March Foreclosure Lists
  
Attached $1,000,000 plus
Commercial
Detached $0 - $500K
Attached $500K - $1,000,000
Attached $0 - $500K
Detached $1,000,000 - $2,000,000
Detached $500K - $1,000,000
Detached $3,000,000 plus
Detached $2,000,000 - $3,000,000
Foreclosure properties are always popular. Contrary to US television shows, these properties do NOT sell for pennies on the dollar here in Canada.
Contact me if you are interested in these , or any other type of real estate. I will help connect you with a Realtor experienced in what you are looking for.
BC's Home Partnership Program Ending!
The BC Home Partnership Program (HPP) is being discontinued at the end of this month.
Launched just over one year ago, the HPP offered down payment assistance for prospective home buyers in the form of a second loan, with interest and payments deferred for five years. the qualifications for this program were quite restrictive and led to a smaller than expected number of applications.
The program will officially end on March 31, 2018. Applications received before that date will still be processed.
Buyer Beware: 5 Bylaws to Watch When Buying a Condo
When purchasing into a strata building, an important part of the buyer’s due diligence process is reviewing and understanding the current bylaws of the strata corporation. A failure to review the bylaws can lead to nasty, unwanted surprises for new homeowners later down the road.
Here are five types of bylaws that you should pay particular attention to, as they could make a huge difference to many buyers.
Rental Restrictions or Rental Prohibition
Particularly if you’re purchasing the property as an investment, but also if you might simply want to rent out your place and go travelling, you will want to ensure that you are in fact allowed to rent out your strata lot. The strata corporation may have already enacted bylaws that could either prohibit the rental of residential strata lots entirely, or limit the number or the percentage of strata lots that may be rented out. Strata corporations may also restrict the length of time for which strata lots may be rented.
Short-Term Accommodation Prohibition
Offering up all or part of your strata lot for short-term accommodation can be a significant mortgage helper. However, the rise of AirBnB has led many strata corporations to pass use-of-property bylaws that prohibit short-term accommodations. So, even though the City of Vancouver will now permit primary residences to be let short-term by licensed hosts, that doesn’t mean the strata corporation permits this practice.
These bylaws should not be confused with rental restrictions or prohibitions, as BC courts have found that short-term accommodations are legally different in nature to rentals. Unlike with rental restrictions or prohibitions, there is no grandfathering of use-of-property bylaws. Rather, they take effect as soon as they are registered with the LTSA.
Pet Restriction or Pet Prohibition
When buying a home for yourself, make sure that your pet has a home as well. Pet bylaws vary greatly and can be as extreme as a complete pet prohibition. However, it is more common for strata corporations to restrict the number and types of pets.
The often-used Schedule “A” bylaws restrict pets in a strata lot to one or more of (1) a reasonable number of fish or other small aquarium animals, (2) a reasonable number of small caged mammals, (3) up to two caged birds and (4) one dog OR one cat. Strata corporations who have passed a custom pet bylaw may have modified these restrictions and may require pets to be pre-approved and registered with the strata council.
Approval for Hardwood Flooring
Want to replace carpeting with hardwood floors before moving in? It’s important to remember that when it comes to strata living, an owner is not the master of their own domain. In an attempt to reduce noise transmission between strata lots, many strata corporations have adopted bylaws that specifically regulate the installation of new flooring.
Even if your strata corporation’s bylaws do not contain specific provisions targeting the installation of flooring, the bylaws will always contains some general provisions requiring approval of the strata council for alterations or renovations to a strata lot. Proceed with caution before making such changes.
Insurance Bylaws
Unfortunately, many homeowners will check their strata corporation’s bylaws only after a problem arises. One very common issue faced by owners in a strata building concerns the obligation to repair water damage. Depending on the wording of insurance bylaws, you may be liable for damage caused by water escaping from your strata lot irrespective of whether you have been negligent or careless. The easiest way to protect yourself from such claims is by making sure that you purchase your own individual homeowner insurance to fill in any gaps left by the strata corporation’s insurance policy.
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