Property Photo: 1406 1028 BARCLAY ST in Vancouver
I have listed a new property at 1406 1028 BARCLAY ST in Vancouver.
LUXURIOUS 1 bedroom and den at the brand NEW Patina by Concert. Stunning 578 sq ft 1 bdrm/1 bath, den + LARGE balcony and 1 parking - one of the two B2 floorplans! Very central location in the heart of downtown, with YMCA right in thecomplex, shopping, theaters, restaurants - between corporate district, English Bay and Stanley Park. This home sports the highest quality of finishings and workmanship. Granite counter tops, Leibherr and Miele appliances, Italian ceramic, in floor bathroom heating, A/C, roller blinds, recessed lighting, latest wiring for advanced telecom. Bike room, gym, boardroom, social suite opens to beautiful rooftop garden and patios. Don't miss this one!
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Property Photo: 103 928 RICHARDS ST in Vancouver
I have listed a new property at 103 928 RICHARDS ST in Vancouver.
STUNNING 2-Bedroom and Flex, 2-Ensuite Bathroom Home in Yaletown. Open-concept is great for entertaining! This home has it all and is walking distance to everything Downtown! Features include HIGH 9' ceilings, crown mouldings, designerpaint, wood-laminate flooring, custom gas fireplace, granite counters, stainless steel appliances, gas range and insuite laundry. Master bedroom is extremely quiet and backs onto a private patio. Easy access through front, lobby or back entrances. Great building amenities include lap pool, sauna, whirlpool, fitness centre, guest suite, bike room, entertainment room and 24-hour caretaker. Secured parking stall and storage locker included. This home is move-in ready and a must see!
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Recovery on the economic front will go hand in hand with retail and office investment in 2011, as developers cautiously brush off plans for towers downtown and improved housing starts boost demand in the suburbs for retail projects.
 
But this year will be characterized by hard bargaining on prices and incentives as doubts remain about the depth and speed of the economic recovery.
 
While Metro Vancouver retail remains "the most sought-after property type" in Canada, according to a third-quarter report by Avison Young, sales tallies are off across the board from the second quarter as activity slowed in the second half of 2010 to the lowest level since the first quarter of 2009.
 
Overall investment sales totalled $527.3 million in the third quarter of 2010, including $68.8 million worth of office deals and $143.7 million worth of retail sales.
 
Those deals include South Surrey's South Point Exchange, which sold to a private investor for $91 million, and Bosa Development Corp.'s sale of Semiahmoo Shopping Centre to First Capital Realty Inc. for $82.7 million - both driven by strong growth in surrounding residential communities.
 
But the deals also highlight the shift from the bargain-taking deal-making that characterized the first half of the year to a strategic rejigging of portfolios in the second half that heralds more stable conditions as owners prepare for the long term.
 
Based on interviews in the third quarter, Colliers International reported that 61 per cent of investors were looking to expand their portfolios, down slightly from six months earlier when 65 per cent were looking to expand. On the other hand, approximately 22 per cent were looking to rebalance.
 
Close to two-fifths of respondents attributed the shift in emphasis to a desire to shift asset classes, while other key factors were linked to advantages to be gained from location, liquidity and leverage. Approximately 17 per cent were looking to trade up or trade down and 6 per cent were looking to increase leverage.
 
A further 28 per cent refused to disclose the reasons for rebalancing their portfolios, but the several factors point to a hunkering down for the long term in the face of lacklustre growth for the year ahead.
 
--excerpt from: Western Investor, January 2011
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Interest Adjustments

This covers any costs in the gap between closing dates and first mortgage payment. Avoid or minimize this by arranging the closing date and first payment to be exactly one month apart.
 
 

Mortgage Insurance

This is often required by lenders if your payment is 20 per cent or less.
 
 

Home Inspection

The average cost is roughly $100 per hour, but some inspectors may charge by size or flat fee packages.
 
 

Survey Certificate

If there is not one available and your bank requires one, expect to pay anywhere from $750 - $1500.
 
 

Legal Costs

These will vary greatly, depending on who you choose to use, but expect to pay anywhere from $1000 to $3000.
 
 

Property Appraisal

This may be required by your lender, however it is often included as part of the mortgage package (or broker service). If it is not, expect to pay $100-250 dollars.
 
 

Home Insurance

Cost will vary greatly, as will the services offered.
 
 

Vendor Reimbursements

This covers the costs of items paid for in advance by Seller, such as taxes or hydro.
 
 

Land Transfer Tax

Property purchase tax must be paid for any property to be transferred to a new owner.
 
 

Condo Costs

Parking or storage may incur a seperate monthly fee. There are often move in or elevator fees. Review the bylaws and minutes beforehand.
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In addition to having a sufficient down payment, you will need to ensure you have enough savings to cover the additional expenses to complete the purchase (lawyer/notary fees, property transfer tax and disbursements).
 
As a guideline, expect closing costs to about 2% to 2.5% of the purchase price, though this can vary greatly, especially if HST is applied. You may also need to budget for extra costs such as appliances, utility hook ups, renovations, moving fees and more.
 
Buying a home in Vancouver may be one of the biggest decisions you will make, but it can also be one of your best investments! We here at weSellvancouver.ca are here to help you every step of the way and answer all your questions.
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VANCOUVER, B.C. – April 4, 2011
 
Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.
 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

 
Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”
 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

 
At 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year. “Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010. Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.
 
Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885. Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.
 
--source: REBGV
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