Monthly Archives: July 2012

How to Buy Vancouver Condo Presales 3 | Disadvantages & Risks

The Disadvantages and Risks of Buying a Pre-Construction Condo in Vancouver

In Episode 2 of How to Buy Vancouver Condo Presales, we talked about the advantages of condo presales for Owner/Occupiers. In Episode 1 we discussed the advantages of pre-construction condos for investors in Vancouver.

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Today we’re going to discuss the disadvantages of pre-construction or presale condos in Vancouver for both investors and owner occupiers and what to watch out for with this kind of property.

Rights and Obligations with Presale Condos

When buying pre-construction condos Vancouver in Vancouver, its easy to overlook the potential negative aspects of this type of purchase or investment (especially for first time home buyers!)

Purchasing a presale condo is not the actual physical purchase of a tangible property. Its actually a contract for  the right to receive and obligation to pay for a finished condo at a set point in the future, irrespective of market conditions or the buyers financial situation.

What are the Risks & Disadvantages of Presale Condos in Vancouver?  Continue Reading…

Pre-Listing Home Inspections for Sellers in Vancouver with Dave Brighton

Inspect Your Own House in Vancouver Before Selling it?

Yes! Sometimes Sellers in Vancouver will get their own inspection on their home by a qualified Home Inspector before listing it for sale to get a very clear idea of the mechanical condition of their property. But why?

Why Get a Pre-Listing inspection on a Home in Vancouver?

I recently had the pleasure of talking to Dave Brighton, Home Inspector with Brighton Home Inspections on pre-listing inspections in Vancouver.

Thinking of Selling?

Use this form to find out how to sell your home sooner and for more money.

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Inspections done on behalf of a Seller are done for several reasons:

  1. Increased Certainty in Negotiations – Many Buyers in Vancouver  Continue Reading…

Presale Condos in Toronto and the July 2012 Mortgage Rule Changes!

Presale Condo Market in Toronto and the July 2012 Mortgage Rule Changes

The Federal Government recently tightened the rules for mortgages in Canada and Jim Flaherty specifically mentioned that the Toronto condo market and the presale market in Toronto as the main reason for the mortgage changes. As a Vancouver Realtor, I know the Vancouver real estate market inside and out. Toronto, not so much, so I called in and expert!

I recently had the pleasure of discussing presale condos (a favourite topic of mine) with a top Toronto Realtor and the July 2012 Mortgage Rule Changes. Have a look!

The following is a guest blog post written by Andrew la Fleur, a Realtor in Downtown Toronto with Remax Condos Plus. Andrew focuses his efforts on the pre-sale (pre-construction) condo market of Toronto. Check out his blog at truecondos.com or follow him on twitter @andrewlafleur.

The pre-construction condo market in Toronto so far in 2012:

2011 was an all time high year for the condo market in   Continue Reading…

Commission Calculator for Realtor Fees in Vancouver with Net Proceeds for Sellers!

Vancouver Real Estate Commission Calculator

Thinking of Selling a Property in Vancouver? Get Advice for Proven Results Here!

How much are real estate fees in Vancouver, BC?

I charge a real estate commission of 7% on the 1st $100,000 and 2.5% on the the balance of the sale price for properties in Vancouver.

Around half (50%) of the 7% on the 1st $100,000 and 2.5% on the the balance  is payable to a buyers agent who brings the seller an offer that completes at the Land Titles Office.

According to Canada’s Competition Act, there we Realtors are not supposed to say there is a standard real estate commission.

Real Estate commissions and the net proceeds (ie the amount a Seller receives from a real estate sale after costs) are often confusing for prospective property Sellers in Vancouver.

Most Sellers aren’t sure about how much commission they will have to pay (Check out my great video on what I charge for Real Estate Commissions) and how much tax (GST/HST) will be payable on the real estate commission fee once the property sells.

This calculator clears up this confusion!

Thinking of Selling?

Use this form to find out how to sell your home sooner and for more money.

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Realtor Commissions with HST/GST Calculated!

All you need to do is input the potential sale price of the property in question (Not sure how much the sale price is? Check out this great video on Comparative Market Analysis or call me at 604-763-3136!) in the form above.

Then click “Calculate” and you will get the   Continue Reading…

June 2012 Real Estate Board of Greater Vancouver Statistics Package

June 2012 REBGV Stats Mike Stewart Vancouver Realtor

Greater Vancouver housing market favoured buyers in June

The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled  Continue Reading…