REW Home Buyer's Resource Guide 2018

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HOME BUYER’S RESOURCE

GUIDE

In partnership with Greater Vancouver Home Builders’ Association

Your complete step-by-step guide to home buying in BC

Welcome Navigating the five phases of home buying The Home Buyer’s Resource Guide is your one-stop shop of advice for the entire purchasing process As a real estate writer and multiple-time home buyer myself, I like to think I know a thing or two about buying homes. Reflecting on the theme for this year’s annual Home Buyer’s Resource Guide, I concluded that the process really comes down to five distinct phases.

Joannah Connolly Editor-in-Chief Home Buyer’s Resource Guide Joannah Connolly writes and curates real estate news for Glacier Media’s local newspapers, including the Vancouver Courier, and is editor-inchief of Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier’s special real estate publications, including this guide.

She appears regularly on radio, TV and industry panels discussing the Vancouver real estate market.

First off, arguably the most fun part – dreaming. You realize a home of your own is a possibility.

You start researching listings late into the night. You begin saving furiously for that down payment.

If you’re moving far from home, you imagine life in your new city. It’s all so exciting!

Then you have to start really preparing for those dreams to become a reality. What kind of mortgage should you choose? Can you even get a mortgage in today’s market? Which real estate agent should you work with? This is where you get your team of expert professionals together.

Third is another fun phase: choosing your home. What do you want, and what do you really need?

Should you buy a presale home? How can you use an open house to see if a home is right for you?

And after you’ve seen dozens with no luck, how do you stay motivated?

Phase four is highly stressful – bidding on a home. This is where it is all on the line. For some purchases, it’s a calm negotiation; for others, it’s an intimidating, multiple-offer, blind bidding war.

But don’t worry, we have expert advice on coming out on top.

The final phase is all about securing your home once a bid is successful. An accepted offer is just the beginning of the legal and contractual process, which usually involves home inspections, subject removal, meetings with the lawyer and a host of closing costs. We have the skinny on how it all works and how to end up with those keys in hand.

From start to finish, the Home Buyer’s Resource Guide has got your buying questions covered.

Happy house hunting!

Let us help you with your home The purchase of a home will be one of the largest investments in your lifetime. Getting it right, and buying with confidence is essential.

Focused on helping consumers buy, build and renovate homes, the Greater Vancouver Home Builders’ Association (GVHBA) represents over 1,050 members including builders, developers, renovators, manufacturers, suppliers of building products, government agencies providing new home warranty programs, and industry professionals such as lawyers, real estate agents, insurance companies and financial institutions.

Strong advocates of education for both our members and consumers, the GVHBA offers an annual Homebuyer Forum, Home Renovation Show and Parade of Renovated and Custom Homes to connect homeowners with the experts, who can help you buy smart and make the right decisions for you.

I highly recommend attending GVHBA’s free events and accessing additional home buying and renovation resources via the GVHBA website. Visit www.gvhba.org for details. Our goal is to help you reach yours.

Representing the residential construction industry in Metro Vancouver since 1974, the Greater Vancouver Home Builders’ Association (GVHBA) is a not-for-profit association proudly affiliated with the provincial and national Canadian Home Builders’ Associations.

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HOME BUYER’S RESOURCE GUIDE 2018

Bob de Wit is the CEO of the Greater Vancouver Home Builders’ Association (GVHBA), a not-for-profit society representing the residential construction industry in the Greater Vancouver Area. Celebrating 40 years in 2014, GVHBA has more than 870 members and is proudly affiliated with the provincial and national Canadian Home Builders’ Associations.

Follow Bob @rdewit or email bob@gvhba.org for renovation tips and industry trends.

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Dreaming Dre Set your (realistic) goals S Maximize your down payment See what’s out there Get set for a successful relocation

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4.

Bidding Maximize your chances How we won our home-buying battle Pre-contract considerations

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GUIDE PUBLISHER: Janai York

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EDITOR-IN-CHIEF: Joannah Connolly

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PRODUCTION: Darko Isic

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DESIGNERS: Annette Spreeuw, Arslan Sultan

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ADVERTISING SALES: 604-435-7977

Choosing When is the best time to home-hunt?

Presale pitfalls and how to avoid them Eight essential open-house questions Riding the emotional rollercoaster The right home for your lifestyle Home hunting wants and needs

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5.

Securing FAQs on subject removal Ask the expert: What is a home inspection report?

What to expect from strata documents Closing your purchase – and the costs

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PLUS… 34

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Preparing How to find a great agent Understanding today’s mortgage environment Choosing the right mortgage Getting financing in a hyperinflated market Documents needed for mortgage pre-approval

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HOME BUYER’S RESOURCE

Our directory of industry associations and suppliers to help you find your A-team of professionals

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VANCOUVER HEAD OFFICE: 303 West 5th Avenue, Vancouver, B.C. V5Y 1J6 COPYRIGHT: Home Buyer’s Resource Guide is published by Real Estate Weekly Partnership. Copyright 2018.

While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of Home Buyer’s Resource Guide, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of Real Estate Weekly Partnership.

Dreaming

Set your (realistic) goals Five ways to make your home-buying dreams achievable

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t’s no secret that the housing market is a tough one to break into, especially in pricey Canadian cities like Vancouver.

Among millennials and young families alike, the idea of buying property within the city limits seems an impossible dream. But there are ways of making your dreams realistic and achievable – it’s all about adjusting some of those loftier expectations.

1. Look in less central, up-andcoming areas You know what they say: location, location, location! The attractiveness of the area you buy in contributes to a fair chunk of a home’s asking price. Rather than look at popular areas in the city, which are going to come with higher costs, consider your options a bit further out of the city where prices can be two-thirds or even half the cost – or you can get a much larger home for the same money. And if you buy in an up-and-coming location, you could see huge value gains in the future.

Look for areas with new transit or housing developments in the pipe, and new bars and cultural hot spots opening up.

2. Consider going smaller Forgoing a little space can save you a lot.

Think carefully about how much room you really need before you start looking for a larger home with a higher price tag.

For instance, while you may have always imagined you and your family living in a fully detached home with a yard and picket fence, you may find that a spacious townhouse fits the bill. And if you’re a firsttime buyer entering the market, try a small one-bedroom or even a studio to get your foot on the property ladder. Assess your needs carefully before deciding on square footage.

3. Buy larger and share On the opposite end of the size spectrum, look for places that would allow you to create additional suites to subsidize your mortgage. Sharing your property with tenants does come with additional responsibilities as a landlord, but multiple families living in a home makes it more 6

HOME BUYER’S RESOURCE GUIDE 2018

affordable for all parties. Alternatively, you may want to co-own your first purchase equally with family members or friends.

Lenders such as Vancity offer shared mortgages that also have the legal and insurance support you need to protect everyone’s best interests.

4. Get a fixer-upper An oldie but a goodie, this nugget of wisdom still holds true. Buying a home with a few more cracks and some outdated décor will help you save huge on asking price, whether you plan to renovate through contractors or put in the elbow grease yourself to build up that “sweat equity.” Just make sure the place doesn’t have any insurmountable problems that will end up making it a money pit. It’s best to deal with cosmetic upgrades only, especially if it’s your first time.

5. Give up the parking spot Another way to keep your costs low is to search out places without designated parking. Houses, townhouses and

apartments without parking spots will nearly always have lower listing prices than their counterparts with driveways or underground spaces, which can easily cost an extra $50K. To keep things convenient, look for listings in walkable areas and that are close to transit corridors and handy car-sharing options.

BONUS TIP: MAX THAT DOWN PAYMENT Another great way to make your dream home more attainable is simply by putting more money towards it. If you maximize the down payment that you can put toward your home, you’ll be able to buy a better place – it’s that simple! What’s not simple for most of us is actually getting the money together – but for some great advice, follow our tips on page 8.

BEYOND EXPECTATIONS A Time-Honoured Tradition Since 1983 If you are looking to buy a house, condo or townhome, your DEXTER REALTOR® (backed by the entire Dexter Team) has the knowledge and the experience to support and guide you through the entire process. >OLYL]LY `V\ HYL ^L JHU OLSW ,UQV` [OL ZLJ\YP[` HUK JVUÄKLUJL ^OPJO comes from dealing with professionals who care.

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Dreaming

Maximize your down payment The more cash you raise, the better the home you can buy!

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aving for a down payment is tough.

With real estate prices officially through the roof, and new mortgage requirements limiting how much you can qualify for, the amount you need for a large-enough down payment to make a home affordable can seem insurmountable. But with dedication, perseverance and some sacrifices (no more daily lattes or weekly brunches!), most people can gradually get enough money to put down on a home. Here are the five avenues you should be taking advantage of.

Old-fashioned saving It’s always been true – but never truer than today – that if you want a home of your own, you’ll need to make sacrifices at the start of your journey. But any homeowner will tell you that those sacrifices are well worth it when you finally have your place and it has accrued some equity. So take a deep breath, tighten your belt and put as much money away each month as you possible can.

Making coffee in the office instead of running out for a five-dollar latte every day can save you $100 a month. Also forgoing those weekly $25 brunches can make turn that monthly amount into $200 – and over four years, that’s around $10K from lattes and avocado toast alone. And not going on any pricey vacations for a few years can also add up to thousands.

Do you really need new clothes and shoes every few months? Etc… Working overtime If you don’t have any frivolous spending habits to crack down on, the other option is to earn more. Most of us, if we really wanted to, could find ways to earn extra money outside our regular job, or as overtime on our day job. This author, for example, raised her entire down payment by working freelance during evenings and weekends for five years, saving every single extra payment towards her home purchase fund. It can be done!

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HOME BUYER’S RESOURCE GUIDE 2018

Monetary gifts One way to really boost your savings is to put monetary gifts towards your down payment. With that goal in mind, ask friends and relatives for cash gifts if possible. Many couples also ask for cash wedding presents rather than items from a registry, with the intention of putting the proceeds towards a new home. You could even have a family member set up a savings account that people can deposit those gifts into – one that you can’t access until it’s time to pay for your home.

Home Buyers’ Plan Did you know that if you have RRSP funds, you can tap into them up to the tune of $25,000 per person to put towards a home down payment, without incurring a penalty? If there are two of you buying a home together, and you both have

enough RRSP funds, that means up to $50K towards your down payment, which is a big chunk.

Larger amount from Bank of Mom and Dad Substantial gifts or loans from relatives may be counted towards a buyer’s down payment, so if you’re lucky enough to have family with some spare cash (or an expensive home with equity they can tap into) then this is a great way to get a large chunk of money. If they can’t afford to gift it to you permanently, they can either go on title with you, or you can gradually pay them back after buying the home.

Whichever method(s) you use to raise your down payment, it’s a great idea to set your target amount and work out a system to track your progress towards that goal. It will keep you motivated and push you to save even faster. Good luck!

Dreaming

See what’s out there Don’t know where to begin your search? We know the perfect place to find your future home

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ith so many homes for sale across the region, how do you even begin looking for the right place – especially if you’re not sure which area you’re going to be able to afford, or what kind of home to buy?

The best way of assessing what’s out there is by using an online search portal for resale home listings and new developments. The region’s most comprehensive search engine is REW, which offers user-friendly functionality such as map views, favourite listings, upcoming open houses, personalized new listing alerts and much more. It’s the perfect way to ensure you find your ideal home, and makes it easy to try different parameters such as different budget ranges, various neighbourhoods and so on. It won’t be long before you know enough about what you can buy, for how much and where, that you’ll form a strong sense of what will work for you.

How REW works

1. Go to the home page at www.rew.ca and search for a home in a chosen neighbourhood. On your results page you can filter by price, bedrooms, bathrooms, property type, square footage and keywords like “balcony” – as well as applying the same search terms to other neighbourhoods. Try using different price ranges and home sizes to see what you can get for your money!

2. As soon as you set up a profile and log in, you will be able to save your home search results to look at later.

The system will also ask if you want to receive email property alerts to let you know about new listings under your parameters, ensuring you never miss an opportunity. You can also pick “favourites” by clicking on the heart on the search results or listing page, and then go back to those favourites later.

3. If location is key, try searching using the “Search by map” or “Search by neighbourhood” features, both available from the REW.ca home page.

You can filter your results by price range, bedrooms, bathrooms and

home types, and filter them further at the search results page.

4. When you’re ready to go to open houses, you can either filter your results by open houses only, or check out the dedicated open houses section. When you search in that section using your filters, you’ll only see results that have open houses in the upcoming couple of weeks.

Once you’ve done the above, you should have a great sense of what’s out there within your budget, and some property alerts set up so that when you’re ready for viewings, you’ll know exactly what’s on the market.

And don’t forget to check out the new home developments in the “Developments” section to see if a new home is a better option for you.

SEARCHING WHILE ON THE GO? We know you’ll often be looking at home listings while out and about – so REW.ca also has host of cool smartphone- and tablet-friendly features. These are: Q All of the regular home search tools such as price, neighbourhood, bedrooms, square footage, etc.

Q Search homes near me: Using your device’s geolocation settings, the mobile site will show you homes in map or list view that are near your current location.

Q Open houses near me: Using your geolocation settings, the site can also show you open houses in map or list view near your current location.

Q Instant viewings: Call or email the listing agent of a property you are interested in directly from the listing page on your smartphone or tablet.

Just go to REW.ca on your mobile web browser – you’ll be directed automatically to the mobile site.

Dreaming

Get set for a successful relocation Many people have to relocate – whether to new city or a new country.

Here’s some great advice

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ost of us don’t live in the same house from the start to the finish of our life time. We relocate. In today’s fast-paced world it’s possible, or even necessary, to plan for a new beginning in a new city, region, or in some cases, a new country. Below we review steps to consider from a global perspective, then narrow things down.

Relocating overseas First things first. You want to be safe!

The Institute for Economics and Peace publishes a report on the most dangerous and, by inference, the most peaceful countries in the world. Iceland and New Zealand take the top spots with Canada in eighth place.

If you want to buy real estate in a foreign market, it’s important to know the trends in that market place. The International Monetary Fund publishes the IMF Global Housing Watch, an annual global residential real estate report.

Relocating in Canada So what about relocating within the same country – in our case, Canada? Today, it’s easier than ever to find information about where you’re considering.

If you’re relocating to or within the Lower Mainland, or heading to Victoria or Toronto, you can of course check out all the homes listed on REW.ca, which you can narrow down by neighbourhood, home type, price range, special features, by school catchment, upcoming open houses, and so on (see page 10 for more).

If you’re going elsewhere, the Canadian Real Estate Association has centralized all MLS listings and relevant information known via census and made it available to you when browsing for potential properties on their online platforwm. It also includes an area’s demographic information, languages spoken, and so on, which helps you narrow down communities you relate to the most.

Find a good school In the event you have kids, it’s good 10

HOME BUYER’S RESOURCE GUIDE 2018

practice to look for the ideal school first and search in the catchment for your new home. In BC, the Fraser Institute provides a ranking of all schools. I also strongly suggest that you connect with the school board, as some schools have different programs to suit your children’s interests and needs.

Check it out Now that the theory part is complete, it’s time to go for a field trip. This applies equally to new country, province, town or even just a new neighbourhood.

If you need accommodation on your trip, staying in a bed and breakfast is a great way to get a feel for the area. Talk to cab drivers, bartenders and cashiers. Ask them questions like, “Do you like it here? What are some of the area’s problems?” Drive along neighbourhood high streets, past

the local school at pick-up time if you have kids. Also look up the neighbourhood’s Walk Score. This will show you the level of easy walking access to transit, restaurants, grocery stores, parks, schools, culture and entertainment. Park the car and go for a stroll.

Find your comfort zone And here’s my favorite little tip!

Look for appealing grocery stores and places you would enjoy hanging out. They offer one of the few private moments to recharge, take some time to yourself, and make you feel good. We all have different little criteria that put us in our comfort zone. Keeping hold of that during the turmoil of relocation is the secret to happiness.

Don’t be scared, just prepare and anticipate.

1\SPLU +LSIHZZtL 3LÅVU’s real estate practice focuses on the Kitsilano area and international buyers. His journey integrates experience gained as a Certified International Property Specialist with a background as a home inspector certified by Veritas with a specialization in high-efficiency homes.

He is registered with the Canadian Real Estate Association as well as the National Association of Realtors in the USA.

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Preparing

How to find a great agent If you think you can manage without a buyer’s agent going to bat for you, you’re wrong…

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hether you’re buying your first home or your seventh, it’s crucial that you have an experienced REALTOR® going out to bat for you.

Some people ignore this advice, and believe that if they represent themselves in a real estate transaction, they can get a better deal, possibly be favoured in a bidding war and even pay less for a home because the listing agent won’t have to split the commission.

But the truth is, buyers will often end up paying more for their home if they’re not properly represented. Unless you have a seasoned real estate agent who is working solely for you, and can research recent comparable sales (and negotiate the price down for you), it will be difficult or impossible for you to determine that you’re paying the right price. And in a bidding war, this becomes even more challenging.

Also, remember that you won’t pay for your agent’s services – it’s the listing agent that pays your agent by splitting their commission (and that’s already built into the asking price).

Choosing a good agent It’s clear that an experienced agent is a key member of your A-team of professionals (see sidebar) – so then, how do you go about finding one? Should you just go with a REALTOR® you already know, or a recommendation from family or a friend?

Local REALTOR® Matt Kerr says that expertise in a local area or specific building is a much better reason to pick an agent.

“One of the biggest problems we see when people use a family friend who has their licence and don’t know anything about the area they are selling in, it has trouble written all over it,” says Kerr. “When you’re looking for recommendations, ask for a referral for an agent in that area.”

Kerr says that you should always interview prospective agents. “Speak to them in person and see what kind of rapport you have. For a buyer’s agent, you can just go for a coffee and a chat.”

Questions to ask an agent These are the questions Kerr says buyers should ask of prospective agents: 12

HOME BUYER’S RESOURCE GUIDE 2018

What kind of education and experience do you have?

“If they’re new, that can be a great thing if they’re super-keen – but you want to check that they know everything about where you want to buy and the kind of property you want to buy.”

Where are your areas of expertise, geographically and property types?

“This is certainly a big one to find out.”

Are you a full-time REALTOR® or do you have a second job?

You need somebody who is committed to the job and not distracted by other obligations.

What kind of referrals do you get from your database and from friends/family?

“How many people are in their database and how many are referrals, what percentage that is, a good agent should know that.”

How many deals do you do per year?

“A good agent would have between five and 10 clients at a given time. You don’t want a client who is boasting of dozens of buyers – they won’t have time for you.”

Are you part of a team or working alone?

“The great thing about someone being part of a team is that you will often get someone who is dedicated to being a buyer’s agent and won’t be taken away by conflicting obligations.”

How many clients do you have right now: buyers and sellers?

“If they have several listings on the go, they’re probably not going to be available to you during key open house times, as they’ll be running their own open houses.”

How will you communicate with me and how responsive will you be?

“You should always be able to get hold of your agent, and other agents should be able to as well.”

YOUR A-TEAM OF PROFESSIONALS At this planning phase, as well as finding your buyer’s agent, you’ll need to get in place: Q a recommended, licensed mortgage broker; Q a recommended, accredited home inspector; and Q a recommended lawyer who specializes in real estate transactions, or a notary public.

When the time comes to make your home purchase, you’ll need them all on standby, ready to go!

Preparing

Understanding today’s mortgage environment It’s increasingly tough to get a mortgage that covers sky-high home prices. Here’s what you need to know

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he past two years have seen radical changes in the Canadian mortgage landscape, as federal and provincial governments have sought to intervene in the soaring real estate market. This has led to increasingly tough requirements for buyers, in terms of both down payments and income qualification required. Add those factors to rising house prices, and it’s more difficult than ever to get the mortgage you need to pay for your new home.

Here’s what you need to know to prepare yourself for getting a mortgage in today’s market.

Minimum down payment Until two years ago, you could put down a minimum of 5% on any home under $1 million – but in 2016, the rules changed. Now the minimum down payment required for any home purchases over $500,000 varies in accordance with the purchase price.

Assuming that they can qualify for,

and can afford to service, the required mortgage, homebuyers will still need a minimum of 5% on the first $500,000 of the home price – but they also need 10% on the remaining purchase price above $500,000.

So, for a buyer hoping to purchase a two-bedroom condo and is looking at spending $600,000, their minimum down payment is now $35,000. That is calculated as 5% of $500,000 = $25,000, plus 10% of the remaining $100,000 = $10,000.

Qualifying “stress test” As of January 1, 2018, all new mortgage applicants now have to pass a “stress test” on their qualifying income – no matter how high their down payment.

The stress test was originally introduced in fall 2016 to all applicants of insured mortgages. Insured mortgages, for those unfamiliar with the system, are those with less than 20% down payment, which are required to be insured by a federal body such as Genworth or Canada Mortgage and Housing Corporation (and thus have slightly higher monthly payments to cover the insurance premium).

The Office of the Superintendent of Financial Institutions (OSFI – Canada’s banking regulator) has now extended the stress test to all mortgage applicants, including uninsured borrowers – those with 20% down or more.

The test requires an applicant’s annual income (minus existing debt payments) to qualify them for mortgage repayments at the Bank of Canada’s five-year posted rate.

This rate – currently 4.99% – is higher than the discounted contract rate they will pay in reality, and is intended to give mortgage holders a buffer against possible future rate rises and any personal financial difficulties.

The move is said by mortgage professionals to reduce Canadians’ home-purchasing power by around 20%, as the higher interest rate will reduce the maximum mortgage that buyers will be able to borrow. >> continued on page 14

>> continued from page 13

Avoiding the stress test However, as credit unions do not come under OSFI’s jurisdiction (instead being regulated provincially), applicants for credit union mortgages will not currently have to undergo the stress test and could qualify for a larger mortgage. Alisa Aragon, mortgage expert at Bridgestone Financing Pros with DLC Mountain View Ltd., confirmed that credit unions do not qualify applicants at the higher rate, but offered a warning to buyers before they rush out to apply for credit union mortgages.

“Credit unions could be an alternative to other lenders if you don’t qualify with the stress test, but in certain cases the rates might be higher at credit unions, or the income ratios might be tighter.”

The conclusion to be drawn from all the above? Don’t go straight to a Big Bank for your mortgage – work with a mortgage broker who can use their expertise to navigate today’s difficult mortgage landscape, calculate how much you can really afford, and find the best mortgage for your needs.

A TYPICAL BUYING SCENARIO Mortgage expert Alisa Aragon offers a scenario of the impact of the new mortgage stress test.

“Let’s imagine a family earning $120,000 and putting a down payment of 20%, on a home with a mortgage at 3.34% discounted five-year fixed rate, amortized over 25 years. Under the previous rules, that family could qualify for a mortgage of $680,000, with a 20% down payment of $170,000, and buy a house priced at $850,000.

“However, as of January 2018, that same family is now only able to qualify for a house priced at $750,000, based on a 5.34% stress test. That’s a $100,000 reduction in their purchasing power and would likely make a big difference in what kind of home they buy, or its location.”

Alisa Aragon provides her mortgage expertise through Bridgestone Financing Pros and is an active member of the Greater Vancouver Home Builders Association. She is an expert in developing short- and long-term strategies that are customized for each individual client, including finding the best mortgage with the most favourable terms and rates to suit your needs. Contact Alisa to get expert advice on your mortgage needs.

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HOME BUYER’S RESOURCE GUIDE 2018

Preparing

Choosing the right mortgage Fixed or variable? Long or short term? It’s not all about the interest rate, you know

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electing the right mortgage can be a challenging proposition for even the savviest of homebuyers, as interest rates, terms, amortization periods and penalties vary wildly.

Fixed or variable rate?

The first choice people tend to make is whether to go for a fixed- or a variable-rate mortgage.

Fixed rate: The fixed rate is usually higher than the variable rate. The interest rate will remain constant or fixed for the term of the mortgage, which means your mortgage payments will remain the same throughout the term, offering buyers peace of mind.

Variable rate: A variable rate will be lower than a fixed rate, but can change during the term of the mortgage, which means your actual mortgage payments can increase or decrease during the term of the mortgage. A variable rate can be a higher risk for some clients as rates can go up, which will increase your mortgage payments. But the great thing about a variable rate is that you have the option to lock into a fixed rate at any time if you start to feel uncomfortable. Your interest rate will not double overnight and even if it did go up by 0.25%, the savings you would have already earned would put you on a level playing field.

Another big difference between a fixed and a variable rate is how the penalty is calculated should you need to get out of the mortgage early. Such fees can end up being a large sum, so it’s very important that you work with your mortgage expert to understand the potential penalties.

Mortgage terms “Term” refers to the length of a mortgage contract. There is such an intense focus on the interest rate that the mortgage term is often overlooked. Typically, long-term refers to between four- and 10-year fixed terms, while short terms include oneto three-year fixed terms and variable mortgages.

A longer term generally means a higher corresponding interest rate, and a shorter

term generally means a lower rate. While this may lead you to believe that a shorter term is the preferred option, this isn’t always the case.

If paying your mortgage each month places you close to the edge of your financial comfort zone, you may want to opt for a longer fixed term, so that you can ensure you will be able to afford your payments should interest rates increase.

But if you know you will not be staying in the same home long term, opting for a shorter term may save you significant fees in payout penalties.

Amortization periods Amortization periods (the total number of years you will take to pay off your mortgage) can vary wildly, but rarely go above 30 years. The most common choice, especially for younger buyers – is 25 years.

The shorter the amortization period, the

higher your mortgage payments will be.

But the quicker you pay your mortgage off, the less interest you will pay in the long term.

That doesn’t mean you should choose a short amortization period. I always recommend going for a longer amortization period than you need, and use alternative strategies to pay off your mortgage faster.

By doing this, it gives you the flexibility to keep your payments lower when you need it, and increase your monthly payments and make lump-sum deposits when you can. Most – but not all – lenders offer monthly and lump-sum extra-payment options without a penalty.

Choosing the right mortgage is a very important decision for each individual. By understanding your financial situation and tolerance for risk, a mortgage expert can assist you in choosing the mortgage that will work best for you.

Alisa Aragon provides her mortgage expertise through Bridgestone Financing Pros and is an active member of the Greater Vancouver Home Builders Association. She is an expert in developing short- and long-term strategies that are customized for each individual client, including finding the best mortgage with the most favourable terms and rates to suit your needs. Contact Alisa to get expert advice on your mortgage needs.

Preparing

Getting financing in a hyperinflated market These days, you can’t just plan for an easy home purchase – you must prepare to do battle

O

verinflated home values seem to be synonymous with Vancouver real estate these days. And it’s left many people, especially those looking to enter the market for the first time, struggling to figure out ways to compete.

So what exactly does it take to get the financing you need in order to secure your dream home in this aggressive market?

These days, many properties – especially condos – are sold without subjects (that is, the buyer commits to buying the home without any conditions, such as a home inspection being carried out, or the lender approving financing). Largely used as a tactic to help them win the bidding wars that have saturated the Vancouver real estate market, buyers are making such subject-free/no-condition offers in hopes of securing a home.

But without any subjects, the buyer is in a vulnerable position, essentially crossing their fingers that everything will work out. Particularly if you are in need of a mortgage, putting in a subject – such as a home inspection – can buy you precious time to work out financing. Not only that, a home inspection will give you a much better idea of what the property is worth in the long run.

Financing on a subject-free purchase Subject-free offers are risky, so if you really have to do it (your agent will advise you on this), you must fully understand the risk you are willing to take and prepare for the alternative. If you have made up your mind to go in subject-free, if it’s a strata unit, you and your real estate agent will need to get you the strata documents and review them thoroughly before placing your offer. If it’s a house, it’s a sound investment to get a pre-inspection done.

Also ensure your mortgage broker has a copy of the listing in advance, and has scanned it for any comments that could give your lender reason to doubt the property’s stability (for example, full 16

HOME BUYER’S RESOURCE GUIDE 2018

renovations needed). Of course, even with all the property documents in advance, the lender may decide not to advance the mortgage, so there is no 100% risk-free method in going subject-free.

Documents for pre-approval before you make your offer are also a must (see page 17); since you cannot back out of a subject-free offer, you need to know you can carry the payments without bankrupting yourself. And remember that if you win the bid, the lender will still perform an appraisal, and will only be prepared to finance you up to the value it appraises the property at, less the percentage minimum down payment. This could be a very different figure than the one you’ve committed to, if you overpaid

for the property in a bidding war. In this scenario, you’ll be on the hook to make up the difference.

In matters like this, I advise clients to be cautious. Paying a mortgage should not overhaul your lifestyle to the point where you are spending all your income on it.

As bidding wars are the norm and homes – especially starter condos – continue to sell for thousands of dollars above the asking price, it’s important not to let your emotions get the best of you, especially when the stakes are high. But by putting as much down on paper as you can ahead of time, and working with an agent and a mortgage broker you trust, you can secure financing and eventually find the right home for you.

Atrina Kouroshnia is an independently licensed mortgage broker in Vancouver, BC. She specializes in helping residents invest in their future through the purchase of their first home. She has a degree in Human Relations and Commerce, as well as past work experience in HR and real estate development. Atrina brings a holistic approach to the table when finding her clients the best mortgage available. She believes in complete transparency and ensures that her clients understand every detail of the process and all of their options. You can contact Atrina through her website, mortgagebyatrina.com.

Preparing

Documents needed for mortgage pre-approval All buyers

First-time buyer?

Information on the property you are buying:

Confirmation of your down payment:

Q Q

Q Q Q Q

Purchase and sale agreement Full listing details from your REALTOR®

Employment and income verification:

Q Q Q Q Q Q

Copy of latest pay slip

Q

Other compensation (disability pension, rental income, etc.)

T4(s) Letter of employment

Gift letter if part of down payment is a gift Any withdrawal from RRSP under Home Buyer’s Plan Note that if you’re applying for a BC HOME loan to boost your down payment, you must be pre-approved first

Repeat buyer selling a home?

T1 General(s)

Confirmation of your down payment:

Notice(s) of Assessment (NOA)

Q Q

Other income – Legal agreements such as a spousal or child support payment

Other information that may be required

Q Q

Savings or investments statement for the last 90 days

Void cheque Name, address, telephone number of your solicitor/notary

Copy of sale agreement Savings or investments statement for the last 90 days

Information related to your existing property/properties:

Q Q Q Q

Recent mortgage statement Most recent property tax bill/statement Documents verifying heating costs and condo fees Legal description of your property (you can find this on your property tax statement or original purchase agreement) HOME BUYER’S RESOURCE GUIDE 2018

17

Choosing

When is the best time to home-hunt?

A season-by-season guide to the pros and cons of buying in spring, summer, fall or winter

D

eciding when to focus your efforts on searching for your home can be confusing. Some people – and agents – will recommend spring, others will say you can get a better deal in winter.

Here’s a season-by-season guide with what to expect – and the pros and cons for each.

Spring Pros: Spring is the classic time of year to get out and start looking at open houses.

Sellers are listing their homes like crazy, trying to take advantage of the busy spring market and eager buyers. For you, that means a lot of homes to choose from.

It’s also a lovely time of year to be out and about exploring neighbourhoods, so that adds to the fun of home hunting!

Cons: You’ll be competing with a huge number of other buyers in the spring market. Even with the additional inventory to choose from, the good homes will always stand out from the pack – which means spring is when bidding wars are at their peak. Don’t expect to get a good deal at this time of year, because the seller will always know there’s another buyer lined up.

Summer Pros: The summer real estate market, especially in July and August, tends to cool off just as the weather is heating up. That means you’ll have a lot less competition in terms of other buyers clamouring for the same home. At the same time, the weather is great and homes are looking their best, so there’s still plenty of motivation to get out there.

Cons: With the market slump comes a slump in listings. All the great homes listed in March or April will likely have been snapped up by summer, so you might have slim pickings. It might also be harder to pin down real estate agents and sellers who are on vacation. Plus, you might want to take a vacation yourself, or

18

HOME BUYER’S RESOURCE GUIDE 2018

have kids off school to deal with, so it can be a challenging time for buyers too.

Fall Pros: Although not as busy as the spring market, September through November tends to see another uptick in activity – and listings, which is good news for buyers. You won’t get quite the same amount of choice in spring, but there’s still plenty out there in the fall – and hopefully the weather hasn’t turned too sour for open houses yet. Fall is a solid choice for home-hunting without the craziness.

Cons: The only minor downside to home hunting in fall is that some sellers will hold off their plans until spring, so there could be a little less choice. But that should be offset by the reduced competition.

Winter Pros: In the winter, there are surprising

benefits to buyers looking for a home. It can be a great opportunity for buyers on a strict budget to find the best value for their money. You can often avoid bidding wars as there are fewer buyers for each home. Sellers might be more inclined to negotiate as they may be listing to sell within a specific period for tax or personal reasons. Another advantage is that you get to see the home as it looks in winter, in a realistic light, rather than only seeing it in sunshine! This can also help put other buyers off, and assist you when calculating your offer.

Cons: Although people who have a timeframe will still be listing their homes in winter, there’s no doubt a lot less choice than if you wait until March. And there’s a lot less motivation to get out to open houses when the weather is horrible.

But hey, you only need one home – and it could be worth it to get a great deal (as this author found with her own winter home purchase)!

Choosing

Presale pitfalls and how to avoid them Buyers choosing new homes off-plan will see both benefits and risks

H

omebuyers take on less risk than otherwise when entering into presale contracts in a rising market. Since 2008, presale buyers in Metro Vancouver have typically enjoyed a rise in the value of their new homes between the date of purchase and ultimate delivery. Although prices are likely to remain on the same trajectory going forward, there are still pitfalls to look out for.

Neil Chrystal, president of Polygon Homes, says, “There is virtually no supply of move-in ready new homes, so buying pre-sale is often the only option for buyers.

Price appreciation has created exceptional financial gains for homebuyers purchasing at the initial stages of a new community.

It also allows many buyers to get into the market with a lower initial down payment.”

Mitigating the risks Like any investment, there is risk involved.

It is essential to understand your rights and responsibilities as a potential buyer under the British Columbia Real Estate Development Marketing Act (REDMA), and how you can mitigate those risks.

Gary Mertens, regional vice-president of Foxridge Homes, advises, “Homeowners need to do their homework. The most important thing is buying from a reputable builder; even more so in presales”.

Completion dates can become a point of contention, especially in a busy market like ours. Homeowners must understand their disclosure agreement and that the end date is a moving target. Mertens notes, “Many contracts will include an expiry date, so if a buyer is not delivered their home within that time frame, they can cancel the contract.”

will help you secure your desired unit, and navigate the experience and negotiations with your developer. They represent your best interests.

Financial advisor: A mortgage broker, or your bank, can help you assess your financial options. You will need to ensure you have the full down payment and be able to take on a mortgage when the project reaches completion – even if the market value has fallen below the original price.

Lawyer: A lawyer will help you understand any penalties, costs, changes and delays in construction or delivery clauses. For example, if the buyer fails to close, short of a valid reason, the deposit is forfeited and the developer has the legal right to pursue further damages. On the other hand, if the developer fails to close, they can return your deposit with no further legal consequences – as has happened

recently in Vancouver. Your lawyer will also help you understand the seven-day right of rescission, which gives you time to read over the documentation and, if you change your mind, to cancel your contract and get your deposit back.

Buying presale is a great tactic when looking to purchase and invest in the Metro Vancouver market. However, there is power in knowledge.

The GVHBA offers consumer buying resources for all stages of the home buying process; please visit www.gvhba.org to find a list of reputable builders near you. You can also attend the GVHBA Homebuyer Forum on Wednesday, March 7, 2018, where you will gain access to market knowledge from industry experts, not readily found on the internet.

Help from experts Part of navigating the world of presales is setting yourself up with a team of professionals to help you understand the processes and risks. We recommend speaking with a: REALTOR®: With no additional cost to the buyer, working with a licensed agent

Bob de Wit is the CEO of the Greater Vancouver Home Builders’ Association (GVHBA), representing the residential construction industry in the Greater Vancouver Area. Celebrating 40 years in 2014, GVHBA has more than 880 members and is proudly affiliated with the provincial and national Canadian Home Builders’ Associations. You can reach Bob at bob@gvhba.org.

Choosing

Eight essential open-house questions These are the must-ask questions to get answers for at any open house

I

f you’re in the market for a new home, there are a lot of things that you need to keep track of during your home searching journey. Purchasing a home is an endless checklist of questions that both you and your REALTOR® need the answers for so you can ensure you’ve done all your due diligence. Here are eight essential questions that you and your agent should ask at an open house.

1. When was the roof/hot water tank/ plumbing/electrical/etc. last done?

This will give you a good idea of the condition of the property. Making note of the maintenance and upgrades already completed will help you estimate future expenses upon ownership. If the listing agent does not know the answers, ask them to follow up with the seller. This information may also be obtained from an inspection, the depreciation report or the property disclosure statement.

2. (If a strata unit) Is there a depreciation report for the building?

If the property is a condo or townhouse, then you should ask if a recent depreciation report is available to review.

It’s important there is one, especially if you need to obtain a mortgage, because you may have more pushback from the lender without one. Furthermore, the depreciation report will provide you with independent information about the state of the building and whether the contingency reserve fund (CRF) can keep up with required maintenance and upgrades. It will also estimate when special levies will be necessary and how much will be required of each owner.

3. (If strata) Are there any special levies coming up?

A special levy is an amount of money that needs to be paid by the owners to cover the cost of an upgrade or repair in the building or complex, such as the roof. If there’s a $5,000 bill coming up at the end of the year, you’ll definitely want to know about it. If you know a special levy has already been approved, your agent may be 20

HOME BUYER’S RESOURCE GUIDE 2018

able to negotiate that the seller pays for it upon completion.

4. Is there a property disclosure statement available?

A property disclosure statement (PDS) provides a history of the property based on the seller’s knowledge. The seller answers a variety of questions such as “has there been any history of a leak?” or “has there ever been an insect infestation?” to the best of their knowledge. It is a common subject on a real estate contract; however, it is not required for all sellers to complete a property disclosure statement. If there is a PDS available, it typically means that the sellers have lived in the property and are confident in their answers and being held liable for them.

5. Have the sellers bought a home already?

If the sellers have bought a property and need to be out in a week, timing will be really important to them. You’ll also want to ask this because you’ll want to know

whether the sellers are motivated to move or if they’re just testing out the market.

This question will allow you to understand where the sellers are at in their own real estate process, and also assist you during the negotiation process.

6. Do the sellers have fixed dates in mind?

Following on from #5, before you fall in love with a property, you’ll want to know whether or not it is possible for you to move in, based on your own time frame.

For some sellers it is not always about the price, and if you can find out what the preferred dates are for the sellers, you may have an upper hand when it comes to offers.

7. Have you received any offers?

If you’re checking out a property and ask this question, the listing agent is going to tell you one of the following: we have an accepted offer pending subject removal; we’re taking offers on a specific day; we’ve received offers and rejected them; or we’ve received no offers yet. If they

have an accepted offer, they’re continuing to show the property with hopes for a backup offer. If it’s a new listing, they are likely collecting offers on a specific day in the hope of getting multiple offers. You’ll want to know whether you’re competing against no offers or five offers, because it’s likely that your offer will vary based on how many you’re competing against. If the listing has been on the market for a while, you may be lucky enough to be the only offer. However, in this case it’s important to ask if they’ve received any offers in the past and whether or not they’ve rejected them and why.

8. How long has the property been on the market?

A follow-up question to # 7, you’ll want to know how long the property has been on the market, for a couple of reasons.

One is because if it’s a new listing, you may want to prepare yourself for a multiple-offer scenario. Alternatively, if the property has been on the market for a long time then you may be able to negotiate the price to your advantage.

However, if it’s been on the market for a long time and you’re in a hot market then you may want to ask yourself why that is.

Is there a stigma on the house?

Is the property overpriced? Proceed with caution.

Buying a home is a lot of work, and it requires a lot of time spent searching for the right property and performing due diligence. For most people, purchasing a home is the largest investment you will ever make. It’s important that you ask the above questions to ensure that you know how to make your offer appealing to a seller. Furthermore, these questions will also make sure that you know exactly what you’re purchasing and are aware of additional costs for things like necessary upgrades that may come up in the near future.

BONUS TIP In a condo building, it may be possible to contact a member of its strata council to ask any questions you might have.

These people are an invaluable font of knowledge about their building and its residents, and may even put in a good word for you during the bidding process. It’s never too early to get to know your new neighbours!

Mariko Baerg is a Greater Vancouver REALTOR® who is passionate about providing all buyers and sellers with educational material to aid in their real estate journey. In 2016 she founded Bridgewell Real Estate Group, a team of agents based out of the Sutton West Coast Realty office that specialize in the Tri-Cities and surrounding areas. Mariko’s unique combination of economics education, real estate experience, customer service relations, sales and negotiation background, and contract knowledge allows her to expertly help buyers and sellers to achieve their real estate goals.

REAL ESTATE PROFESSIONAL adventure enthusiast As your Professional Real Estate Advisor, you can expect a unique experience tailored to your individual needs. Whether buying your first condo or selling your 20th investment property, my job is to be attentive to the smallest details to make your experience seamless. I believe in long term client relationships that serve your best interests.

EXPERT South East False Creek Specialist

SAMSON DANNIELS 778.989.2454 • sdanniels@rennie.com

rennie.com/samsondanniels

rennie.com

HOME BUYER’S RESOURCE GUIDE 2018

21

Choosing

Riding the emotional rollercoaster Home hunting – especially in a hot urban market – is full of exhausting ups and downs. Try to enjoy the ride!

M

any people either think they can’t buy a home, or when they start to consider it, are told by others that it’s impossible.

Once you decide to try, looking at dozens of properties can soon become exhausting.

You may get confusing advice from illinformed sources, such as family members who may live in a small town far away and don’t understand this market.

You may fall in love with a place that that you can’t buy because it’s already sold.

You will probably lose out on a bidding war (or five!) because your offer wasn’t strong enough to beat the other 12 offers on the condo that you imagined as your first home.

You are going to be daunted by seeing sale prices thousands of dollars over asking prices.

And so on.

When buying a home, you are going to go through the following emotions: ■ Despair. You’re going to feel overwhelmed. You’ll think “I can’t do this.”

You’re going to get excited about a place, only to get disappointed. Other people are going to tell you that you can’t do this, or give you their opinion about why you shouldn’t do this.

■ Hope. At other times, you are going to feel very confident in your decision. This might occur after your mortgage broker informs you that you qualify for more than you expected. This may happen after you fall in love with the perfect condo in the perfect location and start planning your housewarming in your head.

■ Fear. Taking on the responsibility of home ownership is going to feel scary.

Having mortgage payments, along with paying property taxes (and usually strata fees) feels a lot more scary to some people than paying rent. And you might be nervous about living in the same place without the ability to give 30 days’ notice and move on.

■ Excitement. Finding the perfect home in the right neighbourhood, the place where you know you would be very happy 22

HOME BUYER’S RESOURCE GUIDE 2018

living, is exciting. Actually buying that home is even more exciting!

■ Disappointment. Finding that your perfect home was also perfect for other people and losing out in a multiple offer for it can be a crushing experience. If you’re lucky, (and have the right realtor), you won’t have to experience this multiple times.

■ Frustration. Not being able to find your perfect home in your budget and having to make allowances in location or features can be intensely frustrating. So can finding your perfect home again and again and losing out again and again.

■ Nervousness. When you finally purchase your home, you’ll probably start feeling seriously nervous. You might be worried about making higher monthly payments. The thought of moving itself may feel daunting. Being the one

responsible to fix your own toilet (or pay for the plumber), instead of calling the landlord, can be unnerving.

■ Guilt. You may feel guilty about moving from being a renter who once viewed the Vancouver real estate market as “a game I don’t want to participate in” to being on the other side as a property owner.

At every emotional stage you go through on your journey to buying real estate, remember what motivated your decision to do so in the first place. Allow yourself time to deal with the feelings that will inevitably come up – the positive ones and the negative.

But once you have been through all those emotions and finally purchase your own piece of Vancouver real estate, you’ll have an incredible sense of accomplishment – and your very own place to call home.

Lindsie Tomlinson is a Vancouver-based REALTOR® who specializes in helping first-time home buyers and sellers, and growing families find the right home in the right neighbourhood. A Certified Negotiation Expert and regular contributor to REW, Lindsie is a proud supporter of Backpack Buddies and the Children’s Miracle Network. Her passion for real estate, and for building lifelong relationships with her clients, has put her in the top 10% of Greater Vancouver Realtors®.

Choosing

The right home for your lifestyle Location or size? Finished or a fixer-upper? Our Q&A with local experts can help

F

inding a Vancouver property that fits your lifestyle, location preferences and budget can be a tricky process.

Buyers must know what to prioritize, what to budget for and what to put on the backburner when it comes to finding the right home. We had a chance to speak with Mike Rampf and Shawn Anderson, top-producing real estate advisors at luxury brokerage Engel & Völkers, and co-founders of VANCITY Living, on how to find a home that fits your Vancouver lifestyle.

Q

What is the best way for home shoppers to decide what type of home fits their lifestyle and what they’re looking for?

Shawn: My recommendation is to check out open houses. The key to finding out what best fits your lifestyle is seeing as much product as possible. Part of our job is taking clients on tours of not just homes, but of neighbourhoods that we think would meet their needs and wants. Maybe it’s outside of where they think they want to be. We show them different properties and neighbourhoods that they may not have explored or even thought of. That’s where open houses offer a lot of value. Typically, every weekend between 2 and 4pm. there are dozens of open houses that they can go see. The more you see, the more you realize what you do or don’t like, and it might open up some other avenues that you might not have thought of.

Q

Should buyers with a more limited budget opt for a home more centrally located or a larger home further out?

Mike: I’m a big fan of location, location, location. If you’re living in an area where the walk score is high, you’re close to work and can walk there, which can alleviate many everyday stresses. I think Vancouverites have to realize, and this is what Millennials have to figure out as well, is that condo living and raising a family in a condo is acceptable and highly probable.

Looking at our parents living in big homes with big land is not necessarily a luxury that will be an option for us.

How we help people make that choice is to show them what you can get in different areas that you’re looking at, and take that drive during rush hour or outside of rush-hour times, just to get an idea of what to expect. They have to go through that experience to see what it’s going to be like.

Q

For first-time buyers, do you recommend buying a finished home or a fixer-upper that they can put their own sweat equity into?

Mike: I like starting with an unfinished product. You get in the market, buy whatever you can, the building’s in good condition, you’re in a good location, and the inside needs some work. You slowly but surely build up the equity, and you can climb the real estate ladder faster than buying something new.

Shawn: I think it’s case-specific. We do have clients getting into the market who are wealthy, so for them it doesn’t make sense to do that. For them I would say buy exactly what you want, because you can afford it. But for the rest of the buyers, for sure – have something that you can add some value to.

Andrea Nazarian was the content and social media specialist at REW.ca until February 2018 and continues to contribute real estate stories in her new role as a freelance writer. Originally from Toronto, Andrea has over six years of multi-industry experience in communications and content marketing.

Choosing

Home hunting wants and needs Hunting for a home? Use this checklist as a master list to establish what you really need in your new home, and what would be nice to have. Circle and check the must-haves, check nice-to-haves, and cross off things you don’t want or need. Then compare your wants and needs with the features of each property you view. It will make your decision that little bit easier!

Basic requirements

Interior features

Budget range $ ________________ to $ ________________

Q Open-concept living space Q Hardwood floors Q Granite counters/stainless-steel appliances Q Laundry room/in-suite laundry Q Finished basement Q Accessible features Q Energy efficiency Q Central A/C Q Fireplace

Minimum bedrooms Minimum bathrooms

Q 1 Q 2 Q 3 Q 4 Q 5+ Q 1 Q 2 Q 3 Q 4 Q 5+

Minimum size ______________ sq. ft.

Structural features Q Garage (Min. doors: _______ ) Q Single-storey/level Q Multiple storeys Q Basement Miscellaneous features Q Quiet street Q Cul-de-sac Q Good schools Q Walking neighbourhood Q Safe neighbourhood Q Nearby parks/green space Q Nearby bars/restaurants Q Convenient local shopping/stores Q Good transit links/highway access Q Waterfront Q Views 24

HOME BUYER’S RESOURCE GUIDE 2018

Exterior features Q Deck/patio/balcony Q Porch/sunroom/solarium Q Gardens/landscaping Q Pool and/or hot tub Q Fenced-in yard Q Shed/workspace Other nice-to-haves/must-haves Q ________________________________________________________ Q ________________________________________________________ Q ________________________________________________________ Q ________________________________________________________

Bidding

Making an offer – especially in a bidding war – is a tough business.

Here are a local agent’s tricks to win

N

ot too long ago, a pair of clients of mine spotted a listing for a house in North Burnaby, listed at only $799,000. The first thing they asked me was, “Is this for real?”

Yes and no. Yes, the house really was for sale, and it was a nicely renovated bungalow that would make a great family home. Were they going to get it for $799,000? Of course not.

The listing real estate agent had priced the house below market value to attract as many potential buyers – and bids – as possible. And at the first open house, 300 people showed up.

When buying a home, people normally expect a little give-and-take between the buyer and the seller. But in a multiple-offer situation, you are not negotiating with the seller – you are courting them. Your offer needs to be the most attractive to beat out all the others.

So how do you put together that winning offer? There’s more to it than just going in with the highest price. Your offer also needs the fewest possible number of subjects – ideally, no subjects. If that sounds risky, well, it certainly can be. A no-subject offer means doing your homework before you offer, rather than after.

Home inspection: If it’s a house, it’s best to get it pre-inspected. You need to know exactly what condition the home is in, and to factor in expected costs. This helps you determine how much to offer, but more importantly, it lets you remove your inspection subject. Also, have a reputable company scan for oil tanks. A pre-offer inspection will cost you, and you won’t get that money back – but it gives you a competitive offer as well as peace of mind.

Documentation: If it’s a strata property, receive and read all documentation. See page 32 for an in-depth explanation.

Property Disclosure Statement: Obtain and approve a copy of this document.

Financing: In a bidding war, you will be forced go in without any subjects, including subject to financing. This means you absolutely must have your mortgage ready to go. If there’s any chance you

won’t be able to pay what you’re offering, or secure a mortgage on that home at that price, it’s time to reconsider. Don’t risk being in breach of contract. Work with your mortgage broker for advice on this.

Recent sales: Now that you’ve done your homework, your real estate agent should have done theirs as well, finding recent similar sales to determine market value.

Remember that market value is the price people are actually willing to pay, which does not always coincide with the listed price or BC Assessment value.

Your best price: What’s the price you’ll be happy to pay for this home? And at what price are you okay with letting someone else win it? Think about how you’ll feel if someone else gets it for less than what you’re willing to pay. In a bidding war, you need to offer your highest price.

You may not get a second chance. And you

also need to know when to walk away.

Dates: Give the completion and possession dates that are best for the sellers. This is another way to woo them.

Deposit: Your real estate agent should include a copy of your deposit cheque with the offer. This shows the sellers you’re serious enough to get a bank draft for a handsome deposit.

Now that you have put your best foot forward, it’s up to your agent to present your offer. If it turns out someone else was willing to pay much more than you for this property, take comfort in the fact that you tried your best. But more likely, you will be celebrating your win.

And my clients? I’m happy to report that they beat the other 34 – yes, 34 – offers and have moved into their new home in Burnaby.

Lindsie Tomlinson is a Vancouver-based REALTOR® who specializes in helping first-time home buyers and sellers, and growing families find the right home in the right neighbourhood. A Certified Negotiation Expert and regular contributor to REW, Lindsie is a proud supporter of Backpack Buddies and the Children’s Miracle Network. Her passion for real estate, and for building lifelong relationships with her clients, has put her in the top 10% of Greater Vancouver Realtors®.

Bidding

Two Vancouverites share the ups and downs of buying their first home with their REALTOR®

I

n the previous article, I examined the challenges of buying a home in this Vancouver real estate market. The one below is based on an interview with actual clients of mine who lived through the process despite a series of setbacks.

Meet “Cynthia” and “Jordan” – a professional couple in their mid-thirties with a toddler son. They were looking for a two-bedroom condo in Hastings Sunrise.

Their must-haves were location, some outdoor space, and a solid building.

Here’s what they told me.

What made you start looking to purchase?

A few things: the financial ability, because I got an inheritance from my grandfather; wanting more security because of Oscar (we want our son to grow up in a stable environment); fear of losing our current rental because rent prices have gone up substantially in three years; and fear that we wouldn’t be able to find an affordable family-friendly rental in the city.

How did you feel after you saw a few places you liked?

We felt hopeful for a while. We felt like we could “get in” – and we had never felt like that before.

But then everything kept selling for way over for what things were listed at, and we felt disheartened. We would see places we liked and then they would go for seventy thousand over asking. That was disheartening. You think you can buy something and then you can’t.

How did you feel when you lost out the first time?

So hard. It was devastating. We wanted to offer more money, but my parents (we needed their support to buy because they are holding the inheritance) didn’t understand this market. They’ve always bought houses being able to negotiate.

They asked, “Why would you go in so much over asking on your first offer?”

How did you feel when you lost out again?

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HOME BUYER’S RESOURCE GUIDE 2018

You get attached… even with the second place, which was the least exciting for us, you start to kind of see it as your place, you envision yourself there, you write a letter to the owner, which makes you feel even more attached to it. By the third time, though, we had learned not to get our hopes up.

After their third offer – and their third time losing out in a multiple-bid scenario – Jordan was laid off from his job, which forced him and Cynthia to take a break from their search. This time, the decision not to buy a home was being made for them by something beyond their control, and they were understandably upset.

Over the next few months, however, they regrouped. And more than seven months after their search had begun, they found a condo in their neighbourhood that more than ticked off every one of their “must have” boxes. We prepared for battle again.

This time, just 20 minutes before the offer deadline, we finally got a break and some good news: somehow, ours was going to be the only offer.

This meant that, as their REALTOR®, I got to do some good old-fashioned negotiating.

And Cynthia and Jordan were finally able to buy the family home they had been craving.

How do you feel now that you have purchased your condo?

We are feeling excited about getting to make the space our own and relieved that the search can now end! A bit sad about leaving our street, where our immediate neighbours are our greatest friends. Worried that the market will crash tomorrow. Thankful to be able to afford to own in Vancouver– and to have had an agent who made it even more affordable!

And really happy to have a place of our own to raise our son.

Lindsie Tomlinson is a Vancouver-based REALTOR® who specializes in helping first-time home buyers and sellers, and growing families find the right home in the right neighbourhood. A Certified Negotiation Expert and regular contributor to REW, Lindsie is a proud supporter of Backpack Buddies and the Children’s Miracle Network. Her passion for real estate, and for building lifelong relationships with her clients, has put her in the top 10% of Greater Vancouver Realtors®.

Bidding

Pre-contract considerations Congratulations! You and your real estate agent have found the property you are looking for and you are interested in making an offer. The following checklist will help remind you of the details to consider before you sign the contract: Q

Did your real estate agent provide you with the comparative market analysis (CMA) so you can determine the fair market value of the property?

Q Q Q Q Q Q

What offer would you like to place?

What down payment and/or deposit would you like to make?

What completion date do you want?

What pre-closing inspection date do you want?

What possession date do you want?

Are there other dates you would like to negotiate?

Specify: ___________________________________________

Q Q

Q

Does the contract your real estate agent created contain all the subjects needed to protect you? (For example, subject to a building inspection, financing, review of the property disclosure statement, by-laws, minutes, etc.)

Q

If attachments or schedules form part of the contract, are these referenced in the main contract?

Q

Is the contract drafted to your specifications and particular situation?

Q

Did you get a receipt for the deposit and was it attached to the contract?

Q

Did you receive a counter-offer? If so, are you going to accept, reject, or make another counter-offer?

(This process of counter-offers may continue until an agreement is reached.)

Q

Is your real estate agent keeping the lines of communication open between you and the seller during the negotiations?

Do you know what the price includes and doesn’t include?

Are there items that you would like to negotiate that were not included in the purchase price (e.g., light fixtures, alarm system)?

Specify:______________________________________________ ______________________________________________________

Now that an agreement has been reached, your agent will make sure the contract has been initialed, signed, and duly witnessed to ensure it is a legally binding contract.

Self-Counsel Press | This article is an edited excerpt from Home Buyers Guide for Canadians, published by and reprinted here courtesy of Self-Counsel Press. Self-Counsel Press is Canada’s leading publisher of do-it-yourself reference titles, authored by experts but written in clear, easily understood language. Self-Counsel Press books and e-books help others help themselves by providing timely, reliable information and guidance at an affordable price. Go to www.self-counsel.com HOME BUYER’S RESOURCE GUIDE 2018

27

AS YOUR LIFE EVOLVES, SO DO YOUR REAL ESTATE NEEDS

HOMES | TOWNHOMES | CONDOMINIUMS A STORY OF SERVICE AND RESULTS BUILT ON REFERRALS AND REPEAT CLIENTELE WESTSIDEREALTY.CA | 4381 West 10th Avenue, Vancouver | 604.222.3750

Securing

What exactly is subject removal? Does it hurt? Local agent Mariko Baerg has the answers

S

ubject removal is an important process during the real estate transaction. Here are some frequently asked questions to make sure you can write an offer safely.

What is subject removal?

Subject removal is a period of time in which the buyer works to satisfy the conditions, also known as subjects, they have listed on their accepted offer for a property. This is a great safety net for buyers as it allows them to perform due diligence, such as reviewing strata documents or doing an inspection. The subjects are listed in the contract of purchase and sale, and must be agreed to by both the seller and the buyer. If the buyer is satisfied and approves all subjects listed, then they would proceed to “remove subjects” and hand in the deposit so that the deal becomes firm.

What type of subjects are there?

The most common subjects that you’ll see are: Q Subject to obtaining satisfactory financing Q Subject to receiving and approving a property disclosure statement Q Subject to receiving and approving an inspection report Q Subject to receiving and approving a title search Q Subject to receiving and approving all strata documents (if strata unit) How long is subject removal?

A typical subject removal period is seven days long and allows you to organize all your affairs and complete your due diligence to meet the subjects that you have listed. However, there are also subject-free offers, two-day subject removals, two-week subject removals, or others – it varies greatly depending on each situation.

Time is not your friend with subject removal, and the banks, inspectors, etc. likely aren’t open on weekend or holidays.

If you are thinking of shortening your subject period to make your offer more appealing, consider all the external factors and people that you will rely on.

What if I don’t remove subjects?

Will you lose money if you go through the process and end up not removing subjects? The answer depends on the contract and when the deposit is due. Typically, if there is a subject removal period then the deposit will be due within 24 hours of, or upon, removing all subjects.

This means if you decide not to remove subjects because one or more could not be satisfied, then you would not lose any money.

In Greater Vancouver, the deposit is usually 5% of the purchase price and will be held in trust by the buyer’s agent’s brokerage. This deposit forms a part of your down payment, and works as collateral to compensate the seller in case the buyer does not complete the deal.

How does the process work?

Here is a typical example of how it might go: Monday: You put in an offer with your buyer’s agent and it is accepted. Your offer is subject to financing, subject to inspection, subject to receiving and approving the title search, and subject to receiving and approving the property disclosure statement. The subject removal date is in one week’s time.

Monday until following Monday: Begin working to remove all subjects. You schedule a home inspector at least two days before the date of subject removal.

You also notify your bank that you have an accepted offer and have them begin the financing approval process. Your agent obtains all documents for you both to begin reviewing. You also follow up on any questions with the listing agent.

Subject removal date: You have two options: Q Remove the subjects, and hand in your deposit of the purchase price. The deal is now firm.

Q You do not remove subjects because you cannot satisfy one or more of the subjects and the deal collapses.

Can I get an extension?

You can ask for an extension, but that doesn’t mean that it’s guaranteed that the seller will grant you one. As a buyer, if you ask for an extension then the seller can reject your request, modify the suggested date, possibly request compensation, or approve the extension as is.

If the buyer and seller cannot come to an agreement on this, the buyer has the option to either remove subjects as is, or not remove subjects and collapse the deal.

Mariko Baerg is a Greater Vancouver REALTOR® who is passionate about providing all buyers and sellers with educational material to aid in their real estate journey. In 2016 she founded Bridgewell Real Estate Group, a team of agents based out of the Sutton West Coast Realty office that specialize in the Tri-Cities and surrounding areas. Mariko’s unique combination of economics education, real estate experience, customer service relations, sales and negotiation background, and contract knowledge allows her to expertly help buyers and sellers to achieve their real estate goals.

Securing

Getting a home inspection is an important part of the process.

Sean Moss explains how it works

Q

I’ve made an offer on my first home. When should I hire the inspector and what will be in their report?

A

Even before you find a home and make an offer, research the best inspector for your needs. Get recommendations and create a shortlist of inspectors who seem like a good fit. Ask them lots of questions about their expertise, qualifications and licensing, training, communication style, availability at short notice, cancellation policy and so on. Ask for a sample report so that you know what you’ll be getting.

Top inspectors will be often booked up a week or more in advance, especially during spring and summer. If you choose your home inspector as soon as you can, long before you submit the offer, this will reduce a lot of stress when you’ve made an offer and you’re trying to remove the inspection subject as quickly as possible. You will hire your inspector immediately after you have an offer accepted, if there is a home inspection subject. Then they will likely have a window of just a few days in which to carry out the inspection and issue their report so that you can remove the subject (or reconsider the purchase).

Although many people want the report to tell them whether they should buy a home, the main purpose or the report is simply to provide enough information so you can make an informed buying decision. Legally, inspectors cannot persuade buyers on what they “should” do.

There are roughly three different report formats available to home inspectors.

Q The easiest and most efficient report for the inspector is a checklist-style report.

It is designed to provide very brief details, and typically provided on site.

Q The other style is called a narrative report. They are usually prepared and sent after the inspection. They offer more detailed information than a checklist, which is why they take longer to prepare.

Q The third most common report style is a combination of a narrative and checklist 30

HOME BUYER’S RESOURCE GUIDE 2018

report. This report can be a good guide for a seasoned homebuyer. They are brief when describing areas of little concern, yet more detailed on items related to safety or potential significant costs.

Client feedback suggests the following: that the more detail provided, the better the value, especially for a first-time homebuyer.

The most valuable reports offer: a major or significant deficiency summary; photographs within specific sections; specific details when possible; thorough advice, yet easy to read and navigate; maintenance and prevention tips; and resources for major issues, such as where to find contractor for repairs.

So what happens if the inspector uncovers problems, which might mean you have to renegotiate the purchase price?

Inspectors are encouraged not to provide written estimates on the defects they

uncover, for three simple reasons: Q Home inspectors are not allowed to repair items, so to make cost estimates would be against the profession’s code of ethics.

Q It can be legally risky for the inspector, if estimates given are much different than the actual cost for completed repairs.

Q In addition to the above, inspectors should always offer accurate information.

Only an experienced contractor can estimate repairs accurately.

If there is a likelihood of defects in the property, especially a detached house that is not covered by strata documents such as a depreciation report, I recommend hiring a contractor to accompany you during the report summary, or to discuss the details of the report soon after the inspection, before the purchase is finalized.

Sean Moss is a home inspector focusing primarily on residential properties with specialized knowledge in mold and building envelope science. He has been featured in Vancouver Magazine, Richmond News and The Jewish Independent and he also shares his knowledge through articles and workshops. Call Sean on 604-729-4261, visit his website homeinspectorsean.com and see his rating on review website HomeStars.

Securing

It might sound boring – or daunting – but understanding strata documents is key to protecting yourself in a condo purchase

W

ith the price of land at sky-high levels, for many buyers who wish to live in urban areas, a strata unit such as a condo is the only option.

Even though the cost of condos has been rising faster than detached homes in recent months, they remain far more affordable than other home types.

However, there are a lot of considerations and restrictions involved with condo living, from making sure the building isn’t facing any major expenditures, to understanding the rules and bylaws of your future home. When it comes to reading strata documents ahead of making an offer or finalizing your purchase, all that paperwork can seem daunting. But in the end, it really is about ensuring you are protected and informed.

Below is what you can expect from the strata documents you’ll need to read.

Depreciation/engineer’s reports Going over the year-end financials of a building will reveal what type of expenses the building incurs year after year. Are there any items that stick out like a sore thumb? Buildings require consensus between owners to add any new expenses, so if you notice a number of questionable items you could be dealing with a strata council that likes to spend.

A contingency fund is important when buying into strata. Your monthly strata fees will go into the building’s operating accounts, which will included a contingency reserve fund (CRF). When you buy a condo, try and buy into a building with a healthy CRF. As a rule of thumb, $5,000 per unit for a wood-framed structure and $10,000 per unit for a concrete building is likely to indicate wellmanaged financials.

Learn from the minutes Reading through the strata council and AGM minutes can be a bit dull, but it’s a crucial component of making an informed purchase decision. Does the strata council meet regularly, as required?

Do they take action when something

needs to be done, or do they put it off? Finding out whether the council is proactive – which is what you want – or reactive is one of the main reasons to study the minutes.

Read the bylaws and other documents It’s also important to understand the rules and culture of the building you’re planning on living in, and the specifics of your unit.

Are there pet restrictions that don’t fit with your furry friends? Do you smoke? Are you planning on renting the unit out at some point? Do you have a passion for BBQing on your deck? Make sure that your lifestyle and needs fit with the building.

You’ll also need to read the Property Disclosure Statement and Form B, which will give essential information on the specific unit you’re looking at, including parking allocation. And don’t neglect the building’s insurance forms, as the information on those (especially the deductibles) will need to be taken into account within your own home insurance.

Strata documents shouldn’t be overwhelming, but it is important to have several people go over the documents in case you miss something – including your REALTOR®. Buyers in BC are very well protected, but leaving anything to chance when it comes to buying a home is very ill-advised.

HOME BUYER’S RESOURCE GUIDE 2018

31

Securing

There are eight steps to go through to finally get those keys – and a bunch of fees to pay. Here’s a rundown…

S

o, working with your real estate agent, you have found your new home and, with assistance of your mortgage professional, you have arranged for a mortgage. What’s next?

It’s time to hire a lawyer or notary public to help with the legal process to finalize the purchase of the home. Here are the eight steps you will need to go through.

Step 1: Retain the services of a lawyer or notary. Ask your other professional advisors for a referral or family and friends that have gone through the process.

Make sure you are hiring someone with experience in real estate closings.

Step 2: Your lawyer or notary will need to gather information from you, including how you wish to hold title to the property. If you are buying with your spouse or partner, most couples hold title as “joint tenants,” which means that the couple jointly owns 100 per cent. The other way to hold title to property is as “tenants-in-common”

CLOSING COSTS YOU’LL ENCOUNTER any buyers – especially first-time buyers – fail to properly budget for all the costs associated with buying a home, beyond the down payment and mortgage. Here’s a full list of everything you will or might need to pay for.

M

Legal representation: You will need to hire a lawyer or notary public to represent you and make sure the documentation is processed properly. For straightforward transactions, it’s between $800 and $1,200.

Property Transfer Tax: In BC, this is one per cent on the first $200,000 and two per cent on the balance, up to $2 million.

Any balance above that is three per cent. BC offers exemptions and discounts for first-time buyers. (Note: this publication went to press ahead of the February 2018 BC Budget, which may have changed the thresholds, so check online.) First-timers can also claim $5,000 on income tax for a $750 first-time homebuyer’s rebate.

GST on new homes: If you’re buying a new home (never lived in), it will be subject to goods and services tax, which here in BC is five per cent. Some income tax rebates are available.

32

HOME BUYER’S RESOURCE GUIDE 2018

Mortgage default insurance: If you’re putting less than 20 per cent down, you’re required to buy mortgage default insurance, which you will pay off each month.

Mortgage life insurance: This insurance will pay off the balance of your mortgage in the event of your death or inability to pay, and is highly advisable (but not mandatory).

Appraisal and/or land survey fee: Some mortgage lenders will require an appraisal on the property, which could be at your expense, depending on the lender and your down payment.

Other lenders might require an up-to-date survey of the property.

Again, this will be at your expense.

Title insurance: Title insurance is usually optional, although some lenders may require it. It covers problems like boundary encroachment issues, title fraud, undischarged mortgages and other issues relating to the property’s previous owners, and costs about $250.

Title search: You may also choose to do a title search, which Continued on next page

which means each owner owns a fixed percentage, which could be 50-50, 70-30 or any combination. Upon the death of one owner, the owner’s interest passes under their will.

Continued from previous page

ensures the seller is the actual owner and the property is unencumbered.

Strata move-in costs: If you’re buying a condo, many strata corporations charge move-in fees, which usually range from $100 to $400. Some also impose elevator damage deposits.

Adjustment costs: Any prepaid monthly living costs already paid by the vendor must be reimbursed when the buyer takes possession of the home.

These can include property taxes, prepaid utilities, strata fees and so on – set aside several hundred dollars for this. You may also need to pay anywhere between $100 and $1,000 to cover the interest on any gap between the closing date and the first mortgage payment date.

Step 3: Your lawyer or notary conducts a title search and obtains tax information and any additional information necessary to prepare the statement of adjustments.

This is a balance sheet of the transaction showing the total funds required to complete after accounting for the deposit and mortgage proceeds. And there may be adjustments for taxes, strata fees or rental income (see sidebar).

Step 4: Your lawyer or notary prepares closing documents including title transfer, mortgage, property transfer tax forms and statement of adjustments. They will

Moving costs: You’ll have to hire a moving company or rent a truck for your furniture. Don’t forget a tip for the movers, and treats for any volunteer helpers!

forward the seller’s closing documents to the seller’s lawyer or notary for execution.

Step 5: One to three days before closing is when you usually meet with your lawyer or notary to sign documents and deliver the balance of the down payment or equity.

Step 6: Your lawyer or notary registers the transfer and mortgage documents, arranges for the seller’s lawyer or notary to pick up funds and notifies you that the purchase has completed.

Step 7: You receive the keys for your new home. Normally you receive the house keys directly from your real estate agent on the possession date as set out in the contract of purchase and sale.

Step 8: Move in and enjoy your new home – congratulations!

Richard Bell is a Vancouver lawyer who specializes in real estate, wills and estate planning, probate, and immigration law. He is the co-founder of Bell Alliance Lawyers & Notaries Public and has been named Best Real Estate Lawyer in Canada by Canadian Real Estate Magazine. Contact him via his website at www.bellalliance.ca

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Give us a call and see how we can help!

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778 895 9128 joyce.tsang@mtgarc.ca

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Services in Cantonese and Mandarin

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HOME BUYER’S RESOURCE GUIDE 2018

33

DIRECTORY for the

Home Buyer’s

Guide

Canada Revenue Agency

Buying Advice

Construction

Canadian Association of Home and Property Inspectors BC

Greater Vancouver Home Builders’ Association

Government agency manages taxes and benefi ts ✆ 604-689-7536 www.cra-arc.gc.ca/

Directory to fi nd a home inspector ✆ 1-855-224-7422 www.hiabc.ca

Tips on buying, building and renovating your home ✆ 778-565-4288 www.gvhba.org

Insurance Broker Association of BC

British Columbia Land Surveyors Find a land surveyor ✆ 250-655-7222 www.abcls.ca

Appraisal Institute of Canada Find an appraiser ✆ 613-234-6533 www.aicanada.ca

Duxbury & Associates Building inspection and consulting ✆ 604-524-2502 www.glennduxbury-inspections.com Pg..............11

34

Finances RateHub Resource of financial info with lots of rate comparisons ✆ 1-800-679-9622 www.ratehub.ca

BC Government Government resource all about property taxes ✆ 604-660-2421 www2.gov.bc.ca/gov/content/ taxes/property-taxes

HOME BUYER’S RESOURCE GUIDE 2018

Insurance Broker Association of BC Broker Directory for insurance ✆ (604) 606-8000 www.ibabc.org

RateSupermarket Resource of fi nancial info with lots of rate comparisons ✆ 1-866-462-4779 www.ratesupermarket.ca

General Canadian Mortgage and Housing Corporation Offers information and support for Canadian homebuyers

✆ 604-731-5733 www.cmhc-schl.gc.ca

Service Canada Point of access to various services and benefi ts offered to Canadians ✆ n/a (varies by department) www.servicecanada.gc.ca

BC Government Government resource all about housing ✆ 604-660-2421 www2.gov.bc.ca/gov/content/ housing-tenancy

Vancouver Heritage Foundation Organization aimed at protecting heritage homes - there are grants available to owners/buyers of heritage homes ✆ 604-264-9642 www.vancouverheritagefoundation.org

Legal

Real Estate Boards

Law Society of BC

Greater Vancouver Real Estate Board

Lawyer lookup to ensure your lawyer is in good standing with the law society and to see how many years they have been practising ✆ 604-669-2533 www.lawsociety.bc.ca

Carolyn Hill

PERSONAL REAL ESTATE CORPORATION

ASSOCIATE BROKER

Find the latest real estate statistics of the Greater Vancouver Area ✆ 604-730-3000 www.rebgv.org

BC Notaries

Fraser Valley Real Estate Board

Can fi nd a notary by language, name, city or postal code ✆ 604-681-4516 www.notaries.bc.ca

Find the latest real estate statistics of the Fraser Valley Area ✆ 604-930-7600 www.fvreb.bc.ca

Delive De livering ring

the Dream – Whistler Voted “BEST REALTOR” 2015 Pique Newspaper Direct:

Mortgage

Realtors

Canadian Association of Accredited Mortgage Professionals

Faith Wilson, Faith Wilson Group

Search CAAMP’s list of members to find a qualified mortgage broker to help you find the right mortgage for you ✆ 1-888-442-4625 www.mortgageconsumer.org

Mortgage Broker Association of BC Resource of mortgage information as well as full directory of registered brokers ✆ 604-408-9989 www.mbabc.ca

Canadian Government Financial Consumer Agency of Canada’s consumer resource to Mortgages ✆ 1-866-461-3222 www.fcac-acfc.gc.ca/Eng/ forConsumers/topics/mortgages

Mortgage Architects Joyce Tsang - Mortgage Architects ✆ 778-895-9128 Marna Dueck - Mortgage Architects ✆ 604-725-0284 www.MJmortgages.ca Pg..............33

Canadian Association of Movers Can fi nd movers by address and type of move ✆ 905.848.6579 www.mover.net

City of Vancouver Landfi ll info for disposal of unwanted items ✆ 311 http://vancouver.ca/ home-property-development/ landfill-fees-and-charges.aspx

chill@whistlerbuyer.com

WWW.WHISTLERBUYER.COM

Specializes in the Vancouver area ✆ 604-224-5277 www.faithwilsongroup.com Pg..............36

Samson Danniels, Rennie & Associates Realty Realtors serving the Lower Mainland ✆ 778-989-2454 www.rennie.com/samsondanniels Pg..............21

Emma Co, Macdonald Realty Westmar Specializes in the Vancouver ✆ 604-618-3888 www.emmacorealestate.business.site Pg..............14

Candice Dyer, Sutton Group West Coast Realty Specializes in the Sea-to-Sky Corridor ✆ 604-306-8911 www.candicedyer.com Pg..............2

Dexter Associates Realty Realtor serving the Lower Mainland ✆ 604-263-1144 ✆ 604-263-1144 ✆ 604-689-8226 www.dexterrealty.com Pg..............7

Leah Baynes-Bettger, Royal LePage West Real Estate Services Specializes in Burnaby, New Westminster, Coquitlam, Port Moody & Port Coquitlam ✆ 604-939-6666 www.leahbaynes-bettger.ca Pg..............11

Services Better Business Bureau Better Business Bureau to fi nd reputable cleaning, painting, contracting etc. services www.bbb.org

BC Hydro Crown corporation that manages electricity - rebates are often available ✆ 604-224-9376 www.bchydro.com

FortisBC Energy supplier of BC - rebates are often available ✆ 1-866-436-7847 www.fortisbc.com/

Rental Strata

Carolyn Hill, Macdonald Realty Whistler

Moving

604.907.0770

Specializes in the Whistler area ✆ 604-907-0770 www.whistlerbuyer.com Pg..............35

RE/MAX Sea to Sky Real Estate Specializes in Squamish, Whistler or Pemberton ✆ Squamish 604-892-3571 ✆ Whistler 604-932-2300 ✆ Pemberton 604-894-6616 www.myseatosky.com Pg..............3

BC Laws Residential Tenancy Act - laws that govern rentals www.bclaws.ca/civix/document/ id/complete/statreg/02078_01

Tenants BC A resource for landlords (and tenants) in BC ✆ 1-800-665-8779 www.tenantsbc.ca

Real Estate Book The Realy Game The Complete Guide when Buing and Selling www.therealtygame.ca Pg..............11

Condominium Home Owners Association Nonprofi t association serving BC’s strata owners since 1976 ✆ 604-584-2462 www.choa.bc.ca/

Strata Law Free local resource all about strata law www.stratalaw.ca

When you set out to buy your next dream home...

to be advised, served & guided by a Realtor® who:

HAS THE PLAN that will help you define your vision, your needs and your wants in the context of today’s market.

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HAS THE TEAM that will help you pursue your vision relentlessly, focusing on helping you define your needs & wants in context of TODAY’s market. The TEAM mantra should be “no opportunity missed”.

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