BC Home Owner Mortgage and Equity Partnership

BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists residents of British Columbia who are eligible first-time homebuyers by providing repayable down payment assistance loan

The BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists British Columbia residents who are eligible first-time homebuyers by providing repayable down payment assistance loans.

The BC HOME Partnership Loan contributes to your personal down payment, up to a maximum of five per cent of the purchase price. You need to ensure that the amount of your personal down payment, plus the BC HOME Partnership loan, meet the minimum down payment requirement for an insured first mortgage loan.

The BC HOME partnership loan is for an initial 25-year term, which is interest and payment free for the first five years. The loan will be registered on your property title as a second mortgage.

To qualify for BC HOME Partnership loan, anyone who appears on the title of the home must meet the following criteria:

  • Be a Canadian citizen or permanent resident for the last five years
  • Have lived in British Columbia for at least the full 12 months preceding your application
  • Be a first-time homebuyer who has not owned an interest in a principal residence anywhere in the world at any time and has never received a first-time homebuyers' exemption or refund
  • Purchase a home that is $750,000 or less.
  • Be eligible for a high-ratio insured first mortgage for the home

Other criteria are:

  • The combined, gross household income of all individuals on the title must not exceed $150,000.
  • The home being purchased must be used as the principal residence of all individuals on the title for the five years after purchasing.

Source: www.bchousing.org

New Listing - #610 2008 Rosser Ave., Coquitlam

This building needs no introduction. The renowned SOLO District: Stratus Tower by THE BOSA LEGACY - APPIA Development. Geothermal building with air conditioned units, full service concierge, state of the art amenities, 4 high-speed elevator channels and best of all only 1 year young w/ full 2-5-10 warranty. You are steps from Whole Foods, Starbucks, restaurants, and other local shops. One block from Skytrain and the most anticipated redevelopment: Brentwood Mall. This is a functional floorplan, a corner unit, with separated 2 bedroom & 2 Bath + Office, stays bright with natural light through the large floor to ceiling windows, 9ft ceilings and state of the art appliance.

SOLD OVER ASKING ON FIRST SHOWING

#HNY2017 and Changes are Already HAPPENING!

We are only in the second week of January 2017 and already there are so many things to talk about. In this post I want to discuss 3 main things that's creating a buzz in the Greater Vancouver real estate market. 

1. B.C. First-Time Homebuyers Loan Program - Is It Helping? 
As most of you already know the local government in British Columbia announced in December that new provincially backed loan program would match the amount a first-time buyer has saved for a down payment — up to $37,500, or five per cent of the home’s purchase price. This is to help middle-class British Columbians overcome the hurdle of saving for expensive down payments.

Although this sounds great in trying to help first time buyers, in my opinion, I'm not sure if this is  healthy for the entire market. We are already in short supply to match the high demand and now we are adding more fuel by allowing more buyer's qualify. Also, after 5 years when the no-interest term expires, aren't we leading more residents and Canadians into debt? Not only will they be in debt with the bank, they will now be in debt with the government. How is that helping Canadians and local residents for the long haul? 
I have to admit this is great for developers, real estate industry, mortgage brokers, and even sellers but I'm not sure if this is the help the local's really need. 

2. BC Property Assessment - Skyrocketed
Lower Mainland homeowners would of received their 2017 Property Assessment and some are seeing 30-60% increase compared to last year. Does this really reflect the value of your property? 

If you would allow me to shine some light into this topic, first, IGNORE the tax assessment. Simply put this is a document drafted by a civil worker behind a computer giving an amount on your property that the government can use to collect tax. Please remember that property assessments are made on July 1st of every year so you need to ask yourself this questions "is this a reasonable expectation of what I could of sold my property for back in July 1, 2016?" Once you answered this question you also need to remind yourself that whatever happened in the market after July 1st 2016 will be reflected on the 2018 property assessment. So does this current assessment give you a good indication of the current market value of your home? My answer is "NO". Simply, the number you see on your current property assessment is 6-10 months behind. 

3. Demand Outweighs The Supply
Currently in Greater Vancouver (excluding Fraser Valley) we have 6,519 total residential listings. That is detached, attached, and land all included. However, if we remove Whistler, Pemberton, Bowen Island, Gulf Islands and Out of Town areas, because those areas don't really affect us, that brings the listing count down to 5,131. This is extremely low amount of inventory and the demand for real estate definitely outweigh the supply. We are still seeing multiple offers in sharply priced homes, townhouses and condo's while luxury expensive homes have definitely slowed down and the we are already seeing price adjustments in that category. Although we are seeing more price negotiations compared to last spring and summer, with the current amount of inventory at a all time low, I expect the prices to start climbing again. This time last year we had about 7,500 listings... it's almost deja vu. 

 

Winter is HERE in Vancouver!

It's the middle of December 2016 and Vancouver finally received its first snowfall for this season and it was a big one. Vancouver winter's don't usually consist of a lot of snow, it's rare to see roads and schools closing due to snow. But this year we finally got that long over due snowfall. 

As many know, Vancouver consists of big tall trees, a lot of water and mountains. As beautiful it is in the summer it is stunning to see when it's fully covered in white. Roads were slippery and there sure weren't any open houses with buyer's running around this past weekend but that was totally okay, because once in a while we just need to take a step back and really enjoy what God had created. Oh, but don't get me wrong, offer's were still being written and there were buyers being active. However, with Christmas right around the corner and with slippery conditions plus more snow in the forecast, I think it's safe to say that this December is looking to be a warm cozy month in front of the fireplace and enjoying company with your friends a loved ones. Let's enjoy times like this while it's here because it looks like 2017 is going to be another busy year of real estate in Vancouver. I can sense it!

Be safe and blessings to you all. 

Merry Christmas. 

FULTON HOUSE by Polygon Homes

Visited Fulton House by Polygon today with a client, a one-of-a-kind iconic residential tower in the heart of Burnaby’s vibrant Brentwood community.

Fulton House offers the best of both worlds – the friendliness of a truly residential building and immediate access to a wide array of amenities – from the new Whole Foods Market just up the street, to the shops and services at Brentwood Mall, or the convenient SkyTrain network for an easy commute to downtown Vancouver.

Meticulously designed by award-winning Buttjes Architecture Inc., Fulton House makes an impressive statement in the city’s skyline with an ideal balance between modernism and elegance, boasting 303 beautiful one and two-bedroom apartment residences. Inside, thoughtful design gives way to a refined ambiance, an abundance of natural light, and a plethora of convenient features such as smart kitchens with central islands, and side-by-side washers and dryers with storage closets

The well-appointed Fulton Club offers residents seamlessly integrated indoor and outdoor spaces for entertainment, fitness and relaxation. Enjoy a resort-inspired swimming pool and hot tub, an expansive green terrace with health-enhancing equipment, as well as a double-height fitness centre featuring the latest equipment and a dedicated yoga studio.

SOLD to a young first-time buyer

2 - 3065 Dayanee Springs Blvd., Coquitlam

Welcome to Dayanee Springs by Polygon Homes! This very bright, spacious 3 bedroom townhome features brand new modern grey flooring throughout the foyer and main level, oversized windows for natural light and enjoy the view of Mt. Baker on the large south facing deck with friends and BBQ's. Kitchen has beautiful shaker style cabinets, ceramic tile back splash, stone kitchen island and breakfast bar that opens to the dining area. Upstairs is the master bedroom with ensuite with two his/her sinks, separate shower and tub, 2 more generous sized bedrooms. Ample storage and shelving in the double tandem garage, sec. system, balance of the home warranty, fresh designer paint and enjoy complex clubhouse with pool. Close to schools, parks, trails, restaurants and new Evergreen Skytrain line.

SOLD to a young family

New Listing - 2979 Glen Dr., Coquitlam

ALTAMONTE by BOSA PROPERTIES, steps away from the new Evergreen Skytrain line and Coquitlam Centre Mall. This property features TWO large size bedrooms and Den + TWO full baths and TWO balconies. Hard flooring throughout the unit, electric fireplace in the living room and open kitchen with breakfast bar and granite counters. In the Master you get beautiful views of the mountains and Lafarge Lake, a huge walk-in closet, 4 piece ensuite and access to your private balcony. The separated 2nd bedroom is large enough for all your bed sizes and has its own access to a balcony. Great amenities: full exercise gym, steam sauna, pool table, party room, a caretaker all within the building. Proactive Strata with healthy CRF.

SOLD over asking!

THE CITY OF LOUGHEED by Shape Properties

From the developers who brought you The Amazing Brentwood, Shape Properties has launched the redevelopment of Lougheed Town Centre Mall and calling it THE CITY OF LOUGHEED. This is a massive redevelopment and could be one of Canada's Largest Master Community Plans. Shape Properties, the owners of the Lougheed Mall, has plans to redevelop this 40 acre site with 23+ high rise towers, diverse neighbourhoods, shopping and restaurants, striking architecture and the most connected Sky Train hub in Metro Vancouver. 

Today I visited their brand new presentation centre located across from Lougheed Mall SkyTrain Station for an Exclusive Realtor Preview of the development and the launch of their Tower One. It was a full house with hundreds of Realtors coming through the doors. Although the presentation centre has been open to the public for previews in the past month, this event was exclusive to Realtors to provide more specific information and sales starting date. If you haven't visited their presentation centre I highly recommend you do. It very pleasant to the eye and you will have a great experience there. I would love to go with you (they give fresh gourmet coffee and snacks).

In a nutshell, prices for One Bedrooms start at $329,900, for Two Bedrooms prices start at $463,900 and for Three Bedrooms prices start at $613,900. This is great value for what they are offering and the potential this development has. Shape Properties is currently offering a 1% incentive off the purchase price to all buyers until December 1, 2016. Private Storage and at least one Parking is available for all homes. Strata fees will approximately be $.49 per square feet and YES, this building is fully Air Conditioned!!! There are too many features to list, you won't be disappointed. 

At the corner of North Road and Austin Ave in Burnaby, BC. Don't miss this one!!! 

MARQUEE @ Lougheed Heights by Bosa Properties

Today I visited the Exclusive Realtor Event for MARQUEE @ Lougheed Heights by Bosa Properties. This development has a total of three towers with two already SOLD OUT and MARQUEE is their final building. This event was a full house with Realtor's previewing the final building for their clients. As always, Bosa did a fabulous job in hosting the Realtors and providing detailed information about the development.

Photo by Butter Studios

Photo by Butter Studios

Home prices start from $329,900 for One bedrooms and $479,900 for Junior Two Bedrooms. Three bedroom units are also available in the building with square footage ranging from 1,586 - 1,828. Every home includes a Storage locker and a Parking stall. Strata fee's are expected to be about $.38 per square feet. (No A/C in this building)

Bosa is offering great incentives to buyers for the month of November, incentives ranging from $7,000 up to $14,000 for apartment units and up to $20,000 for Estate and Townhome collections. The estimated completion date is scheduled for Fall 2019. 

Located on the corner of Foster Ave and North Rd in Coquitlam, BC. You know you're getting quality and value with Bosa. The name speaks for itself. Rest assured, This is a safe choice!

Fall Season 2016

September is already here, which means families are scrambling to send their kids back to school or first time to school and people are back to work from their summer vacations. Life is back to normal, traffic on the streets are bumper to bumper again and daylight is getting shorter everyday. In all that what is the Vancouver Real Estate marketing doing? Media loves to over-react and talk about the falling sales compared to last month and emphasize the drop of 20% or more in sales. Is this true or better yet what does that really mean? 

Let us remember that the Real Estate market during Spring and Summer of 2016 in Greater Vancouver was a time that no one has ever experienced. Even Realtor's who have been in the business for over 40 years have never experienced a market we just went through. Product was selling off the shelf in less than 7 days and majority of the offer were "NO SUBJECTS", which is not something we should all get used to. So then what's happening now? 

Right now we are seeing product sell 25-40 days, except detached luxury homes are taking much longer, which is still a very hot market compared to a balanced market which will take approximately 120-160 days for a product to sell. We are definitely seeing less multiple offers, more offers with subject and some selling slightly under listing price with some room for negotiations. However, if you are priced sharp and the home show's  well then we are still seeing multiple offers and product selling over ask. This is more for condo's, townhouses and entry level detached homes. On the other hand, it's a different story for higher-end luxury homes where we are noticing a drop in activity. The foreign tax probably had a big impact but at the same time there are some buyer fatigue since not everyone can afford $3 Million dollar homes. 

When the media announces that sales are down 20% or more we need to remember that it's an accumulation of all the homes, from condo's to multi-million dollar houses. So compared to our record breaking summer months, yes sales are down but when we break it down to condo's, townhouses, and detached homes and even narrowing it down to specific area's the numbers are much different. The total number of inventory in Greater Vancouver is still very low and there are still a lot of buyer's looking for homes. 

So with school back in order, people back to work and back into their routine the Fall market looks very promising. Historically, August and September tends to be a dip for the Greater Vancouver market as people are adjusting to their normal routine, oh and don't worry about the foreign tax. The total number of sales that involve foreigners is less than 10% and those foreigners, if they really want it, they will find a way to get it. We just need to realize that every detached home owner that's been living here for 25 year or more is now a millionaire and the baby-boomer generations are retiring. Which means their estate and assets are now going to be released to their children. The next 10-20 years is going to be interesting.