Free Home Buying Seminar at the Richmond Public Library, Ironwood Branch, October 8th, 2013

We're here to help!

Glenn Duxbury, Geraldine Santiago and Alma Pasic at the Ironwood Public Library, Richmond Branch

Alma Pasic, Verico Wizard Financial on the Advantages of a Pre-Approval 

Geraldine Santiago, RE/MAX Agent ahd Real Estate Publshed Author on Realtors and their Role 

Glenn Duxbury, Certified Home Inspector on the Importance of a Home Inspector

Parents or grandparents giving you gift monies for a down payment for your first home? Find out new mortgage rules by attending our first time home buyer seminar November 13, 2013! Register on-line through Eventbrite at or go to our website athttp://www.eventbrite.ca/event/7305760727/es2/?rank=1www.vancouverfirsttimehomebuyer.ca 
Can't make it on that day to our seminar? Don't worry! Simply register on Eventbrite and we'll send you a free copy of our webinar by email so you can watch our presentation any time!

Free Monthly Statistics Available in Your Area

Thinking of buying your first home and wonder what the statistics are all about? Attend our first time home buying seminar November 13, 2013 at #1 Athlete's Way, from 7-9pm.  We'll provide you with lots of information, resources and meet experts in the industry!

New book arms first-time home buyers with information.--  Wednesday, November 12, 2003 Real Estate Weekly.

This book is still providing first time home buyers with the information they need today--  10 years later!

The old adage that buying a home is the most important investment you'll make during your lifetime still rings true today.  And for many Canadians, the time to buy a home has never been better.

The Complete Home Buyer's Guide for Canadians, published by Self-Counsel Press and written by Vancouver based realtor Geraldine Santiago, will make it easier for home buyers-especially first-time home house hunters to make this critical investment.

Recent media headlines have made many pronounsements about the booming housing market and its attractiveness for first-time home buyers: "Housing Most Affordable since 2001 with Cheap Mortgages," "Investment In HOmes Looking Better," "Low Interest Rates Propel House Construction," "Gen-Y- Next Big Wave of Home Buyers."  Not surprisingly more and more Canadians are ready to buy their first home, or purchase their next house or condominium.  

Author Santiago says, "This is a great time for people to buy their first home. Relatively low interest rates have kept the costs of home ownership at near historic lows."

But for the first-time home buyer, the process can be intimidating and worrisome.

The Complete Home buyer's Guide for Canadians is written by an experienced real estate agent who specializines in working with first-time home buyers. The book is written in a step=by-step manner, guiding the home buyer from obtaining financing to the final paperwork.  It includes information on:

The buying process

Arranging for financing

Homeowner grants

Tax exemptions

The inspection

The final paperwork

If you are ever in a hot housing market, when everyone seems to be in a buying frenzy, expect to be in a multiple offer situation.  Of course, if you are a first time home buyer, and new to the home buying process, this process can undoubtedly be even more frustrating, worrisome and nerve-racking . To compete or not to compete?  How will I survive? Will I survive?  What should I do?

As a first time home buyer, making an offer to purchase a property is nerve wracking enough without being in a multiple bid situation. But, if you are seriously thinking about placing an offer, here are a few tips that could help you.

1. it is good to know just how many people are going to place an offer on the property.  In some cases, there might be buyers who, for whatever reason, back out of the deal entirely even when they say they will write an offer. Though there might be discussion of multiple bids and offers, one doesn't really know for sure just how many people will be competing against your offer because all offers must be in writing. It could be the case for buyers, facing the same challenges, might want to opt out of writing a contract, for fear of loosing or competing with another buyer altogether.

2. Give your real estate agent the letter of commitment you have received from your financial institution. Adding this along with th contract of purchase and sale shows the seller that you are a serious buyer.

3. Be flexible on the seller's dates.  Find out what dates the sellers prefer and be as accommodating as possible to their dates instead of your own.

Good luck, I hope this helps!

Buyers Beware--Oil Tanks Abound Underground! by Geraldine Santiago

Realtor and Author

www.vancouverhomes.info

Many underground oil storage tanks in Canada have reached the end of their useful lives and are beginning to corrode, rust, and leak.  Leaking fuel oil tanks may create several hazards.  Oil and its varpours can--

• generate a potentiall explosive mixture
• enter surface water
• enter drinking water
• contaminate surrounding (your neighbour’s) soil and property

For a first time home buyer, who would think of searching for an underground oil tank?  It is difficult to know whether or not a property has an oil tank in the back, especially if the oil tank is buried underground! There are some signs such as a long pipe found in the exterior of a home, or there may be a small pipe sticking out from the ground. Oil tanks can be burried in the back of the house, or the front of the house, there coul be one, two or even three of them on a property. They have been known to leak and contaminate neighbouring properties or even the property you are purchasing!

Most provinces and territories currently have safety standards for oil tanks.  If you suspect the home you are purchasing may have an oil tank, check with your REALTOR, and make sure you hire a home inspector who inspects the entire property.  Make your concerns known to the home inspector to watch out for oil tanks as there may even be more than one oil tank located on the property.  Look at the age of the house, and find out as much as you can from the previous owners.  Check the property condition disclosure statement (PCDS) as well as this is now included in some disclosure statements in Canada.

If the property you are purchasing has an oil tank, make sure that the sellers are responsible for the removal, clean up and disposal of the oil tank as this is a cost you don’t want to incur. As a buyer, make sure you receive documentation such as a certificate from the oil tank removal company and pictures of the removal and disposal so that when it is your turn to sell your property, all the documentation will be in order for a clean sale.

Open House Etiquette by Geraldine Santiago

When shopping around for property, whether it is your first home or investment property, buyers need to acknowledge the fact that the property is someone's home and someone else's property.   Most showings for open houses are pre-scheduled so owners and tenants have time to get ready for the showings.  However, at times, open houses can be intrusive.  Showings can be intrusive for all- families with young or elderly children, pets, during holiays and special days, or when someone is sick at home. 

Be aware that there is absolutely no smoking inside the property while you are at an open house. There really should be no drinking, or eating either.  Please remove your shoes before entering the property unless the agent or owner advises you not to remove your shoes.  There could be renovations underway, and it might be safer for you to keep your shoes on. 

If you have young children, it might also be wise to allow them to view properties once you have already placed an offer.  Having to monitor your child's behavior at an open house, keeping them from wandering away from you, or keeping them from touching things might be a difficult task while you are trying to look at a property.

For showings, as a buyer, try your best to request after meals and during convenient times for the owner or tenant.  For viewings, most buyers do take photos of properties they are extremely interested in purchasing.  However, before taking out your camera, please ask your agent first for permission.

These are just some of the things you need to know as a buyer when looking at a property.  I hope this helps! 

Foreclosures, Not for the Faint of Heart and Not for First time Home Buyers 

by Geraldine Santiago

AUTHOR and REALTOR

www.vancouverhomes.info

When people think of foreclosures, they think it is synonymous  with ‘bargain’ or ‘cheap’.  But when you are buying real estate in Vancouver BC, this isn’t necessarily so. The foreclosure process is not for the faint of heart, nor for first time home buyers.

For one thing, unlike a regular sale, chattels (appliances such as dishwashers, stoves, washers and dryers, etc. as well as window coverings) are included in the purchase price.  In a foreclosure, chattels are not included at all.  Previous owners can take away their appliances if they wanted to, and the new buyers will have to replace them.

For another, there is no property condition disclosure statement (PCDS) attached to the sale of the property.  In a regular sale, buyers can be assured that there is some type of recourse if there was any misrepresentation or warranties that were not honoured.

However, in a foreclosure, the buyer is accepting the premises on an ‘as is, where is’ basis on completion of the sale. This means that the buyers acknowledge that there are no warranties or representations expressed or implied regarding the property.

And lastly, a first time home buyer may avail of ‘no down payment programs’ when purchasing a home.  This is not the case with a foreclosed property.  A buyer of a foreclosed property should have 5% at the very least as a down payment.

In a regular sale of a property, the offer and acceptance with the buyer and seller can take place relatively quickly.  However, foreclosures in Vancouver BC oftentimes experience competing bids which are sealed and subject to court approval.  This can be a long process where buyers are not only waiting for the paperwork and process to take its course, but also a process that might be more costly than buyers think.

The process of a foreclosed property is one that is not for the faint of heart, nor for first time home buyers, especially when purchasing in Vancouver BC.

Real Estate Agents Aren't Just Sales People by Geraldine Santiago

According to Wikipedia, the word trustworthy is a moral value and considered to be a virtue.  It states that, ‘a trustworthy person is someone in whom you can place your trust.  A person can prove their trustworthiness by fulfilling an assigned responsibility--and as an extension of that, not to let down expectations’. In addition it states that, ‘a trustworthy person is someone that you can tell your worries and secrets to and know they won’t repeat them without your permission.’

When it comes to real estate, you would want your agent or REALTOR to be trustworthy.  Many people may not know this, but this quality is the very essence of your local REALTOR.  He or she is  someone you can trust, it is so written in the Real Estate Services Act. 

Just like any other professional, a lawyer, notary, doctor, dentist, teacher, REALTORS are bound by a strict code of ethics, covering confidentiality, privacy, competence and truth in advertising.  If you find that your REALTOR acted inappropriately or was unethical, you may want to take this up with the Real Estate Council of BC (RECBC).  It is a regulatory agency established by the provincial government in 1958.  Its mandate is to protect the public interest by enforcing the licensing and licensee conduct requirements of the Real Estate Services Act.

The public sees us real estate agents merely as "sales people", it's true, in essense, we are sales people. But, we are also more than that. We wear many hats as agents. We are a chauffer-- we drive our clients around town from house to house. We are a concierge-  we are friendly, helpful, polite, engaging and know the local area. We are a receptionist-- we take calls, make appointments and arrange tours and open houses.  We are trained to write contracts and protect the interests of our client at all times. We have all taken many real estate courses on legal updates, ethics, real estate law, real estate contract writing. Some agents have a university or college degree, are involved in the community, or church, school. Some are published writers, can speak more than one language, are tech savvy and have developed a real estate app.  Some of us area all of these and more!  

If you are looking for an agent in your area, emai me and I can refer you to someone in my RE/MAX family!

Geraldine Santiago

geraldinesantiago1@remax.net

In real estate, the one thing everyone says is, "Location, location, location".  Location is very important, it's true.  There's a difference between North side and South side, West side and East side, Shaughnessy homes and values are different versus Dunbar properties and that of Kitsilano or Kerrisdale.  But these days, especially when we talk about real estate in the Greater Vancouver area, I believe that lot size and zoning are equally important when buying and selling your home.

Your property's location and zoning will determine the type and size of home you can build, and in today's market, when laneway homes, in-fill housing,  and secondary basement suites are allowed to be built in addition to the main house, zoning is extremely important!

If you are selling your house, look at its zoning and do your own research as to what is allowed by the city. Take a good, close look around your neighbourhood to see what newer homes look like, and look at the allowable square footage of the new home.

If you have the resources, you may also want to contact an architect to draw up some plans, to show potential buyers what your home could like like, once these plans are approved.  This will save potential buyers and possibly even developers, the trouble of having to do this themselves.  This extra time and effort on your part could be well worth it when you are selling your home.

If you are buying a single detached home,  look at the ZONING!!!  If you can see a home's potential, you could just be sitting on CameLOT!

I've seen properties in the Vancouver real estate market sell for more because the sellers took the time to do this extra work.  So though location is important, yes-- it's true, I believe that lot size and zoning is also equally important!

Zoning, what is it good for? (Part One)   by Geraldine Santiago

www.vancouverhomes.info  www.vancouverfirsttimehomebuyer.ca

Published Author, Licensed Realtor

When purchasing a property for the first time, prospective home buyers need to look at the zoning of the area.  If you are buying a property, this information is located on the MLS feature sheet prepared by the listing or selling agent.  You can do more research on-line by going to your municipality or city’s website to find out more about the zoning and by-laws for development. This will allow and restrict you if you were to build or intend to run a business from your home.  If you have already purchased your property, this information may be found on your title search as well as from the MLS listing and your BC assessment.  

Zoning protects and preserves the right of an owner to use his or her property through regulation. Zoning is carried out by the local government and specifies what types of buildings can be built. It specifies height restrictions of a building, types of businesses that can be carried out, and so on.  As a home owner or future home owner, it is always important to find out what your zoning is on your property.  

In strata titled properties for multi-dwelling residential buildings such as condominium, apartments, townhouses, and so on, there exist by-laws which set out specific uses and guidelines for the use of the property by its residents.  In single detached homes, there exist zoning by-laws and regulations which specifically addresses use and development for the area in question. Unless zoning allows it, one cannot just open a barber shop, or a convenience store from a your home or property.  That's exactly what zoning is for.

It is important to obtain a map of your city to know where the boundaries of zoning exist as they may also affect you.  A neighbouring factory, golf course, park, school can affect you in a positive and negative way. In addition, it should be noted that there may also be future changes in zoning, which could also affect your property as well. 

Recently in Vancouver, BC, there have been changes to certain zoning namely for RS, RT and RM zones which were adopted by City Council in July 2009. The City of Vancouver’s Land Use and Development had certain guidelines regarding a laneway house allowing laneway housing to be built on the property of the above mentioned zones. For a homeowner with this new zoning changes, what does it mean?  Find out in my next article  Zoning, what is it good for?  Part Two by Geraldine Santiago

Fast Forward to 2010 & First Time Home Buyers (In Canada)

by Geraldine Santiago, Author and Realtor

First time Home Buyer Expert, www.vancouverhomes.info and www.vancouverfirsttimehomebuyer.ca

Fast forward to 2010, and first time home buyers have it GREAT.  Buyers today are actually better informed and equipped with knowledge thanks to the internet, ebooks, consumer’s advocacy groups than yesteryear when I purchased my very first home.

Back then, there were no zero per cent down so it was difficult for first time home buyers to get pre-approved for a mortgage as easily as today.  In addition, mortgage application forms are made easy today for the consumers.  One can get a pre-approval  on-line, with a computer and mouse! I remember when my husband and I went to the banks and it felt like they were pulling teeth--it was difficult for the banks to give us a home loan as we were new to the work force, and fresh out of University.  Actually, we were still in University. 

In addition, today there are buyer’s agents who represent the buyers and listing agents who represent the sellers.  At that time when we purchased, there was no clear definition or designation.  Now, I understand that in a year’s time, they will no longer have dual agency but DESIGNATED agency so that each party is best represented by their own agent.  That means for REALTORS and agents, there will be no double ending the deal.

Today, the MLS listings are posted on-line, through the Real Estate Board.  Before, we had to go through an agent and they were the ones who carried around this huge listings books as thick as the yellow pages and they would not lend it to buyers as it was too costly.  

REALTORS today encourage that consumers hire the services of a certified home inspector so that consumers can determine for themselves the health of the home.  Back then, it was not common to do so, and oftentimes, if one had a relative who was a plumber or electrician, they would “inspect’ the property with their limited capacity as a plumber or electrician.

So many things have changed from way back when I purchased my home, (as well as the price). Consumers can feel comfortable that they have the tools to get empowered.  This is why I wrote my book, the “Complete Home Buyer’s Guide for Canadians” because it has everything you need to know about purchasing today and why you should take the time to borrow it from your local library, your bookstore or friend!

Where have all the first time home buyers gone?  According to a study by Ipsos Reid in Vancouver, first time home buyers are being pushed out of the housing market and statistics tell us that the numbers are dwindling. 

The price of housing in Vancouver has grown in leaps and bounds in recent years and far surpasses the average income.  First time home buyers, who are fresh out of University or college, have just entered the job market (and who may have student loans owing) have a difficult enough time saving for a down payment for the purchase of their first home.

Though first time home buyers are encouraged to use their registered retirement savings plan, RRSP for the down payment of their first home under the HBP or Home Buyer’s Plan, there are pitfalls to this.  For one, the maximum allowable withdrawal under the HBP is only $25,000 and in addition, this has to be repaid over 15 years.  

A single income buyer who, five years ago, could afford a one-bedroom in the Westside of Vancouver, is not able to do so anymore.  Instead, I am seeing first-hand that couples with dual incomes have to share the burden of making do with a modest one-bedroom apartment.

The solution is not as simple as one thinks because building more homes for the consumer has a huge price tag with land prices, labour and materials increasing year after year.  In addition, with HST looming, it will even be more unattractive for the first time home buyer to purchase with the cost of buying and borrowing adding to the expense. Vancouver itself has its own limitations being a port city.  In addition, mountains to the north are not yet developed for housing opportunities.  Lastly, there exist crown lands, endowment lands, and agricultural lands for the use of crops and agriculture which cannot be used for housing.

There should be greater incentives being given to the first time home buyer, such as not having to pay back the RRSP and having a higher limit in keeping with present market conditions.   

If no incentives are to be made to encourage the first time home buyer, there will not be a need in the future for new developments or housing.  The first time home buyer will not decrease but will be extinct with multi-generations living under one roof as first time home buyers will not be able to afford to purchase on their own.

Many first time home buyers would like to take advantage of low interest rates.  However, mortgage rates are only one factor in the decision to purchase a first home.  Buyers who were reluctant to buy a few years ago believed that the market would level off or cool down. When it would do so, these buyers hoped they could be able to buy under those market conditions.However, the housing market only cooled off for a brief period, and the advent of the Olympics in Vancouver in 2010 only made it worse with both global and local investors speculating and entering the housing market in Vancouver.  

Though I have seen some first time home buyers and young couples purchase homes, they were able to do so with their parent’s gift monies.  However, for those who cannot seek the help of their parent’s financial aid, what is to be done? What is the solution?

Fast forward to 2025 when my children are at the age of home buying.  Will my children have to rent for the rest of their lives?  Home ownership has huge rewards such as forced savings from its equity, a roof over one’s head and stability. 

Is this a local problem or an global one?  Real Estate property prices are similar in Europe, and in particular Spain and the UK where price houses have soared in the past few years making it also equally unaffordable for locals. To the South of us,  in the United States, mortgage rates are also at a historic low, AND market prices have dropped, but still there are no buyers there either.  

What are your thoughts?   I'd love to hear from you!