DescriptionEnjoy the good life in this spacious, bright, superb two-bedroom two-bathroom condo at The Riviera, in the wonderful setting of New West Quay, southwest facing, views of Fraser River, 1256 sq ft, engineered hardwood floors, great cabinets on bathrooms with granite counter-tops and undermount sinks. Top of the line front-loading washer/dryer. Gas fireplace and the characteristic spacious rooms of the Riviera like large insuite bathroom and large insuite storage. The Riviera, with its indoor pool, steam room, hot-tub, two billiard rooms, party room, guest suite, 3 exercise rooms, is simply luxurious living. Small pets are welcome and rentals are allowed. New West Quay, the best riverside park in Metro Vancouver!
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Friday, May 14, 2010
Just Listed: Amazing New Westminster Quay Two-Bedroom/Two-Bathroom Condo for $374,900
Tuesday, April 6, 2010
Home listings rise to start the spring season
VANCOUVER, B.C. – April 6, 2010 – A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.
Attached property sales in March 2010 totalled 549, an increase of 40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per cent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 per cent between March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to last month when the benchmark price was $495,496.
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.
Attached property sales in March 2010 totalled 549, an increase of 40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per cent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 per cent between March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to last month when the benchmark price was $495,496.
The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit http://www.rebgv.org/.
Thursday, March 25, 2010
One-Bedroom/Den Condo in Downtown New West
DescriptionExcellent newly-rainscreened one-bedroom/den top floor condo in downtown New West, 820 SF. Big living/dining with gas fireplace, laminate flooring. Tiled bathroom and kitchen, eating area with skylight and natural light, stainless steel appliances, great laundry room. The den has a big closet and could be used as a second bedroom. Total rainscreened, hardiboard siding, new exterior windows/doors, new roof, new carpets and paint in common areas. Maintenance fee includes gas and hot water. Quiet neighborhood. Amazing location close to shops and skytrain. Warranty of 2 years for materials plus labor of 5 years for water penetration.
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Wednesday, March 3, 2010
Home sales activity strong through Olympic period
VANCOUVER, B.C. – March 2, 2010 –The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.
More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.
“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.
At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.
“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.
Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.
Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.
Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.
More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.
“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.
At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.
“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.
Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.
Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.
Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.
The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit http://www.rebgv.org/.
Friday, February 26, 2010
What to Consider: Mortgage Insurance or Life Insurance?
Every time I have sat with a Mortgage representative at my bank, maybe 2 or 3 times, the conversation always takes me to accepting or declining a Mortgage Insurance.
When I used to be employed, I would always decline as my group Life Insurance used to cover my needs. Now that I am self-employed, I have to consider the pros and cons.
I am sure that most people would just simply accept the arguments of “the-one-that-knows” but which in reality is rarely trained to explain the details and legalities of these insurance products (check this report in CBC Market Place: http://www.cbc.ca/marketplace/2008/02/06/mortgage_insurance_not_always/).
The best you can do is to be prepared with a firm answer of which product you need before you sit and sign your mortgage papers.
Here are some points of comparison:
Thank you to Alla Petruk for wonderfully explaining the differences:
Alla Petruk
Sun Life Financial
10470 152nd Street, Suite 170
Surrey, BC V3R 0Y3
Tel: (604)588-5232 x 2220
Cell: (604)897-6150
alla.petruk@sunlife.com
When I used to be employed, I would always decline as my group Life Insurance used to cover my needs. Now that I am self-employed, I have to consider the pros and cons.
I am sure that most people would just simply accept the arguments of “the-one-that-knows” but which in reality is rarely trained to explain the details and legalities of these insurance products (check this report in CBC Market Place: http://www.cbc.ca/marketplace/2008/02/06/mortgage_insurance_not_always/).
The best you can do is to be prepared with a firm answer of which product you need before you sit and sign your mortgage papers.
Here are some points of comparison:
| Mortgage Insurance | Life Insurance |
| The mortgage lender is automatically the owner and the beneficiary | You are the policy owner and you name the beneficiary |
| The insurance covers only your mortgage balance | You choose how the payment is used – to completely pay off the mortgage, to eliminate other debts, to provide money for your children’s education – whatever decision is best for your family |
| Even though your mortgage debt reduces over time, your premiums stay the same - meaning you’re paying the same amount for less protection | Your coverage amount does not decrease over time unless you decide to change it |
| If you switch mortgage companies, you may lose your coverage and be required to re-qualify for new mortgage insurance | Your insurance remains in place even if you take your mortgage to another company |
| You lose all coverage if your mortgage is assumed or in default | As long as your premiums are paid, your coverage is maintained even if your mortgage is assumed or in default |
| If you cancel your coverage, you lose all of the premiums you paid | Some types of life or critical illness insurance give back a portion of your premiums if you cancel your coverage |
| You have no flexibility to change your coverage as your needs change | Depending on the type of insurance you choose, you may have flexibility to adjust the type and the amount of coverage |
Thank you to Alla Petruk for wonderfully explaining the differences:
Alla Petruk
Sun Life Financial
10470 152nd Street, Suite 170
Surrey, BC V3R 0Y3
Tel: (604)588-5232 x 2220
Cell: (604)897-6150
alla.petruk@sunlife.com
Tuesday, February 23, 2010
New Mortgage Rules Reduce Affordability after April 19, 2010
Almost a week ago the Federal government added new requirements for homebuyers looking for a government-backed mortgage.
The first requirement, all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term, will have in my opinion the most significant effect. The following data show income required before and after April 19 to buy a property in the range $250,000 to $450,000.
These scenarios assume a 35 year amortization and the TD Bank 3-year posted rate of 4.30% used today for qualification and a 5-year posted rate of 5.39% which will be the required by the new rules, and do not include any detail for debt or other variables. They also consider a 5% down payment.
As the data show, anyone buying in this range from $250,000 to $450,000 will afford around $50,000 less after this April 19 deadline. Quite a shift!
For example, if you are looking to buy a 2-bedroom condo in New Westminster, a $350,000 level buys you a new one in the Azure complex or a very spacious one in the Quay, but you will be shut out of both possibilities at $300,000 level. Most likely it will require an adjustment in location to maintain a level of features and quality.
As prices are not estimated to go down but to go up 7% during 2010 based on BCREA forecasts, I recommend that buyers get prequalified with their mortgages before the April 19 deadline and get a rate hold for as long as possible.
Data provided by:
Jay Prasad
Mobile Mortgage Specialist
Cell: (604) 961-6722
Fax: (604) 516-7760
jay.prasad@td.com
www.tdcanadatrust.com/msf/jayprasad
The first requirement, all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term, will have in my opinion the most significant effect. The following data show income required before and after April 19 to buy a property in the range $250,000 to $450,000.
These scenarios assume a 35 year amortization and the TD Bank 3-year posted rate of 4.30% used today for qualification and a 5-year posted rate of 5.39% which will be the required by the new rules, and do not include any detail for debt or other variables. They also consider a 5% down payment.
| Purchase Price | Income before April 19 | Income after April 19 |
$250,000 | $42,000 | $48,000 |
$300,000 | $50,000 | $58,000 |
$350,000 | $59,000 | $67,000 |
$400,000 | $67,000 | $77,000 |
$450,000 | $76,000 | $87,000 |
As the data show, anyone buying in this range from $250,000 to $450,000 will afford around $50,000 less after this April 19 deadline. Quite a shift!
For example, if you are looking to buy a 2-bedroom condo in New Westminster, a $350,000 level buys you a new one in the Azure complex or a very spacious one in the Quay, but you will be shut out of both possibilities at $300,000 level. Most likely it will require an adjustment in location to maintain a level of features and quality.
As prices are not estimated to go down but to go up 7% during 2010 based on BCREA forecasts, I recommend that buyers get prequalified with their mortgages before the April 19 deadline and get a rate hold for as long as possible.
Data provided by:
Jay Prasad
Mobile Mortgage Specialist
Cell: (604) 961-6722
Fax: (604) 516-7760
jay.prasad@td.com
www.tdcanadatrust.com/msf/jayprasad
Wednesday, February 17, 2010
Feds change borrowing requirements for government-backed mortgages
Federal Finance Minister Jim Flaherty announced this morning that homebuyers looking to qualify for a government-backed mortgage after April 19, 2010 will need to meet three new requirements. The changes revealed this morning include:
- Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term.
- Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes.
- Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
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