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Real Estate industry in the eyes of investors has many opportunities and one of those is Presale or Pre-construction (in some region they call it Precon.

As the Provincial Government in British Columbia and local municipality in Vancouver are trying to create density and more homes to increase affordability, the number and variety of development project in offering presale and pre-construction on the rise. 

However, again with many demand and yet limited availability, when a project is announced, the number of registration surpasses the number of units available.

Here are some questions my client asked in regards to presale and new development projects so I thought I could share with you.

What to look when buying a presale?


The most important thing to start to review is the developer reputation and background on their experience.

Depending on how extensive the new development is, developer's reputation and experience in that scope of project is very important. When a first time new home buyer is looking at a large development with many phases and a complex design, it's best to see if the developer has done similar scope of project before and if there was any issues.

The buyers also can review the history of developers by searching online to see if there was any issues with the existing developments or any pending lawsuit against those.


As a buyer of a new development and presale, it is also important to review the disclosure and all relevant documents to the project. also the quality of material on A1kit.

My recommendation is to attend the sales center and do a walkthrough on the model homes and browse and touch the quality of material, review the appliances brands and notice

- Light fixtures

- Window covering

- Flooring material and colour choices

- Ceiling height

- Number of closets and storage in the unit

- Floorplan layout 

- Quality of countertops and vanities in kitchen and bathroom

- And even get picky with the quality of knobs on the cabinetry 


It is important to find out and ask for

- Is the parking included in the purchase and whether it offers proper EV charge for electric vehicles

- Is the external storage included in the purchase

- Number of amenities in the building and whether they are included in your monthly strata payment.

- What is the heating and cooling system in the building and if there are saving you money 

- Direction of unit and what is the projection view 

- What are the amenities close by

- If the view is open, would there be any upcoming project or another phase which would block the existing view of the presale home


In the next article we talk further on Presale and preconstruction homes process.



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I have listed a new property at 3971 ELMWOOD ST in Burnaby.
FIRST TIME ON THE MARKET! This beautiful gem is situated at 3971 Elmwood St. and offers STUNNING UNOBSTRUCTED PANORAMIC VIEWS. A single family detached with Penthouse Views. Original owner has lovingly cared for and updated the home throughout the years. 1 Car garage & 1 carport with back lane access, which could be potential for Burnaby’s laneway plan. Enjoy the serene ambiance of backyard porch for your all year round entertainment with extraordinary VIEWS of City & Mountain in the backdrop. Downstairs you’d find a 1 bedroom separate entry Mortgage Helper suite. Ultra-convenient location! Walking distance to public transit, parks, Burnaby Hospital + close to all levels of schools, HWY 1 & Vancouver. electrical panel upgrade (1995), boiler and copper lines in basement (2000), underground sprinklers (2000/2015), roof re-done (2005), hot water tank (2015), Underground oil tank removed with certificated available (2014) OPEN HOUSE: April 2nd & 3rd, 2-4PM.
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Please visit our Open House at 3971 ELMWOOD ST in Burnaby.
Open House on Saturday, April 2, 2022 2:00PM - 4:00PM
FIRST TIME ON THE MARKET! This beautiful gem is situated at 3971 Elmwood St. and offers STUNNING UNOBSTRUCTED PANORAMIC VIEWS. A single family detached with Penthouse Views. Original owner has lovingly cared for and updated the home throughout the years. 1 Car garage & 1 carport with back lane access, which could be potential for Burnaby’s laneway plan. Enjoy the serene ambiance of backyard porch for your all year round entertainment with extraordinary VIEWS of City & Mountain in the backdrop. Downstairs you’d find a 1 bedroom separate entry Mortgage Helper suite. Ultra-convenient location! Walking distance to public transit, parks, Burnaby Hospital + close to all levels of schools, HWY 1 & Vancouver. electrical panel upgrade (1995), boiler and copper lines in basement (2000), underground sprinklers (2000/2015), roof re-done (2005), hot water tank (2015), Underground oil tank removed with certificated available (2014) OPEN HOUSE: April 2nd & 3rd, 2-4PM.
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Please visit our Open House at 3971 ELMWOOD ST in Burnaby.
Open House on Sunday, April 3, 2022 2:00PM - 4:00PM
FIRST TIME ON THE MARKET! This beautiful gem is situated at 3971 Elmwood St. and offers STUNNING UNOBSTRUCTED PANORAMIC VIEWS. A single family detached with Penthouse Views. Original owner has lovingly cared for and updated the home throughout the years. 1 Car garage & 1 carport with back lane access, which could be potential for Burnaby’s laneway plan. Enjoy the serene ambiance of backyard porch for your all year round entertainment with extraordinary VIEWS of City & Mountain in the backdrop. Downstairs you’d find a 1 bedroom separate entry Mortgage Helper suite. Ultra-convenient location! Walking distance to public transit, parks, Burnaby Hospital + close to all levels of schools, HWY 1 & Vancouver. electrical panel upgrade (1995), boiler and copper lines in basement (2000), underground sprinklers (2000/2015), roof re-done (2005), hot water tank (2015), Underground oil tank removed with certificated available (2014) OPEN HOUSE: April 2nd & 3rd, 2-4PM.
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February 2022 Vancouver Real Estate Market Report

Listings inch up, demand remains steady and price gains continue

 
 
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The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022.

Last month’s sales were 26.9 per cent above the 10-year February sales average.

"As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year."
Taylor Biggar, Chair, Real Estate Board of Greater Vancouver

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663).

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.

For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022.

“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.

Sales of detached homes in February 2022 reached 1,010, an 18 per cent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 per cent increase from February 2021 and a 4.7 per cent increase compared to January 2022.

Sales of apartment homes reached 1,854 in February 2022, a 5.4 per cent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 per cent increase from February 2021 and a 4.1 per cent increase compared to January 2022.

Attached home sales in February 2022 totalled 560, a 24 per cent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 per cent increase from February 2021 and a 5.9 per cent increase compared to January 2022.

 
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Important Message for Homeowners
Accurate Pricing and how it can get you more $
 
Snap Stat and Sale ratio Report 
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Remember:
Above 20% is sellers market
15-20% is Balanced Market
Below 15% is Buyers market

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MULTIPLE OFFER / BIDDING WARS
Want to know HOW to Overcome and Win in Multiple Offers & Competition?
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BIG BEAR FAMILY

Jim and Susan Kowalczik are challenged as parents of a huge 1400lb Kodiak brown bear. The couple look after the 9ft giant at their orphanage where they have dedicated their lives to rescuing and releasing injured animals. They now care for 11 bears, including Kodiak brown bears, Syrian bears and black bears on their 100 acre estate in Otisville, New York. Most were rescued as cubs from breeding programs or nature reserves that closed down.

Preparing for the Spring Market

 

Spring is just around the corner! Some of you might be anxious to buy or sell this season, so let’s take a look at the trends for the upcoming Spring market. 

From a seller’s perspective, this is the best time to sell with motivated buyers and a huge demand that may diminish as the Bank of Canada raises interest rates and governments work to increase supply. As always, it is important to ensure that you properly list and market any home you are looking to sell to attract the right buyers.

 
 

For buyers, it is likely that Spring is going to be somewhat hectic as most individuals will be anxious to get into their new homes before interest rates rise further. You will want to be as prepared as possible if you are looking to buy this season by keeping a finger on new listings, and being prepared to extend an offer almost immediately after a viewing if you found what you're looking for so it is not snatched up.

Having your mortgages pre-approved during this busy market will become vital as not only will it indicate to the seller that you will not have issues obtaining financing (assuming nothing changes between now and purchase with your job, savings, etc.), but it will also allow you to lock in the interest rate for up to 120 days while you shop. Don’t get caught waiving financing conditions quickly and then have to scramble later!

Another key component to note if you’re looking to buy this year is to consider moving further from your workplace. With supply issues currently within the housing market, it might be hard to find that perfect home nearby. Fortunately, most employers are now allowing remote work a few days a week If this is something you’re open to, you’ll want to keep an eye out for potential office space in any homes you look at.

If you are looking to purchase a home this Spring, download my app HERE to see what you can afford and don’t hesitate to reach out to me so we can discuss your goals and lock in your pre-approval for the best chance of success!

 

Refinancing: What You Should Know

 

Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, allowing you to pay off your existing loan and replace it with a new one that better suits your needs.

When done properly, mortgage refinancing can result in a host of great benefits to further your financial success. 

Some reasons you might consider refinancing include, but are not limited to, the following: 

  • You want to leverage large increases in property value
  • You want to get equity out of the home for upgrades or renovations
  • You are looking to consolidate your debt
  • You have kids headed off to college
  • You are going through a divorce
  • You want a better interest rate
  • You want to convert your mortgage from fixed to variable (or vice-versa)

Not only can refinancing help to reduce financial stress and help get you back on track for your financial future, but additional benefits include:

  1. Access a Lower Interest Rate: One reason to refinance your mortgage is to get a better interest rate. While a low interest rate isn’t everything (you also want to consider your mortgage terms, penalties, etc.), there is no harm in looking around! As your dedicated mortgage professional, I have access to dozens of lenders and can shop the market for you to see if there is a better mortgage product to fit your needs!
     
  2. Consolidate Your Debt: There are many different types of debt from credit cards and lines of credit to school loans and mortgages. But, did you know that most types of consumer debt have much higher interest rates than those you would pay on a mortgage? Refinancing can free up cash to help you pay out these debts. While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.
     
  3. Modify Your Mortgage: Life is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Maybe you came into some extra money and want to put it towards your mortgage, or maybe you are weary of the market and want to lock in at a fixed-rate for security. It is always best to do this when your mortgage term is up, but talk to a mortgage specialist about potential penalties if waiting is not possible.
     
  4. Utilize Your Home Equity: One of the biggest reasons to buy in the first place is to build up equity in your home. Consider your home equity as the difference between your property's market value and the balance of your mortgage. If you need funds, you can refinance your mortgage to access up to 80% of your home's appraised value in cash!

While refinancing can help you tap into 80% of your home value, it does come with a price. If you opt to refinance during your term, it is considered to be breaking your mortgage agreement and it could end up being quite costly.  It is always best to wait until the end of the mortgage term before any refinancing is conducted, but make sure you’ve planned several months in advance so you have to time to weigh your options before you need to renew.

In addition, refinancing can prevent you from qualifying for default insurance which in turn can limit your lender choice. Lastly, you’ll be required to re-qualify under the current rates and rules (including passing the “stress test” again) to ensure you can carry the refinanced mortgage.

If you are stuck or wondering if mortgage refinancing is right for you, please don’t hesitate to reach out to me today! I would be happy to review your current mortgage, financial goals and future plans to help determine the best solution to fit YOUR needs.

 

Spring Cleaning Tips!

 

Spring is just around the corner!! 

While nobody enjoys Spring cleaning, we can all appreciate having a fresh home! 

Below are my favourite six Spring cleaning tips to help you tackle your home and get it looking its best for the season ahead:

  1. Create a Playlist: Everything is more fun with a great playlist! Not only is music great therapy but it can make the cleaning process go by quicker and make it more enjoyable.
     
  2. One Room at a Time: Everyone likes the aftermath and seeing their home all sparkly and fresh, but sometimes it can be an overwhelming process to get to that point. It is best to clean one room at a time, starting with the smaller ones or those that need the least amount of cleaning and work your way up to the larger, project rooms!
     
  3. Declutter as You Go: Spring cleaning isn’t just about shining up the brass on the door and dusting. It is just as important to declutter your space as you go! Before you start cleaning a room, pinpoint items that can be discarded and go through closets and cupboards for anything that you can donate.
     
  4. Think Green! Spring cleaning is starting the season off on a fresh, clean note. Don’t muddy that up with harsh chemical cleaners. In today’s ecofriendly environment, there are many eco-friendly and safe alternatives to regular cleaners. Vinegar is a great substitute in the bathroom or kitchen as well as combining vinegar, baking soda and water as a deep clean alternative. You can also opt for a steam cleaner to manage tile, hardwood floors, appliances and even outdoor areas as they only use hot water and vapor.
     
  5. Don’t Forget The Fridge & Freezer: The best time to clean out your fridge and freezer is right before you do your grocery shop, so they will be at their most empty. Dispose of anything that is past its expiration date and any almost-empty items you won’t use. Before you restock be sure to wipe down the interior of the fridge with disinfectant and a damp cloth. The same can be done for the freezer but you’ll have to defrost it first!
     
  6. Clean Air Reduces Allergies: Replacing furnace and HVAC filters is one of the most overlooked parts of Spring cleaning. Going as far as replacing your standard filter with a more robust one with a higher rating will help keep you even healthier (and allergy free!) this year as they catch smaller particles to ensure your home is void of allergens, chemicals and even odors.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.