- Is owning an investment property in Brentwood, California profitable?
- If you are thinking of buying in Coaldale, BC, this post will help you find “the deal” while getting some insight into the community and market conditions that exist today. So grab yourself a cup of coffee and get ready… because I am going to teach you everything you ever wanted to know about investing in this beautiful region. We can be found on Facebook, Instagram, LinkedIn, and YouTube.
Home to thousands of newcomers and retirees alike, Coaldale real estate prices offer great value and an excellent location. Coaldale sits just west of Hope, Abbotsford and Mission making commuting relatively painless. If commuting isn’t already part of your life, that will become necessary sooner rather than later once you decide (or someone else makes it known!) that you would like to buy property in this area. Being situated approximately 45 minutes away from Vancouver International Airport, commuters will always feel well placed to travel back to work, school, friends or family should necessity dictate. And since you will most certainly want to stay close to family during these early stages of life, proximity to schools is a given factor.
Coaldale has numerous housing types available including single detached homes, semi-detached homes, townhomes and condos. Condos tend to run around $300K-$400k depending upon size and style with average resales being around 5 years old. Single detached houses can vary substantially in price but often fall below and even sometimes above $200K which could include upgrades beyond cosmetic changes. Both styles generally vary in terms of square footage which tends to range anywhere from 1,000 sqft to 2,500 sq ft; however larger floorplans are becoming common with increasing numbers of people opting for smaller living spaces. Townhome options typically sit in the middle ground offering 3–4 bedrooms combined with large rooms, good storage space and walkable distances from neighbours and other amenities, plus the ability to expand. Homes under 500sq ft are highly sought after by investors due to demand and affordability concerns in the market. However, they aren’t necessarily the easiest entry point as many buyers overlook them until they come across something that fits better. And finally there are multi unit developments such as condominium ‘flats’ which allow individuals to purchase multiple units in a complex. All forms of property ownership provide different tax benefits for homeowners as well as potential opportunities to increase cash flow through rental properties.
[IMAGE: A typical example of what the inside looks like of an attached house.]
[IMAGE: Typical view of a typical interior layout of a small apartment unit.]
[IMAGE: Typical views of a bedroom & bathroom]
[IMAGE: Typical kitchen / laundry facilities located in typical buildings.]
[IMAGE: Typical exterior building design.]
In summary, Coaldale offers affordable luxury and is surrounded by stunning natural beauty. While many new residents enjoy spending hours outdoors hiking trails, biking paths and enjoying nearby lakes and beaches, Coaldale also provides urban experiences with shopping malls, restaurants, grocery stores, movie theatres, golf courses, gyms, fitness centres and so much more. There is no shortage of entertainment and leisure opportunities either. For those...
- New Home Brentwood Buying 101
- In case you haven’t realized yet, I am a real estate guru around Vancouver, Canada. And this article in particular is going to be dedicated towards helping people buy or sell homes in Brentwood bay.
I will help you understand the market like no other. My years of experience will show you which neighborhoods offer the most value, and which communities are still affordable while providing great schools. We can cover almost every neighborhood and school district, regardless of price point. That way you can get a complete picture of the area without being locked into anything specific. For example, we would love to talk through your needs and concerns with you as well. Maybe you just moved to the neighbourhood recently and feel overwhelmed by everything. Or perhaps you have already purchased elsewhere but wish to learn more about some new options in the area. Whatever your situation, the team at RE/MAX Crest Realty Group & Luxury Homes are ready to assist you.
If you own a property currently, then check out my tips below and use them to see whether or not you should keep hold of it or move. If you're considering selling, contact me today because you'll find many buyers searching online who wouldn't normally come near your house otherwise! Feel free to send us details of your current home along with images of what makes it special and unique in order for us to assess exactly what value it could possibly bring in the hands of someone else. I promise you won't regret having us represent you either.
First things first — a little history lesson for those of you reading for the first time. In 1992, Brentwood Bay was recognized as BC's premier residential community. But since 2008, the economy collapsed and the market crashed leaving thousands of homeowners underwater and stuck paying tens of thousands of dollars monthly payments until they sold. Since then, the housing market is slowly starting to rebound. There is tremendous excitement among both local residents and potential buyers alike to take advantage of the opportunities. So what does this mean for you? Well…it depends entirely upon what type of person you are. If you've owned a house long term and aren't willing to consider moving anytime soon, then you definitely stand a good shot at keeping whatever your holding. If however, you're thinking about downsizing and moving into something smaller, then it's probably worth putting down a deposit and checking availability in surrounding areas while waiting for prices to drop further than the average range you originally had planned on. After all, there is nothing worse than getting excited only to realize that houses in the same vicinity are priced too high for your liking. Either way, let's dig deeper and figure out what really drives the demand for different types of properties.
What type of buyer are you right now? Do you live close enough to work downtown? Is this ideal location perfect for entertaining family and friends? Are you working remotely? These factors matter when determining your preference for living in a certain place.
So let's go ahead and dive right in and explore the neighbourhoods together. Here's a quick overview of our top recommendations if you'd prefer to read straight away rather than scroll through each section individually. First thing's first though, let's begin by outlining the characteristics of a "good" neighbourhood and why it...
- When buying a new home in California follow these steps
- In order to help you get started getting ready for life after work I am going to show you my favorite method for finding a home by listing some things first. Then once you have everything lined up I will explain the entire buying process including financing options, real estate agent recommendations and closing costs. So to start this journey we should begin with “what do we actually need?”
This would include:
Home Price Range: $500K$750k
Location & Amenities: A great location, good schools, close proximity to amenities like restaurants, shops, grocery stores and other services; great parks or walking/biking trails near by, etc.
Square Ft Requirements: At least 1000 square feet per bedroom (1500 sq ft recommended), 1 parking spot required outside garage. If you have less than 1500sqft feel free to upgrade. More bedrooms equal bigger living spaces.
Style Preferences: Do you prefer modern design vs traditional/colonial, rustic style, contemporary etc.? Some people love the idea of having old world charm but just want something clean and updated.
How many baths? 2+ Bathrooms=Better Value
Is There Enough Space For Kids?: Children are the most precious thing we own therefore making them happy is extremely important! We recommend at least 1200-1400 extra ft^2 above minimum space requirements.
Do you want to be able to cook healthy foods: Cooking meals shouldn’t cost a lot of money nor take long hours; cooking healthier food is easier said then done because sometimes it takes awhile until you see tangible results.
Does it have a deck that looks outdoorsy? Outdoor decks are often overlooked, while having outdoor entertainment systems such as speakers is a MUST HAVE!! (see below). Having an indoor gym is nice, but nothing beats being comfortable relaxing while enjoying a view of nature.
What Is Your Budget? As stated earlier, living in Canadian Real Estate is expensive. Our suggestion is around 50% down payment along with 30% mortgage insurance; however, we encourage you to always check rates and terms on offer sheets.
So how does this translate into what type of homes that are available? Well first let's talk a little bit about the types of home styles in Brentwood bay. Here are 3 of the different home styles currently available in Brentwood Bay, BC according to Zolo Properties.
MODERN RUSTIC COLONIAL Traditional Single Family House The main difference between these 4 different house styles is they range from older, newer and custom built houses. Each house typically differs slightly in size depending on what you are willing to pay for; each style offers unique benefits and disadvantages to its residents.
Most buyers fall somewhere between these extremes; a large part of the decision factor usually boils down to whether you're okay living small or big.
Now back to the question of "how?" When choosing which area to purchase, consider asking yourself some questions based on location and price points to determine what type of lifestyle fits your taste better. Also keep in mind how much you earn, what you'll spend on commuting to work and what your children will need in school.
After deciding on a primary dwelling, the next step is to investigate condos. Living in condos gives...
- How to find Your New Brentwood Home or Condo
- Brentwood Bay is Alberta’s newest community located near Okotoks just west of Calgary. With a population estimated to be around 16,000 this suburban city offers plenty of amenities like parks, schools and retail shopping options nearby. Also on offer is a strong sense of community spirit because many area residents come together for regular sports events, special festivals and other local festivities throughout the year — making for great family fun!
As with most areas outside major urban centers across Canada, real estate prices in the Brentwood Bay region remain high. According to RE/MAX Advantage the average price per square foot of single family homes was $385 CAD as of August 2019 while condominium market activity remains healthy.
In fact, sales numbers in the first half of 2019 indicate continued demand for both residential and commercial properties in the area. For example, total inventory dropped approximately 20% during the same period, which indicates that buyers continue to find homes they love in Brentwood Bay but are finding competition due to higher property values. However, sellers who sell quickly will get top dollar for their properties while the longer a listing sits on the market, the less value the seller gets paid.
If you are thinking of buying, selling, renovating or building in Brentwood Bay, I would encourage you consider working with me during these exciting times in order to ensure you enjoy positive outcomes for your purchase or sale. Here are my tips for getting ahead of the game in terms of securing your dream location:
1). Understand Your Needs:
Make yourself educated on what exactly you need in your next rental or primary residence. Is it proximity to work? A good school system? Close to recreational opportunities? Do you simply want something affordable or do you prefer luxury digs? Make a checklist of your must haves and then prioritize accordingly.
2). Find Out About The Current Housing Inventory:
This step seems obvious yet sometimes people skip it completely. Most brokers and agents are good to help educate potential clients on current conditions in their neighborhood. They often hold ‘open houses” where they showcase available listings for their customers to tour. These types of interactions provide some valuable information but most importantly let you hear what is going on among brokers, agents and vendors themselves.
3). Research Property Prices & Sales Numbers:
Real estate investors should pay close attention to trends in prices and volumes of sold properties as well as recent changes in supply. As you research what’s currently active for sale in your desired neighbourhood, check for signs and signals that could signal a shift in values soon.
4). Use Technology:
Technology helps us connect and communicate faster than ever before which makes life easier overall. If you intend to buy a house, use websites like MLS® Systemwide Search that allow you to enter specific address parameters. This tool gives you an accurate report including recent sales history, property tax records along with lots of other useful info to help you decide whether investing is worth pursuing further.
5). Hire An Agent Who Knows Their Business:
Don’t skip this final piece of advice. Whether you opt for an exclusive agent, buyer broker or full service agency, having someone to negotiate and advocate for you through the entire transaction is vital to...
- Why is California's Real Estate Market Booming?
- New homes and condos offer great value but they come with some risks too. If you purchase a new construction property now it will take longer than you probably expect for the project to be complete.
This makes sense because building costs continue to rise along with construction timelines which typically increase every year. However, this situation does not mean you should pass up buying a new home completely just yet. Instead, consider waiting until the market cools down again then invest in properties where completion times are short and prices remain stable for years to come.
Here’s why I believe 2018 was a bad year to buy real estate in Canada;
1. Interest rates hit rock bottom: In October, Bank of Canada raised interest rates twice. We saw the first rate hike on September 21st after five consecutive hikes since July 2016. On December 12th, bank cut the benchmark lending rate 1/4 percentage point. Investors started pouring $16 billion worth of cash back into savings accounts while buyers looked to lock themselves into long term mortgages.
2. Mortgage rules get stricter: New regulations came into effect January 3rd 2019 that force borrowers to prove income stability before getting approved for mortgage insurance. These changes made loans harder to obtain. Borrowers often find that once they submit the documents needed to qualify for a loan, lenders approve them quickly anyway. This meant the supply of available listings went up dramatically. Prices dropped slightly due to less inventory though most sales still took place above asking price. As demand increases, the price will go skyrocketing soon. For example, according to RealtyTrac, average days on market have increased 5% during the last quarter. So if sellers aren’t accepting offers below listing price, it could lead to higher prices in the near future. Also, new regulations put pressure on appraisers across North America, resulting in fewer sales and lower overall numbers on MLS® reports.
3. Lenders tighten borrowing standards: A few big banks decided to raise minimum credit scores required to apply for financing. They did not announce specific thresholds but said applicants would only receive approval if their score met a certain level. Many Canadians will see these actions hurt them further down the road especially those who rely heavily on debt like personal lines of credit. Some people believe Canadian regulators have already adopted a more pro-investment stance than other countries around the world, making it easier to borrow money. But in truth, things are still tight. Banks are reluctant to lend to riskier customers because they fear losing potential profits.
Now it is time for me to reveal another reason real estate prices rose sharply in Canada this past year. It wasn't a secret anymore, the government finally acknowledged and addressed rising land values. Last spring, Finance Minister Bill Morneau released his own report titled "Assessing Real Estate Markets." Mr. Morneau pointed to high house prices in recent years as “a significant challenge to achieving full employment.” He explained that housing prices had grown faster than incomes in many markets and he blamed soaring prices in Vancouver for holding back economic growth. His solution was to propose measures designed to reduce speculation and stabilize prices.
Mr. Morneau proposed several solutions including: increasing taxes on foreign purchases of Canadian houses, reducing...
- New Construction Investment Opportunities in Brentwood California
- Brentwood Bay real estate market history
Coaldale real estate has been experiencing significant growth since 2016 and many investors see great potential opportunities for this community.
In 2017 the population of Coaldale had grown 8%, which was higher than Canada and BC average increase rate. Over the next 10 years, according to Statistics Canada projections, Coaldale will experience faster population growth than other cities across the country. From 2011 to 2015, Coaldale recorded a 7% increase in median house price per square foot, while Vancouver only experienced 2% increase. From 2012 to 2014, Coaldale saw 3 consecutive quarters of strong gains in housing sales volume.
From 2013 onwards, residential building permits grew consistently every quarter until 2018, when they peaked at 527 units. As of 2019, Coaldale continues to be experiencing high demand. A total of 20 projects ranging from single family homes to townhouses have already received approval.
What makes the city attractive?
One thing that draws people to live in or invest in Coaldale is the proximity to Whistler Blackcomb mountain resort, making the area ideal for outdoor recreation enthusiasts. Also, residents love living close to shopping centers and schools. Many new neighbourhoods have opened such as the Village Green development just outside of downtown, and nearby amenities include golf courses and fitness facilities. People like being able to walk to shops, restaurants and recreational facilities without having to pay traffic costs or drive far away.
To learn more about investing in Coaldale, follow us on Instagram @xondobcbc.
[IMAGE: Image showing location map of Coaldale, B.C.]
- Examining Real Estate Market History in California
- If you are planning the purchase of a new development property in Canada, then you will most certainly face several roadblocks.
While some people get lucky and find themselves getting approval quickly, this is rarely the case for everyone buying a new home in a newer community.
This article covers everything you need to know about the typical timelines for applying for financing on a project in the Canadian market today.
1. Who Approves Your Financing For A New Development?
When I am speaking with developers across North America, they generally say that 90%+ of borrowers go through traditional banks.
Banks are responsible for approving financing on individual properties while they work with builders on various types of loans. Banks typically look to see whether you meet certain performance criteria which include being able to service the loan payments along with having sufficient funds available after paying back the bank. They take many factors into consideration including credit scores, income levels, debt ratios, asset values, and other relevant financial information. These same lenders and bankers have specific guidelines regarding who gets approved for a mortgage and these rules are different for each lender. Generally speaking, the lower end of the scale includes those earning less than $50 000 per annum, with no existing mortgages or negative equity, and little or no history of missed payments. At the high end of the spectrum are those making close to six figures per year, living far away from their current homes, have significant amounts of accumulated wealth, and/or own multiple properties.
2. Mortgage Types Available Today
Lenders offer a wide range of products which provide varying degrees of risk protection. There are five basic types of mortgages available and depending upon the type you select lenders will vary the interest rate they charge you. The main differences tend to lie around the term of the contract and the level of borrower protections offered. Here are a few examples of common terms and rates provided by the big four banks in Canada.
Fixed Rate Mortgages – Lender offers a fixed rate for a given period, usually 3, 5, 7, 10, 15 years but sometimes 30+. With this product, you lock yourself in to a certain interest rate until the maturity dates stated above. Fixed rates often carry higher costs because the lender requires a down payment amount that is significantly larger than variable rates to protect against declining real estate prices and rising inflation.
Variable Rates– Lender provides a variable interest rate which often changes during the life of the mortgage. Variable rates come with monthly savings over a fixed rate, although there are times when the difference is minimal due to periods of extremely strong economic growth, thus reducing the value differential.
Adjustable Rates– Adjusting interest rates automatically adjusts every 12 months or so (depending upon the terms of agreement). While adjustable rates are commonly associated with subprime lending, you still need to be careful because they can trigger automatic early renewal clauses, especially with long term contracts. Also note that ARMs require large deposits upfront because of increased risks involved with them. If you default under a standard ARM, many lenders won’t release your title. However, with subprime ARMs, your title could possibly become unsecure. Additionally, subprime ARMs often involve balloon payments in place of regular repay...
- Getting approved for your New Home Purchase in Brentwood, California
- Brentwood Bay Real Estate Price Trends. Brentwood Bay real estate prices increased by 11 per cent in 2019 compared with 2018.
In 2019, average resale residential property sale price was $1,566,000 in Brentwood Bay.
Average condominium unit sold during January 2020 reached an impressive $636,200.
If you are planning to buy another house or condo this year, then you should consider buying a single family detached house first because average resale price of condos has exceeded single family homes by 14% in Brentwood Bay.
[IMAGE: A photo of houses for sale near Calgary.]
Home Buyer's market:
Currently, housing markets across Canada remain quite strong, but especially in Western Canada including BC and Alberta. Housing inventory levels continue to decline as many buyers opt to purchase rather than rent. Low interest rates combined with attractive monthly payments mean homeownership remains a good choice whether they intend to stay in place long term or relocate at some point down the line. The main factors impacting affordability include rising land costs, lower mortgage rates and favourable government policies which support increasing supply and limiting speculation.
Rental Property Investing Opportunity:
Investing in rental properties, particularly multiunit dwellings, continues to be an excellent way for investors to diversify both income streams and capital gains while offering the possibility to increase cashflow through tenant improvements and/or repairs as necessary. However, investor confidence has decreased due to tighter lending standards for conventional mortgages leaving fewer options available. While interest only loans may offer the flexibility required to invest in high ticket items such as appliances, renovations and landscaping, most lenders will insist on fixed rate mortgages to offset default risks associated with rentals.
[IMAGE: Stock Photo of Rental Condo for Sale]
Taxation impact: As always, taxes play a critical role in determining whether investing in real estate makes economic sense. For example, Alberta residents pay 0 percent tax on nonresidential property sales whereas British Columbians receive a 20 percent rebate. Nonresidents selling homes outside Alberta must report and pay federal GST. There are additional provincial taxes depending upon residency status. If you're considering moving permanently to Brentwood Bay or other locations listed below, it's worth noting the difference in income tax rates. [SECTION TITLE: Tax implications]
Kootenay Rockies & Kootenays, West Kelowna, Vernon Valley, Golden Ears Provincial Park, Lake Country, Banff National Park, Jasper National Park, Yoho National Parks & Mt. Revelstoke National Park, Fernie Alpine Resort, Kimberley Mountains & Mount Assiniboine Provincial Parks, Cranbrook & Big White Ski Resorts, Radium Hot Springs Area
Single Family Detached Homes, Townhomes, Duplexes, Fourplexes
Building Size or Square Footage:
Up to 500 sq ft | 591 sq m; Up to 1,500 sq ft | 928 sq m; Over 2,001 sq ft 1052 sq m
1951, 1967, 1981, 1994, 2000+
Bedrooms Range From:
- What makes Xondo California's Most Convenient New Condo/Home Buying Platform?
- XONDO is a real estate brokerage company located in Edmonton, AB since 2012 offering buyers, sellers, investors and developers across Canada access to property listings, search tools and services through web, apps and mobile devices.
In fact, the first step toward buying a house anywhere requires no personal credit history checks or proof of income, thus making this service appealing to anyone who wants to buy a home without having to worry about financing problems. All properties listed on XONDO are provided exclusively by trusted local vendors and brokers in every province across Canada, allowing potential homeowners to use multiple search criteria while searching through hundreds of available properties simultaneously. We aim to provide Canadians with unbiased information regarding mortgages/loans, insurance and all other necessary requirements towards securing a purchase. From a buyer’s perspective, they will be able to see detailed photos and floorplans of newly built homes and condos as well as learn about amenities inside these developments. They will also receive comprehensive reports after each transaction detailing any costs involved before closing day, along with relevant statistics related to the type of loan used and other relevant financial terms. Sellers gain exposure via premium listing options which include online virtual tours, 360 panoramas, and video demos for added credibility and visual appeal.
We realize that most people simply desire to find affordable housing quickly—not necessarily the best deal. Thus, we created XONDO Homebuyer Plus™ to cater to those wanting to save some cash. Not only does this package offer a lower down payment amounting to 10% of the total cost, but it includes a unique mortgage program called Homeowner Advantage® whereby borrowers pay 15 per cent less than regular lenders on qualifying purchases. Additionally, owners earn 5 points per $1 spent for up to 2 years using XONDO Rewards Credit Card®, with annual rewards ranging from 1 to 3 percent.
Home Buyer Package Benefits: Low Down Payment – 10%, Reduced Interest Rate – 4%, Exclusive Mortgage Program – Homeowner Advantage® - 15 Per Cent Discounted Loan Amount - 2 Points Earned For Every $1 Spent On Your Purchases Up To 2 Years Using XonDo Rewards Credit Card®, Annual Reward Range Of 1%-3%.
- How Xondo makes Home Buying & New Construction Investing in Brentwood Easy?
- We understand that buying property isn’t always fun, but it can be exciting as well. We have put together this comprehensive guide to help you through a home purchase, whether for yourself or a family member.
In this post, I am going to cover the following topics.
How Do Buyers Find Properties Online?
Home Inspection Tips
Property Search Tools
Finding Your Dream House
What Is My Budget For A Down Payment?
Should You Rent Or Own?
When Should You Move Out Of An Rental And Into Your Permanent Residence?
Home Financing Options
Which Mortgage Option Works Best For Me?
Mortgage Refinance Vs Purchase
How Can I Get Preapproved On A Loan?
How Long Does A Typical Real Estate Transaction Take?
Where Will My Closing Date Be Located At?
What If I Have Trouble Finding A Realtor?
What Is Required Documentation?
Do All Agents Carry Insurance?
Is A Broker Needed During The Sale/Rentals Process?
Can Anyone Sell Their Current Home Without Having To List First?
Are There Any Other Homeownership Related Questions I May Not Think Of Right Away? Feel Free To Ask Below!
I would like to thank my fellow blogger @realestateinvestor_joey for providing his expertise and knowledge on this article! Check him out below!
- How To Make Money On a New Home or Condo Purchases in Brentwood, California
- This article provides current information regarding new homes/condos purchases and real estate investing opportunities in Brentwood Bay, British Columbia. For those who are interested in a high quality lifestyle while making good returns, this community offers excellent housing options which include single family detached houses and townhome developments. These properties offer great value due in part because these neighbourhoods typically sell quickly once they hit full price which makes them attractive buying opportunities for investors. There are many other benefits to living in this neighbourhood including proximity to schools, parks, recreation, hospitals, shopping centres, grocery stores, restaurants, entertainment and transit routes.
One key advantage to investing in a newly constructed property is that you can expect higher appreciation rates on newer properties versus older properties which will help offset some of the initial purchase cost. Also, since most properties come equipped with builder warranty coverage, you could potentially be able to avoid having to buy additional insurance. Lastly, you won't face the same issues that arise from renting a rental unit such as vacancy periods, maintenance fees and repairs costs.
In summary, investing in newly built/newly constructed homes is highly recommended as a way to get started in investing. As long as you keep your expectations realistic and invest accordingly, I believe you'll find investing in new homes or condos to be quite rewarding especially considering the fact that many people today struggle financially and this type of investment opportunity often offers solid financial rewards. If you're planning to invest in a newly constructed home or a multiunit development, consider starting small by choosing a smaller sized unit (for example 1 bedroom or 2 bedrooms). The size of a property will generally determine the amount of rent that's generated each month. The bigger the house or building the larger rent amounts will produce. Another thing to remember when deciding on a unit size is the location of the unit relative to the main entrance of the building. A front facing unit would generate greater yields than a back facing unit given the traffic patterns that exist in this area of North Vancouver.