Blog › September 2011

Not So Rosy Picture For BC Boomers


More BC boomers are expected to retired with higher debts!

Picture 233INCREASING DEBT will be a retirement reality for many boomers, according to the Horizons Retirement Report, a survey commissioned by Rogers Group Financial.

Almost 40%, or four out of 10 Canadians expect to owe money when they retire, the survey found. One in six will have more than $50,000 in debt and one in 10 will hit 65 with more than $100,000 in debt. These are very large debts seniors have to deal with during their retirement.

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High cost of housing

The statistics don't surprise Clay Gillespie, managing director of Rogers Group Financial, given increasing debt levels have become commoner among his clients in recent years. Many boomers rack up these debts when they take equity out of their houses so their kids can afford pricey Vancouver real estate!

Interest rates are at ultra low level at the moment, but a spike up in rates in the future by 1% or 2% will squeeze out the limited disposable incomes these boomers depend on to support their livestyles.

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Open House Fraser Valley & Chilliwack


RealtyLink MLS Open Houses For Fraser Valley & Cilliwack

This link to the Fraser Valley and Chilliwack "open houses" every Saturday and Sunday is brought to you by Team 3000 Realty.

passport 032You can find the latest MLS listings and real estate information from Team 3000 for Greater vancouver, Fraser Valley and Chilliwack. Team 3000's MLS portal is easy to use and covers the whole Greater Vancouver, Fraser Valley and Chilliwack. The MLS listings are updated automacially daily.

You can search any city's homes for sale using the search term "Team 3000" follows by the city you want to search. For example, Team 3000 Burnaby, Team 3000 Surrey, Team 3000 Langley, etc.

RealtyLink Open Houses in Surrey, White Rock, Langley, Abbotsford and Chilliwack can be viewed using the link below:

Surrey Open House

North Delta Open House

North Surrey Open House

Cloverdale Open House

White Rock Open House

Langley Open House

Abbotsford Open House

Mission Open House

Chilliwack Open House

You can view all Open Houses in Vancouver West, Vancouver East, Richmond, Buanaby, New Westminster, Coquitlam, North Vancouver, West Vancouver, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge using this link.

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Richmond Townhouse For Sale By Neighborhood


Richmond Townhouses - The Neighborhoods

Whether it is a detached home, townhome or condo you are buying, the neighborhood where the home is located is a major consideration for your buying decision.

Picture 054Where you can buy?

You can view Richmond townhouses currently listed for sale using Team 3000's Richmond's website. The selling prices for these homes may range from just under $400,000 to over $800,000. The most popular Richmond townhouses are those located in more desirable west Richmond neighborhoods like Terra Nova and Granville area. Townhomes that sell welll are those with 3 bedrooms with an average living area between 1,450 to 1600 sq ft priced between $550,000 to $700,000.

Townhouses For Sale By Neighborhood

Boyd Park Listings (7) Bridgeport RI Listings (2) Brighouse Listings (24) Brighouse South Listings (51) Broadmoor Listings (7) East Cambie Listings (14) Garden City Listings (20) Granville Listings (13) Hamilton RI Listings (11) Ironwood Listings (17) Lackner Listings (2) McLennan North Listings (127) McNair Listings (5) Quilchena RI Listings (1) Riverdale RI Listings (4) Saunders Listings (11) Seafair Listings (4) South Arm Listings (7) Steveston North Listings (9) Steveston South Listings (28) Steveston Villlage Listings (5) Terra Nova Listings (34) West Cambie Listings (34) Westwind Listings (6) Woodwards Listings (15)

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Richmond Townhouses For Sale


About Richmond townhouses

Picture 058Richmond townhouses are more affordable than detached homes, and offer more space than condos for home buyers to accommodate their families. Home buyers with a growing family and limited by the homes they can afford, will likely consider buying townhouses. Richmond townhouses may range in size from the smaller size 3-bedroom townhomes with just over 1,200 to the larger homes with 2,000 sq ft living area.

What you can buy?

You can view Richmond townhouses currently listed for sale using Team 3000's Richmond's website. The selling prices for these homes may range from just under $400,000 to over $800,000. Newer townhouses are more expansive and sell much better than older townhomes.

The most popular Richmond townhouses are those with 3 bedrooms with an average living area between 1,450 to 1600 sq ft. Such units are in the price range between $550,000 to $700,000. Older and smaller townhomes can be found at lower price point between $400,000 to $550,000.

Richmond townhouses by price range

You can view townhouses within different price points below:

Townhouse Price Range

Price Range

Under $300k

$300k-$400k

$400k-$500k

$500k-$600k

$600k-$700k

$700k-$800k

Over $800k

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Vancouver Realtors - English, Mandarin & Cantonese


English, Mandarin & Cantonese speaking Realtors

DunbarhomesAt Team 3000 we have a team of experienced Realtors who are conversant in English, Mandrine and Cantonese to help you with your realty needs. Whether you are planning to buy or sell in Vancouver West, Vancouver Downtown, Vancouver East, Burnaby or Richmond, Team 3000's agents are ready to help. We understand the local real estate markets, and we are committed to help you find the homes meeting your needs.

Real estate investment

Buying real estate is about buying homes in the right locations. We work in the business and can help guide you the neighborhoods you should buy and what type of housing that has the most potential for appreciation in value. If you're an new to Vancouver, or planning to relocated to Canada, we will make sure you're making the right property purchase.

Selling your home

When you are planning to sell your property in Vancouver, Richmond or burnaby, you will find our proven marketing plan effective in getting your home sold. We work for your best interest and will sell your home at the highest price possible and in the shortest time. With years of experience helping our clients buying and selling their homes, our agents will make sure you are well informed during the home selling process.

Areas we service

We help our clients buying or selling their detached homes, townhouses and condos or apartments The areas we cover include Downtown, Kitsilano, Arbutus, Dunbar, UBC, Point Grey, Shaughnessy, South Granville, Mackenzie Heights and Kerrisdale. And other areas slightly to the east and south of Vancouver at Fairview, Mount Pleasant, Cambie, Oakridge and Marpole.

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Outlook For Greater Vancouver Housing Market


 

Vancouver Housing Market - August Report

AugChartAugust marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listings exceeded the 10-year norm every month since the beginning of the year.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale.

Total listings for sale on the MLS® for August was at 15,437.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. With a sales-to-actives listings ratio of 15 per cent, or around 6.67 months supply of homes, Greater Vancouver is in a buyers’ market the past three months.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver at $625,578 in August 2011 was 8.5 per cent higher than the benchmark price of $576,597 recorded in August 2010.

“Year over year, prices are up. However, the housing market now is faced with many challenges like weakening economies, high consumer debt load, home ownership reaching 70%,  un-affordable housing, etc. Acceleration in price decline in the coming months may be expected. Conods are more vulnerable to a price decline due to higher supply of homes for sale.

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Greater Vancouver August Housing Report


AugustThe real estate board of Greater Vancouver report for August confirmed further build up of inventory and lower sales, resulting in the housing market trending toward a "Buyer market"

"August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years. “MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

Read the full report here.

Home Owenership Reaching 70%

With recent reports on high ownership level reaching 70% and high consumer date, Greater Vancouver's housing market is susceptable to a price correction. The uncertainties resulting in the abolishment of the HST, declining stock market due to the weak economies in the US and EU, home buyers are likely to adope a "wait and see" approach before commiting to buying their homes.

It will be interesting to see how the the real estata market will hold up the next few months.

You can view homes for sale in Greater Vancouver, Fraser Valley and Chilliwack using the link below:

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Relocating To Richmond


Are you relocating to Richmond or Vancouver, BC?

If you are relocating to Richmond or Vancouver, and planning to buy a home, you you search homes for sale online using Team 3000's website. The website is designed for easy search for condos, townhouses or single family homes for sale in Richmond or other cities. Click here to view homes for sale in Richmond.

RichmondAbout Richmond, BC

New comers can find out more information about Richmond BC using online search via websites like Wikipedia - Richmond BC, Richmond's City website at http://www.richmond.ca/, The Steveston Village and Steveston iVillage which provide useful information about Richmond.

Richmond Real Estate

You can get the help of a local Richmond Realtor when buying a home. You can also view monthly real estate sales report for Richmond via the internet. Homes for sale in other areas around metro Vancouver, can be viewed using Team 3000's website here. A local Realtor will be able to assist you with your realty needs.

Picture 116Richmond neighborhood

West Richmond homes are favoured by home buyers due to many factors like schools and neighborhood amenities. Homes facing T-junctions or on artery roads are more difficult to sell, and they sell at much lower prices than homes on the inside of a sub-division.

North Richmond's homes prices (located under the Vancouver International Airport's 'flight path') are lower than other areas due to air planes noises.

If you are relocating to Richmond, or another City in Greater Vancouver, you are welcome to contact us

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Canada Home Prices


Home Prices USA vs. Canada

The Teranet - National Bank House Price Index ™ - June Report:

Canadian home prices up 1.7% in June.

"Canadian home prices in June were up 1.7% from the previous month, according to the Teranet–National Bank National Composite House Price Index™. This rise took the index to a new high of 144.27 (June 2005 = 100). It was the third consecutive monthly increase exceeding 1% and the largest rise since August 2009. It was also the seventh consecutive monthly increase, coming after three straight monthly declines. As in April and May, prices were up in all six of the metropolitan markets surveyed. What is new is that in all six markets the June monthly rise was at least 1%, a first since April 2005. It was 2.0% in Toronto, 1.7% in Vancouver and Ottawa, 1.6% in Calgary, 1.1% in Montreal and 1.0% in Halifax. For Vancouver it was the ninth consecutive gain, the longest run of monthly rises among the markets covered. For five of the six metropolitan areas the indexes were at all-time highs. The Calgary index is still 10.9% off the all-time high of August 2007 and 3.1% off the pre-correction peak of August 2010".

In response to the above report, Dr. Mark J. Perry, a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan, commented.

There were two questions posted by Dr. Mark J. Perry:

1) Are Canadian home prices in an unsustainable bubble headed for a future major correction or crash? 2) Or are the home price increases in Canada sustainable?

You can read more about Dr. Mark J. Perry's articles by following the link here.

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Too hefty to handle


Below is a Real Estate article collection by Team 3000 for your reading pleasure:

The following article was published by DEREK DeCLOET in The Globe And Mail's Report on Business dated, August 26, 2011.

Jumbo government mortgage assistance programs helped inflate, then burst, the U.S. real estate bubble. Have you looked at the Canada Mortgage and Housing Corp. lately?

AugustIs there a bubble in real estate? Canadians have been arguing about this for years. We'll keep arguing, because asset bubbles are hard to identify until they've deflated, and this one hasn't. Besides, it depends on which of Canada's many real estate markets you're looking at. In Saint John, New Brunswick, where a detached home can be had for a monthly payment of $750, or Calgary, where prices have levelled off and the typical house sits on the market for six weeks, there's no sign of trouble. But if you're in Vancouver and must sign up for 25 years of financial servitude for the privilege of owning a small glass box in the sky, prices look very dangerous indeed.

So the bubble question is complicated, but a few points are not in dispute. On average, owning a home is now more expensive, compared to renting, than it has been in generations. Prices are growing faster than incomes; in Vancouver, the mortgage payments on an average home would consume more than half of the typical household's wages, says TD Bank's economics department. Buyers respond to high prices by borrowing heaps of money. Three years ago, just one out of every nine mortgage-holders borrowed more than 80% of the value of their homes. Today, it's one in six.

Read the full article.

Note the comments by the author:

"The Great Canadian Home-Price Inflation couldn't have occurred without CMHC. In just six years, its insurance business has doubled, and it now backs more than $500 billion worth of mortgages. Most of these are fine. But about $45 billion is with the riskiest group - buyers with less than 10% equity. These people could be wiped out if there's a sharp correction".

CMHC is backing the banks to provide financing to home owners with little equity in their homes. Let's just hope and cross our fingures that the Canadian economy stays strong and there won't be a market crash.

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Social Media Can Help Build Your Real Estate Business


Below are 2 intesting quotes from Carol O’Hanley (a.k.a. @peihouses) on how she she use social media like Twitter and Facebook to connect with her readers: 

"If you’re not promoting your real estate business with social media, you are really missing out on some amazing opportunities to grow your network. And social media is a two-way street. I get all of my real estate news and other information from Twitter and Facebook. It really helps me to stay connected to my community and to stay on top of industry trends".

"If you want to be successful with social media, don’t use it to sell, sell, sell all the time. Just be yourself, give people a look at your human side, and the rest just takes care of itself".

Carol O’Hanley (a.k.a. @peihouses) has a diverse background, having worked in human services, retail sales and office administration before getting her real estate license in 2005.

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You can read the full article publised on REM Online.com dated August 31, 2011. This is a highly recommended read for Realtors who can learn from Carol how best they can coonect with their customers using social media. 

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