Newsworthy info for our clients and owners regarding the new Civil Resolution Tribunal – this update courtesy of the BCREA Connections Advocacy Newsletter.
It’s been under development for some time, and now the Civil Resolution Tribunal (CRT) is really starting to take shape. The CRT is a long-awaited voluntary mechanism to resolve many strata and small claims disputes.
The CRT is scheduled to launch in 2015, and will be available 24/7 online. High-level descriptions of the process and the tools that will be available are offered on the new CRT website, which debuted in November: www.civilresolutionbc.ca.
Shannon Salter, CRT Chair
Shannon Salter was appointed as Chair of the CRT earlier this year. She is specifically qualified for this position, with her experience as a commissioner of the Financial Institutions Commission, vice president of the British Columbia Council of Administrative Tribunals and vice chair of the Workers’ Compensation Appeal Tribunal.
While the CRT will be able to handle many strata disputes, matters that affect land or that deal with significant issues in a strata complex will be outside of the CRT’s mandate. The Civil Resolution Tribunal will be able to address disputes such as:
non-payment of monthly strata fees or fines,
unfair actions by the strata corporation or by people owning more than half of the strata lots in a complex,
unfair, arbitrary or non-enforcement of strata bylaws (such as noise, pets, parking, rentals),
issues of financial responsibility for repairs and the choice of bids for services,
irregularities in the conduct of meetings, voting, minutes or other matters,
interpretation of the legislation, regulations or bylaws, and
issues regarding the common property.
BCREA has supported alternative dispute resolution since 2010, and congratulated the provincial government in 2012 when the legislation was passed. The Association believes the CRT will provide strata owners and renters with an affordable way to settle disagreements and help improve compliance with the Strata Property Act.
Vancouver Olympic Buildup Featured in New York Times Today
Vancouver is given a big boost in today’s New York Times, in the Great Homes, Lifestyles and Destinations section, outlining many of the reasons why investors and second-home buyers worldwide choose to invest in Vancouver real estate.
The article:
Preening for the Olympics, Vancouver Is Building Up
Those involved in local real estate estimate that about 20 percent of those second-home buyers will be Americans. “We’re really livable, which is why America likes us,†said Bob Rennie, whose company, Rennie Marketing Systems, promotes several developments in Vancouver.
Click the link to view the stunning slide show “Building Vancouver’s Olympic Future” from today’s New York Times. It shows through spectacular photography the beauties of the city of Vancouver.
At Downtown Suites, we manage the properties of many non-resident investors who own in Vancouver.
Always a Market for Blue Chip Properties
I agree with this recent Vancouver Sun article (Real Estate Sales Grind to Standstill by Derrick Penner) that there is always something fundamentally wrong when prices become too high for the local consumer to afford. This is nothing new in our boom and bust cycle of real estate in Vancouver. I have seen it all before!
The writing has been on the wall for several years. I was amazed at the continued growth over the last few years… way beyond what we could sustain locally. I also agree that if you buy thinking long term and view real estate as a place to live rather than a chip on the monopoly board you are not going to lose. Before we reach the nadir of the market is when all the prime properties will get snapped up.
Contrary to the stats of other agents, at Downtown Suites we have sold several properties now for our clients looking to cherry pick good opportunities.
I agree the market averages will decline into the second quarter but the “dogs” will be the ones driving the average prices down further. There is always a market for blue chip properties and they always ultimately appreciate in value as the market rebounds.
My advice would be to keep your powder dry and get in touch with a good agent who specializes in the area you are interested in purchasing and be ready to make your move when you see something you like.
Don’t run scared of the real estate market, we’re not…we’re doing more sales now than before…with over 30 years experience we’ve seen it all before! Call or email your local success story: www.downtownsuites.com.
More than Just Collecting the Rent
Tenant screening is the first step in good property management. We thought this recent article was worth repeating.
It seems a building water leak caused a contactor to need to get into several strata lots to mop up the leak. When he went to one unit, the door wasn’t answered, so a locksmith was called. When the contractor stepped inside, he found that the unit had been converted to a fully equipped meth lab!
Police and fire departments arrived, the building had to be evacuated, the HAZMAT team dismantled the lab, and the city advised that the entire strata lot had to be deconstructed and rebuilt. The lot could no longer be occupied, and the owner would be facing a cost est. of $100,000 for a rebuild. Not to mention fines from the strata corporation and other legal consequences. The non-resident owner was shocked. He knew little about his tenant, other than that he paid cash for rent and security deposit.
This cautionary tale reinforces the reality that non-resident owners need to do more than simply collect monthly rent.
At Downtown Suites we handle all aspects of non-resident rental and keep informed on all regulations and updates. For example, there was a very significant court case (Supreme Court of BC) involving insurance claims, which was summarized as follows; “If an occupant of a strata lot is responsible for the cause of an incident and the insurance of the strata corporation has a deductible, the owner is responsible for paying the deductible.” This would mean the non-resident owner, if the tenant is responsible.
Our services involve the screening of tenants, including background credit checks, and we have many balances in place to ensure the good maintenance of your investment.
Sale of 208-555 Jervis Street- The Perfect Investment Suite
I had been working with my clients for several days and viewing many different buildings in the downtown and Coal Harbour area until we finally found the perfect investment property for them. The best deal in Coal Harbour!
This studio suite in the Coal Harbour area was clean and tidy, and perfect for their investment needs. It came complete with a great tenant who has resided in the suite for the last five years and wished to stay. It was a win- win situation for all involved! The sellers were happy to have an offer on the table and I was able to negotiate a great price for my clients and the tenant was happy to stay in her home.
My clients were thrilled with their purchase, it was the perfect “turn key” investment property. Downtown Suites will now proceed to take over the professional management of the suite for our clients.
There are many great investment opportunities  a this time in the Downtown and Coal Harbour areas. If you are interested in purchasing an investment property or would like information in regards to our Real Estate and Property Management services. Please do not hesitate to contact us directly.
Home Prices Down; Affordability Improves
Home Prices Down; Affordability Improves
Vancouver, BC – October 15, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined
39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7 per cent from September 2007.
“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,†said
Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.â€
“However, affordability is improving,†added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.â€
Year-to-date MLS® residential sales dollar volume in the province declined 24 per cent to $27.5 billion compared to the same period last year. Provincial MLS® sales declined 28 per cent to 59,742 units, while the average residential price increased 6 per cent to $460,621 over the same period.
Cameron Muir
Chief Economist
REBGV
For more information on Real Estate or Market Conditions please contact:
Vancouver Attracts Overseas Investors Prior to 2010 Olympics
The overseas investor finds Vancouver to be particularly attractive to purchase an investment property for many reasons. Vancouver is hosting the 2010 Winter Olympics which will bring many visitors to our lovely city as well many foreigners think about the possibility of owning property here. No one has a crystal ball to predict property prices in Vancouver but we know that after Expo 86 we had a huge influx of overseas investors which drove up prices. We getting many inquires every week in regards to the 2010 Olympics from the overseas investors. Many investors are seriously thinking about owning property in Vancouver prior to 2010. This is an excellent idea, as it will enable you to own property in one of the most beautiful and desirable cities to live in the world.
At Downtown Suites we can manage your property for you prior while you reside overseas and if you visit during the Olympics you can choose to take possession of your suite. Many individuals are thinking about retirment in Vancouver within the next 10 years or so. It is an idea that many worldly individuals dream about and it is a great idea for many reasons. Our economy is very strong and the price points in Vancouver are still considered reasonable compared to other world-class cities.
For those who have never visited our city, Vancouver is located along the West Coast of British Columbia and many of our downtown neighbourhoods are surrounded by water located along the seawall. As well we have beautiful breathtaking mountain views from many of the downtown locations. We have so many attractive neighbourhoods which  are desirable including; Downtown, Westend, Yaletown, Kitsilano, and West Side.
At Downtown Suites we can assist you in all aspects of purchasing the perfect investment property. We will help you to narrow down your search parameters including price point, square footage, location, amenities, view and other factors that may be important to you. In fact we can assist you with the sales transaction remotely. If you are a qualified purchaser we assist with all of the documentation and paper work by email and fax.
Once we have found the perfect property for you we will make the purchase as simple as possible for you from beginning to end. We take a personal interest in our clients and will look out for your interests  from negotiating the right price point for you, presenting the offer, and ultimatley  closing the deal. We have a team of professionals with whom we work closely including Mortgage Specialists, Lawyers, Notaries, and Home Inspectors.
We are a fully licensed Property Management and Real Estate company that will professionally  manage your property for you in all aspects including: advertising and finding a qualified tenant, collecting rents, managing tenants, maintenance issues which may arise. Please refer to our website for additional information on our Property Management and Real Estate Services www. downtownsuites.com.
I am a members of the Vancouver Real Estate Board of Greater Vancouver and Specialize in the Downtown Vancouver Real Estate Market. Specializing in working with overseas investors and tenant occupied properties. If you have any questions in regards to the acquisition or sale of an investment property in the Vancouver area or have any questions please do not hesistate to contact me directly.
Downtown Sweety! Great Investment or First Time Buyer!
Good things come in small packages!
Great central downtown location, close to everything. Perfect studio suite for investment or first time buyers. Currently renting for $1275 per mo (tenant moving out end of June). This suite has been completely renovated with attention to all detail. Kitchen upgrades include new cabinetry, counters, tiling, stainless appliance package,laminant flooring, designer paint. Completely renovated bathroom including new vanity, bathtub and tiling. Furnishings are negotiable. To see additional pictures on this listing and others please visit out website. First Showing this  Saturday May 31, 2-4 Please phone to book appointment:
In the Property Management field, we’re grateful for the referrals of investment clients from our realtor colleagues. At Downtown Suites we are especially pleased to be working with Les Twarog in relation to his condominium sales. Les is one of Vancouver’s most successful realtors, who has placed in the top 1% of all realtors in the Lower Mainland for many years. He has been consistently producing high results through all the fluctuating market conditions and is often asked by media for his views and comments on real estate issues in the media. His most recent acknowledgments in 2007 include ReMax Chairman’s Club list of achievers and a Lifetime Achievement Award, recognizing his over $3,000,000 earnings in paid commissions to date. At the age of 8, Les came to Canada from Poland with his family, and his real estate career reveals a rapid rise to success. And check out Les Twarog’s comprehensive website.
(originally posted July 30, 2007)
Strong Westside Realtor: Maggie Chandler
Maggie Chandler, knowledgeable and well-established Westside realtor.
For some time now at Downtown Suites we have been pleased to be working closely with successful realtor Maggie Chandler. Maggie’s work in the Vancouver Westside market and her specialization in condominiums, (specifically Downtown, Yaletown, West End, Coal Harbour, Kitsilano, False Creek and Fairview) fits well with our property management focus at Downtown Suites. We are grateful that she refers investment clients to us for their suite management.
Maggie was born in Barbados and has lived in Vancouver since 1973, and obtained her real estate license in 1981. In her over-25 years as a top producer, ranking in the Real Estate Board’s Top 1% for 4 of those years and top 10% for 17 years, including 2006 MLS Medallion Club Member, reveals her established knowledge and success. As well, over 70% of her business originates from repeat clients and their referrals, as Maggie has dedicated many years building lifetime relationships.
We are pleased and grateful to count Maggie Chandler as one of our professional colleagues. For more on Chandler Realty please check out her website.
(originally posted July 30, 2007)
