Vancouver HousingThe Vancouver Housing market is famous for its expensive real estate fuelled by the influx of new residents (Canadian and immigrant) and low interest rates. A recent banking initiative of 0% down for qualified applicants has also helped bring more buyers into the market.
If you are looking for professional real estate services and/or relocation to the Vancouver area we are pleased to recommend Sue and Frank Gerryts. Both licensed, professional realtors, they specialise in assisting newcomers to the Province of British Columbia. This service is a huge step ahead of a standard realtor and for the buyer is free. They will guide you through the Vancouver Housing purchasing process and have reputable local contacts who will offer you trustworthy advice.
Frank has supplied the latest market news from his free, monthly newsletter - to sign up just click on the photo or follow the link below: "The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007. New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed. "With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint," said REBGV president, Dave Watt. "The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from." Sales of detached properties in May 2008 declined 33.4 per cent to 1,203 from the 1,805 sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 8.4 per cent from May 2007 to $771,250. Sales of apartment properties declined 30.5 per cent last month to 1,244, compared to 1,789 sales in May 2007. The benchmark price of an apartment property increased 8.7 per cent from May 2007 to $389,668. Attached property sales in May 2008 decreased 24.7 per cent to 555, compared with the 737 sales in May 2007. The benchmark price of an attached unit increased 9 per cent between May 2007 and 2008 to $478,931." In his free newsletter, Frank also gives the latest benchmark prices for the different standards of accommodation in all the area's around the Greater Vancouver Housing Area showing percentage change over the last 12 months. This is in addition to the priceless local tips and relocation information. Moving is such a huge step, its comforting to know that you can have a team of relocation experts working for YOU (as a buyer its free!!!). Either click on the graphic, complete the contact form below or just follow this link for more information on the premier Vancouver Housing and Relocation service. Here's a testimonial from one of their many satisified clients: You explained the whole buying process so thoroughly we were well prepared. Having Frank there too meant that we had a team working for us - you both worked so hard on our behalf. We successfully bought a house - the whole process took more or less 4 days! Your service offers so much more than Real Estate - you truly are a Relocation service. We would thoroughly recommend your service. Jean and Iain - moved from Ireland to Vancouver If you are looking to buy your own house in the Vancouver housing market, you'll have plenty of choice with both pre owned homes and new builds. The downtown area is incredibly expensive and even the outlying neighbourhoods are becoming too expensive. Do make sure you research any commute times to prospective employers as the drive in to the city can be lengthy and frustrating. We have formed a partnership with one of the foremost International Currency Transfer companies - HIFX. Our friends and family are currently using their world class service and have found out for themselves the enormous difference they provide over the Banks when moving money internationally. If you would like to be contacted via a no obligation email to learn why they are world renowned currency specialists and how they offer no commission/no fee transfers with the best rates - please annotate the "HIFX email" check box accordingly. No contact will be made without this permission. New HomesWith the new builds in the Vancouver housing area, you can buy a "spec home" normally already built to a builder's standard floor plan. Or you can meet with the different builders and either choose the home you want from their selection of blueprints with different "upgrades" or have one designed for you.
There are a multitude of New Home Builders in the Vancouver housing market and it is definitely worth teaming up with one of the reputable firms. They may be slightly more expensive but will be worth it in the long run especially when it comes to warranty work and completing the project on time. With a new build you will receive a minimum 1 year builders warranty - some do now offer more. The builder should schedule a series of inspections throughout their warranty period to deal with any issues and should also respond to urgent problems (loss of heat in winter, dangerous faults etc.). In most cases you will be able to use the builder's lawyer free of charge to close the transaction but in the event of legal issues they will represent the builder and you will have to find your own. The mortgage provider will require a home inspection which is normally a paperwork exercise with a fee attached! New Build homes will attract GST of 6%, up to 3% can be rebated directly to you by the builder off the price dependant upon the purchase price of the property. This will then be confirmed by Canada Revenue about 6 months after the sale. It's a very long winded way of doing it, but basically there is a very good chance you will not be charged GST at the full 6% on the sale! Please ensure that this is confirmed in writing by either your Realtor, the builder or your lawyer before you sign any contracts. Depending upon the deal negotiated with the builder, be prepared for a lot of expense to landscape and fence the gardens, any basement development and all the "small" things add up like curtains and fittings. Another thing to be aware of is the likelihood of "architectural changes" that you will have to pay for. These are design changes to the house plans that only become apparent once the building lot has been surveyed so check your obligation with your representative. Pre Owned HomesWith the houses being wooden, some major maintenance could be required - most roofs last 10-15 years and pest infestation will have serious consequences for example. A solicitor is essential for your legal protection and to ensure a smooth possession. Some extremely creative financing is available to enable those who won't qualify for the full mortgage amount to purchase their own property. Because of the unique opportunities for financing your own home in Canada it is imperative that you take expert advice to ensure that you know all of your options. Some of the benefits of a pre-owned home are that it will normally be landscaped, could be developed in the basement and any teething problems should have been dealt with. There will be no GST applied to the house price which is quite a saving, though the price of the house will be adjusted for the landscaping etc. The most important benefit is that you may be able to take possession very promptly and could save you money on a rental property. One important piece of information we have heard from a friend is that apartments built in the last 15 years in the Vancouver area may have problems. I don't know the full facts and will be researching in more detail - if you find out let me know! Apparently the building code changed and since then many blocks have had problems of leaking walls/roofs and have mould and/or rotten walls. Please be extremely careful if you are considering buying a pre owned apartment on the mainland in BC and definitely employ a reputable expert to check it out. If it seems cheap or a great deal - be sceptical. Vancouver Housing - RentingRentals in the Vancouver Housing market are not to hard to find with plenty of Homes To Rent as many people are now buying their own property. Don't expect cheap rents in such a cosmopolitan city - the basic 1 bedroom suite will start above $500.00 per month.There is also plenty of choice available to you to find a decent, well maintained property. It is very important for your safety that you ensure that the property is correctly maintained. There are plenty that aren't and could have potentially dangerous faults due to lack of maintenance, illegal development by an unqualified tradesman and non adherence to building regulations and safety standards. Ensure you understand your Rights and Obligations before signing any rental agreement. Another great resource you should check out if you are considering renting in the Vancouver Housing area is the Tenants Survival Guide written very well by the Tenants Rights Action Coalition (not a political party!!!). Its totally free and is downloadable in PDF format. Whatever you choose, good luck and we hope you find the home of your dreams in the Vancouver Housing market! This page on Vancouver Housing is intended as a guide and it is important that it is read in conjunction with the pages on Buying a Home in Canada.
|
