| Friday, October 2, 2009 Buyer demand remains strong while home listings increaseby Wade Allen on Fri, Oct, 2, 2009 02:15 PM c/o REBGV : Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.
“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.
“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.
Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.
Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.
Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.
Friday, September 18, 2009 Spectacular Open House this Sunday 2-5by Wade Allen on Fri, Sep, 18, 2009 06:51 PM  Vancouver, BCRarely does a listing this nice come on the market. A rare one indeed. 1128 Quebec St is a superb Bosa built building in the middle of what is called CITYGATE, the towers that stand like guards on the east tip of False Creek. The National is in the middle of them all with the best views of the lot of them, especially South West facing units like this one. It gets all the beauty of the south facing sun, with the western views of the water, city and mountains. They also have a massive picture window in the living room that allows for its habitants to enjoy these views without the obstruction of vertical window mullions like the other buildings. This is a very rare listing, as the last '05 unit sold over 3 years ago. The 12th floor adds more value with being high enough to cut out city sounds, but yet low enough to keep a fabulous eyeline, even from the huge open kitchen.
This unit has a better view and similar finishings to the front facing Millenium Water units that would be priced well over $2mln. The value here is amazing.
The Open House is this Sunday September 20th from 2-5pm.
1205 - 1128 Quebec St. MAP Monday, August 17, 2009 Team Canada Unveils 2010 Hockey Jerseyby Wade Allen on Mon, Aug, 17, 2009 04:03 PM  Hockey Canada has unveiled its new Olympic hockey jerseys for the 2010 Winter Games.
The red and white jerseys carry a modified Maple Leaf logo inset with aboriginal designs. The design replaces an old design that the International Olympic Committee objected to because it carried the Hockey Canada logo.
The IOC has banned national sports federations from carrying their logos on athlete uniforms.
“These jerseys bear a uniquely exciting Canadian look in keeping with the distinctly Canadian character. The appearance of these jerseys will ignite our nation’s pride each time some of Canada’s most recognizable athletes take to the ice to represent their country and the Canadian Olympic team,” Michael Chambers, president of the Canadian Olympic Committee, said in a news release. “We know all Canadians will be proud of the athletes wearing these memorable Olympic team jerseys, and that those same fans will wear them in demonstrating their support for our Olympic hockey players.”
The new jerseys, red for home and white for away, carry small IOC-acceptable logos of Hockey Canada, the Vancouver Organizing Committee and Nike, the manufacturer.
Vanoc also announced it signed Nike as the official "high performance sporting goods manufacturer" for the 2010 Games. The deal, which will see Nike make and sell the jerseys for up to $135 each, is expected to be the last sponsor signing for the Games. The jerseys will also be sold at HBC, another Vanoc sponsor.
The aboriginal design in the centre of the Maple Leaf is came from Musqueam artist Debra Sparrow.
© Copyright (c) The Vancouver Sun Monday, August 17, 2009 Understanding Your Credit Report and Credit Scoreby Wade Allen on Mon, Aug, 17, 2009 12:17 PM What many prospective borrowers don’t realize is that the pricing of mortgages and other loans is based in part on their credit-worthiness. Consumers need to be aware of how their credit is evaluated by lenders, and how they can work to avoid so-called “bruised credit” – people with a lower credit score can find themselves paying a higher interest rate, or even denied access to certain types of loans.
A credit report is a detailed history of how consistently you meet your financial obligations, and provides a picture of your financial health based on your past behaviour. A credit score is a three-digit number, usually between 300 and 900, representing your overall credit-worthiness, based on personal information from your credit report and other sources.
Both your credit report and score are important. When deciding whether or not to grant a mortgage loan, lenders refer to an applicant’s credit report and score, along with a range of other factors such as income, employment history, and size of down payment.
The higher your score the more likely you are to be approved for a mortgage and receive favourable rates because the lender considers you to be a better credit risk. Several factors are used by the two main credit agencies in Canada (Equifax Canada and TransUnion Canada) to calculate credit scores:
Originally Published by Cara Savege of Invis Mortgages Wednesday, August 5, 2009 Strong spring market carries into summer monthsby Wade Allen on Wed, Aug, 5, 2009 06:25 PM VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.
“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.
“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.
July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.
Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.
Bright spots in Greater Vancouver in July 2009 compared to July 2008:
DETACHED:
Burnaby up 121.7 per cent (153 units sold from 69)
North Vancouver up 53.3 per cent (115 units sold from 75)
Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)
Richmond up 140.2 per cent (221 units sold from 92)
Vancouver East up 66.4 per cent (208 units sold from 125)
Port Coquitlam up 236.4 per cent (74 units sold from 22)
Vancouver West up 104.5 per cent (180 units sold from 88)
South Delta up 203.1 per cent (97 units sold from 32)
West Vancouver up 108.1 per cent (77 units sold from 37)
Sunshine Coast up 60.5 per cent (69 units sold from 43)
ATTACHED:
Burnaby up 123.3 per cent (134 units sold from 60)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
North Vancouver up 70 per cent (51 units sold from 30)
Vancouver West up 110 per cent (105 units sold from 50)
Richmond up 152.1 per cent (179 units sold from 71)
Vancouver East up 195.8 per cent (71 units sold from 24)
Port Coquitlam up 117.6 per cent (37 units sold from 17)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
Coquitlam up 88.2 per cent (64 units sold from 34)
APARTMENTS:
Burnaby up 72.8 per cent (235 units sold from 136)
North Vancouver up 47.9 per cent (105 units sold from 71)
Richmond up 85.5 per cent (230 units sold from 124)
Vancouver East up 64.2 per cent (179 units sold from 109)
Vancouver West up 94 per cent (584 units sold from 301)
New Westminster up 70.6 per cent (116 units sold from 68)
Coquitlam up 62.3 per cent (86 units sold from 53)
Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)
Download the complete stats package by clicking here.Monday, July 27, 2009 Top Remodeling Projects for Boosting Your Home’s Valueby Wade Allen on Mon, Jul, 27, 2009 08:59 AM Whether you are thinking about putting your home on the market or you are concerned about increasing your home’s equity over time, knowing which remodeling projects yields the best return on investment, is critical.
Not all home remodeling projects are equal in terms of ROI, however. Here are the National Association of Home Builder’s suggestions for the best ways to add value to your home:
• A Home Office Remodel
With more and more people telecommuting in today’s difficult business climate, home offices are becoming less of a luxury and more of a necessity. Creating a state-of-the-art space for potential teleworkers is a surefire way to increase your home’s value.
• Renovate or Add a Family Room
A family room is an excellent way to make existing homes more like new construction. Take into account what homes in your area are like. People like to purchase homes that blend with other homes around them.
• Replace the Roof
The roof is one of the first impressions people have of a home. Replace an old roof or change the character of your home by looking into architecturally styled roofing tiles.
• Landscape Your Yard
Landscaping is also an integral part of your home’s first impression. A professionally landscaped yard adds value to your home and increases your living space.
• Replace Old Windows
Thirty percent of a home’s energy is lost through its windows. Replacing old windows with energy-efficient ones ups the overall quality of the house and saves you money on monthly utility bills.
• Remodel Your Basement
Do you have space that serves as a black hole of unused items…like your basement? Remodeled basements make excellent game rooms or guest suites, adding value to your home without adding space.
• Paint, Paint, Paint
It’s been said over and over but can’t be emphasized enough. Hire a professional if you need help and keep the colors neutral if you’re looking to sell.
• Remodel Your Kitchen
Kitchens sell a home, and in this case, size does matter. But a kitchen remodel is a long-term investment; you’ll see payback 10 years down the road. Sometimes doing it yourself can save money, but always bring in a professional for the big jobs.
• Remodel or Add a Bathroom
A bathroom remodel can mean making the most of your current space by upgrading fixtures, flooring and lighting. Or add a bathroom and automatically increase the value of your home. Saturday, July 25, 2009 HST effective July 1, 2010, payable on NEW housingby Wade Allen on Sat, Jul, 25, 2009 11:34 AM Yesterday, the Premier announced that a new harmonized sales tax would be introduced in B.C., effective July 1, 2010, which will combine the provincial sales tax with the federal Goods and Services Tax. The new tax, known as the HST, will be 12%.
The proposed HST will include a partial rebate of the provincial portion of the single sales tax for new housing to ensure that new homes up to $400,000 will bear no more tax than uner the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.
The list of services that will be subject to HST includes real estate fees, or commission.
We will keep you posted as more details are available. If you have any questions, I always welcome your calls. Tuesday, July 21, 2009 Bank of Canada Holds Key Rate Steadyby Wade Allen on Tue, Jul, 21, 2009 09:11 AM The Bank of Canada announced this morning that it will leave its key interest rate unchanged at 2.25%. The Bank also reiterated its commitment to hold its key rate at the current level until the end of the second quarter of 2010, conditional on the outlook for inflation.
In its statement the Bank noted that in Canada, “stimulative monetary and fiscal policies, improved financial conditions, firmer commodity prices, and a rebound in business and consumer confidence are spurring domestic demand growth. However, the higher Canadian dollar, as well as ongoing restructuring in key industrial sectors, is significantly moderating the pace of overall growth.”
Lenders are expected to keep their prime lending rate steady. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate.
Pricing for fixed-rate mortgages is not directly affected by today’s announcement.
What does this mean for our Vancouver Real Estate Market? Well currently we have a lot of action from buyers who are locked in at their low fixed rates for the next 60-90 days. Most people are locked in around 3.75%. You can also get a variable rate of Prime + 0.6% (2.85%). If after another 2-3 months when those who have locked in have not bought a home, they will be forced to go with today's 5 year fixed rate of 4.25% (which is still incredibly low). But it also might make sense to look at a variable mortgage because a 1.4% difference between the two rates is very attractive. Monday, July 13, 2009 Recovery Underway in Key Canadian Marketsby Wade Allen on Mon, Jul, 13, 2009 01:26 PM Pent-up demand for residential housing has bolstered sales in Canada’s major markets—a clear signal that the housing sector has shifted into recovery mode, according to a report issued by RE/MAX.
More balanced market conditions have emerged, effectively ending the stronghold that buyers had on the market over the past six to eight months. Canada’s largest markets, Toronto and Vancouver, led the charge—with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27 per cent over one year ago, setting a new record for sales in the month of June. The figure was just slightly off the all-time peak of 11,146 units. Residential sales in Greater Vancouver increased 75.6 per cent over one year ago, to 4,259 units, just short of the record breaking 4,333 sales, which occurred in June 2005. Overall, major markets began to recover in March, posting escalating sales in April, May and June. The impetus is expected to continue throughout the remainder of 2009, with most centres now forecasting year-end sales on par or ahead of 2008 levels.
While sales are the leading indicator, there are other clear signals that recovery is indeed underway. Renewed consumer confidence, albeit cautious, has been key, supported by improved economic news. In addition, we’ve seen sale price-to-list price ratios climb across the country, rising as high as 105 per cent in some communities. Vendor incentives have also come off the table, both for resale and new housing stock.
The recent surge in resale activity can be attributed to three key factors—pent-up demand, low interest rates, and greater affordability. The combination—in conjunction with declining inventory levels—has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.
The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation’s economic engine. Canadians believe in homeownership --a fact best illustrated by the purchasers who ventured forward in recent months and snapped up some of the best real estate deals this market has seen in years. Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values.
Although the current pace may be unsustainable, all markers point to greater stability in the market, leading to healthier activity in the long run, with inventory levels a key variable influencing pent-up demand. Wednesday, July 8, 2009 Condo Tower Downtown Considering RE-LAUNCHby Wade Allen on Wed, Jul, 8, 2009 08:10 PM From CBC.ca
The 60-storey Ritz-Carlton tower in Vancouver was scheduled for completion in 2011 before the project was suspended. (Holborn Group)
A Vancouver developer's plan to resume construction on a luxury high-rise building where work stopped last fall may be another sign that Vancouver's real estate market is picking up steam again.
Last October when the global economy tanked, construction on the six-star hotel and condominium tower on West Georgia Street in downtown Vancouver ground to a halt, leaving a giant hole in the ground. By spring buyers were given their deposits back.
The project was one of several cancelled across Metro Vancouver last fall and winter because of the real estate downturn.
But in June real estate sales in Vancouver were up 75 per cent over the previous year and prices were picking up as buyers took advantage of record low interest rates.
On Wednesday Joo Kim Tiah, the president of Holborn Group, told CBC News he is hoping construction of a more modest four-star version of the Ritz-Carlton project could begin this fall.
"If not the fall, then by early next year we will begin construction again, so that project is going to move ahead," said Tiah.
It is not clear yet if the new design would still carry the Ritz-Carlton name. Wednesday, July 8, 2009 Housing prices to drop 2 per cent in 2009?by Wade Allen on Wed, Jul, 8, 2009 09:11 AM A new forecast from a major Canadian real estate company predicts that the national housing market is stabilizing, after seeing a "remarkable turnaround" in the second quarter of 2009.
Royal LePage predicts that the selling price of the average house will drop by only two per cent this year -- an improvement over the real estate company's prior forecast from six months ago that predicted a three per cent drop.
The real estate company also predicts that the number of unit sales will drop about one per cent in 2009 to an estimated 430,000 sales.
Phil Soper, the president and CEO of Royal LePage Real Estate Services, said that the forecast adjustment is the result of the improved real estate sales numbers seen in the second quarter of this year.
"We've got the most important quarter in the real estate calendar behind us -- the second quarter -- and it really was a remarkable turnaround," Soper said during an interview on CTV's Canada AM on Tuesday morning.
"As steep as the decline was, the bounce-back was just as dramatic," he added.
While the year's second quarter saw housing prices beginning to appreciate, the average national housing prices still remain below their values from 12 months ago.
According to the Royal LePage figures:
- The average price of a detached bungalow declined to $327,964, about 3.5 per cent below what it was the year before
- The average price of a two-storey home was down 3.7 per cent to $392,378
- The average price of a condominium dropped four per cent to $236,612
Soper said a combination of lower mortgage prices and a housing supply shortage in parts of Canada helped push the market upward during the second quarter.
But he cautioned that the market still has a long way to go, when it comes to recovering the value lost during the recent setback.
"It's going to look better for the second half of this year," he said. "It's not going to be a startlingly good year like earlier in the decade, but I think just the bounce-back, the comeback from where we were, is going to make a lot of Canadians feel a lot more comfortable about the homes they live in."
In many Western Canadian cities, including Calgary, Edmonton and Vancouver, housing prices are still between 10 and 15 per cent below what they were a year ago, Soper said. But they are "gaining back ground," he said.
In Ontario, Royal LePage said Ottawa would likely see stable prices throughout 2009, with Toronto's market stabilizing towards the end of the year.
Montreal is expected to remain a strong real estate market this year, helped by low interest and unemployment rates.
In Atlantic Canada, housing prices were much more stable than in cities further west in Canada throughout the recession, meaning that their pricing fluctuations have been less volatile overall, Soper said.
And according to the Royal LePage figures, demand for housing has so far been strong in 2009, due to strong local economies coupled with moderate housing prices. Wednesday, July 1, 2009 7 ways to help get your offer accepted!!!by Wade Allen on Wed, Jul, 1, 2009 12:38 PM First time home buyers are looking at a market that shows no mercy, is highly competitive and does not reflect the conditions of a so-called "depressed real estate market." It is frustrating, and can become very tedious. It is not easy to find a good house at the entry level without having to compete with other buyers, but with persistence, good preparation and the help of a professional Realtor (I happen to know one), your chances of becoming a homeowner are better. Above all, be realistic, your very first house is not your "Dream House" but getting on the homeownership wagon will eventually get you there.
How can a home buyer compete and win a bidding war? By understanding how offers are viewed by the seller and being prepared to meet those requirements as much as possible. If you can pay all cash, there will be no financing contingencies or appraisals to wait for, and it can close within days, but if that is not possible, follow these steps to strengthen your position and get your offer accepted:
1. Be pre-approved from your bank and have a letter signed from them showing that you are;
2. Get in as early as possible, even if the offers aren't being looked at until Sunday night. The sooner you get in, you can then bring back an inspector with you on a 2nd viewing to maybe remove that subject from your offer;
3. Request all the strata documents, PDS, and Title search before offers are being presented so that you can read and approve all of these documents, and then write your offer without the subject to reviewing them. The cleaner the offer the better;
4. Ask what closing and possession dates work best for the seller, and match those dates in your offer;
5. Get your Realtor to do a in depth CMA (Comparative Market Analysis) of the property and find out exactly what the market value of the home is. Then discuss the pros and cons of offering more money than the asking price.
6. Always, always try to get your offer presented by your Realtor. This way we have the chance of selling you as the best possible buyers for the property. We may also have a chance at negotiating a potential counter offer if there is another offer higher.
7. If you get in early enough, you can actually get your mortgage broker to formally approve you for this property. This should only take 3-4 days (or sooner) so if you get "approved" for this home before offers are being presented, you can go in with a clean offer.
If you follow all 7 of these steps you will have the BEST chance at getting the home you want, at a price you are comfortable with. Sellers usually don't care who buys their home, it who has the best offer. Follow those 7 steps and that will be you. Monday, April 13, 2009 Is Now the Right Time to Buy Vancouver Real Estate?by Wade Allen on Mon, Apr, 13, 2009 12:50 PM Yes. There is a large group of people who have great opportunities in front of them right now. Some of them just don't know it yet. Move up Buyers, First time buyers, Investors and Builders with cash for inventory are all in a good position to take advantage of this downturn market.
We are now seeing the best opportunities to purchase in several years. Competition for properties is low, interest rates are a bargain (3.99% for a 5 year fixed) and Canada looks like it will have the quickest economic recovery. Now is the time to make a move and create some wealth for your future.
If you look you can find a situation where you have a strong Vancouver Real Estate Agent representing you and an eager seller or a property that has been on the market for a long time. Just make sure your agent is capable of negotiating and can prove that they have done so in the past.
The move up buyer is the person who currently owns their own home but is looking to buy a larger lot, a nicer home, something that is completely renovated or maybe leaving a condo for a house. It is true that you will lose money selling your existing home in the current market, but that is fine because you will be buying something at a higher price which will allow you to make back every penny of the loss and create new gains.
The real estate buyer who is in the best position is the one who was on the fence 6 months ago about whether or not they should buy a better home or someone who received a promotion or raise but has been too busy with the new job to execute a move. As long as you have some job security, now is the best time to make the jump.
If you bought your current home for $600K in 2007 and now you can maybe sell it for $500K. You have taken $100K loss. That is okay if you buy a more expensive home in the same market because the home that was bought for $1.2M in 2007 is only selling for $1M today. Therefore you make back the $100K you lost on the sale of your existing home plus you saved an additional $100K by buying in today's market. The above mentioned situation will vary depending on your specific situation so be sure to work with your real estate agent to work out the exact figures to ensure it is a profitable move for you.
In Vancouver West it does not seem like things are going to slow down much more, we are starting to see the surplus inventory dry up and there is a lag in new listings.
First time buyers are also in an amazing position to jump into the real estate market feet first. The official description of a first time buyer is someone who has never owned property before or has not had an interest in owning a property for at least 4 years.
There are a lot of government programs available to assist the first time purchaser. There are rebates for land transfer tax, both municipal and provincial, there is a tax credit to help with closing costs, and you can access $25,000 of your RRSP, tax free, for your down payment ($50K if you lump together you and your spouse). And most importantly, at the introductory level there is a surplus of properties to choose from and negotiate for. The key is to have an agent who is not afraid to go in and fight for the best price for you.
Investment Buyers are also in buying heaven. Right now there are many homes that are available to buy that have multiple units in them. The rental market has stayed strong in Vancouver West and there are still a number of potential tenants filling the appointment books. This is the time to buy because you can lock in a low interest rate with a nominal down payment, which will allow all of the operating costs to be carried by the rental income.
The other segment of the investor buyers are builders. If a builder has sold off their finished products and are now sitting with cash in the bank they can buy up inventory at a good price for future projects and sit on them until the higher markets return.
In every market there are opportunities to be had, you just need to know where to look and be in the right position to take advantage of them. Tuesday, March 24, 2009 Incredible Rate Offeredby Wade Allen on Tue, Mar, 24, 2009 02:48 PM Hey Everyone,
I am excited to let you know that a lender is currently offering a rate of 3.99 fixed for 5 years. This is special for purchases ONLY closing in the next 45 days. This low rate really helps people feel secure for their affordability moving forward.
Ex.
Purchase Price: $300,000
Down Payment: $30,000
Monthly Mortgage Payments: $1420
Please contact me with any questions:
604-868-3242
Tuesday, March 3, 2009 Is the Vancouver Condo Real Estate Market Leveling Off?by Wade Allen on Tue, Mar, 3, 2009 06:27 PM I am a big believer in statistics. They can help explain and predict trends. Although, it' near impossible to plot and predict consumer confidence and public perception, which is the ultimate variable in determining our market.
But what I can do is show you what is happening, and maybe give my opinion into the current Vancouver Real Estate Market.
February 2009 was a great month for Vancouver Real Estate in comparison to the past 6 months and pre-2002. Even in comparison to those 6 strong years of 2002-2008, it was decent. We saw nearly 400 sales in Vancouver West, which is over double that of the 3 previous months.
This increase in demand has also kept prices at even keel. In fact, if you take a 3 month adjusted average over the past year to give you monthly adjust median sale prices for Vancouver West Condos, you will see, we have been pretty even keel for the past 5 months (you may need to read that sentance again. I think I even confused myself).
Since the PEAK average price for Van West Condos in May 2008 we saw a sharp decline in prices for 5 months to October 2008. But since October of last year, the adjusted average median price has been stable at 12-13% below peak prices. This is equivalent to the price point of Fall 2006 to Spring 2007, when demand was still very high.
With sales (demand) picking up last month due to these lower prices, we may have just very well seen the bottom of the Vancouver Condo market. If not, then we will more than likely be nearing the end of the "smoking" deal phase.
Make sure you contact me today if you are looking for a deal. Their days are numbered. Let's not forget this is the nicest city in the world. We aren't talking about the Mid-West here. Friday, February 27, 2009 1st time home buyers could lead rebound in Canadian real estateby Wade Allen on Fri, Feb, 27, 2009 11:26 AM How?
Thanks to lower prices and shifting demographics.
A combination of factors are attracting first-time buyers back to the market after they checked out in large numbers at the end of 2008.
National average home prices were down 11 per cent in January compared to a year earlier.
This, along with historically low mortgage rates and a buyers’ market, are working to attract first-time buyers.
And Scotiabank senior economist Adrienne Warren says baby boomers’ children will soon begin to enter the real estate market in droves, further boosting housing sales.
Wednesday, February 25, 2009 Remember the end of Shawshank Redemption?by Wade Allen on Wed, Feb, 25, 2009 01:38 PM One of my favorite movies of all time is Shawshank Redemption. A story of Andy Duffrain, a hot shot young banker, wrongly accused of killing his wife and sent to prison for life. After 20 years in prison he plans his brilliant escape, and tells his inmate friend Red about a place in Mexico where he wants to start up a charter fish company.
Do you remember the name of that place?
Zihuatanejo
Well this place actually exists. It is just south around a headland from Ixtapa, and is one of the most fast growing beach communities in Mexico. It's beauty, beaches, and seclusion make it very popular for tourists and its natives.
I had a meeting yesterday with the team at Pilot House Real Estate, a Vancouver based International Real Estate marketing company. They are currently ramping up the marketing for a new development down there between The Tides and Intrawest right on the beach.
Rooms at the Tides and Intrawest Resort rent out for on average 70% of the year, at a rate of $300USD a night and up. This development is being done by the same architect, and will have the same feel and opportunity as those.
The best part, they all have big patios on the front that face the water. Every unit steps back and has a gorgeous view.
Now the kicker. Prices? They start at $170K. 50% of the units are under $300K. And they aren't small.
Have a look at some pictures: PICSHere is a google map: MAP (it is the two white buildings on the beach)
For more info, email me HERETuesday, February 24, 2009 Let's Make a Dealby Wade Allen on Tue, Feb, 24, 2009 10:55 AM This weekend I was able to negotiate a very, very good deal for clients of mine. The tallest building in Vancouver, the Shangri La at the corner of Georgia and Thurlow completed late in 2008. Since then there have been numerous units come up for sale, making it a very competative building.
Unit 3108 is a beautiful 1134 sq.ft. 2 bed 2 bath suite, with exquisite finishings, and breathtaking views to the South, West, and East.
The unit was listed for $888,000. That is $783/sq.ft., a reasonable price for this building that has a world class 5 diamond hotel, shops, and amenities open to all it's residents.
I was able to negotiate for my clients a price of $792,500. A $95,500 reduction off the asking price, coming in at $699/sq.ft.
What a great deal!
Now is a fantastic time to get in touch with me and begin your search to find these amazing deals that won't be around for much longer.
Click HERE to view this listing. These pictures don't do it justice. Look at THIS listing 3 floors up. Thursday, February 19, 2009 Obama Unveils Plan to Stem Foreclosuresby Wade Allen on Thu, Feb, 19, 2009 04:23 PM President Barack Obama rolled out a bold $75 billion, three-part plan Wednesday to halt the soaring rate of mortgage foreclosures nationwide, one that seeks to encourage refinancing of homes now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners.
The Homeowner Stability Initiative, which Obama unveiled in Phoenix, seeks to address one of the triggers of the global financial crisis: the 2.3 million U.S. foreclosures last year that are protracting the housing crisis and helping to drive down home prices across the nation.
“When the housing market collapsed, so did the availability of credit on which our economy depends. As that credit dried up, it has been harder for families to find affordable loans,” Obama said. “In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen a crisis which is unraveling homeownership, the middle class, and the American Dream itself.”
Specifically, the Obama plan seeks to provide low-cost refinancing for as many as 5 million Americans. It seeks to help delinquent or at-risk borrowers get their mortgages modified so that no more than 31 percent of their income is tied up in their mortgages. And it provides financial incentives to lenders and even a new insurance program to promote more mortgage modifications.
Like the failed efforts under the Bush administration, however, the Obama plan doesn’t compel banks and other lenders to modify troubled mortgages. Instead, it provides a menu of incentives that may or may not prove sufficient.
“This is not just the treasury secretary going into the room and asking people to do the right thing,” said a senior Treasury official, speaking on the condition of anonymity to speak more freely. “This is the first time there has really been a systemic incentive strategy for them (lenders).”
Banks joined two prior voluntary efforts during the Bush administration Hope for Homeowners and the Federal Housing Administration’s FHA Secure but these efforts have resulted in relatively few mortgage modifications.
Now they’ll have a stick waved at them if they don’t comply with the subsidy plan. It will come in the form of Obama’s support for legislation pending in Congress that would allow bankruptcy court judges to modify the terms of a mortgage.
That’s forbidden right now, and banks and other lending institutions fiercely oppose what they call “cram down” legislation, warning that it’ll bring uncertainty for lenders, who will respond by restricting mortgage lending.
Banks may soon have to choose between the lesser of two evils. They could either modify loans - with a subsidy - to provide lower lending rates, and lose what they might have made from the higher lending rate over the life of the loan. Or they can do nothing and run the risk that a homeowner could file for bankruptcy and then have a judge order new loan terms that allow the borrower to stay in the home - and pay the lender less money.
The president’s plan also offers payments to mortgage servicers, who collect mortgage payments on behalf of investors who own the mortgages originally issued by banks but were sold into a secondary market. Servicers apparently would be offered a payment for modification on par with what they would collect in the case of foreclosure. Wednesday, February 18, 2009 Sales Are Improving!!!by Wade Allen on Wed, Feb, 18, 2009 07:41 PM
In January 2009, we saw an average of 38 sales per day across our Board area. As at the close of business on February 17, we’re averaging 77 sales per day for the month! February is typically a busier month for sales than January. Nonetheless, I thought you would appreciate this update. |
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