On The Horizon of Hot and New Okanagan, Interior BC and Vancouver Island Marketplace for Real Estate

Published in BC Homes and Resorts magazine in the summer of 2007 and written by Susan Boyce, the most trusted and experienced reviewer of new recreational real estate properties in the province of BC.

With the sunny weather now upon us, many vacation properties are gearing up to commence their summer sales programs. And you’d better believe there are plenty of sizzling opportunities in recreational resort real estate out there. Whether you’re looking for year round home or a relaxing weekend getaway, here’s our usual round up of properties to watch out for including the Garibaldi Springs Executive Hotel & Suites in Squamish.

8 Fuji Court Osoyoos Townhomes

Offering unobstructed views of Lake Osoyoos, 8 Fuji Court townhomes is an elegant collection of just exclusive townhouses. Each three storey home boasts a private rooftop deck (almost like having another full living level) as well as three additional outdoor living spaces – patio, balcony and Juliet balcony off the master suite. The prices of the Osoyoos 8 Fuji Court townhomes are between $550,000 to $700,000 and these three bedroom homes range between 1370 to 1450 square feet and are filled with thoughtful, upscale details to satisfy the most discerning home purchaser. For more information about the 8 Fuji court Osoyoos Townhomes and to priority register, visit www.8fijicourt.com.

Sunrise Ridge Parksville

Terravita Kelowna Condominiums

Terravita’s website is now up and running. Located beside the Third Fairway at Shannon Golf Course on Kelown’as Westside, TErravita is an enclave of condo suites of inspired craftsman style condominium residences featuring post and beam architecture with timber and natural stone accents. Private, exquisite, natural, these one bedroom with den, two bedroom and two bed plus den homes at Kelowna Terravita condos are finished to exceptionally high standards sure to appeal to the home buyer who insists on quality. For more information about the Terravita Kelown condominiums, priority register at www.terravitaliving.com.

The Ridge Sechelt Master Planned Community

Situated on a ten acre site overlooking Sechelt on the Sunshine Coast, The Ridge Sechelt will be a blend of 35 single family lots plus four multi-family phases expected to be a combination of condominiums and townhomes. The Ridge’s hilltop location in Sechelt along the Sunshine Coast wil mean more than half of these luxurious homes will enjoy views of the ocean, inlet or both and all provide access to schools, public transportation, and shopping. This is also BC’s second real estate development to be built entirely to SAFERhome standards ensuring your new home at Sechelt Ridge condominium homes and residences will look better, live better and be comfortable for all generations. Lot prices for the initial phase at The Ridge of single family homes are anticipated to start in the $150,000s. For more information and to priority register your interest, call Doug Long (604.740.4813), Darcy Long (604.740.4432) or Clark and Linda Hamilton (604.885.2901).

Presales Tanglewood Beach Homes in Parksville, Vancouver Island

Westbay Marine Village Victoria Float Homes

You don’t get more a property that’s more “waterfront” than a floating home, and WEstbay Marine Village in Victoria has 26 luxurious opportunities available starting at $249,000 (site extra). Choose from one of Westbay’s Float Homes many exciting models, ask their experts for helping create your custom home or bring your own design. The Westbay Marine Village is located on Victoria’s Inner Harbour at 453 Head Street giving easy access to all the urban amenities of downtown Victoria. Don’t miss this rare real estate float home opportunity at the WEstbay Marine Village in Victoria and call Mark Lindholm at 250-383-5678 or visit the web anytime at www.westbayfloathomes.ca.

Revelstoke Mountain Resort Year Round Vacation Homes

If you’re looking for a “resort so big it takes four seasons to experience it all,” you’ll definitely want to priority register for future phases at the Revelstoke Mountain Resort vacation and recreational property homes. Phase One sold out in just hours and interest remains very high for all upcoming phases. The Resort at Revelstoke features a variety of housing options surrounding a pedestrian only village centre with shops, restaurants, cafes, quiet piazzas, and lively entertainment in open plazas. Close to golf, hiking, fishing and of course skiing around the Revelstoke Mountain Resort recreational real estate properties. For more information about the REvelstoke Resort, register for upcoming real estate phases at www.discoverrevelstoke.com.

Kelowna Waterscapes Resort Homes and Property

The Cherry Bank Victoria Condominiums

This boutique downtown real estate development in Victoria of 49 luxury residences on one and two levels is built where Victoria’s Cherry Bank Hotel used to stand, faces a quiet terrace, and is just a short stroll from the Inner Harbour, Beacon Hill Park and the city’s dynamic downtown. Interior finishes at Victoria Cherry Bank Condos include smooth stone and granite, gleaming wood and lustrous bamboo, stainless steel appliances, plus wired in capability for current and emerging technology. The Cherry Bank Condominiums in Victoria presentation centre is open daily except Friday from noon to 5:00pm at 1119 Fort Street in Victoria. For more information call 250-385-9814 or toll free at 866-485-9814. You can also visit www.cherrybank.ca.

Tell Us Your News
Got a new recreational real estate development you’d like Homebase to feature in On The Horizon? Drop them a note at newhomes@homebase.ca and they will do their best to get your resort in the next edition.

More about real estate investing on a single income

Continued from a previous post:

Positive Cash Flow Property

Finding investing properties that earns enough rent to cover the costs of owning it canmake it a lot easier to get into investment property. Finding such property isn’t as easy as it used to be – but it’s still possible.

Tricia Green of Home Loans Now in Brisbane says positively geared property real estate will make a difference in getting a loan with a low income. “If it’s close to neutral, it’s pretty good as well,” she says. “But it depends on the individuals’ circumstances.”

Montgomery says: “If it’s positive cash flow it will increase their chances – totally.” But Lomas warns that the property needs to be positive by virtue of its rental income, not through tax deductions. “If it’s positive cash flow because of tax deductions, it won’t make much difference,” she says.

“If the return is 5 per cent and it’s on paper deductions like depreciation that makes it positive cash flow, the bank won’t be impressed. Borrowing criteria is worked out on disposable income – what you have left after you’ve paid tax and personal debts. “If you have positive cash flow because the income is greater than the expenses, then it will enhance your borrowing capacity. The bank will take whatever income the property is generating and add that to your income.”

Lomas suggests there’s a risk factor. These days, she says properties which are positively geared by virtue of a high-rent are mostly found in one-industry towns such as mining towns, where values are dependent on the longevity of the resource boom. Those willing to take the risk can find high-returning properties in town such as Moranbah and Blackwater in Queensland, Newman in Western Australia and Whyalla in South Australia.

Keep in mind, however, that the entry price is getting quite high in some mining towns, particularly in Moranbah and Newman where good houses cost $350,000 to $400,000 often more. It is possible to get 7 per cent to 8 per cent returns in major cities, but they tend to be found on smaller apartments – one bedroom and studio apartments – and that presents another set of problems. While such properties have a low entry price and good returns, many financiers are reluctant to lend on properties under 50sqm. Green says attitudes are changing and some lenders have reduced their minimum to 40 sqm, while some will lend on any size of property provided it’s not mortgage-insured.

Good locations to find units with the highest returns include Spring Hill in Brisbane, Tweed Heads West in northern NSW, Darlinghurst in Sydney and the Manoora/Manunda precinct in Cairns. Two likely capital-city locations for good returns on houses are the Beenleigh areas south of Brisbane and the Elizabeth precinct in Adelaide.

Making it easier to get finance

Wizard Home Loans says borrowers make a range of common mistakes that make it harder for them to get finance. In particular, it says borrowing hopefuls commonly believe a number of misconceptions. One prevalent myth is that banks are interested in how much you owe on your credit cards. They’re not; they want to know the total of the limits on al your cards.

“Every type of credit you have in your name, regardless of balance, is used to calculate your ability to service your loan,” says Wizard chairman Mark Bouris. “the less credit (credit cards and other loans) you have on your home loan application, the better.”

Green says: “if you have $30,000 in credit card limits, they’ll take 3 per cent of that limit as a monthly expense sometimes 2.5 per cent, it depends on the lender.” Another misconception is that you need a 20 per cent deposit to get started. “Not true!” says Bouris. “These days you can borrow up to100 per cent of the real estate property value. This is proving to be an attraction option for many cashed-up first homebuyers, who often wonder whether they’ll ever get their feet on to the property ladder.

“One hundred per cent finance provides a lifeline to many people who otherwise would be unable to buy a property.” “From a lending perspective, a lack of a deposit isn’t a major obstacle. What really matters is ensuring that borrowers can comfortably meet their mortgage repayments in the future – and if interest rates increase. “But a lower deposit may mean a higher interest rate and fees.”

Green says it’s possible to borrow 100 per cent of the purchase price of the real estate investment property, but borrowers need to have money set aside for costs such as stamp duty, legal fees and mortgage insurance.

“And when you’re borrowing 100 per cent, the lender is a lot tougher in their criteria. If you’ve just started a new job, for example, they won’t look at you.” The less deposit you’re able to pay when you apply for a loan, the higher the premium of the mortgage insurance.

Some borrowers think a bad credit history doesn’t matter if they eventually pay off the debt. The truth is that a patchy credit history can hurt a borrower’s chances, evne if the issue is very old or just a small, one-off amount. Lenders consult the major credit reporting agencies, which record debts (including any missed or defaulted payments on credit cards, interest-free contracts and mobile phone plans), while assessing a loan application.

Another myth is that assets count the same as income in the eyes of the lender. They don’t. Bouris says, “People often believe that a strong asset position can be a substitute for income when it comes to servicing a loan. But no matter the strength of your assets, what really makes the difference is your capacity to repay the loan through a regular income.”

Shared Equity Investing

Green says equity finance mortgages, or shared equity loans, are new to the real estate market and there’s lots of resistance from consumers. While buyers can achieve a property purchase for less than the full price, they have to forego a chunk of the capital growth when they sell. “The jury is still out on this kind of product,” she says. “There are lots of pros and cons – and many people are against them.”

The general concept is that the ban retains a 20 per cent share of the property investment but receives 40 per cent of the capital gain when the property is sold. The property is solely in the name of the borrowers: they’re granted two loans by the lender, one for 80 per cent of the value and the other for the remaining 20 per cent. The smaller loan is interest free.

When the property investment in real estate is sold, the lender gets there 20 per cent contribution back plus 40 per cent of the capital gain. The 80/20 split isn’t the only possible configuration – it could be 90/10 or 85/15. “A lot of people are against them once they realise they’ll lose 40 per cent of the future growth,” Green says.

Montgomery says this kind of loan product is specifically targeted at individuals who struggle to buy property in the normal way. “These types of loans are quite complicated in their structure at this point in time, but as these types of loans roll out and become a little simpler to understand, they may be an option for single people.”

Montgomery says the State Government in Western Australia recently introduced a shared equity product which allows first homebuyers to purchase part of a property, with the government buying the other part.

Nothing Down or Zero Down Property Investing – Profits or Pitfalls?

To gain possession of a real estate investment property without spending any money upfront sounds too good to be true, but is it? Published by Mr. Carman for the API Magazine of Australia in June ’07.

“Buy a property without putting in any of your own money!” “Own your home even if you have impaired credit!” Both options sound appealing, don’t they? Over the years there have been a swag of books, seminars and the like showing how to acquire property real estate without putting in any cash. These ‘Nothing Down’ methods were popularised by the American author and seminar leader Robert G Allen during the 1980s in his book Nothing Down, although the techniques themselves have been around for many years. There have been a slew of other authors since – for example Joe Crump in the United States, promoting ‘zero down’ ‘no money down’ ‘purchase property with little or no money down even if you have bad credit’ and ‘creative real estate investing’ techniques (although the latter encompasses more than just Nothing Down methods). Nothing Down methods in real estate investing still have some profile and are worth looking into.

The Aim of Nothing Down Methods in Investing in Real Estate

The appeal of Nothing Down or Zero Down techniques is obvious: if you have a choice between acquiring a property without committing any of your own capital, versus having to put your own money in the deal in the form of a deposit, wouldn’t you obviously opt for the first option? After all, why part with your own cash if you don’t have to?

This sentiment is reinforced by the calculation familiar to and beloved to investors in real estate: the cash-on-cash return. The formula simply compares how much cash an investor in real estate gets out of an investment in property with the cash that’s put in. Suppose you put $75,000 deposit down for a $250,000 property and it returns $15,000in rental income in the first year, less $12,250 in interest repayments – a net income of $2750. Your cash-on-cash return for that investment real estate property is 3.7 per cent (2750 divided by 75,000).

But if your deposit is zero, then you’re diving the $2750 net income by zero, meaning that your cash on cash return is technically infinite. (Remember from high school maths that nay number divided by zero is technically undefined). Surely an investment with an infinite return is an investor’s dream? And any real estate investment where you don’t have to lay down a deposit is going to be a winner,right? Well, it’s not as simple as that, for reasons we’ll soon see. But first let’s take a closer look at what Nothing Down or Zero Down real estate investing techniques are and how they work.

What are Nothing Down Techniques or Zero Down Property Investing?

While Nothing Down techniques entail acquiring a property without the investor putting in any of their own cash at the front end of the deal, the term does cover a grab-bag of techniques and methods. ‘Nothing Down’ or ‘Zero Down’ is a general term which covers any method of acquiring a property real estate investment without parting with your own cash for the deposit.

Nothing Down methods don’t mean that the seller doesn’t obtain cash. Rather, the buyer/investor doesn’t put their cash into the real estate deal. These methods were particularly aimed at people who wanted to own their own home but who, for some reason or another (such as poor credit history), weren’t able to raise the funds for a conventional bank loan. The Nothing Down technique which is most familiar to Australian property investors is where the equity in one real estate investment is used as the deposit on another property purchase.

The loan supporting the original existing property is refinanced in order to tap into the home equity as the deposit, which any costs incorporated into the new loan. The equity may have been generated by capital appreciation, or from principal which has been repaid, and substitutes for a traditional cash deposit which the borrower saves up.

Refereed to in some quart3ers as cross-collateralisation (because the equity in one investment real estate is used as collateral, or security, for another investment) this equity tapping is arguably one of the purest forms of a Nothing Down or Zero Down transaction in property investing. It’s conventional, widely accepted and understood and highly effective. Home equity loans, redraw facilities and lines of credits when used as the security on an investment real estate are applications of this technique.

Other less conventional Nothing Down techniques include:
• Using your credit card to lay down some or all of the deposit on a deal (including having several credit cards and using one to pay off another in a ‘cycle’ of credit payments).
• Borrowing from friends or family to acquire a deposit or down-payment on a real estate investment.
• Borrowing the deposit from the seller (in other words, the vendor finances the security)
• Bartering goods or services as the security
• Using loan types which defer repayments (notably so-called balloon loans, more commonly used in the US, in which no repayments of principal or interest are due until the loan matures, at which time both the entire amount of principal and all accumulated interest are payable), and
• Using a real estate property or piece of land you already own as security for a vendor, either as property that you part with, or which you use as a form of guarantee to which the seller can lay claim in the event that you, the buyer, fail to meet some condition of the deal.

These techniques can be used on their own or in combination with each other for Zero Down or Nothing Down real estate investing. Other techniques exist which are sometimes lumped in with Nothing Down techniques but which aren’t actually such. An example here is the purchase option (not to be confused with lease options used by positive cash flow investors) where an investor ties up a property by buying the right, but not the obligation, to buy a real estate property at a certain point in the future at a certain price. A purchase option means you have some degree of control over the real estate investment (notably by excluding other buyers until the option expires) and enables you to place a bet as to whether a property will appreciate in value by a certain amount. However, you have to pay to buy an option, so whether an option qualifies as Nothing Down investing technique is questionable.

Nothing Down Techniques in a Nutshell

The description ‘Nothing Down’ covers a broad array of real estate property investing, but here are a few specific techniques that give you the flavour of the approach:
• Convincing the vendor to fully finance a deal, so that the vendor acts as a bank and gives you a loan for the property they’re selling to you, including the deposit
• Using a non-cash item as security for the purchase, whether that be another real estate property which you (the buyer) own, or some other item such as a boat, car, plot of land etc.
• Providing the use of your services (for example, if you’re a carpenter or accountant), to the vendor in lieu of a cash deposit.
• Using other people’s funds, such as those of a family member or friend, or utilising their borrowing capacity when you’re not able to access credit, in exchange for giving them a share of the ownership or profits from the deal.

Keys to Zero Down Property Investing

Here are some key points when it comes to real estate investing in property using Zero Down or Nothing Down techniques. Wealth Tip: Nothing Down techniques in many cases entail heavy borrowing, and hence bring both the benefits and risks of leverage. Nothing Down approaches might be good for acquiring property, but you’ll still need to part with your own funds at some stage after the deal is done. Nothing Down or Zero Down investing in real estate techniques are separate and distinct from positive cash flow investing. Nothing Down methods don’t substitute for a high-return investment. Some commentators critisize Nothing Down techniques on the grounds that the methods are unlikely to work, or will only work under highly specific circumstances.

Summing up Nothing Down Methods

In the final analysis, it may be that Nothing Down and Zero Down techniques for real estate investors are most useful for credit-impaired people who wish to gain access to buy their own home, or as a spur to creativity for property investors. The intelligent wealth-creator would do well to consider Nothing Down techniques as part of their armoury. These techniques can encourage an investor to bring ingenuity and creativity to the process of deal-making and investing, and this flexibility can make new deals possible or enable an investor to extract extra value from an existing deal.

Sensitising real estate investors to the importance of buying a good property investment from a motivated vendor to gain a bargain purchase price or favourable terms (rather than focusing solely on the property itself) is another contribution made by the Nothing Down school.

To the extent that Nothing Down and zero Down methods in real estate investing enable investors to bring new twists to a property real estate deal and enhance their profits along the way, they are useful additions to a property investor’s toolkit, and their wise and thoughtful application can create real wealth for the discriminating investor.

Real Estate Investing On a Single Income

If you think your income is the only thing stopping you from investing in property, you might want to think again.

Published by Terry Ryder for the Australian Proeprty Investor Magazine for June 2007. For families on a single income or single people with low incomes, it must seem like a consipiracy to deny them access to the property real estate market. High prices, low affordability, rising interest rates, high buying costs. It’s easy to believe it’s just too hard to get into the real estate property market unless you’re a couple with dual incomes or a highly-paid individual. But there are still plenty of options for wannabe investors whose incomes present barriers to getting into the market.

Lisa Montgomery, head of consumer advocacy for Resi Mortgage Corporation, says single people buying real estate alone is a growing trend. People are getting married later, if at all, and many are driven by a desire for independence, including the growing numbers of women buying real estate. “some people think that because they’re single they won’t qualify for a loan or that it will be too onerous to maintain an investment,” she says.

“I always say to people: if you’ve done your sums and you’re comfortable with the numbers, but finding it difficult to take that big step, remember you can sell a property real estate if there’s an issue that crops up or a change in your circumstances.”

Investment adviser and property author Margaret Lomas says it’s challenging for people on a single or low income, but not impossible. These are real estate opportunities for people, particularly if they have some equity in their home. Lomas says low-income earners can’t afford to take big risks and the reality is they have smaller borrowing capacity. But that doesn’t mean they can’t put together a property portfolio of real estate over time.

“It’s amazing how much more they can achieve, compared with somebody who doesn’t do anything,” she says. “they will have a borrowing capacity. It won’t be what they would like it to be and they can’t buy high-end property or middle-of the road property and they may not be able to buy many real estate properties. But they will be able to create a property portfolio.”

Here’s a short list of important considerations that can make a difference for people in this situation:
• Have realistic expectations of what you need
• Check out the “ugly duckling” suburbs
• Find positive cash flow properties
• Understand what matters to financiers
• Consider a shared equity loan
• Consider low-doc loans
• Take a longer term to lower payments
• Buy property with others

Realistic Expectations in real estate investing

Lomas says the biggest hurdle is the mismatch between expectations and reality. “they have to understand they can’t aim too high – but nor do they need to espair,” she says. “Providing they understand what their capacity is and aim for lower-end properties, they can be successful property investors. “Unfortunately, we have people running courses on how to buy a hundred properties in six minutes – and writing books that suggest that becoming rich means you have to borrow a huge amount and have low-doc loans. It creates a perception that success in property investing is about accumulating huge numbers of properties in a short period of time.

“The reality is most people don’t need that many investment real estate properties. But they do need a little bit of time. Single or low-income earners can buy a couple of real estate investment properties over time, sit on them and wait until time does its thing.”

Lomas says someone earning $30,000 faces the prospect of retiring on an annual pension of $18,000. To maintain their existing lifestyle in retirement, they need to create additional income of $12,000. “They really only need $300,000 worth of real estate, returning just 4 per cent or 5 per cent, to create that $12,000,” Lomas says. “If you think of it that way, it’s possible for a person to buy one, two or three properties in ugly duckling suburbs and over 10 years they should go up in value by $50,000 to $100,000. And then they’ve crated the portfolio they need to make up the difference between the age pension and what they’re earning at the moment.”

Finding Affordable Investment Property

The frequent publicity about the affordability crisis can create the impression that no-one can get into the real estate market any more. That’s simply not true. Every major city, including Sydney, has areas with affordable homes, and if people are buying for investment, the whole of Australia is their market: there are numerous regional centres with solid economies where typical homes are within reach of most people.

Lomas urges people with limited incomes to look for opportunities of real estate investment in the ugly duckling suburbs. These are the areas that have cheap homes but also have tangible reasons to grow and evolve into better locations. She says you can find acceptable investment real estate properties with buy-in prices as low as $110,000 or $120,000. And the returns tend to be higher, which helps in getting finance.

“Even on a low income, with the higher rent returns in these areas, its’ likely that they’ll be able to get a bank to lend to them,” Lomas says. Montgomery agrees compromise is needed. “Sometimes you may need to compromise on the type of property or indeed the area,” she says. “You may be thinking the river bank in Brisbane or the Lower North Shore in Sydney, but your income doesn’t allow you the luxury of investing in these areas. “The areas where you can afford to buy may not be close to wehre you live. A lot of Sydney people have purchased property in Newcastle – and I’m one of them. There are lower prices there and the returns are better.”

Montgomery says another option is buying a unit or townhouse, usually cheaper than a house on land. The median house price for houses in Chatswood (Sydney) is around $900,000, but apartments costs half as much. At the other end of the spectrum, in Beenleigh (halfway between Brisbane and the Gold Coast) typical houses costs $250,000 but units only $160,000.

Teresa Whitby, who works at Lomas’ Destiny Financial Solutions, was a low-income earner when she started out with property investment. She began building a real estate investment portfolio by buying property at the low end of the market. Five years later, she’s now buying her eight property andnone of them have cost more than $130,000. A useful website on urban living experiences in new communities in online.

“Borrowing capacity has been an issue for her all the way and sometimes she hasn’t been able toborrow when she’s wanted to,” says Lomas. “But lending criteria change and very time that’s happened, she’s been able to add a low-cost property to her portfolio She’s had some good growth as well. She now has eight properties and all she needs to do is sit on those eight properties. She’s only 45 and in another 10 years she’ll have at least $1 million in equity.

“At a modest 5 per cent return, that would give her $50,000 in income and it will be non-taxable. That’s more than what she and her husband are earning after tax at the moment.”

Red Point Living Because Life is an Adventure

Written by Susan M. Boyce for the Discover Squamish segment in the Special Feature: Living in Squamish – Road to Production and Possibilities in May 2007.

In the world of rock climbing, a Redpoint is a mark of success. Now there’s a new way to celebrate outstanding achievement. Introducing Red Point at Squamish, a home where you can ignite your sense of adventure, where nature’s beauty and challenge are just outside your front door waiting to be explored, and where you can leave the city behind yet still be just down the road.

For additional Vancouver real estate and pre-construction condo reviews, click here.

Exceptional lifestyle at Red Point Squamish
Proudly known as the Outdoor Recreational Capital of Canada, Squamish offers dozens of recreational activities to satisfy everyone from the most extreme sprots enthusiast to the person who delights in nothing more than a casual evening stroll along the waterfront to watch the sun set.

But Red Point Living in Squamish has plenty more to offer – amenities you simply don’t often find right at home. Aptly named “Base Camp,” Red Point’s 3,500 square foot amenities building is definitely turning heads. “Not only do we have all the things you’d expect – lounge, fitness centre, outdoor hot tub, and barbeque patio – but we have a full workshop where you can tune up your bike or you skis,” says sales and marketing director Barrett Sprowson. “Let’s face it, people who live here have summer and winter sports – and that means lots of gear. It’s great having a place to work on your stuff without lugging it all into your suite.” There’s even a dedicated kayak storage area – brilliant.

However, the true piece de resistance is Red Point’s indoor bouldering wall. Over eight feet high, this is where you can practise your horizontal rock climbing moves during inclement weather or simply when you don’t feel like tackling the Stawamus Chief that towers 700 metres into the sky directly behind Red Point Living in Squamish. “This is such a cool element and one I’ve never seen at a development before,” Barrett adds.

Outstanding Living Spaces at Squamish Red Point Living
Inside, Red Point echoes the beauty of Squamish’s natural setting. Warm woods, real stone, and locally sourced finishes all work together to make your home naturally beautiful and hard-wearing. “Mother Nature is the ultimate interior designer,” says Theresa Yoon of Portico Design Group. “We’re just following her lead.”

“Buyers are especially impressed by the clean, contemporary styling and the attention to detail that has gone into every floor plan,” Barrett adds. “It’s all the little things – things like moving a wall six inches to make sure there is space to accommodate a full-sized chest of drawers – that makes these homes so livable. It’s what you would expect in a custom home and you have it right here at Red Point.”

And don’t forget that everything – from the quartzite kitchen counters, marble bathroom counters, and slate tiling to Red Point’s stainless steel appliance package – is included. No costly upgrades –w hat you see is what you get.

Red Point Living in Squamish offers a total of 185 condominium residences in a variety of spacious two bedroom and two bedroom plus den floor plans as well as 33 two level townhomes. Prices start at $229,900. The newly completed presentation centre is open noon to 5:00 pm daily at 1500 Scott Crescent in Squamish (off Highway 1 and just south of the Mamquam Tidal Channel). For more information call 1-877-892-4702, or you can visit on the web anytime at www.redpointliving.com.

The Squamish Red Point Living condos and townhomes are now selling homes in Phase 2. By Kingswood Properties Ltd., the Red Point waterfront adventure is part of the great outdoors and is exclusively offered by Sotheby’s International Realty right now.

Mortgage Insurance for New Homes

Courtesy of the Canadian Home Builders Association.

Few people have the resources to pay outright for their new home. The vast majority needs to borrow money to help finance their purchase and will go directly to a financial institution such as a bank, trust company, credit union, or caisse populaire, or they may work with a mortgage broker who will arrange a loan for them.

Prior to 1954, mortgage lending was restricted to a maximum of 75% of the value of the property, which meant that purchasers had to pay a minimum of 25% of the value directly from their own assets called the real estate downpayment.

The National Housing Act (NHA) of 1954 introduced mortgage default insurance for loans of 75% or more of the home’s value, referred to as a high ratio mortgages. This Act introduced greater stability in the lending real estate market, opened the door to more funding for home mortgages and was a major step forward in providing greater opportunities for home ownership for Canadians. For real estate home buyers, this meant being able to purchase a home and start building equity before they accumulated a 25% downpayment on their real estate property.

The process of getting mortgage insurance is easy and straightforward. After your real estate lender has approved your home mortgage in principle, they will forward an application for insurance to a mortgage insurer. This is done whenever the mortgage loan is 75% of more of the value of the home or real estate you want to buy. With today’s computerized systems, applications for insurance can be processed and approved within minutes, or it may take longer if personal follow-up is required.

Home buyers pay a small processing, or underwriting, fee for the mortgage insurance application, which may vary according to the work involved. In addition, you are also required to pay an insurance premium. The rate is calculated as a percentage of the home mortgage and depends on the size of your real estate down payment; typically rates range from 0.5% to 3.75% of the mortgage amount. The premium can be paid as a lump sum upfront, or it can be added to your mortgage and incorporated into your monthly payments. For additional bank mortgage and financing of pre-construction condos and other buyers tips, please refer online.

Recently, home mortgage insurance has become portable. If you sell your home and transfer your real estate mortgage to your new home, which is a common option offered by lenders, the mortgage insurance can be transferred as well. The insurance premium on the home mortgage for your new real estate home may be waived or offered at a very reduced rate, depending on the size of your new mortgage, the loan-to-value ratio and other factors.

Homes and Gold Take Shape in Cowichan Valley Development

The Cliffs over Maple Bay in Vancouver Island | Spectacular views, premier real estate and a Greg Norman designed golf course are drawing buyers to this residential community in southern Vancouver Island. Written for the West Coast Homes & Design May 2007 magazine.

Fifty kilometres north of Victoria in the Cowichan Valley, a signature 18-hole championship golf course and residential community is taking shape by the name of Cliffs over Maple Bay.

The Cliffs over Maple Bay promises to be one of the most spectacular real estate developments in the province in recent memory. Views here stretch from the Strait of Georgia toward Vancouver to the mountains and lakes of the Cowichan Valley on Vancouver Island for a magnificent vista of more than 210 degrees.

Developer Warren Paulin sees the prestigious development as similar and even superior to the other high-end development on southern Vancouver Island. “The Cliffs is like Bear Mountain … spectacular views, a name-designer golf layout married to premier real estate. The main difference is that this is on a more intimate and exclusive scale. There are only 360 homesites and 215 condominiums here. Plans are also currently under way for the development of a high-end boutique hotel in an ultra exclusive village-style setting.”

The 6,891 yard golf course, designed by none other than Greg Norman, is slated for completion in late 2008 at Cliffs over Maple Bay in Cowichan Valley on Vancouver Island. It promises to be one of the most memorable layouts in British Columbia. Norman will make his second site visit on May 25 this year. Construction has progressed to the point where the world’s former No. 1 will be able to make the tweaks and subtle design touches that have made him one of the best regarded golf course architects in the world today.

On the real estate side, a registered building scheme is in place for the entire property at Cowichan Valley Cliffs over Maple Bay on vAncouver Island. Of the 360 homesites available, only 18 do not have a view of the ocean, lake, and/or golf course. There will also be up to 215 multi-family condominium units built.

To date, 130 home sites have been sold in Phase 1 and 2 and there are none currently available from the developer in either phase of Cliffs over Maple Bay. The prestigious home sites in Phase 2 of Cliffs over Maple Bay at Cowichan Valley are set to be released in late May. These Vancouver Island South properties will have some of the finest ocean views of the entire real estate development. Buyers will be able to view information related to this phase in the new on site 4,100 square foot show home at that time.

Sotheby’s International Realty Canada is marketing the project. Zane Bouvette, president of the Land Division is very excited to be involved with the real estate project on Vancouver Island’s Cowichan Valley.

“Maple Bay has long been one of the hidden gems on Vancouver Island. The locale is surprisingly reminiscent of Deep Cove in North Vancouver. Boaters also consider this to be one of the prettiest and most protected moorage sites on the entire coast of Vancouver Island.”

He is also impressed with the opportunity that Cliffs over Maple Bay presents. “The fact that this is the first course in Western Canada designed by Greg Norman, one of the most respected and well-known [golf course] architects in the world, makes this a very exciting situation. Then, when you compare the quality of the product with unbelievable views from properties right on the golf course, its location with Canada’s best weather and the purchase price points to everything else in B.C., there is no doubt that we will see continued strong demand for this real estate project.”

The Cowichan Valley, a 45-minute drive from Victoria, boasts the highest year round temperatures in the country and now has more than a dozen vineyards in the region surrounding the Cliffs over Maple Bay in Souther Vancouver Island. The catchment area exceeds 75,000 people and the community enjoys a rich cultural scene and all services, from major retailers to a full service hospital.

For more information about the Cliffs over Maple Bay visit www.cliffsovermaplebay.com where you can pre-register fro real estate, or phone toll free 1-800-886-8439. For more BC resort real estate, please visit here.

New Recreational Real Estate in BC

Guerin Creek Estates Kamloops Single Family Homes

Guerin Creek Estates offesr a total of 60 signature homes in the heart of Kamloops BC. A blend of classic tradition and contemporary styling, this architecturally controlled, master plan community is situated on the scenic Sahali Ridge with views of the Thompson Nicola Valley and the Coastal Mountains. Presales Priced from $579,900, these homes at the pre-construction Kamloops Guerin Creek Estates feature 10 foot ceilings, premium hardwood flooring, gourmet kitchens, and oversized windows as well as full basements and triple car garages. Five floor plans including ranchers and master-on-main layouts are available at the Kamloops Guerin Creek Estate Homes. For more information and to pre-sales priority register for the Guerin Creek Kamloops estates, call Mark Lofthouse or Steve Anderson at 604.574.2600 or toll free at 1.877.711.2600. You can also visit on the web anytime at www.gceliving.com.

Radius Living Victoria Condominiums

Ideally situated just one block north of the historic Hudson Bay building in downtown Victoria, Radius Living condo suites and residences is a collection of one hundred and seventeen condo homes ranging from one bedroom to two bedroom with den. Celebrating the renaissance of the urban lifestyle, presales Radius Livings’ condo homes in Victoria BC has many planned amenities that include on site fitness centre, childcare facilities, community gardens, green rooftops, eatery, coffee bar, and workspaces. Pre-construction Radius Living Victoria condos is also pursuing LEED certification, so you’re part of a master planned real estate community that embraces sustainable living and the natural flow of light and air. Prices for the luxury presales Victoria Radius Living condominiums start below $275,000. For more information about Radius Living condominium suites and to priority register call Peter Gaby at 250.477.7291 or toll free at 1.800.668.2272. You can also visit on the pre-sales web any time at www.radiusliving.com.

Lakeshore Three Penticton Condominiums

Lakeshore Three is located barely a stone’s throw from one of the Okanagan’s best beaches and lakes and within easy walking distance downtown Penticton’s shops, restaurants, and services. The Penticton presales condominiums at Lakeshore Residences provide amenities that include a fully equipped fitness facility, swimming pool, hot tub, and sauna, and entertainment sized lounges plus seventy thousand square feet of manicured gardens with water features, wandering stone paths, cozy gazebos, and an expansive deck fro entertaining and barbeques during the summer months. However, one of the most talked about amenities at the Penticton Lakeshore condominiums in pre-construction real estate phase right now is the 100 bottle temperature and humidity controlled wine cellar that comes with every suite, perfect for savouring the bounty of the Okanagan’s many award winning vineyards. Priced from the #334,900 at this point in the presales Lakeshore Penticton sales cycle. For information, visit www.lakeshoreliving.ca or call the Lakeshore presentation centre at 250.490.8000 or toll free 1.877.553.0100 today.

Watermark Osoyoos Condominiums

The much anticipated re-launch of Watermark Osoyoos condo suites is almost here. Boasting one thousand feet of sandy beach plus a three quarter acre amenities area with pool, hot tubs, waterslide, wine bar, and plenty of lounging space, Watermark Osoyoos condos’ final phase of sales of pre-sales 50 suites is priced from $330,900 for a one bedroom or $435,900 for a two bedroom suite. All Osoyoos pre-construction Watermark homes are fully furnished and may be placed in a professionally managed rental pool when you aren’t enjoying the resort for yourself. For more information about the condos at Watermark in Osoyoos BC, and to priority register online, please call 1.866.453.9797 or you can visit on the website anytime at www.ownwatermark.com. Be sure to watch for the opening of Watermark’s presentation centre coming soon at the corner of Main and Park Place in Osoyoos.

For additional urban living condominiums at pre-construction pricing, please visit this URL.

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Got a new presales development you’d like us to feature in On the Horizon at BC Homes & Resorts? Drop them a note at newhomes@homebase.ca and they will do their best to get you in the next edition.

Guerin Creek Estates Kamloops Single Family Homes