SEYON KIM REALTORÂ® , real estate: Blog

Market Update

SEYON KIM REALTORÂ® — Fri, 06 Feb 2015 14:59:01 -0800

February 3, 2015

Home buyers remain active despite reduced selection

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

New listings for detached, attached and apartment properties in Metro Vancouver(1) totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.

Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.

The MLS® Home Price Index(2) composite benchmark price for all residential properties in Metro Vancouver is currently $641,600. This represents a 5.5 per cent increase compared to January 2014.

With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.

Download the complete stats package by clicking here.

Editor’s Notes:

1.) Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

2.) The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in January. This led to the following changes:

• Neighbourhoods where home sales over the past three years totaled 12 or less have been removed from the model. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Historical MLS® HPI data has been recalculated to reflect these changes.

• The benchmark property descriptions have been updated to reflect current buying trends.

Background: MLS® HPI benchmark prices represent the value of a ‘typical’ property within a market. When the HPI was developed in 2011, a composite description was created for every neighbourhood and property type based on MLS® sales data for that specific area. What people typically purchase can change over time due to changes in affordability and buyer preferences. Therefore, it’s necessary for these descriptions to be occasionally updated.

The MLS® HPI methodology has been updated to reflect these changes and is available at http://homepriceindex.ca/hpi_tool_en.html.

Market Update

SEYON KIM REALTORÂ® — Tue, 06 Jan 2015 15:05:00 -0800

January 5, 2015

Home sale and listing activity reach historical norms in 2014

It was a typical year for the Metro Vancouver housing market in certain respects. The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”

December summary

Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 per cent compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 per cent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

Download the complete stats package by clicking here.

Transit & Commutability Factor

SEYON KIM REALTORÂ® — Sat, 16 Nov 2013 03:15:07 -0800

Forget schools and parks, Canadians increasingly want to live near transit: report

Being close to good schools, parks and shopping have long been key to home buyers choosing a neighbourhood.

And now access to commuter trains, light rail or subways is quickly moving up the list when people choose a place to live, according to a new report on the Canadian real estate market.

Clogged highways and rush-hour traffic are adding to commuting times and helping to spur a move away from the car-focused suburbs.

“With challenging infrastructure in all major Canadian centres coupled with the urbanization trend, there will be a continued demand for retail, office and residential space in our urban centres where there is easy access to mass transit,” said Lori-Ann Beausoleil, a partner at consultancy PwC, which wrote the report with Urban Land Institute.

Urbanization and immigration are expected to increase Toronto’s population by more than 90,000 in 2013. Vancouver and Montreal are both forecast to gain about 40,000 people each, according to Conference Board of Canada.

“The choice to live in cities is no longer economic, but has now become cultural,” the report said.

Smaller cities are also growing, as aging baby boomers tire of shovelling snow on long driveways and younger people move for better jobs and a vibrant nightlife.

Titled “Emerging Trends In Real Estate,” the report is aimed at developers and real estate investors. It outlines the prospects for office and retail spaces as well as condos, houses and rental developments.

ERIC ATKINS

The Globe and Mail

HST/PST News for Home Buyers

SEYON KIM REALTORÂ® — Mon, 11 Feb 2013 11:32:19 -0800

January 24, 2013 (Revised)

The province will transition back to the Provincial Sales Tax (PST), which replaces the Harmonized Sales Tax (HST) on April 1, 2013. Until then, the province has transitional rules for new homes which took effect on April 1, 2012.

Note:

Enhanced HST New Housing Rebate

Effective April 1, 2012, your clients may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, priced up to $850,000:

Presales and Completed New Homes for

90%) by the owner builder.

Fiance administered rebate) if they buy or build a secondary vacation Regional Districts.

the provincial portion of the HST paid on the new home up to a

The GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on is the day the tax is payable).

GST New Housing Rebate

Your client may be elegible for a GST rebate if they buy, as their

the GST is applicable on new homes, the GST rebate will continue

2% BC Transition Tax

homes if ownership and possession take place on or after April ceseases to apply if ownership and possession are on or after April 1, embedded 2%, but they cannot under the GST.

Agreements signed before April 1, 2012, with

The 2% BC Transition Tax does not apply to:

land.

commercial units.

Sale under the HST

possession before April 1, 2012

If your client bought a presale residential property and they had an agreement dated before April 1, 2012 and they took ownership or possession before April 1, 2012, they would have paid the 12% HST maximum of $525,000. Homes priced at more than $525,000 were

Agreements signed before April 1, 2012, with

possession on or after April 1, 2012, but before

April 1, 2013

If your client buys a presale residential property and they have an agreement dated before April 1, 2012 and they take ownership or on homes priced to a maximum of $850,000. Homes priced at more

Agreements signed on or after April 1, 2012 and

before April 1, 2013, with possession before

April 1, 2013

If your client buys a presale residential property and they have an on homes priced to a maximum of $850,000. Homes priced at more

Presales and Completed New Homes for Sale under the GST
The 12% HST will generally cease to apply to sales of real property the property transfer on or after GST will apply to the sale of new home sales.

will apply to certain types of housing which, at the time of purchase without land) and where possession transfers on or after April 1,

Agreements signed before April 1, 2012, with

possession on or after April 1, 2013, but before

April 1, 2015

If your client buys a presale residential property and they have an agreement dated before April 1, 2012 and they take ownership or Instead, buyers will pay the 5% GST. They will also have to pay the substantial renovation of the new home is 10% or more completed If ownership and possession is on or after April 1, 2015 then the 2% tax is not applicable.

Agreements signed on or after April 1, 2012, with

possession on or after April 1, 2013, but before

April 1, 2015

If your client buys a presale residential property and they have an agreement dated on or after April 1, 2012, and they take ownership HST. Instead, buyers will pay the 5% GST. They will also have construction or substantial renovation of the new home is 10% or If ownership and possession is on or after April 1, 2015 then the 2% tax is not applicable. This 2%

Agreements signed on or after April 1, 2013, with

possession on or after April 1, 2013, but before

April 1, 2015

If your client buys a presale or completed new residential property will have to pay the 5% GST. They will also have to pay the 2% substantial renovation of the new home is 10% or more completed as If ownership and possession is on or after April 1, 2015 then the 2% tax is not applicable.

New Addendums Required for the Contract of Purchase and Sale for New Housing the builder) that enters into a written agreement of purchase and

the purchaser. In some cases the information must be provided in information must be provided in a written addendum to the contract.

new housing are mandatory starting December 1, 2012. This is a

requirement of the and the New Housing Transition Tax and Rebate Regulation.

Forms® for use by REALTORS® who are acting for a client or clients in new housing transactions.

To determine which of the four new addendums is applicable to a particular new housing transaction, you must examine when the transaction was entered into and whether or not the seller of the property is a “foreign supplier.” The four addendums are organized as follows:

1. Addendum for a Contract of Purchase and Sale that was signed on or after February 17, 2012
and before December 1, 2012, with ownership or possession after December 31, 2012, and the seller is not a “foreign supplier”.

2. Addendum for a Contract of Purchase and Sale that was signed on or after February 17, 2012
and before December 1, 2012, with ownership or possession after December 31, 2012, and the seller is a “foreign supplier”.

3. Addendum for a Contract of Purchase and Sale that was signed on or after December 1, 2012, and before April 1, 2015, with ownership and possession before April 1, 2015, and the seller is a not a “foreign supplier”.

4. Addendum for a Contract of Purchase and Sale that was signed on or after December 1, 2012, and before April 1, 2015, with ownership and possession before April 1, 2015, and the seller is a “foreign supplier”.

tax on the transaction, and therefore the buyer is required to remit Transition Tax) directly to the government.

1. and 2. before December 1, 2012, with ownership or possession transfers applicable new addendum to the buyer on or before January 2, 2013. The seller must:

provide a copy of the applicable new addendum to the buyer in at least one of the following ways:
- by giving a copy of the new addendum in person to the
- by sending a copy of the new addendum by courier
  
  or registered mail to the buyer’s address of record for
- by sending a copy of the new addendum to the buyer’s

by sending a copy of the new addendum by any other

method including, for example, electronic mail, provided from the buyer or the real estate licensee acting for the buyer.

A vendor or seller of real estate who do not comply with these

Grandparented Agreements

Agreements signed on or before
November 18, 2009, or construction which began before July 1, 2010, with possession on or after

April 1, 2013 (Double-straddling, grandparented)

Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated on or before known as a double-straddling home sale. In this situation, your client

Agreements signed after November 18, 2009, or construction which began before July 1, 2010, with possession on or after April 1, 2013 (Double-

straddling, non-grandparented)

Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated after November 18, 2009, and construction began before July 1, 2010 known as a double-straddling home sale. In this situation, your client the 2% tax will not apply where construction was substantially

New Recreational Property

All the same rules apply to new recreational property that apply
to other new residential property. Your clients may be eligible for
a provincial grant if they buy or build a secondary vacation or Districts.

Vacant Land

HST paid on land

For owner-built homes where the HST was paid on the land, the owner may be eligible for a rebate on qualifying construction be no phase-out of this rebate, such that owner-built homes with qualifying construction expenses over $850,000 will qualify for the

No HST paid on land

Where the HST was not paid on the land, the owner will be entitled to a new housing rebate on qualifying construction expenses only

When is tax applied to vacant land?

following circumstances:

If the land is purchased from a developer.
If the land was used for business purposes at any time in the

past, even if the land was purchased from an individual.
more), even if the land was purchased from an individual.

2% BC Transition Tax and Vacant Land

not apply to vacant land. This 2%

Enhanced New Rental Housing Rebate

There is an enhanced provincial New Rental Housing Rebate. If your clients construct or substantially renovate a residential property to units priced above $850,000.

primary residence by the owner for at least one year. Eligible units include:

where the land is leased or is a housing cooperative.
If your client buys a new apartment which is not their principal

residence and they don’t rent it, for example, if strata bylaws prohibit rentals, or your clients buy a new apartment to use on weekends, the unit is not eligible for the New Rental Housing Rebate.

so long as they rent all of the units, they will be eligible for a New Rental Housing Rebate for each unit up to a maximum rebate of

If your client builds or substantially renovates rental property, they will be required to self-assess and pay the HST on or after April 1,

Commissions and Fees

the 12% HST. If a commission or fee is payable on or after April 1,

When does a commission become payable?

payable on the earlier of the following:

Important Dates

– Date the transition rules from PST to HST came into effect.
– Date the HST came into effect in BC.
– Date the transition rules for the return from the HST to the PST were announced by the BC government.
– Date the HST to PST transitional rules come into effect. The enhanced HST rebate comes into effect.
– New Contract of Purchase and Sale for new homes, and four new Addendums to the Contract of Purchase and Sale for new homes, available for use.
– Deadline to delivery appropriate Addendum to the Contract of Purchase and Sale for new homes, where the contract was signed on or after February 17, 2012 and before December 1, 2012, with ownership or possession after December 31, 2012.
– HST end date. GST on new homes is back in effect, together with the 2% BC Transition Tax (where applicable). GST on commissions is back in effect.
– Date the 2% BC Transition Tax ends.

For More Information

Visit: www.pstinbc.ca
information requirements:
www.bcrea.bc.ca/government-relations/hst-pst-resources
Government Relations at: hpermut@rebgv.org

Top 28 grants and rebates for property buyers and owners

SEYON KIM REALTORÂ® — Wed, 04 Apr 2012 16:31:39 -0700

1) Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
Canada Revenue Agency www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box.
1.800.959.8287

2) GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Canada Revenue Agency www.cra.gc.ca. Enter ‘RC4028’ in the search box.
1.800.959.8287

3) BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $42,500. Homes priced at $850,000+ are eligible for a flat rebate of $42,500.
www.hstinbc.ca
1.800.959.8287

4) BC New Housing Rebate (HST) for Secondary Vacation or Recreational Homes

Buyers of new or substantially renovated secondary or recreational homes outside the Greater Vancouver and Capital Regional District priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $42,500. Homes priced at $850,000+ are eligible for a flat rebate of $42,500.
www.hstinbc.ca/buying_goods/buying_a_home/new_ home_tax_calculator
1.800.959.8287

5) BC New Rental Housing Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST, up to $42,500.
www.hstinbc.ca
1.800.959.8287

6) BC First-Time New Home Buyers’ Bonus

First-time new home buyers may be eligible for a one-time grant equal to 5% of the purchase price of the home, or if you are building a home, 5% of the land and construction costs, up to $10,000. The bonus is based on the net income of the home buyer. This program ends March 31, 2013.
www.sbr.gov.bc.ca/documents_library/notices /FTHB_Bonus.pdf
1.877.387.3332

7) BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
BC Ministry of Small Business and Revenue
www.sbr.gov.bc.ca/business/Property_ Taxes/Property_Transfer_Tax/ptt.htm
250.387.0604

8) First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, townhome, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2011 tax year, the maximum credit is $750.
Canada Revenue Agency
www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html
1.800.959.8281

9) BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,285,000. The basic grant gives home owners:

a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
an additional grant of $770 to rural homeowners elsewhere in the province; and
an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/hog or contact your municipal tax office.

10) BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors.

Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial Hardship Property Tax Deferment Program.

Qualifying low-income home owners may be eligible to defer property taxes.

Property Tax Deferment Program for Families with Children.

Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue
www.sbr.gov.bc.ca/individuals/Property_ Taxes/Property_Tax_Deferment/ptd.htm

11) Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.
www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm
1.800.668.2642 | 604.873.7408

12) Home Adaptations for Independence (HAFI)

A new program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer.

BC Housing www.bchousing.org/Options/Home_Renovations
604.646.7055 or toll-free 1.800.407.7757 extension 7055

13) CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.
www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno
604.731.5733

14) Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.
www.rbcroyalbank.com/products/mortgages/ energy-saver-mortgage.html
1.800.769.2511

15) Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000.
For information visit your financial institution.

www.vancity.com/Loans/BrightIdeas

www.rbcroyalbank.com/ products/personalloans/energy-saver-loan.html

16) LiveSmart BC: Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with FortisBC and BC Hydro. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.
www.livesmartbc.ca/rebates
1.866.430.8765

17) BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.
www.sbr.gov.bc.ca/business/consumer_taxes/residential_ energy/residential_energy.htm
1.877.388.4440

18 BC Hydro Appliance Rebates

Mail-in rebates for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers.
www.bchydro.com/rebates_savings/appliance_rebates.html
1.800.224.9376

19) BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.
www.bchydro.com/rebates_savings/fridge_buy_back.html
604.881.4357

20) BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors.
www.bchydro.com/rebates_savings/windows_ offers/current_offers.htm
604.759.2759 for a free in-home estimate.

21) BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone. Check for new offers and for deadlines.
www.bchydro.com/rebates_savings/coupons.html
1.800.224.9376

22) FortisBC Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a hot water tank, $300 rebate on an Ener-Choice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.
www.fortisbc.com/NaturalGas/Homes/Offers /Pages/default.aspx
1.888.224.2710

23) FortisBC Efficient Boiler Program

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.
www.fortisbc.com/NaturalGas/Business/ Offers/Pages/default.aspx
1.888.477.0777

24) City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.
http://vancouver.ca/engsvcs/watersewers/water/ conservation/programs/rainbarrel.htm
604.736.2250
Other municipalities have similar offers.

25) City of Vancouver Greenest City 2020 Pilot Home Energy Loan Program

The City of Vancouver in cooperation with Vancity, FortisBC, BC Hydro and Natural Resources Canada offers access to loans for energy retrofits including heating systems, insulation and air sealing. The Home Energy Loan from Vancity is a 12 month pilot program that will end October 21, 2012. For more information attend a workshop (see third link below). The goal is 500 homes, and loans are offered at 4.5% fixed rate over 10 years. The program also helps with accessing grants from the federal ecoENERGY program, the provincial LiveSmart BC program and FortisBC.

www.vancouver.ca/energyloan

www.vancity.com/Loans/homeenergy

http://energyloan.eventbrite.com

Email: energyloan@vancouver.ca
604.374.0507

26) Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies. The deadline for applications was January 23, 2012. If you are still interested in this grant, open the link and consider contacting Vancity to express your interest.
www.vancity.com/MyCommunity/NotForProfit/Grants /ActingOnClimateChange/GreenBuildingGrant
604.877.7000

27) Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

28) Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

Refresh Your Patio

SEYON KIM REALTORÂ® — Mon, 02 Apr 2012 21:02:00 -0700

The gorgeous summer weather is finally shining down upon us and that means one really important thing, patio time.It is so nice to be able to sit outside, read a book, have a drink, eat a meal or even watch a movie! Turn your backyard, deck or balcony into an extension of your home by creating a welcoming and comfortable space.

1. DECORATE YOUR DECK AS AN EXTENSION OF YOUR HOME

This is a great time to use some vibrant colors that you've used to bring your exterior to life, and sample different types of styles. The benefit to this is that you have an exciting space to visit without spending a fortune. Most outdoor products like decking are made of materials that are cost efficient, and durable. This means that a little bit can go along way when working on a budget. Use matching pieces from inside your home continued onto your deck. Think of traffic patterns, moving past chairs or decorative items. Consider the sun movement when placing a table and chair set in a certain space. This is a good time to think about umbrella placement, or the installation of an awning. Remember, your deck is a means to an end; it's a platform for the memories you'll make with your family and friends.

2. GET READY FOR OUTDOOR ENTERTAINING

Having separate serving pieces for the outside area is a great way to divide the space between indoors and outdoors. This is a great way to express your colorful side. Try using bright prints or solid block colors. Deck design is based on the same philosophical design approaches and labels such as contemporary, traditional and the most common, Feng Shui. The last makes for perfect transition to the space, especially during entertaining. This will also help with perfect placement of your items to optimize the space, and to make the party conducive to the mood that you are striving to create.

3. ADD PERSONALITY TO YOUR DECK

This is key to making the space your own. Add garden art that you feel would enhance the look of your deck. There are concrete sculptures that are just as imaginative as the art you would place inside your home. This adds life to the area, and is one more way for you to express your inner designer, without having to sacrifice the integrity of the overall look.

4. DECORATIVE AND PRACTICAL MATERIALS TO CONSIDER FOR OUTDOOR LIVING SPACES

Outdoor materials are intended to be weather resistant, but in the case of flatware, dinnerware and serving pieces, that can be a bit more challenging. With glass one must always be cautious which let's face it after a couple glasses of wine is not always the easiest so plastic is a good alternative. Go to any trendy home accessory store and you will find amazing plastic items that are attractive and do not even look like plastic!
Cushions are the next decorator item, which give your outdoor space the added wow factor. You can find a variety of cushions in fabric that is intended to be heat and moisture resistant.

5. CHOOSE A STYLE THAT BEST FITS YOUR DECK

If your deck is dark stain in colour, then consider using block colours in bright blues, greens and yellows. The combination of the dark wood with brighter colours presents a nice contrast that allows all elements to be the focal points. If your deck is a lighter colour patterns will compliment the wood and really pop! Make your space really come to life with lots of colour, vibrant textures, accessories and plants and flowers.You could even build a mini water fountain and create a zen oasis.

Another fun thing that my friends and I used to do years ago was to wheel the tv and vcr (yes that long ago!) outside and we would watch movies. Today in the age of ipads, lap tops and portable dvd players this is super easy and it is like going to the drive in movies in your own back yard. It is really cool to watch a movie outside under the stars!

5 Tips for Successful Home Staging

SEYON KIM REALTORÂ® — Mon, 02 Apr 2012 20:57:07 -0700

Are you planning to sell your home? Proper staging excites potential buyers and will raise your asking price. Anyone selling should consider hiring a professional stager which can offer a big return on investment. A good stager will appeal to buyers by maximizing the potential of your space using design know-how and ingenuity.

Here are some before and after shots of a recent condo staging.

Whether hiring a pro or preparing to go it alone, here are 5 Staging Basics every home seller needs to know:

1. REMOVE ALL CLUTTER.

Yes, even the cute kid artwork! All personal items, knick knacks and extra stuff out. Only appropriate furniture and accessories. Take yourself out of the picture and let potential buyers imagine themselves in the space. Do not distract from a pleasing overall impression with unneccesary things. Negative space is not boring! Open areas are easy on the eye and create a spacious and clean feeling.

2. FRESH PAINT.

Paint is the fastest, most inexpensive way to makeover a space and will leave it feeling clean and new. Neutral colours offer an inoffensive backdrop for any furniture and art and provide a sense of expansiveness. For added pizzaz, consider bold colour on a feature wall. The main floor of this condo was entirely repainted in a warm white to create a fresh, open canvas and visual continuity throughout.

3. FURNITURE TO SCALE.

Look for furniture that fits your room shape and size. Only rent or use existing pieces that suit the design direction. Furniture arrangements should please the eye, maximize available space and also make sense for daily living. This condo was small with challenging room shapes. The bed in the master bedroom was scaled down to a double from a queen, which took up too much valuable floor space. There was little room for dressers and nightstands, so shelves were installed to serve as night tables, a small storage unit became a dresser and a bedframe with storage underneath suggested a creative storage solution.

4. ACCENTUATE THE POSITIVE.

Spotlight the features that make the space attractive or unique. In our condo, a nook between bedrooms was transformed into a great little office space. In the dining area a large blank wall became a feature with a pair of funky posters. The venetian blinds covering the sliding door were removed to bring in light and highlight the patio walkout.

5. KEEP YOUR TARGET BUYER IN MIND.

All good marketers will tell you- don’t try to market to everyone. Identify your ideal buyer and gear your efforts accordingly. The target buyer for our condo was a young professional single or couple. The decor style was geared more urban/ contemporary. The smaller bedroom was decorated to suggest a guest or small child’s room.

They say we have mere seconds to make a positive impression. If you want quality buyers to stay engaged and interested beyond the front door, proper staging is a must.

Of course you also want to impress them AT the front door, so consider replacing your tired house numbers and dented mailbox for something new! In staging, it's all in the details.

Make it a Smooth Move

SEYON KIM REALTORÂ® — Mon, 02 Apr 2012 20:50:07 -0700

Moving day is here and you are beginning a new chapter in your life and putting roots down in a new home. You've been dreaming about the new space, envisioning what furniture will go where and what colour to paint the living room.

Moving day can also be stressful. There is a lot to do and one always wants things to go as smoothly as possible. Whether you have hired movers or rounded up friends and relatives to help, here are a few things one can do to make moving day a pleasant day!

1. Have a Basic Floor Plan

This will save time and eliminate confusion. Drawing a floor plan of your new home and then tagging big furniture pieces accordingly allows the movers to know where to put what.

2. Be Present During the Packing and Moving

If you have hired professional movers to pack, pick-up and deliver your furniture and boxes it is wise to be on hand in case they have questions and also so you know what is going in the boxes.

3. Make it Easy on Friends and Family

If you are using friends and family in lieu of movers make it easy for them and be as organized as possible. Have all your boxes packed before they arrive so all they have to do is carry them to the van. Feed and water them sufficiently throughout the day!

4. Keep Children and Pets Out of the Way

No matter who is moving your stuff, barking dogs, hiding cats and energetic kids running around is distracting for the movers, unsafe for the children and stressful for the pets. If it is a school day perhaps arrange a play date for after school and take the pets to a day care for the day or two. Everyone will be able to focus and get the move done.

5. Ensure there is Parking for the Truck and if Needed Elevator Pre-Booked

When the truck or van arrives at the new place it will need a spot to park in and unload. If a house chances are you can pull up right out front. However Toronto has some narrow street and many one-way streets. Snow banks also reduce the amount of parking. If you are moving to an apartment or condo building, you may need to set up appropriate parking before hand and many new condos require deposits and pre-booking of the elevator. The building manager can answer these questions.

6. BREATHE

If you do find yourself getting tense or stressed out, take a moment and just breathe. It will immediately ground you and bring you back to the moment ensuring you keep your cool!

Freshen Up Your Curb Appeal

SEYON KIM REALTORÂ® — Mon, 02 Apr 2012 20:42:34 -0700

Freshen Up Your Curb Appeal for Spring

Just when you may have given up hope- another winter gives way to new life.
It is an energizing and exciting time filled with potential.
A lot of us get that irrepressible urge this time of year to open the windows, air out the place and do some spring cleaning. This year, consider the outside of your home as well as the inside. You can drastically improve your home’s appearance with some elbow grease- no remodeling required!

Remembering these easy 3 steps are guaranteed to enhance your home’s appearance this Spring.
So get down and a bit dirty! The results are worth it.

1. BUST THE DIRT

Blast away winter grime. Pressure wash dirty siding, dingy decks, driveways, walkways and outdoor furniture.

Clean windows and screens, and remove debris from gutters. Try using old newspapers and vinegar on window glass. If you have any essential oils, a few drops of lemon, grapefruit or lavender oil are nice additions to natural cleaning concoctions.

Give your front door a good wash or, even better- paint it! Consider your front door the focal point- choose a colour that works with your home’s neighbourhood and history, façade and shutters or landscaping. Or work with a colour expert an choose a dynamic contrasting colour.

2. SPRUCE IT UP

Repair any loose or broken porch spindles or boards. Hows your trim looking? Does it need minor repairs or touching up?

Replace worn or frayed door mats or runners.

Reduce clutter. Less is more, always! Really, always.

Store or dispose of excess stuff- sports and gardening equipment, recycling bins or bikes.

ANY seasonally innappropriate decoration must go. So toss that decomposing pumpkin already, and take down the Christmas lights!

3. FLAUNT YOUR GREEN THUMB

Trim any tree limbs that are near or touching your home’s roof.

Are your shrubs trimmed? Shrubs should not be allowed to grow in front of windows. If they are overgrown, they will age your home and reduce its perceived size.

Consider covering up a flaw by planting vines. Use a trellis, string or wire to protect wood and mortar.

Create visual excitement simply with colourful annuals at the base of your porch, in hanging baskets or a container.

Give a bit of time and love to your home this season. Have fun with it! Get outside, roll up your sleeves and start with one project. The results will brighten and encourage you, like the spring sunshine!

Non Residents Buying Real Estate in Vancouver

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:29:31 -0700

Non-Residents purchasing property in Vancouver.

What you need to know.

Buying real estate in Canada is very easy. There are neither restrictions to purchase real estate in Canada, nor are there extra fees or tax implications payable at the time of purchase/closing. All of the services required for non-residents of Canada are available locally to ensure a safe and stress free investment.

Once we find you a home or condo that you would like to purchase, the process is as follows.

Offer

I will write up a Contract of Purchase and Sale and I will present the offer on your behalf. This contract will have several subject clauses to benefit you such as subject to inspection and subject to financing which will allow you time to review the property and secure the necessary financing.

When subject clauses are removed, (typically 5 business days) it becomes a firm contract and a 5% deposit is required and held in trust until the completion date.

Mortgage

For a non-resident, the ratio is generally 65% mortgage and 35% as a down payment. Qualifying for the mortgage financing is probably the same as in other countries - interviews via phone, fax, e-mail to gather personal information which includes assets/liabilities, employment and/or income information. Each borrower's application will be considered on a case-by-case basis. I will be able to advise you on suitable mortgage brokers if required.

The mortgage approval may take approximately 24-48 hours after application and documentation has been submitted to the lender. The documentation generally required is income verification, tax returns, credit bureau or bank's report (letter from borrower's own bank stating that all accounts are in good standing to date), down payment confirmation via bank statements, copy of 2 pieces of ID and real estate appraisal. Foreign banks cannot register mortgages in Canada, so any mortgage would have to be raised via a Canadian mortgage broker.

The borrower will require the services of a Canadian lawyer or notary public to prepare the mortgage documents and registration at the Land Titles office. Documents can be couriered outside Canada for signing - this will need to be arranged with the lawyer and lender well in advance of the completion date. I will be able to assist you in finding you a lawyer or notary public if required.

Additional costs required when buying a property

Property Transfer tax: In British Colombia, the government charges a property transfer tax when purchasing a property. The fee is 1% on the first $200,000 and 2% on the balance i.e. a $500,000 home, Property Transfer Tax would be $8,000.

Harmonist Sales Tax (HST) of 12% is only payable on newly constructed homes and is usually included in the quoted sales price. There is a rebate, to a maximum of 2.5%, if your home costs less than $450,000. There is no GST on resale housing unless the home has been substantially renovated, and then the tax is applied as if it were a new home.

Provincial Sales Tax (PST) is 7% and is normally included in the quoted sale price.

Property Tax : Every property is subject to a local property tax of approximately 0.5% of the purchase price with is normally paid once a year.

Realtor's Fees are paid by the seller so there is no cost to you.

Lawyer's Fees The fee will be approximately $700-$800.

Home Inspection Fee is usually around $300

Property Insurance which covers the replacement value of the structure of your home and its contents.

Condominium (Strata) Fees are charged monthly and cover building insurance and maintenance. The building's property manager will provide you with the fee. These strata fees range from $200-$300 depending on the size and cost of the condominium.

Renting out the purchases property

When the property has been purchased and you wish to rent it out, a rental agent will be required to lease the property (typically a year in length), collect rent, make repairs when needed and provide monthly statements to the owner. The fee for leasing is normally 50% of the first month's rent and 5% of the rent each month thereafter.

Rental rates for a 1 bedroom condo in downtown Vancouver are approximately $1,300-$2,000 per month.

If you rent out the condo you purchase, you are required to fill out a tax return for the property to Revenue Canada. The cost to file the necessary forms is approximately $250 a year. Tax consequences are minimal as the mortgage interest, property taxes, repairs and maintenance can be deducted from the gross rental income.

A typical 1 bedroom condo in downtown Vancouver would cost $400,000. The following is an example of such a purchase.

Deposit required within 24 hours of subject removal (5%)	$20,000
Balance of cash required on completion (30%)	$120,000
Mortgage funds provided by the bank (65%)	$260,000
	$400,000

Funds required for a $400,000 purchase:
Deposit	$20,000
Down Payment	$120,000
Property Transfer Tax	$8,000
Inspection of Property and Lawyer's fees	$1,500
	$149,500

Potential monthly rental cash flow
Approximate Rental Income:	$1,700

Expenses:
Mortgage Payment (5%)	$1,600
Strata Fees	$250
Property Taxes	$200
Property Management	$100
	$2,150

Cash Flow	-$450

For non residents planning to purchase with the intent to rent the property, condominiums tend to be the investment of choice because of the ease of management. There has been a steady trend in the past 4 years of people moving into the downtown core. This has caused a high demand not only in the Real Estate market, but also in the rental market with rental vacancy rates at or around .05%.

Condominiums currently represent approximately 65% of the real estate market in Vancouver.

For additional information feel free to Contact me at: 604-724-9999

Accept Offer: Now What?

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:19:51 -0700

Accepted Offer: Now What?

As mentioned, your offer will have certain conditions and subjects such as "subject to a home inspection" and "subject to financing". Typically you will have 5-7 days to get a home inspection, obtain financing, etc. If at the end of this time you are satisfied to remove subjects, then they are removed and the sale becomes final. Congratulations!

After acceptance of the offer the services of a lawyer or notary should be obtained. Your realtor will be able to provide you with a list of names if required. They handle the paperwork and transfer of title to your name.

Your realtor will then help to make the move easier by providing you with a moving checklist. Communication with your realtor will not be as frequent as earlier but he or she will still be available to answer any questions you might have and make sure the process is a smooth and enjoyable one.

Property Transfer Tax

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:19:05 -0700

Property Transfer Tax

Everyone in B.C. pays a Property Transfer Tax on each home purchase unless you are a first time home buyer and meet certain criteria.

Do not confuse this tax with your yearly property taxes.

If you are not considered to be a first time homebuyer, you will be charged:

1% on the first $200,000

2% on the balance of the purchase price of the property

First time home buyers are exempt from this tax if your purchase is under the ceiling price of $425,000 in Greater Vancouver. There is however, a soft cap of $450,000 in which only some of the Property Transfer Tax must be paid.

Examples of Property Taxes due without a first time home buyer exemption:

i.e. Purchase Price: $276,000 = $3,520

$300,000 = $4,000

$325,000 = $4,500

This amount must be paid to your conveyance lawyer at the time the application to register a transfer is presented to the Land Title Office (on the completion date of your purchase). The conveyance lawyer also handles the documents to fill out regarding this tax.

If registration of the title is to be as joint tenants and only one of you is eligible to apply for the exemption, then you would only have to pay one half of the tax.

i.e. Purchase price is: $250,000

Your Property Transfer Tax is 1% of the first $200,000 and 2% on the balance, which comes to $3,000.

As just one of the buyers is eligible, deduct 50% of $3,000

Therefore you Property Transfer Tax is $1,500

Condo Completion Cost Guide

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:18:07 -0700

Condo Completion Cost Guide

Property Transfer Tax: This tax is 1% on the first $200,000 of the sale price and 2% on the remainder. First-time buyers may be exempt from paying this tax. See the next page for details.

Prepaid property taxes or utility bills: You will have to reimburse the sellers for any prepaid property taxes or utilities.

Home Inspection fee: I always recommend that you get a home inspection by a certified home inspector. It will cost you approximately $350.

Legal fees: Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will be approximately $800 which will include Disbursements to Land Titles Office ($300).

GST: is only applicable on new condominiums. There is no GST on resale condos unless there have been substantial renovations to the property. If you buy a newly constructed home, you must pay the 7% GST. However, if your house is less than $450,000 you may be eligible for a rebate.

Home purchases - additional costs

Survey fee: Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350.

The Major Elements of an Offer

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:17:00 -0700

You've found the home you would like to purchase, now what? Here is where your realtor's expertise really comes into play. With his or her in-depth knowledge of market conditions an offer will be put together which will include:

Price: depending on the local market conditions, your opinion of value and market information provided by your agent, the price you offer may be different from the seller's asking price.

Deposit: the deposit shows your good faith and will be applied against the purchase price of the home when the sale closes. This is typically around 5% of the purchase price.

Terms: includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.

Conditions/Subjects: these will include "subject to home inspection", "subject to obtaining financing" and a few others depending on the home.

Inclusions and Exclusions: these might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

Closing and Possession Date: generally closing date and possession date are 1-2 days apart. This gives the banks and lawyers time to transfer funds and title to your name.

How to Make an Offer

• When it comes time to make an offer, your agent will provide current market information and will draft up an offer.

• Your agent will communicate your offer to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Your agent will can guide you through this process.

• Your offer to purchase will be presented as soon as possible. The seller may accept the offer, reject it, or, in most cases, submit a counter-offer.

• The counter-offer may be in reference to the price, the closing date, or any number of variables.

• The offers can go back and forth until both parties have agreed or one of you ends the negotiations.

What is your Budget?

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:14:35 -0700

What is your Budget?

Before you start looking for a home, it is important that you become aware of how much you can afford to pay. This knowledge will allow you to spend your valuable time looking productively at homes which are within your predetermined price range. You can calculate a relatively accurate figure for yourself with the following information:

$ ___________ Down-payment

$ ___________ Plus: The amount of financing you can receive by the bank that allows for

comfortable payments.

$ ___________ Minus: Closing costs

$ ___________ Equals: Maximum price

As a general rule, the down-payment should be as large as possible. The less money you borrow, the smaller your monthly payments. Your deposit will form part of your down-payment. A deposit usually consists of 5% of the purchase price and is paid via Money Order or Certified Cheque 24 hours after subjects are removed from a contract.

Why use a Real Estate Agent?

SEYON KIM REALTORÂ® — Mon, 26 Mar 2012 11:12:47 -0700

Why use a Real Estate Agent?

In our highly competitive market, the services of a qualified real estate agent is of the utmost importance. The most desirable properties are being sold within days of hitting the market and in some cases, before they hit Realtor.ca.

Realtors use the 'MLXchange' system that only licensed realtors have access to. Properties come up on 'MLXchange' a few days before they hit the market and realtors can set up automatic searches that will email their client the minute a property comes up on this system.

This gives their client the advantage of seeing new properties before anyone seeing it on Realtor.ca

Some other reasons to use an agent are:

• Agents are experienced negotiators who will manage your offers and counter-offers.

• An agent is familiar with the neighbourhood and can give you information on local real estate values, taxes, utility costs, services and amenities.

• An agent is familiar with the entire home purchasing process and can advise you of your legal and financial options as well as recommend appraisal, home inspection and contracting services.

• An agent can pinpoint homes that fit your needs and dismiss those that do not, saving you time.

An agent knows the potential problem areas in a house or condo and can guide you away from "lemons" and "leakers."

How does a Real Estate Agent get paid?

Realtors can work for the buyer, seller or both but in most cases they work for either the buyer or seller. The buyer's realtor is normally paid a sales commission by the SELLER upon completion of the sale.

This may seem surprising, but the seller pre-arranges to pay this when their client lists their property for sale, in order to attract realtors with buyers in tow. Therefore the buyer does not pay his realtor any commission.

Tip for Preparing Your Home for Sale

SEYON KIM REALTORÂ® — Thu, 26 May 2011 11:25:31 -0700

Sellers often underestimate the effect that small details can have on the appeal of their home. A minor makeover can improve the home’s general “wow” appeal, making it sell faster, or even for a greater price.

First Impressions Do Count

Tidy up your front entrance.
If it is at all worn, paint or replace your front door.
Consider pet or food smells in your home and do your best to make them pleasant (see rule #4 below).

Important Updates

Replace faded, peeling or torn wallpaper.
Repair or replace worn woodwork.
Paint a neutral color over walls that look old or were previously painted too boldly.

Brighten It Up

A dark home just isn’t as inviting, so open the curtains and blinds.
Turn on all lights during evening showings.
Replace any steamed up double pane windows or old-looking tinted windows.

Simple Repairs Can Make a Difference

When a buyer sees things that need fixing, they see dollar signs, and begin to wonder what else might need work that they can’t see. Be sure to repair any loose knobs, sticking doors and windows, warped cabinet drawers, broken light switches and other minor flaws. These defects detract from the value of the house.

Clear the Clutter

Remove all unnecessary articles from your closets and garage. Spacious rooms and large storage spaces are a great selling feature.
Consider having a garage sale to dispose of unwanted items.
Look into renting storage for larger items or boxes of things you aren’t ready to part with but don’t use every day. Include your favorite trinkets and excess ornaments. They won’t have the same sentimental value to potential buyers and only distract from your home.
Look around your home to determine where you can reduce a cluttered appearance.

Safety First

Keep stairways and hallways clear.
Don’t overload electrical outlets.

Clean It Until It Shines

Clean windows and appliances.
Steam clean or replace carpets.
Glue back any peeling wallpaper.
Remove ashtrays and throw out the trash. Give the buyer the impression that your home has been well maintained.

Nice Bathrooms Sell Homes

Check and repair caulking in bathtubs and showers.
Clear up any mildew stains.
Display fresh, clean towels and make the room attractive.
Spray a light fragrance and make the room pleasant smelling.

Arrange Bedrooms Neatly

Remove excess furniture.
Make the beds with clean, attractive bedspreads.
Consider laundering the curtains.

Don’t Cause Controversy

Not everyone shares your sense of humor or political views. Remove any signs, posters or art that might be controversial or offensive to prospective buyers.
Neutralize bold and trendy wall colors.

Now that your home has been visually staged, here are some well-tested rules geared toward helping your home to show easily and effectively:

Rule #1: Three’s a Crowd

Try to be somewhere other than home during showings. The goal is to have the buyer feel relaxed, and not rushed, when viewing your home. If you are present, they may not be comfortable looking at details or asking questions. Further, it is the REALTOR® who knows what the buyer is looking for. They are better able to emphasize those key points if you aren’t tagging along.

Rule #2: Keep the Music Down

Having easy-listening or classical music playing in the background adds to the ambiance of your home, but be sure to keep the volume low so that the REALTOR® and buyer can talk easily.

Rule #3: No Pets Allowed (not a hard and fast rule but it will help)

Keep all pets, pet beds, litter boxes and feeding dishes out of the way—preferably out of the house.

Rule #4: The Fastest Way to a Buyer’s Heart is Through Their Nose

Smells make up an important first impression. Bake cookies or bread, or place cornmeal in a pie plate in a warm oven on the day of the showing. The aroma will make the potential buyer feel welcomed. Be sure to turn off the oven before leaving the house, though.

Rule #5: Have Maintenance Records Available

Have copies of your air-conditioning, heating and water bills for the past 12 months available. Also be ready to show all home improvement and repair bills (e.g. showing when the new roof was put on and when a new water heater was installed).

Rule #6: Keep Quiet

Let your REALTOR® discuss price, terms, possession and other factors with the buyers. Your agent is qualified to bring negotiations to a favorable conclusion.

Rule #7: A Little Money Goes a Long Way

Cooperating with suggested home beautification tips and cosmetic repairs will increase a buyer’s interest in your home. Remember that making these improvements increases your home’s value and helps to close the sale more quickly.

Call Seyon today at 604-724-9999 for your free no obligation expert consultation to get you and your family moving in the right direction and getting top dollar for your home.

Conditions Are Ripe for Homebuyers in BC

SEYON KIM REALTORÂ® — Fri, 26 Nov 2010 11:50:16 -0800

Conditions Are Ripe For Homebuyers In BC

FRIDAY, 26 NOVEMBER 2010 11:01 WRITTEN BY NEWSROOM

Recent reports are suggesting that the time might be right to purchase a home in British Columbia.

For those renters, who are readying themselves to make the leap into Home Ownership, but felt that economic factors were holding them back, the market may be ripe, and time to take the plunge. A recent report from the British Columbia Real Estate Association (BCREA) hints that the balance of power has shifted to home buyers, with an increase in inventory propelling this shift.

Check out this article

Mixed Reactions To Landmark Deal Between CREA and The Competition Bureau

Details of a landmark deal between the Canadian Real Estate Association and federal Competition Bureau were met with mixed reactions this morning when they were finally released to the public. The agreement was posted on the Competition Bureau website (see link at the bottom of this article) Monday shortly before noon Eastern Standard Time. That came less than a day after representatives of almost 100 boards and associations voted 97 per cent in favour of the CREA deal, avoiding a costly court...

Says Cameron Muir, Chief Economist with the BCREA: “Total active residential listings in the province have declined 18 per cent since June. However, the housing market remains tilted in favour of homebuyers. BC home sales have posted moderate gains since the summer months," Mr. Muir continues, "Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”

Magic words for anyone worried about taking on a mortgage payment, the normalization of both short-term and long-term interest rates will be deferred. So then, most BC households with variable rate mortgages will pay lower amounts than would have been anticipated at the beginning of the year.

They are ready to share the wealth too. New homebuyers or homeowners whose mortgages are coming up for renewal will be offered a second chance at securing rates at levels which have not been seen since the recessionary lows, which would assist new homebuyers ( and current ones too for that matter) in budgetary planning.

The BCREA mortgage rate forecast suggests that they current low-rate situation will extend into 2011, when there is thought that there will be a new round of tightening by the Bank of Canada. When the economy returns a little more to normal, interest rates will climb again at a controlled pace.

The forecast for a one-year fixed rate at the end of 2010 is around 3.20 % and will likely reach 4.05 % t by the end of 2011. The five-year fixed mortgage rate is forecasted to end 2010 at 5.35 % and to continue up to 6.10 % by the end of 2011.

So, with these low interest rates, that are expected to rise soon, and the good selection from a large inventory, condition are currently pretty favourable to make the move to home ownership.

Why interest rates are going nowhere fast

SEYON KIM REALTORÂ® — Sun, 10 Oct 2010 00:58:35 -0700

By Michael Babad
Globe and Mail Update

October 8th, 2010

Bank of Nova Scotia expects short-term borrowing costs to remain at ultra-low levels well into next year as the global economy moves into a "slower lane of growth."

In a new forecast, Scotiabank economists, like others, say the rebound that began midway through last year has lost "considerable momentum," notably in major industrialized countries where government stimulus is expiring and consumers are cutting back. Central banks will in turn hold the line on the exceptionally low interest rates used to fight the recession.

"Monetary policy in this environment is expected to remain exceptionally accommodative well into 2011, keeping short-term borrowing costs at essentially 'rock-bottom' levels for the foreseeable future to help bolster market liquidity, facilitate refinancing activity, and promote borrowing-to-buy," the report says. "Japan recently lowered its benchmark rate to 'zero,' and undertook another round of government bond purchases. Similar stories are likely to play out in the United States and the United Kingdom where stumbling economies, fiscal restraint, and deflationary concerns have surfaced."

Scotiabank projects that the Bank of Canada will hold its benchmark overnight rate at 1 per cent until the third quarter of next year, and then hike by one-quarter of a percentage point, followed by a half-point increase in the fourth quarter.

Economists believe Friday's jobs report from Statistics Canada, which showed the labour market cooling somewhat, will stay the Bank of Canada's hand. It next meets Oct. 19.

"Renewed solid job gains will be tough to come by in the months ahead amid the lacklustre pace of underlying growth," said BMO Nesbitt Burns deputy chief economist Douglas Porter. "This solidifies the view that the Bank of Canada is now on hold. "

The Federal Reserve will remain near zero until the fourth quarter of 2011, followed by a projected quarter-point hike, the European Central Bank will stay at 1 per cent until it brings a quarter-point increase in the fourth quarter, while the Bank of England will stay at 0.5 per cent until the third quarter, then raising by a quarter-point, and another quarter point in the following quarter, Scotiabank predicts.

Top Ten Reasons to Buy in 2010

SEYON KIM REALTORÂ® — Tue, 28 Sep 2010 23:17:46 -0700

Top 10 Reasons It's a Great Time To Buy:

1. Selection, selection, selection.
Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.

2. No bidding wars.
In 2005, we knew one family who made offers on 10 homes. They lost the first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.

3. You can make an offer.
A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."

4. Patience is tolerated.
In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.

5. Due diligence is welcomed.
In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage.

6. Plenty of specs.
Buyers sometimes had to play games if they wanted a newly built home. There were lotteries and waiting lists. Some buyers even slept in their cars in order to get to the head of the line.

7. Repair requests are accepted.
After buyers complete a home inspection, they're allowed to submit a repair request to the sellers. But in the past, sellers often insisted the home be sold as-is. Many times, there were back-up buyers waiting for the primary buyers to upset the sellers, whose home was increasing in value almost daily.

8. Few, if any investors.
It's estimated that one third of all sales in 2005 were to investors. These buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.

9. Location, location, location.
Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.

10. Real financing is available.
The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!

SEYON KIM REALTORÂ® , real estate: Blog

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1) Home Buyers’ Plan

2) GST Rebate on New Homes

3) BC New Housing Rebate (HST)

4) BC New Housing Rebate (HST) for Secondary Vacation or Recreational Homes

5) BC New Rental Housing Rebate (HST)

6) BC First-Time New Home Buyers’ Bonus

7) BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

8) First-Time Home Buyers’ Tax Credit (HBTC)

9) BC Home Owner Grant

10) BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors.

Financial Hardship Property Tax Deferment Program.

Property Tax Deferment Program for Families with Children.

11) Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.

12) Home Adaptations for Independence (HAFI)

13) CMHC Mortgage Loan Insurance Premium Refund

14) Energy Saving Mortgages

15) Low Interest Renovation Loans

16) LiveSmart BC: Efficiency Incentive Program

17) BC Residential Energy Credit

18 BC Hydro Appliance Rebates

19) BC Hydro Fridge Buy-Back Program

20) BC Hydro Windows Rebate Program

21) BC Hydro Mail-in Rebates/Savings Coupons

22) FortisBC Rebate Program

23) FortisBC Efficient Boiler Program

24) City of Vancouver Rain Barrel Subsidy Program

25) City of Vancouver Greenest City 2020 Pilot Home Energy Loan Program

26) Vancity Green Building Grant

27) Local Government Water Conservation Incentives

28) Local Government Water Meter Programs

Refresh Your Patio

1. DECORATE YOUR DECK AS AN EXTENSION OF YOUR HOME

2. GET READY FOR OUTDOOR ENTERTAINING

3. ADD PERSONALITY TO YOUR DECK

4. DECORATIVE AND PRACTICAL MATERIALS TO CONSIDER FOR OUTDOOR LIVING SPACES

5. CHOOSE A STYLE THAT BEST FITS YOUR DECK

5 Tips for Successful Home Staging

1. REMOVE ALL CLUTTER.

2. FRESH PAINT.

3. FURNITURE TO SCALE.

4. ACCENTUATE THE POSITIVE.

5. KEEP YOUR TARGET BUYER IN MIND.

Make it a Smooth Move

1. Have a Basic Floor Plan

2. Be Present During the Packing and Moving

3. Make it Easy on Friends and Family

4. Keep Children and Pets Out of the Way

5. Ensure there is Parking for the Truck and if Needed Elevator Pre-Booked

6. BREATHE

Freshen Up Your Curb Appeal

Freshen Up Your Curb Appeal for Spring

1. BUST THE DIRT

2. SPRUCE IT UP

3. FLAUNT YOUR GREEN THUMB

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