Friday, March 1, 2013 Maria Mak. Burnaby Realtor. Tips for buying a Condoby Maria Mak on Fri, Mar, 1, 2013 09:01 PM Buying a Condominium
Condominium living can be very attractive to people who put a high premium on convenience, security, amenities and a community where some of the obligations of home ownership are reduced. It can also be an affordable alternative to owning a single-family home.
Before you buy a new condominium (or "strata lot", as it is known in some regions), you may want to spend a little time becoming familiar with the "ins and outs of condos".
To begin with, it's important to understand that a condominium is a type of ownership, not a type of housing. An apartment in a low- or high-rise building, a townhouse or a bungalow can all be a condo.
In essence, you buy two things when you buy a condo—a unit and an interest in the common elements. The latter may include driveways and landscaping; roofs and windows; heating and cooling systems; and elevators and corridors in apartment buildings. You may also share recreational facilities, a banquet room or a guest suite.
Condominiums are governed by provincial legislation, so the way they are established, sold and operated varies across the country. As a prospective buyer of a condominium, you should contact your provincial or municipal government for detailed information.
There are also a number of similarities. Typically, a builder or developer must register a declaration with the appropriate government body (e.g. land registry office) before a development can be classified as a condominium. The declaration describes the development in detail, and may include regulations or bylaws that outline the obligations and rights of future home owners.
As an owner, you get a vote in the condominium corporation (i.e. the organization set up to manage the common elements) as well as a proportional share in the common expenses. Monthly condominium fees cover the cost of maintaining the common elements. Typically, a portion of the fees goes into a reserve fund for future repairs and replacement.
As a new condominium buyer, you should understand exactly what you are buying into. Professional home builders and salespeople provide some helpful hints for a successful purchase:
- Make sure that new buildings or developments are covered by a third-party new home warranty. Ask the builder or sales representative for details.
- Check previous condominium projects by the builder. Drive by to see if they are well maintained. Talk with a few owners and find out if there have been any problems.
- Ask for a clear description of the unit and common elements—what is exclusively private property and what is shared? Where are the boundaries? What else is involved-e.g. a property manager and 24-hour security personnel? Look for a good match between the facilities offered by the condominium and your own interests and needs.
- Ask about monthly condominium fees. Fees may vary from one unit to another, so make sure you know the fees for unit(s) that you are interested in. Find out if utilities are covered by the fees. Ask to see the proposed budget for the corporation. Is it a realistic budget for the long term, or could you be facing fee increases soon? Keep in mind that condominium fees will be taken into account when you get qualified for a mortgage. Ask your lender for details.
- Check regulations and bylaws. Is a portion of the units designated for rental? What are the rules pertaining to exterior colour schemes, pets, barbecues and so on.
- Ask for a detailed explanation of the steps involved in the buying process. (Provincial requirements for registration vary, affecting the sequence of construction, sales and final occupancy by owners.)
- Have a real estate lawyer check all aspects of your purchase and review the Agreement of Purchase and Sale before you sign it.
- Find out if there is a cooling-off period for buyers of new units. Typically, the builder will provide a disclosure statement around the time of signing the agreement. If there is a cooling-off period (generally 3 to 10 days), you can terminate the deal within that period if the statement contains information that you were not aware of before.
- Once you have bought your new condominium, get involved! Stay informed. Go to meetings of the corporation. If time allows, consider becoming a member of the corporation board. This gives you an active role in the ongoing management of the development, and it provides an opportunity to get to know your neighbours.
Contact Maria Mak . Burnaby Realtor . 604.839.6368 for all premium real estate services, you'll be smiling too.
Monday, February 4, 2013 January home sales remain quietby Maria Mak on Mon, Feb, 4, 2013 10:08 PM February 4th, 2013
January home sales remain quiet
Home buyer demand remains below historical averages in the Greater Vancouver housing market. This has led some home sellers to remove their homes from the market in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,351 on the Multiple Listing Service® (MLS®) in January 2013. This represents a 14.3 per cent decrease compared to the 1,577 sales recorded in January 2012, and an 18.3 per cent increase compared to the 1,142 sales in December 2012.
Last month’s sales were the second lowest January total in the region since 2001 and 18.7 per cent below the 10-year sales average for the month.
“Home sale activity has been below historical averages in Greater Vancouver for about seven months. This has caused a gradual decline in home prices of about 6 per cent since reaching a peak last spring,” Klein said.
Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.9 per cent to $588,100. This represents a 2.8 per cent decline compared to this time last year.
“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,128 in January. This represents a 10.9 per cent decline compared to the 5,756 new listings reported in January 2012. Last month’s new listing count was 18.9 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,246, a 5.6 per cent increase compared to January 2012 and a 4.5 per cent decline compared to December 2012. This is the fourth consecutive month that overall home listings have declined in the region.
“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Klein said.
With the sales-to-active-listings ratio at 10.2 per cent, the region remains in buyers’ market territory. Since June, this ratio has ranged between 8 and 11 per cent.
Sales of detached properties in January 2013 reached 542, a decrease of 17.8 per cent from the 659 detached sales recorded in January 2012, and a 31.7 per cent decrease from the 793 units sold in January 2011. The benchmark price for detached properties decreased 3.1 per cent from January 2012 to $901,000. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.9 per cent.
Sales of apartment properties reached 576 in January 2013, a decline of 12.3 per cent compared to the 657 sales in January 2012, and a decrease of 19.2 per cent compared to the 713 sales in January 2011. The benchmark price of an apartment property decreased 2.9 per cent from January 2012 to $358,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.6 per cent.
Attached property sales in January 2013 totalled 233, a decline of 10.7 per cent compared to the 261 sales in January 2012, and a 25.6 per cent decrease from the 313 attached properties sold in January 2011. The benchmark price of an attached unit decreased 1.7 per cent between January 2012 and 2013 to $449,900. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 7.7 per cent.
Thursday, January 31, 2013 Home Owner Grant threshold rises with property valuesby Maria Mak on Thu, Jan, 31, 2013 06:41 AM To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold by $10,000 to $1,295,000. The threshold is the maximum assessed value an owner’s property can reach, which still allows them to claim the full Home Owner Grant.
How is the threshold established?
BC Assessment estimates the value of all BC homes on July 1 each year. The Ministry of Finance reviews this data and adjusts the Home Owner Grant threshold to ensure at least 95.5 per cent of eligible homeowners receive the full amount.
This move ensures more than one million home owners in BC may be eligible to receive the full grant. Owners of homes valued above the threshold may qualify for a partial grant.
The basic Home Owner Grant gives home owners:
• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser
Valley regional districts;
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars, or low-income Canadian Forces veterans who don’t already qualify as seniors or persons with disabilities; and
• a Northern and Rural Area Homeowner Benefit which increases the Home Owner Grant by $200 to provide additional property tax relief for northern and rural British Columbians.
Basic grant: for 2013, the basic grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is eliminated on homes assessed at $1,409,000 or more.
Additional grant: for 2013, the additional grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is eliminated on homes assessed at $1,464,000 or more.
Home Owner Grant thresholds
Property
Tax Year | Assessment
Threshold
Amount | Basic Home
Owner Grant
Phase-out
Threshold | Additional Home
Owner Grant
Phase-out
Threshold |
|---|
| 2012 |
$1,285,000 |
$1,399,000 |
$1,454,000 |
| 2013 |
$1,295,000 |
$1,409,000 |
$1,464,000 |
Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
The BC Government also provides property tax deferral programs for qualifying property owners including those age 55+, persons with disabilities, and families with children.
Deferment programs are low-interest loan programs that allow qualifying residents to defer all or part of their property taxes
until they sell or transfer ownership of their home, or it becomes part of an estate.
Home owners planning to participate in a tax deferment program should seek appropriate financial advice. For information on BC property tax deferment programs, visit: www.sbr.gov.bc.ca/hog Friday, January 25, 2013 Bank of Canada signals rates likely on hold until 2014by Maria Mak on Fri, Jan, 25, 2013 02:12 AM
The Bank of Canada announced on January 23rd, 2013 that it is keeping its key policy interest rate at 1 per cent, where it has been held for more than two years. In providing guidance on where interest rates are heading, the Bank said interest rate hikes are “less imminent than previously anticipated.”
The Bank acknowledged that Canadian economic growth slowed more abruptly in the second half of 2012 than it had previously anticipated. It also recognized a marked deceleration in the growth of household debt, moderation in the housing sector, and softer than expected inflation.
The Bank now expects inflation to return to its 2 per cent target sometime in the second half of 2014. That represents a significant weakening in the Bank’s outlook for inflation; in October, the Bank expected inflation to return to target by the end of 2013. Consumer Price Inflation rose by 0.8 per cent in November 2012.
The Bank said it still expects the Canadian economy to gain strength this year, but it lowered its forecast for economic growth to just 2 per cent in 2013. By contrast, its growth forecast for 2014 was raised to 2.7 per cent versus its previous forecast reading of 2.4 per cent contained in its previous Monetary Policy Report (MPR) published in October 2012.
The bottom line is that economic growth is expected to remain modest but positive, consistent with low inflation and low interest rates. At the same time, growth in household debt burdens, which the Bank has repeatedly flagged as a major risk in this low interest rate environment, is showing positive signs of topping out as housing market activity continues to stabilize at a more sustainable levels. Combined with extremely well anchored expectations for inflation, that means the Bank is in no hurry to raise interest rates anytime soon, with the first such move in that direction unlikely to be for at least another year.
As of January 23rd, 2012, the advertised five-year lending rate stood at 5.24 per cent. It has been unchanged at this level since the beginning of June 2012.
Friday, January 18, 2013 Home Owner Grant threshold rises with property valuesby Maria Mak on Fri, Jan, 18, 2013 09:26 PM To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold by $10,000 to $1,295,000. The threshold is the maximum assessed value an owner’s property can reach, which still allows them to claim the full Home Owner Grant.
How is the threshold established?
BC Assessment estimates the value of all BC homes on July 1 each year. The Ministry of Finance reviews this data and adjusts the Home Owner Grant threshold to ensure at least 95.5 per cent of eligible homeowners receive the full amount.
This move ensures more than one million home owners in BC may be eligible to receive the full grant. Owners of homes valued above the threshold may qualify for a partial grant.
The basic Home Owner Grant gives home owners:
• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser
Valley regional districts;
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars, or low-income Canadian Forces veterans who don’t already qualify as seniors or persons with disabilities; and
• a Northern and Rural Area Homeowner Benefit which increases the Home Owner Grant by $200 to provide additional property tax relief for northern and rural British Columbians.
Basic grant: for 2013, the basic grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is eliminated on homes assessed at $1,409,000 or more.
Additional grant: for 2013, the additional grant is reduced by $5 for each $1,000 of assessed value over $1,295,000, and is eliminated on homes assessed at $1,464,000 or more.
Home Owner Grant thresholds
Property
Tax Year | Assessment
Threshold
Amount | Basic Home
Owner Grant
Phase-out
Threshold | Additional Home
Owner Grant
Phase-out
Threshold |
|---|
| 2012 |
$1,285,000 |
$1,399,000 |
$1,454,000 |
| 2013 |
$1,295,000 |
$1,409,000 |
$1,464,000 |
Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
The BC Government also provides property tax deferral programs for qualifying property owners including those age 55+, persons with disabilities, and families with children.
Deferment programs are low-interest loan programs that allow qualifying residents to defer all or part of their property taxes
until they sell or transfer ownership of their home, or it becomes part of an estate.
Home owners planning to participate in a tax deferment program should seek appropriate financial advice. For information on BC property tax deferment programs, visit: www.sbr.gov.bc.ca/hog Thursday, September 20, 2012 New property listed in Metrotown, Burnaby Southby Maria Mak on Thu, Sep, 20, 2012 12:12 AM
I have listed a new property at 206 4105 MAYWOOD ST in Burnaby.
Spacious and bright 1 bedroom plus den in Times square. Corner unit facing south. Good sized living room leading out to a large balcony overlooking Central Park. Newer appliances. Building has recent updates include elevator, plumbing. Great amenities include exercise room, sauna/whirlpool. Central location with steps away from Patterson Skytrain, Metrotown and Crystal Mall. Easy to show.
Thursday, September 6, 2012 Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing marketby Maria Mak on Thu, Sep, 6, 2012 04:08 AM VANCOUVER, BC – Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.
August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.
“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.
“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”
At 17,567, the total number of residential property listings on the MLS® increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.
“Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.
The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 per cent from the 1,020 detached sales recorded in August 2011, and a 30.1 per cent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.
Sales of apartment properties reached 725 in August 2012, a 24.1 per cent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 per cent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 per cent from August 2011 to $370,100.
Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease compared to the 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.
For all the premium real estate services, contact Maria Mak @ 604.839.6368 or visit her website www.mariamak.com, you will be smiling too! Friday, August 3, 2012 Greater Vancouver Housing Market hits summer lullby Maria Mak on Fri, Aug, 3, 2012 10:45 PM
VANCOUVER, BC – Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.
The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,098 residential property sales of detached, attached and apartment properties in July. That’s an 18.4 per cent decline compared to the 2,571 sales in July 2011 and an 11.2 per cent decline compared to the previous month’s 2,362 sales.
July sales were the lowest total for that month in the region since 2000. They were 31.2 per cent below the 10-year July sales average of 3,051.
“People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” says Eugen Klein, REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,802 in July, the lowest number of new listings for any month this year. This represents a 5.8 per cent decline compared to July 2011 when 5,097 properties were newly listed for sale on the Multiple Listing Service® (MLS®) and a 14.5 per cent decline compared to the 5,617 new listings reported in June 2012.
At 18,081, the total number of active residential property listings on the MLS® increased 18.8 per cent from this time last year and decreased 2.2 per cent compared to the previous month.
“With a sales-to-active-listing ratio of 11.6 per cent, conditions have favoured buyers in our marketplace in recent months,” Klein said. “That means buyers have more selection to choose from and more time to make a decision. For sellers, it’s important to price properties competively. For information on local market prices, contact your REALTOR®.”
The MLS® Home Price Index (MLS® HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6% to $616,000 and declined 0.7% compared to last month.
Sales of detached properties on the MLS® in July 2012 reached 787, a decrease of 28.4 per cent from the 1,099 detached sales recorded in July 2011, and a 13.3 per cent decrease from the 908 units sold in July 2010. The benchmark price for detached properties increased 1.4 per cent from July 2011 to $950,200 and declined 1.2 per cent compared to last month.
Sales of apartment properties reached 927 in July 2012, a 10.9 per cent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 per cent compared to the 979 sales in July 2010. The benchmark price of an apartment property remains unchanged compared to July 2011 at $374,300 and declined 0.5 per cent compared to last month.
Attached property sales in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432 sales in July 2011, and a 4.3 per cent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month. Friday, July 6, 2012 June Housing Marekt Update from Real Estate Board of Greater Vancouverby Maria Mak on Fri, Jul, 6, 2012 05:36 PM The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.
June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.
“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 per cent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent decline compared to the 6,927 new listings reported in May 2012.
At 18,493, the total number of residential property listings on the MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.
“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.
The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.
Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.
Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.
Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.
Wednesday, June 6, 2012 Spring activity remains balanced in the Greater Vancouver housing marketby Maria Mak on Wed, Jun, 6, 2012 05:23 AM Spring activity remains balanced in the Greater Vancouver housing market
The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.
May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been constant throughout the spring months, with 2,874 sales in March and 2,799 sales in April.
“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared to May 2011 when 5,931 homes were listed for sale and a 14.4 per cent increase compared to April 2012 when 6,056 homes were listed for sale on the region’s MLS®.
Last month’s new listing total was 15.3 per cent above the 10-year average for listings in Greater Vancouver for May.
At 17,835, the total number of homes listed for sale on the region’s MLS® increased 7.9 per cent in May compared to last month and increased 21 per cent from this time last year.
“Our sales-to-active-listing ratio sits at 16 per cent, which is indicative of balanced market conditions,” Klein said. “As a result of this stability, home prices at the regional level have seen little fluctuation over the last six month.”
The MLS® HPI benchmark price* for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3 per cent compared to May 2011 and up 2.4 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland** is $558,300, which is a 3 per cent increase compared to May 2011 and a 2.3 per cent increase compared to three months ago.
Sales of detached properties on the MLS® in May 2012 reached 1,180, a decline of 24.8 per cent from the 1,570 detached sales recorded in May 2011, and a 6.1 per cent decrease from the 1,256 units sold in May 2010. The benchmark price for detached properties increased 5.1 per cent from May 2011 to $967,500.
Sales of apartment properties reached 1,156 in May 2012, a decline of 5.9 per cent compared to the 1,228 sales in May 2011, and a decrease of 14.6 per cent compared to the 1,354 sales in May 2010.The benchmark price of an apartment property increased 1.7 per cent from May 2011 to $379,700.
Townhome property sales in May 2012 totalled 517, a decline of 10.7 per cent compared to the 579 sales in May 2011, and a 5.3 per cent decrease from the 546 townhome properties sold in May 2010. The benchmark price of a townhome unit increased 0.9 per cent between May 2011 and 2012 to $470,000.
*Editor’s Note: Benchmark prices underwent a re-calculation this month in order to more accurately reflect trends measured by the MLS® Home Price Index. There were no changes to the calculation of index values.
This re-calculation involved aggregating benchmark prices using the sales weighted approach for the reference period (i.e. January 2005) and thereafter linking movements in aggregate benchmark prices to their corresponding MLS® HPI.
The methodology, available at www.homepriceindex.ca, will be updated later this week.
**Lower Mainland: Includes areas covered by the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board.
Spotlight on Greater Vancouver home prices:
Detached
Home price measure May 2012 1 month change % 6 month change % 1 year change %
MLS® HPI benchmark price $967,500 +0.4% +3.4% +5.1%
Average price $1,073,018 -4% -5.4% -12.2%
Median price $847,750 -3.7% -0.03% -5.4%
Townhome
Home price measure May 2012 1 month change % 6 month change % 1 year change %
MLS® HPI benchmark price $470,000 -0.3% +1.3% +0.9%
Average price $551,445 -4.9% -2.1% -0.2%
Median price $505,000 -0.8% -0.6% +2.5%
Condominium
Home price measure May 2012 1 month change % 6 month change % 1 year change %
MLS® HPI benchmark price $379,700 +1.1% +3% +1.7%
Average price $460,761 +3.4% +6.7% -1.1%
Median price $379,950 +1.3% +4.1% -1.3%
copyright© real estate board of greater vancouver. all rights reserved. Monday, March 26, 2012 Greater Vancouver housing market trends near long term averages as spring market approachesby Maria Mak on Mon, Mar, 26, 2012 09:10 PM Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.
February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.
“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.
Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.
At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.
“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 5.8 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.3 per cent compared to February 2011.
Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.
Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.
Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit declined 0.8 per cent between February 2011 and 2012 to $472,800. Friday, January 13, 2012 2012 Property Assessment Noticesby Maria Mak on Fri, Jan, 13, 2012 02:01 PM Assessment notices – a wake-up call for property owners
Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment (BCA).
This notice is BC Assessment’s estimate of a property’s value as of July 1, 2011, and for new construction or substantially renovated homes, the physical condition as of October 31, 2011.
BCA is the government agency responsible for determining and reporting property value estimates for the 1,917,394 properties in its database, a 0.75% increase in the number of properties since 2011.
BC Assessment and a REALTOR® assessment. Why the difference?
BCA’s assessment and the market value determined by a REALTOR® may be different. Why?
Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location – on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.
Where every lot and every home on a street are typically the same, both BCA’s value and a REALTOR’s® value will be similar during stable market conditions.
Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.
Differences also occur during market instability when prices rise or fall during the six-month period between July 1 and January 1 the following year.
Wake-up call – how to appeal an assessment
Since July 1, 2011 home owners may have seen prices stalling in some neighbourhoods and rising in others. Assessments may reflect these changes.
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Sample Changes Year Over Year
|
| Location |
2012 Assessment Roll |
2011 Assessment Roll |
$ change |
% change |
| Burnaby (Capital Hill, detached) |
$665,000 |
$630,000 |
$35,000 |
5.6% |
| Coquitlam (Maillardville, detached) |
$621,000 |
$547,000 |
$74,000 |
13.5% |
| Ladner (Detached) |
$784,000 |
$759,000 |
$25,000 |
3.3% |
| Maple Ridge (Detached) |
$385,000 |
$382,000 |
$3,000 |
0.8% |
| New Westminster (Sapperton, detached) |
$523,000 |
$524,600 |
-$1,600 |
-0.3% |
| North Vancouver, District (Lynn Valley, detached) |
$878,000 |
$844,000 |
$34,000 |
4.0% |
| Pemberton Village (Detached) |
$499,000 |
$550,000 |
-$51,000 |
-9.3% |
| Port Coquitlam (Lincoln Park, detached) |
$486,000 |
$494,000 |
-$8,000 |
-1.6% |
| Richmond (Steveston, detached) |
$809,000 |
$738,300 |
$70,700 |
9.6% |
| Sunshine Coast (Gibsons, detached) |
$431,000 |
$459,000 |
-$28,000 |
-6.1% |
| Vancouver (Downtown, 2-bed apartment) |
$610,000 |
$542,000 |
$68,000 |
12.5% |
| Vancouver (East side, detached, 33’ lot) |
$1,031,000 |
$816,000 |
$215,000 |
26.3% |
| Vancouver (West side, detached 50’ lot) |
$1,645,000 |
$1,189,000 |
$456,000 |
38.4% |
| West Vancouver (Ambleside, detached) |
$1,577,000 |
$1,229,000 |
$348,000 |
28.3% |
| Whistler (Village, 2-bed apartment) |
$498,000 |
$583,000 |
-$85,000 |
-14.6% |
The deadline to appeal is January 31, 2012
Property owners who disagree with their assessment should do their homework by visiting www.bcassessment.ca and then e-valueBC to compare their assessment with those of their neighbours. Each year, about 1.6% of all BC property owners appeal their assessment.
Property owners should first contact their local assessment office and talk to staff who can make adjustments if there is an obvious error, for example if BCA includes a new swimming pool, when, in fact, the pool is a shallow fish pond.
|
Area assessors’ phone numbers
|
| Location |
Phone number |
Vancouver, the North Shore, Squamish,
Whistler, Pemberton, Sunshine Coast |
604-739-8588 Local 450 |
| Richmond, South Delta |
604-241-1364 Local 254 |
| Pitt Meadows, Maple Ridge |
604-850-5900 Local 261 |
Anmore, Belcarra, Burnaby, Coquitlam,
New Westminster, Port Coquitlam, Port Moody |
604-294-6441 Local 256 |
Property owners who decide to appeal must file a written request by January 31, 2012. For information, visit www.bcassessment.ca and select Learn more about the Notice of Complaint (Appeal) process and the Property Assessment Review Panel.
What can an appeal mean for a property owner?
While BCA determines the assessed value of property tax for tax purposes, it’s the local taxing authorities – both provincial and local governments – which set tax rates each spring according budget requirements.
The formula for calculating taxes on property is:
Tax Rate x Assessed Value / 1,000
If the tax rate is 4.000 and the property assessment is $1 million, then the taxes payable are $4,000.
No notice
Property owners who haven’t received an assessment notice by mid-January should contact the area phone numbers listed above or request their tax notice online at www.bcassessment.ca. (See Receive your assessment notice online - right hand side).
If a property owner has concerns about their local taxes, they should contact their local government office. Taxes aren’t appealable.
New feature - save assessment data
Visit www.bcassessment.ca and select e-valueBC to view and compare the assessed value of any BC property. A new feature this year lets you download and save assessment data as a PDF or an Excel file.
Thursday, January 5, 2012 Balanced real estate market prevailed through much of 2011by Maria Mak on Thu, Jan, 5, 2012 11:01 AM Balanced real estate market prevailed through much of 2011
The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.
“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.
More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.
Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.
Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.
Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.
Download the complete stats package by clicking here. Saturday, December 17, 2011 MLSLink HPI® explainedby Maria Mak on Sat, Dec, 17, 2011 11:53 AM
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The MLSLink HPI® is an alternative measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices.
A mean average is the average price obtained by dividing the total dollar volume of sales by the number of sales.
To get a median price, all of the sales prices are arrayed in numeric order. In the case of an even number of sales, the median is the highest price in the lower half of the group. If there is an odd number of sales, the midpoint sale is taken as the median. |
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The MLSLink HPI® concept is modeled after the Consumer Price Index, which measures the rate of price change for a basket of goods and services. A basket is the combination of goods and services that Canadians buy most such as food, clothing, transportation, etc.
Instead of measuring goods and services, the MLSLink HPI® measures the change in price for a basket of housing features that we buy most often such as lot size, number of rooms, age of the home, the neighbourhood, etc. |
The problem with averages
Before the MLSLink HPI® was introduced in 1997, REALTORS® and the public relied on monthly average pricing statistics to understand trends in housing prices. Averages, however, can be very misleading since the quantity and quality of the properties sold in any given area change over time for any number of reasons. As a result, average prices can fluctuate dramatically, making the housing market appear unstable.
To demonstrate this point, let’s look a couple of examples of how average prices are affected by various changes in sales patterns.
Example 1: How mean averages are affected by price changes
|
Year 1 ($)
|
Year 2 ($) |
|
1. 139,000 |
1. 139,000 |
|
2. 145,000 |
2. 145,000 |
|
3. 230,000 |
3. 230,000 |
|
4. 265,000 |
4. 265,000 |
|
5. 290,000 median average |
5. 290,000 median average |
|
6. 320,000 |
6. 320,000 |
|
7. 365,000 |
7. 365,000 |
|
8. 425,000 |
8. *545,000 |
|
9. 480,000 |
9. *580,000 |
|
Total $2,659,000 ÷ 9 sales = $295,444, which is the mean average |
Total $2,879,000 ÷ 9 sales = $319,888, which is the mean average
*price change from Year 1 |
Example 1: How mean averages are affected by price changes
In this example, the mean average increased by 7.7 percent while the median average stayed the same. This shows that price changes at either end of the price scale affect the mean average, but can leave the median average virtually unchanged.
Example 2: How median averages are affected by price changes
|
Year 1 ($) |
Year 2 ($) |
|
1. 139,000 |
1. 139,000 |
|
2. 145,000 |
2. 145,000 |
|
3. 230,000 |
3. 230,000 |
|
4. 265,000 |
4. *290,000 |
|
5. 290,000 median average |
5. *320,000 median average |
|
6. 320,000 |
6. *335,000 |
|
7. 365,000 |
7. *395,000 |
|
8. 425,000 |
8. *400,000 |
|
9. 480,000 |
9. *405,000 |
|
Total$2,659,000 ÷ 9 sales = $295,444, which is the mean average |
Total$2,659,000 ÷ 9 sales = $295,444, which is the mean average
*price change from Year 1 |
In this example, the mean average stayed the same while the median average increased by 9.4 percent. This shows that price changes in the mid-range section of the price scale affect the median average, but can leave the mean average virtually unchanged.
Neither of these price measurements take into account the changes in buying pattern — In year one luxury homes in the region are popular; the following year more modestly priced homes are popular. Both methods of price tracking can have the effect of overestimating the market price that home buyers are actually paying for their homes.
Defining the typical home
The MLSLink HPI®is a more stable price indicator than average prices, because it tracks movement of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties. Typical homes are defined by the average home features sold in Greater Vancouver communities.
These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLSLink HPI® housing market, such as Richmond or North Vancouver.
For example, perhaps the basket of features for a typical home in a given community includes a 10-year-old, 3-bedroom house on a 7,200 sq. ft. lot, with 8 rooms, 2 bathrooms, a fireplace and a 1-car garage. A benchmark price for this home can be created from the individual dollar values given to each of the above features.
The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these features are then applied to the typical house model and an index price is estimated for that month.
This type of pricing model involves estimating the price of a property’s features rather than the property itself.Note: The MLSLink HPI® offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.
© 2008-2011 Real Estate Board of Greater Vancouver
For all your premium real estate services, please contact Maria Mak and her team at Sutton Centre Realty at 604-839-6368 or visit her websites at www.mariamak.com, You'll be smiling too!
Friday, December 16, 2011 The popularity of combination mortgagesby Maria Mak on Fri, Dec, 16, 2011 09:53 PM The popularity of combination mortgages
The popularity of combination mortgages - which offer both fixed and floating rate segments - is on the rise, according to RBC's 17th Annual Homeowners Survey.
In fact, 40% of Canadians who are likely to purchase a home within the next two years plan to take out a combination mortgage, compared to 32% in 2009.
The surging popularity of combination mortgages indicates that Canadians are trying to maximize low interest rates while at the same time retaining the security of a fixed mortgage. The poll also revealed a marked gender split with more women (46%) than men (35%) preferring a combination mortgage.
While combination mortgages are gaining in popularity, fixed-rate mortgages continue to be the most common choice for potential buyers and are preferred by 44% of Canadians likely to buy a home within the next two years. Atlantic Canadians are most likely (54%) to opt for a fixed rate, with Ontarians (41%) least likely to do so.
"Although interest rates are expected to rise, our study shows that not all Canadians intend to automatically opt for a fixed mortgage with a longer term," said Marcia Moffat, Head, Home Equity Financing, RBC Royal Bank. "As consumers begin to learn about the benefits of mortgage diversification, we're seeing more homebuyers gain a better comfort level with adding floating-rate mortgage options."
For all your creative financing, please contact Maria Mak at 604-839-6368 and her team at Sutton Centre Realty or visit her website www.mariamak.com, you'll be smiling too! Monday, December 5, 2011 Home energy efficiency upgrades made easyby Maria Mak on Mon, Dec, 5, 2011 07:27 PM
Home energy efficeincey upgrades made easy
Lower your engery bills, access government rebates, improve the comfort of your home and reduce its environmental footprint with the City of Vancouver's Greenest City 2020 Home Energy Loan Program.
The program offers loasn ranging from $4,000 to $16,000 to cover the cost of select engery efficiency upgrades. The loans, administered by Vancity, will be offered at a low, fixed interest rate over a 10 - year amortization period, allowing affordable, predictable payments over the life of the loan.
In addition to the fianancing, the HOme Engergy Loan Program helps simplify the process by connecting you to experts, helping you access up to $9,300 in rebates, and offering guidance and support.
Eligible upgrades include high - efficiency furnaces, and hot water tanks, air - to air heat pumps, insulation , and weatherization.
Buildings in Vancouver, including homes, contribute an estimated 55 per cent of Vancouver's greenhouse gas(GHG) emissions ( gases that trap heat in the atmosphere and contribue to climate change). The City is aming to reduce GHG imissions city wide by one third by 2020.
Making energy efficiency upgrades to single family homes and duplexes could save approximately 90,000 tons fo GHGs by 2020. That wuld be like permanently removing 2,000 cars from Vancouver's roads. Homeowners like you can help Vancouver reach its goal by becoming the world's greenest city by 2020 by making your home more energy efficient.
Lear more :
www.vancouver.ca/greenestcity/energyloan
Saturday, December 3, 2011 Historically normal activity keeps ...by Maria Mak on Sat, Dec, 3, 2011 08:05 PM
Historically normal activity keeps the Greater Vancouver housing market in a balanced state
The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.
Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.
“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.
The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.
Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.
Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.
Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.
Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.
Download the complete stats package by clicking here.
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Wednesday, November 9, 2011 Maria Mak - Burnaby Realtor - Greater Vancouver at lower end of balanced housing marketby Maria Mak on Wed, Nov, 9, 2011 10:54 PM Greater Vancouver at lower end of balanced housing market
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months
.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011
.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.
Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.
Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.
Tuesday, October 25, 2011 Understanding your credit score when borrowingby Maria Mak on Tue, Oct, 25, 2011 03:08 PM
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Understanding your credit score when borrowing |
Each year thousands of prospective homeowners are shocked to discover their credit history will hinder their ability to own their dream home.
The very first thing that your loan officer checks when you apply for a mortgage or any kind of credit is your credit score. You are rated in terms of the score which in most cases influences the amount you can borrow. Understanding your credit score in a better way enhances your chances to develop a higher score and thus benefit from loans at better terms and conditions.
A credit score consists of many factors: your payment history, your credit card balances, bank accounts, including savings and checking accounts, and any other form of credit including all outstanding personal loans, mortgage loans, store credit cards, etc.
Credit scores are calculated from many different forms of credit data in your credit report. Each credit reporting bureau has their own standards and formulas that they use for the purpose of calculating a consumer’s credit score. The following is a generalized classification of a credit score rating:
 Excellent credit rating - No late payments, no collection notices, no bankruptcies or repossessions.
Good credit rating - May contain a late payment within the last two years.
Fair credit rating - More than one late payment. May or may not have a bankruptcy or repossession in the last two to three years.
Poor credit rating - Recent collection attempts, late payments within the last year, bankruptcies and/or repossessions within the last two to three years.
The reason why a credit score is important is that it will determi ne your eligibility for a loan. A low credit score may hinder approval, and it will also impact the interest rate you will have to pay for the money that you borrow.
Since individuals with less than perfect credit traditionally present more of a risk of defaulting on a loan. Lenders are able to justify charging more interest to those consumers. The extra interest the lender earns on the loan is intended to compensate the lending agency in the event the consumer defaults on the loan. Over the course of a 15 or 30 year mortgage, those extra interest points can add up to an astounding amount of money.
Your credit score is the indication of your financial health. You should do your best to avoid damaging your credit history with late or missing payments, too many outstanding loans or too many loan requests. Watching your credit score closely especially before you make any major purchases will help you avoid unwanted surprises.
For all your premium real estate services, pleae contact Maria Mak and her team at 604-839-6368 or visit her website at www.mariamak.com, or www.mariamak.ca, You'll be smiling too! |
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