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An upswing in vacant land transactions helped the commercial real market maintain a steady pace in line with historical activity in the Lower Mainland, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

 

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“After a strong 2013, office and retail activity declined in the first quarter while vacant land transactions in the Lower Mainland outsold all other commercial categories over this period,” Ray Harris, REBGV president, said.


Q.1 2014 activity by category


Land: There were 160 commercial land sales registered with LTSA in the Lower Mainland in Q1 2014, up 73.9 per cent from the 92 land sales in Q1 2013. The dollar value of land sales in Q1 2014 was $698 million, up 96.7 per cent from $355 million in Q1 2013.


Office and Retail: There were 144 office and retail sales in the Lower Mainland in Q1 2014, a 9.4 per cent decline from the 159 office and retail sales in Q1 2013. The dollar value of office and retail sales in Q1 2014 was $365 million, a 38.3 per cent increase from $264 million in Q1 2013.


Industrial: There were 109 industrial land sales in the Lower Mainland in Q1 2014, which is unchanged from the 110 industrial land sales in Q1 2013. The dollar value of industrial sales in Q1 2014 was $227 million, an 11.7 per cent decline from $257 million in Q1 2013.


Multi-Family: There were 28 multi-family sales in the Lower Mainland in Q1 2014, which is up 12 per cent from the 25 sales in Q1 2013. The dollar value of multi-family sales in Q1 2013 was $129 million, a 30.4 per cent increase from $99 million in Q1 2013.


Download the full stats package by clicking here.

The British Columbia Real Estate Association (BCREA) reports that a total of 8,729 residential sales were recorded by the Multiple Listing Service® (MLS®) in May, up 13.9 per cent from May 2013. Total sales dollar volume was $4.9 billion, an increase of 20.6 per cent compared to a year ago. The average MLS® residential price in the province rose to $565,233, up 5.8 per cent from the same month last year.

 

“Consumer demand was noticeably stronger last month, with unit sales posting their highest level 
for the month of May since 2007,” said Cameron Muir, BCREA Chief Economist. “Rock bottom mortgage rates are inducing many would-be home buyers to enter the market this spring.”

“With most BC markets now in balanced conditions, home prices are up in nine of 11 board areas,” added Muir.

 

During the first five months of the year, BC residential sales dollar volume was up nearly 26 per cent to $18.8 billion, compared to the same period last year. Residential unit sales were up almost 17 per cent to 32,894 units, while the average MLS® residential price was up 7.7 per cent at $571,648.


See more at: http://www.bcrea.bc.ca/docs/news-2014/2014-05.pdf

An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.


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“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011,”

 

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The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

 

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Download the complete stats package by clicking here. 

 

Buying your first home? Here are 10 things (among a lot of others) to consider we hope will help!

 

  1. Meet your mortgage advisor and find out what you can afford. It's so disheartening to find out later you can't get the loan amount once you've done all that shopping first. Or finding out that you can actually afford just a bit more, just enough for the what you really wanted in a new home.
  2. Narrow your criteria. What is really important to you in your first home? If you're not sure, after a few outings touring homes, you'll find out. Take notes and write everything down, it'll help sort your decision-making.
  3. Location. Location. Location. Where do you really want to be? Don't pick 5 different cities and leave it to chance. A lot of buyers do so thinking they'll miss the home of their dreams when in reality, it could be in the part of the city that makes no sense.
  4. Your first choice might very well be your best, follow your instinct. A lot of times, people will second guess their first choice. As if buying the first one means missing out on a better one. It's actually very difficult for anyone to find a home they love, so if you love the first home, it may be the only one out of the next thirty homes you see.
  5. Don't sweat the small stuff. You're buying a new home, that's the big picture. Moving in and moving forward with the next stage in a very important part of your life. It's scary, but you'll love it so don't let yourself put up blocks and hurdles you don't need.
  6. Keep an open mind. I know I said narrow your criteria for number 2, but at the same time, don't get tunnel vision. Sometimes what you want evolves during the process and that's okay.
  7. Be ready to move. If you're shopping, you're going to move in the next 3 to 6 months. Ready yourself mentally for this and everything else takes care of itself.
  8. Listen to yourself. Your agent is only your guide. We listen to you and your body language so we can help you find what you're looking for. Everyone will have an opinion, your family, your friends and even your agent. But none of us are living there tomorrow, you are.
  9. Seek advice from a trusted professional. As a REALTOR®, through a lot of deals and working in all kinds of situations, I have experience to draw on. Feel free to take advantage of it and my pool of contacts. This goes the same for lawyers, mortgage brokers, home inspectors, accountants and many other very knowledgeable individuals. We are all here to help.
  10. Have fun. It can be tiring and it can get overwhelming but once you've moved in and get the keys, it'll all be worth it.

I'm sure there's more than 10 things but some things are better off left up to discovery.

• 2,655 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $799,000 CAD

 -  WOW "SIMPLY THE BEST" THIS HOME HAS IT ALL and the wow factor! Multi Media Energy Efficient Home w/state of the art monitored video surveillance security system. Dynamite and Luxurious gourmet kitchen with Jennair Commercial Grade S/S appliances. Living rm/Great rm concept w/built in wall unit plus built in buffet in the dining rm. New Bathrms and Ensuite w/oversized shower. Bsmt all wired for the theatre rm not to mention the games room ready for the pool table AND OTHER TABLE GAMES. New roof w/warranty, High efficiency furnace w/warranty. Close to Seaquam Senior Secondary, Cougar Canyon and Sunshine Hills French Immersion Schools. REMODELLED FROM TOP TO BOTTOM and must be seen to be appreciated. OVER $150,000 SPENT ON RENO'

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Sold

Sullivan Station, Surrey  -  The townhouse at 21-1889 152nd has been sold.

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Guest Blog by Jimmy Kwon from Innovative Mortgage Solutions:

 

Traditionally when home owners sell and purchase the down payment comes from the sale proceeds of the home being sold.  Therefore ideally the completion date for the sale is before the completion date of the purchase.  As much as your Realtor® attempts to coordinate the closing dates to accommodate this timeline, it is not always possible.

If the down payment is coming from the sale of your existing property and the completion date for the sale is AFTER the completion date of the purchase then a bridge loan is required.  A bridge loan is a temporary loan that bridges the gap between the sales price of a new home and a home buyer's new mortgage.  The bridge loan will be paid upon the closing of the sale and is also referred to as interim financing.

In order for the lender to set up a bridge loan there must be a firm sale and firm purchase.  The firm sale should be in place at least 2 weeks before the completion date of the purchase.   Please note different lenders have different policies.

Example
John Doe is purchasing a home for $350,000 from Jane Doe, of which $300,000 is financed through a mortgage. The down payment of $50,000 will be from the proceeds of the sale of John Doe's original home.

A closing date for John Doe's purchase is March 31st, but the sale of John Doe's original home cannot be closed until April 30. 

A bridge loan of $50,000 is required for 30 days, the proceeds of which will be paid to Jane Doe on March 31st, along with the proceeds of the $250,000 mortgage, to permit Jane Doe to be paid in full at closing.  When the sale of John Doe's original home is closed on April 30th, the proceeds will be used to pay back the $50,000 bridge loan plus any interest accruing in the 30 day period.


Jimmy Kwon
Mortgage Broker
Innovative Mortgage Solutions


Phone: 604-808-1050
Email: jim@myimsmortgage.com
Website: www.jimandlisa.ca

• 900 sq. ft. commercial - MLS® - 125000

 -  Mobile heavy equipment repair business for sale located in the Fraser Valley. In business for 7 years, this is an owner operated business that with it's union contract is able to access any job site required, and there for has very good growth potential. Seller wishes to retire.

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The Real Estate Board of Greater Vancouver (REBGV) press release:


Home buyers and sellers became more active in the Greater Vancouver housing market in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014.


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“We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months,” Ray Harris, REBGV president said. “People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away,” Harris said.

 

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“Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Harris said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619,000. [edit]


Download the complete stats package by clicking here

May 2014
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Sullivan Station, Surrey  -  We invite everyone to visit our open house at 21-1889 152nd on May 4 from 1:00 PM to 4:00 PM.

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May 2014
SuMoTuWeThFrSa
27282930123
45678910
11121314151617
18192021222324
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Sullivan Station, Surrey  -  We invite everyone to visit our open house at 21-1889 152nd on May 3 from 1:00 PM to 4:00 PM.

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April 2014
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Sullivan Station, Surrey  -  We invite everyone to visit our open house at 21-1889 152nd on April 26 from 2:00 PM to 4:00 PM.

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What can landlords do?

Landlord B.C. members pay $150 a year and get credit and background checks on prospective tenants for just $8.

 

The association says it uses the screening company Tenant Verification Service Inc., which is based in Surrey, and gives small landlords the tools to assess credit worthiness of potential renters.

There are also several online services to help landlords weed out potential problem renters, such as Equifax, which produces credit-check reports starting at about $22.

3 tips for landlords for safe renting:

  1. Do your research: Study B.C.'s Residential Tenancy Act (or other provinces' tenancy acts), and ensure you know and understand the rules.
  2. Run a credit check: Get all prospective renters to sign an application agreeing to a credit background check, and register as a landlord with a credit reporting company. Do the credit check before you sign the lease.‚Äč
  3. Confirm, confirm, confirm: Make a copy of ID documents and confirm each renter's identity. Don't rent without at least two references from previous landlords, and follow up with those landlords.

Lonsdale, North Vancouver  -  Announcing a price reduction on 761 LONSDALE AV, a 900 sq. ft. commercial. Now MLS® $49,999 CAD - NEW PRICE.

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Sullivan Station, Surrey  -  Announcing a price reduction on 21-1889 152nd, a 1,611 sq. ft., 4 bath, 3 bdrm townhouse. Now MLS® $349,900 CAD - .

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