Open House Saturday, March 30 & Sunday, March 31

#1707 788 RICHARDS ST. 

$489,000  1 Bedroom & 1 Bathroom  648sqft

Open House at #36-9000 Ashgrove Crescent $433,5000 Open House March 23, 130 to 3pm

1410 sqft 3bedrooms and 2.5 bathrooms

Open House Sunday, March 24, 2 to 4pm

#406 - 2250 West 3rd Ave $469,000

1 bedroom and 1 bathroom 793sqft

Millennials Have Fresh Take on Housing Needs

There’s a new type of home buyer on the market. They know what they want and are ready to get their hands dirty to transform a house to meet their unique needs. Stereotypical homes do not entice them; rather these buyers strive to own homes that stand apart and suit their personal lifestyle.

Make way for the “millennials,” a.k.a. GenY, the new generation of home buyers.

Two new surveys sketch a picture of the housing aspirations of young adults.

A Royal LePage survey of 1,013 Canadian millennials born between 1980 and 1994 (along with 1,011 baby boomers) asked about their attitudes toward owning a home and their ability to do so. Here are the main findings.

A good investment: The vast majority of the GenY respondents—80.3 per cent—see real estate as a sound investment. As Royal LePage CEO Phil Soper says, ”Baby boomers have built homes for themselves. They are established in their neighbourhoods and their residences have become a place of happiness for family and friends. It’s their children that are seeking to create a similar atmosphere of their own, even though new impediments exist for this younger generation.”

If I could afford it…: The main impediment is affordability. GenY is at the transition point between renting and owning, but many, particularly in BC, don’t know if they will ever be able to own a home. Across Canada, 72.4 per cent said they wanted to own someday, but were pessimistic about actually buying because of current house price affordability. In BC, 86.1 per cent were pessimistic.

Renting an option: And of those planning a move, 55.1 per cent intend to buy a home and 32.6 per cent say they plan to rent. In BC the number of renters rises 6.3 per cent to 38.3 per cent. And 21.4 per cent in BC said they actually prefer renting over home ownership.

Small down payment: Almost three-quarters of the millennials buying will be buying for the first time, and they will find the down payment a challenge: 63.8 plan to put down less than 20 per cent, meaning they will require government-backed mortgage insurance. Savings, RRSPs and the bank of mom and dad will provide down payments for 67 per cent of the respondents.

So what do they want in a house?

Another new survey, conducted for Better Homes and Gardens Real Estate, polled 1,000 young US adults between the ages of 18 and 35, but it is considered characteristic of Canadians of that age group as well. It asked what they wanted in their first or next home purchase. It discovered this group is willing to rewrite the rules to home ownership to fit their values.

Here are the findings from the survey.

Fix-it generation: Nearly 1 in 3 millennials surveyed would actually prefer a fixer-upper to a house with minimal repairs needed. Furthermore, 72 per cent consider themselves just as handy as their parents, and 82 percent of them prefer to handle home improvements on their own instead of turning to their parents. That’s a contrast to a general misconception that paints young adults as coddled or entitled.

Better, not bigger: Unlike their Baby Boomer parents, 77 per cent of millennials surveyed would prefer an “essential” home compared to a grand stereotypical luxury home.

Room for change: Millenials want each room to serve a purpose fit for their tech-drenched lifestyle. Twenty per cent would call their dining room a home office, considering what it’s mostly used for. And 43 per cent would like to transform their living room into a home theatre. Fifty-nine percent would rather have extra space in their kitchen for a TV rather than a second oven, and they seek to be entertained in every room of their home. In fact, 41 per cent of millennials would be more likely to brag to a friend about a home automation system than a newly renovated kitchen.

High tech: Eighty-four per cent believe that technology is an absolute essential to have in their homes. The most sought-after technical equipment is an energy efficient washer and dryer (57 per cent), security system (48 per cent), and smart thermostat (44 per cent). To this generation, technology is more important than curb appeal, the survey found. If a home doesn’t have the latest tech capabilities, 64 percent of millennials surveyed would simply not consider living there, according to the Better Homes and Gardens Real Estate survey.

7 Pragmatic Steps to Buying Your First Home

Since last year’s federal changes to mortgage lending, most first-time buyers now are in the same situation as buyers of 30 years ago, before high-ratio mortgage insurance and long amortizations. If you have a down payment of under 20 per cent, you’ll require government backed mortgage insurance (CMHC or Genworth).  And that means you’ll have to take pragmatic steps toward a home purchase.

1. Make sure you qualify for the higher payments of a 25-year amortization. The amortization period has been reduced to a maximum of 25 years from 30 years. The result is slightly higher payments, because they’re not spread out as long. There is a payoff, though: you will pay thousands of dollars less in interest payments over the (shorter) life of your mortgage.
2. Reduce your other debts. Before you apply for a mortgage, make sure that your other debt obligations (like student loans, credit cards or car loan payments) will not skew your debt-service ratio above the maximum threshold. The maximum gross debt service ratio to qualify for an insured mortgage is now 39 per cent, down from 41 per cent, and the maximum total debt service ratio is 44 per cent.
3. Avoid the bare minimum down payment. The 5 per cent down payment is still available, but it is wise to save longer and put down more. This is because you will not only save on the mortgage insurance premium but you will also spend less in interest payments over the life of the mortgage.
4. Check your credit score. A credit score of at least 600 is often required now to qualify for insured mortgages.
5. Buy a property for under $1 million. This may sound obvious, but $1 million is the typical house price in some Metro neighbourhoods. Under the mortgage rules, such purchases require a minimum 20 per cent down payment, or $200,000. If you buy a $900,000 home, though, the minimum down payment required for mortgage insurance is $45,000. (But don’t ignore Step 3 above.)
6. Take advantage of the current buyer’s market in the Lower Mainland. Sales through MLS® are down about 25 per cent from a year ago, prices have basically flatlined and mortgage rates are about as low as they can go. Realtors tell us that buyers are negotiating aggressively and getting price reductions. Developers are also starting to offer special deals and extras to help reduce their inventory.
   Get pre-approved for a mortgage and contact a local Realtor. You can still buy under the stricter mortgage rules by applying pragmatic, old-school principles.
7. If possible, put down 20 per cent or more. With a down payment of over 20 per cent you won’t need a government-backed insured mortgage and you will save the thousands of dollars those insurance payments would have added to your mortgage. You won’t be constrained by their rules, either, so you can amortize over a longer period.

Remember, your first home won’t be your dream home. It’s just your first step. So save as much as you can and buy only what you can afford. A Realtor and an independent mortgage broker will help you discover what’s feasible within your budget.

March 7, 2013

Greater Vancouver Real Estate Market: February 2013

The report everybody was waiting for is out: the Real Estate Board of Greater Vancouver’s sales, listings and house price statistics for February.  New listings picked up in January. Would sales follow? Would we start to see an awakening of the residential real estate market after an extra-long winter’s nap?

Sales and Listings

We did not. The 1,797 MLS® home sales in the region were the second-lowest total for February in 12 years, and 30.9 per cent below the 10-year average. Compared to last February, home sales were down 29.4 per cent.

Detached houses were the least favoured. House sales were down 36.1 per cent from February 2012, while apartments declined 25.5 per cent and townhouses, 21.5 per cent. All housing types saw higher sales in February than January, with townhouse sales increasing the most, but sales always increase as we head into spring.

There was more choice for buyers in February. Active listings increased to 13,246, after four months of steady decline. They gained 11.6 per cent over January, and 5.2 per cent over February 2012. This despite the fact that new listings faded to 4,833 after January’s influx of 5,128 new listings.

Even with low sales and slightly higher active listings, the sales-to-listings ratio actually increased two points to 12.2 per cent. According to the REBGV, that puts it on the cusp of a balanced market. It hasn’t been over 11 per cent since last June.

The REBGV sees this as a promising sign. President Eugen Klein (video at bottom of article) says, “With a two-point increase in our sales-to-active-listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months.”

Mind you, a two-point increase in the sales-to-active-listings ratio is modest this time of year. Spring is typically the major selling period of the year and buyers start to come out in force in February. Last year the increase from January to February was 6.4 per cent.

Benchmark Price (MLS® Home Price Index)

About 54 per cent of all detached houses in Vancouver city limits are assessed at over $1 million according to a study by Andy Yan of Bing Thom Architects, quoted in a recent Vancouver Sun article.

A quick search of the listings on our site found only one house on its own land under $1 million on the west side (two others were on leased land). On the east side we found 141 houses under $1 million. Only three were under $600,000.

House prices that would draw gasps in other cities are the norm in Vancouver. That’s true of West Vancouver, North Vancouver, Richmond and Burnaby North and South as well. All have average benchmark prices of $900,000 or over.

No wonder Greater Vancouver is the star of every overvaluation/unaffordability study that comes out. And no wonder there’s an almost rabid expectation that prices will fall.

But no, in February benchmark prices for houses, townhouses and apartments rose ever so slightly from January.

Townhouse prices went up in all but three areas: Squamish, Vancouver East and Whistler. Prices for condos went up everywhere but Coquitlam, Maple Ridge and Port Coquitlam. Detached house prices dropped in eight out of the twenty REBGV areas: Burnaby South, Maple Ridge, Port Coquitlam, Port Moody, Richmond, Sunshine Coast, Vancouver East and West Vancouver.

These are all very slight increases/decreases, and there’s no telling if they signal a change of direction. When we asked local realestate professionals how they thought the spring real estate market would go the consensus was that we’ve seen the correction from the peak prices of last April and May, and prices would remain flat.

Open House Today

Saturday, February 23, 2013 from 2 to 4pm

#36-9000 Ash Grove, Burnaby BC 1410 sqft

3 Bedrooms and 2.5 Bathrooms $434,900

Beautiful reversed layout plan... Call Carmen for further information @ 604-218-4846

At a time when condo units are getting smaller, Yaletown’s Pacific Point Building offers one thing you won’t get in a new building: space – and lots of it.
The 20-year-old building at 1323 Homer Street in Vancouver, which was bought by well-known developer Nat Bosa last year, is currently undergoing a complete renovation – something that has never before been done in Vancouver on this scale and at such high quality.

“There just aren’t any buildings like new Pacific Point in downtown Vancouver any more,” says Nat Bosa, president of Bosa Development. “No where else will you get the unobstructed and protected views, space and amenities combined with new high-end finishings we are providing here.”

Formerly a high-rise rental building, the new and luxuriously revamped Pacific Point will offer a range of studios, one, two and three-bedroom condos for singles, professionals and families to live in (ranging from 448 to 1678 sq. ft.). The building also has a large indoor pool, hot tub, gym and communal meeting space.

“You just have to walk through the units to really understand the value of what you’re getting at Pacific Point,” says Lisa Murrell, Bosa Development’s sales and marketing manager. “The units are big, the windows are big and the views are big, which really allows for the best of downtown living.”

Known for its high-quality condos, Bosa Development is adding the same touch to Pacific Point units, which will feature new Armony cabinetry, top-of-the-line appliances and even new washer and dryers for each unit (which were previously not there).

Bosa has ensured this building is in great shape for its new owners, even re-plumbing the entire building! However, to top it off, Bosa is putting his own name to the project offering buyers the Nat Bosa Assurance Program, a full 2-5-10 warranty program that will give confidence to anyone who invests in Pacific Point.

All 214 units over 28 floors will be on the market this spring. Public previews are expected to start March 2 and 3.

Saturday, February 16, 2013 from 1 to 4pm

#900-9 Smithe Mews, Vancouver BC 2081 sqft

3 Bedrooms and 3 Bathrooms $1,899,900

Sunday, February 17, 2013 from 11 to 1pm

#900-9 Smithe Mews, Vancouver BC 2081 sqft

3 Bedrooms and 3 Bathrooms $1,899,900

Sunday, February 17, 2013 from 2 to 4pm

#36-9000 Ash Grove, Burnaby BC 1410 sqft

3 Bedrooms and 2.5 Bathrooms $434,900

In another study Vancouver has been crowned the most expensive city in North America, ahead of both New York and Los Angeles, which tied for 27th on the annual EIU Worldwide Cost of Living Survey. Worldwide, Vancouver ranked 21 on the list. In the previous survey Vancouver ranked 37th worldwide.

Asian and European cities continued to dominate the top 20 as Asian cities claimed 11 of the world’s 20 most expensive cities.  Europe had 8 cities make the top 20.

The Worldwide Cost of Living survey is released twice a year by the EIU and compares hundreds of prices across 160 products and services, including items such as food, drink, rentals, utility bills, schooling costs and household supplies.

Top 10 most expensive cities in the world

1. Tokyo, Japan (+1 place)
2. Osaka, Japan (+1)
3. Sydney, Australia (+4)
4. Oslo, Norway (+1)
4. Melbourne, Australia (+4)
6. Singapore (+3)
7. Zurich, Switzerland (-6)
8. Paris, France (-2)
9. Caracas, Venezuela (+25)
10. Geneva, Switzerland (-7)

Top 10 least expensive cities in the world
1. Karachi, Pakistan
1. Mumbai, India
3. New Delhi, India
4. Kathmandu, Nepal
5. Algiers, Algeria
5. Bucharest, Romania
7. Colombo, Sri Lanka
8. Panama City, Panama
9. Jeddah, Saudi Arabia
10. Tehran, Iran

Open Houses!!! Come by!!! Questions..

Feel free to contact me @ 604-218-4846

Saturday, February 9th

11am to 130pm

#36-9000 Ash Grove, Burnaby BC 1410 sqft

3 Bedrooms and 2.5 Bathrooms $434,900

Sunday, February 10

11am to 130pm

#900-9 Smithe Mews, Vancouver BC 2081 sqft

3 Bedrooms and 3 Bathrooms $1,899,900

Sunday, February 10

2pm to 4pm

#201-1010 Beach Ave, Vancouver BC 1917 sqft

2 Bedrooms and 2 Bathrooms $1,899,900

  #36-9000 Ash Grove, Burnaby BC

#900-9 Smithe Mews, Vancouver BC

#201-1010 Beach Ave, Vancouver BC

Mount Pleasant Vancouver West

Mount Pleasant is one of the few neighbourhoods in Vancouver that span the city’s east-west divide. That’s why Mount Pleasant house prices range from less than $800,000 east of Main Street to almost $1.3 million closer to Cambie Street.

In recent years Mount Pleasant gentrified, especially in its SoMa (South Main) district. The area was once a hangout for artsy types, but now many first-time homeowners, including young professionals, couples and families, are heading to Mount Pleasant to buy their first house or condo and take advantage of the area’s laid-back lifestyle.

Mount Pleasant is also home to several important city landmarks. Vancouver City Hall dominates the corner of Cambie Street and 12th Avenue; Heritage Hall — opened in 1915 as a post office — sits at Main Street and 15th Avenue and serves as a community meeting place; and, at the heart of the neighbourhood stands the former Evangelistic Tabernacle, which was converted into private condominiums in the 1990s.

Check out this video on Mount Pleasant by the Vancouver Courier

Mount Pleasant Amenities

Mount Pleasant Shopping

South Main (SoMa) shopping is a Mount Pleasant must. The area between 2nd avenue and 28th avenue is bustling with independent retailers, local fashion designers and some of the best vintage clothing and furniture stores in the city. A large MarketPlace IGA grocery store, Tisol Pet Nutrition & Supply store and Brewery Creek Liquor Store are all located between 14th and 15th avenues on Main Street.

Schools and Education in Mount Pleasant

Elementary schools

• Florence Nightingale Elementary School
• Mount Pleasant Elementary School
• Simon Fraser Elementary School

Mount Pleasant Cafés and Restaurants

Most food in Mount Pleasant can be found along Main Street, which is the commercial centre of the neighbourhood and is packed with artisan coffee shops, mom-and-pop diners, lively bars and cozy pubs, not to mention a cornucopia of multi-ethnic restaurants.

Mount Pleasant Sports and Recreation

Eleven public green spaces dot the neighbourhood of Mount Pleasant. Residents enjoy the skateboard ramps at China Creek South Park, tennis courts at Guelph Park, the community garden at Sahalli Park and the fenced off-leash dog area at the Southeast False Creek park site.

Mount Pleasant also boasts a new multi-service civic centre that includes, along with Mount Pleasant Community Centre, virtually everything under one roof: climbing wall, fitness centre, dance studio, public library, child development centre, café and market-value rental housing.

Mount Pleasant Transportation

Located in the southeast portion of Vancouver between Cambie Street to the west and Clark Drive to the east, 2nd Avenue to the north and 16th Avenue and Kingsway to the south, Mount Pleasant provides quick access to the city’s downtown core along several main thoroughfares. It also features multiple SkyTrain rapid-transit stations along Cambie.

Mount Pleasant Property Statistics

*Source: Real Estate Board of Greater Vancouver, average sale prices in Fairview, False Creek, Mount Pleasant West/Grandview, Mount Pleasant East for 12 months ended November 3, 2010

**Source: Statistics Canada, Census 2006

Mount Pleasant Demographics

Population* – 23,615

*Source: Statistics Canada, Census 2006

*Source: Statistics Canada, Census 2006

*Source: Statistics Canada, Census 2006

*Source: Statistics Canada, Census 2006

Tips on Preparing Your Home for Sale Day

There are more than 20,000 homes for sale in the Lower Mainland, so making your home stand out for potential buyers is vital. It is especially true in today’s buyer’s market.
First, work with your Realtor to get the maximum exposure for the home. Then prep both yourself and your home for sale day.

Say to yourself, “This is not my home; it is a house—a product to be sold.” Make the mental decision to let go of your emotions and focus on the fact that soon this house will no longer be yours. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners.

Say goodbye to every room. Don’t look backwards—look toward the future. All sellers want their home to sell fast and bring top dollar. Well, it’s not luck that makes that happen. It’s careful planning and knowing how to professionally spruce up your home. Here is how to prep a house and turn it into an irresistible and marketable home.

Dawna Johnson, an Accredited Staging Professional Master (ASP) says the idea behind staging is to allow rooms to show themselves.Think clean and simple: when prepping a home for sale, get rid of clutter, clean and, if necessary, stage rooms with rented artwork, flowers.

“If your home is vacant, it’s soulless,” Dawna warns. “Without staging, it will probably remain on the market for many months.” She has this practical advice for making a home sparkle:

• Apply orange oil to cabinets that appear dry, which will renew their original lustre
• Put out large bowls of fruit such as polished apples, bright oranges, luscious grapes
• Arrange colourful and fun cookbooks on the kitchen counters

Dawna believes in bringing the outdoors inside through the use of greenery and plants, creating clean, crisp spaces and arranging furniture with plenty of room to walk around.

She says bathrooms are essential to dress well. “Bathrooms should look open, airy and delightful,” says Dawna. One of her favourite tricks is to add baskets filled with spa items such as small towels tied with ribbon, bottles of lotion and scented soaps.

The front and back yards often need staging, too. For patios and decks, Dawna brings in plants and potted flowers and makes sure decks are clean and clutter free. Your Realtor has been through many open houses and will be able to provide other tips on getting your home sale-day ready.