If you don't own one already, you may be tempted to purchase a widescreen digital television to enjoy your favourite movies, shows and sports programs. However, it can be difficult to select the right screen size, especially if you've been accustomed to viewing a TV with a traditional 4:3 screen.

When it comes to size, there are many factors that come into play, such as screen resolution and personal preference. However, the last thing you want is to purchase an HDTV that is too small for the room, or so big that it dominates the space.

Here's a tip:

The rule of thumb is to take the distance you'll be sitting from the television and multiple by five to get the screen size you need. So if you'll be sitting eight feet away, you'll want to look at HDTVs with screens that are in the 35-45 inch range.

A good electronics dealer can help you make the best choice.

Balanced conditions continue in the Greater Vancouver housing market

Home buyer and seller activity continues to mirror historical averages in the Greater Vancouver housing market. These trends have helped keep the region in a balanced state for the last nine months.

The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October 2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.

New listings for attached, detached and apartment properties in Greater Vancouver totaled 4,315 in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.

Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new listings for the month were 1.9 per cent below the 10-year average.

“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,257, a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent compared to September 2013.

The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last year.

Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from October 2012 to $922,600.

Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.

Attached property sales totaled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012.

What's one of the most important rooms in your home?

When it comes to selling your property quickly, and for the best price, the answer is clearly the kitchen. In fact, one of the most common explanations a particular buyer gives for not making an offer is, "I liked the house, but I wasn't too keen on the kitchen." That doesn't mean you must do a major renovation. However, you should do what you can to make the kitchen as attractive as possible to buyers. Here are some ideas:

First, clear the countertops. Put away the toaster and other items. You want to make the entire countertop area seem as spacious as possible. 

If the cabinetry is old, you can spruce it up by installing new knobs, handles and other hardware. A fresh coat of paint on the walls and ceiling can also make the kitchen look like it has had a major renovation – and it will only cost you a few hundred dollars. According to an article on the website HDTV.com, "The fastest, most inexpensive kitchen updates include painting and new cabinet hardware."

Replacing the countertops is a more expensive renovation, but it may be worth it if the current counters are old and worn. 

Finally, when preparing your kitchen for a viewing, make sure it's clean and tidy. The garbage and recycling bins should be empty. Buyers will open cabinets so make sure items on shelves are neatly organized with the front
labels facing forward. 

There are many other ways to make the most important room in your home look great to potential buyers. Call today for more ideas.

By Gail Johnson | Pay Day

Homeowners looking to do renovations need to do their homework when it comes to hiring a contractor. You know the drill: ask around for recommendations, pore over photos of a company’s past projects, check references, and shop around to see how competitive their rates are. But all too often people overlook a crucial factor: insurance.

“If the contractor falls off a ladder [on your property] and they’re not properly insured or if they’re not covered by worker’s compensation, then you’re liable and you could have a big bill on your hands,” says Bob de Wit, CEO of the Greater Vancouver Home Builders' Association. “It can be huge.

“If something awful happens,” he adds, “you’re out of luck.”

Although insurance is often the last thing on a homeowner's mind when planning that new kitchen or an addition, they need to ensure they’re covered for injury, damage, or theft throughout the renovations. For instance, who covers the cost if someone swipes your new cabinets or fixtures waiting onsite to be installed? What happens if the workers end up smashing your neighbour’s window? And as de Wit points out, what if a worker breaks his neck tripping over a cord?

According to the Canadian Homebuilders Association, renovators should carry commercial general liability insurance, usually with a minimum of $1 million, although they may carry more. Besides covering bodily injury, it also provides coverage in the event of damage to your home or neighbouring properties as a result of renovation activity.

“Ask the renovator for proof of liability insurance and for proof of workers' compensation for employees of the company,” de Wit says, meaning get your hands on a hard copy rather than just taking someone’s word for it.

It’s also a good idea to look into your own home insurance policy. Typically, a policy is based on "regular usage of the home", but renovations could be considered an "extraordinary" event that may fall outside your current plan agreement.

Plus, a major renovation could increase the value of your home, which would mean changes (and an increase) to your plan.

If you plan on being your own contractor and hiring employees to carry out the work, the CHBA suggests you read the fine print on your home insurance policy. Many plans have a standard exclusion related to professional liability, and you might have to arrange for additional coverage for your renos in case someone gets injured on your project.

Then there are permits. “If it’s a significant renovation, it requires permits from the city,” de Wit says. “If the contractor doesn’t get the permit, and, say the house burns down because the wiring is bad, potentially you may not have insurance for that either.”

Liens are another factor to be aware of. Suppliers or subcontractors may have the right to register a lien on your property if they’re not paid for their work or materials. (A lien is a notice claiming a right to be paid from the value of your property.)

Look for contractors who have professional certifications and memberships in credible associations, de Wit suggests. He points to RenoMark as an example: members follow a code of conduct and ethics, provide warranties, are members of their local home builders’ association, and have legitimate business licences (as opposed to doing work under the table).

Another tip? Get a detailed written contract as opposed to a verbal agreement. Oh, and as anyone who’s been through renos themselves will tell you, count on the project taking longer than anticipated and likely costing more.

The Strata Property Act sets out three voting thresholds and various criteria for voting within a strata corporation:

1) Majority Vote

Matters at general meetings are decided by a majority vote, unless the legislation or the bylaws require a 3/4 vote or a unanimous vote. The Act defines the term majority vote as, "a vote in favour of a resolution by more than 1/2 of the votes cast by eligible voters who are present in person or by proxy at the time the vote is taken and who have not abstained from voting."

The inclusion of the phrase "at the time the vote is taken" is critical. Similarly, when counting votes, the phrase "and who have not abstained" means that those who have abstained must be subtracted from the number of otherwise eligible votes.

Matters such as the approval of the budget, the election of strata council members, providing direction to the strata council and ratifying rules are examples of resolutions that require a majority vote.

2) Three-Quarter Vote

The Strata Property Act defines the term 3/4 vote as one "in favour of a resolution by at least 3/4 of the votes cast by eligible voters, who are present in person or by proxy at the time the vote is taken and who have not abstained from voting." This means that the number of abstentions must be subtracted from the number of eligible voters.

Common resolutions that require a 3/4 vote include cancelling a strata management contract, ammending bylaws, spending funds from the contingency fund, raising funds by a special levy, authorizing litigation in the name of the strata corportation, and approving a significant change in the use or appearance of common property.

3) Unanimous Vote

The Act defines the term unanimous vote as "a vote in favour of a resolution by all the votes of all eligible voters." This definition effectively requires the vote of every single eligible voter, not just those who are present at the time if the vote.

The most common resolutions that require a unanimous vote are resolutions to approve contracts that are not at arms' length to the developer after the first conveyance and before the first AGM, to approve a different formula for calculating a strata lot's share of expenses, to amend the strata plan to designate or remove designations of limited common property or common property, to change the Schedule of Unit Entitlement and to cancel the strata plan.

If you're planning to look for a new home sometime in the future, you may be wondering how long the process will take. How much time should you set aside for viewings? How many of the listed homes should you see?

Of course, the process varies from person to person. According to the Department of Housing & Urban Development, home buyers view an average of 15 properties before finally choosing to make an offer on one of them. That number may be a good benchmark for you.

On a Saturday afternoon, you can comfortably look at three or four potential properties. You can see more if you want to make a full day of it.

One factor that impacts the home shopping process is how clearly you know what you're looking for.

For example, if you're certain you want a three bedroom backsplit, backing onto a wooded area or ravine, in an upscale neighbourhood, then the process is going to be fairly simple. You're just going to view properties that closely meet that criteria.

But if you're the kind of person who simply says, "I'll know it when I see it", then you'll need to look at several homes on the market. That means carving out plenty of room in your schedule for viewings.

A good REALTOR can help you understand what's available on the market and which homes are worth seeing. He or she can also help you determine how long the process will likely take, and show you ways to make the process go more quickly and smoothly.

Looking for a good REALTOR? Call today.

Sale and listing activity continues to follow historical averages

Deposits are a common part, and have a significant impact, on almost every real estate transaction. The Supreme Court of Canada has described the deposit in a real estate transaction as, compensation to the seller for the lost opportunity to bargain with other buyers (for the property being taken off the market), and for any resulting loss of bargaining power, as the price at which the seller is willing to sell has been disclosed. In many cases, a deposit helps solidify the buyer’s commitment to the property.

In a typical real estate transaction, the buyer's Realtor will deliver the required deposit to his or her brokerage. The deposit clause in the purchase agreement will specify when the deposit must be paid, usually upon the removal of subject clauses.

Section 28 of the Real Estate Services Act requires that money held by a brokerage in respect of a real estate transaction be held by the brokerage as a stakeholder. The money is held for the real estate transaction and not on behalf of one of the parties. If a party does not remove a subject clause, the brokerage requires the written agreement of both parties in order to release the deposit. If both parties do not sign the agreement to release the deposit, then the parties will have to apply to court for a determination of the deposit issue. Therefore, if both parties to a contract for a trade in real estate do not consent, in writing, to the release of the deposit, the brokerage cannot release the deposit to either party. However, the brokerage may pay the deposit into court, or the brokerage may release the deposit as directed by a court order. 

A certain degree of written consent is generally included in the standard Contract of Purchase & Sale which both the Buyer & Seller sign at the time of an accepted offer. This generally includes the following paragraph:

"In the event the Buyer fails to pay the Deposit as required by this Contract, the Seller may, at the Seller’s option, terminate this Contract. The party who receives the Deposit is authorized to pay all or any portion of the Deposit to the Buyer’s or Seller’s conveyancer (the “Conveyancer”) without further written direction of the Buyer or Seller, provided that: (a) the Conveyancer is a Lawyer or Notary; (b) such money is to be held in trust by the Conveyancer as stakeholder pursuant to the provisions of the Real Estate Services Act pending the completion of the transaction and not on behalf of any of the principals to the transaction; and (c) if the sale does not complete, the money should be returned to such party as stakeholder or paid into Court."

With every real estate transaction, a buyer is faced with a myriad of potential defects with any property. Some defects are patent or obvious, such as the property is located next to an airport, or the roof has no shingles. Generally, these defects do not need to be specifically disclosed, as they are readily identifiable on any reasonable inspection of the property. Other defects are not so easy to identify and these are considered latent or hidden defects.

A latent defect is one that cannot readily be discovered through a reasonable inspection of the property. Latent defects may include such things as: a leaking roof; improper wiring; or, the presence of a current or a former grow-op.

Latent defects in a property that are material and are known to the seller or licensee typically must be disclosed to the potential buyer. This is particularily true in situations where they may impact the use and value of the property, its fitness for habitation, or where the defect makes the property potentially dangerous.

As a common point of reference, the court has commented that:

"Every imperfection or deficiency which a reasonably careful inspection and inquiry will not reveal cannot amount to a latent defect of the kind capable of displacing the doctrine of caveat emptor. In order to qualify as such, the defect must carry with it a consequence of substance; that is, it must be of such a nature as to render the house uninhabitable or dangerous."

A licensee, representing the seller, generally has the same duty to disclose that a seller has at law. A licensee, representing a buyer, or as a limited dual agent, also typically has a duty to disclose such material latent defects that are known to them. Allegations are often made that such disclosure was not made. The buyer, in such cases, must prove that the seller or licensee actually knew or, reasonably ought to have known, of the defect and failed to disclose it.

EXTERIOR MAINTENANCE

Concrete - Expect concrete to crack. While cracking cannot be prevented, sometimes it can be minimized by:

• Applying a water repellent in the summer (product requires warmer temperatures to be applied properly)
• Filling cracks with an appropriate concrete caulking
• Filling in low spots or settled areas near/under walks, patios, porches or drives
• Draining water away from the slab/foundation
• Removing ice and snow as soon as possible, but never use de-ices or salts as some products will chemically attack and damage concrete. As alternate sources for traction, try using either cat litter or sand.

If you missed the timeframe to apply a water repellent (containing silane/siloxane) to exterior concrete (driveways, sidewalks, steps, and porches) during homeowner maintenance projects this summer, you will want to post a big reminder to do so in the spring. Application of a water repellent to exterior concrete helps reduce porosity and potential damage from the elements and street salts. Unfortunately, the city/county road maintenance, applies salt to the streets during the winter. Salt (concrete’s enemy) is then carried by vehicles on to the drive and garage floor. Then the salt water drips from vehicles causing permanent damage to the concrete.

Exterior Caulking and Paint Touch-Up - Repair, caulk, and touch-up paint on exterior trim, doors, and windows. Be sure to replace caulk, as needed, around windows at brick areas.

Exterior Doors - Adjust or replace weather stripping and sweeps as needed. Check the fit of exterior doors at the thresholds.  Adjust accordingly to keep out water, dust, insects and drafts.

Storm Doors - Be sure the storm door is vented to minimize heat build-up between the storm door and the exterior door. Review the manufacturer’s recommendations for proper installation/venting. Always close the storm door so it latches tightly since the vacuum between the two doors could prevent it from doing so. If not, damage to the storm door and jam could result if the door is caught by winds.

Overhead Garage Door - It is a good idea to have a yearly maintenance check done by a professional. They can adjust, lubricate, and repair as needed.

Gutters and Downspouts - Keep gutters clean from leaves and debris to avoid overflowing. Downspouts should direct water away from the foundation. Be sure splash blocks are positioned at the base of the downspouts to drain water away from the house.

Hose Bibs - Disconnect garden hoses/attachments to hose bibs before freezing weather. Why risk water damage to the home from a frozen/burst pipe?

Ice Damming - During the winter, ice and snow build-up on roofs and gutters block the water from running off the roof. This is called ice damming. As the ice and snow mass begins to form at the lower portion of valleys and gutters, the mass increases in size, pushes up and penetrates under the shingles, valleys, and soft it areas of the home. When snow and ice begin to melt and refreeze—having no place to go—ice will back up under the roofing material. This causes water to leak into the house. Since homes are made to shed water downward, this upward pushing of the ice is not normal and is considered an Act of God. If ice damming happens to your home, resulting in damage, please contact your insurance company immediately.

Pests - If you have a problem with wildlife intrusion, contact a company who specializes in pest detection and removal.

Swales - Be sure to keep rear swales unobstructed and in good condition to allow excess water to make its way to the drainage beehive. Over-seed this area with lawn grass seed (never sod) to establish a good residential-standard grass cover.

INTERIOR MAINTENANCE

Frozen Pipes - When the temperature drops below 32 degrees, some water pipes could freeze.

• Keep the home heated at a minimum of 65 degrees. Open cabinet doors in the kitchen so that warm air can reach pipes under the sink. This includes any rooms that have plumbing located on outside walls.
• Know where the primary plumbing shut-off valve is located and how it operates.
• Insulate pipes (heat tape or weatherproof insulation) that are exposed to cold air, especially in the garage, basement, or crawl space.
• Let water flow at zero or below. Leave a thin stream of water dripping/running from all faucets in the home when the temperature remains below zero. Continuous water flow from at least one faucet can help keep either cold air or frozen ground from freezing pipes and plumbing fixtures.
• Remember, after a long cold spell, the ground can still be frozen even when the outside temperature is above freezing.
• When a pipe freezes, open a faucet at the end of the pipe to give the water some place to go after it thaws.
• Do not leave garage doors open for extended periods of time.
• If there is any damage to the home from a frozen pipe, contact your homeowner’s insurance agent as soon as possible.

Leaks - Moisture can cause costly damage to a home, so it needs to be addressed promptly. Leaky plumbing or sources of water penetration should be repaired immediately. Inspect and replace caulking around tubs, showers, sinks, and countertops as needed. Use the appropriate caulk and follow the manufacturer’s directions carefully. Prevent moisture intrusion of any sort.

Drains - Preventative maintenance helps you stay away from sewer cleaning bills. Fixing the drain is less disgusting than ignoring it. The first step in cleaning a drain is to make sure the clog is a local problem, not a systemic one. Plunger to the rescue! If two or more drains (toilets, sinks, washer, etc.) suddenly plug up, become sluggish or gurgle when used, call the plumber. Minimize use of toilets, showers, dishwashers, washing machines, etc. until an “all clear” is given.

Heating System - Have you had your furnace serviced yet? The manufacturer recommends having a professional, seasonal maintenance done to keep the system running at peak efficiency. A seasonal maintenance and trial run in the fall are more convenient to determine service needs before winter hits. Balance registers and make other minor adjustments for seasonal changes. Vacuum registers and grilles to keep free of dust, dirt, and grime. Filters should be replaced once a month. Clogged/dirty filters are one of the main causes of system failures.

Fireplaces - Before lighting, the damper must be in the full open position. Fireplaces with doors should always be operated with the doors fully open or fully closed. Refer to the fireplace manual for proper lighting and operating instructions. While fireplaces give a cozy atmosphere, they can be a source of drafts. To minimize drafts and loss of warm air, be sure the damper is closed when not in use.

F.Y.I.’s

Counter Tops - Towels and rubber drain mats left on counter tops can trap moisture underneath them. Water or other liquids left unattended can seep under sink rims and into joints/seams. Extended exposure of moisture to counter tops can cause the laminate to warp and blister.  Please be careful.

“Drop-in” bowl cleaners - Can cause deterioration of some internal parts in the toilet and void the manufacturer’s warranty.

Dryer Fire - Blocked lint screens or build-up in the venting system can start a fire. If the lint screen is clogged, or, if there is an obstruction in the vent, the drying time is longer, and eventually moisture build-up in the vent line can result causing damage to drywall and other surrounding areas. Clean the lint screen before each load.

Faucets/Aerators - Hard water prevails in this area. Minerals can enter the supply line and cause faucets to drip because the washers wear more rapidly when they come in contact with foreign matter. Periodically remove and clean the aerators on faucets and showerheads to allow the proper flow of water. Consider a water softener unit to reduce hard-water problems.

Smoke Detectors - Dust or vacuum to keep dust and debris from interfering with sensors.  Test by pushing the test button on the smoke alarm cover until the alarm sounds, then release. The alarm sounds if the electronic circuitry, horn, and battery are working. If no alarm sounds, the unit may have a defective battery or other failure. Refer to the operating manual for detailed instructions.

Electrical Outlets - Save time and service calls.  Check GFI’s before calling the electrician. It might just take a simple reset to resolve the problem. 

By Gail Vaz-Oxlade | MoneySense

Houses have grown to outrageous sizes. Termed "McMansions," these homes would function as hotels in Europe or Asia, but here in Canada one family needs 3,500-6,000 square feet to not get under each other's feet. Don't even get me started on the rabid renovation cycle that sees perfectly good kitchens, bathrooms and floors being ripped out and replaced for the sake of fashion. "Oh dah-ling, cherry wood is so passé!" All this while we're banking next to nothing for the future. Heaven help us.

Big ol' TV star that I am, I live in a modest home. (Rumour has it the mansion being built down by the lake is either mine or Elton John's.) I call my home, "My Little House" and I love it for a whole bunch of reasons.

Smaller means fewer carrying costs. My Little House costs about $94 a month to heat and just a little more than that to cool. And if you downsize your mortgage along with your living space, you can get to mortgage-free even faster! Hey, I'm there. It's wonderful.

Smaller means more to save. Because my carrying costs are lower, I can stash away more for retirement. The thought of being old and sick is bad enough. Being poor too would really suck!

Smaller means less work. From vacuuming to yard maintenance and roof replacement, a smaller home means you have to pay out less to keep your home from falling into ruins.

Smaller means more time. If you swap a big house for something smaller that's more convenient to work, your commute will shorten and your personal will grow.

Smaller means less stuff. There's nothing to put a damper on spending like not having anywhere to put the stuff you would buy.

Smaller means more family. One of the biggest downsides to a big home (from a mommy's perspective) is how easy it is to spread out and not see each other. If your dining room doubles as the homework space, you can help with homework while you make dinner. There's a lot to be said for cozy.