Rick Stonehouse - 604 725 6200 - Real Estate Advisor
Sutton Group - West Coast Realty

Rick Stonehouse Real Estate Advisory

The Vancouver Market: Spring 2008

March 25, 2008

The Real Estate industry is a key economic driver in British Columbia.

"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," says REBGV president Brian Naphtali. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."

Read more...

The Globe and Mail Reports: Dog Owners Find a Bone in Condo Developments

An interesting and welcome piece of news to many dog-owners is the inclusion of dog-friendly design in the development of condominiums in downtown Vancouver.

What exactly does this mean?

One developer has incorporated rooftop dog-runs into the design of the building. On the eight floor will be a 2000 square foot dog-run consisting mostly of bark mulch. This is a significant step to ease the life of dog-owners, providing more security, more convenience, and more thought for the urban dog-owner.

Read more...

Vancouver and Victoria Houses Prices to Soar Another 12%

Credit Union Central of B.C. expects housing prices to soar again this year and next. First time home-buyers are fast becoming extinct in this expensive market. The Credit Union Central of B.C. suggests another 12% increase this year alone.

Read more...

Heritage Home Not Always Registered

February 29, 2008


Burrvilla
Originally uploaded by SqueakyMarmot
Periodically, I like to skim the news via the Internet to see what is being said about Real Estate; the market, market preparation, buying homes, etc. A visit to another site introduced an article speaking about Heritage Homes and the misconception many have with the word 'heritage' - believing that it applies to anything older than 60 years of age. This simply isn't the case.
"If a house is more than about 60 years old, people will refer to it as ‘heritage,’ regardless of how well it has been preserved or how much it has been altered over the years," says one West Side REALTOR® who specializes in heritage homes. He cautions buyers, "Heritage is not just about age, it’s about authenticity. The real value is in a home that has retained its original character, inside and out."

Most Lower Mainland municipalities have an official Heritage Register, an inventory of homes created by a team of historians and city planners. The Register lists buildings of special historical importance, along with those that best represent certain architectural styles. Older municipalities such as Vancouver, New Westminster, and North Vancouver have established these inventories decades ago and update them every few years. Other areas, such as Maple Ridge and Delta, have only recently completed inventories are in the process of creating a formal Heritage Register.
Yes, a Heritage Home can be a home older than 60 years old. Equally, there are many locations older still that have not been granted Heritage status, and many are not included in the official Heritage Register of the municipality.

Recent local-area meetings discussing the Heritage Planning for the City of Vancouver are attempting to bridge the gaps in the Heritage Register, and to identify other important criteria aside from physical structures as determining factors for Heritage planning. Some of these other things pertain to Arts, Culture, and other historical intangibles shaped by the people that built and lived in the communities.

What does this mean to you as a home-buyer looking at older properties, or as a home-owner now living in an older home not listed in the official Heritage Register? In the City of Vancouver, this initiative - also intended to bring the Official Register up-to-date - will likely see many properties not previously heritage, now becoming heritage homes. Once a home becomes a heritage home, the home-owner has additional criteria and consideration to meet with the municipality regarding any home improvement projects. On the up-side, the distinctive nature and status adds value to your property value.

Bank of Canada Lowers Key Rate by .25%

February 28, 2008

Today’s announcement by the Bank of Canada that it is reducing its key interest rate by a quarter point means that lenders will be under competitive pressure to decrease rates for variable-rate mortgages and lines of credit based on the prime rate. However, lenders differ in when exactly they adjust their variable rates. At the same time the US Federal Reserve has today reduced their rates by .75% in an emergency meeting.

Fixed-rate mortgages are not likely to be affected directly by today’s announcement as their rates are influenced primarily by movements in the bond market and not the Bank of Canada’s overnight rate.

With today's Bank of Canada drop, the bank prime rate should lower to 5.75% from 6.00% reducing the rates on variable mortgages and lines of credit.

Taken from email newsletter received from Origin.

Fwd: Residential Mortgage Rates - July 9, 2007

July 09, 2007


 

Residential Mortgage Rates – July 9, 2007

Variable Introductory Rate as low as 3.4%

 

Term

EMC Rates

Most Banks

1 Year Closed

5.60 %

7.05 %

2 Year

5.65 %

7.30 %

3 Year

5.70 %

7.30 %

4 Year

5.80 %

7.30 %

5 Year

5.79 %

7.24 %

7 Year

5.90 %

7.55 %

10 Year

6.05 %

8.00 %

15 Year

6.30 %

Not available at every bank

18 Year

6.37 %

Not available at every bank

25 Year

6.48 %

Not available at every bank

 

Rates subject to change without notice

 

Prime 6.0%

 

GARTH ELLIS

President

VERICO Ellis Mortgages Canada

 

Phone Number: 604.739.0320

Fax Number:     604.739.0334

Email: emc@emcmortgages.ca

 

We value your time, your business and those you refer to us.



--
Rick Stonehouse  
725 - 6200            
Sutton West Coast Realty Ltd.
-----------------------------------------------------
http://sellfm.com - Real Estate Radio

RickStonehouse.com - BCREA Timely Issues for REALTORS(r) - February 22, 2007

February 28, 2007

This is something interesting I thought I'd share with you.

The BC government’s 2007 budget lends significant focus to the housing economy, benefiting homeowners and homeless people alike.

Last September, BCREA recommended the government develop a phased three-year plan leading to elimination of the Property Transfer Tax (PTT) by 2009, beginning with an update of the tax exemption thresholds for first-time buyers to $375,000, province wide. This new threshold came into effect on February 21, 2007. The amount applies to all areas of the province, replacing the former threshold, which included $365,000 (for the Lower Mainland, Fraser Valley and Capital Region District) and $265,000 for the rest of the province.

That exact recommendation was included in this year’s budget. Other measures related to market housing include:

RickStonehouse.com - Bank of Canada Update

December 09, 2006

RickStonehouse.com - Bank of Canada Update

Bank of Canada Interest Rate Commentary

December 8, 2006

On December 5th the Bank of Canada left their key interest rate unchanged at 4.5%. For the fourth time in a row the Bank has decided not to increase their rate. The last increase was of 0.25% on May 24, 2006. The Bank stated that while the Canadian economy appears to be weakening, it is not yet weak enough to justify a reduction in the rate. Most experts agree that rates will begin to drop early in the spring. The futures markets expect an 85% chance that there will be rate cuts by June 2007. The next Bank of Canada decision date is January 16, 2007.

Article from Globe and Mail regarding Strathcona

August 13, 2006

Living on the edge

From Friday's Globe and Mail

James Burton and Joanne Rankin bought their home at 656 East Georgia St. in 1988. The couple had been living in the West End and Ms. Rankin in particular had reservations about moving to Strathcona on Vancouver's east side with its seamy reputation.

"I said there would be too many hookers, no trees and I would hate it," says Ms. Rankin. "But, I would try it for a year as an experiment."

Now, almost 20 years later she says, "I was wrong." The area's troubled reputation has made for strong bonds between neighbours.

Strathcona is one of Vancouver's oldest neighbourhoods and the starting place for many waves of immigrants. Mr. Burton describes it as "a place where people always got a toe hold." He sees Strathcona's history evolving in continuous stages of development; as one generation ages the next looks to move in.

Couples like Mr. Burton and Ms. Rankin are now being followed by a new wave of young home buyers pushed by rising prices to take a chance on a gentrifying neighbourhood. The payoff is an affordable home near the city centre.

In fact, concerns by locals are not of crime and cleanliness, they are growing worries of the possibility of a massive influx of newcomers which will disrupt the very community they have always protected.

Toni Pohl along with business partner, realtor (Sutton-West Coast Realty) and Strathcona resident, Rick Stonehouse feel a big change has occurred not just in Strathcona but the entire east side. "People used to live in the east end because it was all they could afford, now they choose the east side because they would rather live here," says Ms. Pohl who bought a small row-house with two one-bedroom units in July 2003 for $326,500 and values it now at $570,000.

Strathcona and the east side, particularly East Hastings, have long-running reputations of being areas ruled by drugs, prostitution and crime. Paradoxically, Mr. Burton and Ms. Rankin see these ills as part of the reason residents have been able to create such a strong community. "Because of all the Hastings' action, it means people here get together more than they might anywhere else and really get to know each other," says Ms. Rankin.

Many agree, including Riel and Juliet Roussopoulos, who have lived in Strathcona for seven years and recently moved into a renovated heritage home at 750 Princess Ave (Their realtor is Rick Stonehouse). "Because it is such a strong community and everybody knows everybody else, we are able to watch out for each other and we really notice when someone who doesn't belong comes into the neighbourhood," says Mrs. Roussopoulos. The Roussopoulos' home was built in 1905 and was renovated and restored by the previous owner with the original woodwork and modern twists like a gourmet kitchen.

Worries over the area's rough reputation still loom large for prospective buyers. Donna Dornik, who moves into her 'new' heritage home at 885 East Georgia Street this month, was close to walking away from her down-payment and Strathcona when she began to second guess her decision.

After losing numerous bidding wars in the West End by overbids of $20,000 to $60,000 and one near Commercial Drive where her own bid was $20,000 over the asking price, Ms. Dornik was encouraged by her realtor to look into Strathcona.

In return she has found a home with a basement suite to generate revenue, three-stories of a renovated heritage house for personal living space and a real sense of community.

Ms. Pohl and Mr. Stonehouse agree. "Rick has lived in Strathcona for 13 years, he is always saying that he lives there for the community and would never live anywhere else," says Ms. Pohl, "Of course, as a realtor he takes a lot of joking slack from the neighbourhood for the skyrocketing prices. However, in comparison to the rest of the Vancouver market, Strathcona is right on-par."

Real estate agent Jason Low (Macdonald Realty Ltd.) has been working in Strathcona for over three years. "The area is not for everyone but there is a great sense of community in the neighbourhood and a mix of homes: Vancouver Specials, Edwardians, Victorians, Post-war bungalows, etc., as well as an eclectic blend of people."

Ms. Dornik was lucky to find a home on a lot-and-a-half that contains proof of its cultural history complete with exotic garden flora like a banana tree and fig plant.

"Standard lot sizes in Strathcona are 25 feet, as opposed to 33 feet in other parts of Vancouver, " says Mr. Low, "So, people here are buying smaller lots with smaller homes but that doesn't make them difficult to sell, they just have to be priced right and let's just say that most homes have doubled in the last five years."

Ms. Dornik's house was built in 1893 and restored and renovated by its previous owners. It contains the original wood floors, doorways and staircase as well as classical touches such as high ceilings and stained glass window. The previous owners added modern touches such as the restored third floor with windows in the vaulted ceilings and an open floor plan.

Though she paid top dollar for the home, Ms. Dornik received a lot of value for her money and, "I would have paid 50 to 75 per cent more for something like this in Kits," she says. Though her biggest concern was safety, she has come to realize that the community is stronger and safer because people are more aware.

"I think people here are willing to live with that, and so the people you have as neighbours tend to be more accepting of differences and that translates into great neighbourliness," says Mr. Burton.

It also gives what Riel Roussopoulos calls a "small town feel" and allows individuals the chance to really make a difference within the community. For instance, after the birth of her second son, Ms. Rankin took inventory of the neighbourhood trees. With stroller in hand she walked the streets of Strathcona with a Parks Board Arborist and pointed out areas where trees could grow, the following fall 300 trees were planted around the neighbourhood.

Other than some electrical re-wiring, Mr. Burton and Ms. Rankin lived in their new home for 12 years with no renovations. Meanwhile, their neighbours mentioned they were thinking of selling, and because this was before zoning laws and restrictions, Mr. Burton and Ms. Rankin were concerned that a developer would move in. After a fruitless search to convince friends to buy the neighbouring home before it hit the market, Mr. Burton awoke in the night to share his realization with Ms. Rankin. "James sat up in bed and said 'oh, well, we'll have to buy it," says Ms. Rankin. The only way to do this was to re-mortgage the first house and rent out the second.

As their home began to deteriorate Burton/Rankin realized there was a need for some major renovations. By combining the properties they were able (with the new zoning guidelines in place) to build infill housing which Burton/Rankin totally agree with as a way to, "deal with densification in a way that still keeps the character of the surrounding houses," Mr. Burton says. They entered into a Heritage Revitalization Agreement with the city, which meant that in return for restoring the front houses in an acceptable way, they were able to build a house on the lane and sell it in order to pay for the renovations of their house on East Georgia. The renovations took place over ten months.

The house was built in 1892 and needed updating. As an architect, Mr. Burton was able to design a house which upheld many of the home's original aspects like high ceilings, original wood flooring, classic exterior and size, but modify it with new windows and an open living space. "It was hard work, really tense but, it was worth it," says Ms. Rankin who also adds that there is not a day she comes home and doesn't take note of "how beautiful and comfortable it is here."

This is a shot from the window of where I was

July 28, 2006


Beautifull Santorini Greece...

Yum!

The Jackson Building

June 12, 2006


U-GO-TO-STORE... NOW!!!
one of my previous purchases, this is a great local property. Posted by Picasa

FW: Garth's Rates

June 06, 2006

Here are the latest interest rates, notice that they’re climbing…..

Better lock in soon if you’re not already.

Residential Mortgage Rates

Term Most Banks

1 year closed 5.20 % 6.10 %

2 year 5.25 % 6.20 %

3 year 5.30 % 6.40 %

4 year 5.30 % 6.50 %

5 year 5.30 % 6.70 %

7 year 5.40 % 7.00 %

10 year 5.55 % 7.50 %

15 year 6.09 % Not available at every bank

18 year 6.19 % Not available at every bank

25 year 6.34 % Not available at every bank

Variable as low as 2.55 %

Prime 5.75 %

(Rates subject to change without notice)

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The data relating to real estate on this web site comes in part from the MLS® Reciprocity program of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board. Real estate listings held by participating real estate firms are marked with the MLS® Reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board.