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Wednesday, May 30, 2012

Open House. Open House on Saturday, June 2, 2012 2:00 pm - 4:00 pm

Please visit our Open House at 6233 ONTARIO ST in Vancouver.
Open House on Saturday, June 2, 2012 2:00 pm - 4:00 pm
Great opportunity to own a completely renovated 6-bedroom family home in Vancouver West! Quality & sophistication are evident in every room. This is a home with huge WOW factor. Bamboo flooring, Valour gas fireplaces, granite counters,recessed lighting throughout, an open floor plan & loads of natural light make this home stand out. Outdoor life is a joy with the new deck & patio covers, fencing & room for kids to play. Close to elementary school, Langara College, Oakridge Mall & Canada Line. A legal 2-bdrm plus den basement suite provides an option for rental income. Everything from the plumbing to the finishes was done with the intention of the current owners living there indefinitely. All renovations completed w/permits.
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Wednesday, May 30, 2012

Open House. Open House on Saturday, June 2, 2012 3:00 pm - 5:00 pm

Please visit our Open House at 3306 TRUTCH ST in Vancouver.
Open House on Saturday, June 2, 2012 3:00 pm - 5:00 pm
Asking price is $220,000 under city assessed value! Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shapedlot, allowing a 4,000+ sf home. Bright and large 2-Bdrm basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities.
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Wednesday, May 30, 2012

Open House. Open House on Sunday, June 3, 2012 2:00 pm - 4:00 pm

Please visit our Open House at 6488 COLUMBIA ST in Vancouver.
Open House on Sunday, June 3, 2012 2:00 pm - 4:00 pm
Great opportunity to own a well-designed 3 bedroom, 3.5 bathroom home just steps from Langara College. Spacious living and family rooms on the main floor and three bedrooms upstairs on a bright west facing corner lot with a large and levelback yard make this an ideal family home. The one bedroom basement suite is currently rented for $650 per month. Children can attend the respected Sir William Van Horne Elementary and Eric Hamber Secondary Schools. Like to play golf? Langara Golf Course is across the street! Walking distance to Columbia and Tisdall Parks, the Canada Line to the airport, Oakridge Shopping and all the education and recreation Langara College has to offer. An amazing location at an affordable West Side price!
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Wednesday, May 30, 2012

New property listed in Oakridge VW, Vancouver West

I have listed a new property at 6488 COLUMBIA ST in Vancouver.
Great opportunity to own a well-designed 3 bedroom, 3.5 bathroom home just steps from Langara College. Spacious living and family rooms on the main floor and three bedrooms upstairs on a bright west facing corner lot with a large and levelback yard make this an ideal family home. The one bedroom basement suite is currently rented for $650 per month. Children can attend the respected Sir William Van Horne Elementary and Eric Hamber Secondary Schools. Like to play golf? Langara Golf Course is across the street! Walking distance to Columbia and Tisdall Parks, the Canada Line to the airport, Oakridge Shopping and all the education and recreation Langara College has to offer. An amazing location at an affordable West Side price!
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Saturday, May 26, 2012

Open House. Open House on Sunday, May 27, 2012 2:00 pm - 4:00 pm

Please visit our Open House at 3306 TRUTCH ST in Vancouver.
Open House on Sunday, May 27, 2012 2:00 pm - 4:00 pm
Asking price is $220,000 under city assessed value! Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shapedlot, allowing a 4,000+ sf home. Bright and large 2-Bdrm basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities.
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Friday, May 25, 2012

New property listed in Arbutus, Vancouver West

I have listed a new property at 3306 TRUTCH ST in Vancouver.
Asking price is $220,000 under city assessed value! Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shapedlot, allowing a 4,000+ sf home. Bright and large 2-Bdrm basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities.
Read Full Story
Wednesday, May 23, 2012

Open House. Open House on Sunday, May 27, 2012 2:00 pm - 4:00 pm

Please visit our Open House at 3306 TRUTCH ST in Vancouver.
Open House on Sunday, May 27, 2012 2:00 pm - 4:00 pm
Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shaped lot, allowing a 4,000+ sf home. Bright and large2-Bedroom basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities. Sneak peak at the REALTOR Open House.
Read Full Story
Tuesday, May 22, 2012

Open House. Open House on Tuesday, May 22, 2012 10:00 am - 12:00 pm

Please visit our Open House at 6233 ONTARIO ST in Vancouver.
Open House on Tuesday, May 22, 2012 10:00 am - 12:00 pm
Great opportunity to own a completely renovated 6-bedroom family home in Vancouver West! Quality & sophistication are evident in every room. This is a home with huge WOW factor. Bamboo flooring, Valour gas fireplaces, granite counters,recessed lighting throughout, an open floor plan & loads of natural light make this home stand out. Outdoor life is a joy with the new deck & patio covers, fencing & room for kids to play. Close to elementary school, Langara College, Oakridge Mall & Canada Line. A legal 2-bdrm plus den basement suite provides an option for rental income. Everything from the plumbing to the finishes was done with the intention of the current owners living there indefinitely. All renovations completed w/permits.
Read Full Story
Thursday, May 17, 2012

Open House. Open House on Sunday, May 20, 2012 2:00 pm - 4:00 pm

Please visit our Open House at 3306 TRUTCH ST in Vancouver.
Open House on Sunday, May 20, 2012 2:00 pm - 4:00 pm
Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shaped lot, allowing a 4,000+ sf home. Bright and large2-Bedroom basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities. Sneak peak at the REALTOR Open House.
Read Full Story
Wednesday, May 16, 2012

Open House. Open House on Saturday, May 19, 2012 1:00 pm - 4:00 pm

Please visit our Open House at 6233 ONTARIO ST in Vancouver.
Open House on Saturday, May 19, 2012 1:00 pm - 4:00 pm
Great opportunity to own a completely renovated 6-bedroom family home in Vancouver West! Quality & sophistication are evident in every room. This is a home with huge WOW factor. Bamboo flooring, Valour gas fireplaces, granite counters,recessed lighting throughout, an open floor plan & loads of natural light make this home stand out. Outdoor life is a joy with the new deck & patio covers, fencing & room for kids to play. Close to elementary school, Langara College, Oakridge Mall & Canada Line. A legal 2-bdrm plus den basement suite provides an option for rental income. Everything from the plumbing to the finishes was done with the intention of the current owners living there indefinitely. All renovations completed w/permits.
Read Full Story
Friday, May 11, 2012

Open House. Open House on Saturday, May 12, 2012 3:00 pm - 5:00 pm

Please visit our Open House at 3306 TRUTCH ST in Vancouver.
Open House on Saturday, May 12, 2012 3:00 pm - 5:00 pm
Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shaped lot, allowing a 4,000+ sf home. Bright and large2-Bedroom basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities. Sneak peak at the REALTOR Open House.
Read Full Story
Friday, May 11, 2012

New property listed in Arbutus, Vancouver West

I have listed a new property at 3306 TRUTCH ST in Vancouver.
Great opportunity to own a family home in the popular Arbutus neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra large, flat, pie shaped lot, allowing a 4,000+ SF home. Bright & large 2bdrm basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows thoughout. Enjoy breakfast on the east facing deck & watch the sunset from your west facing living room & bedrooms. Great schools, parks, shopping & restaurants are all within a 5 minute walk. This is a solid home in one of Vancouver's most beloved communities.
Read Full Story
Friday, May 11, 2012

New property listed in Arbutus, Vancouver West

I have listed a new property at 3306 TRUTCH ST in Vancouver.
Great opportunity to own a family home in the popular Arbutus Neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra-large, flat, pie shaped lot, allowing a 4,000+ sf home. Bright and large2-Bedroom basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows throughout. Enjoy breakfast on the East facing deck and watch the sunset from your West facing living room and bedrooms. Great schools, parks, shopping and restaurants are all within a 5-minute walk. This is a solid home in one of Vancouver's most beloved communities. Sneak peak at the REALTOR Open House.
Read Full Story
Wednesday, May 9, 2012

Video Market Update from Vancouver Real Estate Board

Video Market Update from The Real Estate Board of Greater Vancouver for April 2012

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Wednesday, May 9, 2012

Building on an Irregularly Shaped Lot

Last month I wrote about the process of building a single family home in Vancouver. This month I will be focussing on building a home on an irregularly shaped property. Before considering an irregularly shaped lot, ask yourself if you would prefer a home that is different than your standard cookie cutter house. If you answered yes, then an irregularly shaped property may be the right choice.

The challenge to a property with skewed or curved property lines is finding the set-back lines for the house itself. The RS-1 bylaw has some pretty prescriptive ways of accomplishing this. The challenge is to interpret the bylaw “correctly”. An architect will be able to assist you with this and will quickly be able to arrive at the footprint for the home.

Following is an example of a property that I have listed at 3306 Trutch Street in Vancouver that shows where the home could be located on this irregularly shaped lot. I really like the 146 feet of south west front exposure for this example and the fact that the side yards for the home set your home back from the surrounding homes. The set back from other homes also provides for an opportunity to design and build bay windows on all four sides of the home versus just the front and back.

The next step would be to calculate the amount of area that can be located above grade. According to the RS-1 bylaw, you are allowed 20% of the lot area plus an additional 1,400 square feet. For this 7,700 square foot lot you would be allowed to build approximately 2,855 square feet above grade (see plan below). The maximum size for the home is 60% of the total size of the property. For this example you could add another 1,700 square feet to the basement in order to maximize the buildable area on the site.

The garage placement is the next item to address. The city of Vancouver (and the RS-1 bylaw) encourages builders to place their garage in the back of the property off of the lane. Having lived in Arizona, I can appreciate the aesthetic to having the garage in the back of the home and not looking at a sea of garage doors as you walk or drive down a street (very common with the track homes that you see in built in the outlying areas of Vancouver such as Port Coquitlam). In order for the garage to not count in the liveable above grade square footage, you must place your garage within 26 feet of the rear property line.

After the home and garage is situated on the lot, it is time to come up with a landscaping plan. This is where I believe an irregularly shaped will shine over your standard rectangular lot. As you can see from the example above, this lot provides the opportunity for two back yards (technically side yards). With this property, you could have one yard for the kids and one for adult entertaining. Usually a back yard does not get enough natural light. With an irregular lot you have more of an opportunity to light your yard space (such as the yard with south west exposure in this example). Porches, hedges and other combinations of soft scape and hard scape could be used to create a very attractive and inviting yard.

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Wednesday, May 9, 2012

Important words to know from CMHC when buying a home

Adjustable mortgage interest rate:
 
With an adjustable rate, both the interest rate and the mortgage payment vary, based on market conditions.
Amortization:
 
Length of time over which the debt will be repaid.
Appraisal:
 
Process for estimating the market value of a property.
Appraiser:
 
Certified professional who carries out an appraisal.
Appreciation:
 
The increase in value of something because it is worth more now than when you bought it.
Approved Lender:
 
A lending institution authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate CMHC insured mortgages.
Assumption Agreement:
 
A legal document signed by a homebuyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the previous owner.
Blended Payment:
 
A mortgage payment that includes principal and interest. It is paid regularly during the term of the mortgage. The payment total remains the same, although the principal portion increases over time and the interest portion decreases.
Builder:
 
A person or company that builds homes.
Carriage home:
 
A carriage, or link home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
Certificate of location (or land survey):
 
A document that shows property boundaries and measurements, specifies the location of buildings on the property and states easements or encroachments.
Certificate of status:
 
Also called an Estoppel certificate, it is a certificate that outlines a condominium corporation's financial and legal state. Fees may vary and may be capped by law (does not apply in Quebec).
Closed mortgage:
 
A closed mortgage cannot be paid off, in whole or in part, before the end of its term. Many closed mortgages limit prepayment options such as increasing your mortgage payment or lump sum prepayment (usually up to 20% of your original principal amount).
Closing costs:
 
Costs in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on closing day. They range from 1.5% to 4% of a home’s selling price.
Closing day:
 
Date on which the sale of the property becomes final and the new owner takes possession of the home.
CMHC:
 
Canada Mortgage and Housing Corporation. A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. CMHC also develops and sells mortgage loan insurance products.
CMHC Insurance Premiums:
 
The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.
Commitment Letter (or Mortgage Approval):
 
Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.
Compound Interest:
 
Interest calculated on both the principal and the accrued interest.
Conditional offer:
 
An Offer to Purchase that is subject to specified conditions, for example, the arrangement of a mortgage. There is usually a stipulated time limit within which the specified conditions must be met.
Condominium (or strata):
 
A unit, usually in a highrise or lowrise, or a townhouse that can be owned. You own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Condominium owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.
Contractor:
 
A person responsible for overall construction of a home, including buying, scheduling, workmanship, and management of subcontractors and suppliers.
Conventional mortgage:
 
A mortgage loan up to a maximum of 80% of the lending value of the property. Typically, the lending value is the lesser of the purchase price and market value of the property. Mortgage insurance is usually not required for this type of mortgage.
Counteroffer:
 
If your original offer to the vendor is not accepted, the vendor may counteroffer. This means that the vendor has amended something from your original offer, such as the price or closing date. If a counteroffer is presented, the individual has a specified amount of time to accept or reject.
Credit bureau:
 
A company that collects information from various sources and provides credit information on a person’s borrowing and bill paying habits to help lenders assess whether or not to lend money to the person.
Credit history or Credit Report:
 
The main report a lender uses to determine your creditworthiness. It includes information about your ability to handle your debt obligations and your current outstanding obligations.
Curb appeal:
 
How attractive the home looks from the street. A home with good curb appeal will have attractive landscaping and a well-maintained exterior.
Deed:
 
A legal document that is signed by both vendor and purchaser, transferring ownership. This document is registered as evidence of ownership.  
Default on payment:
 
Failure to make a mortgage payment.
Delinquency:
 
Failing to make a mortgage payment on time.
Deposit:
 
Money placed in trust by the purchaser when an Offer to Purchase is made. The sum is held by the real estate representative or lawyer/notary until the sale is closed and then it is paid to the vendor.
Depreciation:
 
The decrease in value of something because it is now worth less than when you bought it.
Down payment:
 
The portion of the home price that is not financed by the mortgage loan. The buyer must pay the down payment from his/her own funds or other eligible sources before securing a mortgage.
Duplex:
 
A duplex is a building containing two single-family homes, located one above the other.
Easement:
 
This is where someone else has the right for access to or over another person’s land for a specific purpose, such as a driveway or public utilities.
Equity:
 
The difference between the price for which a home could be sold and the total debts registered against it. Equity usually increases as the mortgage is reduced through regular payments. Market values and improvements to the property may also affect equity.
Estoppel Certificate:
 
Also called a certificate of status, it is a certificate that outlines a condominium corporation's financial and legal state. Fees may vary and may be capped by law (does not apply in Quebec).
Fixed mortgage interest rate:
 
A locked-in rate that will not increase for the term of the mortgage.
FlexHousing™:
 
A housing concept that incorporates, at the design and construction stage, the ability to make future changes easily and with minimum expense, to meet the evolving needs of its occupants.
Foreclosure:
 
The legal process where the lender takes possession of your property and sells it to cover the debts you have failed to pay off. When you default on a loan and the lender feels that you are unable to make payments, you may lose your home to foreclosure.
Freehold :
 
Ownership of land and buildings (house) by one person (or two, such as joint ownership by spouses). Detached and semi-detached homes, duplexes and townhouses are usually owned freehold. Freehold owners can do what they want with their property — up to a point. They must obey municipal bylaws, subdivision agreements, building codes and federal and provincial laws, such as those protecting the environment.
Gross Debt Service Ratio (GDS):
 
The percentage of the borrower's gross monthly income that will be used for monthly payments of principal, interest, taxes and heating costs (P.I.T.H.) and half of any condominium maintenance fees.
Gross monthly income:
 
Monthly income before taxes and deductions.
High-ratio mortgage:
 
A mortgage loan higher than 80% of the lending value of the property. This type of mortgage may have to be insured — by CMHC, for example — against payment default.
Home inspector:
 
A person who visually inspects a home to tell you if something is not working properly,  or is unsafe. He or she will also tell you if repairs are needed, and maybe even where there were problems in the past.
Home warranty:
 
(New Home Warranty Program) A guarantee that if something covered under the warranty needs to be repaired it will be. If the builder doesn’t repair it, the repair will be made by the organization that provided the warranty.
Household budget:
 
A plan that allocates income for household expenses.
Insurance:
 
insurance provides coverage to ensure a loan is paid. See also Mortgage Loan Insurance and Mortgage Life Insurance.
Insurance premium:
 
Payment for insurance.
Interest:
 
The cost of borrowing money. Interest is usually paid to the lender in regular payments along with repayment of the principal (loan amount).
Interest rate:
 
The price paid for the use of money borrowed from a lender.
Land registration:
 
A legal document that records the ownership of a property and land.
Land survey:
 
(Survey or Certificate of Location) : A document that shows property boundaries and measurements, specifies the location of buildings on the property and states easements or encroachments.
Land surveyor:
 
A professional who can survey a property in order to provide a certificate of location.
Lawyer:
 
A legal advisor who assists people by representing them on legal matters.
Lender:
 
A mortgage lender is an institution (bank, trust company, credit union, etc.) that lends money for a mortgage.
Life insurance:
 
See Mortgage life insurance.
Lien:
 
A claim against a property for money owing. A lien may be filed by a supplier or a subcontractor who has provided labour or materials but has not been paid.
Link home:
 
A link, or carriage home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
Lump Sum Prepayment:
 
An extra payment, made in lump sum, to reduce the principal balance of your mortgage, with or without penalty. A closed mortgage typically restricts the amount and frequency of the prepayments you can make. With an open mortgage, however, you can make a lump sum prepayment at any time without penalty. Making prepayments can help you pay off your mortgage sooner and ultimately save on interest costs over the life of your mortgage.
Manufactured home:
 
Sometimes called a mobile home is a factory-built, single-family home. It is transported to a chosen location, and placed onto a foundation.
Maturity Date:
 
The last day of the term of the mortgage. On this day, the mortgage loan must either be paid in full or the agreement renewed.
Mobile home:
 
These are built in factories, and then taken to the place where they will be occupied. While these homes are usually placed in one location and left there permanently, they do retain the ability to be moved.
Modular Home:
 
A factory-built, single-family home. The home is typically shipped to a location in two, or more, sections (or modules).
Mortgage:
 
A mortgage is a security for a loan on the property you own. It is repaid in regular mortgage payments, which are usually blended payments. This means that the payment includes the principal (amount borrowed) plus the interest (the charge for borrowing money). The payment may also include a portion of the property taxes.
Mortgage approval:
 
Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.
Mortgage broker:
 
The job of the mortgage broker is to find you a lender with the terms and rates that will best suit you.
Mortgage life insurance:
 
Mortgage life insurance gives coverage for your family, if you die before your mortgage is paid off.
Mortgage loan insurance:
 
If you have a nigh-ratio mortgage (more than 80% of the lending value of the property) your lender will probably require mortgage load insurance, which is available from CMHC or a private company.
Mortgage payment:
 
A regular payment to the lender that includes both the interest and the principal.
Mortgage term:
 
Length of time that the agreed-upon mortgage contract conditions, including interest rate, is fixed.
MLS — Multiple Listing Service:
 
A multiple listing service is a real estate agents’ cooperative service that contains descriptions of most of the homes that are for sale. Real estate agents use this computer-based service to keep up with properties they are listing for sale in their area.
Net worth:
 
Your financial worth, calculated by subtracting your total liabilities from your total assets.
New Home Warranty Program:
 
Coverage in the event that an item under the warranty needs to be repaired. If the builder doesn’t repair it, the repair will be made by the organization that provided the warranty.
Notary:
 
In Quebec a notary handles the legal matters related to homebuying.
Offer to purchase:
 
A written contract setting out the terms under which the buyer agrees to buy the home. If the Offer to Purchase is accepted by the seller, it forms a legally binding contract that binds the people who signed to certain terms and conditions.
Open mortgage:
 
A flexible mortgage that allows you to pay part before the end of its term.
Open-house:
 
A period of time during which a house or apartment for sale or rent is held open for public viewing.
Operating Costs:
 
The expenses that a homeowner has each month to operate a home. These include property taxes, property insurance, utilities, telephone and communications charges, maintenance and repairs.
Payment schedule:
 
The monthly, biweekly, or weekly mortgage payments
Premium:
 
See CMHC Insurance Premiums.
Principal:
 
The amount that you borrow for a loan. Each monthly mortgage payment consists of a portion of the principal that must be repaid plus the interest that the lender is charging you on the outstanding loan balance. During the early years of your mortgage, the interest portion is usually larger than the principal portion.
P.I.T.H.:
 
Principal, interest, taxes and heating — costs used to calculate the Gross Debt Service ratio (GDS).
Property Insurance:
 
Insurance that you buy for the building(s) on the land you own. This insurance should be high enough to pay for the building to be re-built if it is destroyed by fire or other hazards listed in the policy.
Property taxes:
 
Taxes charged by the municipality where the home is located based on the value of the home. In some cases the lender will collect a monthly amount to cover your property taxes, which is then paid by the lender to the municipality on your behalf.
Real estate:
 
Property consisting of houses and land.
Realtor or real estate agent:
 
A person who acts as an intermediary between the seller and the buyer of a property.
Reserve Fund:
 
This amount is set aside by the homeowner on a regular basis so that funds are available for emergency or major repairs. Setting aside 5% of your monthly take-home pay will give you a well-funded reserve.
Row house:
 
Also called a townhouse, a row house is one unit of several similar single-family homes, side-by-side, joined by common walls.
Security:
 
Property that can be claimed by a creditor if a loan is not repaid.
Single-family detached home:
 
Free-standing home for one family, not attached to a house on either side.
Single-family semi-detached home: 
 
Home for one family, attached to another building on one side.
Stacked townhouse:
 
Two two-story homes are stacked one on top of the other. The buildings are usually attached in groups of four or more. Each unit has direct access from the outside.
Strata (or condominium):
 
a unit, usually in a highrise or lowrise, or a townhouse that can be owned. You own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Strata owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.
Survey or Certificate of Location:
 
A document that shows property boundaries and measurements, specifies the location of buildings on the property and states easements or encroachments.
Sustainable neighbourhood:
 
Neighbourhood that meets residents needs while protecting the environment.
Total Debt Service (TDS) ratio:
 
The percentage of gross monthly income required to cover the monthly housing payments and other debts, such as car payments.
Term:
 
Mortgage term is the length of time that the mortgage contract conditions, including interest rate, are fixed.
Title:
 
A freehold title gives the holder full and exclusive ownership of the land and building for an indefinite period. A leasehold title gives the holder the right to use and occupy the land and building for a defined period.
Title Insurance:
 
Insurance against loss or damage caused by a matter affecting the title to immoveable property, in particular by a defect in the title or by the existence of a lien, encumbrance or servitude.
Total Debt Service Ratio (TDS):
 
The percentage of gross monthly income required to cover the monthly housing payments and other debts, such as car payments.
Townhouse:
 
Also called a row house, a townhouse is one unit of several similar single-family homes, side-by-side, joined by common walls.
Variable mortgage interest rate:
 
Fluctuates based on market conditions but the mortgage payment remains unchanged.
Vendor:
 
The seller of a property.
Vendor take-back mortgage (Sometimes called take-back mortgage):
 
The vendor, not a financial institution, finances the mortgage. The title of the property is transferred to the buyer who makes mortgage payments directly to the seller. These types of mortgages, can be helpful if you need a second mortgage to buy a home.
Warranty (New Home Warranty Program):
 
Coverage in the event that an item under the warranty needs to be repaired. If the builder doesn’t repair it, the repair will be made by the organization that provided the warranty. All provinces have New Home Warranty programs for newly built homes. However, there are currently no such programs in the Territories.
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Wednesday, May 9, 2012

Open House. Open House on Saturday, May 12, 2012 1:00 pm - 4:00 pm

Please visit our Open House at 6233 ONTARIO ST in Vancouver.
Open House on Saturday, May 12, 2012 1:00 pm - 4:00 pm
Great opportunity to own a completely renovated 6-bedroom family home in Vancouver West! Quality & sophistication are evident in every room. This is a home with huge WOW factor. Bamboo flooring, Valour gas fireplaces, granite counters,recessed lighting throughout, an open floor plan & loads of natural light make this home stand out. Outdoor life is a joy with the new deck & patio covers, fencing & room for kids to play. Close to elementary school, Langara College, Oakridge Mall & Canada Line. A legal 2-bdrm plus den basement suite provides an option for rental income. Everything from the plumbing to the finishes was done with the intention of the current owners living there indefinitely. All renovations completed w/permits.
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Tuesday, May 8, 2012

Open House. Open House on Saturday, May 12, 2012 2:00 pm - 5:00 pm

Please visit our Open House at 6233 ONTARIO ST in Vancouver.
Open House on Saturday, May 12, 2012 2:00 pm - 5:00 pm
Great opportunity to own a completely renovated 6-bedroom family home in Vancouver West! Quality & sophistication are evident in every room. This is a home with huge WOW factor. Bamboo flooring, Valour gas fireplaces, granite counters,recessed lighting throughout, an open floor plan & loads of natural light make this home stand out. Outdoor life is a joy with the new deck & patio covers, fencing & room for kids to play. Close to elementary school, Langara College, Oakridge Mall & Canada Line. A legal 2-bdrm plus den basement suite provides an option for rental income. Everything from the plumbing to the finishes was done with the intension of the current owners living there indefinitely. All renovations completed w/permits.
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Tuesday, May 8, 2012

New property listed in Oakridge VW, Vancouver West

I have listed a new property at 6233 ONTARIO ST in Vancouver.
Great opportunity to own a completely renovated 6-bedroom family home in Vancouver West! Quality & sophistication are evident in every room. This is a home with huge WOW factor. Bamboo flooring, Valour gas fireplaces, granite counters,recessed lighting throughout, an open floor plan & loads of natural light make this home stand out. Outdoor life is a joy with the new deck & patio covers, fencing & room for kids to play. Close to elementary school, Langara College, Oakridge Mall & Canada Line. A legal 2-bdrm plus den basement suite provides an option for rental income. Everything from the plumbing to the finishes was done with the intension of the current owners living there indefinitely. All renovations completed w/permits.
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Saturday, May 5, 2012

Open House. Open House on Saturday, May 5, 2012 2:00 pm - 5:00 pm

Please visit our Open House at 3306 TRUTCH ST in Vancouver.
Open House on Saturday, May 5, 2012 2:00 pm - 5:00 pm
Great opportunity to own a family home in the popular Arbutus neighbourhood - 1 block from Carnarvon Park! This move in ready 2,100 sf home is situated on an extra large, flat, pie shaped lot, allowing a 4,000+ SF home. Bright & large 2bdrm basement is currently configured as a mortgage helper. Tastefully renovated kitchen, energy efficient, dual pane windows thoughout. Enjoy breakfast on the east facing deck & watch the sunset from your west facing living room & bedrooms. Great schools, parks, shopping & restaurants are all within a 5 minute walk. This is a solid home in one of Vancouver's most beloved communities.
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