Real Estate Advisor, Rick Stonehouse

Laneway Housing - An Innovative Move for Vancouver?

2009-01-06T12:22:00.000-08:00

Here's an interesting article about Laneway Housing I fount at BeyondRobson.com

If you're not familiar with the concept, it basically means that property owners can build another potentially stand-alone structure on their property that opens up to the lane - what we would otherwise call an alley. You can check out this fact-sheet from the City of Vancouver for more info.

Rob brings up some really interesting questions as to what LWH will do to Vancouver:

Will it reduce or increase the price of lots? I'm sure we'll see arguments both ways (and I've heard the argument coming from sellers that it will increase the value). Because it applies to a large number of lots its clear that it will be a city wide change. The house at 2625 Oxford doesn't have a new competitive advantage over its neighbour across the street. It will make it easier to generate income off properties. What will a nice, new laneway house rent for? What will it net? What kind of mortgage will that carry, and what will construction costs be? I think its safe to say that LWH will contribute to positive cash flow. Existing owners will enjoy the benefit of the change. Future buyers will find the benefit priced into the purchase price. Is there a downside? Will laneway housing improve, for example, East Van neighbourhoods or will it turn out to be a new way to supply sub-standard accomodation? Could it be a solution to homelessness? Is there a fit between privately owned LWH, Strathcona, and government funded social services? (How's that for a hand grenade!)

A laneway house in Toronto. Photos from Canadian Architect

Personally, I'm interested in the concept as there seems to be some sort of environmental requirements that need to be met in order to build, along with the obvious fact that Vancouver is desperately in need of more rental housing. And, according to the fact-sheet, renovations or upgrades to the Laneway House do not need to coincide with upgrades to the main unit - handy, for property owners I can imagine.

Vancouver will always need to use it's land in the most efficient way possible, however, I'm also curious if this move may further increase the divide between property owners and non-property owners in Vancouver. Or, will we see rates lower as more units are made available, along with a decrease in value for those properties that do not enter onto a lane?

I'm no real estate expert, but I'm sure there will be consequences to this decision. What do you think: Good or bad decision?

For more info (and comments), head to Rob's article which includes a few more links to other opinion sources such as the Straight.

Winning the Real Estate War: Using Staging to Help Sell Your Home

2008-12-18T13:06:00.001-08:00

Last spring when Jim and Heather Thompson decided to sell their home in Vancouver, they realized they knew little about how to get top value for their biggest possession. "We were talking about our life savings," says Jim, 47, who works as the head of sales for a technology company. "But I was really clueless as to what sells."

The Thompsons enlisted the help of John Carter, co-founder of Dekora, a "home-staging" firm in Vancouver, B.C. Carter spent a day going through their home room by room and drawing up a list of suggestions aimed at maximizing their house's appeal for prospective buyers. After discussing his proposals - which ranged from removing some shrubs in the front yard, to powerwashing the driveway and walkways - the Thompsons gave Carter's crew the go-ahead to implement some of his ideas. Total cost: $4,000.

We know what you're thinking - $4000 just to get your home ready for sale? But consider the results. After a single Sunday showing early last year, the Thompsons' home attracted three odders, all of them higher than the couple's asking price of $649,000. Three days later the Thompsons agreed to sell their residence for a $1,000 premium over the listed price. While a hot real estate market helped, the Thompsons are convinced that Carter's primping and attention to detail was a big reason for their houses runaway success. "Our place fetched the highest price of any bungalow sold on our street - ever," says Jim.

Home stagers like Carter claim they can help anyone get a premium price for their home. Practically unknown in Canada even three years ago, stagers are now a presence in the real estate markets of Toronto and Vancouver and are popping up in many other cities as well. These home professionals - many of them former decorators or real estate agents - specialize in knowing what motivates potential buyers. They use all the tricks of the trade to help homeowners come out on top in the perpetual battle between buyers and sellers. "Getting a house ready to live in and getting a house ready to sell are two totally different things," says Carter. "Decorating is about making a home comfortable for you and your family; staging a home is about merchandising properties. It involves making a house clean and clutter-free so people can connect with the home. Done right, it helps your place sell faster and for more money."

How much more? Coldwell Banker Realty tracked 2,772 properties, ranging in price from $229,000 USD to $4.8M, in eight major US cities. It found that while the average home was on the market for nearly 31 days, the typical staged home sold in just under 14 days. And while the average home sold for a mere 1.6% over the seller's asking price, the staged homes went for a hefty 6.3% more.

Home stagers perform their magic by playing up the best features of your house and minimizing the worst. They rearrange artwork on the wall, pack up your prized bowling trophies and clear out your son's high chair. Most stagers charge about $100 for an initial consultation; you then have the option of executing their suggestions on your own, or hiring the stager to do it at an hourly rate.

Taken from "Winning The Real Estate War" by Julie Cazzin, MoneySense

Top Ten Staging Tips from Dekora

2008-12-18T12:09:00.001-08:00

Here's an interesting article from Dekora, a leading home staging company based in Vancouver, BC. Some interesting staging tips that may be of value to you if you may be thinking of selling your home, or know someone else who may be.

Your Home Is Your Product.
To maximize the value of your home and the speed of its sale, your home should be properly merchandised and displayed like any 'product' that is offfered for sale. Packaging and merchandising are critical factors in the world of sales - and you are now on the market.

First Impressions Count.
You never get a second chance at a first impression, so attempt to walk through your property in the shoes of your prospective buyer. Look at your entire home with an honest eye and discern what needs improvement and / or enhancements.

De-Clutter.
You're not hiring an agent to sell your personal things. Organize. Purge. If it's not in daily use does it really need to be here? It's okay to have storage for your "stuff," as we all have stuff. But try to keep it minimized, neat and organized. You will have to think 'show home' while you are de-cluttering and that less does mean more. Don't forget the cupboards, display cabinets and closets... It may be time for that garage sale.

De-Personalize.
Why take down the family reunion photo and the wedding pictures? Prospective buyers are walking through imagining themselves living in your home. They can easily become destracted by your personal photos and mementos, and they will start to focus on who you are and how you live rather than imaging themselves living there.

Clean, Clean, Clean.
Your home should be 'hotel' clean and odour free before you consider putting it on the market and showing it to prospective buyers. A lack of cleanliness says much more than words to those who are touring through, and it can literally cost you thousands at the bottom line. If you cannot do it yourself, spend a small amount to have the professionals come in. Ask them to tend to the areas that are time consuming for you, such as baseboards, window treatments, and other infrequent stops in your cleaning routine.

Repair.
If a door squeaks, a handle is wobbly or a drawer does not open or close smoothly; then git it fixed. Buyers will notice and they will make judgements on the maintenance level and upkeep of the rest of your property, based on that one small thing. A $500 repair to you means a $5000 reduction in the price to the prospective buyer.

Paint Colour and Condition.
Keep it neutral! Boring? To you maybe, but highly desirable to prospective buyers. Their thought process simply put is that they can move in without having to first spend time and money to paint over your favorite colours.All the decorating shows love to reveal "after" photos of dramatic, colourful rooms. That may help to sell a TV show to a viewer, but it will not help sell a home to a buyer. If it did, we would see more show suites at new developments painted flashy colours.

Reduce.
Reduct the amount of furnishings in your home. Are any rooms in your home filled with too much furniture? Are there furnishings too large for the room? Aim to give your room some breathing space for two immdiate reasons. First, it allows the prospective buyer to fully appreciate the space. Second, it allows an easy traffic flow. Pedestrian gridlock while viewers are walking through your home does not sell "spacious living"

Light.
Sunny and bright interiors are more appealing and therefore easier to sell. Clean your windows inside and out. Check for burnt out light bulbs. Replace low wattage with brighter bulbs. We may not want to live in such bright light all the time, but it does reinforce the fact that you have a bright interior to offer.

Decor Touches.
Pay very close attention to the small details that help in forming the overall impression of your property. Fresh cut flowers, a bowl of fresh fruit, a small potted plant... When your prospective buyer leaves after viewing, they will be discussing what they saw based on their overall impression of the home.

Dekora is located at 3498 Bridgeway Street, Vancouver BC
For more informative tips, visit dekora.com

New study finds real estate market downturn helping home affordability in B.C.

2008-12-09T15:18:00.000-08:00

B.C.'s real estate market correction is improving home affordability in the province, according to a new RBC Economics study.

The proportion of pre-tax household income needed to service the costs of owning a home has fallen for all housing types in the third quarter. According to the study, owning a standard two-storey home requires 77.7% of a household's income. That's down from 80.9% in the second quarter.

Costs of owning a detached bungalow fell to 69.7% from 73%; the costs for a standard townhouse fell to 53.8% of household income from 55.8%; and the cost for owning a standard condo fell to 38.7% from 40.8% of household income.

But housing in Vancouver remains among Canada's most expensive. In the third quarter, prices are roughly double the national average for most housing types. Home ownership income requirements are still high. A minimum qualifying income of $150,000 is needed to own a two-storey home; $135,000 is required for a detached bungalow.

Given these high requirements, the study said most families in Vancouver are effectively shut out from owning a home and must instead look to the condominium market.

Source: Business In Vancouver

Bank of Canada Cuts Rate to 1.5%

2008-12-09T14:19:00.001-08:00

The Bank of Canada has reduced it's over night lending rate three-quarters of a point to 1.5%, the lowest level in half a century. Commercial banks, such as TD Bank, the first to take action, and CIBC have responded by reducing it's prime lending rate to only 3.5%.

The Bank of Canada's next scheduled date for announcing the over night rate target is January 20, 2009.

Bank of Canada
The Canadian Press

Science World to receive $10.5 M for upgrades

2008-12-08T13:37:00.001-08:00

The BC provincial government will be giving Science World $10.5 million dollars to upgrade the building envelope, foundation and structure, in addition to constructing an outdoor science and sustainability park.

Science World opened in 1989 and receives more than 525,000 visitors annually. The building and mirrored glass ball was built for Expo '86 but was not designed for permanent operations.

For more information: News 1130

Slow home sales create window of opportunity for buyers

2008-12-04T13:50:00.000-08:00

A recent press release from the Real Estate Board of Greater Vancouver reports that the reduction in home sales and home prices in the month of November has helped to improve home affordability in Greater Vancouver. Correspondingly, November also saw a decrease in new homes being listed.

For more information, see the press release at the Real Estate Board of Greater Vancouver

Energy Saving Tips for the Approaching Winter Season

2008-10-23T14:35:00.000-07:00

Now that winter is almost upon us, I thought I'd share some practical money saving energy information, Fact versus Fiction:

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Home Prices Down; Affordability Improves in BC

2008-10-16T10:44:00.000-07:00

According to the latest British Columbia Real Estate Association (BCREA) report, residential sales by dollar volume declined by 39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7 per cent from September 2007.

“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”

“However, affordability is improving,” added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”

The Million Dollar Question: Should you buy now or wait and see?

2008-09-19T11:40:00.000-07:00

A client of mine, who is relocating to Vancouver, recently asked if she should wait a little longer to see if housing prices fall further before buying a home. Will the market hit bottom? Should she buy now or take the wait and see approach?

This is my feeling and this is what I told her:

I don't think there's any urgency at all, but I would definitely see this as an opportunity to find the perfect place that you're going to love living in for the next couple of years. The number of listings will decrease as Christmas approaches, at the same time there will also be less Buyers so the chances of getting a bit of a deal become greater if the right property comes on the market.

There's no rush to find you a place and we're happy to continue showing you properties for as long as it takes for you to feel like you're buying the right property at the right time. Seeing what's on the market with you is what keeps us up to date on pricing and values...

I think we have a pretty good idea of what you're looking for and we'll certainly make an extra effort to reach you if a great home come up... and in the meantime, we can send new listings along to keep you up-to-date but we certainly don't want you to feel like you have to see or respond to them at all.

My opinion is that there's always a reason to buy as well as not to buy... Personally, I've always felt more comfortable 'being in the market' and taking advantage of a good opportunity...

If you're buying something within a 10 miles radius of the city and you have a little piece of dirt under you, I don't think you can really go wrong.

Video Testimonial For Rick

2008-09-07T13:30:00.001-07:00

This is a very nice testimonial that one of my clients made for me.

No Cards Please

2008-07-26T18:20:00.000-07:00

I was showing a property of mine today and as I handed my cardto the young woman viewing the home she said that she didn't need to take it because she knew how to get all my contact info on line and didn't want to waste the paper. Her comment was "every little bit counts".

This attitude towards waste is one of the many reasons I have continued to develop as much of my business on line as possible with the development of LiveinStrathcona, LiveontheDrive and LivinginMountPleasant as well as my own web page RickStonehouse.com

The days of sending out flyers and post cards is clearly nearing the end of a long and wasteful run.

The Vancouver Market: Spring 2008

2008-03-25T11:19:00.000-07:00

The Real Estate industry is a key economic driver in British Columbia.

"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," says REBGV president Brian Naphtali. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."

Read more...

The Globe and Mail Reports: Dog Owners Find a Bone in Condo Developments

An interesting and welcome piece of news to many dog-owners is the inclusion of dog-friendly design in the development of condominiums in downtown Vancouver.

What exactly does this mean?

One developer has incorporated rooftop dog-runs into the design of the building. On the eight floor will be a 2000 square foot dog-run consisting mostly of bark mulch. This is a significant step to ease the life of dog-owners, providing more security, more convenience, and more thought for the urban dog-owner.

Read more...

Vancouver and Victoria Houses Prices to Soar Another 12%

Credit Union Central of B.C. expects housing prices to soar again this year and next. First time home-buyers are fast becoming extinct in this expensive market. The Credit Union Central of B.C. suggests another 12% increase this year alone.

Read more...

Heritage Home Not Always Registered

2008-02-28T15:49:00.000-08:00

Burrvilla
Originally uploaded by SqueakyMarmot

Periodically, I like to skim the news via the Internet to see what is being said about Real Estate; the market, market preparation, buying homes, etc. A visit to another site introduced an article speaking about Heritage Homes and the misconception many have with the word 'heritage' - believing that it applies to anything older than 60 years of age. This simply isn't the case.

"If a house is more than about 60 years old, people will refer to it as ‘heritage,’ regardless of how well it has been preserved or how much it has been altered over the years," says one West Side REALTOR® who specializes in heritage homes. He cautions buyers, "Heritage is not just about age, it’s about authenticity. The real value is in a home that has retained its original character, inside and out."

Most Lower Mainland municipalities have an official Heritage Register, an inventory of homes created by a team of historians and city planners. The Register lists buildings of special historical importance, along with those that best represent certain architectural styles. Older municipalities such as Vancouver, New Westminster, and North Vancouver have established these inventories decades ago and update them every few years. Other areas, such as Maple Ridge and Delta, have only recently completed inventories are in the process of creating a formal Heritage Register.

Yes, a Heritage Home can be a home older than 60 years old. Equally, there are many locations older still that have not been granted Heritage status, and many are not included in the official Heritage Register of the municipality.

Recent local-area meetings discussing the Heritage Planning for the City of Vancouver are attempting to bridge the gaps in the Heritage Register, and to identify other important criteria aside from physical structures as determining factors for Heritage planning. Some of these other things pertain to Arts, Culture, and other historical intangibles shaped by the people that built and lived in the communities.

What does this mean to you as a home-buyer looking at older properties, or as a home-owner now living in an older home not listed in the official Heritage Register? In the City of Vancouver, this initiative - also intended to bring the Official Register up-to-date - will likely see many properties not previously heritage, now becoming heritage homes. Once a home becomes a heritage home, the home-owner has additional criteria and consideration to meet with the municipality regarding any home improvement projects. On the up-side, the distinctive nature and status adds value to your property value.

Bank of Canada Lowers Key Rate by .25%

2008-01-25T15:24:00.000-08:00

Today’s announcement by the Bank of Canada that it is reducing its key interest rate by a quarter point means that lenders will be under competitive pressure to decrease rates for variable-rate mortgages and lines of credit based on the prime rate. However, lenders differ in when exactly they adjust their variable rates. At the same time the US Federal Reserve has today reduced their rates by .75% in an emergency meeting.

Fixed-rate mortgages are not likely to be affected directly by today’s announcement as their rates are influenced primarily by movements in the bond market and not the Bank of Canada’s overnight rate.

With today's Bank of Canada drop, the bank prime rate should lower to 5.75% from 6.00% reducing the rates on variable mortgages and lines of credit.

Taken from email newsletter received from Origin.

Fwd: Residential Mortgage Rates - July 9, 2007

2007-07-09T16:22:00.001-07:00

Residential Mortgage Rates – July 9, 2007

Variable Introductory Rate as low as 3.4%

Term	EMC Rates	Most Banks
1 Year Closed	5.60 %	7.05 %
2 Year	5.65 %	7.30 %
3 Year	5.70 %	7.30 %
4 Year	5.80 %	7.30 %
5 Year	5.79 %	7.24 %
7 Year	5.90 %	7.55 %
10 Year	6.05 %	8.00 %
15 Year	6.30 %	Not available at every bank
18 Year	6.37 %	Not available at every bank
25 Year	6.48 %	Not available at every bank

Rates subject to change without notice

Prime 6.0%

GARTH ELLIS

President

VERICO Ellis Mortgages Canada

Phone Number: 604.739.0320

Fax Number: 604.739.0334

Email: emc@emcmortgages.ca

We value your time, your business and those you refer to us.

--
Rick Stonehouse
725 - 6200
Sutton West Coast Realty Ltd.
-----------------------------------------------------
http://sellfm.com - Real Estate Radio

RickStonehouse.com - BCREA Timely Issues for REALTORS(r) - February 22, 2007

2007-02-28T14:05:00.000-08:00

This is something interesting I thought I'd share with you.

The BC government’s 2007 budget lends significant focus to the housing economy, benefiting homeowners and homeless people alike.

Last September, BCREA recommended the government develop a phased three-year plan leading to elimination of the Property Transfer Tax (PTT) by 2009, beginning with an update of the tax exemption thresholds for first-time buyers to $375,000, province wide. This new threshold came into effect on February 21, 2007. The amount applies to all areas of the province, replacing the former threshold, which included $365,000 (for the Lower Mainland, Fraser Valley and Capital Region District) and $265,000 for the rest of the province.

That exact recommendation was included in this year’s budget. Other measures related to market housing include:

Update to the Home Owner Grant so that 95 per cent of all owners qualify
Expanded thresholds, to $28,000 from $20,000, for families and individuals via the Rental Assistance Program
Allowance for people aged 55 to start deferring property taxes (lowered from age 60)

RickStonehouse.com - Bank of Canada Update

2006-12-08T22:36:00.000-08:00

RickStonehouse.com - Bank of Canada Update

Bank of Canada Interest Rate Commentary

December 8, 2006

On December 5th the Bank of Canada left their key interest rate unchanged at 4.5%. For the fourth time in a row the Bank has decided not to increase their rate. The last increase was of 0.25% on May 24, 2006. The Bank stated that while the Canadian economy appears to be weakening, it is not yet weak enough to justify a reduction in the rate. Most experts agree that rates will begin to drop early in the spring. The futures markets expect an 85% chance that there will be rate cuts by June 2007. The next Bank of Canada decision date is January 16, 2007.

Article from Globe and Mail regarding Strathcona

2006-08-13T15:57:00.000-07:00

Living on the edge

THOMASINA GORDON

From Friday's Globe and Mail

James Burton and Joanne Rankin bought their home at 656 East Georgia St. in 1988. The couple had been living in the West End and Ms. Rankin in particular had reservations about moving to Strathcona on Vancouver's east side with its seamy reputation.

"I said there would be too many hookers, no trees and I would hate it," says Ms. Rankin. "But, I would try it for a year as an experiment."

Now, almost 20 years later she says, "I was wrong." The area's troubled reputation has made for strong bonds between neighbours.

Strathcona is one of Vancouver's oldest neighbourhoods and the starting place for many waves of immigrants. Mr. Burton describes it as "a place where people always got a toe hold." He sees Strathcona's history evolving in continuous stages of development; as one generation ages the next looks to move in.

Couples like Mr. Burton and Ms. Rankin are now being followed by a new wave of young home buyers pushed by rising prices to take a chance on a gentrifying neighbourhood. The payoff is an affordable home near the city centre.

In fact, concerns by locals are not of crime and cleanliness, they are growing worries of the possibility of a massive influx of newcomers which will disrupt the very community they have always protected.

Toni Pohl along with business partner, realtor (Sutton-West Coast Realty) and Strathcona resident, Rick Stonehouse feel a big change has occurred not just in Strathcona but the entire east side. "People used to live in the east end because it was all they could afford, now they choose the east side because they would rather live here," says Ms. Pohl who bought a small row-house with two one-bedroom units in July 2003 for $326,500 and values it now at $570,000.

Strathcona and the east side, particularly East Hastings, have long-running reputations of being areas ruled by drugs, prostitution and crime. Paradoxically, Mr. Burton and Ms. Rankin see these ills as part of the reason residents have been able to create such a strong community. "Because of all the Hastings' action, it means people here get together more than they might anywhere else and really get to know each other," says Ms. Rankin.

Many agree, including Riel and Juliet Roussopoulos, who have lived in Strathcona for seven years and recently moved into a renovated heritage home at 750 Princess Ave (Their realtor is Rick Stonehouse). "Because it is such a strong community and everybody knows everybody else, we are able to watch out for each other and we really notice when someone who doesn't belong comes into the neighbourhood," says Mrs. Roussopoulos. The Roussopoulos' home was built in 1905 and was renovated and restored by the previous owner with the original woodwork and modern twists like a gourmet kitchen.

Worries over the area's rough reputation still loom large for prospective buyers. Donna Dornik, who moves into her 'new' heritage home at 885 East Georgia Street this month, was close to walking away from her down-payment and Strathcona when she began to second guess her decision.

After losing numerous bidding wars in the West End by overbids of $20,000 to $60,000 and one near Commercial Drive where her own bid was $20,000 over the asking price, Ms. Dornik was encouraged by her realtor to look into Strathcona.

In return she has found a home with a basement suite to generate revenue, three-stories of a renovated heritage house for personal living space and a real sense of community.

Ms. Pohl and Mr. Stonehouse agree. "Rick has lived in Strathcona for 13 years, he is always saying that he lives there for the community and would never live anywhere else," says Ms. Pohl, "Of course, as a realtor he takes a lot of joking slack from the neighbourhood for the skyrocketing prices. However, in comparison to the rest of the Vancouver market, Strathcona is right on-par."

Real estate agent Jason Low (Macdonald Realty Ltd.) has been working in Strathcona for over three years. "The area is not for everyone but there is a great sense of community in the neighbourhood and a mix of homes: Vancouver Specials, Edwardians, Victorians, Post-war bungalows, etc., as well as an eclectic blend of people."

Ms. Dornik was lucky to find a home on a lot-and-a-half that contains proof of its cultural history complete with exotic garden flora like a banana tree and fig plant.

"Standard lot sizes in Strathcona are 25 feet, as opposed to 33 feet in other parts of Vancouver, " says Mr. Low, "So, people here are buying smaller lots with smaller homes but that doesn't make them difficult to sell, they just have to be priced right and let's just say that most homes have doubled in the last five years."

Ms. Dornik's house was built in 1893 and restored and renovated by its previous owners. It contains the original wood floors, doorways and staircase as well as classical touches such as high ceilings and stained glass window. The previous owners added modern touches such as the restored third floor with windows in the vaulted ceilings and an open floor plan.

Though she paid top dollar for the home, Ms. Dornik received a lot of value for her money and, "I would have paid 50 to 75 per cent more for something like this in Kits," she says. Though her biggest concern was safety, she has come to realize that the community is stronger and safer because people are more aware.

"I think people here are willing to live with that, and so the people you have as neighbours tend to be more accepting of differences and that translates into great neighbourliness," says Mr. Burton.

It also gives what Riel Roussopoulos calls a "small town feel" and allows individuals the chance to really make a difference within the community. For instance, after the birth of her second son, Ms. Rankin took inventory of the neighbourhood trees. With stroller in hand she walked the streets of Strathcona with a Parks Board Arborist and pointed out areas where trees could grow, the following fall 300 trees were planted around the neighbourhood.

Other than some electrical re-wiring, Mr. Burton and Ms. Rankin lived in their new home for 12 years with no renovations. Meanwhile, their neighbours mentioned they were thinking of selling, and because this was before zoning laws and restrictions, Mr. Burton and Ms. Rankin were concerned that a developer would move in. After a fruitless search to convince friends to buy the neighbouring home before it hit the market, Mr. Burton awoke in the night to share his realization with Ms. Rankin. "James sat up in bed and said 'oh, well, we'll have to buy it," says Ms. Rankin. The only way to do this was to re-mortgage the first house and rent out the second.

As their home began to deteriorate Burton/Rankin realized there was a need for some major renovations. By combining the properties they were able (with the new zoning guidelines in place) to build infill housing which Burton/Rankin totally agree with as a way to, "deal with densification in a way that still keeps the character of the surrounding houses," Mr. Burton says. They entered into a Heritage Revitalization Agreement with the city, which meant that in return for restoring the front houses in an acceptable way, they were able to build a house on the lane and sell it in order to pay for the renovations of their house on East Georgia. The renovations took place over ten months.

The house was built in 1892 and needed updating. As an architect, Mr. Burton was able to design a house which upheld many of the home's original aspects like high ceilings, original wood flooring, classic exterior and size, but modify it with new windows and an open living space. "It was hard work, really tense but, it was worth it," says Ms. Rankin who also adds that there is not a day she comes home and doesn't take note of "how beautiful and comfortable it is here."

This is a shot from the window of where I was

2006-07-27T20:29:00.000-07:00

Beautifull Santorini Greece...

Yum!

The Jackson Building

2006-06-12T12:27:00.000-07:00

U-GO-TO-STORE... NOW!!!
one of my previous purchases, this is a great local property.

FW: Garth's Rates

2006-06-06T15:26:00.000-07:00

Here are the latest interest rates, notice that they’re climbing…..

Better lock in soon if you’re not already.

Residential Mortgage Rates – May 29, 2006

Term Garth Ellis Most Banks

1 year closed 5.20 % 6.10 %

2 year 5.25 % 6.20 %

3 year 5.30 % 6.40 %

4 year 5.30 % 6.50 %

5 year 5.30 % 6.70 %

7 year 5.40 % 7.00 %

10 year 5.55 % 7.50 %

15 year 6.09 % Not available at every bank

18 year 6.19 % Not available at every bank

25 year 6.34 % Not available at every bank

Variable as low as 2.55 %

Prime 5.75 %

(Rates subject to change without notice)

Interest Rate Mailing Service

2006-04-07T10:50:00.000-07:00

I subscribe to a service from INVIS.ca called "RATE MAIL"

It's a really handy way for me to stay up to date with any interest rate changes and I suggest if you're shopping rates, this is a good way to stay on top of the market:

Here's what they have to say.

Owning a Home vs. Renting
If you’ve recently decided to make the transition from renter to homeowner, you are about to make an important investment in your long-term financial wellbeing. Still on the fence? Consider the following benefits. Owning your own home can allow you to:
Build EquityWhen you purchase your own home and make mortgage payments, you accumulate equity in the property. You may borrow against this equity or convert it into cash when you eventually sell your property.
Stabilize Housing CostsWhile rent typically increases from year to year, with fixed-rate and some variable-rate mortgages your payments remain unchanged throughout the term of the financing. The impact of inflation over the years means you pay the same amount, but in devalued dollars.
Profit from AppreciationHousing historically increases in value over time – which is as good as money in the bank for the homeowner. At the same time as you build equity by making mortgage payments, what you can get when you sell your home will likely increase over the long term.
Enjoy Tax BenefitsHomeowners can enjoy tax benefits not available to renters. Portions of the interest paid on your mortgage may be tax deductible, and capital gains when you sell your home are in most cases tax exempt – your Invis Mortgage Consultant can provide you with more information and guidance.
Ultimately, buying a home isn’t only about money. Home ownership makes it easier to put down roots in your community, and can give you a new sense of pride in your surroundings. You have full freedom to renovate your space to fit neatly with your family’s lifestyle.
Talk to your Invis Mortgage Consultant today about your home financing options.
About Invis
Invis is one of Canada's largest mortgage brokerage firms with a national team of over 600 mortgage consultants. Invis Mortgage Consultants provide unbiased financial analysis, mortgage sourcing and mortgage advice for both first time homebuyers and repeat buyers. Invis arranged more than $5.5 billion in mortgages in 2005.
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Strathcona Specialist

2006-04-04T20:23:00.001-07:00

In an effort to keep you appraised of what's going on in Strathcona real estate, I've decided to start keeping a blog.

I will use this space to talk about upcoming and available real estate in Vancouver, particularly Strathcona and Vancouver's East Side, which tend to be my specialty.

As a long standing Vancouver Real Estate Agent, I've come to appreciate the finer qualities of Strathcona. Things like Gloria's Market and Benny's bring you back to a simpler time, when you knew your neighbors and everyone said hello to each other on the street. That's still what it's like today in one of Vancouver's oldest neighborhoods.

Currently I have a very interesting property listed, it's a conversion of an old auto repair shop that has been turned into very upscale lofts, directly across from McLean Park.

Please Take a look at my Strathcona properties page to see all of my listings.

Real Estate Advisor, Rick Stonehouse

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Strathcona Specialist