Diane Birk

Love Where You Live.......Real Estate in Vancouver

I have sold a property at 201 200 KLAHANIE DR in Port Moody.
Move in before the New Year! Imagine living in the heartbeat of Port Moody - get into nature at Rocky Point, jump on the Skytrain or Westcoast Express to the City, sipping coffee, dining and shopping at Suter Brook or Newport Villages! Everything you need is a short stroll away. A great starter and long term investment as...
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I have sold a property at 315 1545 2ND AVE E in Vancouver.
FOUND: In the heart of "The Drive" - Modern, just under 30K tastefully and entirely updated unit - Kitch w/ all new appliances, cabinets, and quartz counter - Bathroom has a frameless glass door, huge rainshower with glass tiles, new toilet, and cabinet - South facing top floor with 10.5' vaulted ceiling - Open concept kitchen...
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The Bank of Canada announced today that it is holding the overnight rate steady after raising it twice this past summer. The Bank noted that the recent strength of the Canadian dollar has slowed inflation and export growth, and that there is “substantial uncertainty” around geopolitical developments and the renegotiation of NAFTA. The Bank has therefore deemed that “the current stance...

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Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate.

 

This new stress test won’t apply to people renewing their uninsured mortgage.

 

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today....

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I have sold a property at 3 218 CAMATA ST in New Westminster.
Beautiful, like-new 3 Bed., 2 Bath Craftsman-style Townhouse at "Canoe" in Port Royal Village. Chef-inspired kitchen features gas stove, stainless appliances, quartz counters, over-height cabinets for maximum storage. Will easily accommodate an island, or casual dining. Large sundeck off the kitchen is perfect for BBQ & lounging...
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I have sold a property at 1001 400 CAPILANO RD in Port Moody.
Welcome to ARIA 2 at Suterbrook, the highly sought-after master planned community in the heart of Port Moody! This fantastic 10th floor unit is spacious and bright, and features wall to wall windows, over-height ceilings, a balcony, an electric fireplace, granite countertops, stainless steel appliances, insuite laundry, and...
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I have sold a property at 305 300 KLAHANIE DR in Port Moody.
ABSOLUTELY FABULOUS 2 bedroom 2 bathroom condo. OPEN FLOOR PLAN. The kitchen has a gas stove, stainless fridge, & tiled back splash. Master bedroom has a 5 piece ensuite with a soaker tub & a huge walk-in closet. 3 piece main bathroom with a walk-in shower. Hardwood flooring throughout the main living area. Electric...
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I have sold a property at 306 688 12th AVE W in Vancouver.
Welcome to Connaught Gardens. Highly desirable in every way. The location second to none situated on the Canada Line and steps from all the amenities at City Square and Cambie St. The fully remediated building is impeccably maintained and managed. The south facing big bright two bedroom suite is beautifully renovated with newer...
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I have sold a property at 311 1445 MARPOLE AVE in Vancouver.
This home is an absolute gem in the heart of Vancouver– 582 sq. ft, 1 bedroom at The Hycroft Towers. Open concept Original hardwood. Freshly painted. Treed outlook. Entertainment sized rooftop deck presents panoramic views of Vancouver. No dogs. 1 cat is allowed. No Rentals. Can’t beat this location. Central to...
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I have sold a property at 113 211 3RD ST W in North Vancouver.
Attention first time buyers or investors! Great value 1 bedroom apartment in a rental friendly Lower Lonsdale building. Offering a over 700 sq/ft suite with a galley kitchen, dining room/eating area, and a bright, spacious living room with sliders to a balcony. Featuring an updated bathroom and a house sized 14’ x...
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I have sold a property at 315 3777 8TH AVE W in Vancouver.
Welcome to The CUMBERLAND, designed for living! Luxurious space allows you to bring your treasured house-sized furnishings. The massive living room features hardwood flooring & gas fireplace, with views to the lush courtyard gardens. Walk onto the balcony from the separate dining room or kitchen nook. The eat-in kitchen features...
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When you find the condo or house of your dreams and want to make an offer, do you need a financing condition? Unless you can pay cash for the home, then yes you do. That little phrase – “conditional on financing” – is an important protection for buyers.

 

When an offer to purchase is made “conditional on financing”, we gain the time needed i.e. 3 to 5 days to...

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Housing affordability in Vancouver has been occupying the headlines for well over a year.  While many young families are priced out and therefore leaving Vancouver for smaller cities, our condominium and townhouse market is seeing an explosion in selling prices.  With very few listings in the market, multiple offers are common, and competition is fierce, however, never in history have we seen...

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An anomaly in the current market is the reliance by buyers on the myth of "price per square foot" as representing real market value.  It is perpetrated by reality television, market gossip and inexperienced advice.

 

The concept of price per square foot is used by developers in their pro-forma to cost out a development, and to estimate profit.  At the same time, developers will add a...

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As widely predicted, the Bank of Canada announced today that it is holding the key rate steady. While noting that “economic growth has been faster than expected”, the bank said it’s too early to determine if the economy is on a “sustainable growth path”, citing weakness in export growth, business investment and employment. The Bank’s three measures of core inflation,...

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For the 70% of Canadians who own a home, it is a place to live, raise a family, and connects them to their community.

Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed.

 

This tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes...

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(Article by Invis -  Canada's Mortgage Experts™)

 

This is why mortgage rates are suddenly way more complicated.

 

 If you’ve been shopping for a mortgage lately, you’ll have figured out that rates can be all over the map. That’s because you’re not comparing apples to apples anymore. Thanks to new mortgage rules, the mortgage pricing matrix is much more complicated, and quick online mortgage quotes are less reliable. That’s why it’s important to have a basic understanding of the mechanics behind mortgage rates. Here’s a quick guide: 

 

Variable mortgages and lines of credit hinge on the Bank of Canada’s “overnight rate”. Eight times a year the Bank of Canada determines if they are changing this rate. While they may hold the rate, they will increase it when the economy strengthens and inflation is a concern, and decrease it if they need to get the economy moving. It’s a careful balance. The chartered banks base their prime lending rate on this overnight rate because it influences their own borrowing. So if the central bank changes the overnight rate, it’s sending a signal to the banks to change their prime rate, which in most cases they will, passing on some or all of the change to their variable/line of credit clients.

 

Fixed-rate mortgages are different. Lenders use Government of Canada bonds to establish pricing for fixed-rate mortgages so you need to watch bond yields to determine where fixed mortgage rates are heading.

 

Whether it’s a fixed or variable-rate mortgage, the new mortgage rules mean lenders now have different rules and rates for insurable vs. uninsurable mortgages. If a mortgage is insurable, it will qualify for the best rates. Most homebuyers know that if they have less than 20% downpayment, they need to pay for mortgage insurance as a way to protect the lender. In order to obtain the lowest cost of funds, some lenders use this insurance to insure mortgages with more than 20% equity.

Mortgages that are “uninsurable” can include rental properties and second homes, switch mortgages that move to another lender, 30-year amortizations, refinance mortgages, mortgages over $1 million, and even some conventional 5-year mortgages. These mortgages are charged a rate premium and some lenders no longer offer them. Additionally, interest rate surcharges are often charged if it’s difficult to prove your income or you have bad credit, the property is in a rural location, you want a long rate hold, you want the best pre-payment privileges and porting flexibility, and you don’t want refinance restrictions. As a result, be wary of rates you see online, because you might not qualify for them.

 

Without a doubt, insurable vs. uninsurable has made the mortgage landscape significantly more confusing. Getting good solid advice is critical, and Mortgage Brokers have never been more important in the home financing process. We have access to all the lenders we need, and the experience and knowledge to get you the best mortgage for your situation. We are here to help you!
 

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I have sold a property at 104 2815 YEW ST in Vancouver.
Space galore! Extra large & bright, 1 bedroom corner suite in the popular Arbutus Walk neighborhood! Featuring Brazilian hardwood floors, large outdoor patio, lots of storage, gas fireplace, updated bathroom, in suite laundry, large open kitchen, oversized windows, a great space for entertaining. Walk to your favorite Kits...
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Vancouver City Council has approved a new one percent (1%) tax on empty and under-utilized homes.  The goal of the Empty Homes Tax is to provide an incentive for property owners to rent out their homes, which will increase housing supply and help families and young people to stay in our community at a time when the rental vacancy rate is near-zero.

 

The majority of homeowners, including ...

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Diane Birk
Office: 604-408-9311
Fax: 604-408-6648