The new Home Buyer Rescission Period (“HBRP”) is now in force for residential real estate transactions in the province. Also known as the “cooling-off period,” HBRP improves consumer protection in the real estate market by giving homebuyers time to consider whether a purchase is right for them under any market conditions. This especially helps the buyer under a highly competitive market.
HBRP allow homebuyers to rescind a contract to purchase residential real estate, including private sales, for up to three clear business days after the offer is accepted. This right cannot be waived even if both of the parties agree. Therefor, a buyer can change their mind for any reason within the rescission period but must then pay a 0.25% fee to the seller, which help ensure that all parties are taking the transaction seriously.
The HBRP and any subject conditions included in the contract of sale both start counting down at the same time and run concurrently. If those subject conditions such as financing, inspection etc., are not waived by the buyer, the financial penalty is not applicable.
It is important to note that the rescission period does not give a buyer’s inspector or appraiser access to the property unless specifically mentioned in the contract of purchase and sale.
If you are planning to move, make sure that you buy the property that is right for you by contacting our team.
The Langley Animal Protection Society (LAPS) has also joined the cause. They’re opening up flood-related pet boarding and offering pet food and supplies. Families with pets who have been impacted by the floods can contact LAPS directly at info@lapsbc.ca, or by telephone at 604-857-5055. They’re also accepting donations from anyone who wants to help.
The HCBC Animal Disaster Relief fund Funds collected will be used to provide resources like hay, supplies, fuel to volunteers, emergency evacuation centres and other recognized groups assisting with the relief effort. Volunteers are housing displaced horses and other livestock.
The Canadian Red Cross
The Canadian Red Cross is working to get help to people in and around affected areas as quickly as possible and provide humanitarian assistance for new needs as they arise. Money raised will enable the Red Cross to carry out relief, recovery, resiliency and risk reduction activities in and beyond the region at the individual and community levels.
The Abbotsford Community Foundation have also established the Abbotsford Disaster Relief Fund, which will support front-line agencies that are providing essential services to the families impacted by the disaster.
Rescuers have been out since Sunday scouring landslides, finding people trapped up logging roads, and airlifting trapped drivers out. Donors can specify which SAR team they’d like to make their gift to, or give to the province-wide association for distribution.
If you’ve thought about investing in real estate or purchasing a vacation property, this is one of my current top-picks. Zoned for short term rentals, gorgeous views, ammenities, and beginning in the mid-400’s, this is a perfect opportunity to diversify your investment portfolio or purchase your dream vacation home.
At a Glance
located at Truswell & Capozzi roads
6.25-acre mixed-use development with 3 highrises
319 lakefront homes
member-only Aqua Boat Club
vacation rentals permitted
next to Okanagan Lake & promenade
Mission Park Greenway just one block away
near Pandosy Village & Mission Park Shopping Centre
5 minutes from Capital News Centre & H2O Adventure + Fitness
Live on Lake Time
Coming soon to the Kelowna lakefront, Aqua Waterfront Village by Mission Group is a master-planned community consisting of highrise condominiums, ground-oriented townhomes, a separate four-storey indoor boat storage facility, and ground-level retail space. Three towers of 13, 15 and 17 storeys are built over a 4-storey podium that incorporates a parkade for 233 bicycles and 643 vehicles.
Zoned for vacation rentals and situated right on the water, Aqua is the centrepiece of Kelowna’s new four-season Resort District, where services, necessities, and luxuries are close at hand. Step outside your front door and onto the sandy beaches or explore the waterfront boardwalk towards a village of shops, cafés, and restaurants. Here, you’ll experience the lakefront lifestyle of your dreams. At Aqua, living on lake time is yours to define.
Pricing for Aqua Sales begin summer 2021, starting in the mid-$400s. Vacation rentals are permitted. Sign up to my VIP list above for priority access to Aqua updates, including floorplans, pricing information, VIP purchase opportunities, and invitations to virtual and in-person events.
Floor Plans for Aqua The Phase 1 release will offer a selection of 154 homes, including condominiums and a small number of townhomes, ranging from 1-bedrooms to 3-bedrooms + den. Contact me today to discuss plans, upgrade options, and possible buyer incentives.
Amenities at Aqua Aqua’s 1.2-acre waterfront will include a public promenade as part of the city’s linear park plan to connect Rotary Beach Park to the Mission Creek Greenway. Details on building-specific amenities are forthcoming.
Aqua residents will also have select priority opportunities to purchase a membership to the Aqua Boat Club. Whether or not you are a boat owner, you’ll enjoy more time on the water with Aqua’s valet, storage, mechanical, and boat sharing services. Valet offerings for boat owners include long- and short-term dry rack storage, detailing, summarization, winterization, and scheduled launch & retrieval service via Aqua’s smartphone app.
Alternatively, you can forego the costs of boat ownership with an Aqua boat sharing membership. Use the Boat Cloud booking app to reserve any of seven top-of-the-line boats. The 2021 fleet includes a Cobalt CS23, Cobalt R5, and Mastercraft XT23. Maximum seating capacity ranges from 10 to 18 people.
All Aqua Boat Club members also enjoy valet car parking, discounted fuel, and a free bag of ice with every launch. Membership is extremely limited to ensure you can access the boat you want when you want it.
Parking and Storage A four-level parking podium will provide storage for 233 bicycles and 643 vehicles, of which 527 are for residents and 47 are for visitors. Short-term racks for visitors will accommodate 32 bicycles. The Aqua Boat Club has a 4-storey storage facility for 183 boats.
Maintenance Fees at Aqua TBA.
Developer Team for Aqua Headquartered in Kelowna, Mission Group specializes in residential & commercial real estate development and construction. Each Mission Group community is given careful thought and consideration long before construction begins. Their goal to create and nurture homeowner relationships, as well as their modern and well-built designs, has earned them numerous industry awards over the years. These include the Canadian Home Builders’ Association Tommie Gold Awards, Built Green B.C. Builder/Renovator of the Year in 2012, and Multi-Family Builder of the Year in 2014.
IBI Group Architects is a multi-disciplinary consulting firm that was founded in Vancouver and Toronto in 1974. By integrating their four core disciplines (urban land, facilities, transportation and systems), they develop holistic strategies that shape the urban environment for a more sustainable future. Current projects of theirs featured here include, Highpoint, 533 Cottonwood, and The Grove.
Expected Completion for Aqua TBA. Aqua will be constructed in three phases.
Are you interested in learning more about other homes in Peachland, Kelowna, or Penticton? Contact me for more information or different investment opportunities.
Dawar Zada – Personal Real Estate Corporation 604 808 3797 | dawarzada@outlook.com
I recently wrote a blog post outlining reasons why winter is a good time to sell a home, so I thought I’d share the flip side and list out reasons why it’s a good time to shop for a home too.
1. Sellers are highly motivated. People who are listing their homes in December are usually on a timeline. They may be relocating for work, wanting to move over the school break, or need to sell their home before the end of the year.
2. You have less competition. Listings do go down in December, but many buyers also take a break during the holiday season. So while the overall number of homes available might be lower, you also have less competition looking.
3. You can get a better price. Motivated sellers and fewer lookers means you can make a better deal. If your seller needs to make a move before the end of the year, they will be willing to work with you on all other terms besides closing date.
4. Rates are staying low. Mortgage rates are forecast to remain low through the end of this year, and into 2021, so it’s a good time to buy.
5. Schedules are more flexible. You might think December is too busy a month for moving, but most people tend to have more flexible schedules in December. Children’s activities are suspended, work schedules are more lax, for both you, your sellers, as well as your lender, home inspector, and moving companies, so scheduling all the parts of your transaction and move may actually become easier.
I’d love to help you find your next home. Let’s make your holiday wishes come true! Message or call me to book a virtual, or socially distanced, property tour: 604.808.3797
Westcoast Family Centres. Donate toward their Holiday Funds – funds will be used toward gifts, events, and services for local families. Or sign up to be a Holiday Hamper Helper. As a Hamper Helper, you will be responsible for purchasing, wrapping, and dropping-off a hamper for a local family!
Crossroads Hospice Society. Donate unwanted items or shop for gifts at Crossroads Hospice Society. 100% of the proceeds generated go toward providing compassionate end-of-life hospice care and free community grief counseling. Click here for a list of what type of donations they will accept. They are currently accepting donations Tuesday to Saturday from 10 am-3 pm at the back of the store.
I love working with first-time home buyers. Helping you find your first home and guiding you from house hunting to move in day is a great feeling. Here are three things every first time home buyer should know before they start their search!
1. Work with one real estate agent. It’s best to have one agent who is helping you with your search. Your agent will be dedicated to finding you the right property, and then negotiating on all the terms of your transaction on your behalf. You want that person to get to know you and your family’s needs and preferences, rather than starting over with someone new each time you go look at a house. When you call an agent from a yard sign or social media advertisement, you are dealing with the seller’s agent. The seller’s agent has a fiduciary obligation to their clients and no obligation to you. You aren’t paying your agent; he or she is paid by the seller upon closing. Still, you are hiring someone to work for you, so feel free to interview multiple agents and pick the one that you feel fits you best.
2. Get pre-approved for financing. Unless you are paying cash for your home, you should talk to a lender before you start looking at houses. One reason is that it helps you set an accurate price range for house hunting. A mortgage lender will not only tell you what amount you can borrow, but also your projected monthly payment, your closing costs, and what you should or shouldn’t do with your finances to maintain your eligibility throughout the lending process. I would be happy to provide you with names of mortgage lenders in our area who have provided excellent service to my clients.
3. There are some up-front costs. You should have an inspection of the property done by a certified home inspector. This cost varies depending on the size, condition, age, and features of the home, but is usually a few hundred dollars. You will need to pay this at the time of service. You want to get as much information during your inspection period as you need to confidently move forward with the purchase. Let me know if you need names of trustworthy and reputable home inspectors in the area!
Want more information? Message me for my free in-depth virtual Buyers Guide. Ready to get started? Give me a call: 604.808.3797
If you’re avoiding trick-or-treating this year or trying to figure out ways where you can still safely collect treats with your kids, here are some ideas!
Scavenger Hunt: If you decide not to take your kids out trick or treating this year, plan a scavenger hunt for them with treats hidden around your home. (Click here to download a scavenger hunt worksheet!)
Trunk or Treat: Organize a trunk or treat with your neighborhood. Put your treats in the trunk of your car and let the neighborhood kids pass by, keeping their distance from you, and take a treat from the trunk.
Costume Parade: Some neighborhoods are planning to have the children parade in front of homes, 6 feet from one another, in a costume parade. Neighbours could combine their treats and let the kids pick them up at the end of the parade.
Reverse Trick or Treat: In this idea, the kids stay in their own yards in costume, and a parent from each home drives by and throws candy from the car.
Candy Hunt in the Dark: Order glow-in-the-dark tape from Amazon, tape onto candy and hide around your house or backyard. Let your kids run around and spot the treats in the dark!
Pick a Cup or Bag: Put your candy or treats in small cups or paper bags and set them out on your porch or a table in your driveway. You can sit nearby and let the kids take their treat as they pass by.
Halloween Piñata: If your family decides to forgo trick or treating this year. Let your kids take turns whacking a pumpkin piñata until the treats spill out!
Ring and Run Treats: This fun family activity is a new take on the old doorbell dash prank. Sneak to your kids friends’ homes and leave a treat on their porch, then ring the doorbell and run! Treats can be Halloween cookies you all bake together.
Virtual Costume Party: Let’s face it, what the kids enjoy most is choosing a costume, dressing up, and showing it off to their friends. They can enjoy each-others’ costumes virtually with a Zoom or Facetime party.
Local businesses enhance our community and help keep it vibrant and unique! When you support small local businesses, you’re supporting regular people in your neighbourhood. For every $100 spent with a BC local business, $46 is re-circulated back into our BC economy (vs $18 for multinationals). They re-circulate 2.6 times more revenue in the local economy as chains. Here’s a list of local businesses you can support today:
A3 Creative Solutions – Locally owned and operated digital design agency. The team at A3CS brings over 30+ years of expertise in branding, graphic & web design, website development, and digital strategies. A3’s client relationships are long-term. They care about you and your brand and work their a!@$ off to make sure you are completely satisfied. Synergy is key for any great relationship, so having that solid friendship is key to their partnership foundation with you.We offer amazing rates for Port Moody businesses. If you are interested in discussing further, please email us.
BTM Lawyers LLP – Community-based law firm providing good advice, close to home. BTM Lawyers LLP is a full-service law firm located in Port Moody’s Suter Brook Village. We have been serving the local community since 1979 and have grown to a firm of 13 lawyers and over 20 dedicated staff members. We are committed to providing our community with top tier legal services and pride ourselves in providing practical solutions for our clients that rival anything on offer in downtown Vancouver. Our lawyers are approachable and provide smart, practical, and results-oriented advice to help clients navigate intimidating and complicated legal matters. We have expertise in a wide range of legal issues including personal injury, wills and estate planning, family law, business law, employment law, real estate, construction, business disputes, and dispute resolution.
Bump Physio & Co. – Physiotherapy for Motherhood. Bump Physio & Co is a boutique physiotherapy clinic located in the heart of Port Moody. We aim to support women by meeting their pregnancy, postpartum and pelvic health needs through advanced training and education in Orthopedics, Obstetrics, Pelvic Floor, Clinical Pilates and C-section Rehabilitation. Our services include Physiotherapy, Pelvic floor physiotherapy, Clinical Pilates, IMS, Acupuncture, Scar tissue management, Personal training and Kinesiology. We also accept ICBC clients.
Engineered Bodies – Strength & Conditioning. Evolve your fitness while building your strength and confidence with our unique combination of functional movement, crossfit and Olympic Lifting.
Gabi & Jules – Exceptional Pies and Baked Goodness. Gabi & Jules is a bakery located at 2302B Clarke Street in Port Moody. Their mission is to passionately create exceptional pies and baked goodness in a collaborative environment inclusive of individuals of all abilities. With a commitment to quality ingredients, their pies are packed full of fruit & flavour and they strive to allow the natural sweetness & flavours sing by intentionally limiting the amount of additional sugar they add.Come by Gabi & Jules to enjoy a slice of pie and a cup of coffee or take a whole pie home to share with family & friends!
Gallaghers Coffee Bar – Handcrafted beverages and freshly baked foods with local ingredients. Locally owned cafe since 2002, award winning coffee latte art.
Moody Ales – Locally owned and operated on Brewers Row. Moody Ales makes craft Beers for every day drinking. Beers you’ll want to have more than one of. Quality, balanced, flavourful Craft Beers – brewed by hand on Brewers Row in Port Moody, BC by their amazing team.
Moody Essentials – 100% natural handcrafted soaps, solid wood soap decks, bath & body products made in Port Moody. 100% natural hand-crafted soaps, solid wood soap decks, bath & body products (whipped body butters, nail & cuticle conditioner, lip balms, bath bombs, bath salts, body spritzes), soy & coconut wax blended candles, reclaimed wood products (tealight & essential oils holders), aromatherapy roll-ons and diffuser bracelets. All products are hand made in Port Moody.
Olive the Best – Local olive oil & vinegar tasting room. We are your local source for the freshest, highest quality Extra Virgin Olive Oils and Traditional Balsamic Vinegars. Our olives are harvested and crushed every six months and bottled when you order. Our balsamic vinegars are aged up to 18 years. Our products are among the freshest, healthiest, and most delicious! For gifts to your corporate clients, relatives or friends we offer Canada-wide shipping for $15, FREE on orders of $60 or more! Visit our tasting room in Newport Village to experience the difference in flavours from typical grocery store brands.
Parkside Brewery – Locally owned and operated on Brewers Row. At Parkside, It all starts with the beer they brew. They believe in making beers of all styles, from approachable to specialty, while only using the best ingredients. Their beers are a celebration of where they live – the Pacific Northwest – and crafted by Vern Lambourne and his brewing team.
Port Moody Flowers – Locally owned and operated flower shop in Port Moody. Port Moody Flowers is your local shop for fresh cut flowers, bouquets, arrangements, and plants. They create unique designs customized for any event or occasion. Prepare for a pleasant walk in New Port Village, and be sure to come in and smell the flowers!
Port Moody Refillery – Port Moody’s first refill shop! Already business owners in Newport Village Port Moody, Teresa and Julie have teamed up to open Port Moody Refillery! They believe that there is a desire in the community to move towards a more sustainable lifestyle. Not having access to bulk and package-free cleaning products motivated Teresa and Julie to bring a refill shop closer to home! The Port Moody Refillery is environmentally friendly, locally produced soaps & cleaners for your body and home. Reuse your containers + reduce single use plastics!
Refresh Salon & Spa – Locally owned and operated salon & spa in Port Moody. At Refresh salon and spa in Port Moody, BC, their goal is to create conformity between the internal and external state of being; in other words, to make you feel healthy and beautiful inside and out. Their team of certified hair stylists and makeup artists are here to take care of your beauty needs. They have selected the highest quality products and equipment to make your services as Refreshing as possible.
Rocky Point Ice Cream – Proudly scooping since 1997. Rocky Point Ice Cream hand crafts ice cream in small batches ‘with love’ using as many local ingredients as possible. Rocky Point Ice Cream has grown into a popular gathering place for locals, a destination location for tourists, and they have expanded their reach by the introduction of their roving ice cream trucks Scooper and Rocky. Their dedication to quality is endless and they are always striving to perfect their recipes, improve their impact on the environment through waste and packaging management, and source more and more ingredients locally (currently over 90% of their ingredients are sourced locally).
Rocky Point Kayak – Explore, adventure, and experience Port Moody. Rocky Point Kayaks location offers easy access to the Burrard Inlet and the Indian Arm. The calm waters at Rocky Point have an abundance of bird and wildlife just a short paddle from shore. Stunning scenery and secluded beaches provide a quick wilderness escape despite being only 25 minutes from downtown Vancouver.They offer hourly, daily, or weekly rentals, of kayaks, canoes and stand up paddleboards. In addition, Rocky Point Kayak offers Paddle Canada certified lesson programs and tours, and many weekly drop-in social paddles. Rocky Point Kayak is located in the new Rocky Point Adventure Centre building located at the foot of the boat launch at Rocky Point Park in Port Moody. They are steps from Brewer’s Row, Rocky Point Ice Cream & The Boathouse Restaurant. They are also 5 minutes away from the new Evergreen Line
Spa Divine – Locally owned and operated Spa in Port Moody. Steps away from Rocky Point Park, 16 years in beautiful Port Moody, Spa Divine is the Tri-cities award-winning Luxury Boutique Day Spa elevating todays spa experience. Known as the ‘hidden gem’, steps away from the shoreline, Spa Divine offers a unique array of holistic and traditional spa services, from world-class signature skincare facials, massage and body treatments ~ to hand and foot care, makeup artistry and more.
Tea & Paper Nook – Quant and independent gift shop located in Newport Village. All things beautiful! Tea & Paper Nook carries a delicious selection of fine teas, stationery, pens and gifts! Their collection of quality goods changes with the seasons, so make sure to drop by their shop to see their latest offerings!
The Bakery Brewing – Experimenting with beer styles, methods, and local ingredients. The Bakery Brewing is all about experimenting with styles, methods, and local ingredients. Our beers cross a wide range of styles and are brewed in extremely small batches, so you will always find something new on tap, and you may never see it again. Enjoy the process of discovering new styles and flavours. With a range of beers from light clean ales and lagers, to IPAs, mixed fermentations, and kettle sours, we are always going to have something new for you to explore.
The Little Butcher – Locally owned family butcher located in Newport Village. The Little Butcher (formerly Georges Meats) is Port Moody’s quaint little butcher shop located in beautiful and trendy Newport Village. In their store you will find the freshest of ingredients sourced locally. In fact, 75% of their products are from BC and the lower mainland, with only 5% of our product being sourced outside of Canada – they love supporting and shopping local!
The Social Agency – Crowd-pleasing promotional services. The Social Agency is a boutique marketing agency located in Port Moody, BC. Our passion is to help organizations find the most compelling, meaningful and effective ways to share their messages and engage with their audiences. We specialize in PR, social media marketing and integrated marketing. Basically, we do it all. We are proud to boast an exemplary success record managing social media for a broad and diverse client base. We have developed and managed marketing strategies and campaigns for organizations such as White Spot, the BC Association of Farmers’ Markets, the Provincial Health Services Authority, The Rick Hansen Foundation, the BC Agriculture Council, the BC Dairy Association and many more.
Twin Sails Brewing – Locally owned and operated on Brewers Row. Twin Sails Brewing joined Port Moody’s “Brewers Row” late in 2015, opening right next door to Yellow Dog. The name of the brewery refers to its founders, identical twin brothers, as well as the common sight of sailboats that can be seen on the waters of the Burrard Inlet right out front of the brewery. Twin Sails focuses on progressive American IPAs and stouts and have recently implemented a wild barrel program. They are always trying to push the boundaries of what can be done with beer in BC. Quality comes first and foremost, but in the end, it’s just a bunch of guys and girls having way too much fun brewing beer.
Vela Acadamy of Movement – A locally owned, youthful, vibrant, energized adaption of the traditional dance studio. Classes for all ages and abilities. We combine a roaring passion for dance with a fun, supportive environment, we provide an education that will spark the fire for dance, and life, in all of our students. We’re about connecting and growing as a community! We’re committed to developing caring, resilient and inspiring young leaders. We are a stand for creating the kind of world we dream of, by supporting, loving and inspiring one human at a time.
Vivio Flowers – Contactless delivery with the freshest locally grown blooms direct from our wonderful growers.
It can be overwhelming to determine what you can apply for and where to start. Here’s Canada’s COVID-19 Economic Response Plan with links to applications and further information.
If you are facing financial hardship due to COVID-19 there are resources available to you. If you are still having trouble determining what those resources are in your specific circumstance, please don’t hesitate to reach out to me for help: 604 808 3797
In my last blog post, I highlighted the changes coming to the mortgage stress test. These changes were due to come into effect by April 6th, 2020. The Superintendent of Financial Institutions (OFSI) has announced these changes have been put on hold indefinitely.
This comes on
the heels of the Bank of Canada’s emergency interest-rate cut on
March 13th of 50 basis points, the second such cut in response to COVID-19. The
new lower interest rates may have a similar effect that the planned stress test
relaxation was intended for which may be the reason the OFSI has announced the
suspension.
This rate cut
has reduced the Bank of Canada’s lending rate to 0.75 per cent, the lowest
since the global financial crisis in 2008.
Housing sales
in Metro Vancouver climbed 44.9 per cent in February compared to the same month
a year earlier and were up 36.9 percent from January. The composite benchmark
price for a home is now $1.02 million, up 2.7 per cent from six months ago. These
new rate cuts may help fuel an already heating-up housing market.
Whether you’re buying or selling real estate I’d love to help you navigate through these changes and help you obtain the best possible outcome. Please contact me if you have any questions or would like further clarification.
