“Stress Test” for All Mortgages to Launch in New Year

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Mortgage Calculator, Mortgage Calculator in Vancouver

No matter how high the down payment is, all the mortgage applicants will have to pass a stress test beginning January 1 – said the office of the Superintendent of the Financial Institutions (OFSI) and as confirmed on October 17. This stress test was introduced last fall for all the applicants of insured mortgages especially for those with less than 20% down. This has now been extended to al l the mortgage applicants which also includes uninsured borrowers. This group comprises of a larger segment of the mortgage market. According to this stress test, the applicant’s income should qualify for the mortgage repayments at the Bank of Canada’s five year post rate – higher than the discounted rate they would pay in reality. This is to create a buffer against future rate and rises and any financial difficulties.

As per the financial experts, this move is said to reduce the Canadians’ home purchasing power by around 20% because higher interest rate will definitely reduce the maximum mortgage that buyers will be able to borrow.

Mortgage professionals have also widely criticized the new policy. They say that it makes it harder for buyers to enter an already challenging real estate market. There is however a lot of differences in opinion when t comes to reasons behind the new policy. Some of the noted mortgage experts express their opinion on the policy.

Michael Llyod, thinks that that fed’s true aim is to lower the high housing prices in Vancouver and Toronto. This is mainly because they don’t have any room to raise rates. The only other option is to make it tougher for people qualify for the mortgages.

Dustan Woodhouse, a mortgage broker and coach however disagrees with this assessment. When asked whether cooling hot housing markets was one of OFSI’s goals, he expressed completely different opinions. He does not seem to think that the premise for this policy is to make it tougher for the buyers to purchase. They are not worried about the consumer or the condo prices in Vancouver. The focus is on the banking system. Finding the cause for concern in those numbers, but they feel these are worth taking to preserve the stability of the banking system.

Woodhouse also said that this stress test will mean a reduction in the amount of mortgage money available to a buyer of about 20%. So, if you are looking at 500$ K homes, now you will be looking at $400000. That’s a very significant drop.

Overall, it is speculated that the new rules may do more harm than good and are unnecessary for the Canadian banking system.

Mortgage Calculator in Vancouver to find the best mortgage interest rates and find out how much house you can afford in Vancouver WA.

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As prices keep rising, the home sales outstrip the 10 year average

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Greater Vancouver real estate, Vancouver real estate, Vancouver real estate agency

On the Multiple Listing Services in September, Greater Vancouver registered 2821 home sales a notable 25.2% higher than last year but, 7.3% less than the busy August this year according to the real Estate Board of Greater Vancouver.

The market has recovered significantly this spring, followed by a market cool down and the foreign buyer tax launch last fall, the home sales in the region have been largely sliding since May.

September’s sales however were still robust from a historical perspective at 13.1% higher than the 10 year average for the month. At 5375 new listings on the market increased both month over month (up to 26.6%) and year over year (12%) as the sellers looked to enter a busy fall market. This flurry of new listings brought a total active inventory of 9354 units as of end of September – a monthly rise of 7.5% and a 1.2% rise over the same month last year.

Across all the housing types, the sales to active listings ratio for September are 29.8% which is still a seller’s market – but significantly lower than Augusts’ 34.6%. However, the market conditions vary within each property type. The ratio is 14.6% for detached homes – a balanced market, and moving towards a buyer’s market. However, the market conditions vary within each property type. The ratio is 14.6% for detached homes – a balanced market, and moving towards a buyer’s market – compared with 42.3% for town homes and 60.4% for condominiums – both strong seller’s markets, but both also lower than last month.

Despite sales slowing compared with the previous month, the benchmark price of a typical home rose to another new record – now at $1037300.

Home Type Breakdown

• Single family homes saw the biggest annual rise compared with last year’s slump, detached transactions did not post the steepest year over year growth in September.
• Great Vancouver house sales were 27.4% higher than the same month last year, but 5.5% lower than August.
• Town homes, duplexes, row homes and other attached home sales far outstripped detached homes in terms of annual growth, rising to 40.4% year over year – this is still down 2.1% from August.
•September saw a sale of 1451 condo units in Greater Vancouver – a 19.1% increase compared with last year. But, 10% lower than the extremely hot condo market in August this year.

Prices by Property Type

• Even though sales fell and listings rose compared with August this year, benckmark prices across all property types raised another 0.7% on top of that month’s record price. This is a 10.9% jump since September 2016.
• This overall price rise was dominated by attached units and condos with detached homes rising just 0.1% month over month.
• Detached homes made up 30% of all the sales in September and represented 62% of all the homes listed for sale. This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.
• The benchmark price of a typical attached home increased by 14.5% over September 2016 and a 1.1% rise since August 2017.

Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007. 1480 HOWE STREET for sale in Vancouver by Naz Allahyari from RE/MAX Masters Realty.

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As the detached home market softens, the condo prices soar 20% in Vancouver

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Vancouver Condo, Vancouver Condo Prices

vancouver penthouse apartment stanley park coal harbor

Condo prices in the city have soared to nearly 20% in the past year. All this is despite the introduction of a 15% foreign buyer’s tax. There has been a heavy competition for town homes and condominiums and this has pushed the home sales up since August.

The real estate Board of Greater Vancouver says that 3043 homes were sold in August which was a whopping 22.3 percent increase from the same period last year!

This time, it was the first time buyers who lead the surge with the intense competition for homes priced between $350,000 and $750,000. This immediately set off multiple offers across the region.

Overall, it has been observed that the real estate conditions for detached homes have entered a balanced market which means that there is less upward pressure on prices and buyers have a range to select from. More options make things more convenient for buyers.

The composite benchmark prices or all residential properties covered by the board is $1,029,700, a 9.4 per cent increase over August 2016.

For an apartment, the benchmark price is almost $627,000, a 19.4 per cent increase from the same period last year. This was around the same month when the provincial government introduced a 15% foreign buyer’s tax.

As far as detached homes are concerned, the benchmark price is $1,615,100, a 2.2-per-cent increase from a year earlier.

Vancouver Real Estate Listings. 1480 HOWE STREET for sale by Naz Allahyari from RE/MAX Masters Realty.

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Buying a home under probate – everything you need to know

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Buying a Home Under Probate, Home Under Probate

To begin with, let’s understood what a probate is. In simple terms, a probate is a court procedure for two things – first, an official approval of the will by court as the valid last will of the diseased and second, appointment of the person who will act as the executor of the diseased estate. Essentially a probate gives an executor the authority to act on behalf of the diseased.

Special subjects in your offer

The probability of hitting delays in the purchasing process in case of a probate is higher because the process in itself takes quite some time. So, when you make an offer on a home or a condo under probate, you will have all your usual subjects as a buyer such as inspection, financing and so on. Further, along with all this, you must also have a subject for the seller. One example of this is:

“Subject to the Seller receiving the following by _ (date)__:

“(1) a copy of a grant of probate or letters of administration that allow the Property to be sold; and

“(2) assurance that everyone entitled to claim under the Wills, Estates and Succession Act has waived or released their claims against the Property. This condition is for the sole benefit of the Seller.”

Now, just in case, the probate is not granted by the time you have reached the subject date, make sure that your offer does not collapse by adding an automatic extension of the subject. In this way, you are covered if probate has not been granted by your subject date and it will save you a lot of time and efforts, getting everyone sign an addendum.

It is also a good idea to add an additional clause for extending the closing date if probate is delayed. One example of this is: ““If probate has not been granted by the closing date, the closing date will automatically be extended to 15 business days after probate is granted.”

Typically, it is advised to make this subject to probate date two to three months away.

So, what next?

Once an accepted offer is handed to the party in charge of the probate, they will expedite the file and it goes from the bottom of the pile to the top at the lawyer’s office.

Once the buyer has removed these subjects the property is technically sold. This stands sold unless something unforeseen happens during the time the lawyers are granting probate. Until the executor removes their subject to probate, the listing will stay alive. This means that despite all the listing agent’s attempts to communicate that the property is technically sold, they will still be inundated with inquiries about the property.

So, when it comes to a probate sale, it is always a good idea to hire a real estate agent who has some experience in this area as there are many things that they would know that others would not necessarily understand or be able to execute.

As a Vancouver Real Estate Agent, Naz’s speciality includes homes for sale in the Vancouver Westside, Burnaby, North Vancouver, West Vancouver, and as well as condos in Downtown Vancouver.

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Is the Vancouver Housing Market “Overheating”?

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Canada Mortgage, Canada Mortgage and Housing Corporation (CMHC), Realtors in Vancouver, Vancouver Housing Market, Vancouver real estate agency

According to the Canada Mortgage and Housing Corporation, (CMHC), the Vancouver home prices and sales to listings ratios are increasing as the temperatures rise. Well, this is creating continuing problematic conditions for the real estate market.

The Housing Market Analysis for the latest quarter for the Vancouver Census Metropolitan Area (CMA), which examines 2017’s first quarter, the CMHC said that it detected a strong evidence of over valuation in Metro Vancouver housing market. The growth in economic fundamentals such as population and wages cannot fully account for the recent run up in home prices since the third quarter of 2015.

The report also added that the population and wage growth along with record low mortgage rates continue to be supportive of house price growth. In Vancouver, particularly, job creation has been strong. However, the HMA framework suggests that the price levels have exceeded those supported by these strong local fundamentals. The current price levels however, appear stretched both relative to income and across housing types.

The quarterly HMA (Housing Market Analysis) assesses the real estate markets across Canada, using four key risk factors

• Overheating, when demand for homes in the region outpaces the supply
• Sustained acceleration in house prices
• Overvaluation of house prices in comparison to levels that can be supported by economic fundamentals
• Overbuilding – when the inventory of available housing units is elevated.

Out of these, only one of the four risk factors saw a strong evidence of problematic conditions, in Vancouver, it was enough to give a higher overall risk rating. Along with Vancouver, Victoria, Toronto, Hamilton and Saskatoon also saw similar conditions.

Despite the high demand and low supply, the CMHC also detected only moderate evidence of overheating during the first quarter.

The conditions in the different housing segments of Vancouver market have further diverged since the beginning of the year.

The HMA also said that there was moderate evidence of price acceleration in Metro Vancouver’s housing market for the fifth consecutive quarter. This reflected the recovery of home prices during the first quarter following a decline in the second half of 2016.

Scant evidences of overbuilding in Greater Vancouver housing market continues to be found. Low new home inventories and low vacancy rates in the primary rental market point to weak evidence of overbuilding.

If you’re looking for a Vancouver real estate agency, Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007.

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Why Is It Essential To Use A Realtor®?

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North Vancouver Realtor, Vancouver Realtor®, West Vancouver Realtor

Your most valuable possession is entrusted into the hands of a person you met just a few days back – some amount of apprehension is expected. Your Realtor® will be in charge of selling, buying etc. of your property. Well, is it really necessary to contact a Realtor®? Can we directly sell or buy properties from owners? Are there any legal implications that we need to know about? Well, there are a number of questions that need to be answered:

The simple answer is that a Realtor® can help you through the entire process and can make the buying/selling process seamless and easy for you. With years of experience, they know the in and out of the industry and can guide you on the way too.

Realtor’s work as an agency

This means that the individual representing you is a part of a company and is licensed. The essence of the agency relationship is that the brokerage has the authority to represent the principal in the dealings with others. Brokerages and their licensees are legally obligated to protect and promote the interests of their principals.

Undivided loyalty
The brokerage must protect the principal’s negotiating position at all times. It is their duty to obey all lawful instructions of the principal. They have an obligation to keep the confidences of the principal. They also have the responsibility to account for all the money and the property placed in a brokerage’s hands.

Dual agency
Whenever a brokerage is representing both the buyer or tenant and the seller or the landlord, – in the same transaction, it is said to be a dual agency. Since the brokerage promises a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it becomes important for the dual agency to limit these duties in this situation – if both the parties consent.

When there is no agency relationship
It is also possible to avail the services of a Realtor® without having any agency relationship. For example, when you are being shown a particular property by the seller’s agent you have no agency relationship.

A Realtor® who is not an agent
Finally, any Realtor® who is not an agent cannot recommend or suggest prices for the properties. He cannot inform you of the bottom line of the principal. He is also not allowed to disclose any confidential information about his or her principal – unless it is explicitly authorized.

It is important to understand how this works and be aware that you should not provide a Realtor® who is not your agent with any information that you would not directly provide to the principal!

Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007. Naz, is a full-time Vancouver Realtor® who believes in providing service beyond her clients’ expectations.

Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007. Naz, is a full-time Vancouver Realtor® who believes in providing service beyond her clients’ expectations.

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Can buyers and sellers revoke their offer and how?

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buyers revoke offers, real estate agent, sellers revoke offers, Vancouver’s top real estate agent

It is true that offers of purchase of a particular property or a home and counter offers from the seller can be legally pulled back – under some circumstances. By definition, revocation means the official cancellation of a decree, decision or a promise. So, what exactly does it mean when someone revokes an offer? Well, simply put, if your buyer revokes an offer, they have officially cancelled the contract they had initially agreed upon. Until you have signed, texted or emailed back, that you have accepted the offer, your buyer can legally pull it back. It is true in the reverse scenario as well. If you are the seller, you can also pull back any counter signed offers until the buyer accepts it legally.

For example, if your listing has an offer of $800000 and your realtor counters that offer for you to the buyer at $810000, this is a signed counter offer from you – the seller. Further, another agent sends you an offer of $830000. It is quite obvious that as a seller you would want and you would give preference to the second offer! If the offer number 1 has not responded to your offer or signed or acknowledged your offer in any way, you can revoke it – it’s that simple! But remember that you will need to be fast!

You will need to email, text and then call to inform that you are revoking the offer. Make sure that you act soon and act in the right direction so that there is no complication in the process. The sooner you act the fewer the complications will be.

Here are a few things to remember:

• As a buyer, if you are considering accepting an offer – you’d better be fast!
• Before you know, it could be taken away from you!
• Select an agent who can work fast and get you the contract within seconds of receiving it from the other party.
• Online signing systems are quick and efficient – check whether your agent is using one.
• In an every changing market of multiple offers, you need to be fast!
• On the flip side, if you are the buyer and you get cold feet – you can simply revoke the offer.
• You can walk away from your offer at any time during the subject removal process.
• Further, if you are sure, you can lock it up so that no one can take it away from you!

It sounds like something pretty simple and straightforward, but make sure that you take the advice of your realtor and a lawyer before you take a decision. With years of experience and knowledge of the industry, they can provide you with proper guidance and help you with the legal dealings wherever necessary.

If you are looking at a home sweet home for your family or a great investment – checking out the Vancouver House Listing is the first place you would want to look at.

Most importantly, before you decide to revoke an offer or counter-offer, Feel Free to Contact to Naz Allahyari is a Vancouver’s top real estate agent.

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Live life by the beach, in the city – Yaletown’s Most Prominent Building- Vancouver House

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Beach District, Vancouver House, Vancouver House Listings

Sunset-framed beaches, and the unfurling ocean and mountain diorama – Vancouver is truly a place filled with beauty. Apart from its natural charm, today, it also has an astonishing backdrop of spectacular glass towered buildings that sets it apart. Yaletown is just the start, and Howe Street is the highlight with a lot of new developments in the near future.

If you are looking at a home sweet home for your family or a great investment – checking out the Vancouver House Listing is the first place you would want to look at. Along with the snow-dusted mountains, you get a good peek into the modern times as well. A perfect blend of beach life and mountain adventures, this location could be the perfect place for you and your family.

Naz Properties is pleased to announce a rare opportunity at the spectacular Vancouver House situated in the active waterfront – the ‘Beach District’.

• It is the most prominent signature building designed by the worlds famous “BjarkeIngels Group” in conjunction with a leading developer, West Bank.
• It’s also the ‘must have’ home in the architects most desirable.
• The highlight of this property is that it has an unobstructed view of Granville Island, to the west all of Point Grey and English Bay out to the Pacific Ocean, and eastwards to False Creek and Mount Baker! Simply spectacular to look at!
• With 2100 Sq. Ft of indoor living, and 600 Sq. Ft of outdoors wrapped around patio living consistent of 3 large bdrms and 5 btrms.
• The estate finishing is over the top and additional upgrades, including a large flex room that can be used as en-suite storage.
• Some of the other highlights of the place are – Boffi Kitchen, Sculptured Island, full height wine fridge, Oak Herringbone flooring, dual electric blinds, and privet elevators for the Estate units Amenities include a pool, library, fitness center and a fleet of BMW’s. 2 car private garage.

This elegantly designed place is a tower of perfection from the design and beauty standpoint. This is an assignment and to projects estimated completion dates is spring 2019. One glimpse at this opportunity will make you fall in love with it. The spacious interiors and extended outdoors makes it simply a thing to possess. Above all, this is one of those opportunities that knocks rarely and is definitely one not to be missed!

For more information on this property all you need to do is contact us.

Ultra Luxurious Living in Chartwell – Check Out Our Latest Listings

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1335 CHARTWELL DRIVE - West Vancouver, Vancouver house 3 bedroom units, Vancouver house active listings, Vancouver House project for sale

A beautiful home by the ocean that also overlooks a beautiful city – too good to be true? Style, luxury and the charm of the ‘view’ from the window – everything decides your overall quality of living. Well, if beauty and style is what you are looking for, we have the most exclusive properties listed and our experts can guide you through your journey in selecting a home sweet home that reflects ‘you’.

The most recent on our list is in Chartwell, one of the most sought after locations in Vancouver.

This ultra luxurious property is intricately designed to captivate the most serene qualities of life in West Vancouver. While you experience it in person with our experts to guide you, you will truly see the difference in the depth of quality and a new standard of living that it exudes.

With an unprecedented and surreal view of the ocean, this property has all the modern amenities that one could wish for. The interiors are luxuriously decorated and exteriors reflect an unprecedented perfection that instantly appeal to your eyes. The view of the ocean makes this property even more stunning to look at.

Here are some of the features of this property:

• PANORAMIC VIEW of downtown – a view that is magical with all the city lights twinkling in the night sky.
• Vicinity of the Lions Gate Bridge, Spanish Banks and the Vancouver Island.
• It is a spectacular private view estate, one of the largest lots in the Prestigious British Properties (Chartwell).
• This masterfully designed residence exudes European Tuscan charm & luxury living in the sought after Chartwell area.
• A south facing, over half acre lot (23,465 sqft) offers 6 bedrooms and 4 bathrooms in a fully renovated 3258sqft of one level living at its best.
• Once you set foot in this beautifully landscaped, sun drenched home, you will completely fall in love with it – indoors and outdoors!
• The breathtaking views and the fabulous location are the highlights of this beautiful home.

Naz Properties presents Vancouver Real Estate Listings for you and will gladly walk you through to experience the luxury, beauty and style. As you walk from outdoors to indoors you will see that the property has more than just traditional beauty – it’s also a style statement with all the modern amenities.

If you were looking for a home that is set against a beautiful backdrop of the deep blue oceans and bright blue skies – along with a stylish living – Naz properties will be delighted to show you around the property! Contact us today at Nazproperties.com

For An Elevated – Luxurious Lifestyle….

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Panoramic 180 degree, Vancouver house 3 bedroom units, Vancouver house active listings, Vancouver House project for sale

Your lifestyle is influenced by the home you live in. The location matters too! Who does not dream of a luxurious living? Who does not wish that their home had that enchanting look – and was located by the ocean? Well, our recent property listings have exactly all of this.

With an unobstructed ocean view and a clear city view, this property looks absolutely stunning. It is surrounded by exquisitely landscaped front and back yards and is one of the luxurious masterpieces located in the prestigious area of Chartwell. With lavish exteriors and well finished interiors, you can expect nothing less than luxury! The entire house is designed to maximize the picturesque views of the ocean, the skies and the beautiful city of Vancouver.

Open and comfortable living spaces designed with modern sensibility exude a sense of warmth and comfort. It is also located in the vicinity of the top rated schools, shopping areas golf courses and the skiing hill too. It offers you with the highest standard of living imaginable!

Here are some of the highlights of this property:

• Panoramic 180 degree view of downtown. It also overlooks the Lions Gate Bridge, Spanish Banks and Vancouver Island.
• It is one of the largest in the prestigious British Properties (Chartwell) and the indoors and outdoors are intricately designed to reflect a stylish living.
• It is luxuriously designed to reflect a European Tuscan charm that makes it look exclusive.
• The property features a perfectly sun drenched family room, a beautiful patio and charming outdoors.
• Located in the most sought after Chartwell area, this is a south facing half acre lot and offers 6 bedrooms and 4 bathrooms in a one level living.

From the moment you enter this wonderfully landscaped, luxuriously designed home, you will fall in love with – everything about it – the floors, the ceiling, the windows, the open spaces and all the little things that complete the picture. It represents a fabulous indoor and outdoor living along with the breathtaking views that grip your eye!

Naz Properties takes pride in presenting this real estate for you to take a look at and feel the luxury while you traverse from one room to another, from the indoor areas to outdoors and let your eyes rest on the breathtaking view of the ocean. There are a multitude of details – beyond what meets the eye – and our experts with guide you through this journey and help you understand every aspect and every detail.

If you were dreaming of exactly this kind of luxurious living – Contact Nazproperties.com for further details!