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richmond bc realtor: Richmond Condos Sales Report - March 2008 - 04/27/08 02:22 PM
Average 2007 sales - 171 units/mth, Average 2006 sale -167 units/mth
The Richmond condo market is showing a slightly longer time period to sell from 4.03 months to 4.30 months. Condo listings in Richmond are now showing 22.8% probability of being sold. This market segment is expected to be the first sector experiencing pricing pressure if inventory continue to increase.
If you like to find out more information on the Richmond real estate market, you can contact James Wong 604-721-4817.
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richmond bc realtor: Richmond Real Estate Market Up-date - 04/27/08 01:03 PM
Canadians are cautiously optimistic that the real estate market in Canada may be insulated from the decline in house prices in the US. The table below summarized Richmond's 2006 and 2007 home sales as reported by the Real Estate Board of Greater Vancouver:
Housing analysts expect the 2008 Greater Vancouver housing market to remain positive, projecting price further gain of 5% to 8% for the year. Others are cautious that the US downturn will eventually spread to Canada.
Absorption Rate. The health of the Greater Vancouver housing market and the sale and pricing trend for Richmond can be best monitored by … (2 comments)
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richmond bc realtor: Interest Rates May Not Stay Low For Too Long! - 04/06/08 04:42 PM
While Canadian Prime Rate is expected to be reduced this coming April 22, 2008 interest rate-setting meeting by Bank of Canada, RBC’s recent forecast on 5-year bond rates is projected to move up the next few quarters.
Canadian home buyers will likely have another year of low interest before rates are expected to move up. The US housing market and subprime woes will take a while to stabilized. A projected slow down in the US economy or a recession will have an impact on the Canadian economy.
More Balanced Market for 2008
So far, the housing markets in Calgary, Edmonton … (1 comments)
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richmond bc realtor: Richmond BC Townhouse - Timberwood Village - 04/02/08 12:10 AM
#86 6880 Lucas Rd, Richmond Just Sold!
View here for similar Richmond townhouses available for sale.
General description:
This townhouse complex is around 30 years old. There are in total 101 units consisted of 2-level 3 bedroom homes ranging in built-up area between 1,400 to 1,605 square feet living area. The townhouse units have different floor plans; most units are with 1 full bath and 2 half-bath, while some larger 3 bedroom units may have 2 full baths and 1 half-bath. The parking arrangement is one covered front car porch and there are extra open parkings available in the complex. The … (0 comments)
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richmond bc realtor: Red Hot Richmond BC Real Estate! - 01/09/08 04:54 PM
The B.C. 2008 property assessment notices sent out to home owners last week showed an increase of 10% to 20%in property values as compared with 2007.
The following is an article by Martin van den Hemel - Richmond Review - January 02, 2008:
Assessed values red hot
Most Richmond residents will find that their homes jumped in value between 10 and 20 per cent in the last year when their latest property assessment notice arrives by mail this week.
Notices have been mailed out to the owners of 99,000 local properties by the B.C. Assessment Authority, and the numbers they contain … (3 comments)
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richmond bc realtor: Richmond Real Estate: Could a big price drop be approaching? - 12/09/07 12:01 PM
An article collection by Richmond Sutton Realtor, James Wong:
Prices sometimes fall into substantial troughs, expert says
Derrick Penner, Vancouver Sun, Published: Thursday, December 07, 2006
In a sea of buoyant sentiment about Greater Vancouver's rising real estate prices, a pair of Canaccord Capital Corp. investment advisers are cautioning their clients not to get too high on the gains they've seen.It is not like Mark Hewett and Erik Dekker are doomsayers. B.C.'s economy has a lot of positives, Hewett said in an interview.However, a Canaccord researcher sent some Vancouver price data to U.S. financial analyst Dennis Gartman, and Gartman -- who … (0 comments)
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richmond bc realtor: Richmond Townhouse For Sale - 12/05/07 06:45 PM
#9 - 6871 Francis Road, Richmond
Asking Price: $389,000 SOLD Click here for another similar unit listed for sale
This townhouse will not last… beautiful, clean, spacious, rarely available Timberwood Village townhome; up-dated with new laminated wooden floor, new carpets and professionally painted. Centrally located, this townhouse complex is well run with great amenities. Quick possession possible. Contact: James Wong - 604-721-4817.
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richmond bc realtor: Richmond Townhouse For Sale - 12/01/07 04:48 PM
Richmond townhouse for sale: #9 - 6871 Francis Road, Richmond BC - Asking $389,000 SOLD!
86 6880 Lucas Road, Richmond
This townhouse is around 30 years old. This 3-bedroom townhome is an inside unit with minimal traffic noise from Gilbert Road. The living room, kitchen and dinning room are on the main floor. There are 3 spacious bedrooms on the upper level. A single covered car porch is at the front entrance to this townhouse, and extra open parkings are available in the complex. The property tax for 2007 is at 1,421 and the monthly maintenance fee is around $223.
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richmond bc realtor: Steveston Village Townhouses > Mariners Village - 11/26/07 04:52 PM
Steveston Vinnage: Mariners Village - 11291, 11391, 11491 7TH Ave.
General description:
This Steveston Village townhouse complex is around 30 years old and the units are consisted of 2-level 2 and 3 bedroom homes ranging in built-up area between 1,100 to 1,550 square feet of living area. This townhouse complex is popularly know as Mariners Village, and has different styles and floor plans.
The smaller units are with 1.5 bath, while the larger 3 bedroom units have 2 full baths and 1 half-bath. The parking arrangements for some units are open and other units are with one covered car porch. There … (0 comments)
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richmond bc realtor: BC Home Mortgage - BC First Time Home Buyer - 11/22/07 07:28 PM
A BC first time home buyer can buy with 5% down payment if he is qualified for CMHC or Genworth financing. If you are a first time home buyer, check out if you are qualified to withdraw your RRSP savings as down payment under the "home buyer's plan". In addition, you should find out for sure you are exempted from paying the British Columbia "property transfer tax".
When you are buying a home with less than 20% down payment, your mortgage is a high ratio mortgage. You are required to buy a home mortgage insurance to protect your mortgage lender against … (0 comments)
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richmond bc realtor: Richmond Townhouses - 6871 Francis Rd & 6880 Lucas Rd - 11/19/07 07:41 PM
General description:
This townhouse complex is around 30 years old and the units are consisted of 2-level 3 bedroom homes ranging in built-up area between 1,400 to 1,605 square feet living area. The townhouse units have different floor plans; most units are with 1 full bath and 2 half-bath, while some larger 3 bedroom units may have 2 full baths and 1 half-bath. The parking arrangement is one covered front car porch and there are extra open parkings available in the complex. The property tax for 2007 is from around $1,667 to $1,809 and the monthly maintenance is from $216 to … (0 comments)
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richmond bc realtor: Vancouver Housing Market - 11/14/07 02:17 PM
Over supply of new condos?
Some real estate analysts have expressed concern regarding the over supply of new condominium in Greater Vancouver, especially in downtown core. There are literally billions of dollars worth of new apartments slated for completion over the next 3 years.
Expensive homes...low rental return
Currently, homes bought for investment are expensive for investors. The average rental incomes for all types of residential dwellings are not in line with mortgage payments. Investors lose money every month as rental income is not sufficient to cover mortgage payments, maintenance and taxes.
Why investors are still buying?
The answer is … (0 comments)
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richmond bc realtor: Vancouver Leaky Condos - Part Two - 11/14/07 01:50 PM
Vancouver leaky condos are costly to fix
According to an estimate by the British Columbia's Homeowner Protection Office, there is a total of about 65,000 dwellings in British Columbia that are "leaky condos". As of 2002, 50,000 of them had been identified. The cost to a home owner for complete remediation with "rain screen technology" may be from $25,000 to $60,000.
In spite of all the safe guards and disclosures required since 2000, a home buyer cannot be 100% certain that he or she is safe from buying a condo with water-damaged problem. The strata meeting minutes of a strata corporation … (0 comments)
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richmond bc realtor: Vancouver Leaky Condos - Part One - 11/14/07 01:45 PM
Buyer beware
When buying a Condo or town home, home buyers are advised to carefully review the strata minutes, property disclosure statement and Form B. In spite of home buyers' careful review of all relevant documents and inspection by professional home inspectors, many still ended up buying condos that are leakers.
There are many instances of condos that are suspects, but water-damaged problems in the buildings not being confirmed by engineering report. Meanwhile, patch-work repairs may have temporarily minimized the water ingress problems. Without a comprehensive investigation by a building envelope engineer, no one can be sure whether a building is … (0 comments)
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richmond bc realtor: Richmond Townhouses - 5740 Garrisaon Road, Richmond, BC - 11/13/07 07:31 PM
General description:
This townhouse complex is around 20 years old. This is a 3-level townhouse complex ranging in size from just over 1,600 to 1,715 square feet of living area with 3 bedrooms and 2.5 baths. The parking arrangement is one or 2 covered garage(s). The property tax for 2007 is around $1,800 and the monthly maintenance is around $165.
The strata management and general up-keep by the owners of 8431 and 8531 above average.
Location:
The townhouse complex is located in Richmond’s “Riverdale” area. Access to the townhouse complex from the city is via Granville Road and No. 2 Road. … (0 comments)
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richmond bc realtor: What to look for when buying your condo? - 11/12/07 09:56 PM
Condo living is the most likely choice for most young first time home buyers. The main reason if because of affordability and for some people it is a lifestyle choice. Most people are realistic that buying a condo is a stepping stone for them to own their first homes. They know that a condo will be good enough for them to live and have a small young family for the first few years. They are hoping that by the time they need to move to a larger home, they will have enough equity to do so.Condo LocationThis is one of the … (0 comments)
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richmond bc realtor: Why autumn is a good time to buy your home? - 11/10/07 01:07 PM
There are 2 time periods of the year that are good for listing and selling your homes. Historically, early spring and mid-summer are the most active period and best time for sellers listing their properties for sale. These time periods co-incide with better weather conditions and homebuyers planning to make a move before the new school term starts in September.Conversely, Autumn being perceived as slower months with less buying and selling activities may prove to be the best time for homebuyers to buy their homes. At this time with relatively less activities, sellers are more likely to reduce their listing prices … (0 comments)
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richmond bc realtor: BC First Time Home Buyer Programs - 10/23/07 01:22 PM
The Government of Canada has 2 home purchase programs that help a first time buyer to purchase his or her first homes. You should find out if you are eligible to take advantage of these 2 programs, namely:
a) Property Transfer Tax Exemption ( BC program)
b) Home Buyer's Plan - using your RRSP for down payment
As a first time buyer, you need to find out if you can be approved for a home mortgage. Do you have a credit problem that will affect your loan application? For home buyers who are interested in buying an eco-friendly and energy efficient … (0 comments)
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richmond bc realtor: Second Property Investment - 10/21/07 12:55 PM
A Statistics Canada survey shows real estate investing has been on the upswing over the past six years. The federal agency's Survey of Financial Security found the dollar value of real estate holdings, not including principal residences, rose 80.5% from 1999 to 2005. The 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.
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 … (2 comments)
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richmond bc realtor: Home Buyer Representation - Lower mainland of Vancouver - 10/17/07 09:20 PM
Should a home buyer seeks a Realtor Buyer Agent to represent him?
When a home buyer has a realtor as his Buyer Agent 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.
The level of service a Buyer Agent provides to a home buyer can be from the basic negotiation for the purchase of a home. Or, it could be a … (0 comments)
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