June 2017

Two times appraisal in the new uncertain condition of Real estate market

chengparhamrealty BLOG June 17, 2017June 17, 2017apartment, appraisal, aprraiser, bc, building, canada, condo, Down Payment, Housing, iran, iranian realtor, Loan, market, north vancouver, real estate, Vancouver

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

Claudio Polito, a Toronto appraiser and principal owner of Cross-town Appraisal Ltd., says lenders basing mortgage decisions on value, as opposed to income and credit history, are really trying to stay on top of a market that appears to be changing rapidly.

By his estimates, prices in the Greater Toronto Area have dropped anywhere from five per cent to 15 per cent over the last 30 days. The next set of statistics from the Toronto Real Estate Board are due out Monday and will mark the first full month of data since provincial changes to cool the market that included a tax on foreign buyers.

“Lenders I deal with they want to know if your property is still worth $1 million if they are loaning you say $650,000,” said Polito. “They don’t base it on anything else. We have to be precise because it’s not a bank, (smaller lenders) can’t afford to lose a dollar.”

It wouldn’t be the first time, appraisals have lagged purchases prices — a phenomenon that previously caught some Vancouver buyers by surprise when it was time to close.

Leasehold Home, Pros & Cons!

chengparhamrealty BLOG June 13, 2017June 17, 2017affordable, amortization, buying, cons, Home, lease, leasehold, property, pros, real estate, rent, Vancouver

With Vancouver’s scorching home prices not looking like they are cooling down any time soon, many people may be turning to the seemingly more affordable option of a leasehold home. So when – if ever – is a buying a leasehold a good move?

As with any home purchase, it’s all about defining what you want to achieve out of home ownership.

A leasehold home, she explains, is where you own the home but not the land it stands on (or share of the land, in the case of a strata unit). That makes leasehold units more affordable than freehold homes as much of the cost of homes is in the land. But it also means that the landowner charges rent for the land and, even though many leases are pre-paid, the cost of renewing that lease could potentially be extremely onerous.

Answering a listener question on the latest Real Estate Therapist show on Roundhouse Radio, about whether she recommends buying a leasehold home on False Creek as an affordable option.

If it’s purely about lifestyle, you want to have that great location, a waterfront home that you wouldn’t otherwise be able to afford, then maybe leasehold is right for you.

“But if you’re, say, a young couple getting married, maybe there are kids in the future, if you buy a leasehold, you don’t have a legacy to pass on to them.”

Cambie Corridor will have 11,500 New Homes; City says

chengparhamrealty BLOG June 13, 2017June 17, 2017cambie, city, condo, corridor, design, Home, Housing, market, phase 3, properties, real estate

Huge vision for Cambie Corridor’s Phase 3 will focus on rental housing, townhouses and row homes

The draft plan is the City’s first to introduce below-market rental housing as part of its housing policy. Of the 11,500 new homes planned, more than 4,000 are intended as “affordable” homes, including social and rental units linked to residents’ incomes.

“The third phase of the Cambie Corridor Plan is the first of many exciting steps that puts the City’s Housing Strategy into action with vision for the neighbourhood that delivers a housing mix that meets peoples’ needs,” said Vancouver Mayor Gregor Robertson. “I’ve heard loud and clear that people want a mix of housing – rental, townhomes and row houses – near schools, parks and transit in Vancouver’s low-density neighbourhoods. This plan for the Cambie Corridor provides that and more.”

Real estate market makes appraisers for 2nd appraisal

chengparhamrealty BLOG June 1, 2017June 17, 20172016, apartment, bc, building, canada, Housing, market, real estate

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

Claudio Polito, a Toronto appraiser and principal owner of Crosstown Appraisal Ltd., says lenders basing mortgage decisions on value, as opposed to income and credit history, are really trying to stay on top of a market that appears to be changing rapidly.

It wouldn’t be the first time, appraisals have lagged purchases prices — a phenomenon that previously caught some Vancouver buyers by surprise when it was time to close.

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

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With Vancouver’s scorching home prices not looking like they are cooling down any time soon, many people may be turning to the seemingly more affordable option of a leasehold home. So when – if ever – is a buying a leasehold a good move?

Share this:

Huge vision for Cambie Corridor’s Phase 3 will focus on rental housing, townhouses and row homes

Share this:

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

Share this: