Rick Bowal Real Estate

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I have a couple of Foreclosure Deals for condo's in Richmond and Vancouver under $500K. These are properties gone back to the banks as the owners have defaulted on the payments and are now in Foreclosure. I buy these types of properties as my side business and renovate to flip within 30 days or keep as rentals. Also excellent for first time home buyers to enter the market. Message me if your interested... Rick Bowal Macdonald Realty Westmar 604-537-5792

I have a couple of Foreclosure Deals for condo's in Richmond and Vancouver under $500K. These are properties gone back to the banks as the owners have defaulted on the payments and are now in Foreclosure. I buy these types of properties all the time as my side business and renovate to flip within 30 days or keep as rentals. Also excellent for first time home buyers to enter the market. Message me if your interested along with a contact number and I can call you with the det...ails. Rick Bowal Macdonald Realty Westmar 604-537-5792

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The Federal Government announced they will be making changes to the First-Time Home Buyer Incentive program that was first introduced in September 2019. The changes are said to be coming in Spring 2021. Currently, the parameters allow for a max purchase price of 4 times the borrower's household income up to $120,000 on an insured mortgage. Once factoring the mortgage insurance, this allows for a max purchase price of $505,000 assuming the borrower(s) qualify. Come Spring 2021..., the max in Vancouver ( and possibly the Lower Mainland ) will be increased to a cap of 4.5 times household income with an allowable max of $150,000 household income. So what does this mean? In doing the calculations, this would allow a buyer to purchase to a max of $722,000 assuming they have the max allowable $150,000 of household income. The core of the program remains the same - it is to help the borrower lower their monthly mortgage payment by getting assistance with the down payment via the government incentive. This incentive is shared equity in the home and would have to be paid back upon a sale. Reminder, this is for owner-occupied, insured purchases only ( less than 20% down ). As more details are released I will keep you posted. In the meantime, please let me know if you have any questions. Stay safe! Rick Bowal Macdonald Realty Westmar 604.537.5792

10 Reasons why Renting is a complete waste of Time and money Many peopleespecially singles and young couples who are just starting their careershave mixed feelings about purchasing a house. They worry about getting tied down and taking on a lot of debt. Here are 10 compelling reasons why anybody who can afford it should consider buying a home:...Continue reading

Home sales and listings Resurgence extends into the fall Home sales and new listing activity remained at near record levels across Metro Vancouver in October. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020....Continue reading

What you need to know about reverse mortgages Reverse mortgages are continuing to gain popularity for homeowners. One reason for the increased popularity of the reverse mortgage is simply necessity. For many Canadians who are looking to retire but currently facing high debt load and ongoing expenses, as well as reduced income, it can be a challenge. This is where the reverse mortgage can help. What is a Reverse Mortgage?...Continue reading

In Hong Kong - the world’s most unaffordable housing market -- rents are staying exorbitantly high despite the global pandemic and a severe recession, threatening to add a new source of discontent after months of political turmoil. Hong Kong’s economy is forecast to shrink as much as 8 per cent this year and its unemployment rate is near a 15-year high at around 6 per cent. Yet, home rents remain one of the world’s most expensive while pulling back about 9.2 per cent in Augu...st from the previous year. CBRE Group reported that Hong Kong remains the world’s most expensive place to buy a property. Monthly average rents in the city stayed the world’s third highest after New York and Abu Dhabi. Hong Kong’s rents were estimated by CBRE to be 7 per cent below New York’s last year, but they are more unaffordable because Hong Kong’s median income is just 35 per cent that of New York’s. Abu Dhabi ranks high because of expats who pay high rents for large homes, although locals benefit from government subsidized housing. The truth is you have hundreds of thousands of people living in spaces that are less than 100 square feet, coffin homes, caged homes, sub-divided apartments. Let me know your thoughts Rick Bowal Macdonald Realty Westmar

After debate over move to fundamentally change the project at the 11th hour, council approves building with 303 condos and 152 social housing units. Vancouver’s skyline will get a new twist, after council approved a 55-storey tower that features a distinctive curving design and will be one of the city’s tallest buildings. The property that will soon be home to the undulating tower, at the Granville Bridge’s north end on the former Expo lands, had a long, complicated history b...efore making its way to council this week. And shortly before council voted last week, the culmination of a multi-year process. The development will include commercial space at ground level, with 152 units of social housing and 303 market condos above. The property, at 601 Beach Crescent near False Creek’s north shore, was formerly owned by Concord Pacific, the prime developer of the former Expo lands, which transferred it to the City of Vancouver in 1999, and the site was earmarked for social housing. The city sold the property to developer Pinnacle International for $20 million in 2016, with the stipulation its future development must include 152 social housing units, with market housing making up the remainder of the project. Those 152 non-market homes which Pinnacle will deliver turnkey to the city were cited as a major factor by some of the eight councillors who supported the project. Rick Bowal Macdonald Realty #realestate #moreyouknow #rickbowal #vancouverdevelopments

Metro Vancouver home sales and listings surge in September Home sale and new listing activity reached record levels in Metro Vancouver in September. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.... Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month. We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months. This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic. There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed. While the pace of new MLS listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down, this is creating upward pressure on home prices, which have been edging up since the spring. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020 Message me to discuss what specifically your looking for. I got lots of properties available not on the MLS Rick Bowal Macdonald Realty Westmar 604.537.5792

This is a private deal not on the MLS 2 Bedroom 1 Bath Killarney area of Vancouver on E.49th 895sqft... 48 years old $380/month Strata Fee Asking price $490,000 Fantastic two bedroom suite on the TOP FLOOR in the central Killarney area, just across the street from shopping and all amenities such as Starbucks, 88 supermarket and more! Located on the quiet side of the building overlooking the quiet garden, this bright home has ample space for a small family. Amenities such as a party room and a ping pong room make this even more attractive! This building (60 Units )was for sale received 57M offer but agreed 77% not reached 80% fail in 2018, for future development, meaning you can live in now, and then potentially sell later Re-zoning for a profit! Message me with a contact number to get the exact address Rick Bowal Macdonald Realty Westmar 604.537.5792

This is a private deal not on the MLS 2 Bedroom 1 Bath Killarney area of Vancouver on E.49th 895sqft... 48 years old $380/month Strata Fee Asking price $490,000 Fantastic two bedroom suite on the TOP FLOOR in the central Killarney area, just across the street from shopping and all amenities such as Starbucks, 88 supermarket and more! Located on the quiet side of the building overlooking the quiet garden, this bright home has ample space for a small family. Amenities such as a party room and a ping pong room make this even more attractive! This building (60 Units )was for sale received 57M offer but agreed 77% not reached 80% fail in 2018, for future development, meaning you can live in now, and then potentially sell later Re-zoning for a profit! Message me with a contact number to get the exact address Rick Bowal Macdonald Realty Westmar 604.537.5792

Metro Vancouver home sales and listings surge in September Home sale and new listing activity reached record levels in Metro Vancouver in September. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.... Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month. We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months. This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic. There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed. While the pace of new MLS listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down, this is creating upward pressure on home prices, which have been edging up since the spring. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020 Message me to discuss what specifically your looking for. I got lots of properties available not on the MLS Rick Bowal Macdonald Realty Westmar 604.537.5792

Commercial real estate sales decline in the second quarter As the COVID 19 pandemic intensified in the second quarter of 2020 (Q2), the Lower Mainland’s commercial real estate market experienced fewer sales while dollar values fluctuated depending on property type. Commercial real estate sales totalled 324 in the Lower Mainland in Q2 2020, a 26.5 per cent decline from the 441 sales in Q2 2019, according to data from Commercial Edge, a commercial real estate system operated by... the Real Estate Board of Greater Vancouver (REBGV). The total dollar value of commercial real estate sales in the Lower Mainland was $1.497 billion in Q2 2020, a 1.1 per cent decrease from $1.514 billion in Q2 2019. As COVID 19 forced an economic slowdown in the spring, sales activity in our commercial real estate market predictably followed. The pandemic has caused employers to adapt how they view and use commercial space. We’ll need more time and data throughout this year and beyond to fully understand how these changing perspectives are affecting our commercial real estate market. Q2 2020 activity by category Land: There were 76 commercial land sales in Q2 2020, which is a 27.6 per cent decrease from the 105 land sales in Q2 2019. The dollar value of land sales was $582 million in Q2 2020, a 21.3 per cent decrease from $739 million in Q2 2019. Office and Retail: There were 137 office and retail sales in the Lower Mainland in Q2 2020, which is down 29.4 per cent from the 194 sales in Q2 2019. The dollar value of office and retail sales was $612 million in Q2 2020, a 59.4 per cent increase from $384 million in Q2 2019. Industrial: There were 104 industrial land sales in the Lower Mainland in Q2 2020, which is a 19.4 per cent decrease from the 129 sales in Q2 2019. The dollar value of industrial sales was $265 million in Q2 2020, a 10.9 per cent increase from $239 million in Q2 2019. Multi-Family: There were seven multi-family land sales in the Lower Mainland in Q2 2020, which is down 46.2 per cent from 13 sales in Q2 2019. The dollar value of multi-family sales was $38 million in Q2 2020, a 75 per cent decrease from $152 million in Q2 2019 Rick Bowal Macdonald Realty

Strata insurance costs is creating a new crisis Skyrocketing strata insurance costs need addressing by the provincial government before B.C.’s housing crisis worsens as a result, Union of B.C. Municipalities delegates voted Sept. 23. Delegates voted 92% in favour of the resolution....Continue reading

Metro Vancouver remains a top destination for offshore buyers of luxury properties with marketers saying COVID-19 is stimulating their demand for safe havens. A global real estate publication with 3.3 million mostly Chinese clients, Juwai, spotlights a Vancouver mega-mansion in its brassy promotion of the eight most expensive properties for foreign buyers. The palatial house, on the cliffs near the University of B.C., is on the market for $58 million, listed by Sotheby’...s. Hidden behind a gate at 4743 Belmont, the grand property features every luxury imaginable, including 12,000 blooming flowers. Juwai.com ranks the castle-like Vancouver house as its fourth most expensive property on the planet. Metro’s dramatically fragmented housing market is shooting off in multiple directions during the pandemic. Many local buyers appear to be snapping up single-family homes under $2 million in the suburbs, while those who invested in downtown condos are suddenly pushing to sell them. Wealthy transnational migrants appear to be doing something else again, at least according to global real-estate marketers. The companies that specialize in finding investments for rich people whom they refer to as high-net-worth individuals are promoting Vancouver and Toronto as highly desirable. They’re seen as relatively stable and safe during the turmoil brought on by the coronavirus. In the midst of the COVID-19 pandemic many people find the idea of a secondary residence or citizenship appealing, says Henley and Partners, a global firm specializing in tracking down investment properties, as well as visa and passport opportunities, for the world’s affluent. As a tried-and-tested hedge against volatility, securing alternative residence or citizenship through property purchase is one of the safest, smartest, most sustainable investments you can make right now, buyers are looking for countries with quality medical care and resilience to COVID-19. Knight Frank, another global real estate firm, also has rich customers, particularly in non-Western nations such as China, India and around the Persian Gulf, where industrialization has ignited a rapid rise in the number of multimillionaires. Knight Frank reports 34 per cent of its clients want to relocate to a different country. However, while the international property companies that serve affluent clients are being upbeat, this year’s data does not suggest a mass influx of offshore investors into Metro Vancouver. Luxury housing values in the region were down for the two years prior to COVID-19. And indications are that prosperous buyers are only gradually picking off properties in the city, seeking out possible COVID-19 discounts. Rick Bowal www,FindVancouverHouses.com Macdonald Realty Westmar 604.537.5792

Metro Vancouver remains a top destination for offshore buyers of luxury properties with marketers saying COVID-19 is stimulating their demand for safe havens. A global real estate publication with 3.3 million mostly Chinese clients, Juwai, spotlights a Vancouver mega-mansion in its brassy promotion of the eight most expensive properties for foreign buyers. The palatial house, on the cliffs near the University of B.C., is on the market for $58 million, listed by Sotheby’...s. Hidden behind a gate at 4743 Belmont, the grand property features every luxury imaginable, including 12,000 blooming flowers. Juwai.com ranks the castle-like Vancouver house as its fourth most expensive property on the planet. Metro’s dramatically fragmented housing market is shooting off in multiple directions during the pandemic. Many local buyers appear to be snapping up single-family homes under $2 million in the suburbs, while those who invested in downtown condos are suddenly pushing to sell them. Wealthy transnational migrants appear to be doing something else again, at least according to global real-estate marketers. The companies that specialize in finding investments for rich people whom they refer to as high-net-worth individuals are promoting Vancouver and Toronto as highly desirable. They’re seen as relatively stable and safe during the turmoil brought on by the coronavirus. In the midst of the COVID-19 pandemic many people find the idea of a secondary residence or citizenship appealing, says Henley and Partners, a global firm specializing in tracking down investment properties, as well as visa and passport opportunities, for the world’s affluent. As a tried-and-tested hedge against volatility, securing alternative residence or citizenship through property purchase is one of the safest, smartest, most sustainable investments you can make right now, buyers are looking for countries with quality medical care and resilience to COVID-19. Knight Frank, another global real estate firm, also has rich customers, particularly in non-Western nations such as China, India and around the Persian Gulf, where industrialization has ignited a rapid rise in the number of multimillionaires. Knight Frank reports 34 per cent of its clients want to relocate to a different country. However, while the international property companies that serve affluent clients are being upbeat, this year’s data does not suggest a mass influx of offshore investors into Metro Vancouver. Luxury housing values in the region were down for the two years prior to COVID-19. And indications are that prosperous buyers are only gradually picking off properties in the city, seeking out possible COVID-19 discounts. Rick Bowal www,FindVancouverHouses.com Macdonald Realty Westmar 604.537.5792

The pandemic housing recession that never was via Western Advisor

New property just came on the market a updated side-by-side duplex. 91' x 132' (12,002 sf). Potentially sub-dividable lot with south backyard. Approximately 6,038sf. 12 bedrooms, 5 dens, 3 open dens, 9 full baths, 4 living/dining rooms, 2 family rooms, 2 kitchens & 2 summer kitchens, 2 laundry areas, South back yard, newer roof, vinyl windows, furnaces, paint hot water tanks, plumbing fixtures. Call/text me for price and address if interested Rick Bowal... Macdonald Realty Westmar 604.537.5792 See more

Canadians In A Better Debt Position Now Than When Pandemic Began: StatCan The amount Canadians owe relative to their income fell in the second quarter as government aid to help offset the economic impact of the COVID-19 pandemic helped lift disposable income while the amount of debt was relatively unchanged. Statistics Canada said Friday that household credit market debt as a proportion of household disposable income in the quarter fell to 158.2 per cent on a seasonally adjus...ted basis compared with a reading of 175.4 per cent in the first three months of the year. In other words, Statistics Canada says there was $1.58 in credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, for every dollar of household disposable income. TD Bank economist Ksenia Bushmeneva said government income support measures boosted disposable income and as a result, income growth outpaced debt accumulation. One of the major risks heading into this pandemic-induced recession was the high level of household indebtedness in Canada, which could greatly amplify the hit to the economy and slow the subsequent recovery. So far, it appears that the consumer side of the economy has held up better than might have been expected at the start of the crisis. Reduced spending during the lock down phase combined with government income support measures allowed some households to pay down consumer debt and ramp up savings. Even so, Statistics Canada noted that annual trends show that lower income households tend to have a higher debt to disposable income ratio. Call/text me for further questions, Rick Bowal Macdonald Realty Westmar 604.537.5792

Home mortgages to remain cheap as Bank of Canada keeps interest rate at 0.25 percent The cost of borrowing money for things like buying a home will stay low. The Bank of Canada announced that it is holding steady its interest-setting rate at 0.25 percent.... Monetary policy is working to support household spending and business investment by making borrowing more affordable. The bank noted that household spending rebounded sharply over the summer, with stronger-than-expected goods consumption and housing activity largely reflecting pent-up demand. The Bank of Canada’s key rate influences interest rates for home mortgages. The bank slashed its trend-setting key rate three times in March 2020 to keep the economy afloat amid the COVID-19 pandemic. From a rate of 1.75 percent at the start of that month, the central bank brought it down to 0.25 percent, the lowest level that can be set. Based on rates available some lenders are offering five-year mortgages at 1.74 percent. TD Bank had 1.99 percent, and Scotiabank, 2.09 percent. As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support.

Excellent Deal Off Market House/Lot Price: $1,199,000 Size: 1890sqft House Age: 60 years ... 3bed, 2 Bath Lot Size: 7494sqft (83 X 110) Can build a 3500sqft House City: Richmond . Call or message me if interested as this is a private off market property Rick Bowal Macdonald Realty Westmar www.FindVancouverHouses.com

Excellent Deal Off Market House/Lot Price: $1,199,000 Size: 1890sqft House Age: 60 years ... 3bed, 2 Bath Lot Size: 7494sqft (83 X 110) Can build a 3500sqft House City: Richmond . Call or message me if interested as this is a private off market property Rick Bowal Macdonald Realty Westmar www.FindVancouverHouses.com

Home sale and listing activity continues to increase in August Home buyers and sellers remained active across Metro Vancouver in August, with home sale and new listing activity outpacing the region’s historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,047 in August 2020, a 36.6 per cent increase from the 2,231 sales recorded in August 2019, and a 2.6 per cent decrease from the 3,128 homes sold in ...Continue reading

Home sales and prices will increase through next year.

NEWLY LISTED CONDO in Yaletown! . 1206 - 550 Pacific St Vancouver Condo/Apt... $849,000 2005 1 Parking 1 Locker 774 Sq ft 1 1 . Well planned space; lots of light and open views. The den could be a 2nd bdrm - big window. The den/pantry off kitchen is versatile for many uses. Open floor plan, with new laminate floors. Everything is close by...Canada Line, restaurants & shops, 1 block to the Seawall & George Wainborn Park. Concierge & amenities galore at the Super Club. See more

More Homes Were Sold In Canada In July Than In Any Month In History Vancouver sales increased 44 per cent on the month and 24 per cent from July 2019. Canadian home sales surged to a record in July as home buyers emerged from lock downs.... Transactions for existing properties reached 62,355 in the month, up 26 per cent from a month earlier, the Canadian Real Estate Association reported. Benchmark prices were 2.3 per cent higher on the month, as pent-up demand for homes collided with extremely low inventory levels. What a difference three months makes, from some of the lowest housing numbers ever back in April to the multiple monthly records logged in July. A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year. Canada’s economy is emerging from the steepest downturn since the Great Depression, fuelling a renewed housing boom. Housing starts hit a two-year high last month, while the latest confidence readings show optimism about prices is rebounding. In Toronto, the country’s largest market, sales of existing properties jumped 50 per cent in July compared to June, and were up 29 per cent with the same month a year ago, CREA reported. Vancouver sales increased 44 per cent on the month and 24 per cent from July 2019. Average prices in Toronto were 5.5 per cent higher on the month, and up 1.5 per cent in Vancouver. There were just 2.8 months of inventory nationwide, the lowest level on record, CREA said. Average prices were 9.4 per cent higher nationwide on the month Message me if your ready to look at houses this week as prices are on the rise Rick Bowal Macdonald Realty Westmar 604-537-5792