B.C. housing affordability crisis is regionwide

It’s not just Vancouver residents who are angry and frustrated about increasingly out-of-control housing costs, says an NDP MLA leading the charge on the issue.

The much bigger scope of the problem will be obvious, David Eby says, when people come out to B.C. housing forums he’s organizing for Victoria, Maple Ridge, Surrey and elsewhere that are similar to the one held in Vancouver this week.

“This is a regionwide affordability crisis we’re facing,” said Mr. Eby, whose event for his Vancouver-Point Grey riding Wednesday drew about 600 residents concerned about everything from the lack of rentals to money laundering that is allowing foreign speculators to drive up local housing costs.

“It’s the number one issue in Metro,” he said.

NDP Leader…

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6 steps Fort McMurray residents can take right now.

From getting emergency cash to filing claims, here’s what to do

Even as first-responders continue to manage and control the wildfire situation in Fort McMurray, Alta., displaced residents continue to make a home in temporary accommodations set up in various cities and towns throughout southern Alberta. But as the situation stabilizes, questions pile up. Has my home burnt down? Will the smoke have caused irreprebable damage? Is my car still stuck, with an empty gas tank, on Highway 63?

To help, here are six steps to take if the wildfires have had a direct impact on you.

Step 1: There is no urgency, but emergency cash is available

For many homeowners, the biggest concern is whether or not the most expensive asset in their nest egg—their home—is…

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Calgary's real estate future: questions and answers

The Calgary real estate market is in flux.

There have been recent warnings of a market correction, and now word that building permits on single-family and two-family homes fell 37.1 per cent in 2015.

Even with the recent downturn, buying a detached house in Calgary is still expensive. The average price last month was $526,758, according to the Calgary Real Estate Board.

For most in the city, their home is their single biggest investment and the one which matters most.

But whether you own a home or are considering buying or selling a home, recent market fluctuations and trying to figure out what comes next can be confusing.

Don Campbell is the senior analyst with the Real Estate Investment Network, and author of many books on buy and selling…

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Selling your Home? 6 Improvements to Net You More Money!

Are you preparing your home for sale and wondering if you should make any changes?

There are ways in which you can force equity back into your home, and make it more appealing to buyers. Just be careful not to overdo it and improve your house outside of the neighborhood price range!

The tips we will discuss in the article are low cost ways to net your more money on the sale of your home. If you’re preparing your home for sale you’ll want to be sure to pay attention to the tips in this article that will help you maximize the return on your investment!

Don't forget to call me at (250).319.5896 to discuss your home selling needs

Without further ado, here are…

Home Improvements to Increase Value

Cleaning your Home Before Listing it for Sale

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Foreign buyers crushing Vancouver home dreams as governments do little

The Canadian and British Columbia governments are complicit in fuelling Vancouver's housing crisis as foreign Chinese buyers continue to shut local residents out of the market, a new study says.

Josh Gordon, the study's author and assistant professor in the School of Public Policy at Simon Fraser University, said people's dreams of owning a home are being crushed because they can't compete with foreign investors and no longer accept "distraction" excuses such as low interest rates for the state of the super-heated market.

"People recognize what's going on, and they're willing to call a spade a spade," he said, stressing that such views are based on reality, not racism.

His report compiles a number of other studies, including data on home-buying…

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Metro Vancouver ‘millionaire’ homeowners selling out and buying in rural areas

Millionaire homeowners cashing out of Metro Vancouver’s red-hot real estate market are seeking greener pastures elsewhere in B.C.

Real-estate experts say they’re seeing more city slickers selling off their urban homes and heading north or east to buy hobby farms and acreages, where they can live off the land with cash to spare.

And in regions where property prices haven’t yet been affected by the Vancouver market, some realtors say it’s only a matter of time. Landcor Data Corporation tallied 3,226 sales of single-family detached properties of more than two acres in 2015, up from 2,988 in 2014. The real estate data and analysis firm also counted 1,139 units of residential, vacant land larger than two acres sold in 2015, up from 803 in 2014.

Ian…

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Fixed or floating? The great mortgage debate of our time

Fixed or floating?

For those taking on a mortgage or renewing one, it’s a question that can be complicated.

On one hand, interest rates are at historic lows. The Bank of Canada’s benchmark overnight lending rate is at 0.5 per cent. To some borrowers, this might suggest it’s a good time to lock in at a low rate for a long time.

On the other hand, to the surprise of almost no one, the bank suggested that it anticipates no changes. “The near-term outlook remains broadly the same as it did in January,” it said in its most recent rate-setting statement, on March 9. That suggests a floating rate might make sense. The issue becomes more complicated, though, because borrowers likely won’t find much advantage.Compared with times when interest rates were…

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How first-time home-buyers are bridging the gulf between their dreams and reality

Anyone wanting to buy her first home, especially in a big city, sees the gulf between her dreams and reality.

From the Financial post

A so-called starter house in Toronto and Vancouver may cost more than $1 million. In January, the average price of detached homes hit a record high of $1.83 million in the Vancouver region; meanwhile, a tiny fixer-upper in Vancouver’s posh Point Grey neighbourhood sold last month for $2.48 million.

“It’s that white picket fence dream; the dream of owning a home still exists but it needs to be augmented for today’s reality,” says Ryan McKinley, a senior mortgage development manager at Vancity, a Vancouver-based credit union.

“It used to be that you get out of school, get your first job and there you are with your…

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BC Home Sales Post All Time Record

Vancouver, BC – April 15, 2016.

The British Columbia Real Estate Association (BCREA) reports that a record 12,560 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 38 per cent from March of last year. Home sales last month eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion
in March, up 66.9 per cent compared to the previous year. The average MLS® residential price in the province was up 20.2 per cent year-over-year, to $771,620.

“Housing demand has never been stronger in the province,” said Cameron Muir, BCREA Chief Economist. “Most large population centres of the province are now experiencing record levels of housing demand.”
“Strong employment growth,…

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What do you do when your parents are living in poverty — in a million-dollar home

A million-dollar home but a property in a state of neglect and a bare-bones lifestyle that doesn’t fit your wealth.

In today’s housing market where the average price detached home is now $1 million in Toronto and $1.8 million in Vancouver, it’s becoming increasingly common to see seniors living in poverty even though they have enough home equity to lift themselves out of it. Across the country, the average price of a home reached a record $442,857 in 2015 — much of that wealth an untapped resource.

“I’ve seen people who are eating cat food but they own a $1.5 million home,” says David Batori, the broker of record with Toronto-based Re/Max Hallmark Batori Group Inc. ”Some of these seniors just don’t have any idea what their home is worth because they…

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