Top 5 Issues for Expired Listings in Kitsilano: A Guide for Sellers 

Top 5 Issues for Expired Listings in Kitsilano: A Guide for Sellers 

Kitsilano, one of Vancouver's most desirable neighborhoods, offers a unique real estate market with its own set of challenges. Understanding these issues can help sellers avoid the pitfalls that lead to expired listings. Here are the top five factors to consider: 

 

  1. Pricing Strategies in Today's Detached Home Market 

Setting the right price is essential in Kitsilano's competitive real estate landscape. Market price is determined by what buyers are willing to pay and sellers are willing to accept. Inaccurate pricing often results in properties lingering unsold for extended periods.  

Kitsilano's discerning homebuyers are well-informed about market trends, property features, and the impact of economic factors like interest rates on affordability. According to the Real Estate Board of Greater Vancouver (REBGV), the median price of a detached home in Kitsilano has seen significant fluctuations in recent years. This volatility underscores the importance of precise pricing.  

While traditional Comparative Market Analysis (CMA) remains valuable, our brokerage, Royal LePage Westside Klein Group, goes beyond this with an innovative AI segmentation tool. This tool can analyze sales data across specific time periods, providing a more accurate picture of market trends.  

Factors such as home condition, age of mechanical systems, and recent upgrades also play crucial roles in pricing decisions. Sellers must be prepared to adjust their pricing strategy based on market feedback and buyer activity. Consulting with me, Bready Wu, your Kitsilano expert, and with the advanced technologies, deep understanding of the current market, can help ensure your property is priced competitively from the start. 

 

  1. Targeted Marketing Approaches – Broadcast Vs. Narrowcast 

Simply listing a property on the MLS is not enough in Kitsilano's dynamic market. A targeted marketing plan is key to reaching the right buyers and highlighting your property's unique selling points.  

Families with children, for instance, may prioritize properties near top-rated schools and parks. Recent data shows that properties within walking distance of Kitsilano Beach or popular commercial areas like West 4th Avenue tend to command higher prices. Utilizing a mix of traditional and digital marketing channels is vital. This may include: 

A comprehensive marketing approach ensures your property reaches the right audience and stands out in Kitsilano's competitive market.  

Read More about Broadcast Vs. Narrowcast in Real Estate Marketing 

 

  1. Architectural Significance and Property Potential

In a neighborhood known for its character homes and modern architectural gems, the design and potential of a property can significantly impact its marketability. Kitsilano buyers often seek homes with unique features or the potential for customization. Issues to consider: 

Properties designed by renowned architects or those with historical significance can command premium prices. However, homes that are perceived as underbuilt or lacking in architectural merit may struggle to sell, especially if priced similarly to more distinctive properties. Sellers should highlight any unique architectural features or development potential. If the property allows for expansion or has favorable zoning, emphasize these points in your marketing materials. Consider consulting with an architect or urban planner to explore and present the property's full potential to prospective buyers. 

 

  1. Property Condition and Buyer Expectations

The condition of a home plays an important role in its marketability. Kitsilano buyers often have high expectations, seeking move-in ready properties or homes with clear renovation potential. Key considerations: 

Recent market trends indicate a growing preference for homes with modern amenities and energy-efficient features. Properties that require significant updates or repairs may struggle to sell unless priced accordingly. To address this: 

 

  1. Understanding Highest and Best Use

Recognizing the highest and best use of a property is becoming increasingly vital in Kitsilano's evolving real estate landscape. This concept refers to the most profitable and legally permissible use of property. Factors to consider: 

Kitsilano has seen increased interest in properties with development potential, particularly those that can be converted into multi-family dwellings or mixed-use developments. Understanding and effectively communicating a property's potential can significantly impact its marketability and value. Working with me, Bready Wu, with extensive knowledge in land development, I will guide you through the following: 

By addressing these five key issues, sellers in Kitsilano can significantly improve their chances of a successful sale. Remember, the real estate market is dynamic, and staying informed about local trends and buyer preferences is crucial.  

Working with me, Bready Wu, a knowledgeable real estate professional who understands the nuances of the Kitsilano market can make all the difference in avoiding the pitfalls of properties that don’t sell. 

10 New Homeowner Tips for your New Vancouver Home

10 New Homeowner Tips for your New Vancouver Home

Buying a new home in Vancouver is a memorable experience and one of the most expensive commitments you will probably ever make. It is easy to get swept up in the excitement of purchasing a new property. However, you also need to take care of and protect your new home with these 10 new homeowner tips for your new Vancouver home.
#1 Change The Locks
The first step to owning your new home is taking ownership of the house keys; at this point, many Vancouver homeowners will opt to change the door locks. It may seem unnecessary, but it helps to guarantee your new home is secure.

You could also look to enhance your security with digital door locks, which can be unlocked using an app on your phone. It’s also worth having a backup option to have a key safe fixed somewhere outside your home. This secure box will allow you to keep spare keys outside the property and can distribute the code to anyone you wish.
#2 Check Alarms & Detectors
It is crucial to ensure your new Vancouver home is sufficiently stocked with smoke alarms and CO2 detectors. You should one on each floor and they should be in the correct working order. If they aren’t, check the batteries (or wiring if they are hard wired). If you are in any form of doubt, you should look to replace them at the earliest opportunity. Smoke alarms and CO2 detectors are proven to save lives.
#3 Install LED lights
Whether you have purchased a resale home or invested in a new build, installing LED lights within the first year is a wise move. LED lights are much more energy efficient and last longer than traditional lights, helping you save on your energy bills. Should you come to resell your home, many prospective home buyers also favor these cost-effective methods to reduce bills already being in place.
#4 Change Furnace Filters
Furnace filters that aren’t changed regularly can have a negative impact on the air quality in your home, and potentially your health and wellbeing. This will also cause your furnace to wear out prematurely, so it is ideal to be one of the first things you change when you move into your new Vancouver home.
#5 Clean Air Ducts
Another method to improve the quality of the air in your home is to clean out the ducts. Air ducts will get clogged up with dust and dirt over time; this is entirely normal.

Moving into your new Vancouver home is the perfect time to check, clean, or even replace air ducts where required. If you are purchasing a new build, you should still check and clean them from any build-up of excess dust and debris left over from the construction.
#6 Insulate Your Home
Insulation plays a major role in keeping your home warm over the cold winter months. Prior to purchasing a home, you should carry out due diligence checks. Ensuring there is sufficient insulation should be a priority factor in these checks.

If you find the attic has been insufficiently insulated, you will want to ensure you top it up as soon as possible, even if you purchased your home in the summer months.

Not having proper insulation fitted means that heat will not be kept in your home properly, causing spiraling costs over winter. A lack of insulation is also one of the factors to the creation of dampness and mold. This is not only a risk to your health but can also be damaging to your property and belongings.
#7 Check Your Plumbing
Leaky or damaged pipes can lead to irreparable damage from flooding or expensive fixes at the very least. It is important to check the status of the plumbing during your initial due diligence inspection, as well as when you first move into your new Vancouver home.

Do a full walkthrough to inspect under your sinks and around the pipes, checking for faucet leaks or leaky pipes. Any minor but repetitive dripping can be annoying, but also a cost incursion on the water bill. Ensure your toilets work correctly and aren’t cycling water constantly. Over a quarter of water consumption in your home will come from toilet usage, so faulty toilets that are repeatedly running water will be costly to run. If you are looking to renovate your bathroom when moving in, consider installing a high-efficiency and low-flow toilet that can save on water consumption.
#8 Install Surge Protector
Surge protectors are a helpful piece of equipment designed to minimize or prevent damage to electrical devices in the event of a power surge. Electrical appliances aren’t always cheap to fix should they become damaged in any sense.

If your home is fitted with brand new, ultra-modern appliances, then a surge protector is the best way to protect them. A large electrical surge can cause damage to all appliances in your home, which will take a considerable budget to repair.
#9 Child-proof / pet-proof your home
If you’re moving into your new Vancouver family home, or intend to start a family there, or if you have any pets, then you will understand just how important your children and pets are.

You will want to ensure you protect both your family and pets from being harmed by any works being carried out in your home, whilst also protecting your new property from any damage that could potentially be caused by them. Looking to fit gates in doorways and staircases, and hiding any exposed wires (whilst also making sure access to restricted places for children and pets is in place) are all important parts of ensuring your new home is safe for children and pets.
#10 Create a Maintenance Checklist
Lists are one of the most established methods of staying organized, and can certainly help to keep track of the maintenance of your new home. Prior to moving in, you should create a thorough checklist to tick off any and all tasks that need to be completed or things to be inspected before settling in.

A Landlords Guide to Vancouver Rental Rules 2024

A Landlord's Guide to Vancouver Rental Rules

Recent changes in legislation will significantly impact landlords in Vancouver's real estate and rental market. In a bill focused on helping Canada’s housing crisis, Ottawa has updated Airbnb laws and rental regulations with new taxes aimed at curbing short-term rental practices. 

 

This means that long-term rentals are becoming the more stable investment option for property owners. Klein Property Management specializes in helping owners convert their properties into long-term rentals and provides resources for those looking to adapt to these changes.

The Shift Towards Long-Term Rentals

The federal and British Columbia governments have introduced measures to restrict tax deductions for non-compliant short-term rentals effective Jan 1st, 2024. These measures are part of a broader strategy to make more homes available for long-term rental, increasing housing availability for Canadians. Recent figures from the Canada Mortgage and Housing Corporation have found that 3.5 million additional new housing units will be needed in the next ten years to substantially affect housing affordability. This is on top of units already planned to be built. 

 

British Columbia, in particular, has seen a surge in short-term rental listings, prompting the government to take action. The bill's changes include increasing fines, requiring rental platforms to share data with the government, and limiting short-term rentals to principal residences. Furthermore, the bill introduces a new provincial platform registry and a dedicated enforcement unit to ensure compliance with these new regulations​.

 

Property owners in areas where these new measures apply can no longer claim rental expenses against their income for tax purposes. In addition, starting on May 1st, 2024, short-term rentals will be limited to the host’s principal residence plus one secondary suite or accessory dwelling unit. This requirement will apply not only to big cities like Vancouver but to any community with a population of 10,000 or greater and their neighbouring communities.

 

In regards to the registry, by late 2024, the B.C. government plans to create a short-term rental registry to help track and regulate properties being used as Airbnb’s. This platform is expected to require hosts to have registration numbers registered in a provincial registry of short-term rentals. Landlords will also be required to have a valid business license for their short-term rentals, or else their listing will be removed at the local government's request. These steps are in line with the Vancouver rental rules aimed at regulating short-term rentals in the city.

Why are these Changes Happening Now?

These measures come on the heels of the Liberals’ announcement in October 2023 that they will be spending billions to build more housing. The Conservatives demanded that they keep their spending reasonable, with fears of further driving up inflation. 

 

“We know that short-term rentals through sites like Airbnb and VRBO mean fewer homes for Canadians to rent and live in full time, especially in urban and populated areas of our country,” federal Finance Minister Chrystia Freeland remarked on Oct 17th. Her statements point to the near future introduction of more measures aimed at getting landlords to convert short-term rentals into long-term ones.

 

Moreover, short-term rentals' impact on housing availability and affordability has been a contentious issue for MLAs. The province of British Columbia, recognizing the urgency of the situation, has begun to act. According to Housing Minister Ravi Kahlon, these rentals have significantly detracted from the long-term housing supply. With over 28,000 short-term rentals in the province and a significant portion being used as investment properties rather than housing for residents, the government's legislation seeks to mitigate this issue by tightening controls and increasing fines for non-compliance​​​​.

 

This regulatory push reflects the growing recognition of the connection between short-term rentals, housing availability, and the overall health of the rental market. As reported by the CMHC, the rental market in Canada is facing a critical supply issue, with demand consistently outpacing the available supply. This has led to record-low vacancy rates and record-high rent growth across the country, with Vancouver at the forefront of these issues. 

 

These measures, therefore, are not just attempts to regulate a specific sector of the housing market but are part of a comprehensive strategy aimed at stabilizing housing prices in the long term, increasing housing affordability for all Canadians. In light of these ongoing changes, including the Vancouver rental rules, many property owners may find long-term rentals more attractive than short-term rentals.

Current Rent Prices

In other rental news, British Columbia has set the rent increase limit for 2024 at 3.5%. This limit applies regardless of whether utilities and other fees are included in the rent. This is to means landlords cannot increase rent beyond this threshold even if their costs rise in utilities or other areas. Furthermore, rent can only be increased once every 12 months, either from the start of the tenancy or the last legal increase. Landlords must also provide at least three months' notice before any rent increase. This change is in line with previous years, restricting landlords' ability to increase rent to prices that match market conditions for current tenants.

The Role of Klein Property Management Services

With these rapidly changing rental laws and regulations, property management services like Klein Property Management can help property owners streamline their transition into the new market. One wrong step can cost a property owner tens or even hundreds of thousands, so it can be beneficial to have some expert guidance. 

 

Property management services monitor local bylaws, ensure compliance with provincial regulations, and work with landlords to find the best way to profit from their investment in the given market conditions. For property owners looking to convert their Airbnb units to long-term rentals or seeking alternatives to mitigate the impact of the new anti-flipping tax, partnering with a knowledgeable property management service is a smart move, financially and for one’s peace of mind.

Conclusion

In conclusion, this may only be the beginning of Vancouver's rental market undergoing significant transformations, as new laws and regulations have only begun to push against Canada's housing affordability crisis.

 

The new Vancouver rental rules and practices are likely only the beginning of these measures, and further tightening may be coming down the line. For landlords, this makes the current market difficult, where keeping up to date and understanding the implications of new laws is crucial. Using a property management service is one way to more easily navigate these challenges, ensuring greater peace of mind and a stable return on investment. 

 

New Airbnb Regulations Coming to BC

New Airbnb Regulations Coming to BC

British Columbia is grappling with a significant housing shortage, affecting all forms of attainable housing and exacerbating the long-term rental crisis. Amid this shortage, over 16,000 entire homes in B.C. have been converted into short-term rentals, predominantly utilized through platforms like Airbnb, VRBO, and others. This trend is significantly reducing the availability of affordable long-term housing options for British Columbians.

 

Recognizing the urgent need to address this issue, the B.C. government introduced the Short-Term Rental Accommodations Act. The Act aims to give local governments stronger enforcement tools, return short-term rental units to the long-term housing market, and establish a new Provincial role in the regulation of short-term rentals. This legislation applies to short-term rentals advertised on various platforms and excludes certain accommodations like hotels, motels, and temporary shelters.

 

Here are the key elements of the Act that underline the importance of property management services:

 

Strengthened Enforcement & Fines

The Act significantly increases the maximum fines for bylaw offences related to short-term rentals. The maximum fine that regional districts can set for prosecutions of bylaw offences under the Offence Act has increased from $2,000 to $50,000. This is consistent with the maximum fines for municipalities under the Community Charter.

 

The maximum municipal ticketing fine that a local government may set under the Community Charter Bylaw Enforcement Ticket Regulation and Vancouver Charter By-Law Enforcement Ticket Regulation has increased from $1,000 to $3,000 per infraction, per day. These heightened penalties underscore the critical role of property management services in ensuring compliance with local bylaws and regulations, thus avoiding costly penalties.

 

New Business Licensing & Display Requirements

Amendments to the Local Government Act have empowered regional districts with the authority to regulate and license short-term rentals alongside other businesses, aligning their capabilities with those of municipalities. This significant change allows for more uniform control and oversight across different types of jurisdictions.

 

Additionally, in a move towards greater transparency and regulation, certain local governments have made it mandatory for short-term rental hosts to obtain a business license. Starting May 1, 2024, hosts in these jurisdictions must prominently display a valid business license number on their listings. This requirement ensures that all short-term rental operations meet local government standards, contributing to more regulated and accountable rental property management services that can assist hosts in navigating these new requirements, ensuring all necessary licenses are obtained and prominently displayed to comply with the law.

 

Platform Accountability & Data Sharing

Short-term rental platforms are now held accountable for ensuring that all listings comply with local regulations, specifically regarding business licenses. If a listing fails to display a valid business license, as mandated by the local government, the platform is obligated to remove the listing upon the local government's request.

 

Alongside this, Local governments have faced challenges in accessing necessary data for bylaw enforcement related to short-term rentals. Starting in the summer of 2024, it is anticipated that short-term rental platforms will be mandated to share details of their listings with the Province. This arrangement will enable the Province to provide local governments with crucial data to aid in enforcement efforts.

 

To protect privacy, the Province commits to maintaining the confidentiality of the short-term rental information, assuring that it will not be disclosed to the public. Property management companies can play a pivotal role in liaising between hosts, platforms, and local governments, ensuring that listings are compliant and that necessary data is accurately shared.

 

Provincial Oversight & Registry

The Province will establish a short-term rental registry by late 2024 or early 2025. This will help ensure that short-term rental hosts and platforms follow the rules and provide local governments and the Province with the information needed to follow up when they don't. 

Hosts will be required to include a provincial registration number on their listings. Platforms will be required to validate registration numbers on host listings against the Province’s registry data. 

 

The establishment of a short-term rental registry and a provincial compliance and enforcement unit is a game-changer. Property managers will be instrumental in helping hosts navigate this new landscape, ensuring that listings include the required provincial registration numbers and adhere to all provincial regulations.

 

The Importance of Property Management Services

The introduction of the Short-Term Rental Accommodations Act brings to light the invaluable role of property management services. These services are not only crucial in helping hosts comply with the new regulations but also in ensuring that more homes are returned to the long-term rental market, thus alleviating the housing crisis in B.C. 

 

Property management professionals can provide expert guidance, manage legal and regulatory compliance, and serve as an intermediary between hosts, platforms, and governments. By doing so, they contribute significantly to the sustainable management of rental properties, ensuring that the housing needs of British Columbians are met while also supporting the viability of short-term rentals as part of the broader housing ecosystem.

 

As British Columbia embarks on this new regulatory journey, the collaboration between property owners, management services, and governmental bodies will be pivotal in shaping a more accessible and equitable housing market for all.

 

Addressing Property Speculation with the Anti-flipping Tax

In a parallel effort to combat housing speculation and improve affordability, the B.C. government has introduced a tax on profits from the quick turnover of properties. Sellers face a tax rate of 20% if properties are sold within a year of purchase, with the rate decreasing to zero over the following year. This measure aims to discourage speculative buying and encourages a shift towards long-term property investment and ownership.

 

Why Property Management Services Are Important:

 

#1 Expertise in Tax Implications: 

Navigating the complex realm of real estate taxes requires specialized knowledge, especially with the introduction of new taxes aimed at curbing property speculation. Property management services bring this expertise to the table, offering invaluable advice on how to minimize tax liabilities in a way that aligns with broader investment strategies. They help property owners understand the nuances of the tax implications, ensuring decisions are made with a clear understanding of potential financial outcomes. 

 

#2 Development of Long-Term Investment Strategies: 

The introduction of measures like the anti-flipping tax necessitates a shift in perspective from short-term gains to long-term property value appreciation. Property management services assist in this transition, helping property owners and investors to reevaluate and adjust their investment strategies. By focusing on long-term gains, they can identify opportunities that offer sustainable growth and profitability, mitigating the risks associated with speculative investments.

 

#3 Maximization of Rental Income: 

With new taxes disincentivizing the quick turnover of properties, renting becomes a more attractive option for many property owners. Property management companies excel in this domain, employing strategies for effective tenant placement, setting competitive yet fair rental prices, and maintaining the property in top condition to attract and retain tenants. This comprehensive approach ensures the property generates the highest possible income over time, turning potential tax disadvantages into profitable investment opportunities.

 

#4 Complex Exemptions Handled:

The anti-flipping tax includes exemptions for specific life events, recognizing that not all property sales are speculative. Property management services offer guidance through the maze of exemptions; for example, those for separation, divorce, death, disability, and work-related relocations, among others. Their expertise ensures that property owners are not unjustly penalized by the tax in situations of genuine need, providing peace of mind and clarity in complex circumstances.

 

#5 Adapting to Market Changes: 

The real estate market is dynamic, with laws, regulations, and market conditions changing frequently. Property management professionals dedicate themselves to staying informed about these changes and adapting their strategies to ensure properties remain profitable and compliant. This proactive approach is invaluable for property owners who may not have the time or resources to monitor the market closely, ensuring their investments are well-managed and positioned for success despite evolving regulatory landscapes.

 

Conclusion

The introduction of the Short-Term Rental Accommodations Act and the new property sale tax represent significant shifts in British Columbia's housing and real estate markets. Property management services emerge as key players in this new era, offering expertise, support, and strategic guidance to navigate these changes. 

 

Their role is instrumental in ensuring that the province's housing initiatives succeed, balancing the needs of the community with the realities of the market. As British Columbia embarks on these regulatory measures, the collaboration between property owners, management services, and government bodies will be pivotal in shaping a more accessible and equitable housing market for all.

How to Retire for the Price of a Condo? Here's how!

Retire with the right investment for the same price

Thinking of selling your home? Do you want to retire and make your money work for you? The decision is about how you utilize your money, what decisions you make, and how you can maximize its potential.

Now you are thinking that you might want to downsize and you have looked through various websites and have seen the prices. Buying a condo in Vancouver does not look as financially attractive as it once was. Prices are now much higher. Imagine being able to retire for the price of a condo.

Have you considered investing in the right type of real estate that can deliver an income - it's a way to reinvest your money to boost your income. Real estate investing is a path for building your personal wealth - a way in which to create sustainable long-term value.

But keep in mind that investments are all about your objectives. For example, investing a portion of the money from the sale of your house can be a serious consideration.

Here are a Few Things for You To Consider:

1.  Create a Sustainable Investment Strategy

Short term rental, long term rental, commercial real estate - which one is right for me? Knowing and not knowing what type of real estate to invest in, is not easy. Better yet, seeing the flaws in different strategies is hard, but finding the right real estate, means that you can begin to look at what you are comfortable investing in and what works for you.

The best case scenario is to consider the location, what will provide optimal returns. However, those looking for long-term, consistent income, may be best served by looking at properties that provide a regular, stable income.

 

2.  Find the Right Avenue to Create Value

Do you want to be financially free? Using real estate means that you can begin to think about which investing avenue is right for you. Investing in real estate can be very rewarding - it's about building a solid, stable business that will enable you to be free. It just means that you have to find the investment that works for you.

Start by researching the different industries of real estate - these are retail lease investment, multifamily properties (apartments), and mobile home parks. Each of these are unique niches, and you will want to work closely with specialists who have a strong understanding of these markets. Remember, it's about researching and finding a niche investment that suits you best. Once you decide which one, you can begin to think about building an investment portfolio that will help you to have a great retirement.

3.  Mobile Home Parks?

Mobile Home Parks? Many people don't consider mobile home parks to be the next thing in real estate - yet, they are a great way to create value. Imagine this, over the past year there has been an 83% increase in the number of mobile home parks sold that surpassed the one million dollar price point. Add in that 19% more buyers are residing in the Pacific Northwest and you can see how this market is becoming something of a special commodity.

They Have a Superior ROI

Between attractive rental spreads and value-added opportunities, mobile home parks provide some of the most predictable returns out there. For 12 months ending in March 2015, the gross returns for three major home parks operators hit 44% according to the Wall Street Journal.  At the same time, most people lived 400 km away from their investment.

Lower Cost and Ease of Ownership

One of the most common excuses most people lean on to justify not purchasing direct real estate investments in their portfolios - upkeep. We have all heard tales about high maintenance tenants that want help unclogging toilets, changing a light bulb, unlocking the door when they forget their key. It seems too good to be true, but mobile home park investing eliminates that dynamic.

In mobile home parks, residents own their own units. You collect the pad rent. So if they lock themselves out, break something, or want new appliances - that's all up to them and comes out of their pocket. You would be the park owner, and you are only responsible for the landscaping and any other community features you choose to include.

4.  Multifamily?

People often think multifamily can be a risky investment, or that it might be too big a step for them. Sometimes though, you need to consider different opportunities and investing in Vancouver multifamily properties is one of the most powerful investment strategies you can use to create astonishing cash flow month after month.

There’s no doubt that finding the right property is key. However, there are some important elements to consider when making the right property investment. Often there is an investment dream to buy real estate or realize cash flow without thinking through implementing the right strategic plan for a multifamily property.

Your strategies can affect:

 

5.  Cultivate Enduring Value by Retiring Your Wealth The Right Way

You poured yourself into your business and your assets - giving of your time, energy, and your finances. At this point, you've considered that it is about the life you poured into your property and your wealth. First you need to start figuring out how you will plan out your goals and your portfolio.

A thoughtfully created plan can be an aid to everyone involved - not only in terms of creating wealth, but also in terms of promoting harmony, personal fulfillment and giving you the confidence to make investments that will retire your wealth the right way.

A hot real estate market can create a retirement windfall and invest that money into a stable investment return can be a fruitful way to secure a fulfilling retirement, you just have to strategize on how to build the right portfolio for you.  At Klein Group, we have the in-house specialists to help you acquire your investments, optimize it for the best possible returns and set you up for a bright and stable retirement.

Register for an Custom Investment Report and Retire Your Wealth the Right Way

 

Can You Buy Real Estate With Bitcoin?

There have been countless stories in the media about Bitcoin, and the British Columbia Securities Commission (BCSC) granted Vancouver-based First Block Capital Inc registration as an investment fund manager – this according to the Globe and Mail.

Recently, the Bitcoin gamble guessing game ended up hitting a new record high and the cryptocurrency now faces its biggest challenge - many wonder if it will survive, or in what form. With regards to being utilised for real estate – is the risk worth the reward.  “Just like any other form of currency, cryptocurrency is another form of investment,” said Eugen Klein, Principal of Royal LePage Sussex Klein Group. “Like any other investment, it can be risky and investor involvement must be balanced by weighing the risks and the rewards.”

Cryptocurrency is slowing starting to catch on but may take a hold of real estate – mainly when a seller hopes to garner media attention for a listing rather than some form of payment.  Bitcoin is currently sitting at $7,429.83, is it okay for Bitcoin to be used for the purchase or sale of a home?

Short answer - yes you can use bitcoin, but there are a few things that you need to know:

Bitcoin

1.  Bitcoin is a real currency

Those who think Bitcoin can’t be utilized in the purchase process are most likely still utilising a flip phone and have a myspace account. Many independent businesses accept bitcoin, but even some big brands are getting into the act. It is a real currency, but many still see it is in its infancy.

Bitcoin and Cash

2.  Bitcoin transfers are fast and flexible

While many financial institutions make you pay a fee for the transaction, Bitcoin enables a smoother financial transition of your funds. It can be done for free and almost at will. You must be ready to have your money in Bitcoin form.

Bitcoin Chess Board

3.  Attempting to buy or sell property using this currency is risky

With Bitcoin, there are great risks and rewards, and the thing is that a home seller or buyer would need to be careful about how the bitcoin is utilized. Much about the risk of utilizing bitcoin does come from the buyer side. What it comes down to is timing and you need to watch the rate to see how fluctuations are impacting the value. If it proves to continue to stay stable, then there might be more reason to buy and sell with the currency, but at this time it is still a risky proposition.

Bitcoin Alarms

4.  It can raise alarms

If a buyer attempts to purchase a home with bitcoin, it can raise a whole host of alarms. First off, Bitcoin comes with very little oversight, as such, it becomes a cause for concern and the seller’s realtor will ensure that a Fintrac is completed. This ensures that the money can be verified to ensure that it is not used in any illicit activities.

Bitcoin Use Caution

5. When Purchasing Property, Use Your Common Sense

The industry of real estate is notorious for lagging behind in technology and innovation, purchasing property with bitcoin can seem like a new fad or trend. Bitcoin can be another avenue for making purchase decisions. That’s why the Canadian market has been slow to buy into Bitcoin in real estate, and people are unsure about the staying power of the currency.

It’s not a walk in the park either way, if a home seller accepts the funds from the home sale through Bitcoin, for the CRA, he will need to verify where the money came from and declare it.

Buying and selling real estate with bitcoins may eventually get easier. The bigger question is if the currency can be trusted, what is its stability, and do you have proof regarding where the currency came from? All of these details mean that buying and selling home with Bitcoin can be an issue for the interim. A potential client would have to weigh risks and rewards.

Understanding the trends is just one step in our unique in-depth process to ensure that the special attributes of a project are paired together to create the right result – a successful sale for a client. Klein Group is here to partner with you in your acquisition or sale process.

See our latest results

Tips on Furnishing & Setting up Small Spaces

Smaller properties may be more restrictive in size, but that certainly doesn’t mean they are more restrictive in style and furnishing possibilities. In this article, we want to give you some of the best tips on furnishing and setting up small places within your property.

Smaller properties, such as studio apartments or one-bedroom homes, rarely benefit from layout configurations which put an emphasis on space. This means that if you are a smaller property owner, or are looking to downsize, you may find yourself needing an extra spark of creativity to maximize your layout.

Making small spaces seem bigger than they actually are might appear to be a challenge, but there are numerous ways to overcome this.

Lighting

One of the most effective methods to maximize the size of a room is by utilizing light. When rooms use dark colour tones or don’t have access to natural light, they often feel much smaller than they actually are. By letting in as much natural light as possible, or using additional lighting throughout your space, your room will feel much more spacious.

Wall lighting, sconces and pendant lighting are much more effective uses of space, as they don’t intrude onto your floorplan. 

Strategic Placement Of Larger Objects

The larger and bulkier an item is, the more space it will take up. When space is critical, it’s important to be strategic with the placement of larger furnishings. Placing them towards the perimeter of the room makes the space feel more open and accessible, particularly where sofas are concerned.

Just because a space is small, does not mean that you can’t include any larger furnishings in your layout. You just need to be mindful of the placement to maximize the space.

Utilize Folding/Multi-Purpose Furniture


When small spaces are concerned, there are furniture items that serve dual purposes. The rise in popularity and demand for compact living has meant that furniture makers have had to think outside the box in order to stay on-trend.

Loft beds are the perfect example, elevating your sleeping arrangements up off the floor so you can place storage, a desk or a sofa underneath. These are particularly popular in apartment-type properties and can be bought in a range of sizes. There are also plenty of foldable dining tables that can meet the demands of the space, as well as wall-mounted folding desks and more. Built-in storage such as wardrobes is also ideal to save space. They are commonly found as standard in apartments and condos.

Cut Out The Clutter


When we list properties to sell, we always advise our sellers to remove any clutter and ensure their home looks tidy and presentable. Not only is a clutter-free property easy for prospective buyers to imagine themselves living in, but it also creates more space and makes it feel larger.

Be mindful of leaving as much open space as possible in all visual areas, particularly surfaces. Stashing old envelopes, bills, and newspapers down the side of a sofa may not seem like a detriment to your space, but this type of clutter adds up and revokes any sense of a larger room.

Mirror Mirror On The Wall…


Mirror mazes at carnivals are the perfect example of how our perception of space can be altered. They take small spaces and amplify them significantly, and the same can be done within smaller properties.

Mirrors are able to reflect natural light back, essentially doubling the effect introduced by sunlight. In addition, they also help to make the smaller spaces seem larger.  Clever utilization of mirrors can make them seem both artistic and contribute to maximizing the feeling of space in a smaller home.

The Right Rug

Rugs come in a huge variety of shapes and sizes, and picking the right one is more important than you might have thought.

Generally, the size of the rug reflects the size of a room. If you use a smaller rug, then it will make the room feel small. Larger rugs typically tend to make rooms feel larger. You should opt for rugs that furniture items can comfortably sit on and still be displayed, rather than rugs the size of small doormats. You can also use different rugs to separate certain areas of a single room, which is handy when there isn’t space for wall dividers.

Make The Most Of The Walls

No matter how limited your floor plan space is, you will generally have four walls. Use them!

Adding shelving provides storage without compromising too much on floor space. In addition, the higher you hang drapes or curtains, the larger the space will feel. Hooks are also an inexpensive and handy method of hanging items from your walls. 

Adding pegs to your walls or the edge of shelving can also help to make hanging keys and such much tidier. A tidier home will feel like a larger home!

Contend With Angles

Small living spaces tend to be full of straight lines, with corners making it difficult to fit certain items. Corner furnishings have provided solutions on a number of occasions, but aren’t always the answer. When door frames, windows, and corners are within tight proximity, they can create a lot of harsh angles. Introducing curves, whether that be through rounded furniture or valances around windows, can help to break up these angles and introduce a flow to the room. In turn, this can help to make smaller spaces feel larger.

Get Colourful

Smaller spaces tend to lend themselves better to bolder color schemes. Whilst darker 

colors can make rooms feel smaller, they also create a sense of intimacy. If you are looking to evoke a cosy feeling, a darker color palette is ideal.

On the opposite end of the scale, brighter and more uplifting colours can help to make smaller spaces feel much lighter and larger than they are. You should plan your colour schemes accordingly to determine the sense of space you wish to create. Interior design is key to maximize your space. You don’t need to be a qualified interior designer or even an architect to make efficient use of your home space.

The Pros & Cons of Purchasing a New Home vs a ReSale Home in Vancouver

Buying a home in Vancouver is based on a number of decisions, one of which is the type of property you can buy; whether that be a new-build home or a pre-existing resale property. Irrespective of your choice, there are a number of pros and cons relating to each option.

When it comes to buying our dream Vancouver home, there are a number of considerations to make. Do we want a penthouse apartment in the bustling downtown? Perhaps a large family home on the rural outskirts? Or something entirely different in between?

No matter, every property ever listed for sale, or to be listed, has something different to offer Vancouver residents. One of the main decisions most homebuyers make is whether to buy a brand new home or purchase a pre-existing property and retain its features, or renovate it entirely. Sometimes that decision is made on a personal preference, but it should also be made by assessing your needs and the pros and cons of each. 

The Pros and Cons of Buying a New Home

New Build Pros:

Personalization 

A new home is effectively a blank canvas for you to start on. There are no signs of previous occupants, making it easier for you to put your own personal stamp on the home. If you are purchasing off-plan before the property is completed, you may also have the chance to customize fixtures, fittings, and carpets, as well as bathrooms and kitchens.

Latest Technology

New homes mean the latest technology utilized in the construction, all of which comply with the relevant building codes.

Builder’s Warranty 

New built homes come with a builder’s warranty; a guarantee on the condition of your property. This means that if anything goes wrong with your home, the builders will be obligated to rectify the issue, at no expense to you. These warranties are usually time-sensitive, so you will need to assess how long they last before committing to purchasing.

Low Maintenance 

Newly built homes are designed to be moved straight into with no issues. This means that usually, you won’t require any additional work to be carried out once you have moved in. Any snagging issues can typically be resolved by making contact with the developers, meaning you won’t need to identify your own traders and rack up costly fixes from the moment you get the keys.

Energy Efficiency 

Newly built homes are built with energy efficiency in mind. Better energy ratings mean cheaper energy bills.

 

New Build Cons:

Delays

If you are purchasing a new home prior to construction being completed, there are risks that you may be subjected to delays. This needs to be factored in before committing to leaving your current property, particularly if you are in a contract.

Slow Value Growth 

As a newly built home is likely to be part of a development filled with similar properties, the room for the growth in value is minimal compared to pre-existing resale homes. Where you can add value to pre-existing resale homes through renovations or extensions, these are not financially viable on new build homes due to the very little return from the premium price they typically cost, to begin with.

Lack of Infrastructure

Typically on new build developments, infrastructure is minimal or added much later once the entire development is complete. This means you may have to travel further away from your new home for basic amenities.

Not Ideal Investments 

Due to the premium price you will typically pay for new builds, it can be difficult to make a return on investment from them by letting them as quickly as you can do with re-sale properties. There is no possible scope for refurbishing and flipping them either.

 

The Pros and Cons of Buying a Pre-existing ReSale Home

Pre-existing ReSale Home Pros:

Ability to View

Pre-existing re-sale homes are already standing and most likely occupied, meaning you can physically visit and view the property. This will allow you to identify whether or not that particular property is right for you or not, and for you to obtain any measurements for prospective refurbishments/redecoration.

Market Insight

You can utilize similar property sales to build a relatively accurate estimate on if the asking price is correct or not. If you are looking to flip the property for a refurbishment, this can also give you a better idea of the return on investment based on any similar properties that have also undergone a full renovation. 

Conversions

Some pre-existing properties which are being sold as standalone homes may have the potential to be converted into apartments, which can be sold off or rented as individual units, giving you a better return on investment. 

Renovation Project

If you are hunting specifically to undertake a full refurbishment of a property, you aren’t going to find the perfect canvas to do so with new builds. Older properties in need of modernizing are ideal for prospective buyers looking to get stuck in with placing their own mark.

Pricing 

Resale homes have a much broader price range than new builds due to the varying conditions, but there are generally far more opportunities to get onto the property ladder by buying a cheaper resale home. This is ideal for first-time buyers who may not be able to afford the premiums that are typically associated with new builds.

 

Pre-existing ReSale Home Cons:

Pre-Existing Issues

Resale homes may have underlying structural issues that aren’t apparent at first glance. This can be costly to rectify, so you should employ the services of a building inspector before committing to making any purchase.

Caveats 

There may be easements or caveats that affect any plans you may have for the property.

Renovation costs

In order to modernize any pre-existing resale home, you will need to factor in renovation costs in addition to the outright purchase price. In some instances, this can mean paying more in the long run than if you would when compared to a new build.

Poorer Energy Efficiency

Whereas new builds are developed with energy efficiency in mind, pre-existing properties won’t necessarily be built with measures to reduce energy costs. This not only means higher energy bills but also additional costs should you wish to upgrade to more energy-efficient methods in the future. 

Chains

Resale homes likely mean that they are currently occupied, and you won’t be able to take possession until the current owners have vacated. If they are only able to sell a property once they have purchased elsewhere, and their end of the chain is put on hold, this also delays your ability to move into your new home.

When looking at the Vancouver property market for your next home, always ask questions and base decisions on a number of factors. Consider whether or not the property you are looking at has the necessary space/facilities (ie, a garden, office space) that you require. Ultimately, you need to weigh the pros and cons regardless of whether you are looking to buy a new home or a pre-existing one for resale. 

Top 5 Reasons to Buy a Home in Coquitlam BC

When we find ourselves in a position to buy a home, our choices can be driven by a number of factors. Sometimes, it is simply because our hearts are set on a property after a viewing. Other times, it is a decision driven by commodities such as size, proximity to schools, or the surroundings of the local area. When it comes to buying a home in Coquitlam BC, there are plenty of reasons.

The current high demand in Coqitlam’s property market is a testament to residents wanting to stay in the area, or individuals and families wanting to move in from further afield. Currently, Coquitlam properties are on the market for an average of 11 days before being acquired by new occupants, on the back of a record-breaking year for the property market. 

In some instances, properties in Coquitlam are even selling for over 50% of the original asking price. In order for such demand to be created in the first place, there need to be reasons that lure prospective buyers. For Coquitlam, there are certainly some great reasons to make that decision.

#1 The Location

Coquitlam is well situated for the best of everything. It is placed centrally for great access to Metro Vancouver and offers staggeringly majestic views of the nearby Coquitlam Mountain, across to the Golden Ears Provincial Park. It provides the perfect blend of suburban amenities and lifestyle whilst being situated on nature’s doorstep and within a commutable distance to the big city’s downtown core.

If you are looking to live outside of Metro Vancouver but have a job there, then Coquitlam is ideal to commute from. Over recent years, significant investment has been put into improving the connectivity between local areas, including bus routes, the Skytrain, and the West Coast Express.

Furthermore, Coquitlam’s proximity to the surrounding mountain ranges makes it ideal for enthusiasts of outdoor adventures, particularly trail hiking. The Burnaby Mountain Trailhead is particularly popular with outdoor adventure lovers, so if you’re a big fan of exploring the rugged terrain and spectacular views, buying a home in Coquitlam is a great idea. Mundy Park and Rocky Point Park are also great accessible outdoor locations.

#2 The Pricing

Coquitlam is certainly not the cheapest of areas in BC to purchase a home, but the pricing generally reflects the quality of living on offer. In addition, house prices in Coquitlam have been mostly climbing for a considerable number of years, showing very little indication of stopping or even declining. This means that if you were to purchase a home in Coquitlam in the short term, you could consider it an investment in relation to its projected worth in the years to come. Should you come to take the next step on the property ladder in BC further down the line, the increase in value of your Coquitlam property would have a considerable impact on the next property you would be able to afford.

#3 The Community

For the uninitiated, Coquitlam has an excellent sense of community and a welcoming ambiance. The majority of its outdoor spaces, courtyards, and green areas are inviting and aren’t plagued with anti-social behaviour, whilst many parts of the tri-city feature homes with plenty of room to grow. 

The vast stock of residential properties in Coquitlam can accommodate big families, which is excellent news for pre-existing families of a larger headcount, or for young couples who are looking to start and grow a family of their own in the future. The majority of residential areas also boast excellent schools, making Coquitlam an ideal place for families to reside and grow over the years.

#4 The Amenities

Coquitlam is a busy and vibrant city with plenty of goings-on. No desirable place to live would be without a range of amenities, ranging from excellent dining spots to bustling nightlife. 

Coquitlam benefits from an expansive range of nightlife options, bars, and restaurants throughout. There is the perfect blend of family-friendly choices through to the best bars and microbreweries in the area, giving Coquitlam residents a great range of possibilities for getting out of the house. Port Moody in particular is home to a number of recommendable drinking establishments.

#5 The Properties

Perhaps one of the best reasons to buy a home in Coquitlam is the houses themselves. Coquitlam isn’t limited to one or two specific types of housing stock. Instead, it caters to all different types of properties; whether they be standalone detached plots or apartments and condos.

Some properties in Coquitlam, particularly apartments and condos, have been designed in such a way to maximize the community neighborhood feeling. They have been built with social interaction with neighbors in mind, further adding to the sense of community and welcoming ambiance that Coquitlam has to offer.

Many properties benefit from close proximity to great local transport links and the many amenities, whilst others have excellent views overlooking the nearby ports or into the nearby mountains. Whatever your preference of property type, Coquitlam likely has it.

There are plenty of other reasons you could consider when looking to buy a home, particularly in Coquitlam. Ultimately, the decision should be based on what you need both from the surrounding area, and indeed the home you are looking to buy.

5 Great Neighbourhoods in Metro Vancouver for Families

If you’re a family looking to move into (or elsewhere in Vancouver) then house prices aren’t the only aspect of moving to consider. Finding the right location to raise and grow a family in areas with great schools, facilities and amenities are equally important. In order to help you find the right spot to settle down in, here are some of the 5 great neighborhoods in Metro Vancouver for families.

One of the greatest aspects of Vancouver’s real estate market is the variety of house types. It offers something for everyone, ranging from premium condos to family homes of all different shapes and sizes. Purchasing a home in Vancouver is a huge financial commitment, and it is important that you are equally comfortable with where you live in addition to the home you live in. 

Time and time again, Vancouver has been voted one of the most liveable cities, so settling down here is relatively easy. Identifying the right neighborhood to raise your family in is therefore one of the biggest choices you can make. With that in mind, let’s have a look at which neighborhoods have the best offerings for families:

#1 West Point Grey


One of Vancouver’s oldest neighborhoods is West Point Grey. This beautiful and quintessential part of Vancouver has a great community feel to it, with notable events such as the Point Grey Festival offering families plenty to do. 

Pacific Spirit Park is easily accessible from here, and both Spanish Banks and Jericho Beach have spectacular views over to the mountains; a great opportunity to watch some remarkable sunsets.

The school offerings here are also fantastic. For elementary schools, there are Queen Elizabeth Elementary and Queen Mary Elementary. In addition, there is also Ecole Jules Quesel Elementary, with a recognizable French Immersion program for families who wish for their children to be raised with the ability to speak both of Canada’s national languages.

For the high schools, West Point Grey Academy is considered one of the top private schools in the country, whilst Lord Bying Secondary School is an excellent choice for young budding artists.

#2 Dunbar-Southlands

Another popular neighbourhood with families is Dunbar-Southlands, which is situated adjacent to West Point Grey. 

Dunbar-Southlands benefits from falling in many of the school catchment areas to West Point Grey, but also has its own range of great educational opportunities; including the Prince of Wales secondary school and Lord Kitchener Elementary. 

The quiet, leaf-lined streets are the home of the local community centre; a hive of activity for residents. It has an ample range of summer day camps and classes outside of school time and during the holidays, which makes it ideal for parents needing child care. 

Dunbar-Southlands is also home to one of the cities last remaining independent theatres (the Dunbar Theatre), ideal for date nights or even for hiring out for birthday parties. 

The vibrant University of British Columbia’s Vancouver campus can also be found here, generating a considerable student population in the area and offers a great spot for university students who wish to stick close to home.

The neighborhood is only 15-20 minutes away from downtown Vancouver, or around 30-35 minutes if using public transportation.

#3 Mount Pleasant

Another Vancouver neighborhood with plentiful green spaces, whilst seamlessly entwined with the urban living lifestyle. Mount Pleasant arguably has some of the best restaurants and also breweries in the city, in addition to an expanse of stores and bars that span Main Street.

Despite the sheer number of amenities and places to catch up and socialise throughout the day and evening, there are equally a vast array of peaceful green spaces for families to enjoy. Mount Pleasant is notable for being a friendly neighborhood with a great community feel, which is ideal for many families.

From a school perspective, Mount Pleasant has its own eponymous elementary school (Mount Pleasant Elementary), which is located centrally right in the heart of the neighborhood. High school students have Sir Charles Tupper Secondary school located in the nearby Riley Park, a short distance drive away.

There are plenty of public transportation options to get you downtown within 15-25 minutes, whilst it can also be driven to in around 10 minutes.

#4 Shaughnessy


Shaughnessy is well regarded for its beautiful heritage homes, tree-lined streets, and abundance of green spaces for families to enjoy. The sense of community in Shaughnessy is elevated by the majority of it being residential, boasting many large homes and quiet streets; a peaceful spot for any family to grow and live.  Shaughnessy Park, Angus Park, Devonshire Park, and Kerrisdale Park are some of the many green spaces for families to enjoy here, whilst the famous Van Dusen Botanical Garden is also a short distance away.

It also has some of the most renowned public and private schools in Vancouver. Quilchena Elementary and Shaughnessy Elementary are ideal for younger children, and Point Grey Secondary is an excellent choice for high school students. For the private educational facilities, Little Flower Academy, York House, and Vancouver College are among the most notable places should you be able to afford the admission fees.

Given the seemingly exclusive nature of the neighborhood, rents and property prices aren’t out of the question for everyone. It also isn’t too far from downtown either, with public transportation able to get you there in any time frame between 20-30 minutes, whilst driving yourself in a car will typically take 10-20 minutes.

#5 West End

West End has plenty of reasons for families to call it their home. It features a beachside village charm, complete with urban living and a downtown setting. It benefits from a wide range of diversity, including international students, working professionals, and crucially, families.

Lord Roberst Elementary and the Lord Roberts Annex are two schools both located in the heart of West End’s community, feeding directly into the nearby King George Secondary school; conveniently located by the West End Community Centre. The University of British Columbia’s downtown campus is also in Robson Square also.

Downtown Vancouver is within walking distance from West End, which is convenient for families who don’t drive or would rather avoid public transportation. As it is on the edge of the Downtown area, however, there are a wealth of public transportation options to further afield in the Metro Vancouver area.

As a family-friendly city, Metro Vancouver has so much to offer; both from the neighborhoods we have hand-picked, through to the surrounding areas. The endless activities, paired with the exemplary range of educational facilities and the attractive draw from international students make it the perfect location to raise a family, no matter which neighborhood you choose.