Home builders’ annual seminar provides some answers
Peter Simpson
Sun
A memorable image of the business of buying and selling real estate locally was this 2006 photo by The Sun’s Ian Lindsay, of the Mark Rite sign-storage room. Photograph by : Ian Lindsay, Vancouver Sun
With home values still rising throughout the Lower Mainland, the spotlight is clearly on affordability, an issue particularly worrisome to many cash-strapped first-time buyers.
Young people are eager to take that important first step into homeownership, but they might need a little help to demystify what they perceive to be a somewhat daunting process.
Understandably, they have lots of questions. How can they be safe purchasing a condo before construction starts? What location is best? What types of homes are best matched to their needs and financial resources? What are the mortgage options? What are the legal considerations? How do purchasers of new homes benefit from builder licensing and mandatory home warranties?
Those and other key questions will be answered by a panel of housing experts at a popular seminar for first-time homebuyers, presented for the 14th consecutive year by the Greater Vancouver Home Builders’ Association.
The seminar will be held on Tuesday, April 8, from 7 p.m. to 9 p.m. in the Guildford Sheraton Hotel Ballroom, 15269 104 Avenue in Surrey.
Admission is free, thanks to the generous seminar partners: The Vancouver Sun, The Province, Homeowner Protection Office, Canada Mortgage and Housing Corp., Real Estate Board of Greater Vancouver, Genworth Financial Canada, TD Canada Trust, Shaw Cablesystems, CKNW, Rock 101, AM 730 and 99.3 the FOX.
Speakers are Robyn Adamache, senior market analyst, Canada Mortgage and Housing; Ken Cameron, chief executive officer, Homeowner Protection Office; Narrinder Dhanoya, regional vice-president, Genworth Financial Canada; Bill Niblett, regional sales manager, TD Canada Trust; Deborah Spicer, director, Real Estate Board of Greater Vancouver; Ralph Archibald, senior vice-president, Polygon Homes; and Adnan Habib, managing partner, Baker Newby Barristers and Solicitors.
Speakers will have 10 minutes each to discuss their topics. As seminar moderator, I will have my stopwatch at the ready, ensuring that no one goes into overtime, thereby allowing plenty of time for questions and one-on-one conversations with presenters at the conclusion of the seminar program.
More than 800 people attended last year’s seminar, the largest of its kind in North America. Because real estate is still a hot topic, a similar attendance is expected next month.
And speaking about hot topics, I will ensure that the pre-construction buying process for condominiums, commonly referred to as presales, will be discussed in detail.
According to Canada Mortgage and Housing Corp., multi-family homes – townhomes and apartment condos – accounted for nearly 90 per cent of all Lower Mainland housing starts in January and February, spiking 61 per cent from the same two-month period last year.
Among the seminar’s early-bird registrants are bachelor Greg Colombo, and married couple Melanie and Darryl Bowie.
Colombo, 38, told me he is finally serious about purchasing his first home after a 15-year cycle of shoulda-woulda-coulda. A former teacher at both high school and college levels, Colombo now works as a business-development representative for a high-end audio/visual equipment supplier.
“I changed careers so I could move beyond a structured salary range to a position that offered more earnings potential. I have a conservative lifestyle, I know how to pinch a penny, but without the financial support of my family, I wouldn’t be able to buy a home at this time,” said Colombo.
“I am attending the seminar to learn more about the real estate market, the presales process and the options available to me.
“I grew up in Cranbrook, where my family had some dirt under our feet, but I realize a condo is in my future if I want to continue to live here. I am also not afraid of contributing some sweat equity to a fixer-upper, which would increase its value,” he said.
Melanie Bowie, 37, is a business analyst for a major telecommunications company. Husband Darryl, 40, drives a truck for a living.
Although there is no family connection to singer David Bowie, Melanie and Darryl rock a little bit nonetheless. Darryl rides a throaty motorcycle and Melanie hits the streets in a ’64 two-door, four-on-the-floor Galaxy 500XL hot rod.
Bringing the easy ridin‘ couple down to earth on the homefront are five children, aged two to 19.
Currently renting a single-family home in Surrey, the Bowies are attending the seminar to learn the pros and cons of buying new or resale. They are keen to find out about the various fees and taxes, and how to find a realtor and mortgage broker who will look after their interests.
“We have moved 15 times in 18 years, and we are ready to put down roots, to leave something for our children. We are tired of being subjected to a landlord’s rules. I want to be able to hang a picture on the wall, paint a room, or own a dog without asking permission,” said Melanie.
“We have held family meetings about buying a place of our own. Although we have moved often, we have lived in the same area for 14 years, and if we can’t find a suitable home in this community, the children realize a move will involve going to new schools and daycare,” she said.
Melanie said she and Darryl are ready for homeownership, and if the financial commitment means selling the motorcycle and hot rod, those are sacrifices they are willing to make for their family.
Although the seminar starts at 7 p.m., the doors open at 6 p.m., allowing attendees ample time to view displays of homes, financial choices, warranties and other housing-related products and services. There is free underground parking for 300 vehicles and public transit is at the door.
Pre-registration is required. Call 604-588-5036 from 8:30 a.m. to 5 p.m. Monday to Friday. Registrations will also be taken by answering machine at the same phone number on weekends.
Peter Simpson is the chief executive officer of the Greater Vancouver Home Builders’ Association. E-mail [email protected].
