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Richmond BC real estates

Buy A Townhouse Or Condo?

By ebizniz on December 31, 2007 - 7:09pm

Why buy a townhouse or condo?

Detached houses in the Greater Vancouver averaging around $700,000 have become unaffordable and out of reach by most home buyers. According to the November 2007 sales statistics released by the Real Estate Board of Greater Vancouver, townhouses were averaging around $438,000 and condos $370,000.

You can search online to learn more about home prices in various municipalities around Greater Vancouver. Properties listed on the Multiple Listing Service System can be found online through RealtyLink Online at

For most home buyers, affordability is the main reason for buying a townhouse or condo. If a family can manage with the higher mortgage payment, buying a townhouse will leave room for a growing family. Otherwise, buying a condo could be a start to build up equity to trade-up a few years down he road. Single or young couple may prefer a condo as a lifestyle choice - some with good amenities.

It is always advisable to get the help of an experienced local Realtor. For homes listed for sale in Richmond, Vancouver or Burnaby, you can search for homes by following this link

Buying Real Estate Online

By ebizniz on December 20, 2007 - 9:01am

Can anyone buy real estate online?

The answer is yes, but with qualification. Buying real estate online has many limitations and it is not for the average home buyers. Such purchases are mostly confined to new condo purchases by oversea or out-of-town buyers. These buyers usually get help from their relatives or realtors.

After purchasing the properties, these buyers may use the services of local property management companies to manage the properties for them.

Online real estate sale transactions is a very small percentage of the sales. Most home buyers are just not comfortable making such major commitments online...without personal physical inspections.

The normal process of buying a property involves viewing the property, checking out the neighborhood, home inspection, etc. Virtual tours and audio/video shows can help, but ultimately buyers want to physically view the properties before buying.

Click here for the current housing market activities in Richmond.

Second Property Investment

By ebizniz on October 21, 2007 - 11:40am

A decade of capital appreciation in the residential market has convinced many middle-aged consumers to make real estate investing not just about the home they are living in, but about a second property. Some housing experts have suggested as much as 25% of the condominiums in Toronto and Vancouver are owned by investors.

A Statistics Canada survey shows real estate investing has been on the upswing over the past six years. The housing market has been good, so there are a lot of people buying second homes now. These second homes include investment properties for rental and recreational properties which buyers can use for a few weeks, and for the rest of the year professionally managed in a rental pool.

Financing second properties by the banks can be difficult. But if you have plenty of equity in your main residence, it is easy to use that cash for second property investment. If you like to find out more information on second property investment, you should do your research and talk to a few experienced Realtors to discuss your plan.

August 2007 Greater Vancouver Housing Report

By ebizniz on October 14, 2007 - 11:12am

A posting by James Wong at RE/MAX Westcoast.

According to the Greater Vancouver Real Estate Board's August 2007 report on house prices and sale activities, the demand for housing continue to be positive. The average sale prices for apartments, townhouses and detached homes are:

Apartments: $367,944
Townhouses: $446,577
Detach homes: $726,067

With the average Greater Vancouver household income at $63,300, home buyers are squeezed out of the home ownership market. Or, they are forced to buy the most affordable apartments as shelters for their families.

While Vancouver house prices are consistent with pricing trends for the above types of dwelling, there is a market disconnect with "affordability" and "average prices" in other major Canadian Cities. If you take a look at the various charts as presented by Brian Ripley here, you'll find that Vancouver home owners are bearing a much heavier cost in home ownership.

Our average detached home prices are twice as much as that in Calgary and Edmonton and Toronto detached home prices are only around 40% of that in Vancouver. Ottawa and Montreal prices are at about one-third the price in Vancouver, have the most affordable detached homes in the country.

Who really pays the real estate commission?

By ebizniz on October 6, 2007 - 8:02pm

A posting by James Wong at RE/MAX Westcoast.

In Greater Vancouver and Fraser Valley, home sellers pay 7% for the first $100,000 and 2.5% on the balance selling price of the homes. Using the above commission structure, the sale commission for a $600,000 home is $19,500 or 3.25% of the selling price. Real estate commission is not fixed and can be as low as $5,000 available from discount Brokers.

The real estate industry argument that the seller is paying the commission is a myth. The fact is that real estate commission is already included into the sale price. So the truth is that it is the market pricing mechanism that provide for the payment of commission in a real estate transaction.

As a buyer, you aren’t really getting the service for free!

BC Real Estate Agency Law

Legally speaking, the real estate agency law in BC specifies that all realtors work on behalf of the seller of a home and not the buyer? But in practice, a buyer’s agent represents the buyer.

When a home buyer has a realtor representing him in the negotiation of an agreement of purchase and sale, he has the full fudiciary and legal duty of the realtor. The buyer’s realtor is looking out for the best interests of the buyer, and he is not legally obligated to the seller in any way.

Vancouver housing: How long will it last?

By ebizniz on July 31, 2007 - 3:06pm

A posting by Vancouver Home Mortgage:

The real estate frenzy especially for Western Canadian cities like Vancouver, Victoria, Calgary and Edmonton is all consuming. Canadian home owners are happy with the huge price gains in their house values over the past 5 years. Many more people are encouraged to jump in for fear of loosing out as housing reports from real estate experts and economists are predicting another 7% to 8% price gain for the next 2 years?

The Canadian housing cycle will take its course and unwind itself to a level when rental return and housing affordability are in balance. There is a disconnect between the average Canadian household income and average housing cost. As it is now, there is a "madness of crowd" mentality that if one is not jumping in to buy a home, or 2 or 3 (for speculation), they will miss the boat.

We, in Canada are faced with the following problems:

1) over-valued house prices - similar to the U.S.
2) major problem with housing affordability - maybe worse than the U.S.
3) over-supply of housing inventory (not apparent now)
4) bullish crowd mentality on real estate - people think we are different from U.S.
5) an economy exporting 80% to the U.S. - danger of economy contraction

Is there a housing bubble in Vancouver?

By ebizniz on July 22, 2007 - 5:53pm

A blog posting by Vancouver Home Mortgage :

The U.S. housing market has been on a downward slide for the past 1.5 years. More troubles on sub-prime mortgage problems and foreclosures are being reported every month. Each month, there are more bad news that home builders are slashing prices to unload their inventories. The housing problem in the U.S. as reported by many economists is nowhere near to hitting the bottom yet!

On the contrary, Canada real estate across all the provinces are reported to continue their upward march to new record house prices. House prices are now double what they were 5 years ago!

Why Canada so different from the U.S.? Is there a danger that the real estate prices in Canada will fall like the US?

Many people are wondering whether we are at the top or near the top of the housing market. What are your thoughts? You are welcome to post your comments here.

Strong Canadian housing market for 2007!

By ebizniz on July 7, 2007 - 9:13am

An article by :Vancouver Home Mortgage

Will the strong housing market last?

Today, Financial Post’s article "Canadians' appetite for real estate confounds experts" high-lighted the strength and consumers’ demand for housing in Canada.

Other than the expected moderate interest rate increase in Canada from now to the end of the year, there is little adverse news that will dampen the confidence of house buyers.

The US housing slump and the increase in foreclosures have little or no effect in the Canadian housing market so far. With house prices more than double over the past few years, there are concerns that we are already at the market top.

While the number of new listings may have increased slightly over the past 2 months, there is no softening in the median selling price of houses month-over-month. Many analysts are projecting a strong housing market for Canada well into 2011.

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