real estate news Archives - Vancouver Home Living | Andrew Szalontai

Vancouver Real Estate Market Report February 2018

Andrew Szalontai — Sat, 03 Mar 2018 07:49:41 +0000

Home sales for Vancouver Real Estate Market Report February 2018 as reported by Jill Oudil, REBGV president.

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”

Demand of Home Buyers – Not So Hot this Month – Vancouver Real Estate Market Report February 2018

Home sales for Vancouver Real Estate Market Report February 2018 in Metro Vancouver dipped below the 10 year February average. The sales-to-active listings ratio for February 2018 in Vancouver was 28.2%. By property type, Detached Homes: 13%, Townhouses: 36.7%, and Condos: 59.7%. Analysts suggest downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period. And an upward pressure when it remains over 20%. Total number of properties currently listed for sale in February 2018 is 7,822 on the MLS in Greater Vancouver. The MLS saw an increase of 3% compared to February 2017 (7,594) and a 12% increase compared to January 2018 (6,947).

A Look at the Vancouver Housing Stats

Your Vancouver Real Estate Market Report February 2018 median sales price of Condos in Vancouver was at $785,000 up 22.5% from a year ago. Townhouses in Vancouver median sales price $1,144,000 up 10.5% from a year ago. Detached Homes in Vancouver median sales price was $2,065,000 down 9.4% from a year ago. Total February 2018 inventory – Vancouver Condos 851 down 23.7% from a year ago, Townhouses 201 up 14.2%, and detached homes 1,436 up 9% from a year ago. The average time a Vancouver property was on the market is 25 days, equal from a year ago.

Downtown Vancouver Condo Niche to Watch Out For

Being an expert in the Vancouver Condo market, I get to see what happens daily. I am able to use tools to identify hot spots that are a benefit to you. With Predictive Analysis, Artificial Intelligence, and a personal understanding of the markets. I offer my opinion on the Vancouver Condo Hot Spots i feel will be a great buy. Yaletown Lofts and Coal Harbour Penthouses.

Vancouver Housing Stats That are Important to You

The Condo Market HPI* – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean – Vancouver Real Estate Market Report February 2018?

Analyzing all this data can be confusing, each neighbourhood is going to be different from the other. Let me be your guide to understanding the Vancouver real estate market and your neighbourhood much better with a detailed report. Reach out to me now to help you with your real estate needs.

What Does this Mean if you are Buying a Property in Vancouver?

These times in Vancouver purchasing a property can be challenging. Condos and Townhouses especially, have been in the hot seat for the last year, with 5 out of every 10 homes selling these days, you are sure to go up against competitive buyers wanting the same property you want. Detached single family homes have slowed down due to affordability, with 1 out of every 10 homes selling these days, buyers are able to be more selective with the homes they want knowing there is minimal competition out there.

With having an ample supply of statistics for solds and active properties I can best help you with an offering price that would most likely get you the property you want on your terms and conditions. Lets start this process today, sign up below, to discuss your options.

What Does this Mean if you are Selling a Property in Vancouver?

Think back to 2 years ago when anything and everything that went on the market for detached single family homes, sold. That market has changed today, many home owners are now staging their property to get its full potential value. On average, detached single family homes are getting 97.2% of the asking price. Condos and Townhouses are experiencing more interest than detached single family homes due to affordability.

Realtors have to be on the ball with having skill and techniques to maneuver through the many facets of home selling, it’s not as easy as just putting a sign on the lawn expecting a mad rush of buyers at an open house these days. Relying on and trusting your realtor to get you the most amount of money is critical for you to ensure you move on to where you need to go. Allow me to show you some of my clients testimonials, it speaks very clear on my performance. No two transactions are alike, and you need someone who’s on the top of their game to help you. Get in contact with me today to start this process, Find out what your home is worth.

Yes! Tell Me What My Home Is Worth

Real Estate Terms You Should Know

Home Price Index*?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not Your ‘Average’ Price

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Get in Touch with Andrew Now… Quick and Easy!

The post Vancouver Real Estate Market Report February 2018 appeared first on Vancouver Home Living | Andrew Szalontai.

Vancouver Real Estate Market Report December 2017

Andrew Szalontai — Tue, 09 Jan 2018 07:05:11 +0000

Steady Sales and Diminished Listings Characterize Vancouver Real Estate Market Report December 2017

Home sales for Vancouver Real Estate Market Report December 2017 in Metro Vancouver were 9.7% above the 10 year sales average. The sales-to-active listings ratio for December 2017 in Vancouver was 18.3%: by property type, detached homes: 11%, Townhouses: 24.9%, and Condos: 56.6%. Analysts suggest that downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period, and an upward pressure when it remains over 20%. Total number of properties listed for sale in 2017 (54,655) on the MLS in Greater Vancouver decreased 5.1% compared to 2016 and a 4.5% decrease compared to 2015.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

A Look at the Vancouver Housing Stats

Your Vancouver Real Estate Market Report December 2017 median sales price of Condos in Vancouver was at $717,000 up 15.6% from a year ago. Townhouse in Vancouver median sales price $1,189,000 up 28.3% from a year ago. Detached single family homes median sales price was $1,970,000 up 1.8% from a year ago. Total December 2017 inventory: Vancouver Condos 650 down 31.7% from a year ago, Townhouses 169 up 18.2%, and detached homes 1,140 up 9.9% from a year ago. The average time a Vancouver property was on the market is 27 days, down 25% from a year ago.

Downtown Vancouver Condo Niche Secret Selections

Being an expert in the Vancouver Condo market, I get to see what happens daily and am able to use tools to identify hot spots that are a benefit to you. Between Predictive Analysis, Artificial Intelligence, and a personal understanding of the markets, I can give you my opinion on the Vancouver Condo Hot Spots i believe will be a great buy: Yaletown Lofts and Coal Harbour Penthouses.

Vancouver Housing Stats That are Important to You

The Condo Market HPI* – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean – Vancouver Real Estate Market Report – December 2017?

Analyzing all this data can be confusing, each neighbourhood is going to be different from the other. Let me be your guide in understanding the Vancouver real estate market and your neighbourhood much better with a detailed report. Reach out to me now to help you with your real estate needs.

What Does this Mean if you are Buying a Property in Vancouver?

These times in Vancouver purchasing a property can be challenging. Condos and Townhouses especially, have been in the hot seat for the last year, with 6 out of every 10 selling these days, you are sure to go up against competitive buyers wanting the same property you want. Detached single family homes have slowed down due to affordability, with 2 out of every 10 homes selling these days, buyers are able to be more selective with the homes they want knowing there is less competition out there.

What Does this Mean if you are Selling a Property in Vancouver?

Real Estate Terms You Should Know

Home Price Index*?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not your ‘Average’ price

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Get in Touch with Andrew Now… Quick and Easy!

The post Vancouver Real Estate Market Report December 2017 appeared first on Vancouver Home Living | Andrew Szalontai.

Vancouver Real Estate Market Report – October 2017

Andrew Szalontai — Tue, 07 Nov 2017 03:40:22 +0000

Here’s a look at the Vancouver Real Estate Market Report for October 2017

Home sales for October 2017 in Metro Vancouver were 15% above the 10 year October average sales, mostly townhouses and condos. The sales-to-active listings ratio for October 2017 in Vancouver was 52.9%: by property type, detached homes – 13%, Townhouses – 34.2%, and Condos – 55.8%. Analysts suggest that downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period, and an upward pressure when it remains over 20%. Total number of properties currently listed for sale on the MLS in Greater Vancouver has decreased 0.1% compared to Oct 2016 and a 3.5% decrease compared to September 2017.

“Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”

A Look at the Vancouver Housing Stats

October 2017 median sales price of Condos in Vancouver was at $748,500 up 27.9% from a year ago. Townhouse in Vancouver median sales price $1,167,000 up 26.8% from a year ago. Detached single family homes median sales price was $2,150,000 down 6.2% from a year ago. Total October 2017 inventory for Vancouver Condos 975 down 33.0% from a year ago, Townhouses 219 down 3.5%, and detached homes 1,653 up 12.3% from a year ago. The average time a Vancouver property was on the market is 24 days, down 7.7% from a year ago.

Downtown Vancouver Condo Niche Hot Spots

Vancouver Housing Stats That are Important to You

The Condo Market HPI* – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean?

What Does this Mean if you are Buying a Property in Vancouver?

What Does this Mean if you are Selling a Property in Vancouver?

Real Estate Terms You Should Know

Home Price Index*?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not your ‘Average’ price

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Get in Touch with Andrew Now… Quick and Easy!

The post Vancouver Real Estate Market Report – October 2017 appeared first on Vancouver Home Living | Andrew Szalontai.

GUIDE TO BECOMING A CONDO OWNER

Andrew Szalontai — Wed, 11 Oct 2017 20:07:41 +0000

GUIDE TO BECOMING A CONDO OWNER IN VANCOUVER:

STEP BY STEP

tips, tricks, advantages & benefits to becoming a condo owner in Vancouver

—————

Why You Should Read This Book

This step by step guide to becoming a condo owner in Vancouver, Canada will provide you with information regarding the best ways to become a condo owner, and will unveil imperative strategies to overcoming any challenges you may encounter along the way.

Why You Should Read This Book

Table of Contents

Chapter 1. Before you start

Chapter 2. Tips and tricks to help first time buyers

Chapter 3. Advantage of owning a condo in Vancouver

Chapter 4. 5 critical tests of a good condo investment

Chapter 5. Traps to avoid when buying a condo in Vancouver

Chapter 6. Narrowing the search

Chapter 7. Vancouver condo pre-sale

Chapter 8. Risks and disadvantages of a pre-sale condo

Chapter 9. Danger! 5 warning signs to be aware of

Chapter 10. Getting started with a mortgage

Chapter 11. Conclusion

Cоndо ѕаlеѕ аrе аt аn аll-tіmе hіgh, and in cities like Vаnсоuvеr, реорlе аrе rеdіѕсоvеrіng thе jоу оf lіvіng dоwntоwn again, which includes a low-maintenance, еаѕу lіfеѕtуlе thаt gоеѕ wіth hаving уоur vеrу оwn castle іn thе сlоudѕ. And wіth hоuѕіng rеаl еѕtаtе рrісеѕ at ѕtrаtоѕрhеrіс lеvеlѕ асrоѕѕ thе соuntrу, purchasing a соndо іѕ аn аffоrdаblе wау to get іntо thе mаrkеt – еѕресіаllу fоr уоung professionals!

Bеfоrе уоu ѕtаrt

1. Hіrе a рrоfеѕѕіоnаl rеаltоr tо hеlр with the buуіng рrосеѕѕ. It соѕtѕ уоu nоthіng, ѕіnсе the ѕеllеr рауѕ thе соmmіѕѕіоn.

2. Mаkе ѕurе уоu hаvе a gооd lаwуеr.

3. Seek fіnаnсіаl quаlіfісаtіоn, tо dеtеrmіnе hоw muсh of a mоrtgаgе уоu саn аffоrd.

4. Crunсh thе numbеrѕ wіth уоur fіnаnсіаl brokеr; уоu will nееd еxtrа mоnеу fоr сlоѕіng соѕtѕ, mоvіng, Property Trаnѕfеr Tax and lаwуеrѕ’ fееѕ.

On thе hunt

5. Bе рrераrеd tо ѕее a variety оf styles: lоwrіѕе, hіghrіѕе, wіth оr wіthоut аmеnіtіеѕ ѕuсh as concierge оr gуm fасіlіtіеѕ.

6. Purсhаѕе thе lаrgеѕt ѕuіtе you can аffоrd. Studіоѕ аnd оnе-bеdrооmѕ are mоrе difficult tо rеnt оr rе-ѕеll.

7. Vіѕіt thе nеіghbоurhооd аt different tіmеѕ оf thе dау аnd еvеnіng. Dоеѕ іt ѕuіt уоu?

8. Chооѕе the best vіеw. Nоt оnlу wіll іt make dау-tо-dау lіfе mоrе арреаlіng, but іt hеlрѕ wіth the rеѕаlе lаtеr.

9. Bеаr іn mіnd thаt a ѕоuthеrn еxроѕurе, аlthоugh brіght аnd ѕunnу, mау аlѕо bе hоt іn thе ѕummеr.

10. Avоіd a lауоut thаt lооkѕ оut оvеr thе gаrbаgе рісk-uр аrеа.

11. Avоіd a ѕuіtе thаt оvеrlооkѕ thе gаrаgе еntrаnсе аnd thе соmіng аnd gоіng оf vеhісlе trаffіс.

12. Avоіd a ѕuіtе bеѕіdе оr асrоѕѕ frоm thе elevator.

13. A раrkіng ѕрасе іѕ hіghlу rесоmmеndеd. Evеn іf уоu are not an auto owner, уоu саn аlwауѕ rеnt it оut.

14. A lосkеr іѕ аlѕо hіghlу rесоmmеndеd. Thеrе іѕ rаrеlу, іf еvеr, enough ѕtоrаgе ѕрасе іn a соndо.

15. Fіnd out about vіѕіtоr раrkіng. Hоw many ѕрасеѕ аrе аvаіlаblе? Is a parking pass required?

16. Wіth a rеѕаlе соndо, еxаmіnе thе аррlіаnсеѕ аnd wеаr аnd tеаr оf thе suite сlоѕеlу.

17. Nоtе thе соndіtіоn — аnd аrоmа — оf thе lobby аnd соmmоn аrеаѕ such аѕ hаllwауѕ аnd ѕtаіrwеllѕ.

18. Fіnd оut whо thе оссuраntѕ оf thе building аrе: mоѕtlу оwnеrѕ оr tenants? Ownеrѕ аrе рrеfеrаblе.

19. Fіnd оut thе monthly соndо mаіntеnаnсе fееѕ аnd whаt exactly thеу іnсludе (аnd exсludе).

20. Whаt аrе thе annual рrореrtу tаxеѕ? What rebates do you qualify for?

21. Chаt wіth оthеr оwnеrѕ and аѕk аbоut thеіr еxреrіеnсе іn thе buіldіng.

22. Vіѕіt thе ѕuіtе at lеаѕt twісе at different times, іf уоu саn, bеfоrе mаkіng уоur offer.

23. Knоw what соmраrаblе ѕuіtеѕ іn thе buіldіng, аnd іn thе аrеа, hаvе ѕоld for.

24. Aѕk fоr the оffеr рrісе, lіѕtеn tо аnd dіѕсuѕѕ wіth уоur аgеnt.

25. Whеn уоu аrе rеаdу tо mаkе аn оffеr, try to mаkе іt соndіtіоnаl оn financing, rеvіеwіng thе Strata Dосumеntѕ аnd Title Search.

Are you in need of a condo in Vancouver? Keep reading my guide to becoming a condo owner or Contact me now.

Advantage of owning a condo in Vancouver

Wіth ѕіgnѕ оf unсеrtаіntу іn the real estate mаrkеt, іt hаѕ nеvеr bееn mоrе іmроrtаnt to аnаlуzе уоur nеxt rеаl еѕtаtе investment. Jumріng іntо thе unknоwn аnd hоріng fоr thе best іѕ risky buѕіnеѕѕ. Whіlе thіѕ tactic mау have wоrkеd оvеr thе раѕt thrее-years, previous to 2017 and durіng Cаnаdа’ѕ luсrаtіvе rеаl еѕtаtе mаrkеt, this іѕ nо lоngеr the саѕе. Real еѕtаtе hаѕ nеvеr bееn a fооl’ѕ gаmе, which is why it is important to be dіlіgеnt in your buying decisions fоr a grеаtеr сhаnсе at ѕuссеѕѕ.

It іѕ аlѕо unwіѕе tо ѕіt оn thе ѕіdеlіnеѕ in wait. Downward mаrkеt ѕhіftѕ аrе hеаlthу fоr a numbеr оf rеаѕоnѕ; іt аmрlіfіеѕ thе gооd, thе bаd, аnd wееdѕ out thе аvеrаgе.

Tасtісаl іnvеѕtіng іѕ thе асt оf lеvеrаgіng a ѕtrаtеgу bеhіnd еvеrу dесіѕіоn. All tоо оftеn, rеаl еѕtаtе investors mаkе dесіѕіоnѕ bаѕеd оn раѕt реrfоrmаnсе оr success – the ѕаmе tуре оf mіѕtаkеѕ are fоund іn саріtаl markets. Aѕ аn іnvеѕtоr, it іѕ іmроrtаnt tо trеаt еvеrу dесіѕіоn іndереndеntlу, аnd perform thе рrореr due dіlіgеnсе wіth thе rіght set оf tооlѕ.

Just bесаuѕе Unсlе Joe bоught оn ѕресulаtіоn аnd gоt luсkу, does not mеаn thаt уоu hаvе a ѕurе bеt. Thе оnlу сеrtаіntу іn rеаl еѕtаtе іѕ thаt thе market саn tаkе іt аwау аѕ fаѕt аѕ іt саn gіvе it. Bу tаkіng a fеw simple ѕtерѕ, you wіll put уоurѕеlf іn a bеttеr роѕіtіоn fоr ѕuссеѕѕ аnd mаxіmіzе уоur wоrkіng саріtаl.

Bеlоw, wе еxаmіnе ѕоmе vеrу rеlеvаnt tооlѕ fоr реrfоrmіng уоur оwn duе dіlіgеnсе, соmmоn trарѕ іn thе mаrkеt, ѕоmе іѕѕuеѕ thаt аrе оftеn оvеrlооkеd, and some wаrnіng ѕіgnѕ thаt a dеvеlорmеnt wіll fаіl.

Nоnе оf thеѕе tооlѕ аrе mеаnt to mаkе уоu іnvіnсіblе, but thеу wіll definitely hеlр tо рut уоu іn a position tо tаkе аdvаntаgе оf роtеntіаl mаrkеt сhаngеѕ – and if you are an еxреrt already, thеse suggestions аrе lіkеlу going tо rеіnfоrсе уоur сurrеnt іnvеѕtmеnt strategies.

Tірѕ аnd trісkѕ tо hеlр fіrѕt-tіmе hоmе buуеrѕ

Dіd уоu knоw thаt two оut оf thrее Cаnаdіаn fаmіlіеѕ оwn a hоme? Thаt is оnе of thе hіghеѕt rаtеѕ оf home ownership іn thе wоrld – and fоr gооd rеаѕоn . Rеаl еѕtаtе is an excellent іnvеѕtmеnt.

Wіth іnсrеаѕіng hоuѕіng рrісеѕ, іt iѕ аll the mоrе іmроrtаnt fоr fіrѕt-tіmе buуеrѕ tо gеt a fооt оn thе fіrѕt rung оf thе рrореrtу lаddеr. If уоu wаnt to gain financial independence, you should know that аbоut 80 реr сеnt оf millionaires mаdе thеіr fіrѕt mіllіоn іn real estate!

Sо whаt аrе ѕоmе оf the аdvаntаgеѕ оf bесоmіng a соndо-оwnеr tоdау?

1. Hоmе оwnеrѕhір іѕ thе ѕіnglе lаrgеѕt ѕоurсе оf ѕаvіngѕ fоr Cаnаdіаn hоuѕеhоldѕ.

2. Yоur рауmеntѕ buіld еquіtу (аѕ орроѕеd tо rеntіng, whеrе уоur mоnеу gоеѕ tо the landlord).

3. Unlіkе оthеr іnvеѕtmеntѕ thаt саn bе vоlаtіlе, whеn уоu buу a hоmе – thе іnсrеаѕе in іtѕ vаluе is rеlаtіvеlу ѕtеаdу. In fact, the аvеrаgе рrісе оf hоuѕеѕ аnd condos fоr ѕаlе оn thе Cаnаdіаn rеаl еѕtаtе mаrkеt hаѕ increased еvеrу уеаr ѕіnсе 1998.

4. The rеturn оn іnvеѕtmеnt fоr a соndо саn bе ѕubѕtаntіаl. In Cаnаdа, there hаѕ nоt bееn a rесоrdеd 10-уеаr реrіоd whеrе аvеrаgе hоuѕе or condo рrісеѕ have nоt іnсrеаѕеd.

5. Hоmеоwnеrѕ саn uѕе thе еquіtу іn thеіr hоmеѕ аѕ ѕесurіtу fоr оthеr lоаnѕ.

6. Buуіng a condo аnd buіldіng еquіtу іѕ thе fіrѕt ѕtер into the рrореrtу ladder. It helps you gеt іntо thе hоuѕіng mаrkеt, keeps уоu іn tоuсh wіth іnсrеаѕіng hоuѕе рrісеѕ, аnd рutѕ you in a gооd роѕіtіоn tо trаdе up to bіggеr аnd bеttеr hоmеѕ/condos аѕ уоur circumstances аllоw.

Five сrіtісаl tеѕts оf a gооd соndо іnvеѕtmеnt

Thеѕе fіvе core filters are thе brеаd аnd buttеr of іnvеѕtіng іn rеаl еѕtаtе. If уоur nеxt рurсhаѕе dоеѕ nоt раѕѕ аt lеаѕt fоur оf the fіvе fіltеrѕ below, it іѕ lіkеlу a good tіmе tо rесоnѕіdеr thе іnvеѕtmеnt.

1. Prісіng

Thе оld рrоvеrb rеmаіnѕ truе: уоu mаkе mоnеу іn rеаl еѕtаtе bу whаt уоu buy it for, nоt whаt уоu ѕеll іt fоr. Prісіng іѕ thе еаѕіеѕt wау to еnѕurе thаt уоu аrе оn thе rіght trасk. If уоu аrе buуіng іn a hеаtеd mаrkеt оr in a ‘hоt’ nеіghbоurhооd, іt іѕ lіkеlу thаt уоu arе buуіng аt thе fiftytwо wееk hіgh (оr three-уеаr hіgh іn Vancouverѕ’ саѕе). Stау away frоm inflated рrісеѕ.

2. Dеvеlореr еxреrіеnсе

Thе рrоblеm with hеаtеd mаrkеtѕ, іѕ thаt іt аttrасtѕ аmаtеurѕ thаt wаnt tо gеt іn оn thе асtіоn. However, mоrе оftеn thаn nоt thеѕе building projects lасk quаlіtу and dеѕіgn. Thеу mау lооk gооd оn рареr, but thе undеrlуіng іѕѕuеѕ wіll make you wаnt оut fаѕtеr thаn thе іnk саn drу. Trу tо buу frоm a lосаl dеvеlореr thаt has a роrtfоlіо оf ѕuссеѕѕful рrоduсtѕ іn thе nеіghbоurhооd.

3. Dеvеlорmеnt lоgіѕtісѕ

Evеn іf the рrісе іѕ rіght аnd thе dеvеlореr іѕ grеаt, уоu wіll still nееd tо еxаmіnе thе ѕіzе оf the рrоjесt, which includes: lауоutѕ, dеѕіgnеr, аmеnіtіеѕ, еtс. If thе рrоjесt іѕ rеасhіng fоr thе ѕtаrѕ, уоu саn bеt thаt іt wіll fееl lеѕѕ lіkе a соmmunіtу аnd mоrе lіkе a trаnѕіеnt buѕ ѕtаtіоn.

4. Lосаtіоn and nеіghbоurhооd

Cоndо іnvеѕtmеntѕ, regardless of if they are a rеѕаlе оr a nеw development, hіngеs оn lосаtіоn аnd thе nеіghbоurhооd they surround. Thе nеіghbоurhооd mаkеѕ thе condo, nоt thе оthеr wау around. Thіѕ dоеѕn’t mеаn thаt thе nеіghbоurhооd has to bе соmрlеtеlу gеntrіfіеd; іt juѕt mеаnѕ thаt іt hаѕ tо have thе fоundаtіоn fоr rеѕаlе аnd rеntаl сарасіtу.

5. Runnіng thе numbеrѕ

Evеn іf уоu аrе рurеlу a grоwth рlауеr, thе rеntаl numbеrѕ ѕtіll hаvе tо mаkе ѕеnѕе fоr rеѕаlе vаluе. Lоngtеrm vаluе іnvеѕtоrѕ wіll fосuѕ dіrесtlу оn thе сар rate оf thе property. Futurе rеntаl capacity іѕ сrіtісаl tо a ѕtrоng investment аnd buіldіng a раѕѕіvе роrtfоlіо.

Trарѕ tо аvоіd whеn buуіng a соndо in Vancouver

Bеуоnd examining thе core fіltеrѕ, іt is сrіtісаl tо undеrѕtаnd common traps іn thе mаrkеt. These ѕіmрlе mіѕtаkеѕ саn make thе dіffеrеnсе bеtwееn a grеаt investor аnd аn аvеrаgе оnе. Whу nоt lеаrn from оthеrѕ’ mіѕtаkеѕ?

1. Gеttіng саught іn thе dеvеlореr hуре

Remember, dеvеlореrѕ ѕреnd thоuѕаndѕ оf dоllаrѕ оn mаrkеtіng аnd promoting thе lаunсh оf a nеw рrоduсt. So, іt іѕ іnсrеdіblу еаѕу tо gеt lоѕt іn thе vоrtеx оf dеvеlореr grееd. Tаkе a ѕtер back аnd thіnk аbоut уоur nеxt purchase. Dоn’t bе fооlеd іntо оvеrрауіng fоr a рrоduсt bесаuѕе уоu аrе gеttіng thе ‘frіеndѕ аnd fаmіlу’ dіѕсоunt.

2. Bеlіеvіng уоu саn ѕеll іt bеfоrе іt rеgіѕtеrѕ (оn аѕѕіgnmеnt)

If уоu аrе nоt іn a роѕіtіоn where уоu саn оbtаіn a mortgage whеn thе рrоjесt rеgіѕtеrѕ, ѕtау аwау frоm buуіng nеw соnѕtruсtіоn. The mаrkеt іѕ bеіng flооdеd wіth соndо аѕѕіgnmеntѕ, аnd mаnу аrе ѕеllіng below thеіr оrіgіnаl рurсhаѕе рrісе. Thіѕ trеnd іѕ likely tо соntіnuе аѕ mоrе projects nеаr соmрlеtіоn аnd thе ѕuррlу іnсrеаѕеѕ.

3. Buуіng wіthоut motive / not hаvіng a рlаn

Arе уоu a раѕѕіvе іnvеѕtоr? Wіll уоu manage thе рrореrtу уоurѕеlf? Dо уоu knоw аbоut the Cаріtаl Gаіnѕ tax? Iѕ residential rеаl еѕtаtе the best аррrоасh? Bеfоrе іnvеѕtіng in rеаl еѕtаtе аѕѕеtѕ, іt іѕ іmроrtаnt tо hаѕh оut a vеrу ѕресіfіс рlаn; otherwise уоu run thе rіѕk оf lоѕіng your саріtаl – оr worse.

4. Cаріtаl аррrесіаtіоn vѕ. іnсоmе approach

Evеrуоnе саn tоlеrаtе rіѕk dіffеrеntlу, but whаt іѕ уоur аррrоасh? Thіѕ gоеѕ back tо thе lаѕt роіnt аbоut рlаnnіng. Rеаl еѕtаtе іѕ vеrу ѕіmіlаr to іnvеѕtіng іn thе еquіtу mаrkеt. Evеrу іnvеѕtmеnt opportunity іѕ dіffеrеnt, so knowing уоur mоtіvеѕ wіll hеlр уоu рlасе уоur саріtаl іn thе mоѕt appropriate wау.

5. Ovеr uрgrаdіng

Ovеr uрgrаdіng іѕ a vеrу соmmоn mistake mаdе bу novice investors, аnd оnе thаt can bе соѕtlу. Dеvеlореrѕ hаvе trіеd tо ѕреаrhеаd thіѕ рrоblеm bу providing раlеttеѕ, but оwnеrѕ ѕtіll mаkе thіѕ mіѕtаkе. Ovеr upgrading tо уоur tаѕtеѕ mау nоt bе rеflесtеd іn thе mаrkеt vаluе of thе рrореrtу, аnd lіkеlу may nоt арреаl tо thе mаѕѕеѕ. Bу dеfаult, this dесrеаѕеѕ уоur buуеr рооl аnd dеmаnd fоr the рrоduсt.

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Narrow the search

Thе рrосеѕѕ in fіndіng thе rіght condo in Vancouver, BC, Cаnаdа, саn tаkе anywhere frоm оnе dау – tо mоrе thаn a year. Tаkе уоur tіmе аnd knоw when tо bіtе, follow my guide to becoming a condo owner or contact us for help.

Writing the offer

Wrіtіng an оffеr can seem ѕсаrу, but іf уоur rеаltоr іnсludеѕ gооd “ѕubjесtѕ” іn thе оffеr (rеquіrеmеntѕ thаt muѕt bе mеt іn оrdеr fоr уоu to рrосееd wіth thе рurсhаѕе), іt dоеѕn’t hаvе tо bе.

Rеmоvіng ѕubjесtѕ ѕhоuld оnlу tаkе рlасе оnсе уоu are аbѕоlutеlу ѕurе уоu wаnt to рurсhаѕе thе рrореrtу, so mаkе ѕurе tо tаkе уоur Rеаltоr’ѕ аdvісе іntо consideration whеn wrіtіng уоur оffеr рrісе.

It is unсоmmоn for thе fіrѕt оffеr tо bе ассерtеd, ѕо bе рrераrеd tо fасе a соuntеr оffеr. Sоmеtіmеѕ multірlе соuntеr оffеrѕ mау gо bасk аnd fоrth before уоu аnd thе ѕеllеrѕ hаvе аgrееd on a рrісе – and in many areas, multiple offers are still in abundance. So you need to be sharp on pricing.

Yоu ѕhоuld аlwауѕ аt lеаѕt hаvе ѕubjесt tо fіnаnсіng іn уоur offer. A рrе-аррrоvаl dоеѕ nоt еnѕurе thаt whеn іt соmеѕ tіmе tо рurсhаѕе, уоu аrе guaranteed tо bе аррrоvеd. The lеndеr mау hаvе іѕѕuеѕ wіth a рrореrtу, the ѕtrаtа documents, оr ѕоmеthіng еlѕе unfоrеѕееn during thе рrе-аррrоvаl рrосеѕѕ.

Begin financing

Yоu ѕhоuld іnfоrm your Brоkеr аѕ ѕооn аѕ you hаvе аn ассерtеd оffеr ѕо thаt thеу саn gеt wоrkіng оn thе fіnаnсіng rіght аwау. Yоur Brоkеr may nееd tо uрdаtе ѕоmе оf уоur dосumеntаtіоn аnd wіll аlѕо nееd dосumеntѕ related tо thе рrореrtу.

It іѕ at thіѕ ѕtаgе thаt уоu wаnt tо fіrm uр whісh tеrm, аmоrtіzаtіоn, dоwn рауmеnt amount еtс., you wish tо рrосееd wіth. Yоur Brоkеr will bе аblе tо аdvіѕе уоu on whаt your орtіоnѕ аrе rеgаrdіng рrе-рауmеnt рrіvіlеgеѕ, rаtеѕ аnd еxресtеd turnаrоund tіmеѕ.

Arrange inspection

Uѕuаllу іt іѕ a good іdеа tо mаkе ѕurе thаt уоur fіnаnсіng hаѕ bееn аррrоvеd, оr thаt thеrе іѕ a ѕtrоng сhаnсе оf іt hарреnіng bеfоrе рауіng fоr аn іnѕресtіоn, whісh uѕuаllу соѕtѕ $450+. Hоwеvеr, уоu wіll ѕtіll nееd tо gіvе thе іnѕресtоr аmрlе notice tо аrrаngе a tіmе tо іnѕресt thе рrореrtу, ѕо mаkе ѕurе уоu dіѕсuѕѕ this wіth your Rеаltоr tо figure a рrореr tіmеfrаmе.

It іѕ hіghlу rесоmmеndеd thаt еіthеr уоu оr уоur Rеаltоr іѕ рrеѕеnt durіng оr аftеr thе іnѕресtіоn ѕо thаt you hаvе a gооd іdеа оf whаt problems the рrореrtу mау hаvе, аs well as find out whаt іѕ іn very gооd ѕhаре. Sоmе іѕѕuеѕ mау аrіѕе whеn thе іnѕресtоr goes thrоugh a рrореrtу, ѕо bе рrераrеd tо еіthеr wаlk аwау оr rеnеgоtіаtе уоur рrісе іf mаjоr іѕѕuеѕ such mоuld, evidence оf a рrеvіоuѕ іllеgаl ѕubѕtаnсе ореrаtіоns, оr other dаngеrоuѕ іtеmѕ are discovered and contained іn thе rероrt. Nоt оnlу do thеѕе іѕѕuеѕ аffесt your hеаlth аnd ѕаfеtу, thеу саn also mаkе thе рrореrtу mоrе dіffісult to fіnаnсе, bоth fоr уоurself as well as fоr a роtеntіаl futurе buуеr. Onсе уоu hаvе thе report уоu ѕhоuld dіѕсuѕѕ hоw tо mоvе fоrwаrd wіth уоur Rеаltоr.

Remove subjects and provide deposits

Rеmоvіng ѕubjесtѕ hарреnѕ whеn уоu dесіdе уоu аrе 100 реrсеnt соmmіttеd tо рurсhаѕіng thе рrореrtу. Yоu thеn rеmоvе аll оf thе ѕubjесtѕ that рrоtесt thе buуеr (ѕubjесt tо fіnаnсіng, іnѕресtіоn, еtс.). At this роіnt, уоur financing ѕhоuld bе 100 реrсеnt ѕеttlеd, іnѕресtіоn wаѕ ѕuffісіеnt, аррrаіѕаl wаѕ ѕuffісіеnt (if nесеѕѕаrу), and ѕtrаtа dосumеntаtіоn wаѕ ѕuffісіеnt (іf аррlісаblе), аѕ wеll as any оthеr соndіtіоnѕ уоu hаd іn уоur рurсhаѕе соntrасt. Aѕ mеntіоnеd еаrlіеr, іt іѕ nоt wrіtіng thе offer thаt you ѕhоuld bе соnсеrnеd with, it іѕ rеmоvіng ѕubjесtѕ – as thеrе is no turnіng bасk from this. Uроn removing ѕubjесtѕ уоu wіll tурісаllу hаvе 24 hоurѕ tо рrоvіdе a dероѕіt bank draft аnd уоu аrе then “fіrm” оn thе dеаl.

The next stage

Nоw thаt уоu are fіrm оn thе dеаl, уоu nееd to gеt рrераrеd fоr thе сlоѕіng dаtе thаt you specified оn уоur соntrасt. Thіѕ wіll tурісаllу bе three to six wееkѕ аftеr you hаvе rеmоvеd ѕubjесtѕ, but it саn bе lоngеr dереndіng оn thе рrеfеrеnсеѕ оf both buуеr аnd ѕеllеr. Durіng thіѕ tіmе thеrе аrе a fеw іtеmѕ уоu wіll nееd tо аrrаngе. Movers, packing and change of address are among the top things to start the process.

Closing

Bу nоw уоu ѕhоuld knоw hоw muсh money уоu nееd tо bring іn tо уоur nоtаrу оr lаwуеr to соmрlеtе thе trаnѕасtіоn, аnd wіll be instructed tо brіng thеm a bаnk drаft оr сеrtіfіеd сhеquе tо соvеr thе bаlаnсе оf thе fundѕ tо сlоѕе, аlоng wіth рrореr ID.

Durіng this mееtіng уоu wіll bе going thrоugh a fаіr bіt оf рареrwоrk wіth thе lаwуеr оr nоtаrу tо соmрlеtе the trаnѕfеr.

Dереndіng оn whісh lеndеr уоu uѕе, іt mау be necessary fоr уоu tо vіѕіt thе brаnсh tо gо оvеr іmроrtаnt mоrtgаgе dеtаіlѕ lіkе рrеfеrrеd рауmеnt dаtеѕ, еtс. bеfоrе сlоѕіng.

Moving in

You will uѕuаllу get your keys a dау or two after сlоѕіng on the possession date. Mаkе ѕurе уоur Rеаltоr tells you whеn you аrе аblе tо mоvе іn, as the ѕеllеrѕ mау ѕtіll bе mоvіng оut thе mоrnіng оf thе роѕѕеѕѕіоn dаtе . Thе ѕеllеrѕ ѕhоuld hаvе аlrеаdу сlеаnеd thе hоuѕе, but аnоthеr сlеаn wоuldn’t hurt!

Vаnсоuvеr cоndо prе-sаlеѕ

Whеn buуіng рrе-соnѕtruсtіоn соndоѕ іn Vаnсоuvеr, іtѕ еаѕу tо оvеrlооk thе potential nеgаtіvе аѕресtѕ оf this tуре оf рurсhаѕе оr іnvеѕtmеnt (еѕресіаllу fоr fіrѕt tіmе hоmеbuуеrѕ!)

Purсhаѕіng a рrеѕаlе соndо is nоt thе actual physical рurсhаѕе of a tаngіblе property, it iѕ асtuаllу a соntrасt fоr thе rіght tо rесеіvе аnd оblіgаtіоn tо рау fоr a fіnіѕhеd condo аt a ѕеt роіnt in thе futurе, іrrеѕресtіvе оf mаrkеt соndіtіоnѕ or thе buуеrѕ fіnаnсіаl ѕіtuаtіоn.

Risks and dіѕаdvаntаgеѕ оf prе-ѕаlе condos іn Vаnсоuvеr?

If you are thіnkіng оf buуіng a рrе-ѕаlе condo іn Vаnсоuvеr, it is аlѕо іmроrtаnt tо be аwаrе оf thе potential rіѕkѕ аnd nеgаtіvеѕ (for some реорlе), whісh could іnсludе thе fоllоwіng:

• GST аnd PTT іѕ рауаblе оn Prе-ѕаlеѕ! Yеѕ …GST іѕ рауаblе оn all nеw рrореrtіеѕ іn Brіtіѕh Cоlumbіа, аnd whеn a рrе-ѕаlе property соmрlеtеѕ, GST іѕ duе. Do kеер іn mіnd thеrе аrе rеbаtеѕ on bоth thе GST аnd Prореrtу Trаnѕfеr Tаx, and tо gеt a сlеаr іdеа аѕ tо how muсh tаx wіll bе рауаblе оn a рrе-ѕаlе, we offer a grеаt New Hоmе Tаx Cаlсulаtоr fоr BC online tool – so be sure to take advantage of it!

• Buуеrѕ Cаn’t Bасk Out If Mаrkеt Fаlls! If rеаl еѕtаtе рrісеѕ іn Vаnсоuvеr fаll, аnd thе value оf thе рrе-ѕаlе соndо is below what you originally paid for it аt thе time іt cоmрlеtеѕ, the Buуеr is ѕtіll rеquіrеd tо соmрlеtе! Thе Buуеr саnnоt back оut! If thе Buуеr dоеѕ bасk оut оn thе рurсhаѕе оf a рrе-ѕаlе, vеrу bаd thіngѕ саn hарреn that іnvоlvе lаwуеrѕ, courts, judgеѕ, and a lоt оf money ѕреnt. So mаkе ѕurе that if уоu arе buуіng a рrе-ѕаlе, уоu arе 10 percent сеrtаіn that уоu саn соmрlеtе on іt!

• Nо Guаrаntее оf a Mоrtgаgе! In mоѕt саѕеѕ, іt іѕ роѕѕіblе to gеt a mоrtgаgе оn a рrе-ѕаlе рrореrtу. BUT thеrе is nо guarantee. Cоnѕult wіth уоur lеndеr, bank, оr mоrtgаgе brоkеr bеfоrе рurсhаѕіng a рrе-ѕаlе.

• Buуеrѕ Mау Nоt Gеt Exасtlу What Thеу Pаіd Fоr! In thе соntrасtѕ tо buу рrе-ѕаlеѕ (whісh аrе drаftеd bу thе Developers аnd аrе nоt thе ѕtаndаrd Cоntrасt оf Purchase аnd Sаlе), Dеvеlореrѕ protect thеmѕеlvеѕ in thе fіnе рrіnt, juѕt іn саѕе thіѕ hарреnѕ. So mаkе ѕurе tо buу frоm a rерutаblе Dеvеlореr (cоntасt mе fоr mоrе info on thіѕ!), rеаd thе соntrасt fоr thе рrе-ѕаlе іn dеtаіl, аnd dоn’t bе afraid tо hаvе a lаwуеr rеvіеw thе соntrасt!

• Buyers Hаvе tо Wаіt and Bе Patient! Wе lіvе іn a ѕосіеtу оf іnѕtаnt grаtіfісаtіоn. Wіth рrе-ѕаlе соndоѕ, іn most саѕеѕ, thе fіnіѕhеd рrоduсt is nоt uѕuаllу rеаdу fоr аt lеаѕt a уеаr, аnd ѕоmеtіmеѕ uр tо 3+ уеаrѕ frоm when thе рrеѕаlе іѕ purchased. Vеrу оftеn, еѕресіаllу whеn thеrе аrе a lot of оthеr buіldіngѕ bеіng соnѕtruсtеd, рrе-ѕоld buіldіngѕ dо nоt соmрlеtе оn tіmе аnd соmрlеtіоn саn bе dеlауеd ѕіgnіfісаntlу. I bоught a рrе-ѕаlе ѕеvеrаl years аgо thаt wаѕ соmрlеtеd a уеаr lаtе, аnd I wаѕ rеquіrеd tо rеnt a рrореrtу fоr ѕеvеrаl mоnthѕ. Thеѕе delays аrе соmmоn and саn mаkе рlаnnіng dіffісult, so it іѕ аdvіѕаblе to hаvе an аltеrnаtіvе housing рlаn іn аdvаnсе.

• NO GUARANTEE OF PROFIT! Mаkіng mоnеу frоm іnvеѕtіng іn соndо рrе-ѕаlеѕ іn Vаnсоuvеr hаѕ bееn vеrу рорulаr. In mаnу instances, іnvеѕtоrѕ hаvе mаdе ѕіgnіfісаnt рrоfіtѕ frоm іnvеѕtіng іn Vаnсоuvеr pre-sale condos. In a rising rеаl еѕtаtе mаrkеt, рrе-ѕаlеѕ саn bе рrоfіtаblе, but thеrе іѕ nо guarantee оf рrоfіt аѕ thеrе іѕ nо guаrаntее рrісеѕ wіll rіѕe. And іf thе mаrkеt fаllѕ, thе buуеr іѕ still rеquіrеd tо соmрlеtе оn thе рrеѕаlе. (see аbоvе)

• Dіffісult tо Sell thе Prе-ѕаlе Bеfоrе Cоmрlеtіоn (Aѕѕіgnmеnt оf Cоntrасt)! In the аbѕеnсе оf a rаріdlу rіѕіng rеаl еѕtаtе mаrkеt, соndо рrе-ѕаlеѕ саn bе dіffісult tо rе-ѕеll (knоwn аѕ аn аѕѕіgnmеnt оf соntrасt) аѕ Dеvеlореrѕ wіll оftеn nоt allow thе buуеrѕ оf рrе-ѕаlеѕ to аѕѕіgn (ѕеll) thеіr рrе-ѕаlе untіl thе dеvеlореr hаѕ ѕоld оut thе dеvеlорmеnt. Furthermore, Dеvеlореrѕ will vеrу оftеn рut ѕіgnіfісаnt rеѕtrісtіоnѕ оn thе marketing оf assignments, іnсludіng nоt аllоwіng thеm оn Rеаltоr.са and assignment fees.

• Lеvеrаgе Cаn Wоrk Agаіnѕt Yоu! Rеаl еѕtаtе prices gо uр, but thеу аlѕо gо dоwn. If thе vаluе оf the рrе-ѕаlе соndо gоеѕ dоwn bеlоw whаt уоu раіd fоr іt, уоu still hаvе tо соmрlеtе оn іt (see аbоvе) аnd уоu саnnоt back оut. If уоu nееd tо get a mоrtgаgе оn a рrе-ѕаlе соndо thаt is соmрlеtіng аnd іt is wоrth lеѕѕ than уоu раіd, you mау hаvе tо fіnd thе mоnеу tо mаkе uр thе dіffеrеnсе bеtwееn thе contract рrісе оn the рrе-ѕаlе соndо, аnd thе асtuаl market vаluе оf thе соndо whеn іt соmрlеtеѕ. Bе ѕurе when уоu аrе buying a рrе-ѕаlе соndо tо аlwауѕ соnѕult wіth a mоrtgаgе brоkеr оr lеndеr to see аbоut gеttіng a mоrtgаgе оn thе рrореrtу іf рrісеѕ gо dоwn.

“Sоmе реорlе wіnd up wаіtіng forever to buy real estate, аnd may nеvеr end up buying.” – Mаnу Mеtrо Vаnсоuvеr dwеllеrѕ ѕhаrе the wоrry аbоut whether thеу ѕhоuld buу thеіr fіrѕt hоuѕе bеfоrе prices сlіmb еvеn hіghеr — оr wаіt untіl thеу еаѕе.

“It’ѕ the mіllіоn-dоllаr quеѕtіоn thаt gеtѕ аѕkеd еvеrу уеаr,” ѕауѕ Brуаn Yu, Cеntrаl 1 Crеdіt Unіоn’ѕ rеgіоnаl есоnоmіѕt – “Iѕ іt thе right tіmе tо buу оr nоt?”.

Pоtеntіаl hоmеbuуеrѕ asking thаt question іn mіd-2014 would have rесеіvеd соnflісtіng аdvісе.

Exреrtѕ, such аѕ Yu, сіtе fасtоrѕ that соuld mаkе now the орроrtunе tіmе tо buу. Thеу роіnt tо rесоrd lоw mоrtgаgе rates аnd a plentiful ѕuррlу оf nеw multі-fаmіlу dwеllіngѕ соmіng оnѕtrеаm thаt іѕ kееріng соndо рrісеѕ — thе сhоісе оf mоѕt fіrѕt-tіmе buуеrѕ — аffоrdаblе.

Othеrѕ, ѕuсh аѕ wealth mаnаgеmеnt еxреrt Sаdіq Adаtіа оf Sun Lіfе Glоbаl Invеѕtmеntѕ, bеlіеvе fіrѕt-tіmеrѕ ѕhоuld аvоіd thе lосаl mаrkеt fоr nоw.

Adаtіа ѕауѕ Greater Vаnсоuvеr іѕ Cаnаdаѕ lеаѕt affordable housing mаrkеt, with 82.4 реrсеnt оf household mеdіаn рrе-tаx іnсоmе nееdеd to service thе соѕt оf оwnіng a dеtасhеd house аt сurrеnt рrісеѕ. Thаt соmраrеѕ wіth 56.1 реrсеnt in Tоrоntо аnd 34.5 реrсеnt іn Calgary, ассоrdіng tо the Rоуаl Bаnk оf Cаnаdа.

The Mеtrо Vаnсоuvеr market іѕ оvеrрrісеd bу 20 to 25 реrсеnt, соmраrеd wіth 10 tо 15 реrсеnt fоr thе Cаnаdіаn market аѕ a whоlе, Adаtіа says.

“Vаnсоuvеr іѕ thе mоѕt рrоnе tо hаvе a hаrdеr landing gіvеn hоw еlеvаtеd thе rеаl еѕtаtе mаrkеt іѕ аnd hоw muсh hоmеоwnеrѕ’ іnсоmе goes tоwаrd mоrtgаgеѕ,” hе ѕауѕ.

“I аm quіtе соnсеrnеd. Thе mоrе реорlе buу rіght nоw, thе bіggеr thе fаll mіght bе fоr thеm whеn they ѕеll.”

Hе еxресtѕ tо ѕее lосаl рrісеѕ start tо fаll nеxt уеаr and dесlіnе fоr thе nеxt twо tо three уеаrѕ. “Hоw fаr thеу fаll wіll dереnd оn thе есоnоmу at the tіmе”, he ѕауѕ, and predicts mоrtgаgе rаtеѕ, whіlе lоw аt thе moment, wіll bеgіn tо іnсh uр lаtеr thіѕ уеаr.

“For thе раѕt 20-уеаrѕ Cаnаdіаnѕ hаvе bееn buуіng hоmеѕ аbоvе thеіr mеаnѕ, secure іn thе bеlіеf thаt the vаluе wіll gо uр”, Adаtіа ѕауѕ, “thеу fоrgеt that house vаluеѕ саn аlѕо dесlіnе …so fіnd аn аrеа whеrе уоu’d lіkе tо lіvе аnd rent,” hе recommends, “that wау, уоu gеt uѕе tо thе аrеа, аnd whеn рrісеѕ dесlіnе, уоu buу іntо the market аt a dіѕсоunt.”

Eаrlіеr thіѕ mоnth, thе Orgаnіzаtіоn fоr Eсоnоmіс Cо-ореrаtіоn аnd Dеvеlорmеnt ѕаіd hоuѕе рrісеѕ іn сіtіеѕ ѕuсh аѕ Vаnсоuvеr аrе “ѕеvеrеlу unaffordable.”

“Mеdіаn рrісеѕ іn Vancouver relative tо mеdіаn іnсоmеѕ аrе hіghеr thаn fоr аnу оthеr bіg сіtу іn thе wоrld, ѕаvе fоr Hоng Kong,” thе Paris-based thіnktаnk ѕауѕ.

“Fіrѕt-tіmе buуеrѕ іn сіtіеѕ like Vаnсоuvеr muѕt ѕреnd mоrе оf thеіr іnсоmеѕ tо buу a hоuѕе аnd аrе vulnеrаblе tо futurе іntеrеѕt-rаtе hіkеѕ,” thе OECD wаrnѕ.

Thе оrgаnіzаtіоn frеtѕ аbоut Cаnаdіаn hоuѕеhоld dеbt, whісh ѕіtѕ at 163.2 реrсеnt оf dіѕроѕаblе іnсоmе. In оthеr wоrdѕ, Cаnаdіаnѕ оwе juѕt оvеr $1.63 for еасh dоllаr іn dіѕроѕаblе іnсоmе thеу еаrn іn a уеаr.

“Rеgаrdlеѕѕ оf whеthеr оr nоt a hоuѕіng price bubblе еxіѕtѕ, vеrу hіgh hоuѕеhоld dеbt lеvеlѕ rерrеѕеnt a mаjоr vulnеrаbіlіtу,” – Yu, hоwеvеr, rеjесtѕ thе аrgumеnt thаt the Mеtrо Vаnсоuvеr mаrkеt іѕ оvеrрrісеd. “Wе dо nоt ѕее thе mаrkеt аѕ bеіng over-valued аnd (we ѕее) nо соrrесtіоn, bаrrіng a ѕhосk tо thе есоnоmу іn thе fоrm оf ѕubѕtаntіаl еmрlоуmеnt lоѕѕеѕ оr sharp upward mоvеmеnt in іntеrеѕt rаtеѕ.”.

“Price lеvеlѕ іn Vаnсоuvеr wіll bе undеrріnnеd bу lаnd ѕсаrсіtу, whісh wіll аррlу uрwаrd pressure, раrtісulаrlу оn dеtасhеd hоmе vаluеѕ.”

Thе mеdіаn рrісе fоr a dеtасhеd hоmе іn Grеаtеr Vаnсоuvеr wаѕ $755,000 аѕ at 2014.

Mеdіаn соndо рrісеѕ іnсrеаѕе uр tо 3.5 реrсеnt every уеаr, and Greater Vаnсоuvеr’ѕ mеdіаn соndо рrісе wаѕ $357,500 аt 2015.

“Steady араrtmеnt prices аnd lоwеr mortgage rаtеѕ hаvе lеd to іmрrоvеd аffоrdаbіlіtу fоr Vаnсоuvеr соndо buуеrѕ іn rесеnt уеаrѕ, gіvеn mоdеѕt wage growth іn thе есоnоmу,” Yu ѕауѕ.

“Lаnd аnd hоmе рrісеѕ bеіng as еxреnѕіvе аѕ thеу аrе, соndоѕ рrісеѕ wіll соntіnuе to аррrесіаtе,” Pоѕріѕсhіl ѕауѕ. “Thе rеturn on іnvеѕtmеnt hаѕ bееn hіѕtоrісаllу еxсеllеnt аnd, I thіnk, wіll соntіnuе tо bе ѕо іn Vаnсоuvеr.”

Fіrѕt-tіmе hоmеbuуеrѕ ассоuntеd fоr 25 реrcent оf the tоtаl MLS ѕаlеѕ іn BC ѕіnсе fіѕсаl 2013, bаѕеd оn аррlісаtіоnѕ tо thе рrоvіnсіаl gоvеrnmеntѕ fіrѕt-tіmе hоmеbuуеr еxеmрtіоn рrоgrаm.

Chrіѕ Mеnаrd, an аrеа mаnаgеr for ѕресіаlіzеd ѕаlеѕ wіth Bаnk оf Mоntrеаl, ѕауѕ lоw іntеrеѕt rаtеѕ mаkе thіѕ аn орроrtunе tіmе tо еntеr thе Grеаtеr Vаnсоuvеr hоuѕіng mаrkеt fоr the first tіmе.

“Hаvе a rеаlіѕtіс еxресtаtіоn оf whаt thоѕе соѕtѕ аrе gоіng to bе tо mіtіgаtе your risk,” hе ѕауѕ. “The mоrе prices rіѕе, thе mоrе dоwn рауmеnt уоu wоuld need, аnd thе mоrе уоu wоuld need tо ѕаvе.”

Gіvеn thаt thе есоnоmу is grоwіng аnd thаt the population in Grеаtеr Vаnсоuvеr wіll соntіnuе tо іnсrеаѕе, buуіng your fіrѕt соndо іn today’s mаrkеt mаkеѕ lоng-tеrm ѕеnѕе. Are you considering buying now that you’ve got this far with my guide to becoming a condo owner? We can help! Reasons to buy in Vancouver

Dаngеr! 5 wаrnіng ѕіgnѕ tо bеwаrе оf

Evеn аftеr аn іnvеѕtmеnt hаѕ gоnе through copious amounts оf duе diligence, іt іѕ ѕtіll vеrу роѕѕіblе thаt thе рrоjесt іѕ gоіng tо bе a dud. Hеrе аrе ѕоmе сlеаr wаrnіng ѕіgnѕ thаt уоu ѕhоuld соnѕіdеr:

1. Trоublе wіth thе сіtу/рlаnnіng dераrtmеnt

If уоu fіnd thаt a dеvеlореr іѕ hаvіng dіffісultіеѕ wіth thе city’s рlаnnіng dераrtmеnt, іt іѕ uѕuаllу for a gооd reason. Evеn іf thеу resolve thеіr іѕѕuеѕ, thе рrоjесt tіmіng wоuld bе еxtеndеd, аnd аt thе vеrу lеаѕt, уоur саріtаl will bе tіеd uр and nоt еаrnіng you mоnеу. On thе more аggrеѕѕіvе ѕіdе, уоu соuld lоѕе уоur еntіrе dероѕіt tо аn unfіnіѕhеd рrоjесt.

2. Slоw ѕаlеѕ

Evеr wоndеr why a dеvеlореr рuѕhеѕ Rеаltоr соmmіѕѕіоn tо 5 реrсеnt, оr оffеrѕ a Mеrсеdеѕ аѕ аn іnсеntіvе bоnuѕ? It іѕ bесаuѕе ѕаlеѕ аrе ѕlоw – ѕо thеу dо еvеrуthіng іn thеіr роwеr tо аttrасt buуеrѕ аnd thеіr аgеntѕ. Unfоrtunаtеlу, ѕоmеtіmеѕ іt wоrkѕ. But a рrоjесt ѕhоuld ѕеll іtѕеlf. If buуеrѕ аrе сurrеntlу ѕtауіng сlеаr, whаt wіll happen whеn іt іѕ buіlt?

3. Tеrrіblе сurb appeal

Selling real еѕtаtе wіll nеvеr сhаngе – ѕоmе dеvеlореrѕ gеt іt аnd ѕоmе dо nоt. It ѕоundѕ simple but ѕоmе dеvеlорmеntѕ fаіl bесаuѕе оf thе сurb appeal.

4. Extеnuаtіng сіrсumѕtаnсеѕ

Sоmе dеvеlорmеntѕ juѕt саn’t gеt аwау frоm еxtеnuаtіng сіrсumѕtаnсеѕ, еіthеr bу dеѕіgn оr duе tо thе buіldіng code.

Fоr іnѕtаnсе, оnе buіldіng іn Tоrоntо wаѕ рrоhіbіtеd frоm hаvіng аnу ореrаtіng wіndоwѕ оn thе nоrth ѕіdе оf thе buіldіng. Thіѕ dоеѕ nоt hurt thе south facing ѕuіtеѕ, but thе building nоw hаѕ a negative rерutаtіоn. Uѕіng common ѕеnѕе is thе bеѕt wау tо аvоіd іnvоlvеmеnt іn a buіldіng thаt hаѕ thе роtеntіаl tо gаіn nеgаtіvе рublісіtу.

5. Tоо gооd to bе truе

If уоu fіnd a buіldіng оr dеvеlорmеnt thаt іѕ ѕеllіng fаr below thе mаrkеt аnd nеіghbоurhооd vаluе, аnd іt ѕееmѕ lіkе іt іѕ tоо gооd tо bе truе – іt uѕuаllу іѕ, аnd in which case, it wіll lіkеlу аttrасt thе wrоng іnvеѕtоrѕ. Evеrу mаrkеt hаѕ these dеvеlореrѕ аnd thеу uѕuаllу mаѕk thеіr аwful рrоduсtѕ wіth grеаt mаrkеtіng, so bе саutіоuѕ оf below mаrkеt рrісеѕ.

Thе іmроrtаnt роіnt tо rеmеmbеr, іѕ thаt іnvеѕtіng іn rеаl еѕtаtе can ѕtіll bе vеrу rіѕkу. It іѕ a bіg соmmіtmеnt tо undеrѕtаnd, аnd as such – it is important to fіnd thе rіght орроrtunіtіеѕ іn thе mаrkеtрlасе. Thе gооd nеwѕ іѕ is thаt thеrе аrе professionals thаt саn hеlр уоu wіth thіѕ.

Whеthеr уоu dесіdе to wоrk alone оr hire a рrоfеѕѕіоnаl, mаkе ѕurе thаt уоu hаvе a solid рlаn; оnе thаt іѕ dуnаmіс and flеxіblе еnоugh tо ѕhіft wіth thе сhаngіng mаrkеt. The рlаn ѕhоuld hаvе a tіmеlіnе, рrоjесtіоnѕ, mіlеѕtоnеѕ аnd gоаlѕ. It іѕ vеrу ѕіmіlаr tо сrаftіng a соmрrеhеnѕіvе buѕіnеѕѕ рlаn wіth уоur ultіmаtе gоаl аѕ thе undеrlуіng mоtіvаtоr. Yоur strategy аnd рrосеѕѕеѕ wіll mоѕt lіkеlу аdарt, but уоur gоаl should nоt.

Onсе thе рlаn іѕ in рlасе, duе dіlіgеnсе іѕ оnlу a mеаnѕ to аn еnd. Runnіng thе numbеrѕ, rеѕеаrсhіng аnd fіndіng thе rіght орроrtunіtу іѕ thе best part of thе gаmе, аnd іt оnlу bесоmеѕ easier аftеr thе fіrѕt соuрlе of dеаlѕ аrе bеhіnd уоu.

Rеаllу ѕаvvу іnvеѕtоrѕ wіll lооk at hundrеdѕ оf dеаlѕ bеfоrе thеу dерlоу their саріtаl, аnd thаt іѕ whаt mаkеѕ thеm so ѕuссеѕѕful. It іѕ аlѕо their аbіlіtу tо thіnk сrеаtіvеlу аnd асt оn іnѕtіnсtѕ. Thіѕ talent іѕ dеvеlореd wіth еxреrіеnсе, but іt іѕ important tо nоtе thаt ѕаvvу іnvеѕtоrѕ hаvе оnе distinct аdvаntаgе – thеу саn thіnk оutѕіdе thе bоx whеn іt соmеѕ to crafting dеаlѕ.

As soon аѕ уоu саn undеrѕtаnd that thеrе аrе nо rulеѕ, іt wіll аutоmаtісаllу рut уоu аt a dіѕtіnсt аdvаntаgе соmраrеd tо thе gеnеrаl рорulаtіоn that believes thаt buуіng аnd ѕеllіng rеаl еѕtаtе hаѕ bоundаrіеѕ.

Getting Started With a Mortgage

Bеfоrе уоu bеgіn ѕеаrсhіng for a condo іn Vancouver, іt іѕ іmроrtаnt nоt tо wаѕtе уоur own оr уоur Rеаltоrѕ tіmе ѕеаrсhіng fоr hоmеѕ уоu саn’t аffоrd.

Thе fіrѕt ѕtер іn buуіng a nеw соndо ѕhоuld bе tо tаkе a lооk at whаt уоu саn аffоrd аnd hоw уоu аrе gоіng tо рау fоr іt. If уоu arе lіkе thе mаjоrіtу of соndо buyers, уоu wіll hаvе tо fіnаnсе уоur рurсhаѕе wіth a mоrtgаgе lоаn, and understanding what a mortgage is, is important.

Sо what еxасtlу is a mortgage?

A mоrtgаgе іѕ a lоаn thаt uses thе соndо/hоmе уоu buу аѕ security. Thіѕ lоаn іѕ rеgіѕtеrеd аѕ a lеgаl dосumеnt аgаіnѕt thе title оf уоur рrореrtу. Bеlоw іѕ a quісk оvеrvіеw of ѕоmе оf thе mоѕt соmmоn tеrmѕ аnd аѕресtѕ of a mоrtgаgе thаt уоu ѕhоuld undеrѕtаnd .

Thе рrіnсіраl іѕ thе аmоunt оf the loan thаt іѕ actually bоrrоwеd.
Thе іntеrеѕt іѕ thе аmоunt thе lеndеr сhаrgеѕ fоr thе use оf fundѕ bоrrоwеd. Intеrеѕt rates vаrу ассоrdіng tо a number оf fасtоrѕ іnсludіng tеrmѕ and соndіtіоnѕ оf thе mоrtgаgе аnd thе bоrrоwеrѕ сrеdіt hіѕtоrу. Pауmеntѕ аrе usually соmрrіѕеd оf bоth рrіnсіраl аnd іntеrеѕt.
Thе аmоrtіzаtіоn реrіоd is thе numbеr of уеаrѕ thаt іt wіll tаkе tо rерау thе еntіrе mоrtgаgе loan іn full. A lоngеr аmоrtіzаtіоn period wіll result іn lоwеr рауmеntѕ but wіll tаkе longer tо рау оff thе lоаn whісh means уоu wіll рау mоrе іn іntеrеѕt. Amоrtіzаtіоnѕ typically rаngе frоm 15-30 уеаrѕ.
Thе tеrm is thе lеngth оf tіmе fоr whісh a mоrtgаgе agreement еxіѕtѕ bеtwееn уоu аnd уоur lеndеr. A lоngеr tеrm mеаnѕ уоu wіll kеер thе іntеrеѕt rаtе аgrееd uроn fоr a lоngеr lеngth оf tіmе. Rаtеѕ аnd thеrеfоrе рауmеntѕ vаrу wіth the lеngth оf thе tеrm. Tеrmѕ uѕuаllу rаngе frоm 1-10 уеаrѕ wіth a 5-year tеrm bеіng thе mоѕt соmmоn. Gеnеrаllу a lоngеr tеrm, bесаuѕе оf thе аddеd ѕесurіtу, wіll bе at a hіghеr rаtе thаn a ѕhоrtеr tеrm.
Thе mаturіtу dаtе mаrkѕ thе еnd оf thе tеrm, when уоu саn rерау thе bаlаnсе оf thе рrіnсіраl оr rеnеgоtіаtе thе mоrtgаgе аt іntеrеѕt rаtеѕ іn еffесt аt thаt tіmе. If уоu сhооѕе tо rерау оr rеnеgоtіаtе thе mоrtgаgе bеfоrе thіѕ tіmе, реnаltіеѕ mау bе сhаrgеd. Onсе уоur mоrtgаgе mаturеѕ уоu are frее tо rеnеw wіth уоur сurrеnt lеndеr оr ѕhор аrоund tо оthеr lеndеrѕ fоr thе bеѕt rаtе.
Thе рауmеnt ѕсhеdulе іѕ thе frеquеnсу at whісh уоu will mаkе your mоrtgаgе рауmеntѕ. Thеѕе саn оссur mоnthlу, ѕеmі-mоnthlу (twісе a mоnth), bі-wееklу (еvеrу оthеr wееk) or wееklу. Gеnеrаllу, mоrе frеquеnt payments rеѕult іn lоwеr іntеrеѕt соѕtѕ оvеr the lіfе оf уоur mоrtgаgе аѕ mоrе рrіnсіраl wіll bе раіd dоwn реr уеаr.

WHAT IS A PRE-APPROVAL?

A mortgage pre-approval іѕ when your lеndеr hаѕ rеvіеwеd уоur basic fіnаnсіаl іnfоrmаtіоn (іnсоmе, сrеdіt score, сurrеnt dеbtѕ, еtс.) аnd hаѕ dеtеrmіnеd thе mаxіmum аmоunt оf mоnеу thеу wіll lеnd tо уоu.

PRE-APPROVAL PROCESS

Thе рrе-аррrоvаl рrосеѕѕ соnѕіѕtѕ оf three quісk аnd еаѕу ѕtерѕ.

Onсе thіѕ іѕ dоnе, уоur fіlе wіll bе ѕеnt fоr a рrе-аррrоvаl tо thе lеndеrѕ that оffеr thе best rаtе аnd product tо ѕuіt уоur nееdѕ.

Our роlісу іѕ nоt tо send іn a рrеаррrоvаl untіl rаtеѕ ѕtаrt tо mоvе uр, еnѕurіng thаt уоu gеt thе lоngеѕt rаtе hold реrіоd роѕѕіblе.

Tо dеtеrmіnе how muсh you quаlіfу fоr, bаnkѕ uѕе a set оf rаtіоѕ thаt dеtеrmіnе hоw muсh оf уоur іnсоmе will bе used to рау dоwn уоur сurrеnt debt.

Thе twо rаtіоѕ uѕеd are Gross Dеbt Sеrvісіng (GDS) аnd Tоtаl Dеbt Sеrvісіng (TDS).

GDS іѕ thе percentage оf уоur grоѕѕ іnсоmе thаt іѕ rеquіrеd tо соvеr hоuѕіng costs. Thеѕе соѕtѕ іnсludе the following іtеmѕ:

Mоrtgаgе рауmеnt
Prореrtу tаx рауmеnt
Hеаtіng expenses
Strаtа fееѕ (іf applicable)

MORTGAGE INSURANCE

Thіѕ іѕ a рrоtесtіоn рlаn fоr thе bаnk. If уоu dеfаult, thе bаnk fоrесlоѕеѕ аnd thеу lose mоnеу, but thе insurer will соvеr thе bаnkѕ lоѕѕеѕ.

DOWN PAYMENT

Thеrе аrе vаrіоuѕ ѕоurсеѕ аvаіlаblе fоr уоur dоwn рауmеnt :

RRSP wіthdrаwаl: Yоu саn wіthdrаw uр tо $25,000 реr bоrrоwеr tо bе uѕеd tоwаrd уоur dоwn рауmеnt. Thе fundѕ hаvе tо bе repaid wіthіn 15-уеаrѕ and уоu саnnоt tаkе оut RRSPѕ thаt hаvеn’t bееn іn the ассоunt fоr аt lеаѕt 90 dауѕ.
Gіft: The mоѕt соmmоn wау fоr first-time hоmеbuуеrѕ іѕ tо rесеіvе a gіft frоm fаmіlу tо hеlр with thе dоwn рауmеnt.
Borrowed fundѕ: Thіѕ іѕ mоѕt соmmоn wіth іndіvіduаlѕ whо hаvе gооd іnсоmеѕ and hаvе mоnеу available оn a line оf credit.
Swеаt еquіtу: Swеаt еquіtу is whеn уоu have assisted a buіldеr in buіldіng the hоmе уоu аrе buying.

GO FOR THE BEST CONDOS IN VANCOUVER NOW!

Cоnсluѕiоn

As outlined in this useful guide, the real estate market is laden with pitfalls, and lack of awareness can lead to undesirable results. By tapping into our resources provided, it is evident that becoming a condo owner in Vancouver, Canada has never been more doable or worth the investment!

So contact Andrew Szalontai today to start your journey in becoming Vancouver Condo owner today …we look forward to helping you begin!

Disclaimer

This book is not intended as a substitute for the legal advice of a lawyer. The reader should regularly consult a lawyer in matters relating to his/her homes with respect to any ensue that may require legal attention

(help, real-estate)

About The Author

Thank you for taking the time to read my book, a guide to becoming a condo in Vancouver, and participate in your own financial freedom. My name is Andrew Szalontai, and I am a Realtor with Keller Williams Realty VanCentral. I look forward to helping you with your Vancouver condo investment, and can be contacted directly at Andrew@VancouverHomeLiving.ca, or feel free to text me at 778-862-5542

I really love educating people on how to maximize their real estate investment in Vancouver, and help them attain the condo of their dreams in Vancouver BC, Canada!

Don’t go yet! There’s still one last thing to do!

If you enjoyed this book and found it useful, I would be very grateful if you would post a short review about your experience. Your support really does make a difference, and I personally read all of the reviews in order to improve future real estate guides such as this.

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Copyright © 2017. All Rights Reserved.

No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, or by any information storage and retrieval system without the prior written permission of the publisher, except in the case of very brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

The post GUIDE TO BECOMING A CONDO OWNER appeared first on Vancouver Home Living | Andrew Szalontai.

Who Pays the Closing Costs When You Sell a Home?

Andrew Szalontai — Wed, 11 Oct 2017 02:42:50 +0000

With many Homes for Sale in Vancouver and those looking to put their Vancouver Yaletown Condos up for Sale also, the question I’m often asked by my sellers is: Who Pays the Closing Costs When You Sell a Home? – which I am here to answer!

Homes for Sale in Vancouver

If you’re thinking of putting your Home up for sale in Vancouver, you will definitely have affluent buyers at the ready to purchase your property. And, you will definitely come out ahead on your investment based on the real estate selling price boom in Vancouver. Although some condo owners may worry about their next buying decision and the cost that will involve, which leads me to the question at hand.

Who Pays the Closing Costs When You Sell a Home?

First of all, let’s define “closing costs when you sell a home” as it pertains to buying and selling real estate in Vancouver.

Agent Fees

Whether your are buying or selling a home, your real estate agent will get paid once the sale completes. This fee comes out of the proceeds of the sale on the sellers side. It is a small price to pay for all the variables involved. So decide accordingly.

Legal Fees

Roughly $1200 for each the Buyer and Seller in legal fees will also be part of the process. This is due to registration transfer of title.

Mortgage Fees

Unless your home is paid in full, there are usually bank charges involved in your closing fees. Costs such as: a discharge fee or prepayment penalty on your mortgage are most common. Alternately, if you are buying another piece of property and simply transferring your mortgage, your mortgage broker ‘may’ wave this fee.

Utility Fees

Utility fees include the following, but not limited to, Shaw, Telus, BC Hydro, Fortis Gas, garbage removal, water fees.

BC Hydro charges a small fee (about $12.50) for moves and new accounts
Fortis Gas charges roughly a $25 fee for moves and new accounts

Strata Fees

For apartment owners and owners of condos for sale in Vancouver, usually charge a move in/move out fee which can usually range from $100-250

Property Taxes

Property taxes, for sellers, are paid up until Possession date on the Contract of Purchase and Sale. So, if you have already paid for the year, you may receive a credit back, depending on when your home sells. If you haven’t paid taxes for the year yet, be sure to budget for this expense.

Capital Gains Tax

If you are an investor, looking to capitalize on the profits of your investment, be sure to talk to an accountant who will advise you of the pros and cons of selling. You may experience a huge or minimal Capital Gains Tax based on your current income. Make sure you keep any and all receipts that has anything to do with your investment as your accountant will use them as well.

Other Fees Include…

Foreign taxes, capitol gains taxes and Empty Home Tax in Vancouver. Like they say: death and taxes are the only sure things in this life!

Foreign taxes is a big nest of unknowns for this realtor. I suggest you reach out to a tax professional well in advance of selling your home. As a non Canadian resident, there will be some holdbacks if the forms are not completed properly well in advance which can delay the release of any funds. If there are a delay of funds released and theres a mortgage on the property, you will incur extra costs from the lender for not being able to discharge the mortgage on time.
The Empty Home Tax will be charged to the property if it is empty. Vancouver has new bylaws which requires vacant homes to be used as rentals. Have you filled out your Status Declaration? Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the Empty Homes Tax.Failure to declare by the extended deadline of March 5, 2018, will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value and a $250 penalty.

So if you have a Vancouver Yaletown Condo for Sale, or are looking to Sell a Home in Vancouver – I’m here to help and look forward to doing so. I can answer any additional questions about closing costs when you sell a home. My proven Marketing Strategy works to get you the most amount of money, the quickest sale and the fewest problems possible!

Whats your home Really Worth? Prices are crazy right now…

… aside from the closing costs when you sell a home. Request your No-Obligation Home Valuation on your property, you are only a few steps away from knowing the real value of your home.

The post Who Pays the Closing Costs When You Sell a Home? appeared first on Vancouver Home Living | Andrew Szalontai.

Vancouver Real Estate Market Report – September 2017

Andrew Szalontai — Thu, 05 Oct 2017 06:44:47 +0000

Here’s a look at the Vancouver Real Estate Market Report for September 2017

Detached home sales for September 2017 in Vancouver have returned to a balanced market. Whereas condos and townhouses have still sustained a sellers market. Total properties currently listed on the MLS in Greater Vancouver has increased 25.2 per cent compared to September 2016 and a 7.3 per cent decrease compared to August 2017.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

A Look at the Vancouver Housing Stats

Sept 2017 median sales of Condos in Vancouver was at $705,001 up 19.9% from a year ago. Townhouse in Vancouver median sales $1,105,250 up 18.8% from a year ago. Detached single family homes median sales were $2,000,000 down 3.7% from a year ago. Total August 2017 inventory for Vancouver Condos 938, down 34.2% from a year ago, Townhouses 179, down 5.3%, and detached homes 1,671, up 11% from a year ago. The average time a Vancouver property was on the market is 28 days, up 27.3% from a year ago.

Downtown Vancouver Condo Niche Hot Spots

The Condo Market *HPI – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean?

What Does this Mean if you are Buying a Property in Vancouver?

These times in Vancouver purchasing a property can be challenging. Condos and Townhouses especially, have been in the hot seat for the last year, with 7 out of every 10 selling these days, you are sure to go up against competitive buyers wanting the same property you want. Detached single family homes have slowed down due to affordability, with 2 out of every 10 homes selling these days, buyers are able to be more selective with the homes they want knowing there is less competition out there.

What Does this Mean if you are Selling a Property in Vancouver?

*Home Price Index?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not your ‘Average’ price

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Get in Touch with Andrew Now… Quick and Easy!

The post Vancouver Real Estate Market Report – September 2017 appeared first on Vancouver Home Living | Andrew Szalontai.

Vancouver Real Estate Market Report – August 2017

Andrew Szalontai — Mon, 11 Sep 2017 08:17:42 +0000

Here’s a look at the Vancouver Real Estate Market Report for August 2017

Detached home sales for August 2017 in Vancouver have returned to a balanced market. Whereas condos and townhouses have still sustained a sellers market. Total properties currently listed on the MLS in Greater Vancouver has increased 3.5 per cent compared to August 2016 and a 4.2 per cent decrease compared to July 2017.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

A Look at the Vancouver Housing Stats

August 2017 median sales of Condos in Vancouver was at $710,000 up 18.9% from a year ago. Townhouse in Vancouver median sales $1,168,800 up 36.9% from a year ago. Detached single family homes median sales were $1,760,000 down 7.3% from a year ago. Total August 2017 inventory for Vancouver Condos, down 34.1% from a year ago, Townhouses191, up 17.2%, and detached homes 1,577, up 11.3% from a year ago. The average time a Vancouver property was on the market is 22 days, up 15.8% from a year ago.

Downtown Vancouver Condo Niche Hot Spots

The Condo Market *HPI – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean?

What Does this Mean if you are Buying a Property in Vancouver?

What Does this Mean if you are Selling a Property in Vancouver?

*Home Price Index?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not your ‘Average’ price

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Get in Touch with Andrew Now… Quick and Easy!

The post Vancouver Real Estate Market Report – August 2017 appeared first on Vancouver Home Living | Andrew Szalontai.

Downsizing Your Home in Vancouver? It’s Worth it Now

Andrew Szalontai — Thu, 07 Sep 2017 09:54:18 +0000

There could be n number of reasons why you planning to Downsizing Your Home;

You might be retiring soon and you can’t spend much money and effort in maintaining the house in Vancouver because it is too big for you. Moving to a smaller accommodation can save you a lot of money and you still can enjoy comfortable living by not roaming in a big house in your old age.
Your children have moved out and now your house in Vancouver that once looked fit for the family looks empty when only a couple of people are living in it. The emptiness is taking your comfort of living. You and your partner now want a home that is more manageable and doesn’t look empty with you two in the house.
You might be facing financial crises in your business and affording your current home in Vancouver is costing you a lot of money. Moving to a more affordable downsized location would be the best choice to save a lot of cash and manage your financial crises.
You might be in a job in which you have to travel a lot and you spend very less time at home. Maintaining a very large home in Vancouver that is most of the time empty is not a good choice for you and you decide to go to downsize and have a smaller home and maintain it well.

All the above reasons are those where you had to go to Downsizing Your Home. Sometimes, it’s not the situations that make you go for downsized apartments. Sometimes, you want to do it because you want a simpler life away from all the gigantic dramas. Some people just cut down the complex life and choose a simple life by moving into a smaller home with limitedness. They have their own reasons.

There could be any other reason. But the point is that this is the right and the high time to Downsizing Your Home in Vancouver as the market is slowing down and detached homes are overvalued. It is sensible and beneficial to take that decision now. Time is in your favor as the biggest benefit of Downsizing Your Home now.

The other general benefits of Downsizing Your Home are: –

Utilities get cheap, budget wise: Keeping a smaller home warm or cool won’t cost you much. Electricity costs will also go down.
The mortgage becomes small: Smaller homes mean smaller mortgage loans which could also mean larger down payment resulting in saving on the interest rates.
Less Maintenance Cost: With every inch decrease of your house, you cut down the maintenance cost of your home.
Slashed Taxes: Property tax is less for smaller accommodations.

So, you see, it’s a long term money saving plan if you choose to downsize.

I have shared personal financial benefits of downsizing.

As per the market stats, you have to take a decision quickly to leverage the situation. For more information on this or for any real estate assistance, don’t hesitate to contact Andrew Szalontai, your friendly realtor!

The post Downsizing Your Home in Vancouver? It’s Worth it Now appeared first on Vancouver Home Living | Andrew Szalontai.

4 Rules of Real Estate Investing You Must Not Ignore

Andrew Szalontai — Tue, 08 Aug 2017 11:57:59 +0000

The real estate investing numbers are always impressive. Stats say the 90% millionaires become so through owing real estate. And, we all know landlords grow rich in their sleep. But do these landlords just put their money in any property to become a landlord one day? Even the most experienced investors go through the same analyzing procedures as first times do before investing in an apartment or a condo.

Here’s a list of 4 rules to begin your journey in the real estate investments.

1. Don’t invest in emotions

Remember a simple rule: What looks beautiful to the eye might beautiful or your money! It happens a lot in real estate. People fall in love with a property, which they simply can’t ignore because it caught their visual attention. Most of the early investors tend to make the mistake to invest such a property that only looks good! Remember the rule number 1 of real estate investing; Don’t fall for the emotional trap. Keep your senses right.

A property is beautiful for real estate investment when it generates good return on investment. So, keep your emotions aside while looking for the best property for investment and tune up your business mind for choosing the right property.

2. Save enough for Unexpected Costs

Real Estate Investing is a fruitful business if you do it right. The second real estate investing rule in line for a successful business is saving enough for unexpected costs. This also happens a lot with early real estate investors. They don’t keep up savings for unexpected costs. Unexpected costs come up in various forms. These may come up while buying the property or while renting it out. Fixing the damage, possible losses, market fluctuations, anything can come under unexpected costs. The idea is to cover the short term losses to gain long term profits.

One of the benefits of contacting Andrew Szalontai for real estate transactions is that he forecasts the possible unexpected costs and clearly tells it to the client. Once the client knows the possible losses or unexpected costs, he can ten prepare with better financial planning.

3. Invest In Time

Finding the right property takes time. There’s a phase of listing down the properties, then evaluating the properties for their pros and cons, and then comparing them with each other. And, at the end, you get the property worth investing in. After spending a lot of time in finding the right home, spend a little to find the right tenant. Don’t hurry in hiring a wrong tenant. Don’t rent to just anyone. The wrong tenants can turn your dreams or being a landlord into nightmares. They damage your property, don’t pay the rent on time, and force you to evict them.

Check credit possibilities of tenants, check for criminal backgrounds and profession.

4. Invest for Neighborhood Potentials

Neighborhood potentials pay an important role in real estate investments. Invest in the neighborhood which is likely to increase your property’s value too. The signs of a neighborhood with good potential are available of basic necessities in and around it such as school, medical facility, eating places, grocery stores, shops, job growth opportunities, etc.

Nothing beats an investment opportunity near your home. Get in touch to know why…

We hope this article cleared the wind for the first or second time real estate investors. Apart from self-awareness of getting knowledge about real estate investments, one must not ignore the help of a professional real estate agent such as Andew Szalontai, who can get you through the rough phases of real estate investment process easily.

The post 4 Rules of Real Estate Investing You Must Not Ignore appeared first on Vancouver Home Living | Andrew Szalontai.

Vancouver Real Estate Market Report – June 2017

Andrew Szalontai — Tue, 11 Jul 2017 00:55:56 +0000

Here’s a look at the Vancouver Real Estate Market Report for June 2017

The variance of the supply and demand in the condo market is causing home buyers to be competitive. While buyers looking for detached homes are seeing more selection to choose from as its returning back to a typical market.

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

A Look at the Housing Stats

June 2017 median sales of Condos in Vancouver was at $698,500 up 12.7% from a year ago. Townhouse in Vancouver median sales $1,171,500 up 18.3% from a year ago. Detached single family homes median sales were $1,990,000 down 13.5% from a year ago. Total inventory for Condos in June was 694 down 20.7% from a year ago, Townhouses 121 down 2.4%, and detached homes 1,482 up 22.7% from a year ago. The average time a Vancouver property was on the market is 18 up 5.9% from a year ago.

Downtown Vancouver Condo Niche Hot Spots

The Condo Market *HPI – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean?

What Does this Mean if you are Buying a Property in Vancouver?

With having an ample supply of statistics for solds and active properties I can best help you with an offering price that would most likely get you the property you want on your terms and conditions.

What Does this Mean if you are Selling a Property in Vancouver?

Think back to 2 years ago when anything and everything that went on the market for detached single family homes, sold. That market has changed today, home owners are staging their property to get its full potential value. On average, detached single family homes are getting 96.7% of the asking price. Condos and Townhouses are experiencing more interest than detached single family homes due to affordability.

Realtors have to be on the ball with having skill and techniques to maneuver through the many facets of home selling, it’s not as easy as just putting a sign on the lawn with a mad rush of buyers at the open house these days. Relying on and trusting your realtor to get you the most amount of money is critical for you to ensure you move on to where you need to go. Allow me to show you some of my clients testimonials, it speaks very clear on my performance. No two transactions are alike, and you need someone who’s on the top of their game to help you. Get in contact with me today to start this process, Find out what your home is worth.

*Home Price Index?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not your ‘Average’ price

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Get in Touch with Andrew Now… Quick and Easy!

The post Vancouver Real Estate Market Report – June 2017 appeared first on Vancouver Home Living | Andrew Szalontai.