Richmond Condo News

Terra Nova Townhouses - 5988 Blanshard Drive

General description:

This Richmond Terra Nova townhouse complex is around 6 years old and the units are consisted of 2 level homes ranging in built-up area between 1,360 to 1,390 square feet. The townhouse units in this complex are mainly consisted of 3 bedroom with 2.5 baths. The parking arrangement is one covered attached garage and one open parking in front of each townhouse. The property tax for 2007 is from around $2,200 and the monthly maintenance is around $175.

Access to this Terra Nova townhouse complex from the city is via Westminster Highway and No.1 Road. Both elementary and secondary schools are within a short walk from the townhouses. A very popular outdoor destination for residents of Terra Nova is The West Dyke Trail which connects Terra Nova with Garry Point Park.

Price history:

2005 - $400,000, 2006 - $450,000, 2007 - $490,000, 2008 - $488,000

You can view townhouses listed for sale around this Terra Nova townhouse neighborhood here. For more info, you can contact James Wong at 604-721-4817.

General description:

This townhouse complex is around 10 years old and the units are consisted of 2 and 3 level homes ranging in built-up area between 1,250 to 1,500 square feet of living area. The townhouse complex has a good range of 2, 3 and 4 bedroom units with 2 full baths. The parking arrangement is one or two covered attached garage(s). The property tax for 2007 is from around $1,800 to $2,100 and the monthly maintenance is from $180 to $205 a month.

Access to the townhouse complex from the city is via Westminster Highway and No.1 Road. Both elementary and secondary schools are within a short walk from the townhouses. A very popular outdoor destination for residents of Terra Nova is The West Dyke Trail which connects Terra Nova with Garry Point Park. Richmond residents are taking on to walking, jogging and cycling along this trail.

Price history:

2005 - $315,000/$360,000, 2006 - $350,000/$380,000, 2007 - $400,000/$440,000

If you are interested to look for a townhouse at the above address or any other featured townhouses, you can contact James Wong at 604-721-4817.

The pre-sales and assignments of new condos in downtown Vancouver are showing prices between $550 to $750 per square foot. In the Coal Harbour area and South False Creek Millennium Village, prices are heading the $1,000 per square foot range. Vancouver prices are way higher than new condos selling in downtown Toronto which are selling at $300 to $350 per square foot. Home buyers in Vancouver are facing a tough decision whether to buy now or to hold off buying to a later date.

Real estate prices world wide have appreciated over the past 6 years due to excessive liquidity. Housing analysts are estimating that as much as 25% of real estate purchases are bought by investors and speculators. The easy credit and strong demand for real estate over the past few years have pushed up house prices to level that cannot be sustained. Many home buyers can only afford older housing units or homes that are priced lower and further away from the city centers.

For many home owners, home ownership means living in apartments. Many are hoping that they will build equity to enable them Trading up to a better or larger home a few years down the road. Whether it is better for someone to buy a home now or continue to rent is difficult to say. Many real estate expects in Vancouver had been calling the market top for over 2 years, the housing market is not showing any sign of slowing down.

If you like to have more information on the Richmond housing market, kindly contact James Wong 604-721-4817. 

Home buyers can buy with 5% down payment if they are qualified for CMHC high ratio mortgages. If you are a first time home buyer, check out if you are qualified to withdraw your RRSP savings as down payment under the "home buyer's plan". In addition, find out if you are exempted from paying the British Columbia "property transfer tax".

When you are buying a home with less than 20% down payment, your mortgage is a high ratio mortgage. You are required to buy a home mortgage insurance to protect your mortgage lender against loan default. The insurance premium charged is dependent how much down payment is provided by you. The insurance premium may range from 1.00% to 2.75% of your mortgage amount.

Please refer to CMHC mortgage insurance premium table for details. The lesser down payment you provide, the more fee you need to pay. This insurance fee can be paid up front or added to your home mortgage. If you plan to buy a home with 5% down payment and get a high ratio mortgage, check with your local mortgage broker whether you can be approved for mortgage financing.

The 5% down payment can come from different sources such as lender’s cash back incentives, lines of credit/credit cards, arm's length personal loans or gifted down payment. Click on this link for more information on buying a home with 5% down payment.

If you are looking for a local Richmond Realtor to help you with your home buying needs, you can contact James Wong at 604-721-4817.  

General description

This townhouse complex is centrally located in the Richmond city center area. The complex is around 23 years old and there are just around 24 units in the above 3 addresses. The units are seldom available for sale. Each unit is consisted of around 1,500 square feet of living area with 3 bedrooms and 2.5 baths. The parking arrangement is one covered car porch and an adjacent “open” parking spot. The property tax for 2007 is around $1,600/$1,700 and the monthly maintenance is around $130.00.

The strata management and general up-keep by the owners of 8431 and 8531 are excellent. You’ll be making an excellent choice in owning a unit at any of the above addresses.

Price history: 2005 - $290,000, 2006 - $340,000 and 2007 - $385,000.

If you like to find out more information on the current properties available for sale in this townhouse complex, kindly contact James Wong at 604-721-4817.

General description

This townhouse complex centrally located and within walking distance to the major amenities around Richmond city center. The complex is around 22 years old. This is a 2-level townhouse complex with average built-up area around 1,320 square feet of living area with 3 bedrooms and 1.5 baths. The parking arrangement is one covered car-porch and one open parking spot. The property tax for 2007 is around $1,740 and the monthly maintenance is around $178.

This is a very desirable well-planned townhouse complex with wide open drive-way, very unique and strong curb appeal. Topping all these attractions, the home owners are friendly and take pride in their homeownership in this complex.

Price history: 2005 - $310,000, 2006 - $370,000 and 2007 - $390,000

If you like to find out more information on the current properties available for sale in this townhouse complex, kindly contact James Wong at 604-721-4817.

General description

This townhouse complex is conveniently located at the "Riverdale area" of West Richmond. The complex is around 27 years old and ideal for bring up a young family. Each unit is consisted of around 1,400 square feet of living area with 3 bedrooms and 1.5 baths. The parking arrangement is “open” and generally the parking spots for the owners are located in front of each unit. The property tax for 2007 is around $1,524 and the monthly maintenance is around $164.00.

The townhouse complex is located in Richmond’s “Riverdale” area. Access to the townhouse complex from the city is via Westminster Highway and No. 2 Road. Both elementary and secondary schools are within a short walk from the townhouse complex.

Price history: 2005 - $285,000, 2006 - $345,000, 2007 - $370,000

If you like to find out more information on current properties available for sale in this townhouse complex, kindly contact James Wong at 604-721-4817.

Terra Nova, Richmond B.C. is centrally located and within minutes from Vancouver's International Airport, 30 minutes from Downtown Vancouver, and 25 minutes from the US border.

History: This is a newer residential development in Richmond that was developed from previously agricultural zoned land parcels about 18 years ago. Both elementary and secondary schools are within a short walk from the Terra Nova neighborhood. A strip shopping plaza was built about 10 years ago to cater to the residents around this neighborhood.

Terra Nova is a newer Richmond community situated at the north west corner of Richmond. With an abundance of modern recreation facilities and neighbourhood parks, extensive system of scenic trails, cycling routes, and walking paths, all contribute to a healthy active community and help to enhance the quality of life for Richmond's residents.

Homes for sales in Terra Nova are consisted of detached homes and townhouses that are relatively new in comparation to other older neighborhoods in Richmond.

Richmond City

The population of Richmond is over 182,000 people from diversed cultures.

Since the early 1990s, Richmond has grown to a dynamic and vibrant city. The current construction of the Rapid Transit system connecting Richmond to Vancouver's Skytrains will further enhance the rapid growth of Richmond. The Olympic Speed Skating Oval to be completed before the 2010 Olympic Winter Games, will showcase to the world Richmond's attraction as a livable, friendly and modern city.

If you are looking for a Realtor active in the Terra Nova area, kindly contact James Wong 604-721-4817.

What do expect when applying for a mortgage?

The following information on the approval process is applicable to borrowers who are salaried employees.

1). Your ability to make the monthly payment

A mortgage lender examines the past and present annual gross income of a borrower, and the likelihood of him receiving this income in the future. This helps determine whether a borrower can afford to make the monthly mortgage payment for the full term of the mortgage. A mortgage may be a conventional (with 20% down payment) or high ratio mortgage (less than 20% down payment). Mortgage approval by lenders involves the examination of 2 debt service ratios when the lenders are under-writing their mortgage applications:

a). Gross debt service ratio (GDSR)

Your monthly payment on housing costs including principal, interest, property taxes, utilities and condo fees if any, should amount to no more than 32% of your gross monthly income.

b). Total debt service ratio (TDSR)

Your total monthly debts payment including housing costs, credit cards, line-of-credit and loans should be no more than 40% of your gross monthly income.

2). Your credit worthiness

This is an important factor when Vancouver home mortgages are granted to the borrowers. The banks that review your loan application before your mortgage approval examine your credit history and credit worthiness. If you have poor or bad credit history, your bank may not approve your application for a mortgage.

3). The property

The quality of a property to be used as a security is critical consideration by a mortgage lender. The property has to be suitable and offers adequate values as collateral/security against the mortgage loan. Leaky Condos and properties previously used for grow-ops (and not rectified and certified as suitable as a dwellings) are not likely to be approved for mortgage financing. Properties in poor repair may not be acceptable to be used as securities for the mortgage loans.

4). Down payment confirmation

The source of funds for the down payment is required to be from borrower's own resources. This could be from accumulated savings, sale of existing property or gift money from family members so long as there is no requirement for repayment. In addition a is required to show closing costs in the amount of 1.5% to 3% of the value of the property.

If you are interested to find out more information on how to apply for a mortgage, kindly contact James Wong at 604-721-4817.

The Government of Canada has 2 home purchase programs that help a first time buyer to purchase his or her first homes. You should find out if you are eligible to take advantage of these 2 programs, namely:

a) Property Transfer Tax Exemption ( BC program)

b) Home Buyer's Plan - using your RRSP for down payment

As a first time buyer, you need to find out if you can be approved for a home mortgage. Do you have a credit problem that will affect your loan application? For home buyers who are interested in buying an eco-friendly and energy efficient home, CMHC has a "green home incentive" on their high ratio mortgage financing.

1). How much mortgage?

Before you get started, you need to know how much you can afford. Are you prepared and committed to the long term financial responsibility of owing your own home? In addition to the initial costs of buying your home, you have to budget for expenditures on home furnishing, repairs, replacement of appliances, renovation, etc.

When you apply for a home mortgage, your bank has to be satisfied that you are qualified and have a stable income to afford the monthly mortgage payment. In addition, you must have established good credit standing to enjoy the best mortgage interest rates.

2). How much down payment do you have?

The more down payments you can provide, the less you need to borrow for your mortgage. The more money you need to borrow, the more interest you'll pay over the life of your mortgage. As described under the Home Buyers' Plan, a first time buyer can withdraw up to $20,000 (or $40,000 per couple) tax free from their RRSP accounts as down payment, closing costs or other expenses.

3). High ratio mortgages

A first time buyer in Canada can buy a home with as little as 5% down payments subject to income and credit qualification. If you have high income and good credit, you can buy a home with zero down payment. If your down payment is less than 20% of the purchase price, you are required to buy a mortgage insurance

If you are interested to find out more information on how to purchase a home as a first time home buyer, kindly contact me at 604-721-4817.