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Steve Saretsky -

Buyers can’t do renovations before moving in. Many buyers want to know if they can do renovations before moving in. They want to know if they can do the renovation before the property closes so the new home is all neat and tidy for move in day.  I want to take you through a scenario that I encountered a few weeks back. I was the listing agent for a tenant occupied condo in Vancouver. So because it was tenant occupied, naturally it wasn’t in the best shape, the walls were a little scuffed up and needed re painting. It’s impressive what a fresh coat of paint can do to a place. So anyways, we get an accepted offer on the condo unit based on the condition that the buyer would be allowed to paint the place before they moved in. Now obviously it would be a lot easier for the buyer to be able to paint the place before having their stuff all moved in. But there’s a huge problem with this. If a buyer was to re paint the place before closing on the property and something should happen, say, a paint can falls over and ruins the flooring.

Steve Saretsky -

The One Mistake That Can Cost You Thousands When Hiring a Realtor What’s the one biggest mistake you can’t afford to make when hiring a Realtor? Well, it’s your lucky day, i’m about to give you maybe the best advice I can offer when it comes to selling real estate. It’s a little piece of info that most Realtors won’t tell you. So here’s the story, a prospective seller calls a couple Realtors and asks them to come by and evaluate their home. The Realtor comes in does his walk through pulls out the compareables gives his price and walks out the door, never to be seen again. As i’m chatting with that Realtor a couple days later at the office, I ask, “How did that evaluation go? Did you get the listing?” No he replies. They went with someone else who had a higher price. This is without a doubt the biggest mistake a seller can make when hiring a Realtor. Never hire a Realtor because they had the highest list price! There are a number of reasons for this. Firstly you should hire a Realtor because you know them, like them, and trust them. When a Realtor comes

Steve Saretsky -

Why price per square foot is misleading. Stop obsessing over price per square foot. You’re getting it all wrong! I see it everyday, people asking me what’s the average price per square foot. It doesn’t matter. I know immediately i’ve just ticked off a few fellow Realtors. Before you get too upset let me explain. Price per square footage matters, yes it’s something to look at when buying or selling but only if used very specifically, like very specifically. What I mean is; every condo building in Vancouver is different. Some are tall, some are small, some have pools and gyms and some don’t. Factor in location, some near the water, while others are located on busy streets with no views. So when a prospective buyer or another Realtor comes to one of my listings and says “Your listing is over priced the price per square foot in downtown Vancouver is X. X times Y equals over priced.” Not everything is a numbers game. Pricing condos is not math, it’s not science, it’s an art. There are variables to consider and factor in such as view, what floor it’s on, area, location, amenities, building age and condition. You can’t generalize

Steve Saretsky -

Major Changes to old Vancouver buildings on the way.  Huge changes have been proposed for strata corporations. We could start seeing lots of older buildings around Vancouver getting torn down and re developed. A new law has been proposed making it easier for owners to terminate their strata corporation. Currently, there are many older buildings in Vancouver, especially in areas like Kitsilano and the West End. As these buildings continue to age, some 50-60 years old, costs can climb and start to become unreasonable. Many owners feel that instead of repairing the building it should be knocked down and sold to developers so they can re develop it. Many times it just makes more sense than continually pumping money into an old building where the improvement costs outweigh the return on investment. They are also better to maximize the land space with a redevelopment. Currently if owners want to sell their condo unit to developers they need everyone in strata to vote unanimously to terminate their strata corporation and then sell the entire building to a developer. However, the new proposed change will make it from a unanimous vote to only an 80% vote required. This could mean lots of

Steve Saretsky -

Vancouver Real Estate loneliness an epidemic.  It’s no secret the supply of land in Vancouver is extremely limited. Which is why developers are working to continue to densify downtown Vancouver with many new high-rise buildings planned. However, developers, city officials, and even fire fighters are facing some very serious issues. First there is something called The phenomenon of urban loneliness.This is becoming a more pressing issue recently where surveys have found that 43 per cent of those who live in high-rises do not know at least two of their neighbours’ names. Some developers are taking this very seriously and are proposing what they call “sky gardens” which are basically common areas, like a green space on each floor where neighbours can go out; enjoy some fresh air and socialize with other neighbours on their floor. However, to make this happen they are also suggesting to get rid of people’s private patio’s in their units. I live in a high-rise building here in Downtown Vancouver, and I can tell you not only from my building but other buildings alike not many people actually use the communal areas. People prefer their privacy. It’s evident by the fact that every time i’m in

Steve Saretsky -

Public Outrage over foreign investment. A recent Vancouver housing study has created a lot of backlash amongst Canadians. The Study released on Monday, tracked home sales in some of Vancouver’s most expensive areas, Of those 172 homes sold , 66% were sold to Chinese buyers. To say Chinese buyers are only snatching up multi-million dollar properties is also false. Take a look around, it’s a trickle down effect. I’ve witnessed it first hand, it’s happening everywhere. This undoubtedly will and should upset Vancouverites. However, it’s important to understand this is not a race issue. This not about blaming a group of people. This is a Government issue. The blame needs to be put on the Government. We have weak immigration and tax policies that allow this to happen. It just so happens that the Chinese have figured this out and they are exposing it and taking advantage of our broken system. Foreign investors are allowed to purchase as many properties as they like. Even tho, back in China in 2006, many Chinese were being priced out of the market by foreign investors. The Chinese government swiftly introduced a law limiting foreign investors to 1 home, strictly for use as a

Steve Saretsky -

Vancouver Prices Will Keep Rising Despite Misleading Report So a recent article which was just published by the CMHC (The Canada Mortgage and Housing Corporation) stated that the Vancouver prices are set to Cool.  Then various news channels echoed that same message, with headlines like  “Canada’s real estate boom will come to an end in 2016.” This instantly piqued my interest so I delved into it a little further. Now it should be stated that nobody can truly predict real estate prices, not myself, not you, not even the CMHC despite what they may think. So as I’m reading these headlines, i’m thinking, wow they’re saying the boom is coming to an end. The day of reckoning is here. The madness is over. Brace yourself. It’s not. Vancouver house prices are actually set to rise in 2016 & 2017. I’m here to set the record straight. The articles headlines are very misleading and many people will simply just read the headlines and move on. What the article actually states is that prices will continue to rise. The CMHC Report says that  home prices are projected to “rise 3% next year. By 2017, that growth is expected to dip to 2.1%.”

Steve Saretsky -

The Georgia Viaducts are coming Down Like it or not, the Georgia Viaducts are coming down. It’s inevitable. Personally, I don’t really care.. Now before anyone can say how can you not care, you live here you need to care! I don’t. Why? Because, I don’t concern myself with things that are out of my control. You can protest and throw a big fit, but at the end of the day the City is going to make the decision, they have all the power and trust me when I tell you, those things are coming down. Now if you want my opinion, if this came down to a vote I would vote yes, tear those viaducts down. Quite frankly I find them to be an eye sore, a dated infrastructure constructed in 1972 that  sticks out like a sore thumb on such a beautiful city. In a city where land is at an absolute premium it doesn’t make sense to have this infrastructure which creates all this dead space. The potential to add an extra 4000 new residents and 4.5 acres of new waterfront park sounds pretty good to me. I know some may accuse me and say why because

Steve Saretsky -

Why You Can’t Airbnb Vancouver Apartments Strata management companies are now issuing major fines to people who Airbnb Vancouver apartments. A tough pill to swallow for many investors and people looking to make some extra cash on the side. So why are strata’s fining owners who rent out their apartment on Airbnb? It’s simple, high turnover causes additional wear and tear on a building, the hallways, carpets, etc. Many additional noise complaints, and jeopardizing the security of the building. Owners who have a new neighbour every weekend are fed up. Generally each strata has restrictions on rentals, there’s usually a minimum lease requirement even though your building allows rentals there is a minium tenancy lease requirement and usually its anywhere from six months or a year. Ive seen it as low as 1 month. So basically if you’re doing Airbnb every single weekend or whatever the case is then you don’t actually have a signed lease. The standard form K required to be signed by tenants is not submitted to strata so they have no idea who is living in there and who has the keys/fobs and access to the entire building. Strata is going to come down hard on

Steve Saretsky -

Will Vancouver prices go up or down? Are you trying to predict the Vancouver Real Estate market? That’s a dicey game, and quite frankly something I no longer do since making this video below. Although my predictions were spot on… Nobody truly knows what will happen, it’s a guessing game. When I made this video I looked at overall economic factors, the desirability of Vancouver, and the lack of government restrictions on foreign investors. To add to that the lack of supply and mass media coverage of surging home values only increased peoples fear for the need to buy. And Buy NOW. All of these factors contributed to massive gains in Vancouver prices. Ultimately Vancouver prices will always remain hight, it is a highly sought after city that has a tremendous amount of appeal to people all over the world. The limited supply of land in Vancouver due to the ocean and the mountains also plays a key role in prices.

Steve Saretsky -

How much are Vancouver Realtor fees when buying a home? This is probably the most commonly asked question I get, how much are Vancouver Realtor fees?   When you are buying the costs are zero, nothing, nadda, zip. Its one hundred percent paid for by the seller. The seller has to pay the listing agent, then the listing agent pays half to the buyers agent. Well, generally its about a 55/45 split. Which brings me to my next point. Why do some buyers choose to go ahead and not use any representation? Even if you’re an investor or a contractor and you have a good knowledge of the home buying process, what to look for, what’s a good deal/bad deal, what does it hurt to have a second pair of eyes helping you out? It costs you nothing so why not have that safety blanket. Oh, and despite popular belief there is no discount if you go directly through the listing agent. For sellers there is no industry set commission charged by a Realtor. However, the most common commission you will see is 7% on the first $100,000 and 2.5% on the remaining balance. Again, keep in mind about half

Steve Saretsky -

How to buy a house in Vancouver. In the very first episode of #TheSaretskyShow I tell you how to buy a house in 3 simple steps. https://www.youtube.com/watch?v=yyjIujeh74s First contact a Realtor. Someone you know, like and trust. Contact a mortgage Broker. The banks are generally not the best rates available. Put some money aside. Home ownership is not cheap so you will need to budget accordingly.

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The Canadian Economy

Steve Saretsky -

Buyers can’t do renovations before moving in. Many buyers want to know if they can do renovations before moving in. They want to know if they can do the renovation before the property closes so the new home is all neat and tidy for move in day.  I want to...

Steve Saretsky -

The One Mistake That Can Cost You Thousands When Hiring a Realtor What’s the one biggest mistake you can’t afford to make when hiring a Realtor? Well, it’s your lucky day, i’m about to give you maybe the best advice I can offer when it comes to selling real estate....

Steve Saretsky -

Why price per square foot is misleading. Stop obsessing over price per square foot. You’re getting it all wrong! I see it everyday, people asking me what’s the average price per square foot. It doesn’t matter. I know immediately i’ve just ticked off a few fellow Realtors. Before you get...

Steve Saretsky -

Major Changes to old Vancouver buildings on the way.  Huge changes have been proposed for strata corporations. We could start seeing lots of older buildings around Vancouver getting torn down and re developed. A new law has been proposed making it easier for owners to terminate their strata corporation. Currently,...

Steve Saretsky -

Vancouver Real Estate loneliness an epidemic.  It’s no secret the supply of land in Vancouver is extremely limited. Which is why developers are working to continue to densify downtown Vancouver with many new high-rise buildings planned. However, developers, city officials, and even fire fighters are facing some very serious issues....

Steve Saretsky -

Public Outrage over foreign investment. A recent Vancouver housing study has created a lot of backlash amongst Canadians. The Study released on Monday, tracked home sales in some of Vancouver’s most expensive areas, Of those 172 homes sold , 66% were sold to Chinese buyers. To say Chinese buyers are...

Steve Saretsky -

Vancouver Prices Will Keep Rising Despite Misleading Report So a recent article which was just published by the CMHC (The Canada Mortgage and Housing Corporation) stated that the Vancouver prices are set to Cool.  Then various news channels echoed that same message, with headlines like  “Canada’s real estate boom will...

Steve Saretsky -

The Georgia Viaducts are coming Down Like it or not, the Georgia Viaducts are coming down. It’s inevitable. Personally, I don’t really care.. Now before anyone can say how can you not care, you live here you need to care! I don’t. Why? Because, I don’t concern myself with things...

Steve Saretsky -

Why You Can’t Airbnb Vancouver Apartments Strata management companies are now issuing major fines to people who Airbnb Vancouver apartments. A tough pill to swallow for many investors and people looking to make some extra cash on the side. So why are strata’s fining owners who rent out their apartment...

Steve Saretsky -

Will Vancouver prices go up or down? Are you trying to predict the Vancouver Real Estate market? That’s a dicey game, and quite frankly something I no longer do since making this video below. Although my predictions were spot on… Nobody truly knows what will happen, it’s a guessing game....

Steve Saretsky -

How much are Vancouver Realtor fees when buying a home? This is probably the most commonly asked question I get, how much are Vancouver Realtor fees?   When you are buying the costs are zero, nothing, nadda, zip. Its one hundred percent paid for by the seller. The seller has...

Steve Saretsky -

How to buy a house in Vancouver. In the very first episode of #TheSaretskyShow I tell you how to buy a house in 3 simple steps. https://www.youtube.com/watch?v=yyjIujeh74s First contact a Realtor. Someone you know, like and trust. Contact a mortgage Broker. The banks are generally not the best rates available....

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The Saretsky Report. December 2022