Potential condo purchasers should have their eyes wide open and fully understand what they are getting into before signing a purchase agreement. It’s all about doing homework regarding condo fees, reserve funds and lender requirements — as well as seeking affordability.

If you’ve never owned a condo before, take some time to educate yourself or find a professional to help you through the wads of paperwork that come with buying that apartment or townhouse.

Condominium fees are taken into consideration by mortgage lenders in determining if a borrower qualifies for a mortgage, he says.

For example, a $200 monthly condo fee can “affect your purchasing power by more than $18,000″ based on a five-year fixed rate of 4.39 per cent with a 25-year amortization.

“So, if you’re looking for a higher-priced condo with high fees because you felt that was all you could afford, you should talk to a real estate expert to ensure you understand what you can qualify for if it is condominium versus single-detached home.”

It’s also key that you understand just what the condo fee covers — something that varies from property to property.

It’s likely the higher the fee, the likelihood it will cover more than just cutting grass and shovelling snow. In some cases, the building might have a pool or fitness facilities and that will mean more fees.

“While the pool or fitness room is nice to have, seriously consider if they will be features you will use,” “Otherwise, you might be better looking at a property with fewer amenities but more affordability,”

Then there is the reserve fund. If a condominium corporation doesn’t have one, think seriously about looking elsewhere. If there is a fund, know its status.

Condo fees are partly used to establish a reserve fund for the building, with the purpose of saving cash for long-term replacement of major components as they wear out, such as the roof or mechanical systems. Prospective buyers should understand the maintenance program that has been established for the building and determine if the reserve fund is sufficient to handle it.

If it isn’t adequate, there will either be an increase in fees somewhere down the road and/ or a special assessment.

If you have any real estate buying or selling questions, please contact James Garbutt, 604-315-3300 or james@jamesgarbutt.com

A contemporary, art deco inspired, concrete tower coming soon to Victoria Hill, New Westminster’s renowned master-planned community. Discover the expansive views, oversized balconies and high-end finishings of this landmark residence - the latest edition to this growing neighbourhood.

Architecture:

• Inspired by modern Art Deco style
• 27 floors of solid, reinforced concrete with glass exterior walls using the latest principles of envelope design
• Oversized fresh air balconies with breathtaking river and park views allow for true outdoor living
• Designed to respect the natural, sloping topography and preserve all the heritage landscaping

Interiors:

• Two tastefully designed colour schemes – Dusk or Dawn
• Premium bevel-edge, single plank laminate flooring in Italian Chestnut or African Walnut
• Berber-style, trackless carpeting in bedrooms
• Over height 8′8″ ceilings with floor-to-ceiling glazed windows
• Horizontal 1″ venetian blinds on all exterior windows
• Whirlpool front loading, high efficiency stacking washer and dryer
• State-of-the-art, energy efficient electric fireplace with contemporary wood mantel top
• Contemporary flat paneled swing doors on all closets
• Convenient wire shelving in all closets
• Decorative baseboards and coordinated door mouldings
• Contemporary ceiling lights installed in bedrooms
• Multiple connections for cable, telephone and high speed internet

Kitchens:

• Chocolate Hazelnut or Cherry coloured natural grained laminate cabinetry with brushed stainless pulls
• Over height upper cabinets with convenient pantry-style shelving (in most homes)
• Solid imported granite slab countertops, some with breakfast bar overhang
• Undermounted, extra deep double bowl stainless steel sink with in-sink waste disposal
• Contemporary single-lever faucet with pull down spray
• Full height contemporary matte white ceramic tile backsplash
• High-end, stainless steel Whirlpool appliance package including:
  • 22 cu. ft. Energy Star Whirlpool Gold bottom-freezer refrigerator with electronic controls and an ice maker
  • 5-level Energy Star tall tub dishwasher
  • Slide-in gas range with 4 sealed gas burners and self cleaning oven
  • 1.7 cu. ft. microwave with built-in 3-speed hood fan
• Matte finish, oversized imported 12″ x 24″ ceramic floor tile
• Warm track lighting and ambient pendant lighting

Bathrooms:

• Chocolate Hazelnut or Cherry natural grained laminate cabinetry with roll out storage and brushed stainless pulls
• Soaker tub and/or glass enclosed shower with single lever, pressure balanced shower control
• Granite countertops with undermounted sink and modern chrome faucet
• Over height 12″ x 18″ tub and shower tile surround
• Hand set 12″ x 24″ floor tile
• Coordinated polished chrome accessories
• Polished vanity edge mirrors in all bathrooms
• Contemporary bathroom vanity lighting

On-site Amenities:

• Two fully furnished designer guest suites
• Impressive outdoor cascading water feature inspired by Art Deco style
• McBride Boulevard pedestrian overpass connecting Carlyle residents directly with Queens Park
• Private elevated terrace with expansive lawn
• Games room and lounge with kitchen, perfect for entertaining
• Professionally-equipped fitness studio with outdoor terrace
• Fully-equipped media room
• Strata meeting room
• Picturesque landscaping including more than 40 acres of dedicated green space at Victoria Hill as well as numerous species of old-growth trees connected by an extensive pedestrian trail network

Peace of Mind:

• On-site building manager
• Convenient and secure wireless building entry access
• Lobby entrance enterphone with surveillance cameras
• Secure mail room with key-fob entrance
• Well-lit underground parking with controlled access gate and ample visitor parking
• 2 high speed elevators with floor specific access
• Solid wood suite entry doors complete with secure, satin nickel anodized lock set and peephole
• Homes pre-wired for in-suite security system
• Fire protection sprinkler systems in all homes and common areas
• All homes backed by a 2-5-10 year home warranty. Offering 2 year in home coverage, 5 year water penetration coverage and 10 year structural coverage all for your peace of mind

If you are interested in the Carlyle or have any other real estate buying or selling questions, don’t hesitate to contact James Garbutt, 604-315-3300 or james@jamesgarbutt.com

Savour modern luxury with a heritage twist at the Whittaker, the newest member of the Victoria Hill community in New Westminster, BC. Capturing the old-world craftsmanship and quality of its heritage neighbour the Boiler House, the Whittaker offers luxurious low-rise living in a tranquil park-like setting.

Exteriors:

• Unique architectural elements complementing the Art Deco features of the Boiler House
• Innovative & durable fiber cement siding with board-and-batten and stylish brick accents
• Protective Rainscreen technology and umbrella architecture featuring oversized roof lines
• Drop off area and outdoor plaza with decorative paving stones and landscaping
• Oversized windows that permit an abundance of natural light into the homes
• Weather-engineered windows that incorporate a concealed air barrier technology contributing to superior Rainscreen performance
• Oversized balconies or patios in all homes, some with river or park views

Interiors:

• Two traditionally-styled colour schemes including Wenge “Columbia” and Light Cherry “Royal”
• Overheight 9 foot ceilings, with vaulted ceilings in areas of some 4th floor homes
• 12 x 24 inch hand set tile in the entry, kitchen, bathrooms, laundry and closet
• Premium bevel-edged single plank laminate flooring in Burmese Teak or African Walnut in the living and dining areas
• Premium trackless, stain resistant berber-styled carpeting in all bedrooms
• Mirrored closet doors in some bedrooms
• Convenient wire shelving in all closets
• Contemporary ceiling lights installed in all bedrooms
• Decorative baseboards & coordinated door mouldings
• Horizontal Venetian blinds on all exterior windows
• Energy efficient electric fireplace with realistic flame image, log set and ember bed
• Slender and elegant wood veneer mantle-top
• Whirlpool front-loading Energy Star washer and dryer

Kitchens:

• Granite countertops with convenient extended breakfast bar (in most homes)
• Four stainless steel Whirlpool appliances including;
  • 22 cu.ft. Energy Star bottom-freezer refrigerator with stainless steel handles
  • Electric slide-in range with ceramic glass Clean Top system
  • Energy Star tall tub dishwasher with sound reduction system
  • Built-in microwave/hood combo
• Rich Wenge or Light Cherry coloured natural grain laminate cabinetry with brushed stainless pulls
• 39 inch upper cabinets with at least 1 lazy susan per kitchen
• Undermount double bowl stainless steel sink with in-sink garburator
• Polished chrome faucet with convenient integrated pulldown sprayhead
• Full height matte or gloss white brick laid ceramic tile backsplash
• Warm track lighting in kitchen with ambient pendant fixtures above breakfast bar

Lavish Bathrooms:

• Soaker tub and/or glass enclosed shower with single lever, pressure balanced shower control
• Full height tile surround in all shower and shower/tub combos
• Granite countertops with sleek undermount sink an classic polished chrome faucet
• Elegant polished chrome accessories
• Polished edge vanity mirror in all bathrooms
• Matching designer cabinetry with convenient storage space

Your Peace of Mind:

• Convenient and secure wireless entry access
• Lobby and garage entrance enterphone with security camera and floor specific access
• Brightly painted and well-lit underground parking with controlled access security gate
• Protected underground guest parking
• Homes pre-wired for in-suite security system
• Secure satin nickel anodized lockset and peephole on all suite entry doors
• Fire protection sprinkler systems in all homes and common areas
• Private mail room with wireless entry access
• All homes backed by 2-5-10 National Home Warranty. Offering 2 year in-home coverage for workmanship and materials, 5 year water penetration coverage and 10 year structural coverage all for your peace of mind

Interested in seeing what Whittaker has to offer? Or if you have any other real estate buying or selling questions, please do not hesitate to contact me. James Garbutt, 604-315-3300, james@jamesgarbutt.com

VANCOUVER, B.C. – November 2, 2009 – Strong demand has led to a steady rise in Greater Vancouver home
prices compared to last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential proper-
ties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.
“While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008,” Scott
Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “We’re coming off several months of
unseasonably high sales levels, which has allowed for a gradual increase in home values this year,”
The REBGV reports that residential property sales in Greater Vancouver totalled 3,704 in October 2009, an
increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent com-
pared to October 2008 when 1,364 sales were recorded. Looking back two years, last month’s sales increased 22.3
per cent compared to October 2007 when 3,028 sales were recorded.
“High confidence and low mortgage rates are continuing to drive the activity we’re seeing in the housing market
today,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,977 in October
2009. This represents a 2.3 per cent increase compared to October 2008 when 4,867 new units were listed, and
a 13.4 per cent decline compared to September 2009 when 5,764 properties were listed on the Multiple Listing
Service® (MLS®) in Greater Vancouver.
At 12,084, the total number of property listings on the MLS® decreased 4.1 per cent in October compared to
last month and declined 37 per cent from this time last year.
Sales of detached properties increased 201.6 per cent to 1,487 from the 493 detached sales recorded during the
same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached
properties increased 7.7 per cent from October 2008 to $749,808.
Sales of apartment properties in October 2009 increased 148.4 per cent to 1,607, compared to 647sales in Octo-
ber 2008. The benchmark price of an apartment property increased 6.3 per cent from October 2008 to $380,975.
Attached property sales in October 2009 are up 172.3 per cent to 610, compared with the 224 sales in Octo-
ber 2008. The benchmark price of an attached unit increased 4.6 per cent between Octobers 2008 and 2009 to
$468,798.

The market for existing homes made healthy gains in the first two weeks of October — then again, this is compared to the angst-ridden days of last October.
A total of 3,631 homes were sold in the first two weeks of October — up 34%, compared with the same period last year.

Realtors reported 3,631 sales of existing homes in the first two weeks of this month. This represents a 34% jump, compared with the same period last year. Buyers were obliged to dig deeper into their pockets, as the average sales price rose to $414,479, a 17% increase for the first two weeks of October 2008.

“While demand for existing homes has remained strong, it is important to recognize the context of current statistics, We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price.”

Taking the total sales for 2009 thus far, numbers are up to 69,964, a more modest 6% increase on the same period last year. The average price for year-to-date sales in 2009 is $389,687, a 2% rise on last year’s number.