Author: Mayur Arora

If you’re in the market for a condo in the lower mainland’s Richmond area, there are five tips to consider before you start looking:

Find the Right Realtor®

Obtaining the assistance of a professional Realtor® will help you navigate the potentially complicated waters of Richmond condo ownership and since the seller pays the commission, it won’t cost you anything. As a homebuyer, you have the advantage of choosing a discount Realtor® that offers additional services. One Flat Fee, for instance, provides a cash back service that provides the homebuyer with either 25% or 50% of the commission. Why NOT use the service that gives you cash back upon possession? Avoid paying a higher price due to traditional real estate commissions and find yourself the best deal.

Spend Time in the Neighbourhood

Richmond is home to a large variety of communities, including Tucks, Bridgeport, Burkeville, Thompson, Minoru Park, Brighouse, Broadmoor, Southarm, Hamilton, Steveston, Seafair, Crestwood, Golden Village, Sea Island, Iona Island, and Fin Slough. It’s best to spend time in each neighbourhood and different times of the day and evening to make sure you really have a feel for how you like the area. You may also want to visit the local establishments, do a bit of shopping, and check out the restaurants and entertainment options in your preferred area.

Purchase the Best You Can Afford

Because studios and one-bedroom suites are more difficult for resale, you will do better if you find a 2-bedroom condo. Other things to consider are the location (ensure your suite isn’t looking over the garbage bins), the visitor parking, the condition and aroma of the lobby, accessibility, proximity to laundry and elevators, view, parking, and any additional perks included within the strata fee, like building maintenance, a shared rooftop patio, or concierge.

Check Out the New Developments

With the rate of new buildings going up in the lower mainland area, it’s best to keep up-to-date with exactly what’s out there! Richmond, for instance, is home to developments like the Poloma, Mandalay, Cannan Place, Harmony, River Park Place, The Gardens, St. Albans, The Gilbert, Emerald, Saffron, Monet Condos, Nova, Condos, Carrera, Artisan Townhomes, Bravo Condos, Ora, Camber, Cadence Condos, CCM Tower, Quintet Grand Estates, River Green, Riva, Concord Gardens, Whiteside Gardens Townhomes, South Arm Gardens, Broadmoor Gardens, Harrington Court, Cavatina, The Pier at London Landing, and Southpoint Cove.

Seek Financial Qualification

The last thing you want to do is expose yourself to properties that are way over or way under your range. Visit your bank, credit union, mortgage broker, or alternative lender and get pre-approved for your financing, saving you time in the long-run with a more efficient and targeted search. When you crunch the numbers with your financer, you’ll also want to take into account any funding needed for closing costs, moving, land transfer tax, and lawyers’ fees.

Surpassing Vancouver and all other lower mainland real estate communities, Surrey is once again ranked as the top area for British Columbia real estate investment, as reported by the Real Estate Investment Network (REIN). In fact, Surrey has topped this list for the fourth year in a row, while Vancouver fell off the list for the first time in five years.

This ranking was reviewed in REIN’s 2013 report on BC’s 10 best investment towns. The report is released annually and takes into consideration, factors like location, population, income, market trends, economics, infrastructure, and political landscape. REIN also cites research methods that include analysis of the latest statistics, economic and social trends, and on-the-ground reports from REIN’s research staff and members, including reports from organizations like the Canadian Mortgage and Housing Corporation, Statistics Canada, MLS®, Canadian Home Builders Association, city and regional real estate boards, and local economic development offices. REIN is Canada’s leading resource center for real estate investors.

The primary reasons Surrey is a great place for real estate investors who intend to rent their properties for revenue are population growth, job growth, and affordable real estate, while Vancouver is said to have dropped of this list because of its more expensive real estate prices.

Surrey is on track to become British Columbia’s largest city, as its population currently exceeds half a million with expectations to expand to 740,000 by 2041, which will substantially increase demand for rental units in the Surrey and South Surrey areas.

Another factor that influences Surrey real estate is the expanded 10-lane Port Mann bridge, which makes commuting faster and easier, as well as the new South Fraser Perimeter road, which is ready to serve companies in the transportation and distribution industries. Additional projects nearing completion include the Surrey Memorial Hospital expansion, and work to the city hall and civic plaza. New developments are also on the upswing, with Century Group’s

For homebuyers looking to buy a home in the South Surrey neighbourhood, there are many sub-neighbourhoods to consider within South Surrey – South Surrey is home to a diverse mix of urban and suburban real estate, with much variety in its areas.

South Surrey, which borders White Rock (which many actually consider a part of South Surrey) has the largest concentration of persons of the age of 60 of all Surrey’s town centres, and also includes such neighbourhoods as Crescent Beach, Ocean Park, Crescent Heights, Johnson Heights, Sunnyside Park, Elgin, Chantrell, Morgan Creek, King George Corridor, Grandview, Pacific Douglas, and Hazelmere. With treasured national features, such as Serpentine Fen Natural Reserve, Sunnyside Urban Forest, and Redwood Park, South Surrey not only contains a diverse selection of neighbourhoods, but also provides its residents with natural beauty and resources without having to leave the South Surrey area.

The South Surrey area is growing, with the City implementing the most comprehensive capital projects plan in Surrey’s history. Because of South Surrey’s continued growth, the City of Surrey is implementing the Build Surrey program of capital projects to position South Surrey for a prosperous time. Over the next six years, new projects will be built in South Surrey to make the South Surrey area more exciting, with world-class facilities.

South Surrey is home to a strong, growing local economy thanks to its thriving business community that’s taken care of by the City of Surrey’s various initiatives to help economic growth. South Surrey businesses make a significant contribution to South Surrey’s economic health, local job creation, and quality of life.

One Flat Fee provides full service real estate services to the lower mainland, with a special focus in the South Surrey area and a comprehensive collection of South Surrey real estate listings. Because of the diversity within South Surrey, you can choose from a condo, townhouse, or house, with a wide range of choices within this property selection, whether you want a luxury home, retirement home, family home, commuter condo, or first time owner townhouse.

One Flat Fee’s South Surrey listings include listings in such new developments as Park Avenue Condos, 3 Civic Plaza, Ultra, Holland Pointe, One Park Place Central City, Two Park Place Central City, Emerald Heights, Verve, Edge Condos Surrey, Ethical Gardens Condos, Connect Condos, Guildford Greens, G3 Residences, Bishop Creek, Wave Condos, University District, The River Surrey and more.

Buying a home in South Surrey not only gives you the benefit of a wide range of property types and neighbourhoods, but because of One Flat Fee’s South Surrey specialty, homebuyers also have the benefit of using this discount Realtor® service via cash-back purchases. When you buy a home with One Flat Fee, the homebuyer receives 25% or 50% of the commission earned upon closing – for example, a home for $650,000 would produce either a $2,386.25 (25%) or $4,772.50 (50%) cash back advantage, paid upon possession of your new home. Why not start with One Flat Fee’s comprehensive South Surrey listings and get that cash back deal, giving you the budget for extras on your new South Surrey home!

Vancouver and the surrounding lower mainland are home to a unique eco-system in the real estate industry due to a variety of factors, including International buyers. Moving to Vancouver can be daunting, as the areas vary greatly, and it can be overwhelming to find a home or Realtor® in a desirable area without paying a huge commission to a traditional Realtor®.

How to Find a Realtor® in Vancouver

Choosing the right Realtor® is a very important component of the real estate process. Because a new listing is only hot for about weeks, when it gets stale, potential buyers overlook it. An older listing also indicates that there could be something wrong with the property and dissuades potential buyers from making an offer. Choosing a good Realtor® that knows the ins and outs of Vancouver’s and the rest of the lower mainland’s real estate industry is absolutely essential for either the buyer or the seller.

Discount Realtors® are an especially solid choice for buyers, because they deal in higher volumes than traditional Realtors®, and often offer special deals. One Flat Fee offers cash back for buyers, as well as a variety of agents to choose from, all who deal with higher-volume sales – so they know which properties are hot – and which are not!

Choosing a Top Realtor® in Vancouver

One Flat Fee has the goal of making this the one-stop-shop for all real estate needs, providing MLS® and MLXchange® listings, full-service, flat fee real estate services, and everything else you need to buy or sell your home. Mayur Arora of One Flat Fee is ranked Number 2 Realtor® for Sales in Greater Vancouver in 2011.

Property Prices in Vancouver and Lower Mainland Areas

Ensure that you are aware of property prices in Vancouver and the lower mainland areas. Besides using MLS® and realtor.ca to discover pricing in different lower mainland areas, you can also use the data and statistics found through the Real Estate Board of Greater Vancouver (REBGV). The REBGV publishes a variety of comprehensive real estate data accessible to the public, including news releases, monthly statistical reports sorted by month and year, MLS® Home Price Index including HPI methodology, and Listed vs. Sold data sortable by area and property.

The following is a graph depicting detached listed vs. sold price differences in Vancouver West:

The following is a graph depicting detached listed vs. sold price differences in Burnaby:

The following is a graph depicting detached listed vs. sold price differences in Richmond:

In the above graphs, “units listed” refers to the number of homes listed for sale in that month, “units sold” refers to the number of homes sold in that month, and “active listings” refers to the number of homes listed for sale in that month plus the number of homes previously listed that haven’t sold yet.

By selecting the right Realtor® and using all available tools, your move to Vancouver should go as smoothly as you want it to!

Are you still paying rent? Time to get out of the renters’ mindset, stop paying thousands upon thousands of your landlord’s mortgage, and create some equity by purchasing your own home.

Here’s what you need to know when buying a lower mainland home:

1. Determine If You’re Ready to Buy

If you are ready to buy, you’ve built your credit, you know you’re capable of making regular mortgage payments, and you’ve saved up enough for a down payment.

2. Find Out How Much You Can Afford

You may decide to get pre-approved for a mortgage through your preferred bank, credit union, or alternative lender, but this simple equation will give you an idea of what you can afford: One time costs + monthly costs = total required. One time costs include your down payment, legal fees, inspection fees, and taxes, while monthly costs include your mortgage, utilities, maintenance, strata fee, insurance, and taxes.

3. Choose Your Location, Location, Location

Another important factor to consider is location. The lower mainland sprawls across many urban and suburban areas, and you may want to narrow your search. Areas to consider within the lower mainland can include downtown Vancouver, Vancouver West Side, East Vancouver, North Vancouver, New Westminster, Burnaby, Richmond, Delta, Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge, Surrey, South Surrey, White Rock, Ladner, Tsawwassen, Mission, Abbotsford, Hope, Squamish, Whistler, and more. Within each of these areas, there are countless neighbourhoods to also consider.

4. Pick Your Type of Dwelling

Because of the vast differences in price depending on the area you choose, it may affect your decision as to which type of dwelling you choose: Condo, townhouse, or house. Before you start looking for your dream home, take some time to determine whether you will be looking for a condo, townhouse, or house. Each property type has pros and cons depending on your requirements.

5. And Most Importantly, Choose the Right Realtor® to Make an Offer and Close the Deal!

It is important to select the right Realtor® when purchasing a home. While a traditional Realtor® can increase the price due to high commissions, a discount Realtor® will have more options that suits the needs of the homebuyer.

One Flat Fee offers a cash back service for buyers that puts money back in the homebuyer’s pocket. When you buy a home with a One Flat Fee agent, you will receive 25% or 50% of the agent’s commission, earned upon closing. For example, if you purchase a home for $650,000, your agent would make $9,545 and in turn, will write you a cheque for $2,386.25 (25%) or $4,772.50 (50%) when you take possession.

Recent clarifications to the Real Estate Act allow licensed Realtors® to pay cash incentives to non-licensed individuals, so One Flat Fee has developed this cash back option to entice homebuyers to buy through us, giving buyers a cash-back offer with no conditions or fine print. You will not be restricted or penalized and you are not required to sign a buyer’s brokerage agreement or contractually commit to a purchase. Why not use the cash back option and have some extra spending money for home improvement or décor?