Vancouver Real Estate Blog - Vancouver Realtor » First Time Home Buyer Vancouver

New Listing – 1473 E. King Edward Ave (King Edward Village) $559,000

Sebastian — Tue, 24 Jan 2012 22:17:37 +0000

1473 E. King Edward Ave (King Edward Village)

1473 E King Edward Ave

Overview

This quiet town home offers 2 bedrooms and a den in 1106 sq ft of thoughtfully laid out living space. Bedrooms are on separate floors with their own en-suite bathrooms, isolating day-to-day noise and enhancing peaceful living. A back door allows direct access to your TWO underground parking stalls, storage locker and amenities.

Main Floor, 1473 E King Edward

Details

A combination of quality construction, desirable location and great value makes this unit an ideal starter home. Generous south-facing windows provide plenty of light year round to look out at the nearby park. The ground floor is perfect for entertaining with a large kitchen, dining area, living room, 1/2 bath and patio.

Living Room, 1473 E King Edward

This is a solid, well-run complex with the balance of 2-5-10 warranty remaining. Pets and rentals welcome. It’s just 10 minutes to everywhere, on 3 transit routes and includes a library, TD Bank and Price Smart Foods.

OPEN HOUSE Sunday, Jan 28/29 2:00-4:00pm

New Listing – 1473 E King Edward Ave (King Edward Village)

New Listing – 716 – 4078 Knight St (King Edward Village)

The Thrill of Moving in Vancouver

Sebastian — Tue, 30 Aug 2011 17:15:08 +0000

Moving isn’t fun.

I had a month and a half to prepare ~ and prepare I did. Things were sorted. Bins of clothing were taken to big brothers. My already minimalist lifestyle was condensed down over the weeks to a concentrated pile of belongings I considered essential to my survival. I was determined to make this move a real downsize so that I could adjust comfortably into my little bungalow just off Main Street.

Yet, the truth remained: No one beats a move.
Despite my best efforts, my move kicked my butt ~ and to top it off the stream of frustrations were textbook in every way. Nothing is worse than thinking you’ve finished the last load of scattered little bits, and then you find a tumbleweed of random cable chords you have no idea what to do with and can’t give away. Or how about the false hope of believing all the cleaning is finally done, only to take one last look at some forgotten and find another task of serious scrubbing. And the stairs ~ oh, the apartment stairs. My knees are still recovering.

The only leg up I had on this move found it’s way to me through a friend, and I’d like to share the tip with you all. You see, I’ve always been a pack-it-on-the-day, move-it-with-a-buddy type of traveling nomad who kept the gadgets and moving trinkets to a minimum. But when my pal recommended that he lend me his frog boxes (large plastic bins with collapsible lids) and dollies (the kind with wheels, not pretty faces) I took him up on his offer. And let me tell you ~ they were so helpful in the move itself that I’m now going to recommend them to all my clients. As an added service, I’m purchasing a few sets that I will loan out to help you with your move.

The frog boxes are great because they’ve got great handles and are deep enough to accommodate a lot of items. They stack really well, and can be easily loaded onto the dollies in batches of six. It really makes a difference to be able to load up carts in uniform containers. The efficiency and time saved was… a life saver. Feel free to give me a call if you’d like to borrow them. I assure you, it’s worth it!

I’m going on seven days now and most of the mayhem has been at least temporarily stored. Now the real fun of decorating and outfitting my new place begins. Of course, I’m optimistic this will be my last move for a while. I suppose that’s what we all wish for… here’s hoping.

If you want to stay on top of the Vancouver real estate market, then you’ll want to keep an eye on my Vancouver real estate statistics. You can find detailed numbers on what’s happening broken down by month, week and even by day. In addition, you can see an overview for a variety of different communities in the city.

Contact Sebastian, Vancouver Realtor or send me a quick email.

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July 2011 Real Estate Board of Greater Vancouver MLS Statistics

Sebastian — Thu, 04 Aug 2011 20:53:47 +0000

Vancouver Real Estate Statistics for July 2011

Monthly Vancouver Real Estate Statistics - July 2011

Vancouver Market Remains in Equilibrium Through Summer

Market conditions remained balanced for July 2011, with home sale levels in Greater Vancouver Area below the 10 year average for July.

In Vancouver proper, (1613) New Listings came on to the Market in July 2011. Down (-9.03%) from 1773 listings in June, we might be seeing the effects of typical holiday and travel months for families. However, compared to levels of inventory we saw last year in July (1318), listings are up twenty-two percent (+22.38%). The benchmark price of a detached home in Vancouver in July 2011 was $1449,174, up (+24.23%) from this time last year.

On both the East and West sides, the amount of new listings for sale were fewer in July than June (274 and 1096); a month to month decrease of (-15.43% and 13.43%) respectively. Interestingly, the benchmark price of Apartments on the West side was up from June to July (+8.11%), reaching $518,396. We also saw a slight increase in the benchmark prices of detached homes on the East side, up (+2.28%) to $854,004.

Sales in July in Vancouver reached 816, demonstrating an ease-off in the level of sales activity (-14.47%) as the city embraces the summer sunshine, down from (954) sales in June. However, the number of homes sold this past month is nearly identical to the actual sales numbers of July 2010 (818, up +.024% Y-Y), even though the amount of inventory was much higher one year ago.
Market activity is consistent in comparison to last month with (3668) active listings in July 2011. These numbers are up (+2.69%) from June 2011 (3572). Active listings on the market this year are still under (-24.23%) those record-high levels of properties for sale at this time last year (4695).

The Vancouver Real Estate Board’s official line

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

More Vancouver Real Estate Statistics

Contact Sebastian, Vancouver Realtor or send me a quick email.

First Time Buyer: Is now the time to buy?

Sebastian — Tue, 10 Nov 2009 19:07:27 +0000

In this video blog, Vancouver realtor Sebastian Albrecht provides some advice to potential first time buyers of Vancouver real estate. No matter where you live, you are paying someone’s mortgage. Rather than pay your landlord’s, why not put money in your own pocket? It’s advice Sebastian took when he bought his first Vancouver condo.

Please share your opinion on this, or any other Vancouver real estate topic by contacting Sebastian at sebastian@sebastianalbrecht.com. Sebastian Albrecht video blogs regularly about Vancouver real estate. You can find all of his Vancouver real estate video blogs here.

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Is the worst behind us? – Vancouver Real Estate

Sebastian — Tue, 09 Jun 2009 19:58:05 +0000

Balanced markets emerging

If you’ve been reading this blog lately, or just watching the For Sale signs on your street, you know that the Vancouver real estate market has come back to life. In a number of recent posts, I’ve pointed out that this resurgence began with the reappearance of the first-time home buyer into the Vancouver real estate market.

“The majority of the decline in home prices has already occurred,” Cameron Muir, the chief economist for the BCREA said in a press release. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these area.”

Affordability piqued in April

According to the BCREA housing affordability in BC piqued at a three-year high in April 2009 when a combination of low home prices and low interest rates resulted in carrying costs for an average home dropping 24% over the previous year.

Imagine that. In just one year, homes were on sale for a 25% discount. That’s a very, very significant savings and it’s absolutely no wonder that droves of first-time buyers (as well as investors) have come back into the market.

“A significant increase in affordability has brought many first-time buyers into the market,” added Muir. “First-time buyers were largely absent in the late fall and winter, making it more difficult for move-up buyers to sell their current homes. The chain of ownership is now being oiled.”

An anecdote with multiple offers

What kind of affect is this resurgence having in the market? Let me illustrate with a personal anecdote.

After a long day of work this past Sunday I went back to my downtown Vancouver Royal LePage office to write up an offer for a client that I’d met at my open house at King Edward Village. Usually, our real estate office is pretty quiet late on a Sunday evening.

There were three of us this night and all of us were writing offers for eager buyers. Every one of us were also writing offers for properties that were in multiple offer situations (where more than one interested party had written an offer on the listed property). One listing had 15 offers, one had 9 and the other had 2…at a time where most people think we are in a buyer’s market.

Demand is rising while supply is falling

This goes to illustrate the fact that there are a lot of ready buyers in the Vancouver real estate market right now. While people are willing to buy, there is very little in the way of quality properties that are appropriate for first-time buyers and investors. In fact, we have the lowest number of active listings on the market right now in well over a year.

Many are competing for the few, and this has halted the downward pressure on prices. In fact, we may be seeing the beginnings of upward pressure.

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First Time Buyers Active in Vancouver Real Estate

Tue, 02 Jun 2009 19:36:43 +0000

Where we are coming from

Right now we are seeing a resurgence in the Vancouver real estate market. Beginning in the early spring of 2008, the market began to cool off considerably. By the time that fall 2008 arrived the market had stalled. The number of listings in the city of Vancouver had ballooned while sales had fallen away precipitously.

First Time Home Buyers

What we saw in the fall of 2008 was that first-time buyers completely disappeared from the market (you can read my blog post about Vancouver first-time buyers here). This is a critical group of buyers in any market. They allow current sellers to move up in the market. They are also often the first group of buyers to exit a declining market, and the first group to come back when things are looking up.

I’ve been writing for months about the strengthening of the Vancouver real estate market. One of the biggest reasons that this has happened is that first time home buyers have come back into the market in droves. These buyers are purchasing homes from sellers that weren’t able to sell and thus weren’t able to move up and purchase from the next seller. In a nutshell, first-time buyers broke the logjam of the Vancouver real estate market.

When you are ready

If you feel as though you are ready to purchase your first home, or if you’d simply like to discuss your options further, I am here to help. Feel free to send me an email or give me a call.

Please Donate

On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Donate to the Royal LePage Shelter Foundation

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How to Decide If You Are Ready to Buy Your First Home

Fri, 15 May 2009 19:16:53 +0000

When thinking about buying your first home, you need to consider whether or not it is the right decision for you. There are enormous differences between renting your home and owning it. One path isn’t necessarily better than the other, it just has to be the right decision for you.

Before committing to such a significant purchase, you’ll want to carefully think through the decision. It is important to consider if you are ready for the responsibilities of owning your own home both financially and emotionally.

Pros and Cons

There are pros and cons to buying your first home, and these can change from one person to another. For instance, some people might yearn for their own yard to grow their own vegetables while others might not want the hassle of maintaining an outdoor space (something that they’d prefer their landlord did).

Weighing your options and making lists

I find it extremely helpful to use lists to help me through the decision making process. The first step when considering whether or not you want to be a first time home buyer is to write out a list of the pros and cons. If you are a couple, write out separate lists first and then combine them together.

Important questions to ask

Here are some questions that you might want to consider when considering whether buying your first home is right for you:

Do you have a steady and reliable income?
Do you have money saved for a down payment?
Will adding a mortgage to your current expenses be a financial struggle?
Do you have a good record of paying your bills?
Are you willing and able to maintain and repair your property and home?
Do you feel that owning a home would make you feel more connected to your community?
Do you want to be able to decorate your home as you wish without needing to seek permission?
Do you feel that your quality of life would improve if you own your own home?
Do you want to remain in your current community for the foreseeable future?

Taking your time

You do not need to be 100% ready to move forward with a home purchase, however it’s a good idea to have a good idea of what you are looking for, and a knowledge of what to expect. Owning a home is a major achievement in our lives, so don’t feel pressured or rushed to make any decision. When you are ready to make the commitment, you will know it.

When you are ready

If you feel as though you are ready to purchase your first home, or if you’d simply like to discuss your options further, I am here to help. Feel free to send me an email or give me a call.

Please Donate

Donate to the Royal LePage Shelter Foundation

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Insights Into First-Time Home Buyer Trends in Vancouver

Fri, 01 May 2009 21:37:08 +0000

Background

Recently, the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board commissioned the Mustel Group to carry out a study of residential home buyers and sellers in 2008. This survey included 705 respondents from the REBGV and 395 from the FVREB.

This is a fantastic survey that looks at the real estate transactions of these 1100 respondents in minute detail. The information contained within is invaluable to real estate investors, first-time buyers, realtors and anyone that is interested in Vancouver real estate.

Vancouver First Time Home Buyers

What jumps out at me most when looking at this chart is how the number of first-time home buyers declined from 2006 through to 2008. 31% of respondents were first-time home buyers in 2006 and only 22% of respondents were in 2008.

My interpretation of this is that first-time home buyers stopped buying in 2008. The market was still strong at the beginning of 2008, but most first-time home buyers were priced out of the market. To a large degree, affordability was why the music stopped (along with declining consumer confidence that was the result of what was happening in the United States) and many first-time buyers stopped looking at a real estate purchase as a viable option.

Vancouver First Time Home Buyers

From mid-summer of 2008 through to the end of the year first-time buyers were almost non-existent in the marketplace. They did not HAVE to buy and so they didn’t. Along with investors, they were probably most obviously absent from the Vancouver real estate landscape in the latter half of 2008…and I think that this data supports that.

Where did they go?

The data also suggests that while first-time buyers disappeared in Vancouver, they may have been looking in the Fraser Valley (where prices were less and affordability not as great of an issue). Of course, this is hard to prove or measure precisely as there is no comparable data for 2006 for the Fraser Valley.

If this same survey were done today, I suspect that we’d have a far higher percentage of first-time buyers. It is the first-time buyers that are most active and are really driving the turn-around (dare I say it?) of the Vancouver real estate market.

If you are a first-time home buyer in Vancouver, contact me to get started in your search. It’s important to work with a real estate agent that has the experience and knowledge to help you navigate the Vancouver real estate market.

Please Donate

Donate to the Royal LePage Shelter Foundation

More Info on Vancouver Real Estate

If you’d like to learn more about the Vancouver real estate market generally you can check out this page.

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

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First-Time Home Buyers With Large Downpayments No Longer Punished

Sebastian — Fri, 27 Mar 2009 16:35:08 +0000

When a property changes hands in British Columbia the provincial government levies a tax (the Property Transfer Tax). All buyers of real estate in Vancouver must pay the Property Transfer Tax when they make their purchase. However, there is an exception to this tax and that is for the first-time home buyer.

To qualify for the exemption, there are requirements for first-time home buyers. I wrote about these requirements in my blog last year. Since that time, there were changes made to the First-Time Home Buyers program in the 2008 provincial budget.

The increase in the threshold for first-time buyers to qualify for the program was garnered the majority of the attention. This amount was raised from $375,000 to $425,000. What was lost in the shuffle was that they did away with any of the financing requirements.

“If a property purchase is registered on, or after, February 20, 2008, the purchaser is no longer required to meet any financing requirements to qualify for the FTHB program.

If a property purchase is registered before February 20, 2008, the purchaser must meet the financing requirements that were in place when he or she purchased the property. However, effective February 20, 2008, all purchasers (including persons who purchased their property before February 20, 2008) are free to pay down any amount owing on their mortgage. For details, please see the section below, Requirements that Must be Met During the First Year the Property is Owned.”

The preceding information on the First time home buyers’ program was taken from the this provincial government document.

What this means is that first-time home buyers are no longer required to put less than 30% down when they make their purchase. They are also no longer limited to paying a maximum of $13,000 down in the first year. First-time buyers are no longer being punished for saving their money.

Amazingly, most people are still not aware of this information. Despite the rules having changed over one year ago (in February, 2008) many buyers, realtors and lawyers are still operating under the old set of rules. If you are a first-time home buyer, you need to make sure that you are working with a realtor that understands the unique situation you are in. A realtor that has the experience and knowledge to get you the best possible deal on the home that you really want.

More Info for Vancouver First Time Home Buyers

Are you a first time home buyer? Finding it hard to get the information that you need to make an informed decision in today’s real estate market? You’ll find the resources that you need tailored for you, the Vancouver First Time Home Buyer here.

Give me a call, or email me if you have further questions…or if you’d like let me help you begin your search.

Copyright © 2009 Vancouver First Time Buyers in the Vancouver Real Estate Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”First-Time Home Buyers With Large Downpayments No Longer Punished”

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Are First-Time Homebuyers Driving the Vancouver Real Estate Market?

Sebastian — Fri, 13 Mar 2009 18:22:20 +0000

As I talked about in my post yesterday, first time buyers are returning to the Vancouver real estate market in significant numbers. Well-priced, good quality homes are selling fast and even the odd multiple offer is occurring.

There is another article about the first-time buyer phenomenon in today’s Globe and Mail.

We often see first-time buyers driving the market when it hits bottom. These buyers have the greatest flexibility to take advantage of lowered prices (and right now the incentive also includes tax breaks as well as low interest rates) because they don’t have to sell anything first.

When first-time buyers move into the market, the homes that had been languishing get sold. Those sellers are then able to move on to their next purchase and the result is that a stagnant market gets rejuvenated by the initial purchases of the first-time buyers.

Vancouver real estate sales in February were way up over January. The greatest activity was in the markets that would traditionally be active amongst first time buyers. However, I am now beginning to hear of anecdotal evidence that higher priced listings are also beginning to move. I wonder if the Vancouver MLS statistics this month will show any concrete evidence of this…or could it be wishful thinking?

More Info for Vancouver First Time Home Buyers

If you have questions, or would like to get started on your search, contact me here or send me a quick email.

Copyright © 2009 Vancouver MLS Statistics in the Vancouver Real Estate Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Are First Time Homebuyers Driving the Vancouver Real Estate Market?”

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