Burnaby home sales have reached a new high watermark this past year. 2014 home sales were the strongest they have ever been in the Vancouver-adjacent city. Home sellers are excited to fetch a premium price on their properties, and homebuyers are more eager than ever to snatch up Burnaby real estate because of its premium status.

Numbers That Tell a Story 

The entire Metro Vancouver area has experienced a tremendous amount of growth in the past several years. Real estate sales have been posting monthly records, with the numbers in October of 2014 being 17 percent higher than the year before.

In Burnaby, the median sales price of detached homes was above a million for the first nine consecutive months of 2014. That price reflects a 10 percent increase compared to 2013. Even smaller, more modest homes have been selling at remarkable prices. A 1,114 sq. ft. bungalow sold in summer of 2014 for $1,055,000.

These sales statistics come from the home price index (HPI), which means that the really expensive home sales are considered outliers and removed from the data. In effect, the housing market in Burnaby is even stronger than the million-dollar mark indicates.

Fueled by Scarcity 

One of the main reasons that the housing market is doing so well in Burnaby is simple economics. New employees with white-collar jobs are constantly moving to Vancouver, and they are on the hunt for comfortable homes that lie within a quick commute of the downtown area.

Burnaby’s prime location just east of the city makes it an ideal location for people who want to be close to the action of Metro Vancouver without being in the thick of it. Burnaby also boasts some of the most beautiful homes this close to the city.

This high demand is countered by a relatively scarce supply. Owners of detached homes in Burnaby are prone to stay, and developers are keener to construct multifamily complexes, such as condominiums or townhomes.

As a result, detached luxury homes in Burnaby are becoming harder and harder to find. This makes the market hungry for property at any price, especially high quality homes with luxury amenities.

A Bright Future

Burnaby’s real estate success seems like it will only grow in 2015. Many of the more affordable suburbs of Vancouver are investing heavily in public transit systems, leaving the more close by real estate of Burnaby free to remain a city filled with predominantly luxury properties.

Job growth also is anticipated to continue in the city, which already hosts such notable companies as Electronic Arts, Chevron, Nokia and Mercedes Benz.

If you were thinking of selling your detached luxury home, now would be one of the best times. While prices are only predicted to go higher, the current insatiable demand makes home selling relatively effortless. To get your home sold at an unprecedented price, take a look at our seller’s page.

Insurance is usually the last thing on a buyer’s mind, but this should not be the case. Even though title insurance does not cost much, it could be one of the wisest purchases a homeowner could make. A simple document can help prevent a lot of headache and heartache down the road.

Why Protecting Your Title Matters

Buying a home essentially means that you are “taking title” of the property, establishing legally binding ownership. Before you can do this, you must perform a title search to ensure that there are no contesting registrations for the title. This process is a standard part of the closing procedure.

A clean title search now does not mean that there will not be disputes in the future. Legal paperwork can take a long time to process; some of it gets buried for years at a time. At any point a third party can come forward to contest full or partial ownership of the title. Reasons they can legally dispute your claim include:

• Arguments over inheritance arising from an unclear will — heirs to a property could surface and argue a case for ownership

• Home liens — either from unpaid property taxes or unpaid contracting labor

• Clerical errors — a single typo or incorrectly phrased statement can send the legal status of a property claim into limbo

• Illicit claims — some people are capable of fraud or forgery, contesting the validity of a property transfer based on falsified documents

While all of these problems seem like they would not take much to resolve, any one of them might tie your title up in the legal system. You could be forced to defend your claim in an expensive and drawn out civil dispute process. Title insurance will pay for most or all of the legal costs needed to set the record straight and keep you in your home.

The Difference between Lender and Owner Title Insurance

Buying a home through a lender usually means that title insurance will be a requirement for buying the property. This stipulation may seem like enough to protect you, but in reality the insurance you buy will only protect the lender. Should the lender run out of money or decide to give up the fight, the onus is now on you to mount a defense.

Owner title insurance serves as buffer should this instance occur. It can also be enhanced to cover aspects like mineral rights claims or boundary disputes. Always look closely at the title insurance document to see exactly what it covers.

For more advice on home buying, take a look at our dedicated buying page.

The surest way to increase the odds of a smooth, painless sale is to set an appropriate price for your home. Despite this fact, many home owners become a little too ambitious with their listing price.

Always perform some market research and work with an agent to set a reasonable listing price. Doing so will help you avoid these common problems:

Lingering Listing

 Home buyers will tend to steer towards listings they see as a good value. If your home is priced higher than other comparable properties, they may pass on viewing or buying it for cheaper listings. The more often this reaction happens, the more likely your home is to sit on the market.

Even if a quick sale is not your chief concern, a prolonged listing period can harm your ability to sell at all. Buyers and the representing real estate agents may question if there is something wrong with your house. They may judge any defects they do find more harshly as a result.

Others may play the waiting game to see if you become desperate enough to chip away at your asking price. In either scenario, any interested parties will expect more and want to pay less.

There is also the danger that you are pricing your home out of many buyers’ search criteria. People looking online will often place a cap on their home listing price. Your home may be just out of their budget. This can consequently get your home screened out of their search results.

Incessant Immaculacy

 Having a clean home is absolutely vital when showing the property. You must keep the lawn and interior maintained. You will also have to put away a majority of your personal belongings to keep the property from looking cluttered or disorganized.

Putting on appearances for a couple of days a month can be fine for a while. Constantly having to tidy up for months on end can get old fast. Eventually, your stress levels will elevate after having to repeat the same tasks over and over again.

Anemic Appraisal

 If your buyer is going to secure financing in order to purchase your home, they must first get an appraisal. Should their appraisal fall well short of your asking price, they will be unable to pay for the property in full and must find a way to close the gap.

This sudden realization will delay a sale significantly. Many times, they are simply unable to purchase the home in this situation, and you must start back from square one with another buyer.

All of these factors are why it is important to set a reasonable price from the beginning. Work closely with an experienced real estate agent to determine a fair price for your home given the current market and comparable listings. To find out more about reliable home selling techniques, take a look at our selling page.

As society and technology progresses, so do our homes. Gone are features like overhead fluorescent lighting and wood paneling. In their place are energy efficiency, neutral colors and open floor plans.

The most luxurious homes usually boast the cutting edge of these trends. Some design choices will find their way down to more moderate homes. Other features will be truly reserved for only the most opulent Burnaby real estate properties.

With this in mind, here are some of the most notable amenities that luxury home buyers have begun seeking.

Automated Subterranean Parking

The wealthy tend to curate a collection of beautiful and exotic cars. These vehicles make a profound statement both for onlookers and upon the person lucky enough to be in the driver’s seat.

Unfortunately, large garages that hold four or more cars tend to swallow up a great deal of a property’s square footage. A huge garage can also blemish an otherwise elegant front elevation view of the home.

To solve this problem, some luxury home owners are turning to sophisticated underground parking garages. These systems allow you to park your vehicle in a dock where it is automatically arranged and stored. You can retrieve the car you want later with the simple push of a button. This type of system is not only convenient, but it also feels slick and futuristic.

Entertaining Wine Cellars

A wine cellar that looks and feels like a cave is no longer acceptable. Home owners want to know that they can get some extra utility out of their investment.

Instead of letting their wine cellars remain a gloomy and uncomfortable lair, they have begun to add furniture and fixtures. Dining rooms arrangements are especially popular since they offer an excellent thematic venue to entertain guests. Decorative accents make this already dramatic setting even more striking. All of these amenities can be bolstered by adjustable temperatures, humidity and ambient lighting.

Highly Advanced Purification Systems

Not every luxury home addition has to be merely aesthetic. Luxury home owners are becoming more interested in protecting themselves from health problems that can come from impure air and water entering the home.

For example, central HVAC systems are being paired with sophisticated multi-zone air purification systems. UV lights and HEPA filters all filter out allergens, carcinogens and other impurities that lead to poor indoor air quality.

Installation of large, industrial-strength water filters and purifiers are on the rise. These systems filter water coming into the house, and they are often coupled with charcoal or cartridge filters at drinking water dispensers.

These three luxury amenities are just a taste of what modern luxury homes can offer. To find out more about homes with lavish amenities in the Burnaby area, take a look at our listings.

Some of the most advanced modern amenities are designed to hide behind your walls or within your floors. These systems add true value and functionality to your home, simplifying some tasks while enhancing your ability to do others. They can increase your comfort levels while living in the home, and they offer a unique selling point when you decide to move out.

Radiant Floor Heating

This incredibly useful heating technique installs directly underneath your floorboards. Coils of conductive metal or water are woven throughout the floor to give the surface an even coverage. These elements are attached to a heating system that runs radiant heat through the lines.

When the lines heat up, their warmth seeps through the floor into objects and people. The end result is a toasty warmness that comes from within the house rather than the ambient air.

Best of all, this type of system can actually reduce your heating bills by using less energy to heat your home. Traditional furnaces are great at making a room “feel” warm while your teeth are still chattering.

This phenomenon occurs because objects in the room are still at a lower temperature; your body will transfer heat when it comes into contact with them. The biggest culprit for heat loss is the floor.

Central Vacuum Systems

Rather than having to carry around a cumbersome vacuum unit, central vacuum systems have a large, powerful central unit located in an out-of-the-way place like a garage or utility room.

Tubes connecting to this unit are threaded throughout the house. All the home owner has to do is hook up a light, flexible hose to one of these tubes and they can suck up dirt and debris directly into the walls and out of sight.

Central vacuum systems are recommended in houses that have people with allergies. Because the central unit does not kick up dust like a bag model vacuum will, disposing of the debris keeps dust mites and allergens from drifting back into the air.

Structured Wiring

Structured wiring is the concept behind ethernet cables, phone lines and security systems. Wires are hidden within the walls to allow outlet receptacles located in convenient spots rather than meter after meter of visible cording.

This technique can be used to accomplish far more sophisticated tasks than people realize. For instance, structured wiring can be used to hook a television up to a cable box several rooms away. You can also integrate speakers directly into your ceiling or wall.

These systems can also have advanced control panels that perform functions through your Wi-Fi network or even your smartphone. Imagine being able to cue up music or your favorite TV show while still on the commute home from work.

All of these systems add utility and resale value to your home, not to mention comfort. For more ideas that add value to your luxury Burnaby real estate property, take a look at our selling services.

Our last post discussed a widely-growing trend of home owners adding in-law suites, apartments or guest houses to their properties. These additions add value and appeal to listed homes, especially for foreign buyers.

Not just any in-law suite will do, however. A certain set of criteria must be met for them to be functional and desirable to buyers. Here are some aspects that may help.

Accessibility

A large part of the reason that home owners are inviting their parents to stay with them is because they are concerned about advancing health issues. An in-law suite should be able to anticipate onset mobility problems and prepare for them now, rather than having to make modifications later.

For one, avoid steps or path obstructions that could lead to dangerous falls. Any areas with stairs should have ramp accessibility in case mobility problems require wheel chairs or other assistance means down the road. Hallways should also be spacious enough to allow the passage of medical equipment, including hospital beds.

Showers should have a sturdy grip rail to allow older adults easy entry and exit. A built-in shower chair can also improve the functionality for an independent senior who has difficulty standing for long periods of time.

Privacy

Part of the appeal of in-law suites is that they function as a separate component of the main house. They should be able to offer comparable facilities so that live-in parents will not have to come into the main part of the house several times a day to perform relatively simple tasks.

Including a kitchenette is one of the most beneficial ways to avoid this problem. A small refrigerator and oven range can allow parents to cook or prepare meals for themselves without having to feel as if they are intruding. Enough counter and cabinet space should be provided so that dry goods, plates and utensils can be stored and used without causing clutter.

Other amenities should include a sitting area for keeping occupied during the day. Bookshelves and a TV space can create entertainment when children and grandkids are not present.

Comfort

While an in-law apartment does not have a lot of square footage, it should be spacious enough to move around in without feeling cramped. There should also be enough room for a rather large and comfortable bed, along with a closet for replacement linens.

These apartments can also be made to feel cozy in order for in-laws to feel welcome and well cared-for. Be sure that the architecture feels homey rather than like a commercial property or care facility.

Always consult a contractor before starting your project to get advice, including how to file for the proper permits to have a separate dwelling as part of your Burnaby real estate property.

For more guidelines on improvements that add value and appeal to your home, consult one of our expert real estate agents. Take a look at our selling page to get started.

Adding a small, permanently-livable addition or guest house to your property for in-laws is rapidly becoming a more common occurrence for home renovations. Luxury homes in particular are seeing a spike in this trend, especially in western parts of the United States and Canada.

These dwellings offer in-laws a permanent place to stay on your property. Home owners who opt for this renovation intend to lessen their parents’ chance of dependence on medical care and get some much-needed bonding with family members during their twilight years. As an added bonus, these additions are also increasing property values and appeal in a big way.

Why In-Law Suites Are Becoming Popular

An enormous segment of the population has begun to reach retirement age at about the same time. Known in the US as “baby boomers,” this generation was born during the rapid medical and industrial advances following World War II.

This aging generation’s children have come into their own in recent years. Largely free from dependent minors or financial instability, they now have the opportunity to provide for their parents as a way to pay them back for the effort spent raising them. Furthermore, the lodging in-laws get to spend more time with the grandkids who still live at home or are returning from college.

Most people offering shelter to their parents cite the importance of being close to family members, especially if they are experiencing the onset of health problems. Living closer than “next door” means less dependence on medical assistance as they age, an important factor in maintaining an elderly family member’s health care and quality of life.

These values are particularly present in foreign buyers. Some may not even consider a property unless it has an extra house or dedicated area just for in-laws. When they take up residence in Canada, they want to be able to know that their parents can eventually join them.

A Real Estate Boon

In-law suites have quickly become an important criteria for homes. Realtors on the US west coast claim that properties with multiple dwelling units can fetch a price as much as 60 percent higher than other properties.

High-end properties are more likely to be scrutinized for their ability to house several generations. If the owner has not yet added a functional suite or guest house, the buyer may make inquiries on how much such an addition to the property will cost them. They may even pass on the property in favor of another with more potential to house their parents.

For all of these reasons, more and more home owners are experiencing a multitude of benefits from in-law suites. Our next post will offer advice on the best ways to add suites that contribute value and functionality to the home.

To learn more about ways to add value to your Burnaby Real Estate home in general, you can start by looking at our selling page.

People in the market for condominiums have the advantage of easy access to the property’s documents. These records are a treasure trove of information about the building and how its management is generally handled. Here are some of the most important documents to review when considering buying a condo.

Declaration

You can think of the condo declaration as a constitution of sorts. Within its pages are all of the rules, by-laws and stipulations for owning the condo, as well as the consequences should you lapse in your duties.

Review this document carefully to identify where your responsibilities lay and what you are permitted to do on your property. An attorney can provide you with a more in-depth interpretation should you have any confusion or pressing questions.

Master Policy

The condo association is required by law to have an insurance policy for their building. This policy may happen to cover certain aspects of individual units, or it may avoid coverage for any owner’s private property.

Review the master policy in order to determine what kind of insurance you will need to cover your property. You can sometimes avoid paying for redundant policies by being cautious in this way. It is important to know if you do not need fire damage insurance because the master policy already has that covered.

The Depreciation Report

Often known as a “reserve fund study,” these reports are a requirement of the condo association every three years. When they are performed, an expert consultant will come out to the building and inspect every single component of the common elements, specifically areas of the building used by all residents.

The consultant will calculate how long each component will last before it needs to be repaired or replaced. He or she will also outline a proposed financial plan for anticipating these costs well into the future.

A depreciation report contains a rich amount of information. If you take the time to read it, you will be able to see what state the building is in and any major costs you may be responsible for. You can also compare the condo association’s budget to the proposed financial plan in order to see how adequately-funded all of these future projects will be.

The Minutes from the Last Annual General Meeting

Once a year, the condo association will hold a meeting with all of the owners within the building. Any major problems will be discussed, and any concerns held by owners will be voiced.

Reviewing the minutes from the most recent meeting will tell you a great deal about how diplomacy is handled within that building. You will be able to see how disputes are resolved and what the common issues facing the building are.

With these documents in hand, you can have more confidence knowing that life in your condo building meets your lifestyle and expectations. To find the perfect condo for you, take a look at our Burnaby real estate listings.

A luxury home should offer more than just tempting frills; they should also be able to supply timeless benefits and hold value, regardless of trends.

When buying a luxury home, try to look past things like infinity Jacuzzi tubs and professional-quality home theaters. These four amenities will never go out of style.

Unimpeded Views and Light Travel

 Natural light is vital to the look and feel of your home, as is a clear view of the outdoors. Homes with ample natural light during the daytime have been proven to elevate your mood as well as your resale value.

In cities, you should try to have a view of a skyline rather than a single building wall. If you can see some sort of natural landscape such as hills, woods, a river or a park, this feature will be even better. Ideally, sunlight will be streaming in through your windows for the majority of the day.

Outside the city, look for a home that is not hidden by trees or landscaping. Too many trees can spell a shady, gloomy interior and extra yard maintenance. Try to find a home that has an excellent viewing distance out into mountains, woods or fields. Remember that natural scenery is not something you can add to houses with a renovation.

Windows 

Along with your surroundings, your windows dictate how much light and landscape you see. Windows are responsible for a large percentage of heating and cooling loss in most older homes.

Seek out a home that has modern insulated windows with double or triple panes. These will save you money on energy costs, especially if the house has an abundance of windows.

High Ceilings

 A home with high ceilings feels more spacious. It communicates a majestic appearance. Your ceiling height should be no less than 2.7 meters. A house with ceilings higher than four meters would benefit from architectural touches such as exposed beams or an inlaid ceiling design.

Functional Layout

 Most luxury homes are large; this does not have to mean that they are difficult to navigate. Your home’s floor plan should be practical. Look for spacious main areas and corridors that flow naturally into bedrooms and other more private areas while still keeping them separate.

If you are in the market for a luxury Burnaby real estate property with all of these features and more, we would love to help you in your search. Take a look at our buying page to see what we can do for you.

A luxury home is an investment as much as it a necessity. One should always exercise due diligence before springing into a sale, no matter tempting a property may seem. Here are four things everyone should consider having done before they make a serious bid on a luxury property.

Get a Comprehensive Estate Inspection

Large estates have many complex components. A simple home inspection would be unable to evaluate them all properly. Find an expert who is qualified to inspect elements like:

• Lawn irrigation and sprinkler systems
• Heated floors or driveways
• Complicated security or surveillance systems
• Exterior landscape lighting

A thorough inspection will include the current state of each major component. It should give you a rough estimate for anything that will need to be repaired or replaced in the next ten or so years.

Get a Personal Appraisal

Chances are, any lender you wish to use will request their own appraisal. While these can be handy for determining your mortgage interest and lending amount, they may not have all the information you need as an investor.

Consider hiring your own separate appraiser who can calculate your new home’s value in the long run. They should be able to use historical data of surrounding areas and other similar properties. 

With this information, you will have a clearer picture of how your home will appreciate over the years. An appraiser may even be able to advise you of scenarios that will increase the value of the property.

Consult Your Financial Advisor

Buying a home is a serious commitment. Many people think through the decision diligently on their own, but do not bring their financial planner in on the prospect until late in the game.

Ask your financial advisor what type of contribution you are able to set aside for your home’s down payment and mortgage. They will be able to offer their expertise on the best type of housing purchase for your equity and overall net worth. A good financial advisor will help you steer clear of any rash purchases that may benefit your comfort, but not necessarily your bottom line.

Have the Title Looked at Closely

Large or valuable properties have a lot more considerations when it comes to ownership. There are unexpected aspects such as mineral rights, encroachments and possible easements relating to the property. Have a lawyer familiar with real estate law examine the document to spot any potential areas of trouble.

Additionally, if your lender does not already require you to purchase title insurance, do so before closing. Title insurance will protect you from unintended consequences in a title’s wording or from any unknown liens the property may have.

For more advice on buying luxury Burnaby real estate homes, our team of experienced agents will be more than happy to serve you. Take a look at our buying page to find out more about how we can help you.

If you take the time to learn your market, selling a luxury home can be almost as easy as selling any other home. With a few minor adjustments, you can get your home sold at or close to your initial asking price.

Here are some tips to make selling your luxury home as painless and profitable as possible.

Make the First Impression Count

Luxury home buyers tend to have discerning tastes. Typically, there are plenty of properties available for them to choose from at any given time. Yours will be one of many.

This stiff competition means you are going to have to put your best foot forward during every showing. Your home should be staged and landscaped before you are ready to invite potential buyers to tour it.

Any remodeling or updating you want to do beforehand should also be taken care of prior to listing. Most luxury home buyers have good business instincts. They like to see results rather than promises.

Spread Your Bets When Marketing

High-end homes are not always found in conventional ways. There are regular listing and classified services, but there is also special web-based marketing. Some home owners use sophisticated techniques like home tour videos or a custom web page to help represent their house in as detailed a manner as possible.

Let your real estate specialist in Burnaby know that you wish to take advantage of all these options at your disposal. Tell them you would like to go through multiple channels including:

• Print
• Online
• Listing services
• Word-of-mouth through other luxury agents

When you take the time to get your message out in resourceful ways, the right person is more likely to hear it.

Select the Right Agent and Cooperate with Them

You should always take the time to carefully select a qualified and experienced luxury seller's agent. They will have the knowledge and familiarity with the market to go about the sales process prudently. Sellers should also try to find an agent that they feel is easy to work with; a home sale is too valuable to let personalities dictate the process.

When working with your agent, always try to understand where he or she is coming from. They have just as much incentive as you do to get your house sold at a fair price. They will also be depending on furthering their reputation to keep a good standing with the luxury market.

Should you be dissatisfied with your agent's ideas, take the time to voice your concerns. You are better off communicating your opinions instead of pretending to agree.

If you are seeking out a luxury selling agent that always keeps their clients' needs first, we would love to offer our services. Our agents are all highly-experienced and want nothing more than to see their clients be happy. Take a look at our selling page to find out more about what we can do for you. 

Many home sellers tend to imagine relocating friends and neighbors buying their listed Burnaby real estate property. While overseas interests may not be the first thing you think of, foreign investors and home buyers should never be counted out of the equation.

Why Market Overseas?

Overseas home buyers are very interested in scooping up homes as an investment, a second living space or even as a permanent residence. The North American west coast in particular has been under the watchful gaze of the burgeoning Chinese middle class. Chinese home buyers eagerly seek out luxury homes in prime locations.

Ignoring this sector means letting your home sit longer. You will also have less potential to entertain legitimately interested offers. Chinese buyers tend to do their homework and will have reasonable offers matching comparable properties. They are also likely to have their finances prepared in advance, as opposed to some buyers who are touring homes as the equivalent of “window shopping.”

Successfully listing your house to a foreign market takes a modified approach, but the rewards are quite tangible.

Document Your Home Exhaustively Online

One of the first major differences when selling to overseas buyers is they will not have ample time to tour every single house that catches their eye. To make the trip from across the Pacific or beyond, they must first be convinced that they fully comprehend what a luxury property has in store for them.

To satisfy this curiosity, you must go above and beyond what you would normally do when listing online. Every room of your home should be documented from several angles, as should the exterior. Taking the time to capture your home in this way will allow the buyer to get a clear idea of your home's layout and dimensions.

A home tour video can be another way to demonstrate what your home's arrangement looks from a personal point of view. Videos also allow the opportunity to introduce yourself and become familiar to the buyer.

Find a Qualified International Real Estate Professional

The most important step when marketing to foreign buyers is to find an agent that is familiar with that market sector. They will be able to navigate the process for both the seller and buyer with fewer snags. A well-versed international real estate professional can also keep legal issues firmly in mind, preventing snags that can slow down a sale or cause it to unravel.

If you are in need of an expert real estate agent, our luxury home sales team can lend our expertise. We have staff members that can speak Mandarin, Cantonese and English, smoothing out communication barriers that could develop between buyer and seller. 

To find out more about how we can help your house get sold to an eager buyer from anywhere in the world, take a look at our selling page.