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Real Estate Debate! Presale Condos Versus Resale Properties in Vancouver

 Purchasing a property is a huge decision, whether it be for the home of your dreams, or as an investment, it’s important to be aware of your options as the real estate market and financing options are constantly changing. A presale property is when a buyer purchases a property before it is built or complete, ultimately purchasing the right to a property that will be built in the future. A resale property is what you think it is - a pre-existing home. It’s a standard sale where a person is simply selling their home. Presale or Resale, hosted by…

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Presale condo assignments ARE NOT Shadow Flips and DO NOT push up real estate prices in Vancouver

Recent media articles on presale condo assignments of contract have been full of factual errors and have misrepresented presale assignments as shadow flips. Presale condo assignments ARE NOT Shadow flipping. Let's clarify. What is a Shadow Flip? A shadow flip is when an existing property primarily a single family house or single family house lot is purchased by a buyer under false pretenses. The contract that was used to purchase the property has a clause in it saying that the buyer can assign the contract without the permission of the seller. This practice victimized unsophisticated sellers of single-family houses in…

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

Vancouver Commission Calculator Real Estate 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 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 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…

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How To Sell A Vancouver Condo # 9 | Marketing Strategies

Marketing Strategies when Selling Your Vancouver Condo In the previous episode, we discussed the best time of year to sell your condo. Today we're going to talk about marketing strategies for selling condos in Vancouver that bring together many of the topics and concepts we've discussed in previous episodes. Many think that selling a condo in Vancouver is simply a matter of listing it on Realtor.ca at a price pulled from thin air with non-professional photos and little or no thought to light, exposure, and colour. This is a good way to proceed... If you don't want to sell your…

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How to Buy a First Home 15 – Subject to Inspection & The Contract of Purchase and Sale

First Time Home Buyer Safety - Subject to Inspection in the Contract of Purchase and Sale! In Episode 14, we talked about Subject to Financing and how this is a powerful way to protect a first time home buyer when it comes to financing. Today we are going to talk about the Subject to Inspection clause in the Contract of Purchase and Sale and how this can protect a new home buyer in Vancouver. What is an Inspection When Buying a Home in Vancouver? An Inspection or Home Inspection as they are commonly referred to in Vancouver is when the…

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Questioning an Oil Tank Scan for a Vancouver House? Use Ground Penetrating Radar!

Ground Penetrating Radar - The Ultimate in Oil Tank Detection for Vancouver Houses! Oil Tanks in Vancouver are a major concern when houses change hands. If an oil tank is discovered on a property it has to be removed immediately at the owner's expense. If has been leaking oil it could result in tens or even hundreds of thousands of dollars in remediation costs. When preparing to sell your house or if you're looking to buy a house, it is always recommended to get an Oil Tank Scan by a qualified professional! But what happens when the scan finds metal,…

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How To Sell A Vancouver Condo # 8 | When Is The Best Time or Season to Sell?

How to Sell a Condo in Vancouver # 8: When to List a Property for Sale In Episode 7, we talked about things to avoid when preparing a condo for sale and in Episodes 5 & 6 we talked about how to prepare your condo unit for sale and the option of home staging. Today, we're going to talk about timing the Vancouver Real Estate Market and the best time to sell a condo. Should I sell My Vancouver Condo now? I get this question all the time and it is nearly impossible for me to answer. The decision to…

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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…

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Selling a Revenue Property in Vancouver BC | Capital Gains Tax and Deducting Commission in Canada

Selling a Revenue Property in Vancouver BC Capital Gains Tax and Deducting Real Estate Commissions in Canada So, you’ve decided to sell an investment condo or other revenue property in Vancouver. The first thing you’ll want to do is talk with your mortgage lender to check how much your mortgage penalties are going to be. Once there is clarity on the costs to end the mortgage you have to consider The Taxman, aka Canada Revenue Agency (CRA). I recently had the pleasure of meeting with Accountant Sean Akeroyd with Akeroyd & Leung about the tax implications of selling an investment…

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How To Buy A Presale #4 Video

How to Buy Vancouver Condo Presales #4 | 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. 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…

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An Answer to Florin’s Question: Can a Presale Bought High Ratio be Completed on Low Ratio?

 Financial Leverage and Presale Condos in Vancouver I LOVE Questions and Comments on my blog posts and appreciate them HUGELY!! We recently had a great question (Thanks Again Florin!) in the comments section of Episode 2 of How to Buy a Presale Condo where we discussed the advantages of pre-construction condos for Owner/Occupiers. This question was SOOOO GOOD, I decided to bring in a mortgage broker, Chad Watts and shoot an entire video on this topic! Florin's Question: I asked my mortgage specialist about point 3 “Financial Leverage.” The one where you mentioned “buyer who previously was a high…

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