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.

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.

Is It The Right Time To Buy Vancouver Real Estate? Low Interest Rates and Falling Housing Prices Make It A Good Time to Consider Investing in a Home

Vancouver Real Estate Update April 2009 – New Stock of Vancouver Condo Units Dwindling

In a recent study and analysis of Vancouver real estate inventory, it came as a shock for many homebuyers and real estate investors/analysts that the housing stock is dwindling in the City of Vancouver as of March and April 2009. According to 24 Hours Vancouver newspaper, Dharma: “Prices for new Vancouver housing real estate stock have hit the floor, according to the man who launched a series of bulk real estate sales across the region. According to Cameron McNeill, president of MAC Marketing Solutions, he said that his latest condominium Vancouver promotion, which started on March 20th, 2009 and represents over $110 milion in Vancouver home sales at four real estate developments, could be the last of its kind as vacant properties in the Lower Mainland and Fraser Valley built before the economic downturn are filling with residents. “New [Vancouver real estate] developments cannot come to market at these values,” McNeill said. “They don’t make economic sense or every few of them do.” A further drop in Vancouver new home sales prices may not be in the cards according to MAC Marketing solutions as well. “I think that we’re going to see that we’ve found the floor and we’re going to be staying close to these prices –for six months to at most a year – and then we’re going to see a slow appreciation.” But Tsur Somerville, associate professor at UBC’s Sauder School of Business, said projecting an economic recovery in the Vancouver real estate market is no easy task. “People in the business of selling talk about the economy stabilizing and starting to come around and then there are others who aren’t so optimistic,” Somerville added. “There’s a consensus that prices [for Vancouver real estate housing] have further to fall. What there’s not as much as consensus on is when things start turning around.”

Vancouver Real Estate Market Downturn or Property Market Opportunity?

We are in a Greater Vancouver/Lower Mainland housing market that has definitely changed from the furious pace of the last few years. While the media slowly tires of sensationalized stories of a crash, industry experts watch as Vancouver real estate opportunities emerge. And I ask, is this a market downturn or a market opportunity? A special advertisement provided by Polygon real estate developers in Vancouver. Economic Slowdown: After six years of exceptional growth there is no doubt British Columbia now faces a more difficult challenge. With the financial crisis and global economic slowdown new challenges have emerged in the Greater Vancouver real estate market and will become the stories of 2009. Home Prices Within Reach: The bad news is not unfamiliar, home prices in Greater Vancouver have fallen. But is this really bad news? For those renters looking to get into a new home, home prices in the Lower Mainland are within reach for the first time in years. For those that currently own a Vancouver home, the news isn’t all that bad either. Sure, the price of your home may have correted, but so too has the dream home you aspire to own. Do the math; a 10% reduction on fthe cost of a more expensive home represents a greater savings to you than a 10% reduction in your own lower priced Vancouver home. In a booming real estate market the reverse is true. Today’s lower prices in the Greater Vancouver real estate market clearly presents an opportunity to purchase for many. Interest Rates Lowest in Years: With recent drops in lending rates from the Bank of Canada, a prospective homeowner now stands the chance of getting a home financed at some of the lowest mortgage rates in fifty years. For many, the difference between a mortgage payment on an average priced home six months ago and one made today can represent savings of hundreds of dollars a month or thousands a year, clearly an opportunity not to be missed in today’s Lower Mainland real estate market! Strong Political Leadership: Our country is now facing some challenging political times; however, thanks to Premier Gordon Campbell, and the efforts of our B.C. Liberal Government, British Columbia offers some of the most competitive personal and business tax rates in Canada, and is leading the country in job creation, economic strength, business confidence and fiscal responsibility. Consumer Confidence: Let’s be honest, with such great real estate Vancouver prices, low interest rates, plenty of choice and all the buying power a prospective homebuyer could ask for, the only thing keeping people from acting is fear. I suggest that if you are planning to stay in your home for five years or more, there has never been a better time to purchase a new Vancouver home. Think about it, smart homebuyers buy in a buyer’s market. Even this past fall, we saw many smart people taking advantage of today’s opportunities in the Lower Mainland real estate market as we closed over 300 sales int eh last three months of the year. Real estate markets change but two things remain constant: the desire to live in well designed homes, and Polygon’s commitment to building them well. After building more than 18,000 homes in Greater Vancouver real estate market, over the last 28 years, Polygon continues to be confident in the future of British Columbia. If you are thinking about upsizing, downsizing, or getting into your first home, I encourage you to take advantage of today’s Vancouver home buying opportunities. The advice I share with friends and family is to buy the best home you can afford in the best neighbourhood for your search area in the Lower Mainland. Visit a Polygon community in your area this weekend and we’ll help you find the new home that’s right for you. In the long run, you will realize the value to yourself and your family of owning a home int eh great Province of British Columbia. Neil, Present and Chief Executive Officer for Polygon. Polyhomes.com.

Polygon Builders Report Steady Sales in South Surrey Real Estate Market

According to a Vancouver Sun special advertorial by Polygon, the home buyer’s response to amenities and value make Polygon’s Kaleden and Cathedral Grove at Morgan Heights in the new South Surrey a success this year. “There’s a reason that the quiet treed corridor along South Surrey’s 158th Street has become a such a popular place. It could be the allure of the stands of mature evergreens set against a backdrop of the North Shore Mountains. It could be it’s proximity to the lively new shopping district of Morgan Crossing just a short walk away. But most likely, it’s the combination of these factors and the quality, design and value of Polygon’s latest new home communities Kaleden and Cathedral Grove in Morgan Heights, South Surrey real estate market. AS the saying goes, few factors have the ability to secure a home sale quite like the age-old adage ‘location, location, location.” And Kaleden and Cathedral Grove by Polygon in Morgan Heights community stands as a testament to this, offering Vancouver homeowners a convenient doorstep to one of the liveliest new neighbourhoods the Lower Mainland reale state has to offer at Morgan Heights. Walking distance to a brand new and expansive selection of urban village style boutique shopping and dining, a short drive to the sandy beaches and shorelines trails of White Rock real estate or the lush greens of Morgan Creek Golf Course, Polygon’s two new communities at the South Surrey Kaleden homes and Cathedral Grove houses sit among the best this area has to offer. But if fun in the sun in the sunniest place in the Lower Mainland real estate market proves not to be enough then Steve Nash’s 38,000 square foot fitness centre (coming soon to Morgan Heights South Surrey) or the arena, pools, and other amenities of the local South Surrey Athletic Park are sure to fill your day for even the most active of families. And with easy access to the highway a weekend trip to Seattle or the outlet malls across the border are conveniently close. For young families with children, or newlyweds with plans for kids and ht eprospect of school on the not too distnad horizon, the options are equally promising at the Morgan Heights community of South Surrey real estate market. The top ranked Southpointe Academy is at the end of the street for those interested in private school; or, with the city’s approval of a new public elementary school slated for the land across the street, a quick trip home ofr lunch could be in the cards for the kids of Morgan Heights Kaleden and South Surrey Cathedral Grove home communities in the very near future. “A strong selling point for our homebuyers is certainly our central location,” says Cathedral Grove Sales Manager Laura. “But for many it is what they find on their arrival that sets us apart from the rest,” she says pointing down a winding path through stands of mature evergreens that tower over a central amenity clubhouse here at the Morgan Heights South Surrey Cathedral Grove and Kaleden home communities. “Our favourite part is the trees,” says Cathedral Grove homeowners. “During our first visit we noteiced the clubhouse. It was beautiful, sow e walked over to have a look. The pool was fabulous, the barbecue was on, and the ambience was great!”

The Evergreen Club at Morgan Heights and More Info

The Evergreen Club South Surrey, a breathtaking 7,500 square foot country club inspired clubhouse, features a beautiful outdoor pool and spa, state of the art media room, fireside lounge, and more, to which residents at both Polygon South Surrey Morgan Heights communities receive exclusive access. In addition, with two guest suites that homeowners can reserve for visiting house guests, and a resident manager who ensures everything runs smoothly, owning a home at Cathedral Grove Polygon homes or Kaleden South Surrey truly is a resort inspired experience. With many new homeonwers having already moved in, the community is quickly coming to life. Residents of both Polygon communities in the South Surrey community were recently treated to one of their first official neighbourhood events: a Wine Tasting party hosted in the inviting fireside lounge of the Evergreen Club by local wine merchant Liberty. The evening marked the first of many more events to come at the Evergreen Club of Morgan Heights as both communities continue to grow and welcome the new neighbours who will make their home at Kaleden or Cathedral Grove by Polygon Homes. On the home front, it doesn’t take long to fiture out the appeal of owning a Polygon home. Whether it’s a contemporary two or three bedroom floor plan at Kaleden Morgan Heights or a spacious four bedroom at Cathedral Grove South Surrey real estate, the quality, design and value Polygon delivers in every home is evident. Distinguished for its remarkable affordability while including designer finshings, such as integrated cabinet paneled appliances, granite countertops, and warm wood style flooring, it is not surprising Kaleden Morgan Heights South Surrey homes has been reconized as the fastest selling townhome community in all of the South Surrey real estate market. For htose families looking for some additional space and finer details, Cathedral Grove at Morgan Heights offers home up to over 2100 square feet, gourmet kitchens well equipped with Bosch appliances and granite countertops, and the conveniences of two car garages. In today’s South Surrey real estate market, likely the most important and final consideration for prospective hombuyers is the price. “Kaleden Homes is our first home purchase a is by far the best value we could find,” homeowners at Kalden by Polygon Homes. At just $314,900 for a new home at Kaleden South Surrey and only $419,900 for a four bedroom home at Cathedral Grove in Morgan Heights neighbourhood, these two new communities offer some of the best value in the entire Lower Mainland property market. “We are delighted with the steady sales at both communities having sold 105 homes here in the last seven months. WE are now down to eight homes in our first phase at Cathedral Grove… and having quickly sold out of our first phase at Kaleden, we will be releasing more homes this weekend.” Offering a vibrant lifestyle in a convenient, yet exclusive, setting, Kaleden and Cathedral Grove homes in Morgan Heights South Surrey shine as two of the best in the hot new neighbourhood. The Polygon family of companies, British Columbia owned and operated since 1980, has built more than 18,000 homes throughout the Lower Mainland, and earned the trust of thousands of families. Polygon’s award winning Customer Service team provides after sales service, and all homes are protected by comprehensive 2/5/10 warranties by the Traveler’s Gaurantee Insurance Company. The Morgan Heights Kaleden and Cathedral Grove South Surrey sales centre and display homes, as well as the impressive Evergreen Club, are open daily from noon to 5pm except Friday, and are located at 27th Avenue and 158th Street in South Surrey. For more information about Kaleden, please call 604.541.4246 or Cathedral Grove, please call 604.541.7383 or visit www.polyhomes.com.

Doom and Gloom or Smooth Sailing? What is the 2009 Vancouver Real Estate Forecast and Housing Outlook in the Lower Mainland now and beyond 2010?

2009 Vancouver Housing Forecast and Lower Mainland Property Outlook for 2010 Olympic Year

There is much talk about the Vancouver real estate forecast for 2009 and further ahead into the Winter Olymipic 2010 Vancouver property market forecast, but really, there is no one in this world who can predict what will happen to the Lower Mainland housing market. There are predictions and outlooks, forecasts and opinions, but these are not based on facts or reality, just yet. This is an article that talks about the future of the Vancouver real estate market in terms of forecasting the 2009 Vancouver housing market as well as the property outlook further into 2010 before and beyond the Winter Olympics. Based on fundamental issues such as the Vancouver economy, in and out migration, housing affordability, GDP growth and other factors such as aging population and transient work force, there are many things to be happy about in terms of the Vancouver housing forecast for 2009 and beyond, but there are also many traps and assumptions being made that should not be by the typical Lower Mainland home buyer and investor. A wide range of chief economists, bank leaders and Greater Vancouver real estate experts have taken claim to what they think is the true outlook for the Vancouver property outlook 2009 as well as the Vancouve real estate forecast for 2010. Published, blogged and submitted to newspapers and magazines, these experts’ opinions vary widely in their perception of what is going on with the current housing market and the 2009 Vancouver housing real estate forecast that is already upon us. Let’s take a look.

The Vancouver Real Estate Forecast for 2009

The Greater Vancouver property market has faced an unprecended growth period during the past decade, lead by huge property gains in West Vancouver, the west side of Vancouver, downtown as well as many suburbs like Richmond, Burnaby, New West, Surrey and Abbotsford posting some of the largest gains in Canada real estate market. However, during the past 10 years, many homebuyers and investors have failed to notice why the property values and housing market was keeping afloat and exponentially increasing in value seamlingly every month. With a growth economy based on commodities, construction (of course), employment was at its peak and unemployment was at all time lows in Greater Vancouver. However, everything changed as soon as the global economic crisis took hold of world economies, trade and credit financing. Vancouver real estate did not escape the US housing market liquidation. Perhaps, we have fared better than our countertops down south through 2008 and into 2009, but most Vancouver municipalities have faced large drops in real estate housing values in 2009 already. The effect of long term exponential growth in Greater Vancouver property values has taken its negative effect on the property forecast 2009 for Vancouver. Affordability is now the major issue facing first time homebuyers (who service the engine that creates a balance Vancouver real estate market) and with property affordability in Vancouver at it’s all time lowest (one of the most expensive cities to live in the world), this segment of the population has been kep out for about a year now. With the economy in ruins and jobs disappearing, Vancouver is in a tight position when it comes to people wanting to buy a home right now. In addition, with credit tightening throughout all the major banks, it has become very difficult for first time home buyers to get a good mortgage product for any home that they choose. Therefore, the 2009 forecast for Vancouver real estate and the Vancouver housing outlook 2009 is for a more stable market than the last quarter of 2008, but don’t expect any huge returns or gain in value. Stabilization of the Greater Vancouver property market may come later in the fourth quarter of 2009, and forecasts on the Vancouver housing market 2009 suggest that gains in value won’t even begin until mid-2010. As far as the 2009 Vancouver real estate outlook is concerned, you can probably expect a slight drop in future sales prices and a huge drop in sales volume through the first six months of 2009. The forecast for Vancouver home market 2009 later in the year is for a steadying of the sales volume and maybe even a slight gain property values, but nothing is set in stone. As long credit is tight and the global economy is in trouble, the Vancouver real estate forecast 2009 seems grim for those looking to sell. For those homebuyers looking to purchase a home or for first time home buyers, 2009 may be the best opportunity for you to get into the market. With a 2009 Vancouver housing forecast for a slight drop in property values coupled with low interest rates for both variable and fixed mortgage financing, the outlook for Vancouver real estate market for buyers is bright. There have been several surveys that have shown that homebuyers in Vancouver are changing their perspective on buying a new home this year compared to the last six months of last year. If this is the case, the 2009 Vancouver housing real estate outlook should be good heading into 2010.

Winter Olympics and Its Affect on the 2010 Vancouver Property Outlook

With recent surveys and analysis, many experts believe that the US housing market will come out of its downward spiral and foreclosure problems by the end of 2009. These same articles and experts expect the Greater Vancouver housing outlook and sales to balance out after that, so some time in very late 2009 or early 2010. With the winter Olympics showcasing Vancouver, there is a lot to be said about creating a renewed interest in the city, not seen since Expo ’86. The 2010 Vancouver housing forecast and Vancouver real estate outlook is calling for smooth sailing once 2010 Olympics hit and there are many reasons why. The Winter Olympics will employ many people before, during and after the Games, creating a legacy like no other large event can provide. The city will be showcased to most of the world’s population, profiling Vancouver as one of the most beautiful cities in the world. In addition, mortgage rates are expected to stay very low through 2010, so that Vancouver home buyers looking to purchase in a year’s time, will still be able to get great financing products. The Lower Mainland property market has seen it’s share of negative news including the cancelled Coquitlam Riverbend project, and the Homer & Helmcken plus Garden City Richmond condo receivership problems. Now comes the Millennium 2010 Olympic Village fiasco with over-runs, debt mounting and problems with completing the affordable housing component. With all of this, it doesn’t seem like the 2010 Vancouver real estate outlook should be very good, but it is. And then, you can also add the delay of the West Vancouver Evelyn project, the cancellation of the Hills Vancouver condos, the delay of the Ritz-Carleton condo hotel residences and the cancellation of Jameson House and the forecast for 2010 Vancouver housing market should look bleak. However, it is safe to say that condo and housing inventory has been kept in check through all of these delays and cancellations. With an ever increasing population moving into the Lower Mainland, the outlook for 2010 Vancouver housing market is for a shortgage of units by years’ end and into 2011, even with the estimated completion of these delayed projects. With many developers holding back and not building for another year, this will cause some problems in terms of new inventory that comes onto the market for homebuyers. With this limited supply of homes, the 2010 Vancouver real estate forecast is calling for an increase in value, sales figures and sales volumes through the year and into 2011. By 2012, it is expected that Greater Vancouver will again face a shortgage of homes and affordable housing such as condos and the construction process will start yet again. Therefore, the Winter Olympics will provide a vehicle for the Vancouver property forecast in 2010 to be positive … and with sales volumes and prices increasing, the 2010 Vancouver housing outlook is very positive to say the least.

So What Do the 2010 and 2009 Vancouver Real Estate Outlook Mean to You?

If you currently own your own home or you have invested in condos/townhomes that you are now renting or have yet to close, HOLD ON to your property. The biggest mistake homebuyers and investors make is to listen to the top headline news about the world falling down. This is not a time to panic. Rather, you should think through and calculate your monthly cashflow to see if you can afford your place still as well as whether or not to keep your rental properties. If you are tight on cash, sure, sell. However, if you aren’t, holding onto your Vancouver property and real estate through 2009 and 2010 is a great way to ensure that you will not incur losses or have to pay capital gains tax if you have made money. The 2009 Vancouver housing forecast is good and the Vancouver real estate outlook for 2010 is even better. By keeping your rental homes for another 12 months, you may end up facing an upswing in property values again during the Olympics when Vancouver is on the world stage. If you are a first time home buyer, 2009 may be the BEST year to purchase your new home. With a drop in Vancouver property 2009 in addition to great mortgage rates and financing packages, you can skip ahead of the rest of us who purchase during the past five years and locked in at higher rates. If you can afford it comfortably, 2009 is the best year to purchase Vancouver property. The forecast for 2010 Vancouver housing market is calling for an increase in value as well as both fixed and variable mortgage rates, so why wait? As an investor, the 2009 Vancouver housing outlook is bright for you as well. Again, as a real estate investor, cashflow is king. If you can operate your business with positive cashflow (meaning your rental income is higher than all expenses), you should put in your due diligence and start purchasing property again. These are great times for you. 2009 Vancouver real estate outlook is calling for more liquidation events such as the MACBULK Onni condo sales in addition to many other real estate developers providing incentives to purchase their available inventory. The forecast for the 2009 Vancouver real estate outlook is calling for more developers taking on the GST, anywhere from 10 to 35% off the original pre-construction pricing, no strata fees or property fees paid for for the first year or even getting a new car with the purchase of a new home. These incentives will not last through the 2009 Vancouver property market and by 2010, the forecast for Vancouver housing outlook will again re-start bidding wars for good property. These gloom and doom times are actually not so bad when you look at all the factors involved with how you can take advantage of these special times.

Other News Items:

Major Banks in Canada Slash their Prime Rates and See Recovery Sooner Rather Than Later

According to the Real Estate Weekly for Vancouver, the Bank of Canada slashed their prime lending key interest rate to its lowest level in the history of the country this month and all of the major banks, surprisingly, followed suite with a drop in their bank prime rates too. The central bank of Canada cut the trend setting over night rate by 0.5% to the lowest 1% level in history, lower than the 1958 rate of 1.12%. In mortgage moves, the Royal Bank of Canada slashed its one two and three year rates by 1.1%. It’s five year posted rate drops to 5.79% and there is a five year closed rate special at only 4.49%. Many economists see the Central Bank of Canada lowering its rate again by as much as 0.5% as early as the next BoC announcement on March 3, 2009. Overall the BoC predicts that inflation will average at a very lot 1.1 per cent this year and won’t return to the target inflation rate of 2% until 2011. There is speculation that the recovery in Canada will come sooner rather than later with a full recovery come mid-2011. That is yet to be seen. Alarmist view dismissed recentlay and published in the Real Estate Weekly. A major Canadian bank believes fears of a future downturn in housing markets is more myth than reality. According to another article, homes throughout Vancouver and in all of Canada have become more affordable to typical homebuyers and this coupled with low interest rates and loans create opportunity for people looking for new homes. There is a better chance of buying an affordable new Vancouver home now than at any tie in the past decade says REBGV. With home sales and consumer confidence already bouncing back in certain cities and neighbourhoods, people and homebuyers have seen a long-term strength in investing in property and owning a home. With low interest rates and consumer confidence already hitting all-time lows and recovering, there are numerous opportunities for homebuyers to get back into the market. Overall Vancouver residential benchmark prices, as calculated by the Vancouver Board’s Housing Price Indix, decline 10.9% to $489,007 between January 2008 and 2009. The benchmark price for a Vancouver single family detached home declined 11.2% to $659,638 in Janaury 2009 compared to $742,490 January 2008. The same trends are seen in the Vancouver condominium/apartment market in addition to to a lesser extent, attached units like townhomes and duplexes. REBGV also reports that sales of detached Vancouver homes and apartment properties declined as much as 58.1% when comparing January 2008 to 2009. New listings in the Greater Vancouver real estate market have also declined. The Bank of Canada has slashed its key interest rate to the lowest level in history to 1 per cent. The decrease was in line with the expectations of most Canadian economists, who have been calling for bold action on the parts of the Bank of Canada and the federal government. Shortly after the BoC rates fell, the big banks led by BMO and TD dropped their lending prime rates by the same amount.

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.

Vancouver Home Renovations 2009 - The Art of Small Condo Living plus Kitchen Islands and Appliances top list of DIY home renos

The Art of Living Small – Condo Living

A great article in the Home Section of Look Magazine by Deborah A. Only a decade ago, purchasing a single family home was still a realistic dream for first time buyers. However, rising real estate costs have since forced many to downsize their square footage dreams and settle for something smaller. But smaller doesn’t have to mean “less,” and townhouse and condominium developers are offering creative interior designs that maximize usable space and are adding external amenities that create a resort-like feel. “Living small” has become an emerging lifestyle in its own right. There are 100 little tricks to making a small space look bigger, but real estate property developers have, for the most part, concentrated on two main things, says Adera president Norm C: “Making the living area bigger by creating open, flow-through designs and making everything else that can be shrunk, smaller.” Adera helps home buyers adapt to a smaller space by offering a line of customized, built-in options to replace freestanding furniture, including wall units for condo living. Space-saving features for condos inherent in their designs include extra wall mounting for flat screen TVs, breakfast bars in some units, rooftop decks called “lanais.” “On the West Coast, people spend more time outdoors,” says Couttie. “The outdoor lanai becomes an extension of indoors-an extra room to relax in and entertain.” Resort-like external amenities in condo living – including pools, hot tubs, and on-site theatres are becoming more common in condominium developments, says Mark B of Fifth Avenue Real Estate Marketing. “Condo living is more of a lifestyle choice and a more liberating experience than it was in the ‘90s. When you come home to your condo, it is a place where you can literally decompress.” Kitchens, where guests typically gravitate toward at a party, have become the entertainment focal point and the true “living room” of the home. As space decreases, the gourmet aspect of the kitchen has increased. “Kitchens have become more designer oriented and functional. Every square inch is utilized. You feel like you’re on a ship’s galley where everything is compact and accessible,” says Beilling. He adds that designers have also focused on making kitchen esthetics more sophisticated. “Finsishing materials are broader in scope and can be co-ordinated to fit with other areas of the home.” If you’re purchasing a condo unit in an older property, some redecorating may be necessary to achieve optimum streamlined functionality. “Designing small spaces often requires choosing comfort over an established idea of what ‘home’ has to have,” says Mila D of Intermind Design. This can be as simple as replacing a traditional coffee table with a few cube-shaped ottomans that can double as seating, or can be moved into corners when space for a larger gathering is required. “Moving into a small space calls for decorating solutions that allow for multiple uses of space and furnishings,” says Djuras. And, she stresses, “You need to think outside the box.”

Making Small Condo Spaces Even Bigger

BRING THE OUTDOORS INSIDE. Let your décor mirror your outside view to make one a continuation of the other. Trees and flowers or sky, glass and concrete can be reflected in building materials, furnishings, accessories and colour palette. UNIFY FLOOR AND WALL COLOUR COMBINATIONS. Create a feeling of richness and open space using a variety of shades of the same or similar colour for both walls and flooring. Continue the same flooring and colour palette throughout the condo unit. STRIVE FOR A CLEAN, UNCLUTTERED LOOK. Choose modular and/or multi-purpose furniture. Reduce visual clutter by limiting artwork to only a few large pieces. Accessorize with complementing, rather than contrasting, colour accents. CUSTOMIZE AND COMBINE STORAGE SOLUTIONS. A floor-to-ceiling wall-to-wall built-in unit in the bedroom can serve as a wardrobe, TV stand, bookshelves and general storage area. The design can combine “behind the door” and open shelving. ADD REFLECTIVE FINISHES. Mixing reflective finishes such as metal, glass and leather with natural finishes adds to the illusion of additional space in your condo. Choose only a few finishes and apply them consistently through the condo living space. SOFTEN THE UTILITARIAN LOOK. Replacing standard doors with those that have textures and patters such as sandblasted glass or interesting wood panels will help to minimize the utilitarian look of your condo home. CREATE NEGATIVE SPACE. Use small-scale streamlined, movable furnishings that have raised or taller legs. The negative space beneath will add visual depth. LIGHT UP YOUR LIFE. Keep windows clear of obstructions and add as much artificial lighting as you can. Track lighting, wall lamps (up lighters), or cabinet lighting add light without taking up space. Generously provided by Intermind Design – Mila D.

Home Designers say Kitchen Islands and Appliances Top List

A kitchen island and updated appliances should be among the first items changed during a kitchen renovation, according to a survey of registered Canadian designers. The kitchen island is the ofcal point for kitchen design. Forty two per cent of designers predict that kitchens will be built around this central workstation, according to the survey, that was conducted by Jenn-Air. More than half of the home designers, however, also recommended going with new appliances, noting that fresh new designs are now hitting the real estate property market. Warm tones like bronze and copper will continue to be a colour trend in the kitchen through 2008, but they’re not the only colours being used. Home designers identified a wide range of colours fro the kitchen this year including greys, red, greens, blue and white. But they note, “the timeless look of stainless steel also remains popular.” Forty two per cent of registered interior home designers recommend that their clients splurge on appliances, rather than other kitchen design elements such as flooring, fixtures and countertops. “Capturing clients” vision for their dream home kitchen is about piecing together svera design elemtns to create a cohesive environment that is both funcitional and stylish,” said Alexandre Blazys, a Montrel based kitchen home designer. From the Real Estate Weekly of Vancouver Newspaper.

Inexpensive Tips For An Interior Home Makeover

As the cold winter weather becomes a faint memory, urbanites in all price ranges are catching the makeover bug. This spring, don’t let financial woes discourage you from adding flair and funciontality to your apartment or condo. Below are five ways to inexpensively upgrade your apartment’s interior, inspired by the residents of Flatbush Garden, group a New York city dwellers who are looking to save money on housing:
1. Plant Life: Adding live plants to your apartment décor is an inexpensive way to provide color and aroma. Makes ure to do your research to find a plant that fits your needs. For example, a bamboo plant does not aggravate allergies, is easily cared for, and costs very little.
2. Change fixtures: cabinet and doorknow fixture options can be found at all price ranges and are simple and fast way to spruce up an apartment.
3. Anything can be turned into art: Expensive artwork is not the only thing worthy of hanging on your walls. Why not hang a patterend blanket?
4. Utilize your wall space: Mounting shelves, baskets, and cabinets allow you to maximize floor space and will greatly open up a small apartment.
5. Pick a theme and stick with it: even if you do not purchase an entire bathroom or bedroom décor, choose two or three colors per room, and keep them in mind with every home furnishing purchase. The theme will boost your appearance of your apartment as well as reflect cohesion and organization.
Locally, Delta contractor and designer Jeffery Rebiffe says that today’s materials mean it is possible to get a great look, even a kitchen makeover, without spending a lot. He advises, thought, that even a low-cost renovation should have a flash of sophistication. In a kitchen, for example, adding a true slate backsplash or an expensive, high-quality lighting can raise the standard without breaking the bank. For more great renovation ideas, visit the 15 houses on the annual Parade or Renovated Homes, held Jun 8. For details, see www.gvbha.org.

Get The Most Out of Your Living Space
From Metro News of Greater Vancouver Newspaper: Here are some easy-to-do tips to help you put a lot of stuff into a little place. By Interior Divine Colin & Justin. Fancy, ahem, cramming in a little extra where you, ahem, need it most? Stick with us kids – we’ve got it sorted. However, crammed your house or tight your condo, here’ show to mac up and make it, at least feel, far more dommodious …

Be Flexible
Use “smart double-duty furniture such as sofas which unfold into beds, coffee tables that raise to become dining tables or upholstered ottomans with removable tops that would make the perfect seat, toy box or foot stool.

Make a wheel difference
Position wheeled storage cubes, side lamps atop, either side of your sofa for a slick modern aesthetic. Fancy a change? Remove lamps and push into the centre of your space to make the perfect coffee table. But there’s more. Lift the lids for immediate access to magazines, books and newspapers. Bingo!

Small scale thinking
To maximize space, lose that “big box” PC in favour of a small, sli laptop that can be stored away when not in use. Or swap elaborate outsize squashy chesterfields for smaller compact sofas and chairs.

Behind closed doors
We recently created a glorious white galley kitchen in a tiny London condo and, because our client works from home, assigned on side of the room to food prop and the other to his stock-market business. On first glance, the long white room looks like kitchen heaven, however, open doors on one side and computer, files, and photocopier suddenly appear. Also, a section o worktop pulls out by 18 inches to create a desk where our chap can go about his business! Close the doors back over, push back the counter … and culinary calm is restored.

Discover you’re big downstairs!
Don’t ignore one of your biggest assets! Instead, dive below into the great Canadian basement to create awesome possibilities chez vous. Rather than languish in what’s little more than a dank, messy storage room, consider the benefits of a finishe basement. We’re thinking guest suite, home office, children’s play room, spa bathroom… The choice is, and the added flexilibty will be, yours!

Here’s a hit list of double duty kit that will help you shop “smart”:
Storage Ottoman – seating, storage and table all in one
Kitchen Storage Bench – cook books, and baking trays, housed casually within kitchen table seating
Sofa Bed/Murphy Bed – a guest suite in minutes and no extra room required
Coffee Table With Stashable Stools – additional seating when you need it
Extendable Dining Tables – office/work space as required
End Tables With Drawers Or Shelves – a stylish way to introduce extra surfaces and extra storage
Armoire – use a multimedia housing, TV disguise or clothes storage. Particularly good for bedroom offices. Don’t forget to pins sleeves to the inside of the doors to stash flast files etc.
Stackable Chairs – enough said!

Colin and Justin’s Home Heist airs Tuesdays at 6pm, Saturdays at 4pm and Sundays at 11am on HGTV. www.hgtv.ca

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.

Metro Vancouver Homelessness Key Issues and Numbers - Social Housing Updates - North Shore Homeless Count - Affordable Housing on Its Way?

Downtown Eastside Vancouver Rainier Hotel Re-Opens for Women’s Social Housing

The complex offers homes and hope according to Kristen T. of MetroNews Vancouver. Forty one women who had been sleeping in alleys or shelters will now have a safe place to call home with the opening of the women’s housing social apartment complex in the downtown Eastside of Vancouver. Rainier Hotel was re-opened yesterday after a $9.5 million contribution from the provincial and federal governments and $5 million from Health Canada. The 41-unit, single room occupancy Rainier Hotel Vancouver downtown eastside building will have a 20 unit treatment program for women in recovery from detox and 21 units for social housing tenants. “In our community there is a lot to be sad about,” said Liz Evans, founder of the Portland Hotel Socity, which will be managing the third floor units at the downtown Eastside social housing Rainer Hotel in Vancouver. “This building represents homes and hope for the women in the Vancouver downtown eastside. This will have a great impact on the lives of the people here.” Heather Hay, with Vancouver Coastal Health said yesterday was a “benchmark day,” for the women of Downtown Eastside Vancouver and social housing. “Housing is often the first step in recovery, but it isn’t enough,” she said. “By offering a rnage of supports to vulnerable women after detox treatment, we are giving them the tools to become stable, regain control of their health and establish a foundation for ongoing recovery.” Expanding social housing has been a priority for the provincial government. The Rainier Hotel in Downtown Eastside Vancouver was one of six single room occupancy social housing hotels bought by the BC government last year to protect and expand affordable housing. To date, the province has acquired 23 hotels with 1350 units in Vancouver, mostly in the downtown Eastside for social housing and treatment facilities. Renovations are currently underway at 11 of the buildings.

Vancouver Social Housing Update - March 2009 - BC To Fund New Affordable Social Housing Sites

The provincial government of British Columbia has announced that it will fund and build six long awaited social housing sites in Vancouver, part of a year old pledge to fast track a dozen social housing projects on city-owned land. This is according to 24Hours Vancouver and written by Irwin L on March 18, 2009. The six new Vancouver social housing sites will be located at: 1338 Seymour Street (with 105 new social housing units in Vancouver Downtown), 1005 Station Street (with 80 new Vancouver social housing suites), 525 Abbott Street in Gastown with 108 units, 188 East 1st Avenue in East Vancouver with 129 new social housing units, 3212 Dunbar Street with 51 units and 339 West Pender Street with 96 new affordable housing suites. This move by the BC government came on Tuesday as advocates in the Downtown Vancouver Eastside accused the province on failing to deliver on their election promises. By kick starting $172 million in funding for affordable social housing in Vancouver, these will be an additional 569 units built in the next year. Five of the six Vancouver social housing sites are in downtown Eastside. This is only half of the promised Vancouver social housing projects that was promised back in 2007. If fully constructed, the dozen Vancouver social housing sites would see up to 1200 small studio units of housing for low income singles, with many catered towards hard to house clients with mental health and addiction service providers.

Metro Vancouver Homeless Tally Up 22 Per Cent

This according to 24Hrs Matt K: Metro Vancouver has 22 per cent more homeless today than it did three years ago. The Greater Vancouver Regional Steering Committee on Homelessness published the final results of its March 2008 Homeless Count. “We’ve approximately named the report ‘Still on our Streets…,’” said Val MacDonald, the chair of the Steering Committeee’s communications working group. “Without exception, all communities showed an increase in homelessness.” Volunteers tallied 2,660 homeless people during the 24 hour count, which is meant to provide a “snapshot” of Vancouver’s homeless situation. In 2005, volunteers reported 2,174 homeless people. This year’s homeless numbers are particularly staggering for the Aboriginal community. After a 34 per cent spike in their homeless population, Aboriginals now make up 32 per cent of all homeless people in Vancouver included in the count. “The findings of Aboriginal homelessness are some of the most disturbing,” said Ken Clement, the chair of Lu’ma Native Housing Society. “We can’t afford to look at Vancouver homelessness just as one piece of the problem. It’s a system issue. We need to act.” Both Clement and MacDonald challenged all levels of governments to step up with funding to meet the growing demand to house the Metro Vancouver homeless.

Numbers Show Homelessness Still Rising in Greater Vancouver

According to Andrea W of Metro Vancouver newspaper: The findings of last March’s homelessness count were released yesterday, confirming what is no surprise to Vancouver locals: homelessness is on the rise. The count, done by the Greater Vancouver Regional Steering Committee (RSCH), showed that there were at least 2,660 homeless people on the streets in Metro Vancouver during the 24 hours in which it was conducted. The total number of homeless people in Vancouver, however, is likely much higher. “Considering that 24 hour point in time counts inherently undercount the homeless, the numbers in the report tell us that the region is experiencing a continued growth in homelessness,” said Alice Sundberg, co-chair of the RSCH, in a statement. The report also found that Metro Vancouver homeless people in the region increased by an estimated 22 per cent since 2005 and 137 per cent since the first count in 2002. Street homelessness in Vancouver increased by 40 per cent since 2005 and by 373 per cent since 2002. Aboriginal people represented 32 per cent of all Vancouver homeless people surveyed, despite making up only two per cent of the Greater Vancouver region’s population.

North Shore Outlook- Homeless Count in Vancouver

The North Shore’s homeless population is now the fourth largest in Metro Vancouver real estate. According to the 2008 Homeless Count in Greater Vancouver the number of people living without shelter grew 40 per cent (to 113) since volunteers last conducted the 24 hour survey in 2005. Based on the number of homeless turned away at the North Shore Lookout Emergency Shelter, executive director Karen O’Shannacery knew this wasn’t a typo in the report. “The visible homeless is on the rise not just on the North Shore, but everywhere,” she said. “We’re not surprised by the drastic jump at all.” The overall number of homeless people in Metro Vancouver jumped by 22 per cent from 2005. The number of homeless on the North Shore ranks only behind Vancouver, Burnaby and Surrey. If anything, O’Shannacery said the homeless numbers collected during the point-in-time count are underreported. The North Shore homeless shelter has limited capacity: 45 temporary beds and 25 traditional housing units. “There’s a number of people living on the streets [in North and West Vancouver] because they refuse to leave because this is where their comfort zone is,” she explained. Many are forced to live rough because of a dearth of shelter beds and – perhaps- more importantly – supported North Shore housing units. “Where is the affordable, supported housing?” she asks. Breaking the cycle of homelessness on the North Shore required permanent housing options with support services for those wishing to transition from life ont eh streets. At the moment, there’s only a “nominal” supply of supportive housing units on the North Shore, she added. Last year the provincial government announced more than $80 million in funding for approximately 1,000 supportive housing units in Vancouver, Victoria and Burnaby. O’Shannacery conceded that North and West Vancouver may suffer from the “attitude that the North Shore is wealthy and can meet their own needs,” and believes North Shore municipalities must increase pressure on federal and provincial governments to start an affordable housing supply program for the homeless on the North Shore. “The North Shore has even less affordable housing than Vancouver and other municipalities. [The temporary shelter] is the pathway to the solution – not the solution.” – The Outlook.

Government Parties Promise Housing

According to Carlito P for the Georgia Straight Real Estate section. When police started ticketing homeless people camped out in Vancouver’s Oppenheimer Park last summer, Kathy Walker and her neighbours decided to take action. They started going to the park early in the morning, when police started arriving, and they stood in solidarity with the campers. One evening, Walker, a resident of the Jackson Avenue housing cooperative on the east side of the park, camped out with her young daughters amid the homeless. At one time, walker said, she counted about 30 tents in the park. In mid-August, the campers were moved into hotels and housing units owned by the provincial government. Walker recalled that one woman told her she had been on a housing wait list for the past five years. Oppenheimer Park has returned to what it was prior to the camp-out. But according to Walker, there are always homeless people hanging out there. With the federal election campaign in full swing, Walker wants to hear politicians talk more about what their respective parties intend to do about homeless and housing the homeless. “It’s such a basic thing for human dignity,” Walker to the Straight by phone on September 22nd. “People need decent, safe place to live.” On Sept 16, Prime Minister Stephen Harper announced that if reelected, his government will give first time home buyers a tax credit of $5,000 of the closing costs of a house purchase. The next day, ministers Monte Solberg and John Baird rolled out a pledge that a new Conservative government will extend for five years three programs with funding of $1.9 billion. These are the Affordable Housing Initiative, the Residential Rehabilitation Assistance Program and the Homelessness Partnering Strategy. For their part, the federal Liberals have promised to tackle the Vancouver housing crisis by providing 30,000 new social housing gunits. They will also refurbish 30,000 existing units. The Liberal platform also includes expanding subsidies for low income people living in federally funded co-op housing in downtown Vancouver east side.

More about Social Housing Vancouver

Like the Conservatives, the Liberals pledged to renew the RRAP. They will also continue with the Homeless Partnering Initiative, a component of the HPS. If ever they get to form a government, the NDP has am ambitious program to implement. They will start a 10 year national housing program that will build 200,000 social housing and co-op units. They will also renovate 100,000 existing units. Rent supplements will be given to 40,000 low income tenants. An NDP government will underwrite low interest mortgages on affordable housing. The Canada Mortgage and Housing Corporation will be redirected to fund social housing. The Greens are more modest. They have promised to build 20,000 social housing units and rehabilitate 10,000 existing units over the next 10 years. They will also provide credit and loan guararntees to nonprofit housing organizations and co-ops. The Greens will subsidize private real estate developers who include affordable housing in their housing projects. If politicians aren’t saying much about the housing and homelessness, voters themselves can put these issues front and centre. The Canadian Housing and Renewal Association, a national organization representing nonprofit housing groups, has assembled a tool kit so that anyone can be a “housing champion” in his or her riding. The kit has a sample letter or email to candidates that explains why social housing in Canada has to be on the campaign agenda. It states that four million Canadians “live in housing they can’t afford, that is overcrowded or that is unhealthy or unsafe.” When the Striaght first talked with Walker on August 15, the day after campers were removed from Oppenheimer Park, she offered a smiple solution to help ease the problem of homelessness. “With all the energy and resources and time going to prepare for the Olympics, if we can divert some of the time and energy and money… we could get people off the streets and into decent social housing.”

Tents No Vancouver Housing Answer
According to the 24Hrs Vancouver newspaper: Vancouver’s less fortunate can no longer be shuffled out of sight, homeless advocates charged yesterday. Speaking outside of city hall, Streams of Justice organizer David Diewert cited a B.C. Supreme Court ruling that allows Vancouver homeless people to erect tents in parks and on public grounds in Victoria as a catalyst for a parallel action in Vancouver. “All this is really doing is brining into the visible landscape the true reality of desperation and homelessness that are in our cities,” Diewert said of the decision. Pivot Legal Society lawyer Laura Track said a case before Vancouver courts to strike down a similar vagrancy bylaw should yield the same result since the number of homeless people in Vancouver is more than double the number of available shelter beds. If city attorneys in Victoria had been able to provie there was sufficient shelter space, the judge would have faced a more difficult position, she said. Still, Diewert said tents are no solution, and called for the immediate opening of vacant Vancouver housing. Diewart is taking part in a seven day fast and vigil on city hall property to mark Homelessness Action Week. An article by Dharm M for 24 Hours.

Social Housing and Homelessness Activists take on Vancouver Housing Hurdles through the Eastside Vancouver Poverty Olympics

According to MetroNews Vancouver’s Jeff H., activists in the downtown Eastside Vancouver held a $6 Olympics yesterday in protest of the $6 billion Olympics in Vancouver-Whistler 2010 that wil take place in Vancouver in little more than a year from now. The Poverty Olympics, as they call themselves featured short skits of athletic events like Housing Hurdles, Wrestling for Community and Skating Around Poverty. Gena, who co-hosted the second annual event dressed as mascot Chewy the Rat, said she was representing all the people of downtown Eastside Vancouver “who have go nothing out of all the Olympic promises.” The Vancouver Eastside Poverty Olympics began with a torch relay and protest march through the Vancouver downtown eastside to the Japanese Language school on Alexander Street. The first event, Sweeping Aside Poverty (curling), featured poverty Olympians pitching rocks (painted milk jugs) across a carboard ice sheet covered with obstacles like bureaucratic red tape and paper clips. Meanwhils, their opponents, a slick looking team called Vanoc, had no such difficulty. They were able to sweep away obstacles with bailout brooms or cut thorugh them with help from their friends in the police and corporate media. The Vancouver Poverty Olympics has been a hot issue around town lately.