SilverBeam Homes

The Current Condo Insurance Crisis

by Bevony on 8 April 2020 Comments Off

British Columbia owners of Condos and Townhomes are seeing a crisis with some insurers pulling out of the market. Those that remain are hiking up their prices. In a bid to address the problem, the relevant authorities recently held an online meeting. The meeting lasted for 4 hours and addressed the crisis that is facing BC stratas regarding building insurance. Condo owners are seeing the price of insurance increases, as well as insurance options, are simply disappearing. Meeting attendees came from various sectors of the market. They included officials from real estate, insurance, government along with other businesses and other stakeholders. The meeting took place online in light of the current COVID-19 crises.

One-third of the residents in British Columbia live in townhouses or condos. They are faced with this crisis of wether their building will be able to find insurance. There is also the problem of affording the premiums when they do find an insurer. This along with the COVID-19 pandemic is putting a lot of stress on the residents.

Don Forgeron, the CEO of the Insurance Bureau of Canada noted that it is unfortunate that no immediate relief could be reached. The Insurance Bureau of Canada noted that this crisis did not just occur overnight. They also note they have made recommendations to both the stratas and the government. However, currently, time is necessary to bring forth the required change. They note these measures will provide help in the future. They are also, hoping for spillover into the short term and medium term. The impact of these changes for right now is hard to measure or predict.

Horror Stories from Residents

Over the last few months of 2020, residents have shared a number of horror stories. With approximately 1.5 million British Columbians calling strata corporations their home, a large majority. Residents told stories of increases of up to 400% in their insurance fees. They also noted a staggering increase in deductibles. We heard stories of buildings only receiving partial policies and in some cases, while some received no policies at all.

British Columbia is not the only province in Canada that suffered a hit. Notably, though, it is the one that has taken the hardest hit. This is because of the large number of stratas that are contained in British Columbia. Factors that affect this include;

Where the stratas are built
The standards to which the stratas are built
Type of construction used for the buildings
British Columbia’s risk of earthquakes

These factors make this a bigger problem for British Columbia than that of other provinces.

One metro Vancouver condo owner of 16 years shared her story. Her building’s insurer notes they will not be renewing the policy. Because of this, her strata council will have to find a new insurer. As she lives on a fixed income, this owner is fearful of any increase to her fees that may arise from the strata finding new insurance.

Many residents are facing similar issues and they are looking to the government for protection. We are all looking for concrete action from the government. It is expected that more stratas will start experiencing these problems as the future unfolds. As a result, there are more people paying attention to the details of this conversation.

Recommendations from the Insurance Bureau of Canada

Making education for risk mitigation mandatory for strata councils
Amending building codes to prevent extensive water damage with the mandatory installation of leak detection devices
Passing legislation to avert Stratas from deferring depreciation reports
Prevent strata from putting off long-term maintenance with proper legislation
Make definitions in the Strata Property Act to define a “standard strata”
Make it clear in the Strata Property Act what damages are the responsibility of the strata lot owners separate from those of the strata council

Current Measures to Address the Crisis

The Minister of Finance, Carole James, noted that they are in the process of exploring ways to address the crisis. A spokesperson from the ministry further tells how discussions are underway with the Insurance Bureau of Canada. The main focus of these discussions is to ultimately make strata insurance costs more affordable.

The BC Financial Services Authority is the insurance regulator for the province. They are continually gathering data on the rate hikes and average increases across the province. They intend to determine how many of the 300 British Columbia insurance companies have stopped offering services to condos and townhouses.

This also affects renters of townhouses and condos as their landlords may have to pass the increases to them. Forgeron notes that no one should be forced from their homes because of these insurance issues. As such they are motivated for a solution to be found and implemented soon. We hope that the changes made will attract insurers to come back to the BC market. We hope that with demand taken care of, the cost of insurance will fall to more affordable prices.

The matter is indeed urgent and we can only hope that the government will heed the recommendations of the Insurance Bureau. We hope the necessary changes will be made to help keep BC residents in their homes.

Surrey Housing Market Looking Stable

by Bevony on 11 March 2020 Comments Off

With a lack of real estate investors in Surrey, there has now come to be a more stable housing market. Many houses in Metro Vancouver’s high-status neighborhoods are now looking more affordable than they have been in years.

With Surrey not on the radar of wealthy domestic and offshore investors, the prices have benefited from this. The city continues to grow rapidly though. The majority of the market is made up of new immigrant buyers. This is followed by native-born immigrants simply searching for a place to call home. In contrast, other high-end neighborhoods have seen a lot of instability since 2017.

The statistics show that house prices in posh neighborhoods dropped approximately 1/5th in one year. This was also true for a variety of neighborhoods in Richmond. In contrast, the housing prices in Surrey remained very stable. This is especially true for the Northern Section where homes often sell for lower than $1 million.

Other Stable Neighborhoods

When prices fell up to 25% this year, luxury homes in some West Vancouver neighborhoods fell. These included Upper Caulfield and Chartwell prices in other North Surrey neighborhoods. The prices only dropped between 1 and 5 percent. Surrey wasn’t the only neighborhood to escape the ridiculous price drops. Other neighborhoods that remained stable include:

North Delta’s Kennedy West
The District of Langley’s Brookswood
Fort Langley
New Westminster’s Queensborough
Brow of the Hill
Lynn Valley
Seymour Heights

North Surrey Housing Market

North Surrey stood out among everybody thanks to the fact that their stability in prices was seen all across the board. The affordability of the area is one of the biggest factors. This is a factor that is good for both buyers and sellers. With a population larger than half a million, the area is one of Canada’s fastest-growing municipalities. Each year the area expands by approximately 2%.

The Surrey market is largely made up of locals, but it is not the same for the West Vancouver market. While South Asian immigrants also find the affordability of houses here desirable this is not driving up prices as they don’t want a 20 million dollar home. Figures from Census Canada show that the residents of North Surrey that have roots in India are between 40 and 60%. This is especially true in Kennedy, Fleetwood, and Newton.

The area is attractive to immigrants from Pakistan and India because of the cultural diversity of the area. The area allows them a certain amount of familiarity and satisfies the needs of their culture. They will find temples, mosques, and gurdwaras. They will also be more likely to have family in these areas as well. Coming here and finding real estate for sale at an affordable price means they can lay down stakes sooner and integrate into society faster and easier. Houses can be purchased with smaller down payments which is great for first-time homeowners who often are left vulnerable to the financial stress test of the government to determine their eligibility for a mortgage.

What is Mortgage Default Insurance?

by Bevony on 4 March 2020 Comments Off

So you’ve heard about it and now you want to know what is mortgage default insurance. This is one requirement placed upon first time home buyers by the Government of Canada. Who is required to pay this?
Persons that are first-time homeowners.

Persons with a downpayment of less than 20%

Banks are allowed under the Bank Act to lend a maximum of 80% of the purchase price of a home. If you have your 20% downpayment there is no need for mortgage default insurance. If you have your 20% downpayment you will qualify for a conventional mortgage. When you don’t have the required deposit amount you can be granted a high ratio mortgage. In such a case, the insurance company will compensate the mortgage lender in the event that you default on your mortgage.

How to Qualify for Mortgage Default Insurance

If you think you may be eligible for mortgage default insurance, first contact your bank. Find out what are the usual qualifications for a mortgage and find out what the underwriting standards are for your mortgage insurer. Not sure where to find this type of insurance? Contact the Office of the Superintendent of Financial Institutions. They can give you a list of their approved insurers offering this type of insurance. Each insurer from this list will have their own criteria of evaluation so you need to check out if you meet their qualifications as well as if the property you are interested in meets their qualifications for this insurance as well.

Benefits of Mortgage Default Insurance

The primary purpose of mortgage default insurance is to protect the lender. The insurance protects them in the event that you default on your mortgage payment. But it also benefits you. With this insurance, you now are able to purchase your home a lot sooner and with a downpayment as low as 5%.

Important points to note about mortgage default insurance;

This does not provide protection to you or your interest in the property purchased in the event that you default, you will lose all.
You don’t have coverage for a mortgage payment under this insurance policy. If you are unable to make your payment or if you pass away your mortgage goes into default.
This insurance is only available for homes that are priced at less than $1,000,000.
Your premium will be calculated as a percentage of the borrowed amount.
You can have a lower premium if your down payment is bigger.
Payments can be made over a period of 25 years and these can be combined with your monthly mortgage payments.

Benefits of Having Houseplants in your Home

by Bevony on 19 February 2020 Comments Off

Having plants around will have a positive effect on your mood and your brain. They can help you to be more relaxed and to feel better. Walking into a house full of lush houseplants can take the edge off after a long and hard day. They call it Biophilia, according to Dr. Edward O Wilson. He theorizes that all humans want and seek connections with other life forms including nature. His definition of biophilia as “the urge to affiliate with other forms of life”.

We can all agree that bringing plants indoors brings a significant acoustic element. When you make use of plants such as moss that have natural textures the acoustics of the room are heavily impacted.

Some homeowners welcome plants and look forward to all the care and maintenance tasks that come along with them. There are others that like the idea of plants but don’t have the time or the interest to care for them. The latter will be happy to find that there is a new market of plants just for them. Enter the era of preserved plants. These plants have had their growth stopped. They are then treated with preservatives and color enhancers to keep them in tip-top condition. They won’t need sunlight or water so they are easy.

For those who want to care for their plants, many have a lot of trouble as they try to keep their plants alive. One of the biggest mistakes people tend to make is to overwater their plants. Then they forget to put the plants where they can get natural light which is equally as important as giving your plants adequate amounts of water. If you are worried about your plant getting too much of the sun’s rays you can easily place it at a window and leave a sheer curtain to take off some of the rays.

Caring For House Plants

Instead of following a watering schedule, you want to look at the soil your plant is in.

If you have cacti or succulents you wait until the soil is completely dry then give it a good soaking and leave it alone.

If you have classical tropical foliage you need to place them where they can get the right amount of light. You want to hold off watering until the soil is partially dry up to three inches down.

For all other types of plants, you want the soil to be moisty evenly. Check the soil every day and only water when it feels dry.

With that said, you can add some houseplants to your space to bring it to life. Treat them well and enjoy their presence. If you are not sure if you will be able to care for your plants, try out one and see how it goes then you can commit to more plants for your home.

Simple Solutions for Decluttering Your Home

by Bevony on 13 October 2019 Comments Off

You can achieve a well put together home, it all starts with decluttering and purging.

If you want to organize your home better, the first place to start is with cleaning your home; purging and decluttering. There is no magic bullet, and no magic storage solution to help you get your whole house together. You will have to get rid of some of your stuff and will need to change your behaviors that led to your home being a disorganized mess in the first place.

Storage solutions help, and if you don’t have any of those then you should consider a few. Before you go purchasing storage solutions you won’t be able to use, ensure they meet the design needs of your space and the items you wish to store in them. You will not lose when you choose from basic storage items that are built with function and esthetics. Items such as shoe racks, coat hooks, umbrella stands – these products are often overlooked but can make a big difference in completing a room.

The KonMari method has gained a lot of popularity and as such more and more people are considering cleaning their homes and clearing out stuff. It is the best way to go about organizing your home for the better. You want to do this before you start buying more things to help you organize. You can throw things out, donate some and recycle others. But your first step should always be minimizing and discarding. Once you are reduced your items, it will be easier to organize the remainder of stuff.

Say Not To Storage Facilities

One of the things that professional organizers advise is that you don’t put your stuff into storage. When you place your things into storage, you are not in effect dealing with it. They will then stay there and collect dust while you pay to keep them out of sight. But if you aren’t using them anyway, why not give them up? Be honest about the amount of space you have and look at the reasons behind your attachment to your stuff.

Do a walk through in your home. In each room, identify six things that you can’t do without in that room and start reducing the rest. Space is a luxury so if you are losing space you need to act now. Many people are now living in smaller spaces because of budgetary constraints so more modular items are better options. These not only can help save space but can also be dual-purpose items and can be used from room to room.

If you are living in a small space and have limited storage you may consider choosing furniture that has storage built-in. so beds with drawers, or sofas that have storage space beneath their cushions. You can also opt for storage containers that can fit into your peculiar corners and under stairways etc.

High-Performance Homes – All the Rave

by Bevony on 14 August 2019 Comments Off

Everybody is into energy efficiency these days and as such, high-performance homes are in high demand. High-performance homes offer more than your typical energy efficiency via many means.

If you are looking for a new home; a high-performance home, you will want a team of experts. Here at SilverBeam Homes, we can help you create a house design that meets high-performance standards. We can deliver higher energy efficiency at lower costs. Our team has been building high-performance homes for a while. The team here includes architect, structural engineer, builder and energy consultants. They all work together to ensure that your design meets all your needs for energy efficiency.

SilverBeam High-Performance Homes

We ensure we consult the BC Energy Step Code for all new construction as much as possible. We do this because the city plans to get all high-performance houses by the year 2032. Along with this roadmap, there are several industry criteria and certifications. These relate to the construction and categorization of high-performance homes. There are several BC municipalities where companies such as ours have to build according to Step 3 of the Step Code. This way new homes have to provide at least 20% less energy usage than homes built before the BC Building code.

Reputable certifications that are out for energy-efficient homes include;

The Net Zero Home Labelling Program through the Canadian Home Builders’ Association
The Passive House Canada certification

The latter can be attained by implanting the Passive House Planning Package. Following this plan allows for lower energy costs, higher quality air levels and a more consistent temperature indoors. According to the CHBA, net-zero homes are as much as 80 % more energy efficient. This when you compare them to typical new homes even those using renewable energy systems.

Building a high-performance home requires an approach that is coordinated. Here at SilverBeam Homes, we have that approach. We can help you create your high-performance home with the use of our airtight envelope. We create homes that are airtight with each door and window being energy star certified and each slab of wall or roof is well insulated.

Myths about High-Performance Homes

If you do a little research about high-performance homes you will come upon two myths:

They are unattractive
They are expensive

The truth is each company in the building industry now understands the importance of creating products that are aesthetically pleasing while ensuring they are energy efficient. As such you can have a modern and aesthetically pleasing home at an affordable price that is considered a high-performance home. Your high-performance home can still have style features such as cantilevered floors – it is all in the design and the choice of elements used for the construction.

With an integrated approach, our team of professionals can create for you a home that is energy efficient but still aesthetically pleasing. All key advisors in the team set clear objectives based on your needs from the beginning. This ensures your home is built in the most economical way to match your budget. Step 5 of the BC energy code will be the standard in 2032. We understand how important it is to start building homes now that are following the code.

You are building a home for the long term and we know just what specifications to use. We can ensure that years from now, your home is still compliant with all high-performance specifications. Here at SilverBeam homes are created to be socially and environmentally responsible. Our aim is to bring our customers into the future with our ability to create high-performance homes. Homes that will lessen greenhouse gas emissions, saving the environment and helping you to spend less money on bills.

Give us a call today, let us help you build your new high-performance home.

West End Vancouver

by Bevony on 3 July 2019 Comments Off

West End Vancouver can be found between downtown and Stanley Park. This urban village is very densely populated and is one of Vancouver’s most diverse communities. Here is where the first visitors and newcomers usually end up whenever they visit Vancouver.

West End History

The history of the area dates back to 1862 when the area was heavily forested. The land was purchased by three English prospectors known by locals as “the Three Greenhorns”. They were known as this because it was thought that they paid too much money for the land. The original intention of these gentlemen was to set up a brickworks. As such, the area was named Brickmaker’s Claim and then the name was changed to New Liverpool. After which the gentlemen sold their claim to John McDougall who later developed lots.

The potential of the area started to become recognized in 1888 and therefore the city became the first upscale neighborhood. It was home to a number of rich families thanks to the terminus that was built at Coal Harbour by CPR.

The Modern West End is a very thriving neighborhood with plenty of restaurants, shopping, bar, and inclusivity. Therefore, you will have access to parks, beaches, and Seawall. The area is famous for artwork such as the Inukshuk statue which was the inspiration behind the Paralympic and Olympic of 2010 Logo. The town is also known for the Giant Laughing Statues that can be found in Morton Park which is a very popular tourist attraction. The West End is home to the first rainbow crosswalk in all of Canada.

The community continues to grow with people wanting to live in an inclusive neighborhood which allows them to drive less for a commute. The area is known for its big community feel with many people indicating that once they moved there they felt they were home. You will find people even move away and still indicate that West End is the only place that ever felt like home for them.

Living in The West End

The West End is a very dense neighborhood with an approximate population of around 45,000 people. Approximately 50% of the population here is between 20 and 39 years old. 34% of the population is between the 40 and 64 age bracket and then there are the seniors which make up for around 13% of the population while the remaining 6% are under 19 years old.

According to moving2canada.com, the West End has the most affordable apartments when compared to other communities downtowns such as Gastown, Coal Harbour, and Yaletown.

Working in The West End

The West End is very close to Vancouver’s downtown and the banking district. As such it is a great place for persons who work in finance. Of course, there are many other options for work as there are many restaurants, bars, and cages making work in the food and beverage industry very popular as well.

Dining in The West End

The West End is known for being fast-paced when it comes to change. There are new restaurants and bars opening up on a very rapid scale. Some are being replaced while others are changing their branding, adding to their offerings to make the dining experience a more versatile and varied one. You can find local food, seafood, French-Japanese fusion. English food, Korean and so much more.

Shopping in The West End

Robson Street is one of the most popular spots for locals and tourists alike. You can find a busy hive of shops and restaurants on Denman Street and Robson Public Market offers a vast variety of international food, wine, produce and more.

Playing in The West End

Davie and Denman are areas of the West End that are always buzzing with locals and with tourists. The neighborhood gets very hype during the Vancouver Pride Festival and during the Celebration of Light which is a summer fireworks competition. The Vancouver Sun Run is hosted in the West End annually when people run in the streets. This is a car-free day.

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.

Vancouver Home Prices for 2019

by Bevony on 3 April 2019 Comments Off

We are well into 2019 and the experts and economists have put together a number of indicators for predicting approximate housing prices throughout the rest of the year for the Vancouver housing market.

The year 2018 we saw a drop in housing prices in Vancouver which was a welcome surprise with housing prices being so high for the last couple of years in this general area. It is important to understand that the housing market here is a very beneficial one not just for home owners and construction companies but also for the economy of the city as well. Therefor it is not just the buyers and sellers that are interested in the housing prices but also the analysts and the economists as well as the lenders.

In February and March we saw first time home buyers getting 20% less to borrow to purchase their first home. This affected entry level units and end user units in the condo market showing how some of even the lower end units are more expensive when you take into account the average income of persons living in the surrounding areas.

Buyers wanting to move up in property benefited from the stress test as they now had to re-qualify for a new loan. When they met the stress test standards they found that got some deals and may even get better terms than the current mortgage they are currently in.

Get Re-Qualified for your next home purchase!

On a whole though, we do see that there are a lot of declines taking place for Vancouver’s housing market. There is projected to be a 26% decrease in prices by summer for homes on the west side of Vancouver. In the same area, detached homes are predicted to show a drop in prices as well. This is a good thing as with a rise in price there is typically a drop in urgency to buy. This is good news to us here at SilverBeam homes as we are excited about the new opportunities you have to get more with your money as the market changes in your favor. We have the skillset, all the tools and the expertise to help you meet your dream of owning a home, wether it is your first home or it is time to move up in house – we can help you make it a reality. Check out our process and let us start helping you today!

We’re in the Business of Efficient Buildings

by Bevony on 28 March 2019 Comments Off

Vancouver is trying to make it with the Greenest City Action Plan. And as we all strive to make this a reality, here at SilverBeams is no different. We strive to do everything we can do as we build homes for you and your family members with the latest technologies and products to help enhance efficiency while ensuring your comfort.

There are a couple ways we can provide you with a more efficient home. And one such way is in the materials that we chose to use in the creation of your home. Today we want to shed some light on what those materials are and how they do make your home more efficient.

In December the city made it mandatory that all builders provide the most efficient homes they could possible supply to the market. We decided we wanted to go the extra mile and make some additional effort to make homes even more efficient than the baseline. the result is not just a more efficient home, but also a healthier home to raise your children, a more comfortable home and a home that will be more affordable to heat during the winter months and more affordable to cool during the summer months.

The regulation that brings this all to life is the BC Energy Step Code. Why is it called the step code? Because it is made up of groups of measurable goals that are grouped in a “staircase” structure which we builders will have to comply with over time. There are five steps for homes and these need to be applied to new homes over time, one step at a time. Some parts of the city of Vancouver are already mandating step 3 for new homes.

Demand is growing and we have heard you the home buyers on the market. we hear you want more efficient homes and we understand all the reasons why. A recent survey of homebuyers preferences revealed that Canadian homebuyers are in the market for homes that feature high-efficiency windows, energy efficient appliances, heat recovery ventilation and overall energy efficiency among other features.

We realize that our customers are educated and know all the benefits of choosing energy efficient homes and lowering their bills. Here at SilverBeam Homes, we know what you want and we want to build that home for you. We offer a number of different options for meeting your specific needs as a home buyer. We want to help you build a healthier home, a better-built home, a more comfortable home. Let us get you started on the journey to owning your home. Give us a call today and set up a consultation.

Want to know more about what we offer before you call? Go ahead and check our process! We are waiting to hear from you.

Uncategorized

The Current Condo Insurance Crisis

Horror Stories from Residents

Recommendations from the Insurance Bureau of Canada

Current Measures to Address the Crisis

Surrey Housing Market Looking Stable

Other Stable Neighborhoods

North Surrey Housing Market

What is Mortgage Default Insurance?

How to Qualify for Mortgage Default Insurance

Benefits of Mortgage Default Insurance

Benefits of Having Houseplants in your Home

Caring For House Plants

Simple Solutions for Decluttering Your Home

Say Not To Storage Facilities

High-Performance Homes – All the Rave

SilverBeam High-Performance Homes

Myths about High-Performance Homes

West End Vancouver

West End History

Living in The West End

Working in The West End

Dining in The West End

Shopping in The West End

Playing in The West End

Why You Should Buy New!!

Location

New Appliances and Warranties

A Custom Built Home

Immediate Inventory

Choose the Seller’s Mortgage Company

Vancouver Home Prices for 2019

We’re in the Business of Efficient Buildings

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