If 2018's annual rent increase goes into effect, renters could be paying up to $936 additionally per year

 

BC housing minister Selina Robinson is considering the possibility of altering the province-wide formula that sets the maximum amount landlords can increase rent by annually, the minister told media this week.

 

The current formula, part of the Residential Tenancy Act, allows landlords to increase rent by 2% plus inflation. With current inflation rates, the maximum rent increase would be 4% in 2018. If next year's rent hike goes into effect, the average rent for a one-bedroom apartment in Metro Vancouver, which is currently $1950, would increase by $936 annually. Robinson explained that the formula will be evaulated by her ministry as they work out ways to make renting less stressful across the province.

 

"[We are] having conversations right now," said Robinson in an interview. "We just saw [the 2018 increase] come out and I know that people are very, very concerned."

 

The province is looking into lowering the annual rent increase to only the rate of inflation, which would make the maximum rent increase 2% this year, or $468 annually on an apartment rented at $1950 monthly. 

 

During the provincial election in May, the NDP promised to help deal with the rental crunch by building 114,000 co-op and rental homes and by giving renters an annual home credit of $400. The party also promised to end the "fixed term lease" loophole, in which tenants are forced into one-year leases with higher than normal annual rent increases based on a minor technicality.

 

Robinson said that rent control is one of several aspects of the province's affordability problems.

 

"I'm looking for things we can deliver ASAP, because I know this is a crisis," she told The Vancouver Sun

 

 

Source: http://www.rew.ca/news/bc-housing-minister-considers-annual-rent-increase-cut-1.22277948

Post CommentComments: 0Read Full Story
I have sold a property at 17 31125 WESTRIDGE PL in Abbotsford.
Your search stops here! Recent renos include new laminate flooring on the main, new carpets throughout, and fresh paint! This 3 bedroom, 2 bathroom townhouse backing onto greenbelt is perfect for first time home buyers. Large, open layout on the main floor with granite countertops and stainless steel appliances. Walking distance to all 3 levels of school and close to Highway #1. This Home will not last!
Read Full Story
I have sold a property at 4248 ETON ST in Burnaby.
Brand New!!! Stunning custom built home on a quaint Magnolia-tree lined st in North Burnaby. Notice quality throughout this home with beautiful hardwoord floors, in-floor radiant heating, waterfall quartz counter-tops, AC, designer chandeliers and much more! Fall in love with the designer kitchen boasting exquisite melamine cabinetry and high-end SS appliances including a Wolfe range. The deck off the kitchen offers southern exposure to enjoy your summers! In the master bedroom enjoy sneak-peek views of the ocean, a spacious WIC, and lavish ensuite with a soaker tub to unwind! Need more? This home offers a legal-suite, security with 4 HD cameras, & 2-5-10 Warranty for piece of mind! Close to BCIT, SFU, & Brentwood Town Centre!
Read Full Story
I have listed a new property at 113 ELLESMERE AVE in Burnaby.
Brand New! Stunning custom built home with the most amazing views of the mountains and the inlet from your rooftop deck. The open layout is perfect for entertaining your guests with the Modern Chef kitchen. The home boasts wide plank hardwood floors, stainless steel appliances, quartz counter tops and much more. Enjoy the views from your walk out front porch in your master bedroom which also features a spacious WIC and a lavish ensuite with a soaker tub to unwind. Need more? This home offers a legal-suite, security with HD cameras, & 2-5-10 Warranty for peace of mind! Conveniently located, the home has easy access to SFU, BCIT, Brentwood & Metrotown shopping and downtown Vancouver.
Read Full Story
Please visit our Open House at 113 ELLESMERE AVE in Burnaby.
Open House on Saturday, September 2, 2017 2:00PM - 4:00PM
Brand New! Stunning custom built home with the most amazing views of the mountains and the inlet from your rooftop deck. The open layout is perfect for entertaining your guests with the Modern Chef kitchen. The home boasts wide plank hardwood floors, stainless steel appliances, quartz counter tops and much more. Enjoy the views from your walk out front porch in your master bedroom which also features a spacious WIC and a lavish ensuite with a soaker tub to unwind. Need more? This home offers a legal-suite, security with HD cameras, & 2-5-10 Warranty for peace of mind! Conveniently located, the home has easy access to SFU, BCIT, Brentwood & Metrotown shopping and downtown Vancouver.
Read Full Story
I have listed a new property at 3332 EPSON CRT in Abbotsford.
Location Location! Newly renovated, located on a quiet cul-de-sac in East Abbotsford. This home is minutes away from shopping, all levels of school and public transport. This home has all the updates!!! New spectacular kitchen with quartz counter tops, stainless steel appliances, new windows, updated bathrooms, fresh paint and new floors throughout the home. With addition of new light fixtures and fresh new landscaping. Call now for your private viewing!
Read Full Story
Please visit our Open House at 3332 EPSON CRT in Abbotsford.
Open House on Saturday, August 26, 2017 2:00PM - 4:00PM
Location Location! Newly renovated, located on a quiet cul-de-sac in East Abbotsford. This home is minutes away from shopping, all levels of school and public transport. This home has all the updates!!! New spectacular kitchen with quartz counter tops, stainless steel appliances, new windows, updated bathrooms, fresh paint and new floors throughout the home. With addition of new light fixtures and fresh new landscaping. Call now for your private viewing!
Read Full Story

 

 

Buying property stateside is intriguing, often affordable, and considerably warmer. That’s why each year, as cold weather sets in, Canadian retirees go the way of the loon; according to Stats Canada, Canadian residents took 20 million overnight trips to the U.S. in 2010.

I know, I know – Cape Cod is not the south… but the charming property prompted me to look into the possibility further. What does buying a property in the U.S. entail?

The Cross-Border Contrasts

A good place to start is the variances between mortgage rules stateside and back home.

“There are few key differences due to the regulatory requirements, laws, and practices which govern the mortgage industry in the US,” says Alain Forget, vice president of sales for RBC.

Timing is an increasingly important element. “The average is 45 days to apply and secure a mortgage in the US, compared with a few days in Canada,” says Forget. “The main reasons is the number of steps in the process, including application, income and asset documentation, credit report, appraisal, title, credit loan review and approval, closing documents”

Getting a mortgage in the US requires a fair bit more documentation than in Canada. RBC has broken it down here. Expect to divulge details from your passport, Canadian-held accounts, and all Canadian property tax statements in addition to the usual income verification paperwork.

Expect to Pay More for Your Mortgage

Forget also points out that costs in the US can be higher – 3 to 4 per cent overall – when you factor in third-party expenses and pro services like property appraisal and title insurance. “This varies per state, for example Florida averages 2.5 to 3 per cent,” he adds.

There are also some key differences for the interest you’ll pay on your mortgage. “US mortgages are compounded monthly versus semi-annually in Canada,” says Forget. “They may also be tax deductible in the US for US citizens and permanent residents.”

How to Apply

If you don’t mind a few long-distance charges, Canadians are able to apply for a mortgage remotely via phone or email. This is usually done through a bank that has operations south of the border.

“They don’t need to have an account with RBC Bank USA to apply for a mortgage,” says Forget. “However we strongly recommend having a US account to facilitate the funding of the loan and monthly payment as well as to facilitate the transfer of the down payment for the closing.”

You can also pre-qualify before you start the vacation house hunt to give you leverage in the event you get into a bidding war with other snowbirds. “The closing should be done in person in the US, usually at the office of the title company,” adds Forget. “This requires minimum traveling across the border.”

Getting a Competitive Rate

In addition to finding a bank with the capability to deliver the mortgage in the state and county where the property is, you’ll want a Canadian-friendly lender. “Most US banks will not lend to foreign nationals like Canadians – or if they do, they might charge a foreign national premium which can be 1.5 to 2 per cent over the standard mortgage rate,” he says.

Working with a Canadian bank with reach into the US often means you don’t need an American social security number to qualify. The key to finding a competitive rate is looking to open mortgages or ones with various term options, Forget adds.

File Under: Things You’re Apt to Forget

Like property ownership in Canada, you’re going to want to make sure you have an account set up to seamlessly transfer funds between Canada and the US to cover those monthly utility bills and property taxes.  

“It is also important to seek professional cross-border advice to understand the legal, tax and estate issues which affect Canadians owning US property, since a number of those issues are different between the two countries,” adds Forget.

See, nothing too daunting, right? Find a banking partner in Canada to help you navigate the legal and money stuff and the rest is all about the search.

 

If you're considering buying a property in the US, how do you get financing and what are the differences in mortgages between the two countries? Andrew Seale of RateSupermarket.ca offers first-hand advice.

 

 

 

Source:http://www.rew.ca/news/getting-a-us-mortgage-as-a-canadian-1.1634525

Post CommentComments: 0Read Full Story
I have sold a property at 1664 HIGHVIEW ST in Abbotsford.
SUBDIVIDABLE LOT! Live now, develop later? This rancher with full basement sits on a huge 90x121 lot! Has been completely updated w/new flooring, paint, interior doors, crown mouldings, baseboards & casings throughout. New kitchen countertop & backsplash too! Updated baths (new vanities, sinks, backsplash, flooring & paint). 3 bedrooms up as well as a Master Bedroom with a 2 pce enste. 2 bed suite below. Best of all the backyard backs onto cul-de-sac on Kirkland offering great privacy! Talk to City about subdivision potential. Open House July 22nd, 2017 2-4pm.
Read Full Story

 

Buyers and sellers alike need to understand “fear of loss” psychology in home purchases


Whether you are thinking of buying or selling a home, understanding the current market is crucial. You need to know if you’re in a buyers’ market or a sellers’ market because that’s going to affect how your property is marketed and how much money you’re going to get for your home. If you understand the market, that will tell you what your home is worth and what you can expect if you’re a seller. If you’re a buyer, it is going to tell you what the appropriately priced offer on the property would be.

Using the market on the Sunshine Coast right now as an example, we are in a seller’s market. In a seller’s market, you’re much better off listing your property at a price that is going to attract as many potential buyers as possible and try to create an environment where they have a “fear of loss” motivation; you should aim to capitalize on that and end up in a situation where you have multiple offers.

Fear of Loss Motivation

Here’s an example of “fear of loss” motivation – also colloquially known as FOMO, Fear of Missing Out.

Let’s say you’re looking at a newspaper ad because you’re shopping for a black Dodge Dakota. You look at 15 of them – they all have similar mileage, and they’re all around the same price.

If you are the person trying to sell a Dodge Dakota in that environment, the best thing to do is to position your Dodge Dakota to look the best and price it 5% cheaper than all the other ones. Then all the buyers will want to come have a look. Everyone will look at your price and then make offers because they don’t want to miss this opportunity to get this amazing deal.

It’s the same with houses. Even though you may think that your house is unique, and beautifully decorated, with all sorts of redeeming features, the reality is that when people are initially looking at the information available on the Internet, they typically don’t know any of that. They will call up their buyer’s agent and ask to see the home based on the first impression they’ve had from the photos.

Your listing agent has to make sure when they list your property that they have a good understanding of the market value of the house, and then position it in a way where it’s going to get the most exposure and the most interest as possible. Then what needs to happen, in this market, is the listing agent needs to maximize exposure.

This is what I do. I say we’re not going to accept any offers until “this date,” and I give two to three weeks for everyone who is potentially interested in it to come and see it.

Price it Right

A lot of people make the mistake of pricing their home too high, thinking it gives them room to negotiate. For example, if a house is worth $500,000 and they price it at $550,000 because they think they can negotiate and end up with $500,000. That’s the worst thing you can do because that’s going to put people off.

The average buyer is not a professional real estate agent, and they’re the ones deciding which properties they want to see based on their online research.

If you don’t make your home appear to be a really good deal, you’re going to lose a lot of potential buyers. When they come see your home, then they can find out that it’s got lovely decoration, it’s a great neighbourhood, it’s close to a school, and all the other great features. But until they come and physically see the home, it won’t really be on their list, so you can miss a lot of people. If their search parameters are set at prices under $500,000, your house won’t even show up at all.

Understanding and Expertise

You’re much better off understanding the market, understanding how people buy, and understanding the psychology of buyers and sellers. It’s very important. As a seller, it can make you tens of thousands of dollars, if not hundreds of thousands of dollars, in a market like Vancouver.

As a buyer, understanding this can save you the same kind of money. Right now, there are a lot of buyers in our local market using Vancouver agents, paying tens of thousands of dollars too much because the agent they’re working with doesn’t understand the local market. They’re coming from a market in Vancouver where sellers are selling for $2 million, and then buying a place on the Sunshine Coast for $600,000. They think they’re getting a great deal. If they were using a local agent who knew the market, they would probably get the same home for $550,000. But they don’t and $50,000, compounded annually at 3% is a huge amount of money. A local agent who knows the market and is working as a full-time agent in the thick of things can save you, or gain you, thousands of dollars.

 

 

 

Source:http://www.rew.ca/news/getting-the-best-deal-in-a-sellers-market-1.21205857


Post CommentComments: 0Read Full Story

 

It’s no small secret that the Vancouver housing market is a tough one to break into. Among millennials and young families alike, the idea of buying property within the city limits is a daunting one. However, for would-be homebuyers in the Lower Mainland, there are a few simple tricks that can make the market a lot friendlier.

1. Look outside Vancouver proper

You know what they say: location, location, location! The attractiveness of the area you buy in contributes to a fair chunk of a home’s asking price. Rather than look at popular areas in the city that are going to come with higher costs, consider your options outside of Vancouver proper. While the median sale price in downtown Vancouver in the first half of 2017 was $749,500 (and all but one of those attached units), in Coquitlam it was $675,750 (mostly attached), in New Westminster it was $502,000 (also mostly attached). In Surrey North and Central, the median sale price was only $551,000, with more than 40% of those detached homes. It’s clear that for those who can set up house outside of the city, there are huge savings to be had.

2. Buy in a walkable, up-and-coming location

Consider buying a home in an up-and-coming neighbourhood and avoid excessive listing prices. With projects in walkable neighbourhoods such as Brentwood, Metrotown, Surrey Central and Port Moody, these areas could yield real estate gems. And with so many amenities at your fingertips, you’ll save on things like transit, vehicle costs and more.

3. Give up the parking spot

Another way to keep your costs low is to search out places without designated parking. Houses, townhouses and apartments without parking spots will nearly always have lower listing prices than their counterparts with driveways or underground spaces, which can easily cost an extra $50K. To keep things convenient, look for listings in walkable areas and that are close to transit corridors and handy car-sharing options.

4. Buy smaller

Forgoing a little space can save you a lot. Think carefully about how much room your family really needs before you commit to a larger home with a higher price tag. For instance, while you always imagined yourself in a fully detached home, you may find that a large townhouse fits the bill. And if you’re a first-time buyer entering the market, try a small one-bedroom or even a studio to get your foot on the property ladder. Assess your needs carefully before committing to square footage.

5. Buy larger and share – or become a landlord

On the opposite end of the size spectrum, look for places that would allow you to create additional suites to subsidize your mortgage. Having tenants does come with additional responsibilities, but multiple families living in a home makes it more affordable for all parties. Alternatively, you may want to apply for a Vancity Mixer mortgage and share your first purchase with family members or friends.This mortgage offers competitive rates plus the legal and insurance support you need to protect everyone’s best interests.

6. Purchase a fixer-upper

An oldie but a goodie, this nugget of wisdom still holds true. Buying a home with a few more cracks will help you save huge on asking price, whether you plan to renovate through contractors or put in the elbow grease yourself to build up that “sweat equity.”

7. Put gifts towards a down payment

Saving for a down payment is tough. One way to create savings is to put monetary gifts towards your down payment. With that goal in mind, ask friends and relatives for cash gifts if possible. Many couples even ask for cash wedding presents rather than items from a registry, with the intention of putting the proceeds towards a new home.

8. Take advantage of available resources

When you’re actively looking to buy a home, knowledge is power. Look to available resources like Vancity’s first time home buyer’s hub, which has tools to help you build your down payment, calculate how large of a mortgage you can afford and explore mortgage options. Planning ahead with expert advice will save you plenty of headaches down the road.

Breaking into the housing market is difficult, but it’s far from impossible. With careful planning and allowances for location and size where they can be made, home buyers on a budget can find the perfect place to call their own.

 

 

 

 

 

Source:http://www.rew.ca/news/8-creative-hacks-for-buying-a-bc-home-on-a-budget-1.21601735

Post CommentComments: 0Read Full Story
I have listed a new property at 17 31125 WESTRIDGE PL in Abbotsford.
Your search stops here! This 3 bedroom, 2 bathroom townhouse backing onto greenbelt is perfect for first time home buyers. Large, open layout on the main floor with granite countertops and stainless steel appliances. Walking distance to all 3 levels of school and close to Highway #1. This Home will not last!
Read Full Story
Categories: Abbotsford East, Abbotsford Real Estate | Abbotsford Real Estate | Abbotsford West, Abbotsford Real Estate | Aberdeen, Abbotsford Real Estate | Agassiz, Agassiz Real Estate | Aldergrove Langley, Langley Real Estate | BC real estate, luxury homes, luxury home for sale Vancouver | Bradner, Abbotsford Real Estate | British Properties, West Vancouver Real Estate | Burnaby Real Estate | Burnaby Real Estate | Cambie, Vancouver West Real Estate | Capitol Hill BN, Burnaby North Real Estate | Cedar Hills, North Surrey Real Estate | Central Abbotsford, Abbotsford Real Estate | Chilliwack N Yale-Well, Chilliwack Real Estate | Chilliwack Real Estate | Chilliwack W Young-Well, Chilliwack Real Estate | Cloverdale BC, Cloverdale Real Estate | County Line Glen Valley, Langley Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | Eagle Mountain, Abbotsford Real Estate | East Burnaby, Burnaby East Real Estate | economics | Grandview VE, Vancouver East Real Estate | Guildford, North Surrey Real Estate | Hope Center, Hope Real Estate | HST out, BC home tax | Langley Real Estate | Langley City, Langley Real Estate | Market Trends | Matsqui, Abbotsford Real Estate | Mission BC, Mission Real Estate | Mission Real Estate | Morgan Creek, South Surrey White Rock Real Estate | Mount Pleasant VE, Vancouver East Real Estate | N. Delta Real Estate | Northwest Maple Ridge, Maple Ridge Real Estate | Otter District, Langley Real Estate | Panorama Ridge, Surrey Real Estate | Poplar, Abbotsford Real Estate | Port Kells, North Surrey Real Estate | Promontory, Sardis Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Real Estate Update | Sardis East Vedder Rd, Sardis Real Estate | Selling your home | Serpentine, Cloverdale Real Estate | Sullivan Heights, Burnaby North Real Estate | Sumas Mountain, Abbotsford Real Estate | Sumas Prairie, Abbotsford Real Estate | sumas, Abbotsford Real Estate | Surrey Real Estate | The Crest, Burnaby East Real Estate | Vancouver Heights, Burnaby North Real Estate | West Central, Maple Ridge Real Estate | West Newton, Surrey Real Estate | Westwood Plateau, Coquitlam Real Estate | Whalley, North Surrey Real Estate | Willingdon Heights, Burnaby North Real Estate | Willoughby Heights, Langley Real Estate | Yale, Hope Real Estate
Categories