The good people (yes I mean lawyers) at Spagnuolo & Company have produced this video to make things a little easier to understand. Information about the BC First-Time Home Buyers' Bonus. Watch video...
“Whether the suite is legal or illegal, having insurance coverage is vital,” says Chambers who notes there is a misconception among home owners that their existing policy will cover a suite. “It doesn’t,” says Chambers.
A home owner who doesn’t tell their insurer about a suite and that there are two households living in the home, opens themselves up to significant risk.
"An unreported and uninsured suite could potentially void the existing insurance contract on the primary residence if there is a flood or a fire,” explains Chambers.
Some home owners may not properly insure their property because of fear that their insurer will report the suite to the local municipality. “This isn’t true,” says Chambers. “However, we always advise our clients to comply with local bylaws and report and register the suite with the local municipality.”
How much will insurance cost? “About 10% of the cost of your total home insurance. So if you’re paying $1,200, it will cost you an additional $120,” says Chambers.
Home owners who rent their secondary suite can also buy separate comprehensive rental insurance. Depending on the insurer and on the policy, this can cover vandalism and damage by tenants, typically up to a payout maximum limit of $5,000. This insurance doesn’t cover the tenant’s belongings. The tenant has to buy their own insurance for their possessions.
Home owners with laneway homes, coach homes above garages and other authorized or unauthorized accommodation on their property should also let their insurer know and should buy appropriate coverage.
Generally speaking, October saw a few less listings, a few more sales, and a slight decrease in prices over the summer months. Remember, Greater Vancouver spreads from Maple Ridge to Whistler and the Gulf Islands, so what is important for you is what is happening in your local neighbourhood. Call me for details, or Check out the detailed stats here...
People are always asking me if we are headed in the same direction as the US housing market. I don't get this question as much as I used to, but I still get asked it. I think people are seeing that we are standing on our own two feet up here in Canada. By the way, my answer is always the same...no. Our lending restrictions are much tighter so buyers who cannot aford to buy, won't be buying. These restrictions are protecting everyone. Benjamin Tal states "...any comparison to the American market of 2006 reflects deep misunderstanding of the credit landscapes of the pre-crash environment in the US and today's Canadian market." Read his full report...
Beyond the basics meant to ascertain the property type, market and potential tenants, there are a few other factors investors should consider before signing the dotted line. Here are five “other” questions every investor should ask when considering a condo.
1. Get the scoop on the Reserve Fund First, reserve funds requirements vary from province to province, so if you’ve invested primarily in Ontario and are now looking at a property in B.C., be sure to check what the provincial stipulations regarding the review of reserve funds are. In Ontario, it is mandated a condo has to undertake a Reserve Fund Study “periodically”, but this can be anywhere between 3-5 years. Make sure the reserve is proportionate to the age of the building – the general rule of thumb is to invest in condos that have a reserve fund comprised of 10% of their operating budget.
2. Who is the developer? It should go without saying, but do due diligence on who’s building your condo. Hot markets bring several developers to the area to start setting up shop, but have they a reliable portfolio? What is condition of their existing inventory? Which contractors do they work with? The CMHC advises reviewing paperwork such as a disclosure statement, technical audit, and documents regarding bylaws and zones, etc.
3. Research the company’s financial and legal history Take a look into the financial and legal history of the developer. Many major markets will have independent bodies that collect research on these kinds of statistics, plus you can utilize tools like the Better Business Bureau and your local condo board. Whether there are lawsuits between condo owner and developer, manufacturer, architect – it pays to get the facts to see what is being contended, and if it could wind up being a deal breaker.
4. Who manages the condo association? The days of self-governing condo associations are fading as developments grow in size and scale. Many condo associations are opting for the help of a registered firm or individual to take care of issues such as budgeting, physical building maintenance and handling homeowner complaints. Knowing who takes care of these issues will help you gage how long it will take for them to be resolved.
5. What Does Master Insurance Cover? A portion of monthly condo fees are put towards insurance for common areas, whilst individual homeowners can insure their own units and renters can opt for tenant insurance. Make sure to note which areas specially count as “common areas” and are therefore covered, and more importantly, which are not. Master Insurance policies can either be “Bare Walls-In”, which covers the physical property but not necessarily things like countertops and fixtures, or “All-In”, which covers installations as well as construction.
Complex Magazine has rated the top 50 most stylish neighbourhoods in the world, and Gastown comes in at #4. Wowzers! That's tough competition! After a visit to New York City last year, I started calling Gastown the SoHo of Vancouver, and it seems I am not too far off. Complex magazine rated SoHo, New York #3. Gastown seems to be getting a lot of attention right now, and I can certainly understand why. It is hands down my favourite neighbourhood in Vancouver. Click here to view the top most stylish neighbourhoods in the world.
Stay in touch with what's happening in the Greater Vancouver Real Estate market by checking out my monthly e-newsletter.
September 2012
Summer is officially over and it seems fall really is upon us! Well, I guess we can't complain...we've had gorgeous weather this month. With summer holidays over, is it time for a renovation? Want to do it on a budget to increase your resale value? Watch this video for quick tips & suggestions. Do you have an investment property, or thinking of purchasing one? Watch this video for quick tips on making the most of your cash flow. With Canada's housing market ranked one of the best in world, according to the Global Property Guide, now is the time to stop renting and start thinking about making the move to home equity. When you are ready to start the process of buying, or if you are not sure if the timing is right, CMHC has a great website with a lot of good information on helping you decide if the time is right, and what the next step is during the buying process. With the Bank of Canada's announcement earlier in the month to keep it's rate steady at 1%, rates remain at an all time low, so the good news continues for buyers wanting to capitalize on locking in a low rate. If you are already an owner and are locked in to a mortgage over 4%, I hear from mortgage brokers that you may be better off breaking your mortgage and securing a lower rate. Call your mortgage broker for details if you think this may benefit you.
New Listing!
Are you an avid golfer and always dreamed of living where you golf? Imagine the 11th green at your back door! Daily golf games with your fave fairway pals! A beer on the sunny patio while you brag about your mulligan-free game and near hole-in-one! Let your dreams come true with this 1/3 acre lot on the gorgeous Crown Isle golf course in Courtenay, BC. One of the largest lots in Crown Isle, the possibilities are endless as you design your dream home. A two year couples golf membership will get you started living the life you've always imagined! View more details here...
Market Statistics
Home sales in Greater Vancouver this summer have been lower than we've seen for most of the last 10 years, however prices have remained fairly stable. Remember though, it's your local area statistics that are important because Greater Vancouver stretches from Maple Ridge, to Delta, to Whistler, to the Gulf Islands. In August we saw listings & sales drop, but prices increase Downtown, Westside Condos, Eastside Houses, N Van Houses, W Van Houses & Condos, & Richmond Condos. We saw listings, sales, & prices drop in Westside Houses, Eastside Condos, & N Van Condos. Richmond Houses saw fewer listings, an increase in sales, & a drop in prices over July 2012. To view the detailed stats, Read More...
Vancouver Home & Design Show
The Vancouver Home & Design Show returns to BC Place October 11-14, 2012. If you have an upcoming renovation and need some supplier names, contractors, trades, appliances, flooring ideas, etc, then this is the show for you! Vancouver Home & Design Show
Looking for an update on what's happening in the real estate market now? My monthly newsletter provides you with stats, updates, new changes in the industry, and something fun to do in Vancouver. Enjoy!
August 2012
You have heard the rumors and they are true...the summer slow down is upon us! Hey, who wants to be at an open house when it's hot and sunny outside and you could be at the beach, or camping, or vacationing in one of BC's fabulous getaway spots? I don't blame you! Let's enjoy this fabulous weather while we have it. It seems the weather man is making up for last summer's super short season. That being said, the perfect time to buy is when no one else is, forcing some sellers to drop their price in an effort to entice the masses to view their home. The market typically picks up again mid-September when kids are back in school, and everyone is settling back into their routines, so if you want to buy this fall, contact me in the next few weeks and we'll put a plan in place to get the process started. Enjoy the rest of your summer everyone! See you in September!
New Listing!
Have you always wanted to build your dream home on a beautiful 18-hole golf course? Imagine daily golf games right out your back door, afternoon cocktails watching the golfers on the 11th green, dazzling sunsets, and snow capped mountain views! This 1/3 acre, 14,249 sq ft corner lot, is one of the largest in this community, and is on the 11th green at the Crown Isle Golf Course in Courtenay BC. Design and build your West Coast/Craftsman style dream home in this prestigious neighbourhood. Live the life you've always imagined! View more details here...
Market Statistics
It's a buyers market downtown and the Westside, and a balanced market on the Eastside. Prices fell downtown and the Eastside, and increased on the Westside. Inventory is stabilizing, and sales dropped in all segments except for houses on the Eastside where we saw a small increase. Read More...
What's happening in Gastown?
The city's oldest neighbourhood, Gastown, is exploding with new talent...restaurants, delis, retail shops, art, design, and more! The community has a great website showcasing what's new and happening in Gastown. Judas Goat now has a patio, Boneta has a fabulous patio in the coolest courtyard in the city. I just bought a Chocolate Chip, Bacon, Cashew Oatmeal cookie at Save-On-Meats and went back instantly for 6 more...and they didn't last long! You simply cannot beat the diversity and character of Gastown! If you haven't made the trip to Gastown in a while, come on down...you won't be disappointed! Gastown.org
Are you a golfer and always dreamed of building a home on the green of a magnificent golf course? This lot is one of the largest at Crown Isle at 14,249 sq ft. This prestigious neighbourhood of Crown Isle is in Courtenay, BC and offers the best that laid back golf course living has to offer. With great restaurants, fitness centre, car museum, and shopping amenities currently under construction, this is easy living. Check out more details here...
Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale slowed, with prices remaining relatively stable. Vancouver West detached prices edged higher over June with lower sales and less listings. Condos saw prices. sales, and listings fall. East Vancouver houses saw little change in prices and sales, with a drop in listings. Condos in East Van saw a drop in all 3 segments, price, inventory, and sales. For more details, click here...
Pee-wee's Playhouse for sale in Vancouver! Did you love watching Pee-wee and the Jetsons as a kid? Do you have a taste for mid-century modern and 50’s & 60’s collectables and furniture? Do you love vintage & retro? Do you want to live in the #1 rated city in the world, Vancouver, BC? If your answer is yes to all of the above, then I have the perfect home for you! This fabulous top floor fully furnished one bedroom condo is for sale in the trendy Main St & 7th Ave neighbourhood in popular East Vancouver. The seller is from the fashion world and has an incredible sense of design and style. He loves mid-century modern, vintage, retro, and Pee-wee! This home is like nothing you have ever seen before! I could spend hours looking around at all of his 50’s & 60’s collectables, including his many Sputnik chandeliers, his surfboard shaped Eames coffee table, his hundreds of design books & artifacts, and his cowboy bathroom complete with bathroom art & antique pistol faucets. Yup, you read that right! The bathroom faucets are guns! Not loaded, of course! His TV is straight out of the Jetsons! He has spent his life collecting amazing mid-century modern, retro, vintage, 50's & 60's collectables, furnishings and art, but the time has come for someone else to take over and enjoy his jaw dropping condo. This top floor 7th & Main St condo has vaulted ceilings and large windows that really open up the space. The extra large 4x18 balcony is south facing with a gorgeous private, green outlook. Gas fireplace, parking, a locker, and many cedar lined closets complete this home. Don’t close this page without watching this video of his home. Believe me, it’s worth the 3 minutes! Buy it today and you can live in Pee-wee's Playhouse! I look forward to reading your comments on this truly amazing condo.
This place is incredible! It's like nothing I have ever seen before, and I've seen a lot of homes over the years. Do you like mid-century modern, 50's & 60's collectables? Did you love the Jetsons when you were young? The furnishings in this condo are an incredible collection of years and years of one man's passion for the 50's & 60's. Artists, designers, fashionistas wanted! If this home isn't your style, do you know anyone who would appreciate this eclectic collection? Want to live in Pee-wee's Playhouse?
