Maria Mak/Burnaby Realtor - 6 key things to consider before buying your family home

There comes a time in every parent’s life when the home they have loved for years suddenly feels too small.

It may happen with the birth of their first child, or it might not happen until baby number two or even three makes an appearance. But at some point, it does happen. These small bundles of joy require a surprising amount of stuff, which can suddenly make the space you are living in feel too cramped. You start daydreaming about more bedrooms, a second bathroom, maybe even a yard.

When the time does come to upsize your family home, here are some things you should definitely consider.

Bedroom Placement

You know you want a three-bedroom home, but what’s also important is where those three bedrooms are located within the home.

If you have young children, you’ll probably want to have all those bedrooms located on the same floor. If the master bedroom is located on the top floor and the other bedrooms are located on the main, you will have to contend with stairs in the middle of the night, and possibly your children’s fears of sleeping on a different level than you. And if one of the bedrooms is located in the basement and yours is two floors above, forget it. You won’t be able to hear young children if they wake up in the night.

However, if you’re a family with kids in their teens, a bit of separation between bedrooms could be a great solution for you.

Proximity to Work

When you have a family, you want to spend your time with them. If your commute to work takes an hour and a half each way, you are spending three extra hours per day away from your kids for a total of 15 hours per week. That’s a lot of time.

If you can manage it, buying a place a little closer to work, or more conveniently located near transit, could mean many more happy hours spent with your family instead of sitting in traffic.

Neighbourhood

You can change the flooring in your home, but you can’t change your location. It’s important that when you step outside your front door, you are in a neighbourhood you and the rest of your family really like. Whether you’re looking for a sense of community, convenient transit, proximity to amenities and parks, or anything else, it’s important to choose a neighbourhood that will feel like home for you and your family for years to come.

Schools

You probably didn’t think about this before having kids, but now that you do, of course you want them to go to a good school. Perhaps you want a specialty school that focuses on a certain interest. Or a school that offers French immersion, Mandarin, or another language that is important to you.

Before you buy a home, spend some time learning about the catchment and the schools in it. What you learn may confirm just how awesome the neighbourhood really is – or it could lead you to decide that this just isn’t the right neighbourhood for your family.

Outdoor Space

Not every young family can afford a house (or even a half-duplex) in a hot urban real estate market like Vancouver. If you’re in one of these markets, a great alternative is a condo or townhome– and with a little luck, you may score one with a large balcony or patio.

Some complexes have a shared yard or courtyard large enough for your kids to run around and kick a ball, but regardless of whether yours does or not, it never hurts to look for something located a short walk from a public park.

Restrictions and Bylaws

If you are looking at buying an old house to tear down or renovate substantially to make it fit your family’s needs, be sure to check with the city first to make sure that your plan is feasible and won’t be prevented by any local restrictions or bylaws.

These are some of the key considerations for families looking to upsize, but of course there are many others. Discussing your needs, desires and preferences with your partner and your kids, and then with your Realtor, will help you choose the home that’s best for you and your family now and for years to come. 

Maria Mak has been helping her clients in Metro Vancouver and Burnaby for over 25 years with a big heart and with a big smile, contact Maria and her elite team @ Sutton Centre Realty or visit her website www.mariamak.com, you'll be smiling too!

Premium Real Estate services - *Maria Mak- Metro Vancoucer Realtor/ Burnaby Real Estate Consultant - Sutton Centre Realty*

*Premium real estate services - Maria Mak/Metro Vancoucer Realtor/ Burnaby Real Estate Consultant - Sutton Centre Realty.

Maria has been serving her clients in Metro Vancouver for over 25 years with a big smile, with a big heart, most importantly with passion.

Contact Maria and her elite team @ Sutton Centre Realty or visit her website www.mariamak.com for all your professional real estate services, you will be smiling too.

On June 1, 2015, mortgage default (MDI) premiums went up for homebuyers who finance their purchase with less than a 10 per cent down payment.

Higher CMHC premiums: much ado about little

On June 1, 2015, mortgage default insurance (MDI) premiums went up for homebuyers who finance their purchase with less than a 10 per cent down payment. This will have little effect on housing affordability or access to mortgage financing. Why?

First off, the hike in MDI premiums is small and limited. It doesn’t apply to mortgages currently insured by CMHC (or applications before June 1st regardless of closing date). Moreover, it doesn’t affect homebuyers with down payments of 10 per cent or more.

What about buyers with less than a 10 per cent down payment? Their premiums went up by 0.45 per cent to 3.6 per cent. The average buyer putting down less than 10 per cent takes out a mortgage for $250,000, finances their purchase with a five-year mortgage rate, and amortizes the loan over 25 years. Let’s use these assumptions in a purchase financing scenario.

Let’s conservatively assume a discounted five-year mortgage interest rate of 2.79 per cent (buyers can currently do better than that) and a five per cent down payment. Under these assumptions, the recent increase in MDI premiums means this buyer is facing higher monthly mortgage payments in the amount of $5.

Some housing markets are more expensive than others, so let’s consider a scenario where the mortgage amounts to $450,000. Using the same financing assumptions as the previous scenario, the recent increase in MDI premiums translates into an increase in monthly mortgage payments of less than $10.

The difference in the amount of equity after five years in both of these scenarios is also negligible. In each case, assuming the market price remains static, buyers will have accumulated an equity stake of between 16 and 17 per cent, with the new higher premiums reducing equity over that time by less than 0.5 per cent.

Imagine if lending regulations were tightened so all home purchases financed with a five-year mortgage interest rate required buyers to qualify at the five- year benchmark rate instead of the contract rate (as at the time of writing, the benchmark rate is nearly 2 per cent higher than the conservatively discounted rate used in the scenarios as above). Or, imagine if the minimum down payment was raised. These regulatory changes would have a drastic effect on the housing market.

As for the effect of the limited and targeted increases in MDI premiums for buyers with less than a 10 per cent down payment? Few potential homebuyers will be sidelined by them. The scenarios above show they amount to one less cup of coffee per week from your favourite coffee shop.

Thankfully, not all moves to tighten mortgage regulations are created equal and the most recent increases are unlikely to derail the housing market. Of course, we remain vigilant and will continue to focus on preventing the kind of big-picture tightening in mortgage regulations that threaten to do so.

Beautiful free standing 3 years young restaurant (property + business) for sale $ 1,100,000

Maria Mak- Burnaby Real Estate Agent - Beautiful free standing 3 years young restaurant (property + business) for sale $ 1,100,000

130 seat restaurant on 33x130 lot situated minutes from beach, tourist promenade, & major resort & hotels. Well designed 2245 sq ft building has high vaulted ceiling, air conditioning, washrooms, generous & well equipped kitchen plus an extra 350 sq ft outdoor covered balcony. 

Currently serving simple but well received menu, recipient of the 2013 Excellence in Culinary Award. Liquor license, suitable for other menus as well. 

It caters to group functions. It is an ideal family run business that prides itself in building a meal from scratch. All foods are prepared in house from fully fresh products & special recipes. All baking is done on site. 

Contact Maria Mak @ 604-839-6368 or visit her website @ www.mariamak.com for more details.

Maria Mak - Burnaby Realtor - Sutton Centre Realty - I am not a know-all person...

I am not a know-all person...

as a matter of fact I know only little that

I have a loving family who love me for who I am,

and have a group of close friends who accept me for who I am.

and most of all,

there is no appreciated me if I didnt dig deep enough to have found my lost soul,

last but not least,

I know that all my past and present real estate clients who trust and value my dedicated works for them for more than 25 years.

Thanks you all!

Contact Maria Mak and her elite team @ Sutton Centre Realty for all your premium real estate services or visit her website @ www.mariamak.com, you'll be smiling too.

*Maria Mak/Burnaby Real Estate Consultant/Metro Vancouver Realtor/Sutton Centre Realty* Be willing to be uncomfortable...

*Maria Mak/Burnaby Real Estate Consultant/Metro Vancouver Realtor/Sutton Centre Realty*

Be willing to be uncomfortable. Be comfortable being uncomfortable...keep chasing your real estate dreams.

Maria has been serving her clients in Metro Vancouver and Burnaby for over 25 years with a big heart, with a big smile. Contact Maria Mak and her elite team @ Sutton Centre Realty.

www.mariamak.com

*Maria Mak/Burnaby Real Estate Consultant/Metro Vancouver Realtor/Sutton Centre Realty* Be willing to be uncomfortable...

*Maria Mak/Burnaby Real Estate Consultant/Metro Vancouver Realtor/Sutton Centre Realty*

Be willing to be uncomfortable. Be comfortable being uncomfortable...keep chasing your real estate dreams.

Maria has been serving her clients in Metro Vancouver and Burnaby for over 25 years with a big heart, with a big smile. Contact Maria Mak and her elite team @ Sutton Centre Realty.

www.mariamak.com

*Burnaby Real Estate Agents/Metro Vancouver Realtors/Maria Mak/SummerJoy* I found joyous little things in life...

 

https://realtimes.real.com/s/OQbrRX

I found joyous little things in life...

like picking and tasting wild berries after my morning jog,

or drawing my little world on my sketch book after my morning tea,

or kayaking and sailing in the fun ocean with my albatross,

or just helping my real estate clients in selling and buying their home sweet home,

these are all my wonderful joyful snippet moments

and I would like to share it with you and you and you.

Feel free to contact Maria Mak and her elite team @ Sutton Centre Realty for all your premium real estate services, You will be smiling too.

www.mariamak.com

*Burnaby Real Estate Agents/Metro Vancouver Realtors* - I found joyous little things in life...

https://realtimes.real.com/s/OQbrRX

I found joyous little things in life...

like picking and tasting wild berries after my morning jog,

or drawing my little world on my sketch book after my morning tea,

or kayaking and sailing in the fun ocean with my albatross,

or just helping my real estate clients in selling and buying their home sweet home,

these are all my wonderful joyful snippets,

and I would like to share it with you and you and you.

Feel free to contact Maria Mak and her elite team @ Sutton Centre Realty for all your premium real estate services, or visit her website @ www.mariamak.com, You will be smiling too.

Metro Vancouver home sales surpass 4,000 for third consecutive month

Metro Vancouver home sales surpass 4,000 for third consecutive month
It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.
        

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7 per cent above the 10-year sales average for the month.

“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5 per cent decrease compared to the 5,936 new listings reported in May 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. 

“This diversity within the housing stock is part of what’s driving today’s home sale activity.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014.
The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900.

Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.

- Contact Maria Mak and her elite team @ Sutton Centre Realty or visit her website @ www.mariamak.com for all your premium real estate services, you'll be smiling too.

Maria Mak- Burnaby Realtors - Canadian home sales strengthen further in May

Canadian home sales strengthen further in May

Ottawa, ON, June 15, 2015 - According to statistics^[1] released today by The Canadian Real Estate Association (CREA), national home sales activity posted a fourth consecutive month-over-month increase in May 2015.

Highlights:

• National home sales rose 3.1% from April to May.
• Actual (not seasonally adjusted) activity stood 2.7% above May 2014 levels.
• The number of newly listed homes was little changed from April to May. 
• The Canadian housing market remains balanced overall. 
• The MLS® Home Price Index (HPI) rose 5.17% year-over-year in May. 
• The national average sale price rose 8.1% on a year-over-year basis in May; excluding Greater Vancouver and Greater Toronto, it increased by 2.4%. 

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 3.1 per cent in May 2015 compared to April. This marks the fourth consecutive month-over-month increase and raises national activity to its highest level in more than five years.

May sales were up from the previous month in about 60 per cent of all local markets, led by increases in the Greater Toronto Area, Calgary, Edmonton, Ottawa and Montreal.

"CMHC announced in April that effective June 1 it was hiking mortgage default insurance premiums for homebuyers with less than a 10% down payment, so some buyers may have jumped off the fence and purchased in May to beat the increase," said CREA President Pauline Aunger. "It's one of the factors that could have affected sales last month. That said, all real estate is local, with trends that reflect a combination of local and national factors. REALTORS® remain your best source for information about sales and listings where you live or might like to in the future."

"Sales in and around the Greater Toronto area played a starring role in the monthly increase in May sales," said Gregory Klump, CREA's Chief Economist. "At the same time, the rebound in sales over the past few months in Calgary and Edmonton suggests that heightened uncertainty among some home buyers in these housing markets may be easing."

Actual (not seasonally adjusted) activity in May 2015 stood 2.7 per cent above levels reported for the same month last year and 5.7 per cent above the 10 year average for the month.

Sales were up on a year-over-year basis in about half of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto and Montreal.

The number of newly listed homes was virtually unchanged (-0.2 per cent) in May compared to April. This reflects an even split between housing markets where new listings rose and where they fell, with little monthly change for new listings in most of Canada's largest and most active urban markets.

The national sales-to-new listings ratio was 57.6 per cent in May, up from a low of 50.4 per cent in January when it reached its most balanced point since March 2013. The ratio has risen steadily along with sales so far this year as new supply has remained little changed.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers' and buyers' markets respectively. The ratio was within this range in about half of local housing markets in May. About a third of local markets were above the 60 per cent threshold in May, comprised mostly of markets in and around the Greater Toronto Area and markets in British Columbia.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

The national balance between supply and demand has tightened since the beginning of the year, when buyers had more negotiating power than they had in nearly two years. There were 5.6 months of inventory on a national basis at the end of May 2015, its lowest reading in three years.

The Aggregate Composite MLS® HPI rose by 5.17 per cent on a year-over-year basis in May, up slightly from the 4.97 per cent year-over-year gain logged in April. Gains have generally held to the range from five to five and a half per cent since the beginning of 2014.

Year-over-year price growth accelerated in May in all Benchmark home categories tracked by the index with the exception of one-storey single family homes.

Two-storey single family homes continue to post the biggest year-over-year price gains (+7.18 per cent), with more modest increases for one-storey single family homes (+4.11 per cent), townhouse/row units (+4.09 per cent) and apartment units (+2.91 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+9.41 per cent) and Greater Toronto (+8.90 per cent) continued to post by far the biggest year-over-year price increases. By comparison, Fraser Valley, Victoria, and Vancouver Island prices all recorded year-over-year gains of about four per cent in May.

Price gains in Calgary continued to slow, with a year-over-year increase of just 1.21 per cent in May. This was the smallest gain in more than three years and the eleventh consecutive monthly slowdown in year-over-year price growth.

Elsewhere, prices held steady on a year-over-year basis in Saskatoon and Ottawa, rose slightly in Greater Montreal and fell by about three per cent in Regina and Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in May 2015 was $450,886, up 8.1 per cent on a year-over-year basis.

The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada's most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $344,988 and the year-over-year gain is reduced to 2.4 per cent.

Burnaby Real Estate Consultant/Metro Vancouver Realtor/Sutton Centre Realty*

*Maria Mak/Burnaby Real Estate Consultant/Metro Vancouver Realtor/Sutton Centre Realty*

Be willing to be uncomfortable. Be comfortable being uncomfortable...keep chasing your real estate dreams.

Maria has been serving her clients in Metro Vancouver and Burnaby for over 25 years with a big heart, with a big smile. Contact Maria Mak and her elite team @ Sutton Centre Realty.

www.mariamak.com

*Maria Mak - Burnaby Realtor/Metro Vancouver Real Estate Consultant - Laneway Homes*

*Maria Mak - Burnaby Realtor/Metro Vancouver Real Estate Consultant - Laneway Homes*

City of Vancouver has permitted laneway homes in all single-family neighbourhoods(RS zoning). A number of residents are adding laneway homes to their existing property, while others have decided to build them alongside their new construction. 

On average, 11 laneway house permits were issued per month during the first 100 laneway homes built in Vancouver, according to a study done by the city. 1645 LWH have been approved and 1147 have been given final inspection as of April 30, 2015.

What is a Laneway House?

Laneway housing is a detached dwelling on a single-family lot, facing the back laneway where the garage is located. One exterior parking space (minimum) is required on all lots with a laneway home. Houses that already have a secondary suite are still eligible. Note that STRATA TITLING IS NOT PERMITTED, as these dwellings are non-saleable.

Why Build a Laneway House?

Every owner has their own reason for wanting to build a laneway home, but most cite the need for alternative housing options. Here are the most common reasons:

Aging parents: A home in the backyard provides close proximity for parents who are fairly independent but still need some care. This could also be a space for caregivers.

Adult children: Instead of moving out entirely, a separate space on the same property provides growing children a cheaper alternative to renting their own place while going to school or starting their career.

Extra income: The laneway house can be rented out as an extra income earner.

Downsizing: Owners can move into their laneway house and rent out their main residence when downsizing.

Building community: Having a home face the back of the property adds liveliness to the back lane, as well as adding the option to plant greenery where there would otherwise be only a garage and concrete.

Being green: Adding more housing options on unused space increases housing density and adds an alternative form of rental housing for years to come. Laneway homes are part of Vancouver’s EcoDensity program and must comply with the new Green Homes Program.

*Contact Maria Mak and her elite team @ Sutton Centre Realty @ 604-839-6368 for all your premium real estate services.*

www.mariamak.com

Maria Mak- Burnaby Real Estate Agents/Metro Vancouver Realtors @Sutton Centre Realty* - MLS® Home Price Index explained | Real Estate Board of Greater Vancouver

The MLS® HPI is an alternative measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices.

A mean average is the average price obtained by dividing the total dollar volume of sales by the number of sales.

To get a median price, all of the sales prices are arrayed in numeric order. In the case of an even number of sales, the median is the highest price in the lower half of the group. If there is an odd number of sales, the midpoint sale is taken as the median.

The MLS® HPI  concept is modelled after the Consumer Price Index, which measures the rate of price change for a basket of goods and services. A basket is the combination of goods and services that Canadians buy most such as food, clothing, transportation, etc.

Instead of measuring goods and services, the MLS® HPI measures the rate at which housing prices change over time taking into account the type of homes sold.

The problem with averages

Before the original HPI was introduced in 1996, REALTORS® and the public relied on monthly average pricing statistics to understand trends in housing prices.

Averages, however, can be very misleading since the quantity and quality of the properties sold in any given area change over time for any number of reasons. As a result, average prices can fluctuate dramatically, making the housing market appear unstable.

To demonstrate this point, let’s look a couple of examples of how average prices are affected by various changes in sales patterns.

Example 1: How mean averages are affected by price changes

Year 1 ($)	Year 2 ($)
1. 139,000	1. 139,000
2. 145,000	2. 145,000
3. 230,000	3. 230,000
4. 265,000	4. 265,000
5. 290,000 median average	5. 290,000 median average
6. 320,000	6. 320,000
7. 365,000	7. 365,000
8. 425,000	8. *545,000
9. 480,000	9. *580,000
Total $2,659,000 ÷ 9 sales = $295,444, which is the mean average	Total $2,879,000 ÷ 9 sales = $319,888, which is the mean average *price change from Year 1

In this example, the mean average increased by 7.7 percent while the median average stayed the same. This shows that price changes at either end of the price scale affect the mean average, but can leave the median average virtually unchanged.

Example 2: How median averages are affected by price changes

Year 1 ($)	Year 2 ($)
1. 139,000	1. 139,000
2. 145,000	2. 145,000
3. 230,000	3. 230,000
4. 265,000	4. *290,000
5. 290,000 median average	5. *320,000 median average
6. 320,000	6. *335,000
7. 365,000	7. *395,000
8. 425,000	8. *400,000
9. 480,000	9. *405,000
Total$2,659,000 ÷ 9 sales = $295,444, which is the mean average	Total$2,659,000 ÷ 9 sales = $295,444,which is the mean average *price change from Year 1

In this example, the mean average stayed the same while the median average increased by 9.4 percent. This shows that price changes in the mid-range section of the price scale affect the median average, but can leave the mean average virtually unchanged.

Neither of these price measurements take into account the changes in buying pattern — In year one luxury homes in the region are popular; the following year more modestly priced homes are popular. Both methods of price tracking can have the effect of overestimating the market price that home buyers are actually paying for their homes.

Defining the typical home

The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.

Typical homes are defined by the various quantitative property attributes (e.g. above ground living area in square feet) and qualitative housing features (e.g. proximity to shopping, schools, transportation, hospitals etc.) toward the home price of properties sold in Greater Vancouver communities.

These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver.

For example, perhaps the basket of features for a typical home in a given community includes a 10-year-old, 3-bedroom house without a panoramic or ocean view on a 7,200 sq. ft. lot, with 8 rooms, 2 bathrooms, a fireplace, a 1-car garage and is close to schools. A benchmark price for this home can be created from the individual dollar values given to each of the above features.

The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.

Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.

Contact Maria Mak and her elite team @ Sutton Centre Realty @ www.mariamak.com