Maria Mak | 604-839-6368

February 4, 2014

Steady trends continue in the Greater Vancouver housing market

The first month of 2014 saw home sale and listing totals outpace historical averages in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.

 

Last month’s sales were 7.2 per cent above the 10-year sales average for the month.

 

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2 per cent increase compared to the 5,128 new listings reported in January 2013.

 

Last month’s new listing count was 17.7 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 12,602, a 4.9 per cent decline compared to January 2013 and a nine per cent increase compared to December 2013.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2 per cent increase compared to January 2013.

 

With the sales-to-active-listings ratio at 14 per cent, the region remains in balanced market territory.

“If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions,” Wyant said.

 

Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013 to $929,700.

 

Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013 to $371,500.

 

Attached property sales in January 2014 totalled 279, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700. 

 

Metro Vancouver housing market characterized by modest home sale and price increases in 2013

The Greater Vancouver housing market maintained a consistent balance between demand and supply throughout 2013.


The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032 sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.


“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.


Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years, according to the region’s Multiple Listing Service® (MLS®).


The number of residential properties listed for sale on the MLS® in Metro Vancouver declined 6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.


“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December 2012.


December summary


Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of 71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline compared to November 2013 when 2,321 home sales occurred.

December sales were 8.1 per cent above the 10-year December sales average of 1,807.


New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856 in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties were listed.


Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from December 2012 to $927,000.


Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the 774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per cent from December 2012 to $367,800.


Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between December 2012 and 2013 to $456,100. 

 

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Sunny weather did not slow the pace of home sale activity in July. Last month was the highest selling month of the year in Greater Vancouver and the highest selling July since 2009.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®) in July 2013. This represents a 40.4 per cent increase compared to the 2,098 sales recorded in July 2012, and an 11.5 per cent increase compared to the 2,642 sales in June 2013.


Last month’s sales were 0.1 per cent above the 10-year sales average for the month.


“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said. 


New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,854 in July. This represents a 1.1 per cent increase compared to the 4,802 new listings reported in July 2012 and a 0.4 per cent decline from the 4,874 new listings in June of this year.


The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9 per cent decline from June 2013.


The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7 per cent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver since April 2012.


The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 2.3 per cent compared to this time last year and an increase of 2.3 per cent over the last six months.


“Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”


Sales of detached properties reached 1,249 in July 2013, an increase of 59 per cent from the 787 detached sales recorded in July 2012, and a 13.7 per cent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 per cent from July 2012 to $920,500.


Sales of apartment properties reached 1,210 in July 2013, an increase of 31 per cent compared to the 927 sales in July 2012, and an increase of 16.3 per cent compared to the 1,040 sales in July 2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to $368,300.


Attached property sales in July 2013 totalled 487, an increase of 27 per cent compared to the 384 sales in July 2012, and a 12.7 per cent increase from the 432 attached properties sold in July 2011. The benchmark price of an attached unit decreased 2.6 per cent between July 2012 and 2013 to $456,700.

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Technology has been a driving force behind the
transformation of many industries. While real estate remains a people business,
consumers today have access to scores of information that can help them find an
property, a REALTOR® and connect all the dots in between.

 

Purchasing a home will likely be the most important buying decision you’ll
ever have to make so it is important to do your own research, understand your
rights and find professionals that you are most comfortable working with.

If you’re deciding whether to buy or sell a home, it’s critical that you
understand and properly assess your personal and financial circumstances against
current housing opportunities.

 

The REALTORS®
of Canada and other real estate professionals have provided a wealth of
information online to help you understand what opportunities are out there for
you and your family to consider.

www.realtor.ca

 

Formerly mls.ca, this is the most comprehensive and
popular real estate listing website in the country.

 

In 2008, the Canadian Real Estate Association rebranded and re-designed
mls.ca to become realtor.ca. This change brought upgraded search functions and
capabilities, which provide a streamlined experience for people using the
site.

 

If you’re looking for a property in BC, you can search by area or MLS®
number. If you’re looking for a REALTOR®, you can search the province by name,
company or area of specialty.

www.realtylink.org

 

Learn about the real estate market and homes for sale
in Greater Vancouver and the province.

 

The online version of this publication, the Realtylink website is an
excellent resource for consumers looking to buy or sell a home in BC. The
website contains a vast range of home listings for properties  across the
province and features indepth walkthrough-style information that everyone should
know when dealing in real estate. If you’re buying, you can find a REALTOR® in
your community or learn more about the mortgage
process and details regarding offers and completion.

 

If you’re selling, you can learn about establishing your home’s value and how
to prepare it before it goes on the market.

 

The site also features links to market data and online versions of the
Realtylink In Print newspaper produced for each geographical area in Metro
Vancouver.

www.rebgv.org

 

A wide-ranging, one-stop website for real estate
information. The Real Estate Board of Greater Vancouver’s website offers
visitors a 360-degree look at local real estate, providing detailed MLS®
statistics, monthly podcasts, consumer guidance and other information and links
related to local real estate.

 

On the site, you can track home prices in your area, search for a REALTOR®,
read about government initiatives that impact local real estate, and learn about
the various cost-savings programs available for homebuyers and sellers.

 

The site also features a wealth of consumer information related to buying and
selling a home, from checklists and FAQ’s to market data and community profiles.
One of the most important measures of home value in real estate is the MLS®Link
Housing Price Index (HPI), and this website contains the latest HPI data as well
as a comprehensive breakdown of home values across the region.

www.recbc.ca

 

A site for consumer protection and industry
regulation.

 

The Real Estate Council of British Columbia is the body responsible for
licensing and regulating REALTORS® in BC. Their website is full of valuable
consumer protection information, as well as information on how to become a
REALTOR®.

 

One of the most important features of this site is the Complaints and
Discipline section, which allows consumers to file complaints against REALTORS®
and inform themselves about recent disciplinary decisions.

www.howrealtorshelp.ca

Built and maintained by the Canadian Real Estate
Association, this site is filled with good information for those looking to buy
and sell a home.

 

The site offers information for buyers and sellers on a variety of topics and
includes brief videos to illustrate examples.

You can also find handy tools like checklists for buyers and sellers and
mortgage calculators.

 

Contact Maria Mak @ 604.839.6368 or visit her websites www.mariamak.com or www.burnabyhomes.co for all the premium professional real estate services and all the latest housing market updates. 

 

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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.

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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.

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