight credit environment. House starts should make a modest recovery in 2010, he added.

Property Assessment Freeze in Vancouver Real Estate Prices Expected – With Some Exceptions

According to Real Estate Weekly, the B.C. government is freezing 2009 property tax assessment to help ailing home owners who have felt the economic times and freeze in lending/financing for their homes. According to REW, the BC government will freeze all tax assessments for 2009 at the July 2007 levels (with some exceptions) because the July 2008 would misinterpret the value of their homes through 2009. July 2008 as many home owners know was the peak fo the real estate market here in British Columbia and Vancouver and would have been much higher than the market value through 2009 if the values were used in the 2009 tax assessments. Some of the exceptions include: new homes built on what were building lots, substantial renovations that add value to a property in addition to fires and other accidents causing damage will not have the same benefit and will be valued at the July 2008 market value. Please watch for www.bcassessment.ca for more information about this. Meanwhile, the national Canadian real estate states are lowest since 2002. The number of homes sold through the Canadian Multiple Listing Service plunged 14 per cent last on the weakest level since July 2002, according to the Canadian Real Estate Association since Friday. The statistics reflect tighter money and the erosion of Canadian’s sense of wealth because of continued stock market declines, CREA suggests. Changes in federal mortgage rules that shortened loan periods and made it more difficult for people with little down payment to finance a home, also had an impact on sales.

Mortgage Changes in Canada Will Have Little Effect

Another article according to the Real Estate Weekly suggests that the tightening of the Canadian mortgage bank lending rules will have little impact on homebuyer choices. With the abolishment of the 0% down mortgage and the decrease from a maximum 40 year amortization to 35 year amortization, these won’t make it more difficult for home buyers to get an affordable mortgage for their new home. The difference is so little monthly and over time that it won’t have a big impact on people’s decisions to buy or wait. Canadians regularly exercise their options to pay down their mortgage debt sooner as well according to REW. In fact most Canadian home owners repay their mortgage in 15 to 20 years or in far less time than the amortization periods affected by these new criteria. While the changes won’t deny many people the chance to own a home, they will help ensure our housing market stays strong.

New Canadian Homes Prices, Starts Defy Experts

According to REW, the price of new homes in Canada actually increased by 2.1 per cent in September 2008 on a year over year basis, slightly ahead of economist’s expectations, Stats Canada reported. The 12 month increase for Vancouver was 1.4 per cent and in Victoria, contractors’ selling prices increased 0.2 per cent year over year. Most analysts had called for a two per cent decline in new homes prices and much slower starts. Canada Mortgage and Housing Corp. however, reports that housing starts remained relatively strong, declining by just 3.1 per cent to 211,800 units in October from 218.600 in September.

Real Estate Investment – Thinking Long Term for your home

Cited by many as a somewhat non-intuitive benefit of this year’s market change is a growing return to the concept that your own home should be somewhere you live, an investment in real estate to be held for the long term rather than analyzed minute by minute against market fluctuations like stocks or bonds. After all, in the grand scheme of things, if you’ve found the perfct home – one you love, you can afford, and that meets all your criteria – history suggest the Chinese proverb that says “the best time to buy real estate was five years ago, but the next best time to buy real estate is today” remains valid advice for home buyers today. This is a great article written by S. Boyce for the New Home Buyer Guide of Greater Vancouver on the market outlook in Greater Vancouver for the upcoming year. Return to Village Living is another concept that home buyers have been embracing this year in 2008. Across all municipalities of the Lower Mainland, 2008 saw the new home real estate market in Vancouver change to be driven in large park by the multi-family sector. As the lock-and-go lifestyle becomes more about choice than nccessity, homebuyers in Lower Mainland of all generations are opting to let others take care of the daily hassle of maintenance. Amenities figure strong among these choices. Spa style clubhouses with state of the art fitness centre, even demonstration kitchens and multimedia rooma are showing in increasing frequency in new home construction in the Greater Vancouver real estate market these days. Some properties in Vancouver property market are even including on site temperature controlled wine lockers. WE also saw a strong leaning toward lifestyle centres like South Surrey’s Morgan Crossing and Garrison Crossing in Chilliwack real estate market. These multi phase property developments celebrate intergenerational living communities and the idea you can live, work and play in a neighbourhood where everything is within walking distance. Shopping and services rub shoulders with different types of housing. Recreational facilities are just down the road and services from laundry or doctors offices to banking and pet sitting just round the corner.

Vancouver Home Ownership Made Easy by Manulife One Financing on Home Buying and Investment Real Estate

Manulife one Financing of Investment Real Estate and Improving Home Ownership

Location, Location and Manulife one. Introducing a new addition to the golden rule of real estate investing. Manulife one is much more than a mortgage. It takes the increasingly popular home line of credit one giant step further by allowing your income and short-term savings to be applied to the account. With Manulife one, every deposit you make automatically lowers your borrowings and, as a result, you play less interest. This “one way” provides three easy ways to improve your home and real estate investments. Manulife one Makes Home Ownership More Affordable. Manulife one’s ability to consolidate all your debt at one low rate could free-up hundreds of dollars in monthly cash-flow. You may have a choice of paying off your mortgage sooner or looking towards purchasing a more expensive property. What would you do with a couple hundred extra hundred dollars per month*? Simplify your life with Manulife one. Manulife one is more than a revolutionary approach to managing finances. Life is simpler when every dollar you deposit immediately reduces the amount of money you’ve borrowed. Having less debt saves you interest cost and could even reduce financial stress through Manulife one program. With 24 hour online banking and just one comprehensive monthly statement, managing your daily finances is so much easier with Manulife one. Managing the financing of investment real estate property. Manulife one for investment proeprties provides you with an all in one package to anage and monitor the finances of an investment real estate property. You could have your mortgage, taxes, income flow, monthly expenses and maintenance costs managed through this one account. Not only is the interest rate competitive, but the range of payment options through Manulife one program allows you more flexibility with managing your investment in real estate. And real estate investors can always access the accumulated equity (up to your established credit limit) for property maintenance and repairs. To learn more, visit www.manulifeone.ca or ask your financial advisor for a Manulife one referral.

The Dream Home Purchase with Manulife one

The dream home purchase: let’s say you own a home with a mortgage at current rates. You also have money in savings, a good income and you carefully manage monthly expenses. Like most Canadians you probably have a car loan and may have borrowed from a line of credit. With Manulife one’s power of consolidation, account flexilbility and ability to maximize your income, you could pay off your debts in significantly less time and save thousands in interest costs. Or, if you’re comfortable continuing to pay the same amount as you are currently paying with your traditional mortgage, and unconsolidated debts, you coule turn that payment towards buying a larger home using the power of Manulife one. Result. Although you’ll be paying the same overall debt payments, the power of the Manulife one account enables you to purchase a home worth more-maybe your dream home! By taking advantage of the flexible mortgage account and reduced borrowing costs, you could “trade-up” to a bigger house through Manulife one program yet there may be no extra cost when compared to your current debt repayment. *Manulife one is designed to help save Canadians thousands in interest costs and help clients become debt-free sooner, but individual results may vary. Manulife one is offered by Manulife Bank of Canada. Manulife, Manulife one, the one logo and the block design are registered trademarks of the Manufacturers Life Insurance Company and are used by it and its affiliates, including Manulife Bank of Canada. $48,496 – Hi, I’m Bob and this is my Manulife one number. It’s the interest my family could save over the life of our mortgage. By combining all our income, loans and savings into one single Manulife one account we could be debt free years sooner. This innovative money saving account with Manulife Bank of Canada called Manulife one comes with infinite possibilities. It coule mean a better education for my kids, a few more relaxing vacations or some renovations we’ve always put off. It’s not just y Manulife one number. It’s my life in dollars and sense. Every Canadian homeowner has a Manulife one number, what’s yours? Discover it today at Manulifeone.ca. Manulife one is offered through Manulife Bank of Canada. Ask your financial advisor for a referral or call 1.877.765.2265.

Your Money: Should you Buy or Rent?

Falling rental vacancy rate shows home buyers are more cautious according to Andrew Allentuck. In the current housing market more people are choosing to rent, either giving up on buying or postponing the decision until prices drop. It appears prices in the formerly booming Canadian home market have reached a peak and are descending. Lower prices are a good thinkg for first time home buyers, but in the face of lower auto sales in the U.S. (a big factor in the auto parts economy of Southern Ontario) and lower commodity prices (a big factor in the mines and oil fields of B.C., Alberta and Saskatchewan), potential home buyers are being more cautious. The feeling is that times will get tougher. The Canada Mortgage and Housing Corporation’s June 2008 housing survey shows more people are choosing to rent or being forced to rent. Nationally, vacancies decreased to 2.6 per cent in April 2008 compared to 2.8 per cent a year earlier. The lowest rates in the 2008 survey were in Victoria (0.3%), Kelowna (0.3%), Sudbury (0.7%), Vancouver (0.9%), Saskatoon (0.9%) and Winnipeg (1%). By comparison, high vacancy rates were in places like Charlottetown (5.3%) and Moncton (6.1%) where mining, oil and car making don’t take place. Falling vacancies can indicate many things, but in the present housing market, the fact it’s getting harder to find a house or apartment to rent implies that many people are waiting for prices to drop or are unable to come up with the downpayment for homes of their own. This is cautious behaviour, an indication that the rush to buy a home is ebbing. The feeling that if one does not buy now, a home will be unattainable is waning, replaced by hesitation to take on debt for a home that could fall in price. AT the same time that vacancy rates drop in Ontario and in the western Canadian provinces, prices of houses and condos show signs of cooling. “The much anticipated housing market slowdown in Canada has arrived,” said a May 2008 report from the Royal Bank’s Economic’s Department. In April 2008, resale activity of existing homes dropped 6% compared to the same period a year earlier. Listing of homes for sale rose 18% year over year an dprice gains rose 3% compared to 10% a year earlier. Speculative housing listings moved far ahead of prices. For example, in Saskatoon, listings rose 121% in April 2008 compared to April 2007. That amount of rise in offerings suggests that owners of homes were anxious to score capital gains. Saskatchewan has had increased activity in potash and uranium mining and oil production. But commodity prices have dropped drastically since May 2008 and with them, homes prices in the West.

Nationally, home construction has declined. Canada Mortgage and Housing Corp said 185,600 new homes were built in July 2008, a 13.6% drop from June. Home buyers are taking a wait and see attitude. Falling prices offer them an incentive to be patient. Interest rates are still in a low range. Open mortgages with rates around 4% to 4.75% can be found. But bank lenders have tightened lending standards in the wake of the U.S. created credit crisis and money is harder to get. Zero down mortgages have been terminated by CMHC, a factor that reduces the number of people who can bid for homes. Nationally, housing is shifting from a seller’s market, in which potential buyers have had to bid over offering prices, to one in which it will be possible to get a home by bidding under the asking prices. For home buyers and sellers switching homes in the same area, trend changes should not matter much. For those buyers entering formerly hot markets like Saskatoon, Regina, Victoria, Vancouver, Edmonton and Calgary there is potential to score a bargain. For home buyers who can afford to wait or who, for lack of downpaymetn, must wait, the question is: when will the market bottom out? Canada has no crisis like that in the U.S. says the Royal Bank’s economics department, but caution in the face of tougher times in understandable and evident. Timing markets is tough to do as well. With the economics of Canada, the U.S. the European Union and most emerging markets in difficulty, asset prices are headed lower. In this time of trouble, a house still represents a solid asset. For anyone who wants to keep a house for years or decades, the time is ripe, or at least near ripe, for a good purchase. For sellers, things could get worse. For folks thinking of renting until the economy improves, there are transitional costs, such as moving expenses, breakage and even the bother of changing addresses. The Canadian housing market is shifting to a buyer’s phase. Timing the bottom is tough, but a couple of years from now, it may seem to have been a fine moment to have bought. Andrew is the author of Bonds for Canadians: How to Build Wealth and Lower Risk in Your Portfolio, published by John Wiley & Sons Canada Ltd.

Latest Trends and Numbers from the Vancouver Housing Market - July to September 2008 Vancouver Real Estate State of the Union

Vancouver Home Prices to Fall Almost 18% by 2010, says analysis

According to the Vancouver Sun and MetroNews Vancouver by Maria C. Credit Crunch. The average price of a home in Greater Vancouver is expected to drop more than $100,000 by 2010, according to an economic analysis by Central 1 Credit Union released yesterday. The report suggests that Greater Vancouver homes in the area will cost an average of $460,000 compared to the average going rate of $570,795 for a home last year. The roughly 18 per cent devaluation over the next two years is being blamed on the world wide credit crisis. “The downturn is widespread and affects most real estate markets and most housing types,” Centrals’ chief economist Helmut told Metro. “The markets are weak and prices are heading lower fo the next several months.” The forecast takes into account the higher demand for homes expected ahead of the 2010 Olympic Games in Vancouver. “For the year as a whole, I do expect that market conditions will imrpove during the course of the year 2010 and even potentially later in 2009,” he added. “But the year-over-year will still be negative.” Provincially, the study anticipates median housing prices will fall 13 per cent in 2009 to $310,000 compared to March 2008 rates.

Vancouver Housing Prices Drop One Per Cent

According to Metro News: Economy – Canadian average home prices have fallen for the second straight month in a row, raising concerns by economists that the Canadian housing market may have been caught in the undertow of a U.S. based recession. Home prices nationally fell by a significant 3.6 per cent to $327,020, from year ago levels in July, according to figures released by the Canadian Real Estate Association yesterday. In June, prices fell by 0.4 per cent, the first time decrease in nearly a decade. “We had a small drop the month before, but this looks like the real thing. We hope it’s not the beginning of an accelerating trend,” said TD Securities Economics Strategist Millan Mulraine. The bulk of the declines were in the western provinces, with cities such as Calgary down by 7.8 per cent and Edmonton by 5.3 per cent. The previously unassailable Vancouver real estate market saw a one per cent drop, all helping to bring the national average down. A drop in prices is typically preceded by a fall in sales. In this case, sales volume in cities such as Vancouver were down by a mammoth 44 per cent and Calgary by 13 per cent.

Housing: Canadian Foreclosure Info Takes Some Digging According to Georgia Straight – How the BC Foreclosure Process Works

Media reports from the United States routinely lists a litany of horrors about the number of foreclosures. According to the August 4 New York Times report, 8.41 per cent of subprime-mortgage loans from 2005 were in arrears by 90 days or more or in foreclosure in the month of June. Of subprime-mortgage loans from 2007, 16.6 per cent were delinquent, according to the report. This is creating huge problems for US real estate lenders, who have to put properties in foreclosure and then find a buyer in a property market that is already glutted with distress sales. Fortunately, in B.C. there haven’t been nearly as many foreclosures, which are loegal processes in court to extinguish all rights, title, and interest in an owner’s property so that it can be sold to pay a lien against it. According to the Canadian Bankers Association, just 0.15 per cent of B.C. residential mortgages were in arrears in April, the latest month for which figures are available. This is quite low when compared with other months dating back to 1990. The percentage of B.C. mortgages in arrears peaked in May 1999 at 0.66 per cent – more than four times the most recent figure.

Vancouver real-estate educator and foreclosure researcher Kap Hiroti told the Georgia Straight in a phone interview that he expects the number of B.C. foreclosures in real estate to increase – but only because the numbers are so low. He noted that some high-risk borrowers who’ve previously relied on alternative financing companies are finding themselves in trouble because those lenders have abandoned the real estate market. “What that means is that you’ve got people who’ve got a mortgage one or two years ago,” Hiroti said. “They’re coming up for renewal, and that company cannot renew because they pulled out of the real estate market. Usually, they’re very highly leveraged loans.” Those cases, however, are the exception to the current B.C. real estate market norm here. Hiroti pointed out another difference between the U.S. and Canada when it comes to B.C. foreclosure properties: south of the border, information is readily available. In Canada, it’s much more difficult to find data on foreclosure properties that are about to enter foreclosure proceedings.

ForeclosureList.ca a Web site owned by Hiroti, does the legwork in digging up information on B.C. foreclosures. He explained that a foreclosure typically beings when a bank lender issues a demand letter to a property owner seeking repayment of a debt. If the borrower doesn’t respond appropriately, the next step is for the bank lender to file a legal document called a petition to the B.C. Supreme Court. The foreclosure petition lays out the particulars, and normally asks for a court order quashing the owner’s rights, title and interest in a B.C. property. At this point, the owner of the property has a chance to file a response, which sets the legal wheels in motion. Prior to judicial ruldings, the home owner still has control over the property and can usually sell it without obtaining permission from the lender.

Hiroti said his company at ForeclosureList.ca web site compiles information form these petitions and distributes it for $99 per month to subscribers, most of whom are real estate investors in B.C. foreclosure properties. He estimated that there are approximately 20 foreclosure petitions filed in B.C. Supreme Court each week. Doing this research isn’t cheap. In B.C. it costs $8 to research a court file and $1 per page to photocopy documents about petitions and potential B.C. foreclosure properties. Ordinarily, a judge or a master of the B.C. Supreme Court will issue a decree nisi, which may require home owners to pay down the debt within six months. Hiroti said the next step is for a judge or a master to issue an order for the conduct of sale. “That’s where they actually bring a realtor onboard,” he commented. The agent has to list the property for market value on the Multiple Listing Service. Once an offer is made on the BC foreclosure property, the court must approve the sale. It can be a time consuming process, which is why Hiroti thinks it’s useful for real estate investors in BC foreclosure properties to find out about foreclosures much earlier in the process. So can a buyer get a better deal by approaching a property owner who has just received a petition? “It’s a good question,” Hiroti responded. “There is the potential,”

Local Housing Market Plummets

According to MetroNews, Vancouver’s housing market is slowing with sales down by 54 per cent from the same month a year ago. According to the Greater Vancouver Real Estate Board, 1568 units were sold in the region this August compared to 3,348 units the previous year. Sabine Boersch was going to sell her condo in Burnaby, but decided to rent it out after seeing the signs. “We have four units in our complex and five across the street that have been for sale since spring,” she said. Boersch said the fact that neighbours rented their apartment after just two showings made her confident it wouldn’t be an issue.

Redefining Greater Vancouver Homeowners

According to New Canada and republished in the West Coast Homes and Design Magazine by the Vancouver Sun, the girl next-door is more likely to own that home, as research shows women are anticipated to keep driving the Vancouver real estate market. To better understand emerging demographics in the Vancouver real estate market, Royal LePage has commissioned research on various home buyer segments. A recent Canada nationwide consumer poll examined the growing trend of female homebuyers in the Canada real estate market. The Royal LePage Female Buyers Report found that just over one third (37 per cent) of single never before married women own their own home and that another 28 per cent plan to purchase their next home in the next three years. A regional Vancouver real estate market analysis also showed a surge in female home buyers over the past five to ten years across the country. “Today, women are driven by independence and a growing desire to set up their own place. They are more real estate savvy than in the past and they are financially stable,” said Lisa da Rocha, vice president of Marketing and sales for Royal LePage Real Estate Services. “an active and healthy real estate market with affordable interest rates and properties targeted specifically to womens’ needs are also in their favour,” added da Rocha. Related industries have also identified women as an emerging influential group and are empowering and educating them through specialty stores and tools designed specifically for female homeowners. As the number of Vancouver single female home buyers continues to show significant year to year growth, women are anticipated to keep driving the Vancouver real estate market. More on trends in your neighbourhood is available online at www.royallepage.ca.

Federal Canadian Government Takes $2 Billion GST on New Homes in Canada Real Estate

The federal government is raking in more money than it ever intended from the GST on new home sales, study shows. Ottawa takes in about $2 billion a year in GST on new Canadian home construction. The GST on the average priced new home in Canada is fast approaching $20,000 almost double what it was in 1991. New home prices higher than $450,000 were not elgible for a rebate. Resale homes are exempt from the GST. The Greater Vancouver Home Builders’ Association notes tha the vast majority of local new home buyers have paid more for the GST than other Canadians for many years.

Vancouver Real Estate Builders Start on $2.9 Billion in New Work

According to Real Estate Weekly of Greater Vancouver: The total value of building permits increased for the second straight month in May, despite a decline in the overall residential Vancouver building sector. Contractors in the Vancouver real estate building industry took out $6.6 billion in permits in May, up 1.1 per cent from April and the highest value for permits since October 2007. The total was 6.7 per cent above the monthly average for 2007 and it marked the first back to back increase in construction intentions since November 2006. Statistics Canada reports municipalities issued $2.9 billion in non-residential permits in greater Vancouver real estate building, up 12.8 per cent. Residential intentions fell 6.6 per cent to $3.7 billion in May, the result of a considerable decrease in the value of multi-family permits. The value of Greater Vancouver real estate building permits in the residential sector has been on a downward trend since September 2007.

Vancouver Home Buyers Jump Back into the Drivers’ Seat

Higher property listings and easing Vancouver home prices have put buyers back in control of the MetroVancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that housing sales declined 42.9 per cent in June to 2,425 from the 4,244 sales recorded in June 2007 according to REW magazine. New listings, meanwhile, increased 18.3 per cent to 6,546 compared to June 2007, when 5,533 new units were listed. For home buyers in Vancouver’s real estate market, this may represent a great opportunity to search out that dream house or condominium which would have been hard to find just months ago. “We are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt, though he noted that prices are generally still higher than a year ago. “Home prices at a competitive level continue to sell quickly, but it is important for people to accurately identified their home’s value when putting it on the market.” Sales of Vancouver detached properties in June declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the Board’s housing price index for Vancouver real estate for single detached houses rose 7 per cent from June 2007 to $765,654. Sales of Vancouver condominium declined 42.7 per cent last month to 1,057 compared to 1,846 sales in June 2007. The benchmark price of a Vancouver apartment condo increased 7.8 per cent from June 2007 to $388,722. Attached Vancouver property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The Vancouver benchmark price of a attached unit increased 7.6 per cent between June 2007 and 2008, to $476,585. Ask your local Vancouver Realtor for specific market details.

Vancouver Home Prices Drop as Listings Rise

According to the Real Estate Weekly newspaper, the change is moderate, but Vancouver housing price reductions of all types of residential property are now being seen for the first time in nearly a decade, reports the Real Estate Board of Greater Vancouver. The overall benchmark price in Greater Vancouver housing real estate market dipped 2.1 per cent since the end of May 2008, to $556,605 as of July, the Real estate Board of Greater Vancouver said. “We’re seeing price reductions on properties listed on the real estate Vancovuer housing market, which is having a leveling impact on housing price increase,” explained Real Estate Board president Dave Watt. Watt noted that there has been also been a decline in the total active listings on the real estate Vancouver housing market “Which is a welcome departure from recent trends.” The Vancouver housing price reductions reflect a general softening of the housing market. Total sales through MLS were down 43.9 per cent in July to 2,174 units, compared to July of 2008. Still, Greater Vancouver housing and real estate values reamin the highest in Canada. As of July, the benchmark price for a Vancouver detached house was $753,165, while a typical townhome sold for $473,953, and the benchmark price for a condominium apartment was $381,687. On the West Side of Vancouver housing real estate, the average detached house now sells for $1.3 million which is up 5.3 per cent from a year ago. East Vancouver real estate housing has the lowest priced condominiums, on average, in the city with a benchmark price of $326,324, up 7.2 per cent from a year earlier. On the West Side of Vancouver real estate, the benchmark price for a condo apartment is now $482,080, which is up a modest 3.5 per cent from last year.

Less New Vancouver Homes Being Started as Construction Slow

According to REW Newspaper: The Vancouver residential and non-residential building sector both dropped as the total value of building permits in June fell 5.3 per cent from May to $6.3 billion, according to Stats Canada. The decline hit most provinces and was 5.5 per cent in constant dollars. The value of Vancouver housing building permits fell 4.4 per cent in the residential real estate sector to $3.6 billion driven by lower values in multi-family permits in all provinces except Saskatchewan. The value of building permits dropped 6.6 per cent to $2.8 billion in the non residential sector due to declines in commercial and industrial intentions. Municipalities issues $1.3 billion worth of housing permits for multi-family real estate developments in June, down 13.8 per cent, with most of the declines occurring in Ontario and Alberta. Single family housing permits edged up 1.8 per cent to $2.3 billiong, StatsCan reports.

Vancouver Realtors Raise $1.2 Million for Charities

Greater Vancouver Realtors and their companies donated more than $1.2 million to 60 local charitable organizations last year, according tot a recent examination. This revelation is the result of the Real Estate Board of Greater Vancouver (REGBV) efforts to aggregate the annual monetary contributions its members give the charity each year. This is the first time a real estate board in the country has embarked on such a program said REGBV president, Dave Watt. “We know this figure likely only touches the surface, since many Realtors wanted their giving practices to remain quietly low key and anonymous,” Watt says. “As well, our members give a tremendous amount of time volunteering in their communities, doing everything rom coordinating the annual Realtor’s Care Blanket drive to coaching kids’ sports.

Vancouver Realtors Recycle Electronics

In a recent recycling effort, Greater Vancouver Realtors recently donated over 2,000 used electronics items to the Electronic Recycling Association (ERA), a non-profit organization that collects computers and electronics and recylces or refurbishes them for charities and community groups. All of the items received were given to the ERA and will be recycle for local schools, charities, non profit groups, libraries, elderly homes and other Greater Vancouver community organizations. “this event garnered an incredible response. Nearly 400 Vancouver realtors made drop-offs during the five days we offered the service,” said Dave Watt, president of the Real Estate Board of Greater Vancouver. Hard-drives, printers, and monitors wer the three most collected items, followed by mobile phones, VCRs and old stereo equipment. Four trips were a full-sized moving truck were required to pick-up all the accumulated items. Environment Canada estimates that computers phones, AV equipment and small household appliances account for more than 140,000 tonnes of waste in Canadian landfills each year.

Vancouver Realtor to lead Real Estate Institute

According to REW Newspaper, Vancouver Realtor Peter Remillong has been elected president of the Real Estate Institute of British Columbia’s board of governors for the 2008-2010 term. Remillong is a licensed Realtor and a director with the Real estate Board of Greater Vancouver. Other newly elected officers of the Real Estate Institute of British Columbia board include: vice president Peter Bretherton (BC Assessment), secretary/treasurer Don Ellis, and past president Scott Ullrich. New to the board of governors are Bonnie Knight with BC Assessment and Richard Wood of the Fraser Valey Real Estate Board. Both will represent the Fraser Valley District. The mission fo the REIBC or Real Estate Institute of British Columbia is to advance the highest standards in education , knowledge, professional development and business practises in all sectors of the Vancouver real estate industry. Professional members are accredited by the RI designation which recognizes their experience education and commitment to professional and leadership development in the real estate industry. For more information about the Real estate Institute of British Columbia or REIBC, and its members, visit the website www.reibc.org.

Real Estate Market Blamed for Housing Slowdown

New housing prices increased at their slowest pace in more than six years, with Vancouver’s year-over-year prices up only about half the rate of the national increase according to Metro Vancouver’s Andrea W. According to Statistics Canada report released yesterday, national contractors’ selling prices rose 3.5 per cent between June 2007 and June 2008, compared with the 4.1 per cent year-over-year real estate increase in May. Vancouver was up only 1.8 per cent. Neil Killips, economist for Stats Canada, attributed the slowing to a softening Vancouver real estate housing market. “We try to ask the builders why they increase or decrease their prices and they’ve been saying that there’s an increase in competition and the real estate Vancouver property market in general is slowing down,” he said. While Vancouver property price increases have been relatively slower, however, the Canada Mortgage and Housing Corporation (CMHC) reported yesterday that housing Vancouver property starts took a big jump last month. There was a 25 per cent increase in Vancouver homes going up than in July 2007, attributed heavily to higher density, multiple-family projects.

Choosing a Vancouver Home of Lasting Value requires Due Diligence

Buy smart and over time your Vancouver real estate investment will almost certainly appreciate. Whether you’re thinking of buying your first home or planning to move from one to another, your Vancouver home purchase is more than a place to live, it will probably be your biggest investment ever. And like any real estate investment in Vancouver, you want it to appreciate in value. Whether it does, and to what degree, depends a great deal on your own pre-purchase due diligence. Once you’ve considered the needs of yourself and family and know what you’re looking for, now is the time to consider the factors that will maximize the Vancouver home investment value of your home in the future – the day when you sell your home and move on. “I know people have heard this before, but it bears repeating: location is the single most important component in home value,” sayd Gary Marshall, VP Sales and Marketing of ParkLane Homes Vancouver real estate developers. “ParkLane pays meticulous attention to siting. That’s why we feel a well-lcoated community will appreciate in value over the ong term, especially as our products are matched to the neighbourhood and what home buyers want in a home.” ParkLane Homes will, for example, select a prime location close to services, shopping, schools, and transit that’s perfect for singles, young families and empty nesters, then build residential options to suit these demographics. Alternatively, ParkLane Homes may choose a premium Vancouver real estate site for an enclave of luxury presales homes where the location’s value is enhanced by prestigious amenities within the community or nearby. Either way, purchases of new homes are buying into the ideal fit for their needs and resources – homes that will have al asting appeal to them, as well as for future home buyers when the time comes to resell. To Gary Marshall, buying Vancouver homes smartly, also means buying now. “Timing is Everything. There’s a real window of opportunity that makes this the perfect time to make a move. Mortgage rates remain low and there’s lots of choice available.” But Marshall sounds anote of auction to these looking to buy build and finished products: The Lower Mainland’s real estate market has temporariliy slowed with fewer new home starts, which means existing Vancouver real estate inventory is going to get snapped up pretty quickly.” He adds, “So my advice is to get out there and start looking at what’s available. You shouldn’t rush into buying a new home, but don’t wait so long that the best is gone.” Once you’ve bought your home, Marshall says not to be concerned about small real estate Vancouver fluctuations. “The real estate market goes up, the market goes down… it’s a market. But when you’ve done your homeowkr, you mitigate th risk over the long term. If you’ve purchase a Vancouver residence in a master planned architecturally controlled community such as ParkLane’s Bedford Landing, Southport or Heritage Woods, values will most certainly increase over time.”

By seizing this window of opportunity to buy a new Vancouver home in a master planned community built with ParkLane’s legendary quality, you’ll not only enjoy and appreciate the wonderful neighbourhoods, but you’ll have the peace of mind of knowing that the lasting value is assured in your real estate investment. One of the largest and most recognized home builders in Western Canada, ParkLane Homes has built over 5,500 homes in beautiful master planned communities throughout the Greater Vancouver area and has won more then 250 provincial and national awards for their efforts. For more information, please visit www.parklane.com.

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

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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.