skip to Main Content

Are Foreclosures Necessarily Good Value in Vancouver?

by Jon Lumer Everyone in Vancouver is looking for a deal. Rental rates are jumping to catch up with the sharp increase in property values and many tenants (as always) are looking at home ownership as a way to avoid paying rent to their landlord and start paying it to themselves, or at least their lender. Meanwhile, investors made dizzy by the capital appreciation they've witnessed in Vancouver over the last three years are desperate for a piece of the action or hope to expand their current holdings. Many of these potential buyers, be they first-time homeowners or investors, believe…

Find Out More ≫
Leaky Condos

Leaky Condos, Rainscreening, and Buying an Older Condo in Vancouver

There are very few expensive risks in the real estate market here in Vancouver. Buying into a building with a bad envelope or leaky condo is one of those few extremely expensive risks here in Vancouver. Why there are Leaky Condos in Vancouver Here in Canada, the federal government changed the building codes in the early 1980s to increase the Energy Efficiency of buildings in response to the energy crises of the 1970s and 1980s. Basically, the federal government mandated that between 1981 and 1999 buildings should have airtight or sealed walls. Traditional building technology in Canada allows for breathable…

Find Out More ≫

BC Property Transfer Tax (PTT) First Time Buyers Exemption Limit Raised to $475K from $425K

Government Reduces Tax burden on first-time buyers First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save…

Find Out More ≫
What Is A Home Inspection?

What is a Home Inspection in the Vancouver Real Estate Market?

Real Estate Home Inspections in the Vancouver Explained! There is a lot of confusion surrounding a home inspection in Vancouver, particularly among first time home buyers. Common questions include: What is a Home Inspection? What's included? Is a home inspection for the benefit of the buyer? For the seller? For the bank/lender? Will the seller be able to see the inspection? etc. To answer these common questions, Dave Brighton from Brighton Home Inspections has been kind enough to meet with us to answer these questions for us. What is a Home Inspection in Vancouver? A home inspection is when a…

Find Out More ≫
What Is A Home Appraisal

What is an Appraisal? Vancouver Real Estate Terms

Real Estate Appraisals - A Vancouver Real Estate Definition A real estate appraisal is a concept that is commonly misunderstood Buyers in the Vancouver Real Estate Market. With this in mind, I brought in a mortgage expert, Chad Watts of the Mortgage Group to talk to us about Real Estate Appraisals. What is a Real Estate Appraisal in Vancouver? An Appraisal is a calculation of the subject property's (ie the property that a borrower wants to get a mortgage on) value by the Bank or Lender for the Bank or Lenders benefit. (NOT for the Buyers Benefit!)The Bank or Lender…

Find Out More ≫

BC’s 2012 Budget – First Time Home Buyers Relief and Increased HST Rebate for New Homes & Others!

New Relief for First Time Home Buyers and Increased HST Rebate for New Homes & Others! I recently had the pleasure of interviewing Sean Akeroyd of Akeroyd Leung in Vancouver about some changes to the HST in the 2012 BC Budget and here's what's new: First-Time New Home Buyers Bonus The 2012 British Columbia Budget has some great goodies for the first time buyers of newly built properties. Effective February 21, 2012, to March 31, 2013, the $10,000 B.C. First-Time New Home Buyers’ Bonus will give a temporary, refundable income tax Credit for first-time buyers purchasing newly-built homes. Rebate Boosted…

Find Out More ≫

Vancouver Real Estate Buyers Safety: Hold Backs in the Contract of Purchase and Sale

Hold Backs in Vancouver Real Estate Far too often Sellers in Vancouver agree to do things that they don’t end up doing. In a Vancouver Real Estate transaction this could result in a Buyer being responsible for thousands of dollars in repairs or future payments if a Seller does not do what they agree to do. A Hold Back is a very good way to ensure that what a Seller agrees to in an Accepted Offer actually gets done. What is a Hold Back? A holdback is when the Buyers Lawyer keeps some (or "holds back") of the money the…

Find Out More ≫

A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!

 Mortgage Pre-Approvals are NOT Guarantees of a Mortgage! I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about mortgage pre-approvals. He brought up a very important point for Buyers, particularly First Time Home Buyers. And that is a mortgage pre-approval is NOT a guarantee that you will get a mortgage at the amount the Lender originally mentions or get a mortgage at all. What is a Mortage Pre-Approval? This is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information. This number is subject to change…

Find Out More ≫

First Time Home Buyer Safety – Offers Subject to Financing – What, Why, and How!

What is an Offer that is Subject to Financing? This is an Offer to buy a property that is "Subject To" or conditional upon the Buyer getting a mortgage within a set period of time, usually one week. In plain language, the Buyer and Seller agree to give the Buyer a week to get a mortgage and if the Buyer cannot get a mortgage in that time, the Buyer can walk away from the deal with nothing lost. Why do we make offers Subject to Financing? Safety! If a Buyer presents an offer to a Seller without a Subject to…

Find Out More ≫

What is a Leaky Condo and How to Avoid Them!

 Leaky Condos Are Everywhere in Vancouver. Keep this in mind if you're buying a condo in Vancouver. A condo that initially looks solid as a rock, maybe a festering rotten mess inside the walls or in other places you can't see. 4 ways to avoid buying a Leaky Condo 1) Use a qualified, experienced Realtor who specializes in the area you are buying in. Use a qualified Realtor specializing in the area you're buying.  They will know which buildings are or have been Leaky Condos. To make sure they know their stuff, Use this simple test: Ask them which…

Find Out More ≫
Back To Top