Burnaby's has taken to the SkyTrain stations by storm and is building massive developments at almost all of it's stations. Most notably Metrotown with it's Station Square development (seen above). SkyTrain stations are changing and are becoming little cities unto themselves, with high density residential, commercial shopping and amenities.
Burnaby has so many new developments going up that it is starting to outpace downtown Vancouver and the Westside in it's pre-sale market. A recent study has shown heavy interest in Burnaby's Metrotown and Brentwood developments. Brentwood development pre-sales had line ups all night and into the morning and sold all their stage 1 condos within only a couple hours.
With Vancouver's prices and the lack of available detached living, condo's are the new kingdoms in the smaller cities. This sort of demand and attention is starting to move outward from the downtown core. Coquitlam, Surrey and others are seeing the same demand for high density living. (Brentwood Development Plan shown below)
Check out these really unique and well done videos by VanCityBuzz about the most expensive real estate sold in Vancouver in 2013. 2014 has been an even more impressive year than last, we are excited to see what next years video's hold!
The Vancity Real Estate show explores interesting, unique, and important real estate topics catered for Vancouverites. Whether you’re a first time home buyer, renter, or a seasoned investor, we’ve got you covered. Tune in every Wednesday for new episodes on the Vancity Buzz website and YouTube channel.
This week’s episode counts down top 5 most expensive houses sold in Greater Vancouver in 2013. You will be surprised by the prices of luxury real estate in Vancouver. Can you guess which cities and neighbourhoods are in the top 5?
On November 15th, 2014 Metro Vancouver is having municipal elections to determine the new mayor and councils for all the cities and districts throughout Metro Vancouver.
All the cities will be voting for their new or current leaders to take them into the future and all have their current issues they are tackling, as does Vancouver. Currently, Vancouver's biggest issue is the cost and affordability of housing, primarily rental housing.
Have your say this Saturday and help determine the future direction of this wonderful world.
For more information, check out 24hours online election updates: http://vancouver.24hrs.ca/topic/yourelection
Buying a home is a big first step and you have no equity so you need cash! Don't forget that there are additional costs associated with purchasing a home beyond the official price of the home.
Here are some costs to consider when looking to purchase your first home:
Have you saved enough for your down payment? If you are a first time home buyer and the home you are purchasing is less than $1,000,000 you can qualify for a down payment of 5%. If the home is more, or you are buying a second home or an investment property you are going to likely require 20% down. Remember that the down payment may not necessarily be the same as the deposit.
Before purchasing your home some lenders will require an appraisal of the home to determine whether they want to lend on that particular property. Usually around $200-$400
You should always get a home inspection down on any used building and possibly new depending on the reputation of the contractor or developer. Anywhere from $400-$1000 depending on type of property.
You will require a notary or lawyer to finalize all documents for your sale to close. These range greatly buy are usually in the ballpark of $1000-$1500.
If you are a first time home buyer then you are PTT exempt for homes below $450,000(+/- $25,000). Any second or subsequent properties are charges at a rate of 1% on the first $200,000 and 2% on the balance.
If you have any questions, I am here to help with your purchasing needs.