Real Estate Info

Magic Lake Water Meters

Thu, 25 Apr 2013 09:24:00 GMT

A couple years ago water meters were installed in every property in Magic Lake Estates. Over these past couple years when the bill came you would see your water usage and everyone was billed a flat fee. The flat fee for water was around $63 four times a year. Bills come quarterly. Sewer is approximately $68 four times a year.

Our last bill stated that starting July 2013 water will be billed based on usage. The flat fee will continue for anyone using 50 cu.m of water or less. There will be a tiered system in place. Water usage over 50 cu.m will be billed $0.50/ cu.m - the notice states that this surcharge would apply to approximately 15% of water users. A third tier will be in place for anyone using over 80 cu.m and supposedly this will apply to about 6% of water users. The rate for over 80 cu.m of water is $1.00/cu.m.

1 cubic meter of water = 1000 litres of water. To give you an idea of water usage I will share my water usage. I have a family of three and both my husband and I work from home and we have a teenage child. Our last bill was approximately 30,000 litres of water which equals 30 cu.m. We are well under the 50 cu.m line before a surcharge would apply.

Many gulf islanders practice water conservation. Some of the methods we personally use are very basic...we try not to flush the toilet every time but only when needed. The saying at the community hall washrooms says "if its yellow let it mellow, if its brown flush it down" lol this may sound strange if you don't live here but for us it is a normal way of life on Pender. We have only upgraded one of our three toilets to be low flush. We do use a dishwasher and only put it on when it is full and the same with the laundry, we don't do small loads. We do take both baths and showers, sometimes it is daily and sometimes it is not. We don't run the tap to get cold water, we keep water in the fridge. We don't wash cars or water grass. We do water plants and garden in the summer. We turn off the tap while brushing our teeth. These are slight changes in our practices when we lived in the city and it is really an easy adjustment.

Active Listings as of March 31, 2013

Thu, 18 Apr 2013 06:57:00 GMT

It's not enough to look at the real estate sales comparison for Pender Island over the years, we need to compare that to active listings. You can see the percentage of real estate sales on Pender are very low in comparison to the amount of listings on the market. Many Buyers would think this means a Buyer's paradise!

Unfortunately, it is a little more complicated than that... many of our Sellers are seniors and although they are thinking of moving, they are not necessarily in a rush and want to get good value for their home since the chances are they are moving to the city where the costs of both rentals and purchasing can be much higher.

On the other hand many of the property owners on Pender Island are vacation homes or second homes and when times are tough additional properties can be the first thing to try and liquidate to ease those financial burdens. So depending on the urgency of that Owner's need to sell can greatly determines the pricing. Sometimes it is urgent and there are fire sales, sometimes a quick sale is the difference between selling or going into foreclosure, that’s when the Buyers have the opportunity to get a great deal and in turn those Sellers get some relief.

This is a fragile area, no Seller wants to be taken advantage of, they have all the emotions of financial complications, moving and having a huge change in lifestyle to deal with as well as the sentimental parting of a place of great memories with family and friends. So Even though it has all the appearances of a Buyer's market the reality is a property can only sell for what that owner agrees to sell it for. On more occasions than not they have a sentimental attachment to the property and clearly the Buyer does not at this point. Memories are priceless.

Here is the line graph that reflects the data shown above. Pender Island active real estate listings have been accumulating over the years. If we look at 2007 where in June the highest amount of listings in that one year was 40, compared to last year 2012 where the highest amount of active real estate listings on Pender was 127, that is almost a 300% increase.

The pink area shows the time of year, usually summer when there tends to be the highest amount of active real estate listings on Pender.

The last thing I want to share with you is the percentage of waterfront real estate listings on Pender Island.

So far this year, more than 30% of our active real estate listings on Pender Island are waterfront. That is a large percentage.

If you have any questions about these statistics pleaes feel free to contact me charris@coastalliferealty.ca .

Sales Statistics as of March 31, 2013

Mon, 15 Apr 2013 19:34:00 GMT

So last year by the end of March there were 7 total residential sales on Pender Island. This year we are at 6 so that is down by one unit or approximately 14%. So it looks like we may be on track to make last year's numbers since a one unit fluctuation is easy to make up. Buyers seem very price motivated so those great deals are the ones getting all the attention. I have broken this year's sales down by price point so you can see what area of the residential real estate sales market is the most active.

When we look at the data above showing what price point each of the six residential real estate sales that happened as of March 31, 2013 we see that three units sold between $101,000.00 and $200,000.00. This is what I would consider the entry level. They are usually recreational properties or sometimes renters jumping into the market. One of these sales was waterfront which was a full unit at Currents. The cost of these are lower because there are monthly strata fees that are required for as long as you own the unit.

This graph above shows us the residential real estate sales on Pender Island and compares the overall sales to the waterfront sales specifically.

If you have any questions about these stats or Real Estate, Property Management or Strata Management on Pender Island please feel free to email me at charris@coastalliferealty.ca and I would be happy to try and answer your questions.

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.

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.

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.

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

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.

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

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

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.

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.

HST - Harmonized Sales Tax

Tue, 28 Jul 2009 14:57:25 GMT

Harmonized Sales Tax
On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent.

An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.

Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.

What does this mean for REALTORS®?
As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged.

New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.

Next steps
Although no consultation occurred before the announcement, BCREA is working on recommendations to keep the impact of the HST as neutral as possible with respect to housing attainability. BCREA President John Tillie is preparing an opinion editorial for publication in the Vancouver Sun on Wednesday, July 29.

More information will be available once the BCREA Board of Directors, staff and member boards have had a chance to review and analyze potential strategies.

BCREA makes no guarantees as to the accuracy or completeness of this information.

How Can I Help?

Tue, 12 Feb 2008 23:51:24 GMT

Thanks for reading my blog!

Are you looking for property on Pender Island? I am dedicated to helping you along the way. It is not unusual for new buyers to watch the market for several months or a year before purchasing. I am dedicated to helping you on that journey. I will keep you well informed of new listings, recent sales and any of those screaming deals we are all hoping for.

I want to get to know you and your specific needs. I want to share with you what I know about Pender Island and our community. Many people coming to Pender buy prior to retirement years with the hopes of living here full time in their future. We purchased our first home on Pender in 1995 and then moved here full time in 2001 so that our daughter would start school here.

I am also a Property Manager so I can help you either find a tenant for long term or seasonal rentals. I also offer service packages for those going on holidays or just need someone to check in on their property once in a while.

So please feel free to call me and ask questions even while in the preliminary stages of deciding if Pender is right for you. Our office also has connections on Mayne Island and Salt Spring Island

RE/MAX Outstanding Agents! Outstanding Results!

2011 Residential Sales Compared to past years

The following Data deals with Residential Sales on Pender Island.

Overall we see that 2011 shows an approximate 18% 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.