As you may have noticed, we have started our "Hot Properties" newsletter as of the last week January. This was the first of a quarterly series of newsletters designed to highlight some properties on our site that are of great value in the current market. Our last newsletter featured some properties that were recently reduced, whose sellers are motivated and even a high-end foreclosure near Kelowna. Click here to sign-up.

It seems as though others in the business are starting to see (and write about) some deals as well. In last weeks Facts by Email, Ozzie Jurock pointed out some developments that may be facing issues in the coming months. Among them are:

Although the units in the above mentioned developments may not yet be discounted, there is potential in the market for prices to start to adjust due to the overbuilding that began to take place towards the end of the last market high.

If you are looking for deals on our site, you can sort out the motivated sellers by doing an advanced search and selecting the "Motivated Seller" button at the bottom of the page.

Happy House Hunting!

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Recently, my husband and I found out that we have asbestos vermiculite insulation in our attic. Asbestos fibres can be dangerous when enhaled as they can cause a type of lung cancer called Mesothelioma. Appartently, the asbestos is safe so long as it is left untouched and undisturbed; (which at this point it is) however, this is putting a huge wrench in our plans as we hoped to add a 3rd floor to our house this spring. In order to get the asbestos out safely, we have to hire an asbestos abatement firm to come with their big suits and all. Of course, this comes with a hefty price tag. We have been quoted anywhere from $15,000-$18,000 to have this done. Plus we have to move out of our house for a week. After spending all this money, you don't end up with a deluxe new bathroom with soaker tub and walk-in shower, you end up with a big fat zero!

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It seems like 2009 may be shaping up to be a year where deals start to pop up in the BC real estate market. We know a lot of you are out there looking for them, but we have been hearing that many buyers are scared to act now for fear that prices will fall further. Recent news that waterfront appraisals in some areas are down and sales are stalling combined with increased media hype about the poor economy will likely result in further price adjustments across BC in 2009. Depending on how long this "recession" continues, this could potentially be a great year for buyers to get in there and make some good buys on prime waterfront property.

All of the "bad" real estate news coming out right now is welcome news for buyers as it has made sellers more aware of the situation and as a result, homes are being priced much more competitively than in the past few years. I believe the days of multiple offers, $30, 000 over asking have come and gone; but they will most likely be back when we hit the next peak in the market.

Most BC property owners have already received their 2008 property assesments. Because property prices started to decline slightly after the 2008 assesments were completed, most properties will be taxed based on their lower 2007 assesment. The government has done this in part to avoid the unnecessary process of property owners appealing their assesments. Brian Hawkins, an assesor in Greater Victoria stated that higher-end and waterfront properties started to drop off in price earlier than some of the other types of property. He attributed this to their higher price escalation over the past 5 years.

To make things even better for buyers, some of the best-discounted 5-year mortgage rates that I have seen in a while showed up this week on Ozzie Jurock's Email notice. 5 year rates as low as 4.67 % are being offered by Meridian Canadian Mortgages.

We will be sending out a quarterly "Hot Properties" email with properties we believe represent good value in today's market, so if you're interested, sign- up here . Happy house hunting!

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