My Kitsilano
Should I Sell My Vancouver Condo First And Then Buy? Or Vice-Versa?
What is the best way to sell and buy another Vancouver condo?
It’s a first time sellers dilemma. When you left the rental market and bought your first condo it was easy. Now you must figure out how to get your equity out of one condo so that you can purchase another one. A recent client experienced this situation, so I thought it would make a good blog post.
Buy first then sell? Sell first then buy? It is a question I am often asked by first time sellers.
My answer to you is that your decision depends on a number of considerations.
What is your personality? How risk adverse are you? What are the current Vancouver market conditions, is it a buyers or sellers market? Are you purchasing a brand new condo or a resale condo. can you secure bridge financing at the bank? (more…)
Happy Canada Day!
It’s Canada’s Birthday! When the British North American Act came into being on July l, 1867 Canada was born.
We’re living in Vancouver, which is voted the 4th Best City In The World! We’re also living in British Columbia, which the BC Government tells us is the Best Place on Earth!
Here’s what’s happening in Vancouver over the next four days. Lots of fun outdoors.
Here’s Wiki’s version of our history.
View other Vancouver events.
Share your Canada experience with us! I will be enjoying the rays on the Sunshine Coast. Have a wonderful weekend!
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Are Vancouver Homeowners Protected Against Title Fraud?
Yes! British Columbia homeowners are protected against Title Fraud.
In light of recent articles in The Vancouver Sun regarding the issue of title and mortgage fraud in B.C., the
B.C. Land Title and Survey Authority (LTSA) emphasizes that such cases are extremely rare because strong protections are in place in this province.The Real Estate Board of Greater Vancouver recently published this article.
The LTSA reports that over the past 18 years, the land title system processed 15 million transactions. During this time, two claims related to land ownership fraud were successfully resolved and only 14 claims related to mortgage fraud had been filed.
The LTSA is not only legally obligated to confirm ownership every time a property is sold, mortgaged, leased or statutory rights of way are created, additional protection is provided through an assurance fund. That fund compensates owners deprived of their title either because of an LTSA administration error or identity theft/fraud.
The LTSA adds that if a property owner feels their land holdings are at risk, there are simple steps to provide additional protection such as an automatic email service to your notary or lawyer when activity shows on your title.
Alternatively, homeowners could also order a duplicate certificate of title for their own records, at a cost of approximately $50. Title could not be transferred without that document. While this provides protection, it also causes problems when such documents are lost or misplaced.
LTSA is unaware of any cases in B.C. that required an innocent owner to pay off a fraudulently obtained mortgage on their property. Typically, when a bank asks a homeowner to pay for title insurance on a mortgage, that insurance protects the lending institution, not the home owner. However, separate insurance may be purchased that protects the owner’s equity in the property.
We obviously have an excellent system in place, unlike some countries. Perhaps you are from somewhere outside of Canada and can share with us how titles work there?
Buying or selling a Vancouver condo? Fill out my contact form
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Vancouver’s International Jazz Festival
This wonderful event is held June 20-29 at 40 venues around Vancouver. The TD Canada Trust Jazz Festival is an annual event.
Some music genres are everywhere you turn. Jazz isn’t one of them, so the organizers, TD Canada Trust, mad the decision to take this great music to the people, with pre festival conerts, special school events and free concerts. This is one of the greatest jazz fests, featuring 1,800 musicians in 400 concerts. Listen to the music whilst lazing in the David Lam Park in Yaletown.
Look for Herbie Hancock, along with the Dave Brubeck Quartet, Pink Martini, Cowboy Junkies and the Jazz at Lincoln Center Orchestra featuring Whyton Marsalis.
View their website
Buying or selling a condo in Vancouver? Fill out my contact form.
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Vancouver Folk Music Festival
Vancouver’s Folk Music Festival is an annual event held July 18-20 at Jericho Park.
The event has 7 stages, great food, stunning views of Vancouver’s water and mountains. The festival’s “no star” policy means it rarely features famous folk singers but always has plenty of surprises and delights.
Check it out here
View my other Events
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Why You Can Save Money By Buying This Vancouver Downtown Studio
708-1189 Howe Street, Downtown Vancouver is a 488 sq.ft. studio in The Genesis, on the corner of Davie Street and is listed $24,000 below the last comparable sale in the building a couple of weeks ago. Listed at $285,000 (under $600 pr sq ft). It faces south and has a large balcony and an open outlook. The maintenance fee is only $175.00 per month. It has one parking spot.
When my clients purchased this Vancouver condo a few years ago they were living in California . I viewed a number of condos for them, took pictures, sent comparable sales in the building and my opinion on the condition of the suites, the buildings, the outlook and the locations. We did the transaction electronically and they did not view the suite before purchasing it. It was bought as a vacation home.
Last week they called me to say they were in Vancouver and wished to look at a few larger suites, so I set up a buyer tour for them on Friday. They selected a suite in the same building. The Genesis is well located for them, close to the seawall, lots of restaurants in the hood and easy walking to the shops and theatres. (more…)
Featuring The Qube, 1333 W. Georgia, Coal Harbour, Vancouver
The Qube at 1333 West Georgia, Coal Harbour, Vancouver is a city landmark.
The Location - situated 3 blocks to the waterfront and walking distance to the Business District and 2 blocks to the Shangri-la Hotel/condo which has an Urban Fare supermarket. The Qube offers affordable living in Coal Harbour.
The Building - The Qube at 1333 W Georgia Street, Vancouver, BC, V6E 4V3 . Originally built in the ’60s as the Westcoast Transmission office building. The company was bought out by Duke Energy and then purchased by a Developer who converted it to a condo. It opened in 2006. (more…)
Beauty Secrets of Ancient Egypt Unearthed in Coal Harbour
Inspired by the ancient Egyptian practices of anti-aging and natural wellness, Nefer Spa opened in Vancouver’s Coal Harbour in November 2007. Located at 571 Cardero St.
The rare and luxury spa offers exclusive indulgences such as Vinoterapia and hot and cold stone massages and chocolate therapy among a range of classical European-style treatments, all set against sumptuous European architecture.
Founder and President, Nina Gart says “I truly believe Egyptian history teaches us about the Cannonic rules of beauty, inside and out. My goal was to bring these ancient techniques to life in a beautiful and original setting, previously only reserved for Egyptian Royalty.” (more…)
Corteo by Cirque du Soleil
Cirque du Soleil is in Vancouver from June 12 to July 20, 2008. It’s an annual event which performs under the blue and yellow tents at 50 Pacific Avenue.
This internationally aclaimed Act is presenting Corteo. Tickets run from $60-$220.
Corteo, which means “cortege” in Italian, is a joyous procession, a festive parade imagined by a clown. The show brings together the passion of the actor with the grace and power of the acrobat to plunge the audience into a theatrical world of fun, comedy and spontaneity situated in a mysterious space between heaven and earth.
The clown pictures his own funeral taking place in a carnival atmosphere, watched over by quietly caring angels. Juxtaposing the large with the small, the ridiculous with the tragic and the magic of perfection with the charm of imperfection, the show highlights the strength and fragility of the clown, as well as his wisdom and kindness, to illustrate the portion of humanity that is within each of us. The music, by turns lyrical and playful, carries Corteo through a timeless celebration in which illusion teases reality.
View the website and other Vancouver events
Why Vancouver Downtown Condo Supply Will Diminish and Office Space will Increase
Vancouver City Hall is considering a ban on residential development in favour of commercial and higher density for office towers
This plan will radically reshape the Downtown business district core and keep condos at bay, so says a recent article by Frances Bula in the Vancouver Sun. The City is proposing a 20-40% higher density for office towers and Developers will be encouraged to build as high as possible without blocking designated views. There is a problem for capacity for job space in the City.
The City is also proposing that all conversions from office to condos in buildings over 50,000 square feet will be discouraged throught the new central business district, which will stretch from Bute to Beatty and Robson to Cordova. (more…)
Bob Rennie’s 101 Reasons Why You Should Buy Today
Bob Rennie’s recent speech at UDI was full of facts and figures. He remains positive on Vancouver’s future and its real estate market. Bob has long been Vancouver’s #1 Condo Project Marketer and his predictions have been right on. Here is an overview of his speech.
Consider the recent sales of Downtown Penthouses “celebrity product”. Shangri-la Penthouse just sold for $16 million, so did the Fairmont. Residences on Georgia sold their Penthouse in the spring for $18 million. Ritz Carlton is asking $29 million for the Penthouse. The Ritz Carlton broke $2300 prsqft average!
Downtown’s population was about 40,000 in Expo’86. Today it is around 85,000 and projected to be 120,000 by 2020. (more…)
Festival d’ete
From June 14-24 are various locations around Vancouver, you must visit Festial d’ete, the Francophone Festival of Vanouver is an annual celebration of their culture and is organized by Le Centre Cultural Francophone de Vancouver.
The Vancouver festival features entertainment from more than 40 countries, with French as an official language. This year’s highlights include a children’s festial, the Quebecois musical trio Soir de Semaine, the musical duo Dobacaracol and solo folkie Plume Latraaverse.
View the program
Featuring 1166 Melville in Vancouver’s Coal Harbour
Orca Place at 1166 Melville Street, Vancouver, BC, V6E 4P5, Coal Harbour, Vancouver
The Location situated in Vancouver’s Coal Harbour, a short couple of blocks from the waterfront and a couple of blocks from Vancouver’s business district.
The Building is 30 storeys, 160 suites and was built in 1997 and has a number of smaller suites, which are ideal for first time buyers, investment condos or vacation homes.
The Amenities a gym and swirlpool (more…)
Vancouver International Song Festival
Vancouver’s International Song Festival runs from June 8-22
It’s held at UBC School of Music recital hall at 6361 Memorial Road and is a celebration of song. This festival includes 16 concerts, 6 in the evening and 10 during noon hour. As well there are public masterclasses and lectures.
Click to view the website
Vancouver Dragon Boat Festival
Vancouver holds an annual Dragon Boat Festival in False Creek June 21-22
The ancient Asian spectacle of dragon boat racing takes place in Vancouver’s False Creek.
It began at Expo 86. Vancouverites liked it and interest started to grow.
In 1989 former BC Lieutenant Governor Dr. David C. Lam and prominent businessman Milton K. Wong lead the creation of the Canadian International Dragon Boat Festival.
The Festival was created to show off Vancouver’s growing cultural diversity and to promote racial harmony among Canadians - new and old. Vancouverites were invited to the festival to experience spectacular food, entertainment, arts and children’s programming reflecting Vancouver’s cultural diversity. At the same time, interest in paddling was taking off and more and more teams formed and registered each year. (more…)
Vancouver’s Kitsilano Market Analysis May 2008
Kitsilano’s May condo market saw an increase in the price over April and a slight increase in both listings and sales.
Listings 145 - of those 41 have had list price reduced and 4 have had it increased.
82 listed under $500,000. 59 listed between $500,000 and $1 million and 4 listed over $1 million.
Sales 45. Of those 9 had list price reduced and 2 had list price increased. (more…)
Downtown Vancouver Market Analysis May 2008
Vancouver’s Downtown market in May saw a slight increase in listings over April, a 30% drop in sales but an increase in the average price.
Listings - 669 vs 630 in April and 420 in January.
The least expensive condo listed in Vancouver’s Downtown is a studio for $215,000 and the most expensive is a Penthouse at 499 Drake for $4,990,000 for 4772 sq.ft.
There were 164 price reductions and 15 price increases (dah…price increases? )
377 are listed under $500,000. 251 are listed between $500,000 and $1 million. 33 are listed between $1 and $2 million and 7 over $2 million.
Sales 86. Of those Vancouver Downtown condos that sold in May, 21 had price reductions (25%) and 2 had price increases. (more…)