North Vancouver Real Estate

New Law Requires Real Estate Agents to Collect and Verify ID of Buyers and Sellers

August 28, 2008 – 12:16 pm
New federal laws and regulations designed to prevent money laundering and anti-terrorist financing went into effect June 23, 2008. Realtors must obtain proof of identity from all parties in any real estate transaction, even if one of the parties is not represented by a real estate agent. Realtors must also track the source of funds received during the course of a real estate transaction, such as the deposit. If the client is a corporation, corporate documentation and the names of the corporation directors must be provided and the corporation must disclose if a third party is involved in the transaction. "Real estate agents have had legal obligations under the federal government's push to prevent criminal activity and terrorism since 2001, when Canada's first comprehensive laws to combat money laundering and terrorist financing were introduced," says RAHB President, Ann Cosens. “Real estate agents were required to report only suspicious transactions or transactions ...

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Real Estate Fraud - How to identify it and protect your property

August 13, 2008 – 2:45 pm
According to Statistics Canada, "At the end of 2003, individuals and unincorporated businesses held more than $1.6 trillion in residential structures and land– or about one-third of all assets held by individuals." By mid-2005, Canadians owed $617 billion in outstanding residential mortgages. Over the past 15 years, residential mortgage credit has grown by an average of 6.4% per year. That is an enormous amount money–and an enormous opportunity for organized crime and fraud. What is real estate fraud? Real estate fraud is a broad term used to describe the different types of fraud that the real estate industry faces. 1. Mortgage fraud Mortgage fraud most often affects financial institutions that lend money for purchasing property. The most common form of mortgage fraud involves fraudsters acquiring property and then artificially increasing the property’s value through a series of sales and resale transactions between the fraudster and someone in cooperation with them. A mortgage is then ...

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July Market Update

August 6, 2008 – 11:11 am
Month-over-month housing prices retreat from record highs VANCOUVER, B.C. – Aug 5, 2008 – As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008. Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period. The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008. “We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into ...

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MARKET REPORT FOR JUNE, 2008

August 6, 2008 – 10:51 am
VANCOUVER, B.C. – July 3, 2008 Increased property listings and moderating home prices have eased the Greater Vancouver housing market into a buyer’s phase. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007. New listings for detached, attached and apartment properties increased 18.3 per cent to 6,546 in June 2008 compared to June 2007, when 5,533 new units were listed. “Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt. “Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market." Sales of detached properties in June 2008 declined ...

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MARKET REPORT UPDATE

June 4, 2008 – 1:13 pm
Growing supply helps stabilize market conditions  VANCOUVER, B.C. – June 3, 2008 – The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007. New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed. “With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt.  “The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from." Sales of detached properties in May 2008 ...

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May 28, 2008 – 10:05 am
"Never believe that a few caring people can't change the world.  For, indeed, that is all who ever have." Margaret Mead "The answer is in thy heart.  Thee can always hear it, if thee listens for it." Elizabeth George Speare "Gratitude is not only the greatest of virtues, but the parent of all the others." Winston Churchill "Failure isn't in not reaching your goal, but in having no goal to reach." Benjamin Mays

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WI-FI, The whys and wherefores

May 28, 2008 – 9:59 am
Not long ago, Wi-Fi technology way only available at certain businesses and in a few homes. But now it is virtually everywhere - in airports, hotels, bars, restaurants and many residential communities and even government institutions.  Such rapid advancement indicates that Wi-Fi will soon become commonplace in most populated areas across the country, making it a subject of interest to many homeowners. What exactly is wi-fi? Wi-fi means "wireless-fidelity" and is a term registered by a non-profit group known as Wi-Fi Alliance.  The organization promotes international standards for wireless technology and certifies products that  with those standards.  Wi-Fi technology allows a portable computer that is being used in multiple locations, to access remote information without having to be continually unplugged and plugged in again at the next location.  to accomplish this, the computer requires a rechargeable battery to maintain power and a built-in Wi-Fi signal receiver, commonly known as a "wireless card" ...

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MARKET UPDATE, MAY 2, 2008

May 22, 2008 – 7:35 am
New listings outpace sales to start the spring cycle VANCOUVER, B.C. – May 2, 2008 – An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,218 in April 2008, a decline of five per cent from the 3,387 sales recorded in April 2007, and a 3.8 per cent drop from the 3,345 sales in April 2006. New listings for detached, attached and apartment properties increased 25.6 per cent to 7,010 in April 2008 compared to April 2007, when 5,580 new units were listed. “Residential sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record-breaking activity for most of this decade,” ...

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FAMILY FAVOURED HOME SELLS QUICKLY

April 22, 2008 – 12:58 pm
Well, that didn't last long!  A wonderful 5 bedroom family home on a cul-de-sac sold in less than a week, with 3 competitive offers.  If you are considering selling your home that suits a family, give me a call, I have more buyers still in the market. 

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DON’T HAVE ‘ALARMING’ NEWS

April 22, 2008 – 12:46 pm
Every spring and fall, residents are reminded to check and replace the batteries in their smoke alarms and CO2 detectors.  This is a good practice and since it is tied to a regular calendar event, is easy to remember.  Another less common but equally important thing to remember is to check the expiry date (if any) on your alarm units.  These detectors have chemical strips or chambers that react to gases.  These mechanisms can break down over time.  If your smoke or carbon monoxide detector is over five years old, consider replacing it.  For more information, check with your local fire department, or contact the warranty department for the unit.  when you do get a new unit, be sure the replacement year is clearly marked, so you can check it as part of your spring and fall season battery changes.

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