B.C's. home sales, property values to slow as job growth ebbs: BCREA

Slower job growth in British Columbia's economy will mean slower increases in home sales and property values through to 2012, the B.C. Real Estate Association said Thursday.

And by the end of 2012, the association expects the high-flying prices in some of B.C.s bigger markets to show small declines.

Home sales through the realtor-controlled Multiple Listing Service should hit 74,640 by the end of 2011, which is up four per cent from 2010, and then rise to 80,300 in 2012, association chief economist Cameron Miur said in his report.

However, those estimates are below B.C.s long-term average for sales and the forecast for 2011 represents reduced expectations from Muir's forecast from earlier this year that B.C. should see 78,200 sales this year.

"Following a decade where unit sales broke all records, consumer deamnd for the next few years will be relatively moderate,' Muir said in releasing the report.

A postive note....Read More

The following are the forecasts for each B.C. region:

Victoria:

2011 sales, 5,855 -4.6%; 2011 Avg. price $498,00 -1.3%

2012 sales, 6200 +5.4%; 2012 Avg. price $500,000 +0.4%

Vancouver Island:

2011 sales 6,490; 2011 Avg. price $327,500 +0.1%

2012 sales 6,700; 2012 Avg. price $328,000 +0.2%

Powell River Sunshine Coast:

2011 sales 280 +3.7%; Avg. price $236,000 -0.9%

2012 sales 290 +3.6%; Avg. price $240,000 +1.7%

Greater Vancouver:

2011 sales 33,600 +7.9%; Avg.price $769,000

2012 sales 34,500 +2.7%; Avg. price $742,000 -3.5%

Fraser Valley:

2011 sales 14,800 +5.9%; Avg. price $505,000 +11.9%

2012 sales 15,300 +3.4%; Avg. price $498,000 -1.4%

Chilliwack and District:

2011 sales 1,980; Avg. price $299,000 -1.7%

2012 sales 2,075; Avg. price $302,000

Kamloops and District:

2011 sales 2,060 -2.9%; Avg. price $307,000 +1%

2012 sales 2,140 +3.9%; Avg. price $308,000 +0.8%

Okanagan Mainline (includes Kelowna and Vernon):

2011 sales 4,910 +1.5%; Avg. price $385,000 -2.4%

2012 sales 5,200 +5.9%; Avg. price $388,000 +0.8%

South Okanagan (Penticton, Osoyoos and Oliver):

2011 sales 1,240 -0.4%; Avg. price $307,000 -4%

2012 sales 1,390 +3.7%; Avg. price $309,000 +0.7%

Northern Lights (Dawson Creek and north);

2011 sales 440 -13.6%; Avg. price $214,000 +4.3%

2012 sales 475 +8%; Avg. price $218,000 +1.9%

Kootenay:

2011 sales 1,850 -7.35%; Avg. price $264,000 -3.6%

2012 sales 1,960 +5.9%; Avg. price $265,000 +0.4%

B.C. Northern (from Prince George to the West Coast):

2011 sales 3,865 +5.1%; Avg. price $218,000 +3.4%

2012 sales 4,070 +5.3%; Avg. price $221,000 +1.4%

Source of Photo and Text: The Vancouver Sun

Waterfront Homes Have Private Beach & Dock. Eight Luxury Detached Houses With Boat Lifts

By FELICITY STONE, Postmedia News

Peachland boasts Lake Okanagan’s longest uninterrupted beach, yet homes with direct access to the water are rare, and those with private beaches, rarer still. Much of the beach is public, with Beach Avenue separating many properties from the waterfront — unlike Stonewater on the Lake, a collection of eight homes on 200 feet of private lake frontage at the north end of Peachland.

“When we designed Stonewater, we had about a two-acre parcel of land that had been sitting there for a long time,” says developer Rob Moyor. “It was completely overgrown, and we envisioned a couple different ideas for it, but we settled on a high-end residential development with eight individual detached homes in a strata so they would share in the beach and with a boat dock and so on.”

Norm and Leslie Wilson of Vancouver had owned a vacation home in Peachland for about three years when they discovered Stonewater last summer. Their previous residence was what Peachlanders call semi-waterfront, across the road from the water, which made getting to the beach problematic for their then-six-year-old grandson.

Leslie Wilson was captivated by the house, as well as the location. “She loved the décor, the stairs, the glass, the kitchen, everything about it, so it was a no-brainer for us,” says Norm Wilson. “We just fell in love with the whole thing.”

Each of the homes has its own 6,500-pound boat lift, another attraction for the Wilsons. “On Okanagan Lake, you pretty well have to have a boat lift,” explains Rob Moyor. “You can’t leave your boat unless you’re in a marina where they have a breakwater because the wave action would damage your boat. With a boat lift, you basically pull into your slip, push a button, your boat lifts out of the water, and that’s how you store your boat when you’re not using it.”

The Wilsons, the first purchasers at Stonewater, bought what was then the show home. With three bedrooms and 2,384 square feet of space over three levels, it is one of three Stonewater floor plans. The new show home, which has just been completed, is 2,237 square feet over three levels with two large bedrooms, each with an ensuite.

The third design is a 2,342-square-foot five-level split. “The site had a drop in that section so rather than fill it, we created an extra level,” says Moyor.

It has an 18-foot vaulted ceiling in the great room with steps up to the dining room and again to the main entry. The whole top floor is a retreat with a spacious master bedroom, ensuite, lounge with wet bar and decks at both the front and the rear.

Decks and patios are a feature of all the Stonewater homes. The show home has a huge — 19 feet wide by 9.5 feet deep — main floor deck off the living room, an even larger ground floor patio and decks off both bedrooms. The main floor deck has a built-in barbecue, and both it and the patio have a retractable screen that can be lowered should insects intrude on the scene.

The homes sit on a rise about 50 feet above the water with views of the lake in all directions. And that view continues indoors, where 14-foot-wide floor-to-ceiling sliding-glass Slung doors on the main and ground floors bring the outside in. The views are unobstructed from all areas of the home, which is open plan and filled with light.

Glass is used extensively inside and out. Railings on the decks off the living room and master bedroom are frameless glass. Frameless glass balustrades add to the airy feel of the open-riser stairs. There are two skylights on the upper level: one in the guest bath and the other over the stairs and the built-in computer desk on the landing. A window over the front door floods the entry with light, there are frosted glass transoms over interior doors, and even the master bathroom has a view of the lake.

Interiors are luxe, with either walnut or maple used for the sleek stairs and flat-panel cabinetry mixed with painted Shaker-style interior doors and living room cabinets.

The main level floors are hardwood, and all counters are granite, even on the computer desk. There is a laundry centre on both the ground floor and top floor, and each home has its own geothermal heating and cooling system which is prepaid so there are no leasing costs.

Other smart green features include low-maintenance, low-water landscaping and a green roof over the two-car garages.

The beach and part of the hillside are riparian setback areas so must be left in a natural state, although there are also terraced planters and a lawn.

The garage is tucked into the hill behind the homes, maintaining views from the street above it — and the semi-waterfront properties beyond.

View Stonewater Lakefront Homes in Peachland

The Truth About Buying a Timeshare Foreclosure

There is no doubt that you can save thousands of dollars buying foreclosed properties. In most cases foreclosed properties can be purchased for just a fraction of what they are worth. The same is true when you purchase a time share foreclosure. But while buying a foreclosed vacation property may sound alluring, there are many hazards and pitfalls that can make it anything but.

The first thing you need to consider is why the time share property is facing foreclosure in the first place. Like most other foreclosures, vacation properties are foreclosed upon when they can no longer be afforded by the owner. The owner stops making payments and legal action begins. The most obvious solution to this problem is to sell the property. More than likely the owners have already tried to do this. So why didn't the property sell and why is it now being foreclosed upon?

The simple reason why many vacation properties are facing foreclosure is that they are hard and slow to sell. For this reason purchasing a time share should not be taken lightly. It should be viewed as a long-term commitment and not something that you can quickly get rid of when it becomes a financial burden.

Another thing that you should consider before buying a time share foreclosure is how many people have a financial stake in the property. Unlike conventional real estate, there may be many people financially involved in this type of property including developers, real estate agents, resort owners, and lenders. All of these will be expecting to recoup all or part of their losses through a foreclosure sale. The legal red tape involved in this could become quite confusing and stressful.

If done with plenty of forethought and preplanning, purchasing a time share foreclosure can be a great way to enjoy all of the benefits of a vacation property for a fraction of the cost. Be sure to research all properties thoroughly and seek legal counsel before making your final decision.

Also keep in mind that there is a lot of fraud surrounding time share foreclosure sales. This is due to the high-pressure selling atmosphere that surrounds this type of property and the number of people who stand to lose a great deal of money when a foreclosure becomes imminent.

Be careful not to get lured in by claims that seem too good to be true. If in doubt about the integrity of a time share foreclosure opportunity, pass it up. There are plenty of properties to choose from; it is not worth the headache of a potential scam to get caught up in a questionable purchase.

Owning a time share has many advantages including the ability to exchange your property with other resorts and the use of your vacation resort's amenities. If done right purchasing a time share foreclosure could be the key to owning the vacation property of your dreams...

2011 Property Taxes

From our friends at Spagnuolo & Company Real Estate Lawyers

2011 Property Taxes are due early July. If you have a purchase or sale closing around that time, make sure one of the parties claims the Home Owner Grant.
We have a file where the closing is scheduled for July 8, which is later than the due date for the Property Taxes. The Vendor is not eligible to claim the HOG but the Buyer is. We will have the Vendor pay the net taxes, so the HOG remains outstanding. Following completion the Buyer will claim the HOG of $770.00.

The Buyer will have to pay a 10% penalty on the HOG, but will be able to claim the full amount of the HOG of $770.00 after completion. The penalty is $77.00 but the Buyer will save $770.00.

Watermark Beach Resort lives up to its name

More like a retreat than a cottage by the lake, residents discover all needs are easily addressed

BY ALISON APPELBE

JUNE 24, 2011 5:01 PM

View listings and more info Vantage West Realty Featured Listings at Watermark Beach Resort

The resort’s patio wine bar is a favourite gathering place.

Project size/scope: On the west shore of Lake Osoyoos and at the foot of Main Street in the town centre. A full-ownership and strata-titled luxury resort, with one-, two- and three-bedroom view apartments in the main building, and two-storey and single-storey (top-floor) town houses along the lakefront. Buyers have the option of participating in income-generating rental by the full-service resort-hotel.

Prices: Pre-season pricing on one-bedrooms starting at $199,900; two-bedrooms at $389,900 and town houses at $569,900.

Developer: Osoyoos Shoreline Development Ltd.

Architect: Burrowes Huggins Architects, Vancouver

Interiors: Co-ordinated Hotel Interiors Ltd.

Sales Contact: Judith Hart

Tel: 1-866-453-9797, 604-723-5620

Website: www.ownwatermark.com

When Vancouverites Alan and Pam Skinner were raising their two sons, they made an annual trek to the South Okanagan — and specifically to Haynes Point Provincial Park, a campground that extends into Lake Osoyoos like a long finger.

“The kids loved it — and so did we,” says Alan Skinner of their summer stays at the popular campsite known for its exotic setting on a toasty lake, and rare (and threatened) creatures such as the Western small-footed bat, Spadefoot toad and Painted turtle.

The Skinners, whose sons are grown, were considering purchasing recreational property, so returned to Osoyoos and booked a few nights at the luxury Watermark Beach Resort, located on the lake at the foot of the main street of the town.

The full-ownership and strata-titled Watermark, opened in 2009, features a four-storey building facing the lake, with wings extending towards the water. A generous courtyard includes an L-shaped swimming pool, hot tubs and patio wine bar. A series of town houses extends along the lakefront. The complex looks east towards sage-covered hills and Anarchist Mountain.

If they choose, property owners can take part in a suite and town house rental program, maintained to resort-hotel standards, and earn some income.

The Skinners looked at the townhouses — both the ground-level two-storey units and the bungalow-style homes on the third level. But Skinner recalls that when they turned their attention to one of the penthouses, positioned directly above the lake and with views (and decks) on three sides: “We looked at each other and said, ‘we want this one.’ ”

Since making the purchase last June, they’ve made seven or eight visits. On one trip, they hosted three other couples for a few days of golf (and rented a one-bedroom suite at the resort for the added space).

The Skinners are happy with their purchase, in large part because it fits their needs. The couple wanted to avoid buying into a property on leased land (Skinner is a realtor). And while they favoured a site both on the lake and in town — “It’s more of a hotel than a ‘cottage at the lake’,” Skinner points out — he concedes that, from a real estate perspective, it has a niche appeal.

They also studied the rental aspect, and while Skinner admits that “it’s not the return we’d get from a good quality stock portfolio,” they were satisfied that, weighed against less tangible benefits, it would deliver a satisfactory return for a property they’d likely use only one-tenth of the year.

The Watermark complex, with commercial frontage facing Main Street, includes a small conference centre, a full-service spa, fitness facility and yoga studio. A gelato shop is open and a restaurant is planned; meanwhile, meals are served at the resort’s wine bar.

The more than 300-metre lakefront, above a beach, features a public pedestrian boardwalk. The resort’s pool and patio area includes a waterslide, hot pools for adults and children, communal barbecue facilities, and a “kids’ zone” and day camp.

Of the 153 units, 37 fully furnished suites and town houses, with various floor plans, remain available. One-bedrooms units, from 600 square feet, start at $199,900; and two bedroom units, from 836 square feet, at $389,900.

The two-storey townhouses and one top-floor “bungalow,” all with two bedrooms and between 1,208 and 1,230 square feet, start at $569,900.

Resort realtor Judith Hart reports that one of the town houses sold in 2007 for $750,000, illustrating the impact that the 2008-09 recession had on the Okanagan recreational real estate market.

At the same time, Hart and resort manager Ingrid Jarrett, who also chairs the Thompson Okanagan Tourism Association (TOTA), says that the Watermark Beach Resort has weathered two years of sluggish sales better than comparable regional properties.

“At this juncture, we’re doing very well,” Hart says. “We’re very secure in our financing, and from a real estate perspective, we’re very solid.”

The South Okanagan, with its ever-expanding wine culture and dry summer heat in what is said to be Canada’s only true desert, “is poised for success,” Hart claims.

There are 40 wineries within 30 kilometres of Osoyoos, many garnering widespread attention. Wines coming out of the Black Sage Bench to the east of the lake, and the Golden Mile Bench, on the west, are often exceptional.

Among the region’s particular success stories are the Osoyoos Indian Band’s Nk’Mip Cellars and associated Nk’Mip and Spirit Ridge resorts.

The Nk’Mip Desert Cultural Centre, together with the Desert Centre at Osoyoos, brings to public attention to the local “antelope brush ecosystem,” and ongoing efforts to create the South Okanagan-Lower Similkameen National Park Reserve.

The South Okanagan region boasts half a dozen golf courses, and extensive trails for walking, hiking and biking. Mount Baldy, east of Oliver, is an expanding ski resort. Osoyoos Lake, and smaller neighbouring lakes, draws anglers year-round.

However, the region may be best known for its agricultural output. Along with grapes coveted by wineries through the entire Okanagan, the south produces soft fruits such as cherries, apricots, peaches, pears and apples, and other farm produce. Osoyoos is developing a strong culinary scene.

TOTA chair Jarrett reports that European, Australian and New Zealand tourists are showing a growing interest in a South Okanagan noted for its cultural, ecological and soft adventure attractions, as well as for being “warm, clean and safe.”

And therefore eyeing double-digit tourism growth, she believes that Watermark Beach Resort rental income will increase.

Indeed, Skinner already sees an upward trend. “We didn’t buy the property to flip it. We’ll keep it for 10 years at a minimum,” he says. “And we’re pleasantly surprised with the returns we’re getting. I’m thinking that this year should be even better.”

Special to The Sun

TOP 8 HOUSE HUNTING MISTAKES

Buying a home can be a very emotional process, and if you are not open to a more rational perspective on the home buying process, it can leave you making many mistakes you just might regret.

There are 8 common emotional mistakes people make when purchasing a home. To help you find the best place to call home, avoiding these following common mistakes will help.

Mistake 1: Falling in Love With a House You Can't Afford

Once you see a house you’ve fallen in love with, it’s difficult to like anything else that's out there on the market. Your imagination starts running and you immediately start planning out where you’ll put your furniture or what the back yard will look like. However, if you can’t afford the house or even qualify for the mortgage, you’re setting yourself up for failure and disappointment. To avoid the potential heartache, it’s best to stick with homes in your price range and not waiver.

It’s a great idea to begin your search at the low end of your price range and work from there. Remember that for every $10,000 worth of house, you aren’t just paying $10,000, you are paying that price PLUS interest. That in turn may double or more in time. Ask yourself if it’s worth it.

Mistake 2: Assuming There's Nothing Better Out There

It may seem that there is nothing better out there once you set your sites on what you want, but what you may not realize is that most neighbourhoods have similar homes available as many developers created similar, if not the same floor plans. Even if you can’t find the same house, you may find homes that have some of the same features. The odds are also in your favour if you are considering a condo or a townhouse.

Even with a long list of must-haves, chances are there are many homes that can suit and meet your needs. If you do find one and there are issues such as major repairs, inflexible asking prices or possession dates, consider keeping your options open to looking further. It could save you money.

Mistake 3: Being Desperate

When you’ve been looking for awhile and can’t seem to find the house you want, or the ones you do want are getting outbid on, it’s easy for desperation to set in. You can’t wait to get into a new house right away and will probably end up settling for something you could end up hating because you settled in the first place. Transaction costs could end up costly, you’ll pay for agents’ commission ( up to 5-6% of the sale price) not to mention closing costs for the mortgage, all on a house you rushed on, end up hating or have spent tons of money in altering the house to your liking or renovate. It’s OK to take your time and wait for that house you really want (and can afford), in fact it’s worth it.

Mistake 4: Overlooking Important Flaws

It’s important to pay attention to any flaws of a house. That may seem logical, but again when emotions are involved, some may think a few flaws are ok, until reality sets in and end up dealing with a cracked foundation, major renovations to take care of, or worse. Remember that new houses come on the market everyday. Remind yourself of that and it may save you in the long run.

Mistake 5: Overestimating Your Handyman Skills

Fixer-uppers may sound appealing but before you eagerly get out the tool belt, make sure you keep in mind the factors of time, money, ability and the cost of tools and labor. Don’t buy a fixer-upper if it’s realistically more than you can handle. Be sure to be honest with your abilities and your budget and if you have the time to do the work or have it ready by your move in date.

Mistake 6: Rushing to Put In an Offer

In a hot market, it may be necessary to make quick decisions to put in an offer on a house. If you have some time, be sure to be diligent in researching the neighbourhood and possible noise issues such as being near an airport or the night time nearby train that will rattle your dishes. Having the knowledge of the area will give you an idea of what the property is really worth and an appropriate offer price.

Mistake 7: Dragging Your Feet

Contrary to rushing an offer, sometimes dragging your feet on an offer can be just as detrimental. It’s important to be careful in your decision, but waiting too long gives time for another potential buyer to scoop up the opportunity, not to mention how time-consuming and routine-disrupting house shopping can be. If you are self –employed, the longer you shop the more you are disrupting your valuable time and money.

Mistake 8: Offering Too Much

In a situation where there are multiple offers on a listing, it’s easy to get sucked in to a bidding war, or try to pre-empt a bidding war by offering a high price in the first place. There are potentially a few problems with this. First, if the house doesn’t appraise at or above the price of your offer, the bank won’t loan you the money unless the seller reduces the price or you pay cash for the difference. If this occurs, the shortfall on your offer as opposed to your mortgage will have to be paid from your pocket. Secondly, when you decide to sell your house, if the market conditions worsen or are similar than when you first purchased, you may find yourself upside down on your mortgage and unable to sell. Be sure that the purchase price for the home you buy is reasonable for both the house and the location by comparing recent sales in the area and speaking to your real estate agent before making the offer.

Conclusion

It is perfectly natural for emotion to come into play when looking for a home. It’s exciting. Buying a house is a big decision and is exactly why there must be rational decisions made rather than getting caught up in the notion of a dream home. Take your time, overcome the emotions and ultimately make a home buying decision that‘s good for your finances, feelings and future.

$28M Toronto Condo sets Canadian Price Record

An international buyer has paid $28 million for a penthouse suite at the Four Seasons development in Toronto, the highest price ever paid for a condo in Canada.

The unnamed buyer stepped up with the eye-popping bid for the suite, which sits atop the 55-storey West Residence building in Toronto's tony Yorkville area. The suite has 9,038 square feet of living space and offers a panoramic view of the city with 3.6 metre ceilings and four terraces.

It also comes with separate quarters for household staff.

The building is 85 per cent sold, developer Alan Menkes said. Prices in the 210-residence building start at $1.9 million for a 1,000-square-foot condo. First occupancies and the opening of the adjacent hotel are expected in the summer of 2012.

"The discerning international buyer of the penthouse suite was attracted to all that this landmark project has to offer," Menkes said, while declining to name the buyer.

Former BMO president Tony Comper used to hold the record for the most expensive condo in the city, laying down $15 million for the penthouse on 1 St. Thomas Street several years ago. But that was eclipsed by the $20 million billionaire Alex Shnaider reportedly paid for the penthouse at the yet-to-open Trump International Hotel & Tower.