Top Best Realtor & Real Estate Agent in Vancouver, Coquitlam , North Vancouver to buy and sell home house condo residential townhouse

Blog › October 2014

New Listing 4111 Norwood Ave, North Vancouver, British Columbia


V1091899 - 4111 Norwood Ave, North Vancouver, British Columbia, CANADAView my new listing for sale at 4111 Norwood Ave, North Vancouver and currently listed at $1,288,800.

This spacious and solid 3 level "Crest Built" home is located in a peaceful Upper Delbrook neighbourhood! This is the consummate family home with generous size rooms and very practical layout and flow designed for entertaining.Features inc lude a large living and dining area, sunken family room off kitchen, spacious outdoor areas, and large master suite. The lower level boasts great flexibility offering a recreation and games room with wet bar, 16 x 32 indoor swimming pool plus sauna and an added over 500 square feet of unfinished space easily transformed. The location is prime as great schools, bus routes and shopping is nearby. Families with children will love this home!

Recently Sold Listing 3066 Waddington Place, Coquitlam, British Columbia


V1079623 - 3066 Waddington Place, Coquitlam, British Columbia, CANADAI have just recently sold this listing at 3066 Waddington Place, Coquitlam.

New Listing 1508 Dayton Street, Coquitlam, British Columbia


V1091039 - 1508 Dayton Street, Coquitlam, British Columbia, CANADAView my new listing for sale SOLD at 1508 Dayton Street, Coquitlam and currently listed at $1,590,000.SOLD

Brand new show home. Stunning panoramic views. Spice kitchen, finished basement with media room and workout area. Luxury home with lots of upgrades and extras. Show home furnishings included.

Know the rules when insuring secondary suites


Secondary suites continue to be an affordable housing option for Metro Vancouver area residents, benefitting home owners as mortgagehelpers and tenants as a less expensive roof over their heads.  

Secondary suites are so prevalent that Canada Mortgage and Housing Corporation estimates there are now about 101,808 accessory suites in the Metro Vancouver region.

“With so many suites in our area, it’s important to remind home owners to let their insurer know about a suite and to buy insurance to cover the suite,” says REBGV member David Chambers, a licensed REALTOR® and a licensed insurance agent, and vice-president of Chambers Olson Insurance in Vancouver.

Legal or illegal

“Whether the suite is legal or illegal, having insurance coverage is vital,” says Chambers who notes there is a misconception among home owners that their existing policy will cover a suite. “It doesn’t,” says Chambers.

A home owner who doesn’t tell their insurer about a suite and that there are two households living in the home, opens themselves up to significant risk.

An unreported and uninsured suite could potentially void the existing insurance contract on the primary residence if there is a flood or a fire,” explains Chambers.

Some home owners may not properly insure their property because of fear that their insurer will report the suite to the local municipality. “This isn’t true,” says Chambers. “However, we always advise our clients to comply with local bylaws and report and register the suite with the local municipality.”

Cost

How much will insurance cost? “About 10 per cent of the cost of your total home insurance. So if you’re paying $1,200, it will cost you an additional $120,” says Chambers.

Home owners who rent their secondary suite can also buy separate comprehensive rental insurance. Depending on the insurer and on the policy, this can cover vandalism and damage by tenants, typically up to a payout maximum limit of $5,000. This insurance doesn’t cover the tenant’s belongings. The tenant has to buy their own insurance for their possessions.

Home owners with laneway homes, coach homes above garages and other authorized or unauthorized accommodation on their property should also let their insurer know and should buy appropriate coverage.   

Did you know?

Based on the official community plans for Metro Vancouver municipalities, there is room for an additional 215,000 suites in the region.  Source: Metro Vancouver

Bylaws

Click here to find the secondary suite bylaws for the Real Estate of Greater Vancouver Board area.