What are Your Financial Responsibilities When Buying a Vancouver Condo? As a Vancouver condo owner you pay a monthly maintenace fee which covers common expenses and sometimes a special levy is required. Under the Strata Title Act condo buildings must have an Annual General Meeting , table a budget for the upcoming year, which includes how much the monthly maintenance fee will be. This requires a majority vote in order to pass. The budget will include any required expenditures. The strata owners are responsible for the strata corporation. Read more
Vancouver’s Fairview Condo with woodburning Fireplace For Sale – 202-2770 Burrard Street
Open House April 25, 2015 from 1.30-2.30pm
This huge corner one bedroom condo is a DEAL! less than $500psf and ready for occupancy. The building has a new roof and has been completely rainscreened and has one underground parking and a storage locker.
SEIZE THE DEAL! DROP BY TODAY’S OPEN HOUSE Read more
Vancouver condo investors are taking advantage of today’s low-interest rates to buy an investment condo and many are doing furnished rentals – particularly furnished studio condos because of the big rents that are achievable for small suites.
If you are wanting to invest in a furnished Vancouver condo studio, here are some tips: Read more
Built by Westbank, The Telus Building is scheduled for completion in summer 2015 and will be 52 storeys. This two bedroom and flex Downtown Vancouver condo includes three balconies and comes with one parking spot.
Telus Building will be spectacular, Vancouver’s Downtown is almost built out and prices in 2014 were up.
The maintenance fee includes Telus optic TV, internet, phone, heat, hot water and 24 hour concierge.
The building’s amenities feature a heated outdoor pool, yoga centre and a fitness centre and a Glowbal restaurant on the ground floor. Your pets will enjoy the Dogpark and rentals are permitted. Read more
Sellers loss, your gain!! PRICE SLASHED FOR FAST SALE! 304-1633 Ontario St. in Vancouver’s Olympic Village.
Now $409,000 for a smart one bedroom and flex space in Kayak, boasting wood floors, stainless steel appliances, overlooking the future park and boasting a large balcony.
This False Creek condo building is luxurious, featuring a concierge , a huge gym and use of the Gold Medal club which features an indoor pool, sauna and steam.
Fantastic location – one block to False Creek Community Centre and the seawall. A wonderful neighbourhood with lots of amenities, including easy access to Skytrain, shops, etc. Read more
Beware of these Vancouver condo buyer pitfalls! One third of Vancouver Realtors do about 10% of the business. Be selective when you choose to work with a Buyer Agent. How experienced are they? Is this a full time or part time job for them? (I have always been a full time Realtor). Have they successfully survived both a buyers, a sellers and a balanced market? (I have). Have they marketed and sold over 1,000 properties? (I have). Do they pay attention to detail? (I do). Read more
I thought I’d explore what’s inside the minds of Vancouver real estate buyer. Currently our market is stable and prices have levelled. There are more buyers in the market than a year ago but not all of them that are looking for properties are buying. Why?
What are Vancouver Home Buyers Concerns?
Prices! When I ask clients this question they answer that they’re unsure if real estate prices have bottomed or if waiting will result in them securing a lower price. The tighter mortgage rules that were implemented a year ago have definitely impacted the buyer’s affordability, causing them to holdback in order to get more for their money. Unfortunately none of us know when the market has bottomed, except in hindsight. Sales this year have increased and the economists are predicting Vancouver home sales and prices to increase in 2014. Read more
When representing Vancouver condo buyers I drill down on specific neighbourhood stats, searching out the best buy for my clients. This week I’ve come across a few, so today I’ll feature a great buy for a Kitsilano condo that is a screeching deal, based on recent sales in the building and recent comparable sales in this sought after Vancouver neighbourhood.
What are the Best Features of this Condo
An excellent location which is conveniently located to the West Broadway bus, giving access to both UBC, Downtown and the Skytrain, plus grocery stores, restaurants and coffee shops at your finger tips. And did I mention you’re a skip and hop to Jericho Beach and park? The condo is in move-in condition, is a south-west corner and overlooks a beautiful garden, filled with trees which make it very private when you’re on your deck. Read more
Why is Maggie Chandler your Vancouver second home specialist? Because over the last decade I’ve assisted many buyers who have purchased a second home in Vancouver, strictly as an investment or a vacation home rental. Therefore, I decided to travel to the USA to do the course to get credited for these core real estate skills. I am now a certified Second Home Specialist. This allows me to help clients evaluate and select the type of property, form of ownership and financing options that meet their second-home objectives and help them assess the investment value of a Vancouver property.
The tighter Canada mortgage rules introduced in 2012 have put higher-risk borrowers under a microscope and includes Vancouver real estate investors, making it harder to qualify. You’ll now require at least 20%-25% down. Different lenders have different requirements.
What You Should Know About Your Service Debt Ratio
Calculating your service debt ratio will take into consideration how much of the Vancouver rental income the lender recognizes. In many cases they’ll only permit 50% of the rental income you receive. Find a competent and experienced mortgage broker who knows the right lenders with borrower-friendly methods. Some lenders will go as high as 42% total debt ratio, but most permit 40%. Read more
In a previous post I discussed the new Vancouver real estate trend that I’ve observed and that is the Baby Boomers, or Zoomers, are selling their houses and moving into Vancouver townhouses or condos. Many are moving from the suburbs to Vancouver’s west side because they find the suburbs boring! So, lets discuss top 10 moving tips for Vancouver Baby Boomers. Read more
The future billionaires of the world will be younger, female and more Asian. Locally, the trend shows more 20-30 something year old women graduating from professional schools and starting their own business, thereby earning higher incomes than their male counterparts. Surveys show an increase in female Vancouver condo buyers but are they still wearing pink? Their criteria have changed what Vancouver real estate developers are building, placing more focus on security and quality appliances. One recent Vancouver pre-sale had over 60% single females who opt for smaller spaces in secure neighbourhoods over bigger condos in non established neighbourhoods. Read more
As Vancouver real estate buyers return to the market to take advantage of the lower prices, a few of them are asking me to find them a Vancouver real estate foreclosure. So I thought I’d review the process for you. In 2011 about 1% of all real estate sales were foreclosures. A foreclosure occurs when an owner misses a payment, receives a letter from their bank but is unable to produce the funds. The Bank then files a petition in BC Supreme Court. Read more
Elan is a luxury 5 year old Cressey building which is only a couple of blocks to the seawall and has a steam, sauna, gym and recreation room. Live-in caretaker . Pets and rentals allowed. The condo is available for immediate possession . The tax assessment is $602,000 and it’s listed at only $537psf. Read more
I think it’s a great market if you are a potential Vancouver condo investor because you can take advantage of rock bottom interest rates,a low vacancy rental rate, lower real estate prices and a super selection of listings, I’ve recently guided buyer investors into Vancouver condos that break even with 25-30% down.
What Makes a Good Vancouver Condo Investment?
Vancouver condo investors can buy a fix-and- flip suite, buy a condo that’s already got a tenant or buy a micro condo pre-sale. My advice is to buy at the bottom of the market, as it has the largest number of renters, is the easiest to rent and gets the best return. Or let me sieve through the listings for a Vancouver condo seller that has to sell and is listed below current market value. Read more
Last week I was on working with a buyer client who is wishing to purchase a luxury Downtown Vancouver condo around $2M. We viewed Downtown Vancouver’s most luxurious buildings and whilst doing so, a condo in Jameson House at 838 W. Hastings stuck out as a good deal. The suite in question is 3101-838 West Hastings.
Why is 3101-838 West Hastings a Deal?
Jameson is now a year old and was designed by world renowned Foster & Partners and built by Bosa Properties and has 24 hour concierge. The condo is 2100sf, facing north with great water and mountain views and boasting 9ft ceilings. Listed at $1,890,000 which is $900psf. The tax assessment is $2.069.000 and the suite below sold in August for $1,945,000. #2201 sold in March for $1,960,000. Immediate possession is possible! Read more
Over the years I’ve had many buyers ask me which Vancouver condo buildings have pools. Most ask for indoor pools, so they can exercise year round. Pools are usually found in the older concrete buildings and the newer luxury Vancouver condo buildings. So I did a search for condo sales in 2012 with pools and here’s the results. Read more
A recent TD Canada Trust poll found first time home buyers regretful of mistakes they made when buying their first home. They listed the top three mistakes as *be more thorough when budgeting and accounting for all the costs of home ownership *make a bigger down payment *buy a home sooner. Are you surprised by these findings?
Vancouver First Time Home Buyers Checklist
Personally, I’ve always thought that buying a Vancouver home is a better long term (25 years or more) decision. Forget the flipping, speculating and consignment of pre-sale contracts. This is gambling. Think of a home as a place to live and build equity over the long run. Read more
Vancouver real estate has experienced a slower year in 2012, with a softening of prices but the Vancouver real estate news has been more positive recently, forecasting a rise in sales in 2013 and CHMC forecast a small uptick in Vancouver home prices next year. Ozzie Jurock always says that people go where the jobs grow and people with jobs buy real estate! As for the affordability factor, Tsur Somerville of UBC says we’ve been priced above the affordability factor for over 25 years! So let’s consider four reasons to be bullish on buying Vancouver real estate Read more
Sometimes my Vancouver buyer clients ask if they can close on the Vancouver condo they’re purchasing in less than a month. The logistics depend on whether the buyer and seller can be easily reached to sign the lawyer’s documents. If they are, then a fourteen day close in easy to do.
How to Speed Up the Closing Process on a Vancouver Property
- Review and approve the strata documents prior to making an offer. This can be done in two days
- Have your bank or mortgage broker approve the condo building and give you a confirmation letter approving your mortgage. Let them know you will need funding in less than fourteen days
- After you successfully negotiate with the seller, order a building inspection for the next day and give your lawyer instructions to start conveyancing
- Remove subject to building inspection clause (assuming there are no issues of concern) and send a copy of the contract to your lawyer
- Have the real estate brokerage send conveyancing instructions to seller and buyers lawyer the day after subject removal takes place
- the deposit should be a bank draft, ensure your funds are liquid prior to making the offer Take a cheque to your lawyer the day prior to closing and sign required documents
Real Estate Closing Documents Can Be Sent Electronically
The parties to the transaction are no longer required to visit their lawyer’s office, they can have the documents sent to them electronically. On Possession Day Maggie meets you with the keys to your Vancouver property! Have a closing question about Vancouver real estate?
P.S. I am your Vancouver real estate condo realtor! hyper-local info and decades of experience!
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