If you’re in the market to rent a condo in Vancouver or Richmond get ready for some sticker shock and heavy competition.  Rents have been going up at a fairly brisk pace over the past 18 months and the competition for the good units is heating up. There are a number of reasons for the increase, the biggest one is simply supply is low and demand to live in Vancouver is high. I’m also hearing about the massive popularity of web sites like www.airbnb.com and the effect they are having on increased rents in many N. American cities.

Many first time buyers tend to focus on the short term when buying their first principal residence.  They will ask questions like, “What will this home be worth a year from now?” or “How much can I sell this unit for in a few years?”. A principal residence should always be purchased with a long term horizon. No one know what prices are going to do in the short term (1 to 5 Years). Instead focus on the house as shelter and a place to live and enjoy. The nice residual effect of owning Real estate is that it will appreciate in the long term but that should never be your #1 priority when buying.

I just finished uploading this Condo for sale, 206 8391 BENNETT Road, Richmond, British ColumbiaCentrally located 2 bedroom 1 bathroom unit in Garden Glen. Bright East facing end unit with nice size balcony. Well maintained building has been updated with double vinyl windows carpeting and vinyl siding. Excellent location. Walk to transit and shopping. Ideal for 1st time buyer. Rentals allowed and pet friendly. Maintenance fee includes City of Richmond annual Utilities Tax.

I just finished uploading this Condo for sale, 101 8720 NO 1 Road, Richmond, British ColumbiaLARGE GARDEN APARTMENT - 2- BEDROOMS PLUS DEN. (DEN EASILY CONVERTS TO 3RD BEDROOM) IN POPULAR APPLE GREENE. CORNER UNIT. 1.5 BATHROOMS. HOOK - UP FOR INSUITE LAUNDRY. NICELY UP-GRADED AND BEAUTIFULLY DECORATED IN MOVE-IN CONDITION. CARPET AND LAMINATE FLOORS. NEW S/S APPLIANCES. LOTS OF STORAGE PLUS A LOCKER SPACE. UNDERCOVER PARKING. THIS IS ONE OF THE LARGEST APARTMENTS IN THE COMPLEX AT APPROX. 1387 SQ.FT INCLUDING THE GLASSED -IN BALCONY PLUS 125 SQ. FT. OF OPEN PATIO/DECK GREAT REC. FACILITIES WITH SWIMMING POOLS, LOUNGES, BILLIARDS AND MORE. NEAR SEAFAIR SHOPPING CENTRE,TRANSIT AND SCHOOLS.

Time for another video in my Buying Opportunities series. This time I’m going to focus on Strata’s that get a Depreciation report done and that calls for lot’s of remedial work that needs to be done.  When this happens prices usually end up going down while the Strata decides on what needs to be done and when it needs to be done. This can create an excellent buying opportunity if the right set of circumstances exist.  

This Spring I’ve had a few deals collapse and a few we had to save at the last minute because of financing problems. My advice is if you have good credit and a business relationship with one of the big banks, then use them for your mortgage. Lately I have seen people be refused financing when they should have had no problem getting qualified and approved at a good rate. I can’t stress how important it is to have a good mortgage rep from one of the big banks or an experienced mortgage broker working for you.