Fixed Rates on the Rise
12/06/09 Filed in: Real
Estate
There is a plenty of
uncertainty as to whether the economy is recovering
quicker than expected and if inflation and interest
rates will rise in the next few months.
The Bank of Canada once again stated on June 4, that it will keep its current interest rates until the second quarter of 2010 to help combat the recession and forecasts inflation to climb back to 2% by the third quarter of 2011. Read More...
The Bank of Canada once again stated on June 4, that it will keep its current interest rates until the second quarter of 2010 to help combat the recession and forecasts inflation to climb back to 2% by the third quarter of 2011. Read More...
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The Spring Market is Heating Up
29/05/09 Filed in: Real
Estate
The
birds and the bees are not the only ones busy this
May as spring fever has sprung in the Real Estate
market. There are two major factors that are
helping to achieve this recovery from the dramatic
slump that started in the latter half of 2008.
Read More...
Read More...
Deck Out Your Home Right
15/05/09 Filed in: Real
Estate | Renovations
In terms of home
renovations, decks are a great idea and will add
value to a home but they are a big ticket item and
must be done right to ensure that the homeowner can
recoup some or all of their costs when they go to
sell their home. Here are some of the right steps
to initially take when renovating a deck or
installing a new one:
Build it for yourself first. Build the deck to your needs, wants and expense first but be sure to keep the idea of resale in the background. Do keep in mind that the main value of a deck comes from your personal enjoyment of it, not from the value it adds during resale. If you are thinking of selling your home quickly and want to make money by adding a deck, talk to your REALTOR® first to find out what value it could add and whether or not that money could be better spent on other upgrades. Read More...
Build it for yourself first. Build the deck to your needs, wants and expense first but be sure to keep the idea of resale in the background. Do keep in mind that the main value of a deck comes from your personal enjoyment of it, not from the value it adds during resale. If you are thinking of selling your home quickly and want to make money by adding a deck, talk to your REALTOR® first to find out what value it could add and whether or not that money could be better spent on other upgrades. Read More...
The New Home and Builder Registries Now Online
01/05/09 Filed in: Real
Estate
The Homeowner Protection Office (HPO) has recently posted some very welcome additions to their website www.hpo.bc.ca. The New Homes Registry is up and running and should be visited by anyone about to purchase a new home.
Read More...The Myth of the Foreclosure
03/04/09 Filed in: Real
Estate
The
foreclosure sale has always had a sense of the
mythical about it. The biggest myth that has sprung
up at the moment is that the market is full of them
as US network news has led many to believe.
Fortunately, this is not the case in Canada and
again you can thank our excellent banking system.
So instead of 1 in 5 homes being in foreclosure
think closer to 1 in 100. Read
More...
First Home Buyers First to Take Advantage of Lower Home Prices
20/03/09 Filed in: Real
Estate
March has seen a
welcome increase in sales Canada wide that,
according to a recent report released by RE/MAX,
can be attributed to first-time home buyers acting
as the driving force in the market.
It would seem that the improved affordability that the softening market has brought combined with the record low interest rates have created bargains just too good to pass up, especially those wishing to enter the market for the first time. Read More...
It would seem that the improved affordability that the softening market has brought combined with the record low interest rates have created bargains just too good to pass up, especially those wishing to enter the market for the first time. Read More...
Are We There Yet?
09/03/09 Filed in: Real
Estate
Last
month's 33 home sales in Campbell River were over
two and a half times higher than January's, and
were almost on par with February 2009's 36 sales
providing a very welcome thaw to all involved in
the real estate market. This increase in activity
can be seen as a direct result of the recent
reductions in home prices brought on by the current
economic climate that have created a plethora of
bargains. Read
More...
The Home Renovation Tax Credit
20/02/09 Filed in: Real
Estate
One
of the most promising rebates for average Canadians
in the federal government's budget of 2009 is the
Home Renovation Tax Credit (HRTC). Of course, being
a budget designed to stimulate the economy, to
receive the benefits of the rebate you will need to
spend some money up front.
Fortunately, home renovations are a great avenue to spend money on as they help add value to your home, especially if you are thinking of selling in the future. Read More...
Fortunately, home renovations are a great avenue to spend money on as they help add value to your home, especially if you are thinking of selling in the future. Read More...
Buy Low, Sell High
23/01/09 Filed in: Real
Estate
Riding
out financial markets is like traveling an unknown
road in the pitch black with dim headlights, you
can only know you've hit the bottom of a hill once
you start going up the other side. While everyone
would like to buy at the bottom of the market and
sell at the top, the odds of achieving this are
very low and generally happen by luck rather than
skill. Fortunately, to be successful in Real Estate
you do not have to buy at the bottom and sell at
the top, you need only to buy a home lower than
what you sell it for. However, this is not the
whole story. Read
More...
A Year for the History Books
09/01/09 Filed in: Real
Estate
Happy
New Year to everyone as we welcome in the last year
of the first decade of the new millenium. Judging
from the new economic and political climate that
the latter half of 2008 rudely ushered in, this
coming year can only be historic, hence its new
title. As to what it will hold for the real estate
market remains to be seen but a recap of the last
year may help indicate what should happen.
Read More...
Read More...
Disclose, Disclose, Disclose
28/11/08 Filed in: Real
Estate
I
visited with clients of mine in their recently
purchased home and was shocked to find out, as I am
sure they were too, that the previous owners had a
fire in the roof which required action by the
Campbell River Fire Department. Thankfully their
quick response resulted in no structural damage
being done to the home save for an insurance claim
for a new roof. Read
More...
Time is of the Essence
14/11/08 Filed in: Real
Estate
On the top of page 3
of the standard contract of purchase and sale there
is a clause that states the following:
Time will be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreement to pay the balance as may be necessary is entered into on or before the Completion Date, the Seller may, at the Seller’s option, terminate this Contract, and, in such event, the amount paid by the Buyer will be absolutely forfeited to the Seller in accordance with the Real Estate Services Act, on account of damages, without prejudice to the Seller’s other remedies. Read More...
Time will be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreement to pay the balance as may be necessary is entered into on or before the Completion Date, the Seller may, at the Seller’s option, terminate this Contract, and, in such event, the amount paid by the Buyer will be absolutely forfeited to the Seller in accordance with the Real Estate Services Act, on account of damages, without prejudice to the Seller’s other remedies. Read More...
The Cost of Uncertainty
17/10/08 Filed in: Real
Estate
Nobody likes
uncertainty, especially those wanting to buy a new
home. One of the biggest uncertainties of buying a
home is when you find a material latent defect or
in other words a defect that is not readily seen
that may affect the value of the home or worse make
it unfit for habitation or dangerous to the
occupants.
If you are currently selling your home or thinking of it and you have a niggling suspicion that you may have a material latent defect, such as a roof nearing the end of its life, or an insect infestation, get it checked by a professional and confirm whether you do or not. Read More...
If you are currently selling your home or thinking of it and you have a niggling suspicion that you may have a material latent defect, such as a roof nearing the end of its life, or an insect infestation, get it checked by a professional and confirm whether you do or not. Read More...
Separating Fear from Fact
03/10/08 Filed in: Real
Estate
“Our distrust is
very expensive” Ralph Waldo
Emmerson
These five words describe the current financial crisis the US is facing better than any Wall Street Journalist could ever dream. The current climate of uncertainty in the US is unbearable for many investors causing many of them to react out of fear creating record dips and gains on a harrowing roller coaster of a ride, one that many, I am sure, would be glad to be off of.
For us north of the border it is hard not get caught up in the fear that has gripped the US and even harder to know what to believe will happen with regards to our own economy and real estate market. In times of uncertainty, it is always a good idea to give up on rumours and trust the facts before making a decision that will affect your future. Here are some about Canada and BC in particular to dwell on. Read More...
These five words describe the current financial crisis the US is facing better than any Wall Street Journalist could ever dream. The current climate of uncertainty in the US is unbearable for many investors causing many of them to react out of fear creating record dips and gains on a harrowing roller coaster of a ride, one that many, I am sure, would be glad to be off of.
For us north of the border it is hard not get caught up in the fear that has gripped the US and even harder to know what to believe will happen with regards to our own economy and real estate market. In times of uncertainty, it is always a good idea to give up on rumours and trust the facts before making a decision that will affect your future. Here are some about Canada and BC in particular to dwell on. Read More...
September Brings a Welcome New Trend September Brings a Welcome New Trend September Brings a Welcome New Trend September Brings a Welcome Trend
18/09/08 Filed in: Real
Estate
September, has always
been my favourite month in Canada as it is a month
of seasonal transition and in this year’s case
economic. While those heavily invested in the stock
market might not be too appreciative of this
Monday’s transition, those in our local Real Estate
can be somewhat comforted by the months performance
in general.
Its true that May, June, July and August saw a record number of homes listed helping to create a buyers market, one in which the buyers appear to have taken a wait and see approach as the less than stellar number of home sales indicate. If you were trying to sell your home in August, you were amongst a group of 394 others competing for just 43 sales a ratio that was very similar to the July stats. Read More...
Its true that May, June, July and August saw a record number of homes listed helping to create a buyers market, one in which the buyers appear to have taken a wait and see approach as the less than stellar number of home sales indicate. If you were trying to sell your home in August, you were amongst a group of 394 others competing for just 43 sales a ratio that was very similar to the July stats. Read More...
The Economic Impact of Selling Your Home
05/09/08 Filed in: Real
Estate
Have you ever
wondered what the economic impact of selling your
home is? The British Columbia Real Estate
Association BCREA has just released a report which
investigates this exact question for home sales in
2007, and the findings may surprise you.
The first stat which surprised me was the fact that in BC over 102,000 homes were sold through the MLS® last year. If this doesn’t convince you that sticking a sign in the ground and hoping for a buyer to walk by may not be the best way to sell your house, it is hard to imagine what would. Read More...
The first stat which surprised me was the fact that in BC over 102,000 homes were sold through the MLS® last year. If this doesn’t convince you that sticking a sign in the ground and hoping for a buyer to walk by may not be the best way to sell your house, it is hard to imagine what would. Read More...
Listing Your Home to Sell
29/08/08 Filed in: Real
Estate
With the summer
coming to a close and most of BC - Campbell River
included - in a buyer’s market, many sellers may be
wondering whether they are actually going to be
making their planned move in the fall. With over
400 single family homes for sale and around 50
sales per month, only 12.5% of those with a home
for sale will be ordering the movers by the end of
this month. Read
More...
Stage Your Home for the Lead Role
25/07/08 Filed in: Real
Estate
In the world of real
estate, Shakespeare’s adage about it being a stage
couldn’t be truer. When it comes to the actual
staging of a home to sell however, being ‘merely
players’ is often not enough to get a lead role
with a buyer.
When staging your home for buyers, it is important to cater to their human senses as you try to set your home apart from the other bit players. Read More...
When staging your home for buyers, it is important to cater to their human senses as you try to set your home apart from the other bit players. Read More...
New FINTRAC Private Information Regulations
27/06/08 Filed in: Real
Estate
As of June 23 all
canadian REALTORS® are required by the Financial
Transaction and Reports Analysis Centre of Canada
(FINTRAC) to obtain, record and retain the personal
information of their clients. This will include the
date of birth and occupation and requires asking
for government issued ID such as a drivers license,
passport or residency card. Obviously, this is
going to cause some concern and raise questions for
a great number of people, including those not
involved in the criminal activities that these
measures are meant to stifle. It is hoped that the
following Q & A session will help alleviate any
of these concerns. Read
More...
Buyers Rejoice
13/06/08 Filed in: Real
Estate
Homebuyers in
Campbell River, and BC for that matter, can all
breath a collective sigh of relief as rising
inventories are putting less upward pressure on
house prices and creating more choice for buyers.
In May Campbell River saw an increase of 14% in the
number of homes listed (116) and a 25% decrease in
the number of homes sold (44). This gives a sell to
list ratio of 38% which means only approximately 4
out of every 10 homes listed were sold last
month. Read
More...
Sellers Take Heed
03/06/08 Filed in: Real
Estate
Are you thinking of
selling your home? You should know that you are not
alone. In the one week period Wed May 21 to Tues
May 27 there were 34 new listings of homes alone,
add another 23 to that number if you want to
include condos and lots. Compare that with the 9
home sales that occurred during that period (16
sales in total) and you get a sale to list ratio of
just above 25%. Read
More...
Riparian Area Regulations
16/05/08 Filed in: Real
Estate
Living by the water,
whether it be the ocean, the lake or the river, is
a dream for most people - one for which many will
pay top dollar. In recent years as our fish stocks
have declined to frightening levels, the inherent
value of the watercourses themselves have increased
to the point where many are now considered
priceless.
To protect these important assets, the Ministry of Environment has created the Riparian Area Regulations (RAR) which requires local governments (ours included) to protect Riparian areas - any land within 30m or ~100’ of a natural watercourse. These regulations help ensure that the owners of these lands do not degrade valuable fish habitat through improper development. Read More...
To protect these important assets, the Ministry of Environment has created the Riparian Area Regulations (RAR) which requires local governments (ours included) to protect Riparian areas - any land within 30m or ~100’ of a natural watercourse. These regulations help ensure that the owners of these lands do not degrade valuable fish habitat through improper development. Read More...
Changes to the Homeowner's Protection Act
02/05/08 Filed in: Real
Estate
BC residents benefit
from the highest level of new home protection in
Canada with the 2-5-10 New Home Warranty’s minimum
coverage of 2 years on labour and materials, 5
years on the building envelope, and 10 years on
structure. For this you can thank the Provincial
Government’s Homeowners Protection Act, which
applies to all new homes built after July 1 1999.
This act has now been modified to further protect
buyers and help restrict the abuse of those who use
the owner builder’s exemption from providing a new
home warranty to buyers in order to compete
unfairly with registered builders. A welcome change
for most builders. Read
More...
Is Your Home Undervalued, the IMF Thinks it is
18/04/08 Filed in: Real
Estate
Is your home
undervalued? The International Monetary Fund thinks
it is. The IMF recently released a report that
evaluated housing prices and mortgage debt in 17
countries and its findings should interest many
Canadians. Out of the 17 countries only Canada and
Austria had homes that were considered undervalued
based on current trends in personal income,
demographics and interest rates.
Read
More...
Renovate Smarter
04/04/08 Filed in: Real
Estate
Almost everyone has
thought about changing something in their home, and
for the most part renovations can help to improve
the resale value of your home. Before you plug in
the saws-all however, talk to a Realtor® and have
him/her explain what renovations influence the
resale value of your home the most.
Read
More...
Strata Documents
21/03/08 Filed in: Real
Estate
When purchasing a strata unit, one of the most
important clauses a buyer can put in the contract
of purchase and sale is the “subject to receiving
and approving the strata documentation” clause.
This clause requires the buyer to approve the Form
‘B’ information certificate including the strata
corporations rules, and current budget. It should
also require approval for the current bylaws and
financial statements of the strata corporation, the
registered strata plan and the minutes of all
strata meetings for the last two years (at minimum)
if available. Read
More...
Dont’ Believe the Hype, the Sky is not Falling
07/03/08 Filed in: Real
Estate
One of the most prevalent questions I am asked as a
Realtor® is when the crash is going to come. It
seems that record gains in housing prices of the
past few years - Campbell River saw a 13% increase
in the average home price for 2007 - has spawned a
Chicken Little syndrome which is affecting many
buyers.
My only advice is don’t believe the hype or you may be waiting yourself out of the market, which is the same advice that I, along with most other Realtors®, gave last year when homes were 13% cheaper. Next year I will most probably be giving the same advice, as buyers look at homes forecast to be 6-8% more expensive. Read More...
My only advice is don’t believe the hype or you may be waiting yourself out of the market, which is the same advice that I, along with most other Realtors®, gave last year when homes were 13% cheaper. Next year I will most probably be giving the same advice, as buyers look at homes forecast to be 6-8% more expensive. Read More...
The Budget vs the Market
22/02/08 Filed in: Real
Estate
The B.C. Budget was announced yesterday with some
interesting environmental initiatives and the much
publicised “revenue neutral” carbon tax. Of
particular interest to those in the Real Estate
environment was how the government plans to help
improve housing affordability.
The good news is that the Property Transfer Tax, or PTT, threshold has been raised for the third year in a row, from $375,00 to $425,000. This equates to a maximum savings of $6,500 (1% on the 1st $200,000 + 2% on the remainder). The bad news is it is also a sign that the market is going to continue to be hard to buy into, you would need to be a first home buyer purchasing a $425,000 home to receive the maximum rebate.
Read More...
The good news is that the Property Transfer Tax, or PTT, threshold has been raised for the third year in a row, from $375,00 to $425,000. This equates to a maximum savings of $6,500 (1% on the 1st $200,000 + 2% on the remainder). The bad news is it is also a sign that the market is going to continue to be hard to buy into, you would need to be a first home buyer purchasing a $425,000 home to receive the maximum rebate.
Read More...
Securing More Than the Deal
08/02/08 Filed in: Real
Estate
Last week 24 year old RE/MAX agent Lindsay Buziak
was stabbed to death while showing a vacant home to
a unknown buyer. In light of this tragedy many
Realtors® are now reviewing their security
precautions.
If you are thinking of working with a Realtor® that you are not formally acquainted with here are some general guidelines that can help smooth the process. Read More...
If you are thinking of working with a Realtor® that you are not formally acquainted with here are some general guidelines that can help smooth the process. Read More...
Resolve Your Mortgage Woes
18/01/08 Filed in: Real
Estate
After seeing the mortgage fiasco that the US is
having, many of you have made a New Years
resolution to reduce your mortgage debt.
While Canada is still somewhat immune to the US’s credit problems, it is generally a good idea to reduce your mortgage on your primary residence quickly. Here are some tips on how to do that. Read More...
While Canada is still somewhat immune to the US’s credit problems, it is generally a good idea to reduce your mortgage on your primary residence quickly. Here are some tips on how to do that. Read More...
The Year in Review
04/01/08 Filed in: Real
Estate
For many, the New Year calls for reflection and for
those interested in real estate the same holds
true, especially this year which has surprisingly
seen record breaking statistics in Campbell River,
and BC in general. Read
More...
'Tis the Season
07/12/07 Filed in: Real
Estate
December fell upon us with a little more gusto then
expected this year - kind of like the real estate
market. Historically this is the time of year when
the market slows down as people concentrate on the
holidays instead of houses. This is an
understandable phenomenon, but although the market
slows down, it does not stop altogether.
Read More...
Read More...
Woo Wee 5% GST!
30/11/07 Filed in: Real
Estate
After Canada posted record budget surpluses across
all forms of government this year, the federal
government has proposed to lower the GST by a full
1% starting January 1, 2008. I guess a tax break
before Christmas was too big an ask - it is the
Government after all, not Santa Claus.
GST must be paid on the purchase price of any new real property and 6% on every $100,000 is a fair chunk of change for anyone. What is more irksome is that the government already collects GST on the majority of the property’s improvements through the purchase of the building materials etc. Fortunately, there is a GST rebate that can result in up to 36% of the GST being refunded to the purchaser. Read More...
GST must be paid on the purchase price of any new real property and 6% on every $100,000 is a fair chunk of change for anyone. What is more irksome is that the government already collects GST on the majority of the property’s improvements through the purchase of the building materials etc. Fortunately, there is a GST rebate that can result in up to 36% of the GST being refunded to the purchaser. Read More...
Multiple Offers
09/11/07 Filed in: Real
Estate
Real Estate inventory in Campbell River is at a
seasonal low at the moment, especially for homes
under $300,000 and there seems to be a
corresponding rise in the amount of multiple offer
situations.
If you are a seller this is great news, having more than one person offering to buy your home creates a bidding war and the sale price should rise accordingly. Read More...
If you are a seller this is great news, having more than one person offering to buy your home creates a bidding war and the sale price should rise accordingly. Read More...
Surveyor's Site Certificates
01/11/07 Filed in: Real
Estate
With the real estate market booming many mortgage
companies are now enforcing more stringent security
measures to help counter possible fraud. One of the
most glaring changes is the increase in demand for
a current certified surveyor’s site
certificate. Read
More...
Where Have all the Houses Gone?
25/10/07 Filed in: Real
Estate
The summer is over and although it was a terrible
season weather wise, Campbell River still managed
to shine in Real Estate. What was particularly
interesting in this summer’s statistics was the
list to sell ratio. This describes the amount of
houses sold compared to the amount listed.
Read More...
Read More...
Find Your Mortgage Before You Find Your Home
19/10/07 Filed in: Real
Estate
To successfully purchase real estate, you must have
sufficient financing. This is why, as a buyer,
during your first conversation with a Realtor® you
are going to be asked how you are going to finance
the transaction. Read
More...
The Winter Buying Season Is Upon Us
12/10/07 Filed in: Real
Estate
It is October and the rains have come, and although
it makes showing and viewing homes a little more
inconvenient, the winter is a great time to buy a
home. This is when you can see how a potential home
holds out against our mighty South Easters.
Read
More...
Test Driving Your New Home
05/10/07 Filed in: Real
Estate
With most purchases, you get to try before you buy.
With a house, most buyers only get to view a home
briefly, not spend a week in it to see if it works
for them. How then do you test drive a home?
Hire a professional property inspector. By hiring a professional you reduce your risk by shifting certain responsibilities to those better suited or certified and insured to do so. Read More...
Hire a professional property inspector. By hiring a professional you reduce your risk by shifting certain responsibilities to those better suited or certified and insured to do so. Read More...
Shine Your Home
28/09/07 Filed in: Real
Estate
Buyers rarely find their perfect home. They
generally settle on the house with the greatest
appeal for the best price. As a seller there are
several improvements you can do to make your home
outshine the others on the market.
Read More...
Read More...
Clearing up the Property Transfer Tax
14/09/07 Filed in: Real
Estate
Property Transfer Tax (PTT) is like bad breath. It
creeps up the morning after the romance. For too
many buyers, the first they learn of PTT is at the
conveyancers after they have fallen in love with a
house, the subject clauses have been removed and
the deal is all but final. Boom! It hits like
halitosis - a tax of 1% of the first $200,000 and
2% of the remainder of the sale price must go from
your pocket to the provincial government.
Read
More...
If the Price is Right
07/09/07 Filed in: Real
Estate
There are many ways to come up with a price to list
your home, from the professional Comparative Market
Analysis (CMA), to the exciting and all-too-common
tea leaf reading.
Most homeowners, who are thinking of selling, have been watching the market through the Homefinder, or on the TV Wheel and have formed a preconceived idea of what their home is worth based on what others are trying to sell at. Read More...
Most homeowners, who are thinking of selling, have been watching the market through the Homefinder, or on the TV Wheel and have formed a preconceived idea of what their home is worth based on what others are trying to sell at. Read More...
The Duplex Dilemma
31/08/07 Filed in: Real
Estate
Many duplexes are strata corporations under the
Strata Property Act.
However, co-owners do not always manage their duplex as a strata corporation. Lack of strata management occurs often enough that there is a standard clause developed for use in a contract of purchase and sale that states that a property has not been run as a strata corporation, has no strata council, budget, or contingency fund.
Read More...
However, co-owners do not always manage their duplex as a strata corporation. Lack of strata management occurs often enough that there is a standard clause developed for use in a contract of purchase and sale that states that a property has not been run as a strata corporation, has no strata council, budget, or contingency fund.
Read More...
The Condo Catch 22
24/08/07 Filed in: Real
Estate
Do rentals in a strata complex drive down the
average price of strata units?
In Campbell River, there are more rental units in the less expensive stratas. It can also be said that most buildings with units over $200,000 tend to not allow, or severely limit, rental units.
Are rentals really the cause of the lower prices? Read More...
In Campbell River, there are more rental units in the less expensive stratas. It can also be said that most buildings with units over $200,000 tend to not allow, or severely limit, rental units.
Are rentals really the cause of the lower prices? Read More...
Who's Buying What and Why
17/08/07 Filed in: Real
Estate
The real estate market is a fascinating field to be
involved with at the moment.
It can also be bewildering.
I have started this column to explore the many aspects of real estate, not just for my interest, but hopefully for your benefit. The first question that’s been gnawing at me is “who’s buying these houses anyways?”
Read More...
It can also be bewildering.
I have started this column to explore the many aspects of real estate, not just for my interest, but hopefully for your benefit. The first question that’s been gnawing at me is “who’s buying these houses anyways?”
Read More...