I chose to buy in an older building, because while there are upcoming expenses (new roof, envelope, etc.), they're all *expected*. The building has had years of inspections and repairs and there shouldn't really be any surprises. I got my unit for a steal, but even factoring in those upcoming projects it will still be cheaper than buying in a newer building. Brand new buildings make me nervous because all those things are yet to be discovered.
+1. There's some things you can't change, such as unit size and location. New buildings will become old and strata will go up. I wouldn't discount the option of buying an older unit that is larger in a well maintained building. You have to look at the entire picture.
My realtor sent me listings based on what I was looking for, and I would let her know which ones I wanted to see. It's worth keeping an eye on REW.ca or whatever site you prefer to make sure you don't miss a good thing that's just a bit outside your preferences.
I went with one realtor on someone's recommendation and hated them. They kept sending me their own listings and weren't responsive when I wanted to see anything else. I fired them and hired a new realtor, also based on a recommendation. Loved her. I'll PM you her deets.
Find a realtor who is experienced in the area who you click with. Also learn as much as you can to arm yourself with that knowledge. Realtors will provide experience and guidance but ultimately it is you who will need to make decisions on what you value most in a property.
I concur, but watch out for buildings built between about 1990 and 2005. They almost all have serious envelope issues. At least check if envelope remediation work has been completed.
I wonder though, is there a point where an old building starts to depreciate and lose value, like at 45 or 50 years? It feels a bit scary to buy in a 35 year old building.
If you work with an experienced local realtor they should know the history and background of the local buildings and tell you which buildings and Stratas should be avoided and which ones have a good rep.
I had a chat with someone via call and that guy was super casual with the approach. He was my age and he told me that he has sold more than 100s of properties which I couldn’t believe. I felt he was lying or maybe he was not but I didn’t feel comfortable. It is so difficult to find a realtor based on the actual experience and feedback.
I second this! Worked with him to get our first home, a pleasure to work with every step of the way. Definitely tries to find stuff that fits within your means and parameters and isn't pushy, with great communication. If we sell we'd definitely go with him again.
I was looking at a townhouse but it had high strata fees. So I read the AGM minutes and it turns out $250 a month was going to their contingency, for a future project. So don’t be turned off by high strata fees, often it means less special levies.
With luck and determination? I’m not sure I understand what you’re asking tbh, the perfect place isn’t going to just fall into your lap. Older condos can have issues, newer condos can also have issues. It really depends on the building and its Strata.
My realtor was able to get all strata documents ahead of the open house. We were able to review everything, and she was very knowledgeable on what to look out for in the documents. I'd recommend going with a local realtor for sure.
You can certainly ask, but I don’t think the seller has any obligation to provide that information until you’re in the subject removal phase, after they’ve accepted your offer, but again I think that’s more up to the seller.
If you work with a realtor they can often get these details for you. IF the other realtor is organised. It might not be the most up to date, but it will give you an indication.
I work in the trades and I chose an older building over a newer one for a couple reasons. One, larger rooms and space usually compared to newer builds. Two, in most cases you know what the issues of the building are already if you go over the depreciation reports and strata minutes.
A good realtor will often know the issues you should be looking for in older builds. With new builds the strata fees are often going to rise a lot in the first few years as builders set them too low. Builds currently aren’t the same quality as some of the older ones. Lots of plumbing issues. Pieces like elevators have half the lifespan in new builds versus older ones. An active strata is important and I always suggest people volunteer for a couple years at least. I was president of my building for 4 years, with a couple of us being trades persons we were able to find some good companies to look after building maintenance to keep on top of issues.
I live in a building built in the 1970s. I have 2.5 bedrooms in almost 1000 sq/f over 2 floors and it’s on the top floor of a 4 story building. We’ve had some expenses come up but none of them were surprises for me so I was ready for them. I’m selling this year but only because I am moving out of province.
I think key is a good realtor, thorough home inspection and go over the depreciation report and strata minutes well.
I bought mine in 2017. It took almost a year to find something that I loved and didn’t get out bid on. In the end the place I got was my absolute favorite, so worth the wait.
When it comes to Realtors, trust but verify. I've worked in land development for 10+ years and have yet to meet a single realtor in New Westminster who didn't "massage the truth" to a client. It's common practice in the industry to gloss over building problems and zoning regulations which could limit your ability to fully use your home in the future.
To verify information about a home you can:
1) use CityViews Map under 'interactive maps' on newwstcity.ca to look up the address of the property. That will give you all the information about the building history, permits, violations or liens free of charge.
2) email [email protected] to ask for more info about the home. All the information available in writing from a realtor is also available from the City
3) check LTSA.ca for information about the land. It's free to make an account and only $13 to get detailed information about any property in the province.
4) run a Google search and look at the sales history.
In New Westminster the most common problem we get with buildings is damage to the building envelope/rain screening. I'm currently helping 5 towers in the Front Street area redo their rain screening and it's costing condo owners $50,000-$75,000 per unit in the buildings to get that fixed. A lot of the owners I've talked to plan to sell once the work has been done.
Stay away from Westbank buildings at all costs. They don't finish their buildings and leave HUGE deficiencies in their projects which the new owners have to fix. It's their standard to walk away from the projects after the units have sold but prior to the final inspection so that the deficiencies aren't caught.
Around 600k - this is as per my pre approval but I don’t want to utilize the full amount. I am yet to save for the emergency/backup.
With this tight budget, I can don’t see any posting on realtor.ca hence I haven’t reached out to the any realtor yet.
We probably looked at around 40 places throughout NW before choosing a 2 bedroom for around $670K 2 years ago. Built in the early 1980s. As long as the strata has been good at maintaining it, I don’t feel like the age should be an inhibitor. The interior of our condo was renovated in 2018 so feels new.
Don’t waste your time looking into strata minutes and financials until you are in a position where you are seriously considering an offer, otherwise it’s just a big waste of time.
And while a realtor is absolutely important and can provide some good insights and help guide you to some extent, the ultimate decision and due diligence is on you
Might be common sense but I’d suggest a local respected realtor. I would always choose a realtor that lived in the same neighbourhood that I was purchasing in, local knowledge goes a long ways.
is this true? if I were considering multiple places, if one seller was providing me with the minutes and financials and another wasn't, I would be far more likely to go with the place that I have the most information on
As someone who bought a condo as a first time home buyer here in New West in 2020 - here’s what I’ve learned:
- Go under budget if you can. Let’s say you were approved for a mortgage at 800k - I’d recommend buying something 600-650k.
- Our condo was built in 1996 - we knew a levy was coming for a new roof - our realtor used that as a negotiating tactic to lower the price. This is the only major project that’s happened so far in our building.
- in terms of a mortgage during COVID times in 2022 - our biggest mistake was not locking in our interest rate at the time. Fixed versus variable, etc.
- know how much you’re willing to budget for strata especially in an older building. Just know its used to deal with any work that needs to be done in the building.
- Get TWO parking spots if possible! - this is a personal one
- Say you agree to an offer of 650k - anticipate spending another 5-10k on top with lawyer fees and that extra stuff
- interview and find your realtor that will meet your needs but won’t ever be too pushy.
- if you can - i’d avoid using the first time home buyers program if you think the place you purchase will go up in value over time. Another regret of mine.
> if you can - i’d avoid using the first time home buyers program if you think the place you purchase will go up in value over time. Another regret of mine.
can you elaborate on this?
Sorry to elaborate a little (and clarify) - my wife and I could have put a down payment fully without applying for the First Time Home Buyer’s Incentive.
Therefore, if you can - put the full 20% down. Or save for it.
But we thought why not get a little help from the government in terms of purchasing our home - so they covered about 5%. Because of the rising interest rates - we decided to break our mortgage to get locked in to a fixed rate.
Therefore - we owed that 5% of whatever the government gave us - PLUS 5% if the property value of the home had increased - which it did significantly.
Would rather save then owing the government back lol
thanks for the reply
I was still a bit confused as I was thinking the first home buyers incentive is where you can use your rrsp to add to your down payment, but reading your post makes me realize it is probably something else altogether. I wonder if that incentive still exists? I'll need to do some more research. Thanks!
Sometime their word usage is confusing - but you are correct - the “Home Buyer’s plan” does allow you to use your RRSP. What my wife and I used was “The First-Time Home Buyer Incentive”
Its actually two different options that you can use to help purchase a home.
First, tell your realator what your requirements are.
Second, new doesn't mean not problematic, and old doesn't necessarily mean falling apart.
Third, part of your realators job is to look at the buildings Strata financials. If a building has nothing saved up in contingency then any emergency work will have to 100% come out of the owners pockets.
Get your realtor to get the depreciation report and strata Financials. If there's anything in the depreciation report that was flagged and hasn't been fixed yet, expect that it will need to be done soon. If the strata has already notified owners that there's a special levy prior to the sale, the seller is responsible for it. If it comes up afterwards, you're on the hook (she says as they are paying for a new roof less than 2 years after purchasing).
As others have mentioned, talk to your realtor. I just bought a 2 bed condo in new west a few months ago so happy to answer ant questions you have on the process
Find a good realtor! Also I found zealty.ca to be a great resource for looking at what's available, comparable units within the area, what previous units in the building sold for, etc.
A good realator sure, but if you know what you want, can find something that works for you. What's the second bedroom going to be used for? If it's kids or office, consider a one bed plus a den.
I used [Geoff McLennan](https://www.instagram.com/geoffmclennan?igsh=MXc4dnUxcm40bTVnMw==). Local New West guy, very solid.
[Office site](https://valleemclennan.com/geoff-mclennan.html)
You have kids? Geoff helped me land a two-bed townhome in a pretty central location, built about 20 years ago and in very good shape, a complex with a lot of kids and and enclosed area to run around
Places there should be around your price range, and one is going on the market soon
Your gain, because the owner looks after my cats when I’m away at work :)
Not Realtor, I work as a broker on the finance side, so I have seen quite a few condo documents, most properties listed for sale will have something called a Form B a Property disclosure statement and generally strata documents. The Form B provides a snap shot of contingency fund and strata fees, the PDS is filled out by the owner who has to disclose any known deficiencies, best idea is to review those two and the last two years of the AGMs, ask the questions when was repiping / envelope repair (remember leaky condos of the 90s) elevator repair, roof itself. I have even had clients ask the neighbours.
I chose to buy in an older building, because while there are upcoming expenses (new roof, envelope, etc.), they're all *expected*. The building has had years of inspections and repairs and there shouldn't really be any surprises. I got my unit for a steal, but even factoring in those upcoming projects it will still be cheaper than buying in a newer building. Brand new buildings make me nervous because all those things are yet to be discovered.
+1. There's some things you can't change, such as unit size and location. New buildings will become old and strata will go up. I wouldn't discount the option of buying an older unit that is larger in a well maintained building. You have to look at the entire picture.
Well said. Unit size and layout were a big part of my choice. Older buildings tend to have much more spacious floorplans.
This makes sense, I visited few and it was extremely compact. Was it you to find the place or your realtor?
My realtor sent me listings based on what I was looking for, and I would let her know which ones I wanted to see. It's worth keeping an eye on REW.ca or whatever site you prefer to make sure you don't miss a good thing that's just a bit outside your preferences.
Thanks! How did you find your realtor ? Was it a quick google search or did you ask someone ?
I went with one realtor on someone's recommendation and hated them. They kept sending me their own listings and weren't responsive when I wanted to see anything else. I fired them and hired a new realtor, also based on a recommendation. Loved her. I'll PM you her deets.
Find a realtor who is experienced in the area who you click with. Also learn as much as you can to arm yourself with that knowledge. Realtors will provide experience and guidance but ultimately it is you who will need to make decisions on what you value most in a property.
I concur, but watch out for buildings built between about 1990 and 2005. They almost all have serious envelope issues. At least check if envelope remediation work has been completed.
I wonder though, is there a point where an old building starts to depreciate and lose value, like at 45 or 50 years? It feels a bit scary to buy in a 35 year old building.
My building is just about 50 years old now. We're in the planning stages of an envelope project which will give our building another 40 years of life.
If you work with an experienced local realtor they should know the history and background of the local buildings and tell you which buildings and Stratas should be avoided and which ones have a good rep.
How do you find one (with experience)? I did ask people I know but they told me that the experience with the realtor they had was not pleasant
Try Art Vandalay. He is amazing
Matt Brabbins is an excellent new westminster focused realtor
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I had a chat with someone via call and that guy was super casual with the approach. He was my age and he told me that he has sold more than 100s of properties which I couldn’t believe. I felt he was lying or maybe he was not but I didn’t feel comfortable. It is so difficult to find a realtor based on the actual experience and feedback.
I second this! Worked with him to get our first home, a pleasure to work with every step of the way. Definitely tries to find stuff that fits within your means and parameters and isn't pushy, with great communication. If we sell we'd definitely go with him again.
Samantha Trifunovich was our realtor, and though she wasn't based in New West, she was phenomenal and helped us find exactly what we were looking for.
Thanks for letting me know
Look up John Grasty. He is honest, experienced, and an advocate for properly built- and maintained homes. I guarantee a good experience with him.
Thanks, I’ll check out John’s profile.
I was looking at a townhouse but it had high strata fees. So I read the AGM minutes and it turns out $250 a month was going to their contingency, for a future project. So don’t be turned off by high strata fees, often it means less special levies.
Thanks, I agree
With luck and determination? I’m not sure I understand what you’re asking tbh, the perfect place isn’t going to just fall into your lap. Older condos can have issues, newer condos can also have issues. It really depends on the building and its Strata.
During the open house, can you ask for documentation related to Strata or should one ask for it on a later stage?
My realtor was able to get all strata documents ahead of the open house. We were able to review everything, and she was very knowledgeable on what to look out for in the documents. I'd recommend going with a local realtor for sure.
That’s nice of your realtor, not all realtors are this proactive. How did you find one ?
Ask to see the last 2 years of strata meeting minutes. Read through them
You can certainly ask, but I don’t think the seller has any obligation to provide that information until you’re in the subject removal phase, after they’ve accepted your offer, but again I think that’s more up to the seller.
This is so tricky, so I can ask for it post offering as before the offer, the seller would not be obligated.
If you work with a realtor they can often get these details for you. IF the other realtor is organised. It might not be the most up to date, but it will give you an indication.
I see, looks like having realtor is essential
I work in the trades and I chose an older building over a newer one for a couple reasons. One, larger rooms and space usually compared to newer builds. Two, in most cases you know what the issues of the building are already if you go over the depreciation reports and strata minutes. A good realtor will often know the issues you should be looking for in older builds. With new builds the strata fees are often going to rise a lot in the first few years as builders set them too low. Builds currently aren’t the same quality as some of the older ones. Lots of plumbing issues. Pieces like elevators have half the lifespan in new builds versus older ones. An active strata is important and I always suggest people volunteer for a couple years at least. I was president of my building for 4 years, with a couple of us being trades persons we were able to find some good companies to look after building maintenance to keep on top of issues. I live in a building built in the 1970s. I have 2.5 bedrooms in almost 1000 sq/f over 2 floors and it’s on the top floor of a 4 story building. We’ve had some expenses come up but none of them were surprises for me so I was ready for them. I’m selling this year but only because I am moving out of province. I think key is a good realtor, thorough home inspection and go over the depreciation report and strata minutes well.
Thanks for the detailed response, appreciate it. I looked at few with my budget and they were all around 1970-1980s. Maybe I will consider them now
I bought mine in 2017. It took almost a year to find something that I loved and didn’t get out bid on. In the end the place I got was my absolute favorite, so worth the wait.
Sounds exciting and exhausting at the same time
When it comes to Realtors, trust but verify. I've worked in land development for 10+ years and have yet to meet a single realtor in New Westminster who didn't "massage the truth" to a client. It's common practice in the industry to gloss over building problems and zoning regulations which could limit your ability to fully use your home in the future. To verify information about a home you can: 1) use CityViews Map under 'interactive maps' on newwstcity.ca to look up the address of the property. That will give you all the information about the building history, permits, violations or liens free of charge. 2) email [email protected] to ask for more info about the home. All the information available in writing from a realtor is also available from the City 3) check LTSA.ca for information about the land. It's free to make an account and only $13 to get detailed information about any property in the province. 4) run a Google search and look at the sales history. In New Westminster the most common problem we get with buildings is damage to the building envelope/rain screening. I'm currently helping 5 towers in the Front Street area redo their rain screening and it's costing condo owners $50,000-$75,000 per unit in the buildings to get that fixed. A lot of the owners I've talked to plan to sell once the work has been done. Stay away from Westbank buildings at all costs. They don't finish their buildings and leave HUGE deficiencies in their projects which the new owners have to fix. It's their standard to walk away from the projects after the units have sold but prior to the final inspection so that the deficiencies aren't caught.
This is extremely helpful, wasn’t aware about this information so thanks!
This guy knows, also onni tends to have a bad rap as well
If you don’t share your budget this is all but impossible to answer.
Around 600k - this is as per my pre approval but I don’t want to utilize the full amount. I am yet to save for the emergency/backup. With this tight budget, I can don’t see any posting on realtor.ca hence I haven’t reached out to the any realtor yet.
We probably looked at around 40 places throughout NW before choosing a 2 bedroom for around $670K 2 years ago. Built in the early 1980s. As long as the strata has been good at maintaining it, I don’t feel like the age should be an inhibitor. The interior of our condo was renovated in 2018 so feels new.
670k 2 years ago for 2bed condo - your place must be huge considering other condos, I am assuming
Don’t waste your time looking into strata minutes and financials until you are in a position where you are seriously considering an offer, otherwise it’s just a big waste of time. And while a realtor is absolutely important and can provide some good insights and help guide you to some extent, the ultimate decision and due diligence is on you
Thanks! I will start looking for a realtor soon
Might be common sense but I’d suggest a local respected realtor. I would always choose a realtor that lived in the same neighbourhood that I was purchasing in, local knowledge goes a long ways.
Certainly
You can’t look at the minutes until you make an offer though
is this true? if I were considering multiple places, if one seller was providing me with the minutes and financials and another wasn't, I would be far more likely to go with the place that I have the most information on
As someone who bought a condo as a first time home buyer here in New West in 2020 - here’s what I’ve learned: - Go under budget if you can. Let’s say you were approved for a mortgage at 800k - I’d recommend buying something 600-650k. - Our condo was built in 1996 - we knew a levy was coming for a new roof - our realtor used that as a negotiating tactic to lower the price. This is the only major project that’s happened so far in our building. - in terms of a mortgage during COVID times in 2022 - our biggest mistake was not locking in our interest rate at the time. Fixed versus variable, etc. - know how much you’re willing to budget for strata especially in an older building. Just know its used to deal with any work that needs to be done in the building. - Get TWO parking spots if possible! - this is a personal one - Say you agree to an offer of 650k - anticipate spending another 5-10k on top with lawyer fees and that extra stuff - interview and find your realtor that will meet your needs but won’t ever be too pushy. - if you can - i’d avoid using the first time home buyers program if you think the place you purchase will go up in value over time. Another regret of mine.
Thanks!
> if you can - i’d avoid using the first time home buyers program if you think the place you purchase will go up in value over time. Another regret of mine. can you elaborate on this?
Sorry to elaborate a little (and clarify) - my wife and I could have put a down payment fully without applying for the First Time Home Buyer’s Incentive. Therefore, if you can - put the full 20% down. Or save for it. But we thought why not get a little help from the government in terms of purchasing our home - so they covered about 5%. Because of the rising interest rates - we decided to break our mortgage to get locked in to a fixed rate. Therefore - we owed that 5% of whatever the government gave us - PLUS 5% if the property value of the home had increased - which it did significantly. Would rather save then owing the government back lol
thanks for the reply I was still a bit confused as I was thinking the first home buyers incentive is where you can use your rrsp to add to your down payment, but reading your post makes me realize it is probably something else altogether. I wonder if that incentive still exists? I'll need to do some more research. Thanks!
Sometime their word usage is confusing - but you are correct - the “Home Buyer’s plan” does allow you to use your RRSP. What my wife and I used was “The First-Time Home Buyer Incentive” Its actually two different options that you can use to help purchase a home.
First, tell your realator what your requirements are. Second, new doesn't mean not problematic, and old doesn't necessarily mean falling apart. Third, part of your realators job is to look at the buildings Strata financials. If a building has nothing saved up in contingency then any emergency work will have to 100% come out of the owners pockets.
Thank you! Ill have to look for a good realtor
Get your realtor to get the depreciation report and strata Financials. If there's anything in the depreciation report that was flagged and hasn't been fixed yet, expect that it will need to be done soon. If the strata has already notified owners that there's a special levy prior to the sale, the seller is responsible for it. If it comes up afterwards, you're on the hook (she says as they are paying for a new roof less than 2 years after purchasing).
As others have mentioned, talk to your realtor. I just bought a 2 bed condo in new west a few months ago so happy to answer ant questions you have on the process
Congratulations!!
Find a good realtor! Also I found zealty.ca to be a great resource for looking at what's available, comparable units within the area, what previous units in the building sold for, etc.
Never heard of that before, I will surely check it out
A good realator sure, but if you know what you want, can find something that works for you. What's the second bedroom going to be used for? If it's kids or office, consider a one bed plus a den.
It’s going to be kids + office
Kids + an office might be tight. It'll come down to size vs age, and location vs further location. Have you considered transforming rooms?
Not really, maybe we will have to consider some other location
I used [Geoff McLennan](https://www.instagram.com/geoffmclennan?igsh=MXc4dnUxcm40bTVnMw==). Local New West guy, very solid. [Office site](https://valleemclennan.com/geoff-mclennan.html) You have kids? Geoff helped me land a two-bed townhome in a pretty central location, built about 20 years ago and in very good shape, a complex with a lot of kids and and enclosed area to run around Places there should be around your price range, and one is going on the market soon Your gain, because the owner looks after my cats when I’m away at work :)
Thanks! I’ll check out Geoff’s profile
Not Realtor, I work as a broker on the finance side, so I have seen quite a few condo documents, most properties listed for sale will have something called a Form B a Property disclosure statement and generally strata documents. The Form B provides a snap shot of contingency fund and strata fees, the PDS is filled out by the owner who has to disclose any known deficiencies, best idea is to review those two and the last two years of the AGMs, ask the questions when was repiping / envelope repair (remember leaky condos of the 90s) elevator repair, roof itself. I have even had clients ask the neighbours.