Whether you’re buying or selling, professional representation can help at every step of the process. Think of your REALTOR® as a guide through what will most likely be the largest transaction of your life.

Your Realtor is there to give advice and guide you through the home buying or selling process. They can help navigate potential pitfalls and fill in knowledge gaps you may have when searching for your first home.

Realtors work with their clients within a legal relationship called agency. This is established by a contract between you, the client, and your Realtor.

It’s important to understand if someone is working for you or for the home seller. If you haven’t signed a contract to work with a Realtor, they don’t work for you. If you have, then they’re legally and professionally duty-bound to act and advise based on your best interest.

Your advocate

Once agency is established, think of your Realtor as a business partner. They can:

• Help you adopt a sound negotiation strategy based on industry knowledge and experience and can negotiate on your behalf. 
• Assess market history and current trends by reviewing the most recent home sale data on the Multiple Listing Service® and creating what’s known as a Comparative Market Analysis or CMA. A CMA will prove invaluable when it’s time to make an offer or set your asking price.
• Help you market your home and become a link with other Realtors to locate homes that meet your needs. 
• Recommend other professionals, such as a certified home inspector, lawyer or notary, insurance agents, reputable movers, or proven contractors.
• Help you find the right home at the right price – or help you get the most from your sale.

Expert knowledge

While finding the right home at the right price is an essential part of the buying process, many other factors are key to ensuring a positive and successful experience.

The first thing to look at is the property. There’s a lot to examine about the home itself. For example: 

• Does the property have a buried fuel storage tank?
• Does it have asbestos insulation?
• What about an unauthorized rental suite?
• Has it had renovations, and were they done without a permit?
• Are there moisture problems?
• Are there unregistered easements, encroachments or statutory right-of-ways?
• Has the home ever been used as a grow-op?

There are lots of questions to ask. A Realtor and a home inspector can help you find the answers.

The neighbourhood your potential home is in has a big impact on your quality of life – and a big impact on the value of a home. For example, you may want to know:

• How close the home is to public transit? 
• What school catchment it’s in? 
• How far it is from amenities – can you walk there? Do you need to drive? 
• Are there plans to re-develop or re-zone in the neighbourhood?

Again, your Realtor can help you find the answers to these questions.

A professional guide

There’s a multitude of documentation to navigate when buying or selling a home. Realtors deal with these on a daily basis and will help you navigate them.

Most importantly, the contract is the central legal document within a real estate transaction. Your Relator can help you develop a negotiating strategy and handle the details on your behalf. Realtors use standard form contacts which have been prepared by lawyers and tested by Canadian courts.

The right Realtor for you

You want to a Realtor who instills confidence. You need to feel comfortable with them. You may be working with your Realtor for several weeks or months. You’ll want to be comfortable with the person you choose.

A great place to start is with family and friends. Ask for recommendations. Take note of FOR SALE signs and visit a few real estate offices that appear active in your neighbourhood. Visit a few open houses and speak to the hosting Realtor.

Our MLS® listing website www.realtor.ca has a searchable directory as well. You can search by neighbourhood, areas of expertise, and other criteria.

When searching for a Realtor you should:

• Look for someone who is dedicated to their profession.
• Ask for references from their past clients.
• Ask about their level of training and education.
• You’ll want to have someone who knows the area where you want to buy and is familiar with homes in your price range.
• Lastly, be sure to discuss your expectations and limitations in your property search. 

Buying or selling a home is a milestone moment in your life. Having a Realtor on your side can help make the process as easy and enjoyable as possible.

Looking for a REALTOR who knows the market? Call me today --604.644.1044 Alisa Sakamoto 
Courtesy of: http://www.rebgv.org/how-realtor%C2%AE-works-you

By Atrina Kouroshnia, Mortgage Expert

With Vancouver’s heightened exposure during the winter Olympics in 2010, and, more recently, a sinking loonie, BC real estate is experiencing something of a renaissance with our neighbours to the south and overseas. Although buying property as a non-resident can be somewhat more involved, the right information will go a long way towards un-complicating the process.

So if you are a non-resident who is interested in investing in Canadian real estate and who would like to qualify for a mortgage, here are a few pointers to get you started.

Eligibility Requirements

As a non-resident of Canada, it is certain that you will be on the receiving end of additional review by your lender, mostly because a non-resident is viewed as a higher risk. The down payment is also higher. Depending on the lender and the country of origin, the minimum down payment of 35 per cent will be required, in comparison to Canadians who will often come into the market with just five to 10 per cent.

As with any mortgage, your lender will require documentation, beginning with an international credit report from your country of origin. Obtaining credit for Americans tends to be the easiest and quickest process, while international bureaus can take much longer to obtain. Income verification documents will also need to be provided and, if in foreign currency, must be converted into Canadian dollars.

Given the income supports the loan, most, US residents can qualify for up to 65 per cent of the loan. To that end, all documents provided must be in English or French and, if translation is required, it must be done by an independent party and notarized. If standard income verification is unavailable, most banks will require a larger down payment of about 50 per cent and confirmation of liquid assets equal to or greater than 30 months of PITH (mortgage principal, interest, taxes and heat) to be held at the bank in Canada for a minimum of 30 days before the closing date.

Know Your Time Limitations

As with Canadians who do not hold work visas for the US, those who wish to spend time in Canada are generally allotted duration of six months under a visitor’s visa. Where one may run into complications, however, is the amount of time they are required to spend outside Canada before returning to extend visitor status.

As most of us know from the amount of media coverage on foreign buyers of Vancouver real estate, non-residents may keep a home in Canada without applying for residency. However, for US residents, since the immigration act does not stipulate US residents must leave for six months before being able to return, there have been many examples of those who spend just a few days or weeks in America before coming back. This can become a somewhat contentious issue as it is largely up to the immigration officer to decide. Many legal professionals make it clear that a US resident must retain a permanent address outside of Canada. This requires proof such as a home deed, income tax statements and the proper identification. By keeping solid records of your comings and goings from Canada, you will ensure your ability to enjoy your secondary property here without any complications.

Meet the Taxman

When purchasing real estate in Canada as a non-resident, homebuyers are subject to the same fees and taxes as Canadians. Depending on the jurisdiction where the property is located, non-residents may be asked to pay higher property or land transfer taxes, as well as different capital gains when they sell a property. If there is a property you are interested in buying, it is imperative to ask these questions beforehand.

If you plan on renting a property here in BC, or using it as an investment property, you may be subject to a 25 per cent tax on rental income, which is typically taken off the monthly rent. There are possibilities for this amount to be reduced by claiming expenses related to the property, although every situation is unique. An experienced mortgage broker and tax accountant can help with the details.

Mortgages for Non-Residents

In terms of non-resident lending, only a major bank would be capable of granting the mortgage. Although some of these major banks will base the mortgage application on current rental income, the vast majority are looking for the borrower to be income-qualified. It is also important to note that the mortgage rate may be slightly increased depending on the lender to cover the additional risk of lending to a non-resident.

Looking at the specific program of one major bank, they will consider a maximum of one property only, and those eligible will be held to a maximum amortization of 25 years. In addition, properties located in the Greater Vancouver and Greater Toronto areas will have a loan-to-value ratio that is 65 per cent of the first $1,200,000 of the property lending value, and 50% of the value over $1,200,000. Properties, which fall outside of these categories, come in at 65% of the first $750,000 of the property lending value, and 50% over $750,000.

Working with Local Professionals

Non-residents of Canada can and should use every resource available to them here in BC for their new home. There are a number of qualified professionals who can help you find a property compatible with your resources, and to help you prepare all your paperwork so that once you have found what you’re looking, you can proceed with ease.

One major difference for the borrower is the fee charged by the broker in the US. For most “A lender” mortgages, Canadian mortgage brokers do not charge fees for setting up the mortgage. Especially if you are not local, it would be beneficial to consult a mortgage broker so they can start the process with you and discuss your options with different lending institutions. 

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Determining if you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it!

So if you’re considering whether to move or improve, here are three things to consider.

1. Will a renovation truly fix what you don’t like about your property?

If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cosy fireplace then a renovation could make that happen.

Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.

2. How much will a renovation cost? How does that compare to the cost of moving to a new home?

It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help.

Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.

3. Beware of compromising versus settling.

Whichever decision you make — renovate or sell — you can expect to have to make at least some compromises. That’s normal.

For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?

Yes, it’s a tough decision. If you’re in the midst of making it, Call me today --604.644.1044 Alisa Sakamoto , to get the facts you need to make the best choice for you.

There are quite a number of variables to consider when purchasing a residential income property.

You’ll likely want to eventually engage with a real estate agent, but prior to doing so it is important to conduct as much research as possible. Remember to approach the purchase with an unbiased attitude and evaluate your options based on factual information.

Here’s a look at some of the top variables to consider when evaluating potential properties.

1. Economic outlook. Locations that are seeing employment growth will typically have more people moving to the area – this should also increase the potential renter pool. Conversely, locations that don’t offer as much employment opportunity or have/will see large employers leaving town, will often experience higher vacancy rates.

2. Neighbourhood characteristics. The location in which a home is located has a profound effect on the type of tenants you can attract. For instance, a quality neighbourhood full of schools, parks/playgrounds and activities for children will often draw in families. Choose a location in part based on the type of renter you’re looking for.

3. Property taxes. The amount of property tax will vary by location. This is something to consider when looking at the monthly carrying costs of a property. Lower property taxes aren’t necessarily the best option – for example, if the area in consideration supports longer-term quality tenants, higher property taxes may not be an issue.

4. Crime rates. Most people don’t want to live in a crime-ridden area. Research the types of crime, frequency and future outlook for the area in question. Many cities offer online-based statistics and maps for crime within the city.

5. Vacancies and rent. You’ll want to try to determine what the average vacancy rate is for the area and the expected future trends. Lower vacancy rates generally equate to higher tenant demand. Next, find out what the average rental value would be based on the type of property you’re considering. Conduct a historical search to evaluate long-term trends – you’re looking for an increase of rental rates over time.

6. The home. Ideally, you’re looking for a property that has appreciation potential and good projected cash flow. Single-family homes tend to attract longer-term tenants, whereas condos provide less maintenance but will generally appreciate at a slower pace.

Courtesy of: http://www.canadianrealestatemagazine.ca/expert-advice/how-to-choose-an-income-property-197111.aspx

Do you ever wonder how most people find the homes they eventually buy? You might imagine them driving by a “For Sale” sign or seeing a home for sale in the newspaper and then calling to enquire.

Of course, many buyers find out about listed properties that way. But, according to research by the National Association of Realtors, there are many other — sometimes surprising — ways buyers find their next dream home.

For example:

• 88% of buyers find a home with the help of a real estate agent.

• 90% of buyers search online as part of the home buying process. (Such as viewing a property’s profile on the agent’s website.)

• 69% of buyers searching for a home using Google, use a specific local term, such as “Whitby-south homes for sale”.

• 29-46% of buyers attend an Open House as part of their home hunting activities.

Overall, the research shows that buyers are using a multitude of ways — combining online and offline methods — to find homes. 

What does all this mean to you? If means that if you’re preparing your home for sale, you need to ensure your marketing plan takes into account all the ways buyers are finding properties — so you can be sure that they will find yours.

Looking for a REALTOR who knows how to market your home for maximum exposure? Call me today --604.644.1044 Alisa Sakamoto 

The stats from the Real Estate Board of Greater Vancouver have been released for February.  We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand.

If you are considering a move and would like to discuss your options with me, please don't hesitate to give me a call, I look forward to helping you!

         Metro Vancouver Home Buyers Set a Record Pace in February 

VANCOUVER, B.C. – March 2, 2016 - Last month was the highest selling February on record for the Metro Vancouver housing market.

Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 home sales occurred.

Last month’s sales were 56.3 per cent above the 10-year sales average for the month and ranks as the highest February sales total on record.

"We're in a competitive, fast-moving market cycle that favours home sellers," Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.

"We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).

The sales-to-active listings ratio for February 2016 is 57.2 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.

Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.

Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.

Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600

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