Tuesday, May 30, 2006

Real Estate Shows No Sign Of Slowing In The Lower Mainland

Real estate shows no sign of slowing in the lower mainland. The 'Gateway Effect' research project shows that transportation projects in the Greater Vancouver area will increase the value on homes in some municipalities by 10-20%. Wow, wouldn't you love to own property in one of those areas.

Rising real estate prices in Manitoba, Winnipeg in particular, has made it financially feasible to redevelop brown-fields. Brown-fields are areas left contaminated by gas stations, scrap yards, and other noxious industry. Rising prices means that the cost to clean the sites, often several hundred thousand dollars, is worth the return on the sale price. The urban clean up also contributes to gentrification and combats urban sprawl.

If you think you have what it take to be a part time real estate mogul you should really take some advice from professionals.

Wednesday, May 24, 2006

Buying A Home Is An Important Decision

Buying a home is an important decision, so important it should be reviewed by a professional. Before you purchase that great home, or investment property, be sure to have it inspected by a qualified home inspector. The few hundred dollars you spend on the inspection could save you thousands in the future.

Monday, May 22, 2006

If You Want To Buy A Home In Vancouver You Will Have To Have The Better Part Of A Million Dollars To Do So

If you want to buy a home in Vancouver you will have to have the better part of a million dollars to do so. Statistics recently released show that the price of a single family home in Vancouver has risen above the $500,000 mark.

In Calgary, where the average price of a home is above $300,000, investors are looking to Vancouver Island for vacation and retirement properties. The saturation of the Okanagan and Invermere valleys has pushed Albertans to look further. The hottest new playground for Albertans with enough resources to invest out of the province is Vancouver Island, where the resource fueled economy of Alberta has enabled it's residence to push up the value of real estate and are buying 12 percent of the properties.

Friday, May 19, 2006

Real Estate In The Lower Mainland Is Creating Both Economic Joy And Burden For Consumers

Real estate in the lower mainland is creating both economic joy and burden for consumers. Those who own homes are seeing their investments grow exponentially. Consumers looking for a place to live are saddled with the huge cost of purchase. Richmond has 3500 square foot penthouse condos selling for over 1.3 million dollars. That's over $370 per square foot. And still the market shows no signs of slowing, and prices keep rising. One of the problems facing places like Richmond are the limited land that they have to build on. When land is scarce the price rises. Richmond is a popular place to live because of a perceived low crime rate and family focused communities. The Richmond Review has the complete story.

Wednesday, May 17, 2006

Out Of Province Buyers Are Driving Up Real Estate Prices In British Columbia

Out of province buyers are driving up real estate prices in British Columbia. The top four purchasers are Washington State, California, Ontario and Alberta. The energy boom that is driving the economy of Alberta is creating scads of extra income for residents, and they are spending on vacation properties. In 2005 Albertians purchased 1.157 Billion dollars in B.C. real estate, and as long as energy keeps driving the economy of Alberta through the roof they will contiune to vaction in Beautiful British Columbia. The Vancouver Sun has the story.

Thursday, May 11, 2006

Deirdre McMurdy Has An Article On The Affordability Of Mortgages

Deirdre McMurdy has an article on the affordability of mortgages. The article touches on the pressure of rising interest rates and house prices, as well as informing on closing costs. Many first time buyers are not aware of the costs involved, outside the mortgage, such as mortgage loan insurance, appraisal of the house, an immediate five percent deposit when you make a formal offer to purchase, home inspection, land transfer tax or land registration fees, pre-paid property taxes or utility bills, property insurance, legal fees and title insurance, and the list goes on and on. One can never be too prepared when buying a home. Check out the related articles as well, they are quite informative.

Wednesday, May 10, 2006

Housing Stats In 2006 Started Off At A Record Pace In Canada

Housing stats in 2006 started off at a record pace in Canada, but industry predictions are that 2006 will not have as many new homes built as 2005. CTV.ca reports on the slightly faltering demand for new homes. CMHC has numbers on units sold in 2005 through MLS (Multiple Listing Service), and they are quite staggering: 482,788 the number of units sold, $249,365 average selling price, which makes the possible commission earned (at a very modest 4%) over 4.8 billion dollars. MLS is run through the CREA (Canadian Real Estate Association) who currently have about 82,000 members. Using the modest numbers I came up with the average commission earned by a Realtor is about $58,000 per year. Not too bad.

Forecasts show 2006 and 2007 as slower years with less units sold, but the average price will rise in each of these years as well.

Monday, May 08, 2006

Real Estate Agents Now Have A New Tool For Acquiring Clients

Real estate agents now have a new tool for acquiring clients, and it is employed under the guise of a buyers advantage. In the hot Lower Mainland real estate market buyers are two days late when properties are posted on MLS.ca for the public to view. With the new service provided by some agents, called Virtual Office Websites and marketed by MyRealPage.com, buyers are able to see properties before they hit mainstream websites. Realtors pay a fee, $145 setup and $45 per month maintenance, and in return realtors have propective clients knocking on their door. Check out the full story by The Vancouver Sun.

Thursday, May 04, 2006

One Of The Best Ways To Save Money When Selling Your Home Is Not Using A Real Estate Agent

There are many different ways to save money. One of the best ways to save money when selling your home is not using a real estate agent. By not using an agent you can save thousands of dollars. There are many places you can list your home for $100-$500. When you consider $500 compared to 6% on $300,000 = $18,000 that is quite significant. Even if you spent $1000 on a radio on location advertising, which I have personally heard are very successful, you are still saving a ton of money. Joseph Wilson has the complete article on saving money through selling your own home. Become the Agent.