SilverBeam Homes

New Listings at a 10 year Low

by Bevony on 12 February 2020 Comments Off

2018 was quite a disastrous year when looking at the performance of the housing market. In 2019, it looked a lot better with sales going up by approximately 22%. With sales hover above 10-year averages, the home price index is higher. It has increased by 3.5% from last year’s numbers and the trend is for it to continue increasing.

Homeowners are no longer listing their homes up for sale and this is the phenomenon that is driving this resurgence. With not many new listings, there is a decline in inventory. In December of 2019, the sales to new listing ration went up to 67%. This is the highest this has been since October of 2009. A ration of 40% to 60% is considered balanced and anything above 60% will put pressure on prices, causing them to rise. When looking at the statistics on a deeper level we see that listings haven’t been this low since February of 2010.

Why Are Canadian Homeowners not Listing Homes for Sale?

You will find that most places in the country are seeing an all-time high in prices. Canadian housing is on an almost 30-year bull market. So most homeowners are thinking that with prices continually rising there is no need to sell right away. In the meantime, any amount of correction in the market is met by global central banks’ ample liquidity. Banks aren’t increasing interest rates this time around. They are actually doing the opposite.

Leveraged buyers are finding incentives for taking more risks. Hoarding assets are now more attractive to homeowners even more so than putting money into bonds, savings accounts or GIC’s. The current market is not triggering or incentivizing Canadians to cash out and so new listings dot go onto the market unless it is extremely necessary.

What Does This Mean for First Time Home Buyers?

While there are not a lot of listings going up on the market, first time home buyers can find affordable housing solutions. Here at SilverBeam Homes, we are custom home builders that can help you make your dream of owning a home a reality. Give us a call, or send us a message. Let us set up a consultation and show you how you can own a home in a housing market that seems it is not going to be kind to you.

Rent to Own Housing Solutions

by Bevony on 29 January 2020 Comments Off

Metro home builders are catching on to the rent to own housing solution. The rental vacancy rate in Vancouver is lower than 1 percent and buying a home is a very expensive endeavor. Some of us just aren’t ready for that just yet. There are a number of options available for rent to won in the city though. You will find that on the outskirts of the metro Vancouver area there are a number of places where you can find rent to own homes.

This is a great idea. Think about it, you don’t have to be paying rent and saving at the same time. Construction of all the units in this project is not complete as yet and is slated for completion in 2021. The projected rent at that time will be $1000 per month for one-bedroom units or $1250 per month for a two-bedroom unit. The one-bedroom units will be 643 square feet and will have buying prices starting at $469,900. Two-bedroom units can be purchased at a starting cost of $649,900.

Qualifying for Rent to Own

Must be a first time home buyer
Currently, work/live in Port Moody
Must live on the premises of the agreement
Cannot assign agreement of purchase to anybody else

Due to the many applications they received, they went for a lottery-like selection in March of 2019. Some were excited about this while others weren’t too happy about it.

We consider this to be a great option for first-time homeowners who are not able to afford a home in the traditional way. Panatch has inspired other home builders to offer solutions that are similar to this for persons who would love to purchase a home but may not be able to afford to do so in a traditional way.

In April of 2019, we saw Ledcor offering renters the opportunity to apply 25% of their monthly rent to go towards them being able to purchase a new home in Lanford’s Belmont Residences Project.

SilverBeam Homes is proud to be a part of an industry that allows people the opportunity to make their dreams of owning a home a reality.

Why You Need an Interior Designer for Your Custom Home

by Bevony on 15 January 2020 Comments Off

If you are considering building a custom home in Victoria, we can help you with everything you need. We have a team of professionals that can help make your dream a reality. Among the team members are capable and expert Interior Designers. They can take your vision and turn it into a reality when we are done building your home.

An interior designer can help to bridge the gap between your vision and the home. This way, we the builders know exactly what the end product will be like. When you have this input early on in the building game it ensures a better quality build in the end. A designer can ensure that your needs and wants work for you and your family. While also ensuring they work with the building restrictions of the area, the geography of your lot and any municipal bylaws that may apply along with any neighboring homes close by.

What Does an Interior Designer Do?

An interior designer is not the same as an interior decorator, but the two are often confused. The interior designer does a lot more than an interior decorator. They are involved in the build process whereas an interior decorator is involved after the completion of the building. The interior designer ensures that design spaces are safe, functional and finished in a way that is aesthetically pleasing according to the homeowner’s vision.

An interior designer will work very closely with the team of architects, engineers and the contractor that is building your home. They will ensure that the spaces that are being created will meet all of your needs. An interior designer can work with you to give you an idea of what different colors and textures will look in a room. They can inform you of how these colors, spaces, lighting, and furniture can all work together.

Your interior designer will be reading blueprints. They will be knowledgeable of all the latest trends. They are aware of municipal building bylaws. An interior designer is up to date with local building codes and know about the universal accessibility standards. An interior decorator does not require knowledge of all these things to do their job.

Why You Need an Interior Designer?

If you are renovating or building a new home from the ground up you will find that having an interior designer can be very advantageous. That is why when you hire SilverBeam Homes you are hiring a team that includes a skilled interior designer to assist you all the way. Our designer will be your liaison between the build team and yourself. This will help to ensure that your vision does not die in the hands of the builders. Here is how you can benefit from having our interior designer on your side.

Stay Within Your Budget

We all understand the importance of staying within your budget. Our designer will not only help you to stay within your budget but will also advise you on ways that you can save money. With their knowledge of building codes and average material costs, they can even help you stay abreast of what is best if you ever want to resell your house later on down the road.

Our designers have years of experience and they can use that experience to help you to prevent costly mistakes. They know about how materials will stand up to the BC climate and geography and have a wealth of knowledge to impart so you can make the best decisions when spending your money.

Save Time

When building a custom home you want to get it done right the first time. The whole point of a custom home is so you don’t have to have things redone. Your designer can help you save time by ensuring that your design works for now and for the future of your family and what those future needs may be. An interior designer will ask the questions that matter at all the right stages to ensure that obstacles are seen from afar and dealt with so they don’t mess up your timeline.

Get Honest, Expert Opinions

It can be so easy to get overwhelmed in the design process as there are many choices. When you work with a designer they can narrow down these choices so that the ultimate decision is a lot easier to make. As a neutral third party, they can make the process of decision making even easier.

Protect Your Interest

When you are working with a professional interior designer you are less likely to get ripped off. They will work with their usual suppliers and partners to provide you with all you need. This way you don’t even have to be very involved in the sourcing of suppliers and supplies.

Get You Better Deals

With a track record of success, an interior designer will have their regular suppliers as mentioned above. As such they may be able to get you deals you would not get otherwise.

When you are creating a dream home, you need to have an interior designer on your team. We understand the importance of this professional and we want you to understand this as well. Now that you have purchased the land and you know what you want your layout to be like, it is time to talk to an interior designer. Let us get you to the next step in creating your custom home here at SilverBeam Homes.

Getting a Mortgage When You’re Self Employed

by Bevony on 8 January 2020 Comments Off

As a self-employed individual, you work hard. However, you may have already experienced hardships in obtaining credit, whether it is for a credit card, any type of loan or a mortgage. This is especially true if your business is new. Why? Because as a self-employed individual you won’t have a standard regular income that a regularly paid employee will have, some institutions will see you as a high risk. There are, however, institutions that have special lending programs just for you.

One example of this is a lending program that allows an eligible self-employed individual to qualify for mortgage financing. In such a case, they use what they call “reasonable stated income” to frame the terms of the loan. This is mainly because some self-employed people choose to reduce their personal income in an effort to grow their business or to be beneficial for tax purposes. Under this type of program, you will be able to access a mortgage that allows up to 65% financing of the purchase price. There is also the confirmed down payment that is necessary as well as a good credit rating. With the last two in place, you can own home as a self-employed individual.

Documents Necessary for Your Application

If you are self-employed, here are some documents you will need for your application for mortgage financing.

T1 General
NOA – Notice of Assessment
Financial Statements for Your Business
Articles of Incorporation
Business License
Business Credit Report
GST/HST Return Summary
Proof of Other Income if any

In addition to these documents, the mortgage specialist you deal with may ask you for other documents that may be unique to the type of business you offer.

Flexible Mortgage Options

Several entrepreneurs are opting for flexible mortgage options. There are a number of these available including the Homeline Plan from RBC. This is not the only place you can find this type of offering as most lenders have this type of mortgage product. These types of plans allow you to access both your personal and your business credit under one umbrella. If you opt for this you can even customize your mortgage financing and leverage the equity on your current home.

Our team of experts here you can find the financing you need if you choose us to be your custom home builders. Give us a call today and set up a consultation. Let’s show you how our team can help you make your dream a reality.

New Standards for Building Energy Performance throughout British Columbia

by Bevony on 1 January 2020 Comments Off

There is a revolution happing in code development in British Columbia. The rest of Canada is also seeing this. As a result, there has been an increase in residences being built with better energy performance. There has been a 70% increase in construction over the past two years. This increase is noted by the British Columbia local government.

The BC Energy Step Code being developed is set to be fully encompassing all new construction in British Columbia for 2032. The code has measurable performances at its root. It, however, does not prescribe specific approaches and materials. It does, however, indicate the lowest performance outcomes that are expected and each of these is grouped into the different steps of the code. Because of that builders now have this guide to using when designing and building new homes.

There are 5 steps that a home can meet according to the code. A step 5 home is the best at energy efficiency because it is the top of the tier. Due to this, the construction industry in the driver’s seat for creating the homes to meet this step code. Different experts from across the industry and at different stages of the home design to build process can help to create more efficient homes. These include architects, builders, and engineers who must all work together for a common goal.

These professionals are not left to their own devices. They must demonstrate with an energy model how their project will meet the requirements of each step of the code.

Metrics of the BC Energy Step Code

The Range of Metrics used in the BC Energy Step Code includes TEDI and MEUI. There is also, the percentage lower than EnerGuide Reference House. As well as there is airtightness. The latter is expressed as hour at a 50-Pa (1-psf) pressure differential (ach 50).

In December 2017, the government of British Columbia indicated that by 2032 it would need all newly built buildings to meet the specified energy performance requirements. As a result, the code came into force in December 2017. It is not a mere standalone code, it is instead a part of the British Columbia Building Code (BCBC) To meet the requirements, the government developed a directive that is transforming communities in the province steadily.

The BC Energy Step Code is already being used by several local governments. The number is currently growing. Because the local government as shown so much interest in the code, the province has provided alignment with the regulatory requirements and the steps of the code.

With each edition of the code, there is more stringency. As such there are changes in what is required for 2022, 2027 and 2032. This has triggered an increase in training for persons employed for different roles throughout the industry.

How the BC Energy Step Code Works

Each step of the code represents a higher amount of efficiency. Each step of energy efficiency is defined by a particular metric. It has already been made the standard in the bylaws of several communities. Each proposed new project must demonstrate its ability to meet the requirements of the current standard step.

As a result, an energy model must be submitted for any building project. This along with the necessary drawings are used for the application of a permit. The official will confirm if the project meets the requirement and will issue a permit. After the completion of the building, the builder must show that the building does confirm to and meets the standards as specified by the initial documents used to secure the permit to build.

This is step 1. Each step has different requirements because the protocol allows time for the industry to get up to the task. The highest is Step 5. It is the top step and denotes a net-zero energy ready single-family home. As a result, one can expect the utmost energy efficiency from a home with step 5 designation.

Increase in High-Performance Projects

Because of there being a buyer’s market, there is a huge rise in construction in British Columbia. Because of the CleanBC program, there is an added boost for new projects being built to the BC Energy Step Code. The CleanBC incentivized program targets Part 3 buildings. It also targets residences that are targeting Passive House Certification.

Closing Day – What You Need To Know

by Bevony on 6 November 2019 Comments Off

When it is time to close, you may think that it is the end of the road and all will be easy and well. But as it turns out, closing day can be one of the most stressful days of the entire process. Let us get you through closing day.

General practices will often vary but you will find yourself working with several different parties throughout the process of closing. You will find yourself interacting with, the seller or builder, the realtor, a lawyer/ closing agent/ notary and the lawyer or notary of the seller. There will be several financial and legal documents for you to review at closing. There will also be the closing costs which will be many fees including;

Your down payment

PST and mortgage insurance premiums

Title insurance

Land transfer tax

Property tax

Utility bill adjustments

Notarial or Legal fees and disbursements Upgrades for your new home construction

Additional Closing Costs

In addition to the above-mentioned costs, you can also have costs related to appliances, furniture and carpeting.

What to Bring to Closing

You should bring to closing, a bank draft for the amount of your closing cost balance. You can find this amount for closing on the document labelled the “buyer’s statement of adjustments”. You will also need to bring your proof of property insurance along with two different forms of ID.

What to Do Before Closing

Ensure you review all documents. This way you have a better understanding of your mortgage, the various fees, the interest rate, the schedule and the payment amount. If you need confirmation, ask questions before you sign any documents. All the experts will be there to answer the questions you have.

When you are comfortable with everything you can now sign your closing documents and the keys to your new home!

Finding the Right Greater Vancouver Neighborhood

by Bevony on 19 June 2019 Comments Off

Homebuyers are now looking beyond the value of the housing structure itself and looking into the quality of life as they consider which neighborhood they want to call their home.

Greater Vancouver has the highest prices in real estate when it comes to Canada. As such homebuyers are looking or more than the value that is within their house. A good neighborhood can be just the edge needed when sellers are looking to attract potential buyers. So what are the features that can cause a neighborhood to stand out more than any other for potential homeowners?

What HomeBuyers Want

According to a report from RE/MAX in 2019 Canadians rank easy access to dining, shopping and green spaces at the top of their criteria for what makes a neighborhood more livable. Other important factors are proximity to preferred schools, work, public transit, community centers, and cultural centers. The report shows that Canadians spend in excess of two-thirds of their time within their very own neighborhood. This rate is a lot higher for baby boomers who want to stay in their neighborhood and have direct access to all or most of their needs there.

Kerrisdale, West End, and Main are the top three neighborhoods as ranked by RE/MAX in Vancouver when it comes to access to parks, green spaces, retail and restaurants, ease of getting around, walkability and access to public transit.

When it comes down to affordability and a good available housing inventory the neighborhoods mentioned include Renfrew-Collingwood, Downtown-Vancouver and Mount Pleasant. As a matter of fact, if you are considering the Renfrew-Collingwood area, we’re here at SilverBeam Homes have houses for you.

It is important to note that these livability factors are often the ones that cannot be changed whereas price and value can change over time either up or down. The livability factors are what makes a home a great place to live.

Top 10 Vancouver Neighborhoods

A fourth-quarter analysis of Greater Vancouver in 2018 showed the top 10 neighborhoods of the time were:

Marpole
Vancouver West
Saunders
Lackner in Richmond
West Cambie
Steveston North
Hastings East
Collingwood
Queensborough
Fort Langley

Queensborough has been rated the best neighborhoods for condo and townhouses on a list with other neighborhoods such as Renfrew, South Cambie, Saunders, Pemberton, and Central.

What are your must-haves for a neighborhood before choosing to purchase a home there? Let us help you find the right home, in the right neighborhood. Contact us today and let us start working towards getting you the keys to your dream home.

Why You Should Buy New!!

by Bevony on 22 May 2019 Comments Off

With housing prices falling, purchasing a brand new home is a great investment or those who can afford it. A more buyer favorable housing market means more ROI for you which is always a good thing when purchasing anything and especially housing.

But there are a number of hidden costs involved when purchasing a property – you say.

You may find that more affordable homes can be the older ones, with an older structure there is a high chance that this home will need you to get some amount of work done to get the home up to code. At this point, you may see how something that seems like a great deal can turn out to actually not be. You don’t want to purchase a home that ends up being a money pit and that is reason # 1 to Purchase a Brand New Home – you will get Value for Money. What are things to look out for when looking for your new home?

Location

With new construction, this typically means you are getting a brand new home in an up and coming area. This can mean a lot of benefits which include;

Good school districts
Low crime rates
Great roads
Nice parks
Nice sidewalks

New Appliances and Warranties

When purchasing a new home, we here at SilverBeam Homes provide a warranty on the property. We do this because we are certain of the quality of our homes and all the materials, techniques and technology that we use to build you a strong, safe home for you and your family. Also, any appliances included with your purchase have never been used and so you don’t have to worry about them conking out within the first month. And that gives you reason # 2 to buy a new home – Peace of Mind.

A Custom Built Home

Here at SilverBeam Homes, we offer you the option to create a customized home that will intimately and precisely meet the needs of you and your family. This is not something you can get when you purchase an older home. And that is reason # 3 supporting why you should purchase a brand new home – The Ability to Customize the Home. You can choose your location, choose your floorplan and choose your amenities.

Immediate Inventory

When it comes to purchasing a home, it is not always smooth sailing. Statistics show that 1 in 5 homes get canceled at closing. So new homes will often offer you a better price and less stress as closing can be done as soon as the next day. You see in these instances, the builders are motivated to sell. We may even have a discount we can offer if you are willing to close earlier.

Choose the Seller’s Mortgage Company

Going with the mortgage company that your seller works with can help to streamline the entire process. This makes the builder more comfortable as well as it helps the entire process to go through faster and smoother. You may even get some sort of discount or additional offer that make the deal even a little bit sweeter. Opt to ask for other partner companies that the builder works with. These may be companies you need for other things related to purchasing your new home and getting settled in there.

New Home – What Now?

by Bevony on 15 May 2019 Comments Off

So you bought your first home! Congratulations, we are super happy for you to have reached this milestone in your life. But what do you do now? We know you are tempted to purchase all the home goods at all the home goods and furniture stores but wait, let’s hold off on all of that for right now. Yes, we understand that your new home is a new start and filling it with a bunch of new things feels like the right thing to do. But let’s face it, there are monetary constraints and it makes no sense to put yourself into debt with a house full of brand new items. So what do we suggest should be the new purchases for your home? Keep reading to find out.

1. Lighting

Lighting is a very important factor in every home. In most cases, each room will require different levels of lighting based on how it will be used. Your office may require more lighting than your TV room for instance as well as your bathroom may require more lighting than your bedroom. The fact of the matter is you will need lighting before you attempt to move anything into your new house so let’s start here.

2. Window Treatments

Window Treatments – the jury is still out whether you should take care of lighting before you take care of the window treatments. These window treatments can really add some happiness to an empty room and they can also keep outside eyes from seeing what’s going on in your house while you are unpacking, moving in, sorting out your space. They can also keep the wandering eyes from knowing that your living room is still empty even though you moved into your new home three months ago. I hear you though, you haven’t got the color scheme and design all figured out yet. You can start off with basic window treatments that are only for allowing privacy. Get some drab drapes or some basic blinds until you have your full design figured out.

3. Side/End Tables

Side/End Tables – you never realize just how important these little pieces of furniture are until you have nowhere to place stuff. The great thing about these is even if you haven’t decided on your design theme or color story you can find neutral tables that can later fit into your chosen theme or story. These tables are very versatile and as such provide you with an exceptional bang for your buck since they can be placed in every room in your home.

4. The Necessities

The Necessities – now we cant list these out for you as these are different for each family. You will need to take stock of all home items you already own and first get those into space. Remember you can always change out into new things later, but for right away we want you to take all functional items that are still working and move them into your new space. Its all about making responsible fiscal decisions. Choose necessities that you don’t currently own and start with those purchases first.

While we understand that each homewoners needs are different going into their first home this list is a great place to start. It wont be a complete list for many and there may even be unnecessary things on there for some but it gives you a good idea to start off your new home purcashing or wish list with.

Co-Ownership of Vancouver Homes

by Bevony on 1 May 2019 Comments Off

After a 2018 survey, it was found that residents of Metro Vancouver wanted to see a reduction in the cost of homes. Fast forward to May 2019 and we can safely say that they have been granted their wish. Even so, there are some people who simply cannot afford to purchase a home.

If you are one of those, you don’t have to worry about giving up on your dream of owning a home. Co-ownership of a home can provide you and a friend or family member the ability to meet your dreams. What is co-ownership and how can you go about getting a co-owned home?

What is Co-Ownership?

With co-ownership of a home, there is a difference from that of a shared home as in a husband and wife situation. With co-ownership, you can split the homeownership percentage however you find necessary for your situation. So it could be split 50/50 or it could be split 30/70. A co-ownership even allows you the option to have separate mortgage payments. This is one of the high points of this type of arrangement. Especially if you are going into this deal with a friend. In such a case it is understandable that you will need a clear separation. This includes separation of ownership and expenses related to the new home.

Challenges of Co-Ownership

Co-ownership can help you find a way to own a home but it can also have its downsides. Though you get to explicitly determine how much percentage of the house each owner gets there are challenges. It will be hard to draw these lines physically in the home space. This is due to the fact that many homes are not designed for co-ownership and as such there will be a lot of shared areas. The best way to forego this challenge is to choose to build your co-owned home from scratch. That’s where us here at SilverBeamHomes come in. Check out our process and get in touch with us so we can help make your dream of owning a home a reality.

Why Are Canadian Homeowners not Listing Homes for Sale?

What Does This Mean for First Time Home Buyers?

Qualifying for Rent to Own

What Does an Interior Designer Do?

Why You Need an Interior Designer?

Stay Within Your Budget

Save Time

Get Honest, Expert Opinions

Protect Your Interest

Get You Better Deals

Documents Necessary for Your Application

Flexible Mortgage Options

Metrics of the BC Energy Step Code

How the BC Energy Step Code Works

Increase in High-Performance Projects

Additional Closing Costs

What to Bring to Closing

What to Do Before Closing

What HomeBuyers Want

Top 10 Vancouver Neighborhoods

Location

New Appliances and Warranties

A Custom Built Home

Immediate Inventory

Choose the Seller’s Mortgage Company

1. Lighting

2. Window Treatments

3. Side/End Tables

4. The Necessities

What is Co-Ownership?

Challenges of Co-Ownership

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