Coastal Life Realty Ltd. : Latest Blog Posts

Open House. OPEN HOUSE: SUN MAY 20, 1-4 PM Follow the signs and the balloons.

Wed, 16 May 2012 04:01:17 GMT

Please visit our Open House at 4745 Ketch RD in PENDER ISLAND.

OPEN HOUSE: SUN MAY 20, 1-4 PM Follow the signs and the balloons.

***OPEN HOUSE SUN MAY 20, 1-4*** This property boasts privacy! Careful consideration was taken when building this property to ensure a maturely treed perimeter. The home was lovingly built and maintained by the current owners. Nestled among the trees on this large .76 acre property with park land behind and community property beside ensures a treed view out every window. The layout of the home offers diversity in room use. The kitchen is at the heart of this home, open to the family room and easily accessible to the dining room. Master bedroom includes a walk-in closet, ensuite bath with Jacuzzi tub and separate shower. Large loft is an ideal hobby room or possible artist studio. Room to build an accessory building. Deer protected garden.

New property listed in GI Pender Island, Gulf Islands

Fri, 06 Apr 2012 04:00:53 GMT

I have listed a new property at 4745 Ketch RD in PENDER ISLAND.

See details here

This property boasts privacy! Careful consideration was taken when building this property to ensure a maturely treed perimeter. The home was lovingly built and maintained by the current owners. Nestled among the trees on this large .76 acre property with park land behind and community property beside ensures a treed view out every window. The layout of the home offers diversity in room use. The kitchen is at the heart of this home, open to the family room and easily accessible to the dining room. Master bedroom includes a walk-in closet, ensuite bath with Jacuzzi tub and separate shower. Large loft is an ideal hobby room or possible artist studio. Plenty of room to build an accessory building. Deer protected garden areas already established

Open House. Open House on Saturday, April 7, 2012 14:00 - 16:00

Wed, 04 Apr 2012 04:00:53 GMT

Please visit our Open House at 4205 Armadale RD in PENDER ISLAND.

See details here

Open House on Saturday, April 7, 2012 14:00 - 16:00

*** OPEN HOUSE APRIL 7 - SAT 2-4 PM*** Island flavoured rancher in the desirable Hope Bay area. Kitchen and living room are open concept with large south facing windows. The wood floors in the living room and bedroom have been recently refinished. A large study with windows on three sides including French doors out to the expansive 26? x 21? deck at garden level. This large, fully usable property, feels like two properties for the price of one. An open meadow like atmosphere with a treed perimeter creates a bright and sunny property with privacy. Currently there is a small garden which could be easily expanded, maybe add a small orchard, a gardener?s canvass. There is access from both Armadale and Clam Bay Rd. Walk to the beach in minutes.

2011 Residential Sales compared to past years

Wed, 04 Jan 2012 23:40:00 GMT

The following Data deals with Residential Sales on Pender Island.

Overall we see that 2011 shows an approximate 21% increase over 2010 sales. This is good news. Although, sales are still down overall and we do have a lot of inventory listed which means there are some good opportunities out there for those that are looking.

Note that these sales reflect the month the sale went unconditional and all subjects were removed. I feel this is a more accurate date to use when showing monthly real estate activity. October through to December were very low in activity and it’s not the weather, we have had fabulous weather and lots of sunshine.

This graph gives you a more visual approach to looking at the residential sale stats for Pender Island. I think the stats speak for themselves mostly and there is not much more for me to add. Stay tuned for more information on Pender Sales Stats. If you have something you would like me to comment on feel free to email me and make that request.

Please note that on January 17 a correction was made. A December sale was not in the system by January 4th, so I added the one sale to December bringing the total from 40 to 41 for the year and changing the increase in sales to 21% instead of 18% over 2010.

I have sold a property at GI Pender Island, Gulf Islands

Sat, 31 Dec 2011 04:04:42 GMT

I have sold a property at GI Pender Island, Gulf Islands.

See details here

Exceptional Ocean Views. Lovely Island home featuring 3 bedrooms, 2.5 baths, formal dining area, den and more. Enjoy spectacular southwest views over Swanson Channel and beyond from many principal rooms and the spacious deck. Spend evenings cuddled up in front of the wood burning fireplace. Oversized garage/workshop is the handy man's dream. Truly unique setting and topography awaits your enjoyment.

High Hydro bills?

Fri, 30 Dec 2011 14:53:27 GMT

It is that time of year where expenses can be high. You might have racked up some bills over Christmas or perhaps you have reduced hours at work and are just on a tighter budget in general.

With the winter comes higher heating costs and there are a few suggestions I can offer that may help.

1) Call BC Hydro and ask them to put you on the equal payment plan. With this program they look at the hydro costs for your property over the last year, they break that down into a monthly payment and at the end of the year you either pay the difference or are credited the difference. This is a great way to know exactly what your hydro expense will be every month. The average hydro bill for most homes is around $120/month give or take depending on the size and energy efficiency of the home. Paying $120/month beats paying a $600 bill for January and February.

2) Consider installing programmable thermostats so you can be sure to keep your temperature down at night while sleeping or while away from the house. If you are renting your landlord may be willing to invest in this upgrade to the house.

3) If you are not able to upgrade your windows then you can buy kits which cover them in plastic to assist in being more energy efficient. As a tenant you may want to consider doing this to help reduce your heating costs for older homes.

If you are a homeowner there are many energy efficient upgrades that you can make to your home and perhaps it needs to be gradual rather than incurring the cost all at once.

We have no natural gas on Pender so many homes are heated with baseboard heating. Some have electric furnaces or heat pumps and there are a few that use oil or propane.

PropertyTax Deferment

Thu, 22 Dec 2011 15:40:00 GMT

We have heard over that last few years of many families and individuals enduring financial hardship. Unfortunately, there are people who are facing losing their homes.

I have mixed feelings about the Property Tax Deferment Program in BC. I want to be clear that these are suggestions below are to help you think through your situation. None of these comments are in any way a substitute for professional financial advice. An accountant or financial advisor has the real expertise to assist you.

I think if you are desperate and in need of some breathing room temporarily tax deferment might be an option you want to consider. The program allows you to defer paying your property taxes until you sell your house. It is a form of low interest loan.

There are programs for families with children as well as a different program for those that are 55 years old and over, a surviving spouse or for those with disabilities. Each program requires you to have 15%-25% in equity available for your property.

Find out the details at this web site:

http://www.sbr.gov.bc.ca/individuals/property_taxes/property_tax_deferment/ptd.htm

When you sell the property you will need to pay your outstanding debts including the tax deferment loan and any mortgages on the property so the higher the debts the less money in your pocket. This does make it very difficult at the time of Selling. Sellers quite often will think about the money they need to get out of the transaction, where the Buyer is only concerned with current market value and the debts of the Seller are not relevant to the transaction. Unlike a mortgage, unless you create a payment plan, your tax deferment loan will not decrease, it only increases.

If you are mortgage free and living on a low pension then I can see the benefit to seniors late in their lives. The few extra thousand a year in available income can make a huge difference. If the home will likely be sold as a part of their estate, at which time the loan can be paid in full, it really bears no financial burden to that individual while they are living.

For young families I see different options. Young families are at the start of their life and although the deferment of taxes can be tempting or a form of short term relief, overall it is not likely to make a huge difference to the overall financial situation for the family. Many compounded years built up may create a larger burden to the family's financial stability.

Starting a family can be a definite financial shift for many people. I know from personal experience how difficult it can be. A couple without children have no idea the luxury they have in their spending. You may dine out frequently, take regular vacations, buy extravagant gifts etc. When you have a child your income is drastically and suddenly reduced. If you are on maternity leave/parental benefits for a year, you only have a portion of your regular income. To compound on that your expenses have drastically increased to care for your child. You have added expenses of clothes, toys, diapers etc. You are likely to become reliant on the income of one individual and if that family member loses their job things crumble quickly. When one family member decides to stay home with the child beyond the year where your family can receive parental benefits then your finances are drastically cut again and the dependence on that one income is even more so.

If there is a young family who is under financial stress and looking at the tax deferment program I would suggest speaking to an accountant or if that is not possible seeking the financial opinion of those you respect around you, people that have successfully conducted and planned their finances.

Other options a young family may want to consider:

Downsizing

Selling your current home and finding a smaller home that meets your current needs. One that will allow for lower mortgage payments, heating costs and taxes. As you gain equity and financial stability you can either upgrade again in the future or use this new home as an investment home and rent it out while you purchase your new dream home.

Having a mortgage helper

If you have the option of creating a suite in your home or buying a home that can accommodate a suite, this added revenue maybe a huge financial help for you. Depending on your current rates $500 of rent can offset about $100,000.00 of your mortgage. If you have a suite that you can rent for $800/month this may be all you need to get back on your feet. If you are buying a new home maybe you want to consider buying a home where you can use the suite in the beginning and as your family expands and your financial stability is created you can eliminate the suite and add more living space for your family. This can be a great option for single people starting their life as well. This can be cheaper than renting. Please research the vacancy rate in your area.

Different area

If downsizing or having a mortgage helper does not appeal to you then another option you may consider is moving to community where the real estate is less expensive. It may mean a longer commute for anyone working in your family or it may mean a change of jobs. Only you can know what the best option is for your family.

Other cut backs

So downsizing, having a mortgage helper and moving does not appeal to you...then you may want to consider all the other areas in your budget you can cut back or eliminate costs. I do want to emphasise eliminate costs and not defer costs to a future date. Deferment of expenses can be a way of balancing your finances for the short the term but if they are costs that you will absorb one day then you are deferring them and they can eventually catch up to you.

The point of this blog was to make you aware of the tax deferment program offered in BC but it was also to give you food for thought for other options you may want to consider. In any case you will want to contemplate the short term and long term benefits and downfalls of each option.

Pender in December

Tue, 13 Dec 2011 16:12:00 GMT

So what is Pender like in December? Actually, the Fall and Winter are my favourite times of year. The temerature is quite mild here. This picture was taken on Friday, December 9, 2011 at approximately 5 pm.

This photo was taken on the Port Washington Dock.

It was about 2 or 3 degrees Celsius.

We don't get a lot of snow in the Winter. If we do get snow it may be here for up to about three days and then usually it all melts away. More often than not we do not have a White Christmas. I guess it is always special to have that winter wonderland to top off the holidays. It's quite magical to have it snow on Christmas Day. On the downside plans get altered and sometimes the power will go out if heavy snow brings down branches and trees on the power lines.

The benefit of having no snow is that it can be a beautiful sunny day where you can take a walk through the trails or go to the beach and may only need a light jacket.

The Christmas Holidays can be different when you live on Pender. If you are the host or hostess then chances are you will have house guests for a few days. Pender is really not a day trip so most guests will stay with you for a few days. You are no longer planning a dinner but more like a weekend. You will share your meals together but there should be lots of helping hands too. Your guests will enjoy daily walks, enjoying the fresh air and the options of visiting a different beach every day; you could easily visit three new beaches a day. Many times we have a table with a large puzzle going where anyone can take a try at it. At times we will have a hoot playing group games like Catch Phrase, Gestures, Skip-bo or Yhatzee, some will chose games for two like backgammon or crib. Then there is always the guest that enjoys cuddling up in front of the fire with a good book or their Kindle. You may see the cell phones come out less and less as time goes on and your guests acclimatize to "Island Time".

Depending on where your guests are coming from sometimes the ocean air causes them to get very hungry and need lots of sleep in the first 24 hours, lol. Many guests will say it is the best sleep they every had with no outside lights, no sirens etc. Having no sound and no light is a different experience all together.

For us this year is the first time we are staying home on Pender and not having guests for Christmas. It will be our first low key Christmas.

Whatever your Holidays looks like this year, I hope they are enjoyable.

Designated Agency

Thu, 08 Dec 2011 13:16:00 GMT

Yesterday I attended a class at the Victoria Real Estate Board about "Designated Agency". This is a pilot project beginning in our area in January 2012. Some provinces have already adopted this practice.

Agency defines the relationship between the Real Estate Agents and the offices they work at with their Buyers and Sellers.

Currently under the term “Brokerage Agency” a real estate office is either representing one party or if they have any agents in their office representing both the Buyer and Seller their relationship changes to “Limited Dual Agency”. This means that both parties consent to the office representing both interests. In order to do this the clients must agree that the office and their agents are to remain impartial to both clients, restricting their feedback. Under “Limited Dual Agency” the real estate office or their agents cannot discuss price, motivation or personal information for either client. This helps to level the playing field for negotiating.

In my opinion this is not a benefit to the client. I am not a strong supporter of Limited Dual Agency and because I specialize in representing Buyers I don’t find myself in this situation very often. Most of the time, the properties I sell are listed by other Agents and other offices.

Many people don’t realize that under the current system it does not matter if you are represented by different real estate agents, if they both work in the same office it is designated as Limited Dual Agency. The client always has the choice to choose whether they will enter into a Limited Dual Agency. There are times when I feel it can be a benefit, especially when the property is complex, sometimes the listing agent knows it best and it is an equal advantage to both parties.

The new agency relationship that begins in January 2012 is called “Designated Agency”. This allows clients to be represented by an individual agent rather than the entire office. So an agent representing the Buyer and an agent representing the Seller can both be from the same office but not form a Limited Dual Agency relationship. They will each represent their clients the same as if the other party was represented from a different office.

Anytime the same Agent is representing both the Buyer and Seller it still will continue to be considered Limited Dual Agency.

I have mixed feelings about the process. Many times this is exactly how agents have been acting already and this new system just puts validity to past practices. There are areas in the world where “Limited Dual Agency” is not a legal practice.

Here are my concerns over the new system. I can see in large offices this may just make sense. In many large offices with a hundred or more agents, the agents don’t even know each other or speak regularly. However, in smaller offices it will be very important that agents do not talk or even overheard talking about any deals or with/about their clients in any way that might influence a person’s negotiating ability. They must make sure that the contracts are well protected.

Overall I am in support of the “Designated Agency” because I actually think that the focus will ensure more caution to the release of information within smaller offices.

Designated Agency does not really have any impact on me because I am a one women show. I am either representing one side or both in any transaction. I prefer to represent only one party in a transaction. I enjoy negotiating for my clients and feel that is a great benefit I offer my clients. It doesn’t always mean getting rock bottom price, it means listening to what is important to my clients and helping make that happen. Each person has issues that are important to them and sometimes price is not the highest priority. Whatever their priorities I clearly communicate how things could possibly play out, the pros and cons of that and what it means in the overall picture. Having this kind of support helps my clients make the best decisions for themselves.

Please take some time to read some of my recent client’s comments under the “testimonials” section of my website. I hope to add yours there someday too.

Pender Island Sales History over 5 years - Nov 2011

Fri, 02 Dec 2011 12:06:48 GMT

We are very close to the end of the year now. It is always helpful to reflect on the current market and compare it to previous years. Below is a table showing Pender Island residential sales history.

You can see that 2011 is an improvement over 2010.

The months highlighted in blue show us the month in the year with the most amount of sales on Pender Island. You can see that these months are usually around Summer or Spring time when we seem to have the most traffic or visitors on Pender Island.

There are two things you should know about this data.

The first thing is that the stats I provide are based on the date the sale becomes unconditional (all subjects are removed), it is not based on the date the sale completes. The reason for this is to give a more accurate time line when the transaction started. Many times when an offer is put in there are subjects attached and a typical timeline to remove those subjects is about two weeks, after subjects are removed the transaction will take usually a minimum of two weeks to complete. So in reality it is usually a month or more since the original offer took place. Using the completion date can skew these stats by a month. By using the date the offer becomes unconditional you minimize that.

The second thing is that the data provided is the data in the system from the Victoria Real Estate Board, properties that have sold on MLS. Normally I would say this would be very accurate because most of the time this is the case. However this year I know that I have sold three properties not listed, one was a for sale by owner in August and the other two were just me matching the needs of my clients and suggesting properties that were not on the market at all. Both of these sales were in November.

I have sold a property at GI Pender Island, Gulf Islands

Sun, 20 Nov 2011 04:04:20 GMT

I have sold a property at GI Pender Island, Gulf Islands.

See details here

Charmaine Harris of Coastal Life Realty represented the Buyer in this transaction. The property was listed with Rob Southey of Pender Island Realty.

A commanding oceanfront location. This 5 BR, 2 BA home was designed with relaxation & functionality in mind, from perfectly positioned view windows to the surrounding 1,450 sq.ft. deck. The generous master suite overlooks the ocean with private access to the 16X40 inground pool. The large patio with hot tub & covered BBQ area is perfect for ocean viewing. A few short steps down from the yard find yourself on the west facing crescent shaped beach. The 2 car garage & fenced yard complete the picture.

I have sold a property at GI Pender Island, Gulf Islands

Sun, 20 Nov 2011 04:04:20 GMT

I have sold a property at GI Pender Island, Gulf Islands.

See details here

Charmaine Harris and Coastal Life Realty represented the Buyer in this transaction.

This property was not MLS Listed

New property listed in GI Pender Island, Gulf Islands

Sun, 20 Nov 2011 04:04:20 GMT

I have listed a new property at 4205 Armadale RD in PENDER ISLAND.

See details here

Island flavoured rancher in the desirable Hope Bay area. Kitchen and living room are open concept with large south facing windows. The wood floors in the living room and bedroom have been recently refinished. A large study with windows on three sides including French doors out to the expansive 26? x 21? deck at garden level. This large, fully usable property, feels like two properties for the price of one. An open meadow like atmosphere with a treed perimeter creates a bright and sunny property with privacy. Currently there is small garden which could be easily expanded, maybe add a small orchard, a gardener?s canvass. There is access from both Armadale and Clam Bay Rd. Walk to the beach in minutes. A must see.

I have sold a property at GI Pender Island, Gulf Islands

Sun, 20 Nov 2011 04:04:19 GMT

I have sold a property at GI Pender Island, Gulf Islands.

See details here

Charmaine Harris and Coastal Life Realty Ltd. represented the Buyer in this transaction. The Property was listed with Dave Sherman, Colin Denton & Bob Read of Pender Island Realty.

Delightful, sunny, three bedroom ranch style home on a south facing lot backing on to park land. Open plan with modernized kitchen & counter tops. Separate garage/workshop. Very good opportunity in this price range.

New property listed in GI Pender Island, Gulf Islands

Tue, 14 Jun 2011 04:07:55 GMT

I have listed a new property at 4321 Bedwell Harbour RD in PENDER ISLAND.

See details here

6.67 acres in the Hope Bay area. The unique opportunity for this property is the location. The ocean is directly across the road from the SE side of the property offering opportunity to build an oceanview home. Take a 5 min stroll along the waterfront to the Historic Hope Bay area where you can go for lunch, walk on the docks, shop for Artwork and local crafts. An additional property entrance is on desirable Port Washington Road. The property borders a 30+ acre parcel lending privacy and space. If you are not planning to farm the land there are local farmers that can hay the property for you, a mutually beneficial relationship. Zoned as Agricultural land current bylaws permit you to build a home, cottage and other buildings. Well in place.

New property listed in GI Pender Island, Gulf Islands

Tue, 26 Apr 2011 04:10:40 GMT

I have listed a new property at 2730 Spyglass RD in PENDER ISLAND.

See details here

A beautiful Buck Lake waterfront property. Enjoy living on this private lake, you could build your dream home or maybe a weekend retreat. Fish for trout from this stocked lake or pass the time swimming or canoeing. Build your own private dock and dangle your feet in the water. This property boasts a lovely level area at waters edge, and has a roughed in building site. Water, sewer, hydro, telephone and cable are available at the road. This special property is a rare find on on Buck Lake.

Open House. Open House on Saturday, April 23, 2011 13:00 - 16:00

Sat, 16 Apr 2011 04:11:27 GMT

Please visit our Open House at 2711 Privateers RD in PENDER ISLAND.

See details here

Open House on Saturday, April 23, 2011 13:00 - 16:00

*** Open House Sat April 23,1-4 pm*** Enjoy ocean views from the southwest-facing deck of this freshly painted and updated home. This charmer has 4 bedrooms and 3 bathrooms on the main floor and a potential Granny suite downstairs. The house is set back from the road for maximum privacy and a peaceful atmosphere. The location is fabulous. A short walk takes you to the marina and one of the best whale watching beaches on the island. Heading the opposite direction, you will find the tennis courts, children's playground or the disc golf park. This home has been operated as a B&B but would also make a wonderful family home or weekend retreat.

New property listed in GI Pender Island, Gulf Islands

Fri, 25 Mar 2011 04:13:08 GMT

I have listed a new property at 2711 Privateers RD in PENDER ISLAND.

See details here

Enjoy ocean views from the southwest-facing deck of this freshly painted and updated home. This charmer has 4 bedrooms and 3 bathrooms on the main floor and a potential Granny suite downstairs. The house is set back from the road for maximum privacy and a peaceful atmosphere. The location is fabulous. A short walk takes you to the marina and one of the best whale watching beaches on the island. Heading the opposite direction, you will find the tennis courts, children's playground or the disc golf park. This home has been operated as a B&B but would also make a wonderful family home or weekend retreat. With a fully fenced yard and lovely low maintenance gardens, there are numerous features that make this an extremely desirable property.

2010 & 2011 Sales by Price Range

Sun, 20 Mar 2011 14:42:00 GMT

Below is a chart showing the 2010 and 2011 residential real estate sales sorted by price range.

So far this year the sales are have been at the entry level of the market. This market can be the largest pool of buyers when it includes renters wanting to get into the market, those who want a second vacation home and those wanting to invest in properties as rentals or fixer uppers.

Two sales in January were foreclosure sales which are fairly rare on Pender, we don't have a lot of foreclosure properties.

written by Charmaine Harris charris@coastalliferealty.ca

Active Listings on Pender 2011-2006

Fri, 18 Mar 2011 22:16:00 GMT

We have pulled some data that we think might be very helpful for someone selling or buying real estate on Pender Island. We understand that the laws of supply and demand may have an impact on the pricing of real estate. Currently we have a huge surplus of Real Estate Inventory on the market.

As of today, March 18, 2011 we have 87 residential listings on the market. You can see on the graph above that January and February both show the highest quantity of listings since 2006. This means a lot of competition is out there.

The chart below is the same data shown in the graph above but allows you to see the actual numbers of active listings on Pender since 2006. We have highlighted the months that have the highest amount of listings each year.

So if we look at the chart above we see that in February 2006 there were 13 active listings with the comparison of this past February 2011 with 84 active listings on Pender Island we see a huge difference in the amount of real estate properties listed. This is an increase of more than four and a half times (467%).

You would think with these numbers that prices were dropping like boulders thrown off a high cliff but that does not seem to be the case. The Sellers on Pender are very different in that many times they are not in a desperate situation to sell. They would like to sell but only if the price makes sense to them. It can be frustrating for a Buyer who sees all the signs of a great Buyer's market. There has been price drops here and there and it is apparent who wants to sell "NOW" by their price drops.

There are many scenarios that have an impact on a Sellers desire to sell and for what price. It is not always price that is the key motivator, sometimes it is dates. You as a Buyer are in the best position to negotiate if you are flexible. Flexible with terms, dates, items included or excluded.

If you, as a Buyer, make us aware of your needs we are happy to include you in our database to notify you when those opportunities that match your needs are there. Just drop one of us a line and let us know you are interested in Pender Island real estate updates and we will be happy to assist.

If you are thinking of selling your home but are not sure if the time is right and want to weigh your options we can help with that too. We are happy to be a sounding board for you and your plans. We will help you evaluate your situation and give you the information you need to make informed decisions. We offer property management services too so we can also help you evaluate if renting out your home is a good option for you too.

This blog was written by Charmaine Harris charris@coastalliferealty.ca

Changes in Government backed Insured Mortgages

Fri, 11 Mar 2011 11:40:48 GMT

In January the Federal Government announced changes to the rules for government backed insured mortgages. These changes will come into force on March 18, 2011. The changes are as follows:

The Maximum amortization period has been reduced to 30 years from 35 years. This applies to new government insured mortgages with a higher loan to value ratio of 80%.

The percentage of home value to refinance a mortgage against has been reduced to 85% of the home value, down from 90%.

To withdraw government insurance backing on lines of credit secured by homes, such as Home Equity Lines of Credit. This will start April 18th, 2011.

This information was drawn from a publication from the Victoria Real Estate Board.

To see how these new changes will be applied to the CMHC (Canada Mortgage and Housing Corporation) you can follow this link http://www.cmhc-schl.gc.ca/en/corp/faq/faq_008.cfm

Charmaine Harris,

Managing Broker / Owner,

Coastal Life Realty Ltd.

Jan - Feb Sales for Pender Island

Thu, 03 Mar 2011 01:15:00 GMT

Below is a table showing you real estate sales for Pender Island. We have broken down monthly sales over the last five years to show you the sales pattern.

Two sales in January were foreclosure sales. Both of these properties needed work done on them. These new property owners understood the value of sweat equity. These projects are not for everyone and if you are a first time home owner it might be an intimidating project to take on.

As spring comes our visitors will increase and our part time residents will come more frequently, start their winter clean up and get ready to enjoy those memorable summers we have. if you want to join them please give us a call and we would be happy to help you find the property that meets your needs.

Pender Residential Sales

Units Sold - Residential - Monthly

2011

2010

2009

2008

2007

January

3

0

1

5

3

February

0

2

2

4

4

March

6

5

1

6

April

1

4

8

12

May

1

7

2

7

June

4

9

9

9

July

3

7

2

6

August

5

3

4

7

September

4

7

4

7

October

3

6

3

12

November

1

4

2

7

December

4

4

0

5

TOTALS

3

34

59

44

85

= Month with the most sales

Lots on Pender

Lots Sold - Monthly
	2011	2010	2009	2008	2007
January	0	2	1	0	0
February	4	0	0	0	0
March		4	0	2	0
April		3	1	2	2
May		1	5	0	6
June		2	2	1	5
July		2	0	0	3
August		2	2	1	1
September		1	1	0	4
October		0	1	0	3
November		0	0	0	2
December		2	0	0	0
TOTALS	4	19	13	6	26

		= Month with the most sales

You may ask yourself what do these stats mean? You can see some patterns but you can also see that 2011 is somewhat unpredictable. I think we are finding that more and more here. It will be interesting to see these stats develop as the summer season approaches.

Note: All these numbers are determined at the time subjects are removed from the sale and not the completion date. The reason we take this date is because it is closer to the date the offer was first accepted and showing when the activity occurred. The completion of sale can easily be one month later changing the pattern considerably.

I have sold a property at 3759 Privateers RD in PENDER ISLAND

Sun, 23 Jan 2011 04:03:01 GMT

I have sold a property at 3759 Privateers RD in PENDER ISLAND.

See details here

Great potential in this fixer upper. 3 bedroom, 2 bath in the Magic Lake Estates area on .49 of an acre. Desirable open layout with vaulted ceilings gives this home its island character. Large south facing windows gaze at the trees. The master suite located in the loft has a full ensuite bath including a deep soaker tub and separate office or sitting space which overlooks the main living area and large cathedral windows with some ocean shimmers in the distance. The homeowner started updates and renovations that still need to be completed. The property is in a great location - across from the tennis courts & playground, parkland behind the property. Disc golf, trails, Magic Lake and Thieves Bay Marina are all within walking distance.

Lots that sold comparing data from 2007 - 2010

Thu, 20 Jan 2011 04:24:13 GMT

Here is some interesting real estate data in regards to lots selling on Pender Island. You can see in the previous post that home sales were down over last year but as you can see below lots are up! This is good news.

Lots Sold - Monthly
	2010	2009	2008	2007
January	2	1	0	0
February	0	0	0	0
March	4	0	2	0
April	3	1	2	2
May	1	5	0	6
June	2	2	1	5
July	2	0	0	3
August	2	2	1	1
September	1	1	0	4
October	0	1	0	3
November	0	0	0	2
December	2	0	0	0
TOTALS	19	13	6	26

	= Month with the most sales

Pender Island lot sales contributed to a much higher percentage of overall sales in 2010. Last year 36% of all sales were lots which is the highest percentage since 2007. In 2008 only 12% of all sales were lot sales.

	2010	2009	2008	2007
Total Sales	53	72	50	111
% of homes	64%	82%	88%	77%
% of lots	36%	18%	12%	23%

	= year with highest %

Many people who purchase lots on Pender usually do one of three things:

1) They build the home they want - ideal for their needs,

2) They keep the lot as an investment,

3) They buy now with the hopes of building in the future and at times may makes small improvements like add a sleeper cabin so that it is convenient upgrade from camping.

Some have also barged in a home. They purchase from somewhere like Nickel Bros and place on the property.

If you are thinking of investing in land and will need a mortgage then it is important to speak to your lender in advance. Requirements for financing can be different than purchasing a standard home. You will also want to discuss your plans with your lender - will you build, barge in a house or just keep the land as an investment. Talk to your lender about how your plans may change your financing requirements. This is an important step to take well before you offer to purchase any property.

In addition to discussing your ideas with your lender you may want to consider getting to know the local real estate market first. Look at the costs of vacant land, compare it with properties that have homes on them already. Currently there are many situations where you can buy a property with a home on it for less than it would cost to build from the ground up. You still may choose to build so that you can make your own dreams a reality. Studying all options of the market will also help you to determine the value of your home when it is completed and that might assist you in making decisions as you build your new home.

We are here to help!

Please email Charmaine at charris@coastalliferealty.ca or Sandy at sandy@coastalliferealty.ca

Residential Sales Stats 2007 - 2010 Compared

Mon, 17 Jan 2011 23:54:37 GMT

Here is a look at the residential real estate sales on Pender Island over the last few years. It is broken down by month so you can see the seasonal patterns for sales activity. I have highlighted the month in each year that has the highest amount of sales in that year.

It should be mentioned that these stats are taken and considered "sold" once the offer becomes unconditional (when all subjects have been removed). I find this to be the most accurate time frame to work with. Typically the offer would have come in a couple weeks before this date. The time an offer is accepted until the transaction is completed is on average about 4 weeks or more.

Units Sold - Residential - Monthly
	2010	2009	2008	2007
January	0	1	5	3
February	2	2	4	4
March	6	5	1	6
April	1	4	8	12
May	1	7	2	7
June	4	9	9	9
July	3	7	2	6
August	5	3	4	7
September	4	7	4	7
October	3	6	3	12
November	1	4	2	7
December	4	4	0	5
TOTALS	34	59	44	85

	= Month with the most sales

If you are thinking of SELLING your property on Pender then take advantage of this time to prepare your house. You will want to have your home ready for the spring time to have the best advantage in our market. If you need consultation on how to prepare your property and a property evaluation please call Charmaine and/or Sandy and we will be happy to meet with you.

If you are looking to BUY real estate on Pender Island then now is the time to find a dedicated REALTOR® and start watching the market. We can then set you up in a special database so that you can easily manage all the listings you are looking at. You can sort your favourites or just watch their activity. You will have access to new listings before they hit the MLS® system. This system will also explain why they are no longer showing in the MLS® system, it could be that they have sold or just taken off the market.

Please email or call Sandy or Charmaine

Sandy's email sandy@coastalliferealty.ca direct line (250)629-6548

Charmaine's email charris@coastalliferealty.ca phone (250)629-9998

New property listed in GI Pender Island, Gulf Islands

Wed, 15 Dec 2010 04:04:12 GMT

I have listed a new property at 5414 Hooson RD in PENDER ISLAND.

See details here

A Beautifully cared for 3+ bedroom home on 2.02 acres on desirable Hooson Rd on North Pender. South facing home with plenty of natural light. Gaze through large windows at the greenery surrounding you in this private and tranquil setting. There are wood floors throughout the main living and upper levels. A contemporary style home with a westcoast flare. The lower level has a daylight walkout basement and offers several opportunities. This versatile space could be made into a separate in-law suite or used for a home based business such as a studio/gallery. Hooson Rd is an old country style road towered by various types of trees and foliage. A beautiful place to walk and only a short walk to ocean access, various trails, parks and Hope Bay.

New property listed in GI Pender Island, Gulf Islands

Wed, 03 Nov 2010 04:03:20 GMT

I have listed a new property at 3759 Privateers RD in PENDER ISLAND.

See details here

Sales Stats

Wed, 27 Oct 2010 01:04:49 GMT

As of Oct.26 this is the stats on residential properties sold on Pender. Currently we have 106 residential listings on Pender. In November we may see some new price drops or a reduction in listings or both. There may be some good opportunities coming up.

Don't miss out! Ask Sandy or Charmaine to help keep you informed of great opportunities that will meet your needs.

Units sold – Residential - Monthly
	2010	2009	2008	2007
January	0	1	5	3
February	2	2	4	4
March	6	5	1	6
April	1	4	8	12
May	1	7	2	7
June	4	9	9	9
July	3	7	2	6
August	5	3	4	7
September	4	7	4	7
October	3 so far	6	3	12
November		4	2	7
December		4	0	5
TOTALS	29	59	44	85

I have sold a property at 3601 Jolly Roger in PENDER ISLAND

Sun, 24 Oct 2010 04:03:41 GMT

I have sold a property at 3601 Jolly Roger in PENDER ISLAND.

See details here

PRICED FOR A QUICK SALE! Desirable PENDER ISLAND .95 ACRE offers privacy and sun! SELLER WILL CONSIDER FINANCING! At end of culdesac, good driveway in winds down to back of lot. Two levels of thoughtful site prep completed with choice of 2 areas to build (home & studio, or workshop?). Wildflowers love it here! Septic tank & field installed. Backs on to 80 acres of private land and seasonal stream. GREAT VALUE in Magic Lake Estates with walking trails, parks, disc golf, tennis courts, playground, lake, ocean beach accesses. Municipal water, hydro, hi-speed internet, cable TV, and telephone at the road. You will not see this value at this price anywhere else on Pender Island.

I have sold a property at 36113 Galleon Way in PENDER ISLAND

Sun, 24 Oct 2010 04:03:41 GMT

I have sold a property at 36113 Galleon Way in PENDER ISLAND.

See details here

Buck Lake Building Lot. Rare offering of mostly flat, low bank 0.45 building lot on desirable and exclusive Buck Lake. Only property owners and guests have access to recreational usage on the lake. Fish, paddle or just enjoy the view. In area of prestigious homes with water, sewer, hi-speed internet, and HD cable TV available at lot line. Get it while you can, these don't come on the market very often!

New property listed in GI Pender Island, Gulf Islands

Thu, 02 Sep 2010 04:03:07 GMT

I have listed a new property at 3759 Privateers RD in PENDER ISLAND.

See details here

Excellent Potential at this price and a Great location! Magic Lake, Thieves Bay Marina & The Disc Golf Course all within a short walking distance. Tennis courts, The Park and playground are across the street! This home is situated on .49 acre lot that is very level and usable in the front with nice treed views in the back! In addition the two neighbouring homes on each side are very nice. The owner has made improvements but is looking for someone to purchase and finish the job. Currently Assessed at $245,000. It?s an opportunity!

New property listed in GI Pender Island, Gulf Islands

Fri, 28 May 2010 04:02:53 GMT

I have listed a new property at PRT SEC 19 Corbett RD in PENDER ISLAND.

See details here

6.67 Ocean View acres in Historic Hope Bay. Pristine country acreage in the most desirable area on Pender Island. Fruit trees and potential for a vineyard await. 150 foot drilled well @ 5 gallons per minute with a perk test done and beautiful pond. Agriculturally zoned with the potential to build a primary home, guest cottage, and run an agri-tourism business. Seller is a licensed Realtor.

New property listed in Pender Island

Thu, 27 May 2010 04:03:20 GMT

I have listed a new property at PRT SEC 19 Corbett Rd in Pender Island.

See details here

So who's that REALTOR working for anyway?

Thu, 13 May 2010 23:38:00 GMT

So who is the REALTOR® Working for anyway?

Let’s talk Agency – it may not be the most exciting topic but if you are buying or selling Real Estate it is critical that you understand it. Normally when you think of Agency you may think of Insurance Agency or maybe Detective Agency or even Modeling Agency and these are great clues to what Agency means in Real Estate.

Agency is the Buyer or Seller’s Representation. In Real Estate, representation roots from the office known as the “Brokerage”. Although a Seller may have hired a Real Estate Agent to list their property the contract is actually with the Real Estate Office and not with the individual REALTOR® also known as a Representative. In fact if the REALTOR® changed their office it is possible that the contract would stay with the original listing Brokerage.

Now to add one more layer in Agency it is important to realize that because contracts are held with the Brokerage that means that every REALTOR® in that office is representing that Seller, known as the Principal. It is the office that is representing the Seller.

So why is this important for you to know this? This is a key component to understanding Dual Agency when the Buyer and Seller have the same representation.

You need to ask yourself before you plan to Sell or Buy a property. Do you want enter into a Dual Agency relationship or do you want your own representation in negotiations.

These are the guidelines and restrictions to the agency relationship

Expectations of a Regular Agency relationship – having your own representation

1) Undivided loyalty, protecting your negotiating position at all times.

2) Obey lawful instructions

3) Obligation to keep confidence

4) Exercise reasonable care and skill in duties

5) Account for money and property

Limited Dual Agency – when the Buyer and Seller are represented through the same office there are some changes to make sure each party is dealt with fairly and does not have an unfair advantage over another.

1) To deal with you impartially.

2) Duty of disclosure except:

a) The price you or they are willing to pay/accept or other terms you would be willing to agree to that are not already outlaid in the offer to purchase or in the listing.

b) The motivation of either party unless authorization has been given to reveal this.

c) Personal Information about either party unless permission has been given in writing.

3) The Brokerage will disclose the known defects about the physical condition of the property.

You must consent to Limited Dual Agency in writing.

When is it considered Limited Dual Agency?

- When the Buyer and Seller are represented by the same REALTOR®

- When the Buyer and Seller are represented by two different REALTORS® that work in the same office.

- When two or more Buyers are represented by the same REALTOR® and bidding on the same property.

When might it be a benefit to work with Limited Dual Agency?

- It can be a benefit when dealing with a complicated property, sometimes that REALTOR® has done significant research and investigating already and is in the best position to inform both parties of the circumstances and bring two parties together.

- It could be a benefit if either the Buyer or Seller has a unique relationship with the REALTOR® one that would benefit both parties.

So what would happen if you did everything right, you have a long time relationship with a REALTOR® you trust and like working with? You see the perfect property and it happens to be their listing? What happens now?

Well hopefully you have discussed what might happen if this circumstance did come up well in advance but if you did not then it is time to talk about it. There are several options.

1) You could continue to work with your REALTOR® providing the Seller is agreeable to limited Dual Agency. Hopefully you have done your homework and kept informed of property values by studying sales and viewing properties for comparison. Your REALTOR® can still give you a list of comparable properties but they cannot suggest a price that the Seller may be willing to accept.

2) Your REALTOR® can refer you to another agent to represent you. If they do this they will benefit by earning a referral fee (a percentage of the commission). You will have to understand that your REALTOR® will not be representing you or helping you during the transaction.

3) You are welcome to find your own representation for the transaction.

To see the flyer recently mailed out showing an illustration of the process please view the flyer in PDF format. FLYER

Working with a REALTOR® This document will be presented to you by your REALTOR® before every transaction.

American Purchasers

Thu, 13 May 2010 23:30:17 GMT

Please see the attached mail out regarding American Purchasers and mortgages created by Ron Demmers - Mortgage Broker

FLYER (PDF)

Can Americans Qualify for Mortgages for Canadian Property?

Sat, 24 Apr 2010 16:14:42 GMT

Can Americans Qualify for Mortgages for Canadian Property?

Yes.

Finally there is a program that allows American residents to purchase or refinance Canadian properties by using their U.S. tax returns and U.S. Credit bureaus.

U.S purchasers of either primary or secondary residences may borrow up to80% of the value of their home.

Qualification is based on the same debt servicing and credit score requirements as Canadian purchasers. These U.S. clients will benefit from the same low fixed and variable rates now available to Canadian buyers. As of April 24^th 2010 the 5 year fixed rate for this program is 4.6% and the variable rate is prime minus .40% ( presently 1.85% ). Purchasers must demonstrate the income required to cover U.S. and new Canadian debt.

American borrowers will need to provide two years of their Form 1040 and W2. A U.S credit bureau report will also be required.

If you are interested in this program, please call Ron Demmers, Mortgage Broker, toll free at 1-877-925-9079

Disclaimer: Coastal Life Realty Ltd. or Charmaine Harris has provided this information as a convenience to readers and does not accept any liability for the actions of Ron Demmers or Verico Paragon Morgage Group.

Why would I use a mortgage broker over my own bank?

Thu, 08 Apr 2010 21:48:48 GMT

Why would I use a mortgage broker over my own bank?

It might make sense to use your own bank instead of a broker, but you won’t know unless you shop around.

Mortgage brokers are professional mortgage shoppers.

1) They are in touch with dozens of lenders and can tell you in short order what the most competitive rates are.

2) They can tell you if your lender or bank lends mortgages in your area.

3) Different lenders lend for different purposes and to different clients. For instance, if you are self employed, some lenders will treat you more favorably than others.

4) Many loans officers at branch level are just getting started in their careers and they are not as familiar with the mortgage process as a seasoned mortgage broker. For instance, many lenders have leeway in what documentation is required such as income confirmation and property appraisals. Mortgage brokers know which documents are essential to the lenders and which aren’t. This can save you time and headache.

5) Brokers only get paid if they get you what you need. In almost all instances, there is no cost to you. If there is going to be a cost, it must be clearly be spelled out in advance. Because a broker gets paid when the job gets done, they answer their phone in the evenings and on the weekends.

6) In some instances, a broker will not be able to beat your bank. A good broker will let you know. Let a broker find you the best deal they can and compare it to your bank. You have nothing to lose and a lot to gain.

For more information, call Ron Demmers anytime at 1-877-925-9079

Interest rates went up

Wed, 31 Mar 2010 17:22:57 GMT

Should you be concerned about the increase of Mortgage rates?

If you saw the news yesterday you might be feeling a bit of a panic. It seems that anytime they can run with a ball they will. I am not going to give you any recommendations on if you should lock in your mortgage now or hang tight. I also won’t promise that rates will continue to go up or down. If we all knew those answers we would have clear idea of where to go from here.

What I will tell you is that if you are shopping for a new mortgage or you have a variable interest rate on your current mortgage there are two things you should do:

1) Ask your lender to provide a rate guarantee for you.

Depending on the lender they will hold for 30 - 120 days with the norm being 90 days.

This will ensure you can get the possible interest rate available to you. If the interest rates increase then you will get the guaranteed interest rate, if they go down you will get the lowest of the two.

2) Discuss with your lender the benefits and risks of different types of mortgages.

If you have your lender hold a rate for you it will eliminate panic and those knee jerk decisions. You will buy the time you need to evaluate your current situation, watch the market and find out how the different types of mortgages will affect you. Once you feel you have all the information you need you will be ready to make a decision.

Why are there less available rentals in the summer months?

Wed, 31 Mar 2010 14:44:40 GMT

Why are there less available rentals in the summer months?

The Pender Island rental market definitely has some seasonal trends. It can be very difficult to find available rentals during the summer months. Most people secure their rentals in the spring if they plan to be here in the summer.

There are a few reasons why there are less available rentals on Pender in the summer...

Many people that have second homes here like to use their homes in the summer months so if they have been renting their home during the off season these renters now need to find a new home. Some of these renters can be at an advantage because they are already on Island and will be able to network to increase their odds of finding a place.

The next reason there is a shortage is because the summer months bring increased employment. Many people come to Pender and just stay for the summer while they are working. The increased amount of renters decreases the available inventory.

Another factor that has an impact on the Pender rental market is the Pender real estate market. We have a lot of visitors in the summer so this is a time that home sellers take advantage of. Renters of these properties either decide to find a new place to live because of the uncertainty of their future living arrangement or the home they are living in sells and they are forced to find a new home.

There are home owners that rent their homes out only for the summer months, they do so because they feel they can get a premium rate during this time. We used to have a lot of weekly rentals, they are not permitted in the North Pender bylaws but they still are present in our market. These home owners can receive the same rent in one week that they would normally receive for an entire month during the off season. South Pender does permit weekly rentals.

My advice to those needing to come to Pender during the summer months - plan ahead, try to secure your rental property before May.

My advice to those wanting to move to Pender Island but have the freedom to choose when - consider moving in the fall when there can be more inventory and more variety is available to suit your needs. You may also get a better rent for the off season if the home owners use their property in the Summer. In turn you will be able to experience Island life and determine if it is right for you. With this arrangement you will also have several months to secure a new property that ideally suits your needs.

Charmaine Harris
Managing Broker & Owner
Coastal Life Realty Ltd.
Licensed for real estate sales and property management

Specializing in Pender Island properties
Direct:             (250) 629-9998
Cell:                 (250) 539-0656
Toll Free          (866) 329-9998
Fax:                 (250) 629-6877
http://www.coastalliferealty.ca

First Time Buyer?

Thu, 11 Mar 2010 11:39:04 GMT

First Time Buyer?

Wondering where you should start?

To see the flyer sent out click here

PERSONAL ASSESSMENT

Look at your current situation. Are you paying rent now? Are you employed and earning an income? Yes to both these questions is the first step.

FINANCING

The next step would be to find someone who can help assess your current financial situation. You need to understand the boundaries of your financing. An import factor in borrowing money is the rate of interest you will pay. One of the functions of a Mortgage Broker is to shop around for the best interest rate for you.

Sometimes we have a credit history that follows us and puts us at a disadvantage but no worries a good Mortgage Broker can help you address those and iron out the kinks until you are ready to make a purchase. For that reason you should contact someone about your financing as a first priority.

Another advantage to having a Mortgage Assessment in advance is that part of their service will be to hold interest rates for you so that if interest rates should increase they can still honour that held rate. If the rates go down you will get the lowest rate available to you.

FIND A REALTOR®

Find a REALTOR® that you can relate to and one that understands your needs. They will assist you in finding a property, help you to compare properties, share valuable market information with you including recent sales activity. They will also assist you with determining the necessary subjects to include in your offer and help explain the contract to you. A REALTOR® is there to help you with your purchase and will be negotiating on your behalf.

It is a benefit to have a REALTOR® that sees a variety of properties with you getting to know your likes and dislikes and the things that are important to you. They can alert you to opportunities you may not have been aware of.

I would be happy to meet with you and discuss how I can help you. I like to use the philosophy that I give my clients the same advice and information that I would if you were my Mother, Brother of Grandparent. I believe in being open and honest and feel that this is the best way for us to work together.

EDUCATE YOURSELF ON THE MARKET

Start studying the listings in the area you would like to purchase. It is not enough to watch them as they list at www.realtor.ca. I can set you up in a database that will help you to see new listings before they appear on realtor.ca. This online system will allow you to sort your favourites and watch specific listings. The system will also notify you of price changes as well as what properties actually sell for - probably the most useful information. This information is not available on realtor.ca.

Through this process you can become a knowledgeable and educated buyer which will help you to become more confident in the decisions you make.

START VIEWING PROPERTIES

Start viewing listings. All the MLS photos and virtual tours are no replacement for physically seeing a property.

The house may be fabulous - everything you ever dreamed of and shortly after you arrive you realize it is right beside a noisy generator powered building running 24 hours a day (not likely on Pender!!!!).

The surroundings of the property will also be an important part of your purchase – do you want to have a garden, is there enough sunshine? Does the property you want have a view, are you in control of that view? This can work in the reverse too, perhaps a property is filled with knickknacks and shelves of things or poor taste in décor and paint colour, it could be difficult to get a great picture of the property but if you remove all that and change the paint it might be a gem in disguise.

My point is the importance of viewing properties and recognizing market value.

Learn about the opportunities for first time buyers

You may want to seek an accountant’s advice on this too…

Learn about the first time buyer tax credits

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

Learn how you can borrow against your RRSPS

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmbyrspln-eng.html

BC First time home buyer property transfer credit

http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Transfer_Tax/first_Time_home_buyer.htm

Understand the expenses associated with buying a home

It is expected that come July 2010 HST (Harmonized Sales Tax) will apply to these costs. Currently GST (5%) is charged and when converted to HST the new rate will be 12%.

Some costs you may incur as a buyer are:

The lawyer's fees

Building inspection and survey costs

Title insurance

Property appraisal

Property transfer tax

http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Transfer_Tax/tax_rates.htm

CHMC insurance

http://www.cmhc.ca/en/co/moloin/moloin_005.cfm

PUT IN AN OFFER – BUY A HOME

The next step is to put in an offer on a home. This can be a somewhat emotional time and your REALTOR® will help you during this time. Negotiations don't always turn out the way you had hoped or expected and at times you can be disappointed. It is important not to get to emotionally involved with your negotiation and not take it personally. If it is the right fit things will work out and if not you may need to continue your search.

START BUILDING EQUITY

Now that you have made your first purchase you can begin building equity. Start by keeping up with the regular maintenance on your home. Over time you may wish to make some improvements which can improve the value. The market can fluctuate over time, at times the value may increase and at times the market may fall. If you are prepared to make a long term goal you can be building equity. When you are paying rent you never receive a penny of that money back again.

First Time Buyers - Mortgage Info

Mon, 08 Mar 2010 16:07:45 GMT

Buying a house on the Gulf Islands may be easier than you think.
Get started with Ron Demmers, your Gulf Island Mortgage Broker.

With a purchase price of $225,000, a down payment of 5% ( $ 11,250 ),
your mortgage payment with a 5 year fixed rate of 3.89% and based on an amortization period of 35 years, would be $958.
With property taxes estimated at $100 per month, your monthly payment is only $1058.
In order to qualify for this payment you will need an income
of $36,000 per year. If you are buying with a friend or spouse, that is only $18,000 each.
Based on $10 per hour 40 hours a week, 48 weeks a year you make $19,200.
So it is truly possible!! ( other condition may apply )

How do you get started?

Knowing how much you can afford is a very important part of your home buying decision.
An experienced mortgage broker can quickly help you find out how much you can borrow.
In many cases, you will want to borrow less than you actually qualify for.
Start by deciding how much you want to spend each month.
Most first time buyers will use their present rent as a guide.
Owning your own home also involves the added expenses of home ownership such as maintenance.
Before owning a home, it is easy to spend money on impulse purchases.
Owning a home can involve focusing more of your financial resources on where you live.
For most people, buying their first home is the beginning of building their future.
Don’t let the complexity of buying a home stop you from getting on the road to a bright future.

When do I get started?

Buying a house is a big step to take.
Although it is possible to learn what you need to learn to buy a home in a matter of weeks, it is never too early to start learning about what is involved in the process of buying a home.
A patient broker can start by helping you understand what things cost, how much money you need for a down payment, and what the risks and rewards are for fixed or variable rate mortgages.
There is a lot to learn. Starting early and asking questions often ( and sometimes repeatedly) is the best way to ensure that you have the smoothest buying experience possible.

Should I use a mortgage broker?

A mortgage broker is a trained professional.
As brokers, they have access to many lenders and in most instances can get you a better interest rate.
In addition, an experienced broker can sometimes provide you a better borrowing experience, as they have often been in the industry longer than junior people at lender branch level.
Mortgage brokers are paid by the lender, not by you, so you have the guidance of an experience shopper working on your behalf at no extra expense.
As a first time buyer, you will need to be apprised of current programs available to help you buy your first home.

Is working with a mortgage broker confidential?

There are strict laws protecting the clients of a mortgage broker.
A broker is not allowed to share your information with anyone, including your Realtor without your express permission.
With a good broker, you will have a safe and beneficial place to discuss your questions and concerns, from the start to the finish of your home buying experience.

What if I have bad credit?

The first thing to do is fill out a credit application and have your credit bureau checked.
A mortgage broker will not send your information to any lender without your permission.
This allows you the chance to review your credit file and decide how and when to proceed.
The best way to start repairing your credit is to know exactly what is outstanding.
An experienced mortgage broker can review all your options and put you in contact with the best agencies to help you repair your credit.
With a little patience, it is possible to repair a lot of credit problems and get on the road to home ownership.

No charge consultation.

Different people need answers to different questions.
All questions are good questions.
It’s your future.
Ask how you can start building it now.
If you would like to begin to understand what is involved in buying your first home on the Gulf Islands please call or email Ron Demmers anytime.

Disclaimer: Coastal Life Realty or Charmaine Harris has provided this information as a convenience to readers and does not accept any liability for the actions of Ron Demmers or Ambro & Associates.

Do you still have snow in March?

Mon, 08 Mar 2010 14:08:45 GMT

Does your first week in March look like this?

or does it look like this?

Both these photos were taken in the first week of March, one in Alberta (snow) and one taken on Pender Island. Starting in February we have flowers blooming. The daffodils are out, some tulips, this beautiful Camellia bush.

Pender Island enjoys a mild climate all year round. We rarely have snow and if we do it only lasts a day or maybe if really cold a week but this is fairly unusual. It most cases if it snows it melts the same day or does not stick at all. Protected in a rain shadow we receive about a third of the rain as Vancouver.

You can grow all kinds of fruit trees - apples, pears, plums, peaches, kiwis, grapes etc.

A week ago I enjoyed watching a group of threes swans along with some ducks and a Heron in Hope Bay. On Valentine's Day my daughter went swimming in the ocean with a wet suit.

I have sold a property at 36111 Galleon WAY in PENDER ISLAND

Thu, 04 Mar 2010 04:09:39 GMT

I have sold a property at 36111 Galleon WAY in PENDER ISLAND.

See details here

Discover Lakefront Serenity. This 3 bedroom home on Buck Lake can compliment full time island living or be that special place for R&R. Privacy with sunny SW exposure. Enjoy the expanded kitchen with large skylight and lake view. The Master bedroom located on the main floor boasts a private lake view sitting room. An above ground basement with windows and private entrance makes a handy workshop or ideal studio space, complete with a small bathroom. Since 2004 this house has been given a new roof, new windows, new flooring and new decking. This property is located in Magic Lakes Estates where there are plenty of walking trails, disc golf, tennis courts and discounted moorage for home owners. Its time to jump off the dock and into the lake!

New property listed in GI Pender Island, Gulf Islands

Mon, 22 Feb 2010 04:12:33 GMT

I have listed a new property at GI Pender Island, Gulf Islands.

See details here

One acre of sun soaked oceanfront in the beautiful Southern Gulf Islands. Tranquil setting with vast panoramic ocean views. Take a seaplane, ferry or sail to Pender Island and leave the world behind you. Dine with friends, visit local Artisans or spend Saturday mornings at the Farmer?s market. You will have to share with local residents though ? whales, eagles, sea otters, seals and deer. You?ll wake up on top of the world in this spacious master bedroom suite with private deck, sitting area and full ensuite bath. Ocean view decks on every level of this home as well as a cliffside hot tub privately tucked away. For your convenience there is a full 1 bedroom +den ocean view in-law suite or nanny suite with private entrance at garden level.

2010 Winter Olympics - Vancouver

Mon, 15 Feb 2010 00:41:27 GMT

2010 Winter Olympics in Vancouver

The Winter Olympics is hosted by the City of Vancouver in British Columbia, Canada. Vancouver is a neighbouring city to Pender Island. There is ferry service from Pender to Vancouver.

Friday February 12th was the opening ceremonies for the Olympic Games. Excitement was building in the morning while watching the torch relay throughout the city. It was particularly touching to see Terry Fox's father run his stretch towards Stanley Park, a journey his son once took to bring awareness to cancer. Later that day we had a wind storm that took our power out at about 2 pm and luckily our power returned by about 6 pm just in time to watch the opening ceremonies.

As I watched the athletes enter the stadium I noticed our broadcast showed the population of each country and how many athletes were attending from that country. It was surprised to see small numbers from some countries ranging from 1-6 athletes. I thought of how great it was that they could represent their country but also about the pressure they must feel being their sole representative. When Canada entered the stadium it was amazing to see the crowd's response. I could not help but feel the pride of our athletes at that time.

The show began with introduction of first nations from across Canada. The energy was fantastic and the costumes were colourful and impressive. I loved to see that giant drum in the centre. It spoke Canada. Next we saw Nelly Furtado and Bryan Adams singing a tribute song and a fantastic projection/light show showing the history of Canada. I was particularly mesmerized by the image of whales crossing the stadium floor. I am sure it was quite magical to witness in person. I won't go through all the details of the show which concluded with Gretzky lighting the outdoor cauldron. I am sure there is a lot of information on line about the opening ceremony.

On Pender we have a special energy around the Olympics. The school here starting fundraising a couple years ago preparing for a school field trip where every student would have the opportunity to see an Olympic event. Over several days groups of students will travel together to see one Olympic event. Parents will assist in chaperoning. My daughter's class is attending men's hockey. Others are attending women's hockey, curling, snowboarding etc. The events were carefully chosen so that students could return the same day. Those attending curling had the privilege of a hands on lesson in curling prior to attending the event. I would think we are the only school in BC that planned for the entire school to attend the Olympics. The fundraising also included additional funds for a large screen TV for the school to watch the events. The last couple years preparing for the event has given a special sense of school spirit, a focus on sport, determination and accomplishment. This is one of the small benefits of living in a small community.

We will continue to cheer on our athletes over the next couple weeks celebrating with them and acknowledging their strength and dedication to achieve their goals and represent our country.

New property listed in GI Pender Island, Gulf Islands

Sat, 30 Jan 2010 04:09:32 GMT

I have listed a new property at GI Pender Island, Gulf Islands.

See details here

New property listed in GI Pender Island, Gulf Islands

Wed, 09 Dec 2009 04:05:06 GMT

I have listed a new property at GI Pender Island, Gulf Islands.

See details here

Sweat Equity! This home has potential, it has some very nice features but it needs your TLC. While in the living room you will drawn to a span of windows which are over 15 feet long and the full height of the room, it will feel like you are in a private tree house perched on a rock looking out at a diverse woodland. There are 2 bedrooms upstairs and a large room downstairs which could be used for a bedroom, rec room, in-law suite or home business. There is a separate entrance for this level guided by a aged stone staircase just waiting to be revealed again. This is one house that is not short on storage. All the bedrooms have deep walk in closets. Outside there is a small greenhouse and shed. Really? a must see!

New property listed in GI Pender Island, Gulf Islands

Tue, 08 Dec 2009 04:05:49 GMT

I have listed a new property at GI Pender Island, Gulf Islands.

See details here

New property listed in GI Pender Island, Gulf Islands

Fri, 04 Dec 2009 04:06:42 GMT

I have listed a new property at GI Pender Island, Gulf Islands.

See details here

Detail! Detail! An Artistically designed stylish home with classic old-world accents of stained glass, French doors, exposed beans on vaulted ceilings and unique Dutch door. Modern maple flooring, custom made kitchen with stainless steel counter. A Sunny and Bright home with enormous skylights. The Master bedrm is a personal retreat with a private ocean view patio, an open ensuite bath with deep soaker tub, twin closets and a radiant stained glass headboard. Additionally is a one bedrm in-law suite with a private veranda at garden level. This suite echoes the exquisite attention to detail shown throughout the home. The front garden is fully fenced and has a blend of fruit trees and both natural and planted foliage. Assumable 2.9% mortgage.

New property listed in GI Pender Island, Gulf Islands

Sun, 27 Sep 2009 04:05:53 GMT

I have listed a new property at GI Pender Island, Gulf Islands.

See details here