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Are You Ready to Buy Your Next Home in Vancouver?

If you are ready to buy your first house, condo or townhouse in Vancouver Yaletown, Kitsilano, Vancouver Downtown, Gastown, West Vancouver, Coal Harbour, Kerrisdale, False Creek or other parts of the Lower Mainland, then there are three vital tips that you will want to keep in mind as you prepare to enter into the Vancouver real estate marketplace. By following these tips, you will be in the best possible position to ensure that you really will be able to find and buy your dream home.

Get Pre-approved for a Home Mortgage

Perhaps the most important step that you should keep in mind when it comes to buying your first home is to get pre-approved for a home mortgage loan. By getting pre-approved for a home mortgage loan before you start looking, you will be in a far stronger position to enter into a real estate contract.

The typical home seller will be more eager to enter into a sales contract with a person who has been pre-approved for a home mortgage loan. One of the biggest obstacles to closing a real estate deal in Vancouver and the Lower Mainland is usually the inability of the buyer to obtain acceptable bank financing. By coming to the bargaining table with a pre-approved home mortgage, you will be able to demonstrate to a seller that you are serious about buying their home.

Develop a Specific Home Buying Plan

Another important step that you will want to take when it comes to buying your first home is to develop a specific home buying plan. If you do not have a plan, you will often be tempted off course in your search for that perfect property. A Vancouver REALTOR® will help you set up your plan.

Perhaps the most significant element of a plan is to set forth specifically what you are willing to pay for a house, condo or townhouse. The failure to establish such a budget oftentimes results in a person ending up spending far more on a home than he/she can actually afford.

Consult with Amalia Liapis

Finally, your interests can be best served by engaging a professional Vancouver real estate agent to assist you in your search for your home. Amalia Liapis will provide you with the newest Vancouver MLS real estate listings, advise you on all facets of a property and the current market, guide you through the complex contract negotiations and always be there for your needs. By selecting a professional Vancouver real estate agent like Amalia Liapis to assist you in your home search, you have the best chance for success in finding your ideal Vancouver house, condo or townhouse and ensuring your experience is both exciting and stress-free.
 
 

 

Latest Vancouver Real Estate News

New property listed in Downtown VE, Vancouver East
I have listed a new property at SL99 138 HASTINGS ST E in Vancouver East.
Rare opportunity to own in commercial in new downtown development Sequel 138. Estimated completion Fall 2015. Contact Amalia for listing brochure and more information.
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New property listed in Downtown VE, Vancouver East
I have listed a new property at SL104 138 HASTINGS ST E in Vancouver East.
Rare opportunity to own in commercial in new downtown development Sequel 138. Estimated completion Fall 2015. Contact Amalia for listing brochure and more information.
More...
New property listed in Downtown VE, Vancouver East
I have listed a new property at SL98 138 HASTINGS ST E in Vancouver East.
Rare opportunity to own in commercial in new downtown development Sequel 138. Estimated completion Fall 2015. Contact Amalia for listing brochure and more information.
More...
Suburban Office Development Projects

We looked at construction projects in the Downtown core in our previous blog. In today's blog, we'll be moving away from the Downtown core and looking at a few major office development projects in the suburbs.

 [1] Marine Gateway, located at Cambie and Marine Drive, is an upcoming PCI project designed to become one of Vancouver's newest suburban mixed-use complex.  With 820,000ft2 in residential condos, rental housing, office, retail and public space, this development project will create a neighbourhood booming with new tenants and with a wide array of shopping and services. This convenient location is easily accessible to two major transit hubs and will create a commonplace for local residents.

[2] Situated at 2025 Willingdon Avenue, the SOLO District Office, has a target completion...

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Downtown Office Development Projects

Within the downtown core, there are multiple major office development projects underway which are detailed below:

[1] Telus Gardens is perfectly situated in the most central location in the city for a business address. This development project will radically transform the corner of Richards and Robson. 777 Richards Street is a prime location for commerce as it is in close proximity to central banks, key corporations and businesses and the courthouse district. Telus Gardens is the only new AAA office space that is conveniently located by two major rapid transit lines, the Expo Line and the Canada Line. The development will create 480,000ft2 of much-needed office space and 424 new residential units. This 22-storey office tower and 47-storey residential tower will feature green roofs, providing...

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Major Lease Transactions

[1] A new mixed-use complex mingles modern office space with fashionable retail space by expanding the existing Pacific Center complex by 565,000ft2. The redevelopment project also features 290,000ft2 of AAA class office space and 45,000ft2 of space for fresh and new retailers. This project, located at 725 Granville Street, will be home to Microsoft, Sony Pictures Imageworks and Miller Thomson LLP.

One of the headliner retail spaces in this redevelopment project is the construction of the 230,000ft2 flagship Nordstrom Department Store. News regarding the development of Nordstrom in the pre-existing Sears space, however, has been released for quite some time. On the other hand, the major lease transactions for the two technology giants and the national law firm have been the most recent...

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Major Sales Transactions

[1] One of the more significant sales transactions as of late was for the former Crown Life building located at 1500 West Georgia Street as previously mentioned in our last blog. It was acquired for $120,500,000 by Bosa Properties and Kingswood Properties. This plan allows for the opportunity to develop a 400-foot tower atop a pre-existing 6,500ft2 courtyard.  

[2] The Brian Canfield Centre located at 3777 Kingsway in Burnaby has been acquired for $89.6 Million in a share transfer transaction. This property is a landmark building with expansive views all throughout.

[3] The sale of the City of New Westminster's Merchant Square at 1 Eigth Street has been purchased by two well-known tycoons, Joe Segal and Suki Sekhon. This office tower is aligned with one of the City's...

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New property listed in Kitsilano, Vancouver West
I have listed a new property at 3673 West 11th AVE in Vancouver.

Area: Kitsilano
Address: 3673 West 11th Ave
Size: ~600 square feet
Bedrooms: 1+Office/Den
Bathrooms: 1
Parking: 1 Secured
Storage: No
Rent: $1500
Term: 1 year preferred
Next Available: Immediately

Rarely Available - Charming 1 Bedroom + 1 Bathroom + Office/Den in ideal Kits location! This home is North facing with patio in a quiet 12 unit complex. Office/Den has a closet and window, so it can be utilized as a child’s or guest’s bedroom (not recommended for a full time adult). Features include mirrored closet doors, all appliances, gas fireplace, and 1 parking. Located in Kits, nearby to Broadway shopping, UBC transit and the beach, this home is close to everything with a Walk Score of 85/100!

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West End Community Plan (WECP)

The City of Vancouver has implemented a neighbourhood planning project entitled the "West End Community Plan (WECP)". The West End is home to a mosaic of unique people and places. A community plan has been prepared to meet the needs of the community in regards to new developments and future growth. The City has approved the plan to accommodate for an additional 10,000 people in the West End over a period of 30 years.

With an allowance for higher density, property prices have increased along major thoroughfares and significant real estate transactions have popped up. The former Crown Life building located at 1500 West Georgia Street has been acquired by Bosa Properties and Kingswood Properties for a whopping $120 million. This plan allows for the opportunity to develop a 400-foot tower atop a...

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Mortgage Rate Outlook

Mortgage rates currently remain at historically low rates, however, they are expected to increase in the last quarter of the year and will continue to increase into 2015. It is sitting at 3.14% (for a one-year term) and is forecasted to stay stable in this upcoming quarter. As per the BCREA, the mortgage rate forecast is as follows:


*Data is average of weekly rates. Source: Bank of Canada.

In response to bond yields seeing a downwards trend, lenders have offered historically low mortgage rates, which is great news for homebuyers.

Economic Outlook
In relation to Canada's economy, its weak start was quickly overturned by strong economic growth in the second quarter with a 3.1% real GDP increase. This growth was largely attributed to the number of exports. It is expected that the economic growth...

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