Are you planning on purchasing a house, condo or apartment in Burnaby? Which is the right one for you? This will all depend on your needs. If you are raising a family, a house or condo may be your best option. However; with housing costs rising in Burnaby, renting a place as opposed to buying one is the cost-effective way to go, but may not be in the long run. Looking for a place for the first time may be a scary feat, but through careful research and preparation, it really is not that hard to do.

 Here are some things to consider when looking for a new place

1. Do your research

There are a lot of people who are selling/leasing out their place and post these advertisements online. If you want good deals, try looking at sites like Craigslist but be careful of suspicious postings. If the offer is too good to be true, it probably is.

You may also get good leads from your network of friends and coworkers. These referrals may be more reliable because they come from a more trusted source. Whatever method you plan on using, be sure to inquire first and research thoroughly before you seal the deal. Look at a number of places and start early to be able to get the best place.

2. Location, location, location

A good location is crucial to your search. If you are raising children, you will surely want to live in a safe, family-friendly neighborhood that is close to good schools. Meanwhile, you would also want to pick a place that is close to your workplace. Studies have shown that those who live nearer to their office are happier than those who do not. For example, would you be willing to commute everyday from Burnaby to Vancouver? Find out if the place is conveniently located. Inquire if it is easily accessible by public transportation and if there is ample parking nearby.

3. Price

If you are buying a new place, try to negotiate with your realtor on a place that fits with your needs. If renting, it is suggested that you do not spend more than a third of your income on rent. Discuss with your landlord and/or real estate agent as to how you will be paying. Are you required to give some kind of downpayment or will you be paying in monthly installments? It is also important to ask for a breakdown of costs so you will avoid paying hidden fees.

4. Take notes

Whether you are shopping for yourself, with a spouse or roommates, it is recommended that you compile a checklist of things that you are looking for. Together, list down all the items that are priorities to have. This will make the hunt much easier because you have guidelines to follow and you know exactly what to look out for. When touring places, it is also a good idea to take pictures or write down notes for yourself of what you thought of each place. This way, you can easily make comparisons and use the process of elimination to make a decision.

If you have any questions about the home buying process or about any of our current listings please feel free to contact our team.

Home invokes a sense of warmth and belonging. Yet rarely will you spend your whole life in one home. Rather, it is more likely that you will find home in a number of places. In fact, as you grow older, you’ll understand that home is not merely a physical place but a state of mind.

The first place you’ll call home is the house you grew up in as a child. You lived here from when you were a small baby learning to talk and walk, to an age where you felt like you were finally becoming an adult. This is where you and your siblings played and fought together while growing up. You have many memories here, of family meals, friends coming over and relatives visiting.

The second time you’ll feel at home is when you go off to college. Living far away from home, you’ll find it strange to share a dormitory full of strangers. You’ll wonder what they put in cafeteria food, and how people you’ll meet literally come from all walks of life. If you’re lucky, you and your roommate will hit it off instantly. In time, you will make enough friends to feel like you are part of a bigger community, and involve yourself in a variety of adventures. You’ll realize that learning is a lifelong process that doesn’t stop in the classroom.

The third time you’ll find home is when you get yourself an apartment. Finally, a place to call your own! With feelings of independence and freedom, you’ll feel as though you’ve finally made it. Now that you’re employed, you have to face the realities of the real world. It may be a tiny place with its own share of quirks, but it is yours and no one can take that sense of ownership away from you.

The fourth time happens when you finally buy a house for yourself. You’re a full-fledged adult now. You don’t rent anymore because you have saved up enough money to buy a place for yourself. Maybe you’ve decided to buy a house in Burnaby, because Vancouver was too expensive. Either way, you’ll be dealing with real estate brokers and finally understanding what property taxes and mortgages are. This is the your dream home, the one that you’ve foreseen yourself living in throughout your growth. Chances are, this home is where you and your spouse will live in and it is where you will create new memories.

Your dream may not be that far out of reach. For more information on any of our Burnaby real estate listings please feel free to contact me or my team.

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. 

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.
With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home. 

The government estimates this measure will cost $8 million in lost tax revenue each year.

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000.  

In 2005, the government increased the threshold to $325,000 from $275,000.
The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price. 

Here is a link to the Budget.: http://www.bcbudget.gov.bc.ca/2014/default.htm

Metro Vancouver housing market characterized by modest
home sale and price increases in 2013
VANCOUVER, B.C. – January 3, 2014 – The Greater Vancouver housing market maintained a
consistent balance between demand and supply throughout 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached,
attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032
sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.
“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t
compare to some of the record-breaking years we experienced over the last decade,” Sandra
Wyant, REBGV president said.
Last year’s home sale total ranks as the third lowest annual total for the region in the last ten
years, according to the region’s Multiple Listing Service® (MLS®).
The number of residential properties listed for sale on the MLS® in Metro Vancouver declined
6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back
further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential
properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.
“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced
conditions allowed home prices in the region to remain steady, with just a modest increase over
the last 12 months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December
2012.
December summary
Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of
71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline
compared to November 2013 when 2,321 home sales occurred.
December sales were 8.1 per cent above the 10-year December sales average of 1,807.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856
in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in
December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties
were listed.
Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from
the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units
sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from
December 2012 to $927,000.
Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent
compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the
774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per
cent from December 2012 to $367,800.
Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to
the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties
sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between
December 2012 and 2013 to $456,100.