No, the PDS is not a mandatory form. The seller may choose to fill in some of it, all of it or leave it blank. It all depends on the situation. In many cases Sellers will not fill it in if the property is a rental and they have not lived in the home. This is generally accepted in the industry as the Seller does not have firsthand knowledge of the property and any disclosure would be more of an estimated guess rather than knowledge. On the other hand, a Seller that has occupied the property will more than likely be able to answer the questions with the confidence of making the correct disclosure. The PDS is a document that can help build trust between the Buyer and Seller, therefore if the Seller has the ability to fill it in but does not it may put an obstacle in the way of a successful transaction.  At the end of the day the Seller can make the decision on whether they will fill in the PDS and they should consult their lawyer or trusted real estate professional on their unique situation.

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January 21, 2014

 

Did you ever think that you could get excited about your thermostat? We have to admit, we did and either we need to get out more, or a company has come along and finally made this mundane everyday household item something worth talking about. They have.

We really feel that the implementation of technology in our homes is in its infancy. Don’t get us wrong, there is plenty of fantastic technology out there for our homes, but the mass appeal has been stifled by the lack of infrastructure and high cost.

It’s interesting for us to look at the landscape today and see what technologies have been successful and why. Why is other technology unsuccessful, or slow to be adopted? On the success side, obviously, is the Smart Phone. Why did this catch on so fast?  Simple, it’s subsidized.  You go in to your local mobile phone store, sign a piece of paper, and get a new phone that costs $800 for a mere $100. Some may call this selling your soul to the devil but technology would not be where it is today if things were different. Other technologies have not been so lucky, and fall into the slow to be adopted category. The first plasma screen TV we saw in a store back in 1998 cost $30,000 and we all know how that turned out.  Sixteen long years later and we just got one for free with our new bed. Like it or not, the subsidization of mobile phones by the service providers has catapulted the technology 10 years into the future from where it would have been if we had to pay full price for our beloved phones. 

What does my mobile phone have to do with technology in the home you may ask? A lot! Now we have a common user interface that everyone can work from. Think of it this way... remember back in the day when you had a remote for your TV, VCR, Amplifier and DVD and CD player? Each remote or user interface did only one task. Very helpful, as you did not have to get up to change the channel, but a bit confusing when the grandparents came over to house-sit for you. Then a company came out with the universal remote. One user interface for a multitude of tasks. Genius! This is what the Smart Phone has done, but in a big way. A really big way.

Now that we have control, what do we control?  The market is being filled with start-ups trying to answer this question for you. We are going to start to see everyday mundane objects like thermostats be much more than a dial on the wall. These things will now be interactive. You might say really? How on earth can I interact with my thermostat and why would I want to? 

All good questions. In the months to come we will be featuring useful technology for your home that can be easily integrated into your everyday life. Get ready to have a conversation with your dishwasher!

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I have listed a new property at 603 1510 1ST AVE W in Vancouver.
Unbeatable location! Just steps to False Creek seawall. This fully renovated 1 bedroom and den is your ticket to a stay at home vacation. The suite has a modern layout with an open kitchen, insuite laundry, large den and plenty of insuite storage. Enjoy your summer days sitting on your south facing patio enjoying your city view or taking a stroll on the seawall to Granville Island for everything fresh. City of Vancouver Prepaid lease to 2046. Pets, rentals are welcome. 1 parking included. The complex is well managed and maintained. This home offers tremendous value and is not to be missed.
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We get this question a lot. Buying and selling real estate in Vancouver has been a hobby for a lot of people for the past 10 years.  The trend has been driven by speculation that prices will continue to rise and they did. Up, up, up!  Oh the good old days,  what fun. The disheartening thing is, that I am still meeting with buyers and sellers that have not adjusted their mindset to the reality of today's market.  Those great times have come and gone, so if you are buying a rental property based on holding it for a couple of years and then flipping it for a profit, I would say no it’s not a good time to buy a rental property.  

 

The reality of buying a rental property in today’s market is that the prices are stable or as we like to say in the business “it is a balanced market.”  All indicators show that it will be extremely unlikely for prices to go up anytime in the near future. So, this only leaves two options; prices will stay the same, or prices will go down. There are plenty of people that say the latter but in my opinion I think we will see things stay pretty much the way they are for the next 3 to 5 years. The demand for housing in the lower mainland will still continue to be high, but this will be offset by rising interest rates and more density.  With this in mind, you really need to make sure you are getting into real estate as an investment with both eyes open.  

 

No one can argue that owning real estate over the past 50 years hasn't been a good investment.  Over the long term, it’s a fantastic stable investment.  I’m not suggesting that you should plan on owning your investment property for 50 years, but I will say that a long term vision is what you will need in order for it to be a good investment.  Rather than looking at a rental property as a means of immediate pay out when you sell it,  your formula should be based on paying down the mortgage and creating cash flow with long term rental income. Over the long term, you should calculate the value of the property to increase by the rate of inflation.  

 

So in conclusion, it can be a good time to buy a rental property, but you need to look at your expectations.  If you are interested in a long term investment it might be right for you.  If you are looking for a quick and easy way to make some money, it is not.

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I have listed a new property at 301 440 5TH AVE E in Vancouver.

BEAUTIFULLY RENOVATED, TOP FLOOR, SW CORNER SUITE THAT FEELS LIKE A HOUSE! Open concept kitchen boasting stainless steel appliances, eating area & breakfast bar looking out to bright, spacious living room, balcony & cozy gas fireplace. Amazing Master bedroom that is separated from 2nd bdrm & has a large flex/den space off of it as well as a balcony, ensuite bath, walk in closet & INSUITE LAUNDRY! Tile floor (heated in bathrooms &kitchen), crown mouldings & pot lights throughout! LANDMARK MANOR is a solid, well maintained building in a quiet neighbourhood just steps to Main Street, Mt. Pleasant community centre, a short walk to Olympic Village & minutes to downtown! Parking & storage incl. Open Houses Sat/Sun Jan 11/12 from 2-4pm.

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