John Grasty, Licensed Representative in Metro Vancouver, Port Moody based.

I had the opportunity to review the plans and conceptual drawings for this proposed development by Harmonix Ventures at Henry Street and Buller Street and fully support the project moving forward.

Perspective looking into entry court along Henry

This is in "Area 3" of Moody Centre as it was identified at the Design Charrette in 2007, and as a participant in that particular group I am delighted to see how the proposal is in keeping with the vision.

Neighbourhood Plan Area policies for Moody Centre include encouraging non-vehicular movement of people in the neighbourhood by creating improved pedestrian connections. This development is true to transit-oriented development principles, creating a more compact, walkable community and reducing reliance on vehicles, and fits the definition of a Complete Community.

The incorporation of Green building technologies and sustainability features also add visual interest and identity to the streetscape, and are exactly what Port Moody citizens have asked Mayor and Council to provide.

Although the 300 plus residents this development will add are just outside the 400 metre radius of the Evergreen Line station, it is critical for this proposal to move forward without any delays to further demonstrate Port Moody's commitment to Evergreen Line stations being located where they are best supported by land uses and densities.

I have written asking Mayor and Council to fully support this project on its own merit without any delays, and as an example of what Port Moody wants to see in the future. Please add your support as well.

A mortgage is a loan used to buy a property. As with all loans, how much interest you pay depends on several factors. This link will introduce you to What is a mortgage?

For advice on mortgages, the video, "A guide for mortgage virgins" offers invaluable tips. Watch and listen to Doug Melville, Canada's Ombudsman for Banking Services and Investments tell you what you need to know before you sign on the dotted line.

He will introduce:

1. Terms of payments

2. Type of rate

3. Privileges and penalties

4. What if you move

5. Mortgage insurance

You have many different choices, and each lender promotes their products in a different way. You can learn more here about What choices do I have when I shop for a mortgage?

If you're looking for a reputable Mortgage Broker in the Metro Vancouver area let me help you. BTW, I do not accept referral fees for referring clients to a Mortgage Broker.

John in Port Moody

What insurance do I need for my home?

There are specific insurance packages for homeowners, tenants, and condo owners. Most cover these three things:

1. The building(s) on your property

- Includes your house and other buildings like a separate or detached garage, or workshop.

- If you rent your home, or own a condo, your landlord or the condo company provides insurance for everything from the drywall to the outside.

2. The contents

This is the cost to replace the things you value in your home.

Most policies cover your belongings for up to 70% of the insurance you put on the building.

Example: If you insure your house for $200,000, your policy will cover 70% of that total, or up to $140,000, to replace everything inside it. You can add more if you want.

3. Liability

This covers any claims against you if someone is hurt or killed while on your property.

What extra coverage can I get?

You can:

- Add extra contents insurance. The amount you need to cover your personal possessions depends on their value to you. Here's how to decide how much you need:

- Create a record of everything you own, the date when you bought it, what it cost, and what it may cost to replace the item now. You may also keep some photos or a videotape record. The Insurance Brokers Association of Canada provides a Home Inventory Form that you can use to list what you have in your home and the value.

- Add up the value of everything you want to insure.

Look at how much insurance you can afford. Do you want or need to cover everything you own fully? The more you cover, the more you'll pay.

Cover more dangers. You can get insurance to cover almost any kind of problem you can think of, and many you may never have imagined! There is coverage for everything from sewer backups, to earthquakes, to losing all the food in your freezer during a power outage. However, you will pay more for extra coverage.

Some people choose only theft, fire, lightning, windstorm, hail, and certain types of water damage. If their homes or belongings are damaged for some other reason, they won't get any money for those losses. That's the drawback of getting lower coverage.

Remember: The more coverage you get, the more you'll pay

When you look at different policies, make sure you are comparing apples to apples. To reduce your costs, ask yourself: Do I really need this much insurance? How much am I willing to spend to cover losses myself? Then decide what's right for you.

©Copyright 2009, Investor Education Fund

Terms of Use | I have been granted a limited license to display this content only for educational, teaching and training purposes. The content cannot be modified or used for any commercial purpose and all the original terms of use remain in effect.

Homebuyers get advice from Tri-City REALTOR® - by Gary McKenna - The Tri-City News

Local REALTOR® John Grasty will be holding a seminar this month to discuss the potential pitfalls home buyers face when entering the real estate market. Photo: COLLEEN FLANAGAN/THE TRI-CITY NEWS

John Grasty knows the pitfalls that can come when buying real estate.

In 1997 he discovered the condo he purchased in Coquitlam's Town Centre neighbourhood was one of thousands caught up in the Lower Mainland's leaky condo disaster.

Following the incident Grasty became an outspoken critic of building practices and the provincial governments handling of those affected by the crisis. He has since become a REALTOR® with Prudential Sterling Realty and blogs (www.johngrasty.ca) about the dangers home buyers face when entering the real estate market.

Today, 13 years and millions of dollars after the first leaky condos were discovered; Grasty said there are still many issues buyers should be aware of before putting an offer on a home.

"I have had clients who have wanted to put an offer in on a building... and after doing our due-diligence we have discovered things that tell us this isn't a safe building to buy in to," he said. "I have had this happen many, many times."

This month Grasty will speak at a seminar at the Poirier Library to discuss some of the issues he has seen and faced himself.

With many younger home buyers now entering the market, Grasty's advice is invaluable. However he is quick to point out that it is not just young buyers who get caught up in the pitfalls
that can come with home ownership.

In fact, the majority of people affected by the leaky condo crisis were owners looking to down size from a single-detached home to a townhouse or condo.

He said he has seen cases of elderly, debt-free people getting hit with $80,000 to $100,000 repair bills following their purchase of a leaky condo.

"These are people in the twilight of their life and it is just absolutely sick they have to deal with these types of issues," he said.

Grasty is also critical of the provincial government's recent decision to eliminate interest free loans for people who have been caught up in the leaky condo crisis.

"We just stepped back 12 years," he said. "The BC Liberals basically ignored all of the good work that has been done."

Grasty said the government is wrong to think the leaky condo crisis is over.

Legislation enacted in 1999 which forced developers to change some of their business practices was not retroactive, he points.

That means a developer who took out a building permit before the changes were made could still go ahead and build under the old parameters. Grasty believes buildings constructed as recently as 2001 could leak.

Also, those buying detached homes often believe they are free of leaky condo dangers.

This is not so, according to Grasty. "Half of the Westwood Plateau was built with the same technology as leaky condos," he said. "

But it is not just leaky condos that Grasty said buyers need to be aware of.

All sorts of situations can come up, whether it is an old oil tank in the yard or information on financing. He said the seminars are a great way for people to learn more about the buying process.

"I am really concerned that too many people are falling victim to the frustration of buying and selling because they don't do their due-diligence," he said. "We tell people how to prepare for the purchase."

Grasty will hold a seminar at the Poirier Library on September 17 between 6:45 and 8:45 p.m. For more information go to www.library.coquitlam.bc.ca or www.realestateevolved.com

When the City of Toronto implemented a Land Transfer Tax (LTT) as a way to address a revenue shortfall, instead of bringing in revenue, the LTT did the opposite.

An estimated 3,500 families who would have otherwise moved, stayed put because of the LTT, according to a report from the C.D. Howe Institute and economics professors at the University of Toronto, and data from the Toronto Real Estate Board.

Those 3,500 fewer home sales cost the Toronto economy $166 million in 2008, since every time a home changes hands in Toronto the transaction generates $47,575 in economic spin-offs in furniture and appliance sales and fees to home inspectors, landscapers and lawyers, according to data from Altus Group and the Canadian Real Estate Association (CREA).

The Real Estate Board of Greater Vancouver (REBGV) explained to Translink that the BC economy heavily depends on home sales and the last thing homebuyers need is another land transfer tax when they already pay a whopping $8,000 provincial property transfer tax on a $500,000 home.

TransLink listened. Last month CEO Tom Prendergast responded with these comments:

"TransLink believes the funding mechanisms should also help us get to the future envisioned in Transport 2040. As such, we are focusing on mechanisms that will influence behaviour directly, and provide greater encouragement for people to leave their cars at home. We do not believe a property transfer tax fits this criteria, and will not be giving it further consideration."

Phew!

But where will the Evergreen Line shortfall come from?