January 1, 2018
2018 Vancouver Real Estate market, set for change?
Happy New Year to one and all;
Well, here we go again, a year of many changes lying ahead, especially in financing. With the onset of the new 'Mortgage Stress Testing' upon us, home buyers will need to potentially adjust their buying expectations or simply seek out non-institutional lenders whose regulations on mortgage qualifications are less stringent.
If you are looking to sell this year, my experience, given these new rules and continued market uncertainty, start the process earlier than you anticipated.
A good place to begin would be to seek out professional advice on your current position and options available to you. Obtain a 'Comprehensive Market Analysis' of your property from a qualified and knowledgeable professional REALTOR®
Whether you are buying or selling, I'm here to help.. You!
Need information on other BC communities, can do!
Thank you for dropping by, I look forward to helping you make the right move.
November 20, 2017
BALANCED MARKET IN RICHMOND/SOUTH DELTA SPURS BUYERS!
Both Richmond and South Delta markets registered solid sales in October as buyers seek to find their dream home before the Federal Mortgage "Stress Tests" kick in in January. There's no doubt that these new mortgage qualification rule changes will affect more people as the Feds attempt to once again interfere with peoples buying choices.
If you or someone that you know is ready to make a move, pre-qualification today is a must. Trevor has been advising his clients with professional industry insight for over 25 years. His local knowledge of the real estate market has resulted in many highly satisfied clients who fully acknowledge that his experience has assisted them in fullfilling their dreams.
Call me today, I'd love to hear from you and thank you for dropping by.
October 26, 2017
OSFI - BIG Mortgage Changes on the way!!
The Office of The Superintendent of Financial Institutions (OSFI) has proposed drastic changes to Federally Regulated Financial Institutions (eg. Banks) in HOW they qualify their clients mortgage applications begining in January 2018.
New applications with more than 20% down payment will need to be STRESS TESTED to the posted 5 year offered rate PLUS 200 (2%) points above. Even though an applicant may have strong assets and a healthy down payment, major financial institutions will now have to further qualify the applicant not only by their: TDSR (tiotal debt service ratio) but additionally, their GDSF (gross debt service ratio) + an additional 2% to the rate being offered.
While OSFI is attempting to negate any future strss related interest rate increases for mortgagees, many lenders will see this as an opportunity to lock in and keep certain clients for a much longer period. Hey, just renew early and no need to re-qualify! Additionally, non-regulated financial institutions ie; Credit Unions, are not required to follow OSFI guidelines and thus may see this an advantage in this highly competitive market.
While all of us do not want to see mortgage defaults (market collapse) as happened in the USA some years ago, Canadian institutions have generally been very prudent with respect to approving their client applications, with a net result that over recent years, mortgage default(s) have on average have been below 1.5% in Canada, very low indeed.
Both Provincial and Federal Canadian Goverments have all waded in overe the past year or so to reign in or in some cases "strangle" the market by imposing punitive purchasing fees (BC & Ontario's 15% foreign buyers tax) in an effort to thwart offshore purchasers from over speculation.. not sure if that really was the real problem.
Are you looking to make a real estate investment here in BC? Why not start your research by chatting with a successful 25 year veteran of Vancouver's dynamic market.
Thanks for dropping by.. is that you calling??
January 18, 2017
2017 BC Assessments.. Don't Represent Your True Property Value
Happy New Year!
Here we go again, another year of vast change and opportunities. Right out of the gate BC home owners received their 2017 Property Assessments AND what a change they reflect from your 2016 valuation. Just a reminder, these assessments were as of July, 2016. In that time BC housing had skyrocketed some 46% for single family homes. Townhomes and Condo's saw increases but nothing compared to single family.
Now that the threshold for Home Owner Grants has been increased to $1.6M it still leaves many homeowners without an allowance. In Richmond alone that equates to over 14,000 SF properies!
Of course you can appeal your assessment but only until JAN 31.
You can defer paying the tax if you are 55 or older, have a dissability or are a surviving spouse of any age. Your cost? .070% per annum (not compounded).
You can pay back at any time without penalty or upon disposition of the property it would be due in full.
With lower mainland SF propoeries expected to decline in overall value by 7-8% this year, those looking to make a move should consider getting that phase underway at your earliest.
With over 25 years of Service Excellence, Trevor is your Trusted Real Estate Advisor. Call me today and let's chat about your goals for 2017.
I'm ready! Call me today and thanks for dropping by.
March 10, 2015
Richmond BC's housing market.. now Sellers!
Statistics just released by the REBGV confirm what many REALTORS® and their clients have experienced over the past weeks.. the market has changed from 'balanced' to a Sellers. Single family homes lead the stats by a wide margin, that said, Town homes are not too far behind. Condominiums are holding steady, but the real challenge for savvy buyers is 'availability'. Single family inventroy levels in many local communities such as 'Westwind' where my family resides, are showing just a 2 month supply level, with very little in the $900-1.3Million segment.
It doesn't get much better unfortunately in adjacent areas so it makes my task of finding good homes for my clients that more difficult.
I need listings.. please let me know if I can be of assistance to you or someone that you know. Questions? please call me anytime.
Trevor has over 23 years' of successful customer service. It's really is the 'Experience'.
Thanks for dropping by!
March 10, 2015
Vancouver's problem isn't high housing costs.. it's..
Hi All.. here is a current article in BC Business Magazine by JIM SUTHERLAND, http://www.bcbusiness.ca/real-estate who states that despite the higher housing costs here in lotus land.. the real problem is "stagnant incomes". I tend to agree with Jim's point, what say you?
Always ready to take a call from you.. have a great day and better still.. make someone else's a better day!
February 12, 2015
TD Bank predicts BC will lead Western Provinces in Real Estate gains!
Canada's TD Bank has just released a housing report in respect to oil dependent provinces such as Alberta and Newfoundland, suggesting in excess of 10% price declines for Alberta and the alreadt troubled province of Newfoundland.. even greater declines approaching 30%!.
In BC, they are projecting a staeady market with gains in the region of 4-5% and possibly higher in Metro Vancouver . Local city's such as Richmond, Burnaby and North SHore may well exceed those predictions with multiple offers already featuring. Continuing low interest rates with possibly further declines on the way have triggered many investors to by bricks and mortar - Today! Inventory of Single Family homes in these municipalities has been declining in recent months and as such has put upward pressure on prices resulting in 'Multiple Offers' in many areas.
If you or someone that you know is ready to Sell or Buy, NOW is the time to call TREVOR BARNETT. With over 23 years of experience behind him.. Trevor has a network of professional REALTORS® throughout the YVR lower mainland and beyond.. ready to get you that great deal. Locally, Trevor specializes in Richmond, South Delta and Vancouver.
Questions? I'd love to hear from you!
Thanks for dropping by.
February 2, 2015
2015 Off To Positive Start - Multiple Offers!
February 2015 - Hello Blog followers
As I had earlier predicted.. Vancouver's housing market is off to a brisk start. With the recent announcement from the BoC lowering their overnight rate by 25bp, Canada's major banks were soon to follow with decreases but not in step with the BoC. Their concerns on ever more cheap $$ and their spread on profits has resulted in only a reduction of 15bp to their Prime Rate. This in turn has brought down some of the long term rates by 10-15bp, essentially putting a 5 year Fixed Term in the area of 2.84% to highly qualified applicants. Variable Rates will now drop down to 2.10-2.30%.. on a fixed 5 Year VR Term.. Wow!
What will this mean to you? A very interesting question as many would think we would all rush out to get the lowest rate possible. That said, Canadians already have a disturbing amount of household debt, combine that with some uncertainty in the job market, especially in resource rich provinces like Alberta and BC and you have a quite nervy marketplace. Still, despite these challenges, the housing market appears to be bucking the trend to the upside. Good news? Yes if you are a seller. Inventory of available single family homes both in Vancouyver and surrounding municipalities is currently quite low, this inturn puts upward pressure on prices and for the Buyers' out there getting ready to make a move, maybe not so good.
In previous years' where sellers appeard to be in the driving seat, those that SOLD in the first quarter of the year tended to get the higher prices, we will wait and see of that trend takes hold again.
With over 23 years' of service excellence here in Richmond and Vancouver, my knowledge and experience is ready to go to work for you - today!
Happy to chat anytime, thank you for dropping by today.
October 28, 2014
HAFI - BC Government Home Grants For Seniors
HAFI - Home Adaptations For Independence
"Aging in Place" is a term associated with assisting seniors to remain in their current home by installing health and safety renovations.
The British Columbia Gov. is providing seniors with FREE government grants (UP TO $20,000.) which are directed towards renovating an existing 'owner occupied' private residence so that these approved modifications will assist the senior(s) to safely occupy their existing homes for years to come.
To qualify for these FREE grants, seniors must meet certain criterior such as:
1. You are a Canadian Citizen or landed immigrant and permanently reside in
2. Your household income is within the Housing Income Limit for your area
3. Your household assets are less than $100,000.
4. Your BC Assessment value is below the average assessed value of homes
for your assessment area.
For more details on qualification rules and how to apply for these grants, see the Home Adaptations For Independence (HAFI) Application Guide at: http://www.bchousing.org/hafi or please contact the HAFI program at: (604)-443-2218 or 1-800-257-7756
Also, please check out one of the leading renovators for this popular program:
Bath Time Innovations Inc.
This helpful information was brought to you by:
Trevor Barnett - Residential Real Estate Specialist
Macdonald Realty Westmar in Richmond. BC
Trevor is a fully certified SRES® Seniors Real Estate Specialist
For more information, Trevor can be reached at: 604.961-2800
September 29, 2014
Planning A Successful Move Can Be Challenging!
Will you be buying or selling a home in the next year? If your answer is Yes! then you should begin your planning process earlier than you think!
To achieve a positive outcome, Buyers' and Sellers' need to make sure that they not only have a plan as to 'when & where' we are planning to move, but more importantly, what resources do I/we need to make sure that the outcome is a resounding success. In my experience it's the lack of a plan that really hinders the overall sucess. Experience and local knowledge are valuable assets that can ensure a positive outcome.
With over 23 years' of Real Estate experience, my extensive knowledge of local markets such as; RICHMOND, VANCOUVER & SOUTH DELTA, has provided my clients with a level of trust that they can rely on. If you or someone that you know is planning to Buy or Sell in the next year, my experience and local testamonials will make sure of a positive outcome.
For a complimentary consultation.. please call me anytime, I'm eager and ready to go to work for you today! Thanks for dropping by today..
Macdonald Realty Westmar
September 15, 2014
Richmond & Vancouver Home Prices Up 6.3%!
The Real Estate Board of Greater Vancouver has just released their statistical reports on sales and price variations for the month of August 2014.
Residential home sales in Metropolitan Vancouver rose 10.2% from the same period in 2013.
The 6 Month change in Benchmark prices for Single Family Detached homes in surrounding areas are as follows:
Vancouver West Side: $ 2.3 Million 6.4% increase
Vancouver East Side: $ 936,000 7% increase
Richmond: $ 994,000 6.3% increase
Tsawwassen: $ 744,000 4.3% increase
Ladner: $ 638,000 3.2% increase
Quiite simply, buyers and sellers were quite active in the summer months when normally they would be on holiday. There have been modest to incremental gains throughout the Lower Mainland communites as continued low mortgage rates, net In-Migration and consumer confidence fuel the interest.
For more information on your local community changes or to speak directly with Trevor Barnett, please send me an email or call my direct sales #: 604-961-2800
Looking forward to hearing from you soon!
July 29, 2014
Getting the job done.. Whatever it takes!
Hello again.. I just finished uploading a recent Testamonial from a valued client concerning their 'recent personal experience' here in Richmond, in both selling their then Town Home after we had found and secured their 'Dream Home'.
It really was touch n'go as we had experienced not one, but two deal collapses in the prior weeks. Perseverance was the order of the day and fortunatley for all aconcerned, I (we) were able to remove subjects on their new home.. much to everyone's efforts!'
Thank you Mr. and Mrs. Yu for your kind words, you are both amazing clients and friends!
For excellence in service.. please call Trevor - anytime! I'd love to here from you
July 14, 2014
JUST SOLD - 6440 SWIFT AVENUE, RICHMOND
More Happy Clients as we announce the recent sale in this popular Woodwards neighbourhood. Just one year ago we were thinking that there home 'might' sell in the low $700's. Today, we listed their 1750sf 3 bedroom home for $789,000 and guess what.. we received 2 immediate offers, the property SOLD in just 6 days AND over asking price by some margin! They even managed to negotiate a 'Rent Back' period to assist in their moving preparations.
Thinking of selling? Call Trevor to day and experience the difference for yourself!
I look forward to doing business with you soon!
June 3, 2014
Macdonald Realty Luxury Home 2014 Spring Edition
Hello friends.. I've just uploaded the latest Spring 2014 Edition of "Macdonald Realty Luxury Homes For Sale". This quality produced and highly rated magazine features a selection of prestigious luxury BC properties that will really WOW you.
Having been a proud resident of British Columbia for over 40 years, we westcoasters very much appreciate the stunning beauty of our province and why we live here!
This showcase of luxury homes covers a number of outstanding communities throughout the lower mainland and beyond. While these current offerings are not listed with myself, if you or someone that you know may be interested in viewing any of the selection, please call me first so that I can both introduce myself to you and more importantly.. make sure that we look after your best interests at all times.
Thank you for dropping by.. I'd love to here from you.. soon!
kind regards, Trevor
May 22, 2014
5460 Wagtail Avenue, Westwind, Richmond - JUST SOLD
I've JUST SOLD this well kept and nicely updated split level home in one of Richmond's most desirable neighbourhoods - Westwind. This nicely featured home in an established are of family homes was only on the market for a short time.
If you or someone that you know is interested in finding a suitable home in the Westwind area.. call me today.
As a long term Steveston resident.. I know your neighbourhood and more importantly.. my experience will really move you!
Call me anytime and thanks for dropping by!
May 13, 2014
Steveston Area - Town House development site
JUST LISTED - MLS V1061311, 5651 Steveston Hwy; Richmond. Solid holding property of 10,010 SF, can be combined with neighbour, MLS 1063292 for a total of 23,706SF. Overall combined Lot Dimensions: Frontage: 159ft x 150ft deep. Older homes in the area could be for sale in the future.. great opportunity in the growing Steveston area. Call TREVOR for additional details on this opportunity. Average CPSF. $114.
April 16, 2014
Richmond BC "Spring Housing Market" in Full Swing
The British Columbia Real Estate Association has just released sales figures for the first quarter 2014, indicating that sales are up 16.9% over the same period last year.
It seems that continued LOW Mortgage Rates have had an impact, especially for first time buyers (FTB) who are locking in to these great rates.
The balanced marketplace (Buyers-v-Sellers) that has been active for almost a year is finally showing signs of swinging ever so lightly to the sellers. What does this really equate to? It means that IF you are indeed thinking of entering the marketplace with your first purchase, or, possibly upgrading to a better area and newer home.. NOW might be the right time to call your local professional REALTOR (that might be me) and chat about your goals and objectives.
For all your real estate needs, always seek the advice of a professional YOU can trust, to get the job done - first time!
Call me today.. I'd love to here from YOU!
February 19, 2014
BC Government reduces tax burden on first-time buyers
First-time home buyers received welcome news in tothis weeks provincial budget.
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Homes Buyers Exemption program, qualifying FTB can buy a home worth upto $475,000. The previous threshold was $425,000.
With this change, the government estimates 1,700 additional FTB will annually be eligable to save up to $7,500 in PTT when they buy a home.
The government also estimates this measure will cost around $8 million in lost revenues each year.
The Real Estate Board of Greater Vancouver, together with the BC Real Estate Association, has actively lobbied to make home ownership more affordable for FTB. This continued effort has now shown postive changes.
The PTT is calculated at a rate of 1% on the first $200,000. and 2% on any remaining balance of the purchase price.
If you are a first-time buyer and looking to purchase a condominium or town home, NOW is a great opportunity to increase your purchasing power!
Are you ready to buy, have you previously been pre-qualified for a mortgage.. Call TREVOR BARNETT today for service excellence that really will lift your spirits!
Thanks.. speak to you shortly
February 10, 2014
BRITISH COLUMBIA EXTENDS A WARM WELCOME TO "THE IRISH"
As we begin the New Year in British Columbia, the Canadian Government's NEW Immigration Inniatives appear to have focused their attention on our Irish friends from the emerald isle. Minister for Immigration Services - Jason Kenny, having visited Ireland in 2013 on a trade mission, has stated that Canada will be welcoming significantly more families from Ireland, especially those with the trade skills that Canada so urgently needs both today and in the years ahead.
While many will be heading North to the higher paying jobs associated with our growing resourse sector, here in BC we have significant opportunites for many of those qualified trade skills. Welcome!!
Vancouver is home to many europeans and a growing number of those are from Irish decent. Richmond too has a contingency of the green, attracted by good employment opportunities, especially at our World renowned YVR Airport. Good Irish themed pubs here too!
If you or someone that you know may be heading to Vancouver's lower mainland, feel free to contact TREVOR BARNETT for local housing or rental information. This long term xpat from Mancunia (Manchester) extends a warm welcome and looks forward to hearing from you.
November 19, 2013
BC Home Sales Post Strongest October In Four Years
The following extract is the latest confirmation that BC's housing market has
re-bounded from the declines of 2011/12.
The British Columbia Real Estate Association (BCREA) reports that a total of 6,673 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during October, up 26.5% from October 2012.
Total sales dollar volume was 34.5% higher than a year ago at $3.6 Billion. The average MLS® residential price in the province was $540,432, up 6.3% from October 2012. "The fall housing market is shaping up to be the most active in four years" said Cameron Muir, BCREA Chief Economist. "Persistently low mortgage interest rates and an element of pent-up demand have driven home sales higher in the province's large Lower Mainland and Vancouver Island markets." "While the rebound in consumer demand has been significant, home sales are trending near the long-term average and any continued acceleration will depend on stronger economic and employment growth," added Muir.
Footnote: Trevor Barnett, one of Richmond's most senior and successful REALTORS®, welcomes your comments and looks forward to being of service to you in the future.
Thank you for dropping by.. hope to hear from you soon.