Jamie Liu: Leading Edge Real Estate Marketing 604.771.2037

Archive for January, 2008

Protect yourself from residential break-ins

Friday, January 18th, 2008
  1. About 8,000 homes are burglarized in Vancouver annually.
  2. Burglaries typically occur between 10 a.m. and 3 p.m.
  3. Burglars spend just 8 to 12 minutes in your home.
  4. The burglar is typically a male teenager living within a few miles of your home, not a professional thief.
  5. Homes without security systems are 2 to 3 times more likely to be broken into than homes with security systems.
  6. Thieves spend about 60 seconds to get into your home.
  7. Once inside, thieves head for the master bedroom where home owners typically keep valuables
  8. More than 16,000 cars are burglarized each year.

Secure your home

  1. Get an alarm system and place alarm signs around your property;
  2. Get motion sensitive lights; and
  3. Install deadbolts and bars on windows.

Sources from Vancouver Police Department; Washington Post

Remarkable top floor condo unit in Port Moody

Wednesday, January 16th, 2008

A remarkable 2 Bedroom and 2 bath top floor unit facing greenery trail with14 ft vaulted ceiling and hardwood floor. It comes with an open deluxe kitchen with granite counters and tasteful combination of Mahogany cabinets and stainless steel appliances. A well laid-out floor plan, a huge walk-in closet in each room, plus 2 storage units make it one of a kind. Beautiful Inlet Park, the city library, the state of the art Port Moody Rec Centre, colorful Newport Village market and Eagle Ridge hospital are all within walking distance. The unit is part of the master-planned village of Suter Brook, This unbeatable seaside site is being transformed into a picturesque, pedestrian friendly neighbourhood. On top of everything, it is still under 2-5-10 warranty. If you want to enjoy a nice, and quiet neighborhood and a rich lifestyle, do not miss out on this one!

$14 billion for transit in B.C.

Tuesday, January 15th, 2008

Randy Shore, Vancouver Sun

Published: Monday, January 14, 2008

VANCOUVER – The B.C. Liberals laid out an ambitious plan Monday to double the number of transit trips in B.C. over the next 12 years at a cost of $14 billion.

The provincial transit plan outlined by Premier Gordon Campbell adds detail to long-discussed rapid transit line extensions, including a commitment to finish the 11-kilometre Evergreen Line between Lougheed Town Centre and Coquitlam Centre by 2014, a 12-km extension from Vancouver Community College to the University of B.C. by 2020 and a six-km extension of the Expo Line to Guildford in Surrey by 2020.

The heart of the plan to increase the number of transit trips  from 200 million a year to 400 million is the purchase of 1,500 new buses and the installation of a “rapid bus system” in Kelowna, Victoria and on seven routes in Metro Vancouver.

The 2020 Provincial Transit Plan for Metro Vancouver. Click on the links to the right of this story for a full PDF.View Larger Image View Larger Image

The 2020 Provincial Transit Plan for Metro Vancouver. Click on the links to the right of this story for a full PDF.

Vancouver Sun

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Rapid buses are to run on dedicated lanes and road systems with signal priority for intersections; passengers will board from raised platforms similar to those used for trains and fixed rapid transit systems.

About half of the rapid-bus lines will be in operation by 2011; those connected with the as-yet unbuilt Evergreen Line and the Golden Ears and Port Mann bridges are projected to be complete by 2020.

Rapid bus service is intended to compete with the single-occupancy vehicle on both price and time, Campbell said.

“People will get from Coquitlam to the airport about 25 minutes faster,” he said. “They’ll get from Surrey Centre to UBC about 15 minutes faster.

“We want to give people back their time.”

Though “much maligned,” Campbell said buses are the workhorses of any transit system, adding that B.C. would soon be the only jurisdiction in the world to own a fleet of hydrogen-powered buses. Transportation minister Kevin Falcon said hydrogen buses would begin arriving by this summer.

He said alternative-fuel buses are a key part of the government’s goal to reduce greenhouse gas emissions by 33 per cent from current levels by 2020.

Buses are also more nimble and and can be rerouted to better serve commuting patterns that are increasingly suburb to suburb, Campbell said.

“It doesn’t make sense to have heavy urban transit systems in rural communities,” he said, adding that the plan would make B.C. a “global leader” in green transit technology and transit ridership.

About 12 per cent of weekday trips in Metro Vancouver are on transit. Campbell said the plan would raise that share to 17 per cent by 2020 and 22 per cent by 2030.

Falcon deflected questions about complaints from Cambie Street merchants whose businesses were affected by the construction of the Canada Line, saying only, “When you build major projects there are bound to be impacts.”

Vancouver Mayor Sam Sullivan was more willing to admit that Canada Line construction was a disaster for Cambie Street and vowed the city would do a better job planning for the impacts of the UBC extension down Broadway.

“There is no way that is going to be repeated,” Sullivan said.

“I’ve been meeting with merchants on Broadway and urged them to form a [business improvement area] and have a voice in the this project,” said Sullivan, alternating between English and French.

The plan won a resounding endorsement from suburban mayors, many of whom were making unhappy sounds just a few months ago.

Surrey Mayor Dianne Watts led a rejection by south-of-Fraser mayors of the province’s earlier time frame to improve transit service gradually through 2031.

Watts, 49, had complained she wouldn’t see Vancouver-level transit service in Surrey until she was 72.

“[The province] has shaved 10 years off the time frame and this plan will bring rapid transit to the Guildford corridor and eventually to Langley,” said a happier Watts. “What remains is to establish stable funding for these projects.

“Once we know they are coming, the municipalities can plan their land use and make sure the densities are supportive.”

With only one month until the provincial budget is to be tabled, Campbell was adamant that the province has the financial resources to begin work on the capital projects and that Ottawa is receptive to his government’s plans.

“You don’t get the dollars until you have the plan,” he said. “We have the plan.

“The federal government has stepped up to the plate every time we have asked them on major projects, including the convention centre and the Canada Line,” he said. “They do have significant dollars available.”

The provincial government has pledged to provide 40 per cent of the money, with TransLink, the federal government and municipalities supplying the balance.

NDP transportation critic Maurine Karagianis

said British Columbians should be waiting for the other shoe to drop fiscally, either through a higher transit levy, higher property taxes or a carbon tax.

“There is no means of support, no carbon tax to support this and that makes me very suspicious,” she  said, pointing out that British Columbians already pay among the highest transit fares in the country.

Sullivan said completing the plan’s major projects without tax hikes is a priority.

“I think we can do this without raising property taxes,” Sullivan said. “We have a plan, now we will figure out how to pay for it.”

Karagianis viewed the plan as a vindication of NDP policy. The Liberal plan is a near word-for-word lift of the pitches that NDP Leader Carole James has been making in the legislature, she said.

“We called for more buses and they are buying more buses; we wanted more SkyTrain cars, they are adding SkyTrain cars,” Karagianis said. “But the Liberals’ timelines are much too far away.”

“We need to implement some of these things much sooner. Additional SkyTrain cars could be done immediately.”

The $14-billion total figure includes the $2-billion Canada Line between Vancouver and Richmond, already under construction and due to open in 2009. The Evergreen Line is estimated to cost $1.4 billion, while the UBC extension down the Broadway corridor is to cost $2.8 billion. New SkyTrain cars will cost about $1 billion.

About $3.1 billion will be spent on new stations to extend the Expo Line and on lengthening platforms at existing Expo Line stations to accommodate six-car trains.

#804-720 Hamilton St., New Westminster

Monday, January 7th, 2008

Brilliant uptown high rise living is within your reach!

Make An Offer

Monday, January 7th, 2008

Although your real estate agent is likely reluctant to name a price for you, you can utilize your agent’s expertise to figure out a price to offer when buying a home.

Understand the Market

Before presenting your offer through your agent, you have to know whether the market is hot, cold or neutral. In a buyer’s market, you will experience less competition with other buyers at the same time. On the other hand, you might not get much discount from the seller in a seller’s market. In a seller’s market, you might even have to pay more than what is asked for to win the bid.

How Much Did the Seller Pay for this house?

Finding out the previous sold price helps you better understand whether or not your offer seems reasonable. If the market has been quite steady over the past few years, your offer might be very close to the sold price.

If the property has been renovated since purchased, you simply adjust your offer to the increases due to appreciation and remodeling improvements.

Look at Comparable Sales

It is a crucial step to know the prices on comparable properties sold recently. Your agent should be able to generate a detailed report that helps you understand what a comparable property is worth. A good rule of thumb is never look beyond 6 months of time for an accurate assessment.

Analyze the Trend

A trend report will be able to give you a broad understanding of the market price. By comparing the listing price and the sold price on a property in the past 6 months, it would tell you the market trend. Are the homes selling above or below their asking prices? If so, then by how much? You can then adjust your offering price to the change.

Examine Square-foot cost

A house’s price is determined by the environment it resides in. For example, the prices for two houses with similar features and size might be tens thousands apart, because one has a better view than the other. By using the square-foot cost wisely to your advantage to better determine your offering price.

Days on Market Gives Away

A listing which has been on market for too long usually ends up being taken off and resubmitted to refresh its market appearance. It is recommended to ask your agent to check its listing history. If the listing has been taken off and resubmitted recently, it means your might be able to close the deal with less what the seller asks for.

In conclusion, try not to become emotionally attached to the home before your offer to purchase is accepted. Prepare yourself for a counter offer. Keep several other homes in mind in case your offer is rejected.

Market Forecast for Year 2008

Friday, January 4th, 2008

There has no sign showing the demand for housing is dropping. On the contrary, it might drive up the new and existing house prices to new highs.“Housing starts in BC will top 33,250 next year down slightly from this year’s level but still above average levels”, noted Carol Frketich, BC Regional Economist.

So what are some driving factors behind the booming economy? In the past few years, British Columbia has experienced record low unemployment rate (in fact, we are still hiring people from other provinces to fulfill our workers’ shortage), increasing wages, fairly low mortgage rates and growing numbers of immigrants from all over the world. Just the government of Canada thought the market might be over-heating by increasing the mortgage rate in 2007, sub-prime mortgage crisis that took place in the U.S forced the government to reconsider the increase in interest rate to keep Canadian export unharmed. As the mortgage rate plays a determining role in real estate transactions, we could expect the mortgage rate to be favorable for buyers in year 2008.

This year could also be lucrative and awarding for those who are thinking about selling their properties. With the record low unemployment rate and increasing wages, we can expect the purchase power of each individual household be ever strong and demanding. On top of that, the migration from other provinces and countries will also drive the demand to a new high. The predictable increase in house price ranges from 6% to 8% by the end of this year.

If you are planning to sell your property and looking for a dedicated agent to represent you, please give me a call at 604-771-2037. I wish you a happy and prosperous new year!