Episode #14 – COVID19’s Current Effects on Residential Financing

COVID-19 is affecting all aspects of life, so what exactly is it doing to the residential financing world? Alex McFadyen from Thrive Mortgage CO and the YVR REMO Show joins James and Denny to talk about how this pandemic is affecting mortgages and how to government plans to help. This episode will focus on BC mortgages, prime rate changes, fixed rates vs variables, renewals, renter situations, how people are reacting and what may happen in the near future.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

Episode #13 – COVID19 Current Effects on the Local Real Estate Market

As Vancouver settles into accepting social distancing and staying at home as the current norm, the real estate industry moves along but with some changes. James and Denny share how COVID-19 has affected their day-to-day lives and how they have adapted to keep the team going. If you have any interests in current real estate dealings, local market activity, real estate financials or ways of developing your business in the downtime please give us a listen!

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

Episode #12 – Dealing with Multiple Offers: Sellers Perspective

In a busy Vancouver market dealing with multiple offers on a property is common. In a seller’s world, this can be a great situation to be in. James and Denny share their process of how they work with sellers to get the most out of a multiple offer situation. If you want to learn more about multiple offers, market exposure, seller paperwork, offer presentations and client-realtor open communication.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

Episode #11 – Step by Step Guide to Buying a Detached Home

Buying a detached home will most likely be the largest purchase of your life so knowing what to look for can make a world of difference. James and Denny go through their 10 steps that cover all aspects of buying a home. If you are thinking of buying a detached home this episode will cover finding out how much you can afford, appraisals, site surveys, questions to ask the city, home inspections and contracts.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

Episode #9 – Dealing with Multiple Offers: Buyers Perspective

As the Vancouver markets starts to heat up, multiple offers become the norm and can be very frustrating especially for those looking to buy. James and Denny share how they approach multiple offer situations and what they look for in hot real estate markets. If you are a buyer in a multiple offer situation this episode will provide information on how to gain an advantage and land the property in a bidding war.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

Episode #8 – BC Condo Insurance Crisis

Strata Condos and townhomes in British Columbia are on the verge of an insurance crisis due to rising premiums. Increased number of claims, construction costs and climate change have all contributed to these increases. James and Denny give their take on the situation and discuss how much you can expect your strata fees to increase, what to be aware of when buying into strata and potential government intervention.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

Episode #6 – The Best Time of the Year to Sell or Buy a Home

When is the best time to list your home? Does buying/selling a home at different times throughout the year make a difference? James and Denny go through different scenarios where yearly timing may have an impact on price. This episode will focus on the positives and negatives of selling/buying a home at certain times of the year and how to get the most out of a property whether you are buying or selling.

Episode #5 – BC Mortgages with Shaun Francis

Mortgages are complicated. Shaun Francis is the Principal and Senior Mortgage Consultant at Bespoke Lending Solutions and joins James and Denny to share information with anyone with a mortgage or anyone looking to buy their first home. This episode will focus on how to afford a mortgage, figuring out a budget, minimum down payments, the first time Home Buyers’ Plan, real estate investments and the stress test.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on Spotify, iTunes & Youtube.

November 2013 Market Update

Steady trends continue in the Greater Vancouver housing market

Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.
Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.
“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year
Click Here for the Full Article
Click Here for the Full Stats Package

Federal Government's new Mortgage Rules.

On June 21st Finance Minister Jim Flaherty unveiled the new Mortgage rules that took effect this past Monday July 9th.  
The LTV (Loan to Value) percentage has dropped from 85% to 80%  and the maximum amortization has been decreased from 30 years to 25 years.  That means in the past 6 years the government has cut amortization (pay back period) almost in half from 40 years (2006) to 35 (2008) to 30 (2011) to this past Monday’s change to 25 years (2012). 
The GDS (Gross Debt Service or amount of monthly income spent on mortgage, heating, and property taxes) Ratio has also been changed to 39% and the TDS (Total Debt Service or amount spent on all debt incl. mortgage) is now 44%. 
Also government-insured homes now must be $1 million or less and homes priced at $1 million or more must have a 20% down payment paid.
We’ve compiled some of the most informative articles for you to take a look at and if you have any additional questions call your local Mortgage Specialist.
Real Estate Board of Greater Vancouver
Maclean’s Canada
The Globe and Mail
CBC
The National Post