April 3, 2012

Increased selection helps maintain balance in Greater Vancouver housing market.

Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

Download the complete stats package by clicking here.

The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.

Enhanced New Housing Rebate Effective April 1, 2012 means you may be eligible for a provincial enhanced New Housing Rebate. If you buy, as your primary residence, new construction priced up to $850,000, you can receive up to a maximum of $42,500. Previously it was only up to $525,000 to a maximum of $26,000.

For more information contact Naomi at 604-781-0207 or via email at naomi@macrealty.com or click here to download the latest news release from BC’s Minister of Finance.

Will the luckiest year in the Chinese Zodiac spring on a vibrant year in real estate?

We think so!  We are still blessed with some of the lowest interest rates in the world, and a market that continues to boom. Some talk of a 'bubble' but we feel that the only bubble we'll have to talk about in future years is the bubble that now occupies the Vancouver city line. The  jury's still out if this newest bubble is better than that old white pin-cushion over BC Place.

Vancouver is blessed with so many cultures, Chinese being one of the largest influences, especially in our real estate market.  And who wouldn't want to buy property in a year that is considered to be the luckiest for the next 12 years?

How will it affect our real estate market?

As a buyer, there will be some serious compitition. Solution: have all your ducks in order and be prepared.  In order to have the most accurate information and efficiant guidence, using a Realtor is your best bet.  We at Mt. Pleasant lofts have an extensive Buyer's program that will ensure you are armed with the best information and talented negotiators to go to bat for you.

As a seller, you have to be marketing in the right areas. Macdonald Realty has just launched a program raising our brand profile to the Chinese community through exclusive representation in the Global Chinese Press Home and Real Estate edition.  Naomi and James are real estate marketers that utilize every tool available to highlight and position your property where it needs to be.

Expect BIG things in the new lunar year. Gung Hei Fat Choi!

New regulations under the Strata Property Act that improve accountability in strata corporations have been introduced.

The Office of Housing and Construction Standards has advised that the new Strata Property Act regulations for depreciation reports and Form B (the Information Certificate) have been made and that certain previously passed amendments to the Act have been brought into force.

The New regulation is available here.  Additional information is available at the Strata property Website here; updated strata property guides are expected later this month.

These amendments were made with extensive consultation with the strata community, including strata associations, strata lot owners, professionals, legal experts and the public.

Depreciation Reports Highlights:

• Lake other provinces, depreciation reports are now mandatory unless a strata corporation exempts themselves by an annual 3/4 vote. Strata corporations will have by December 13, 2013 to obtain a depreciation report or hold a 3/4 vote to exempt. Strata corporations with less than five units are not required to prepare depreciation reports or hold a 3/4 vote to exempt themselves.
• Given the wide range of strata properties, strata corporations will have the flexibility to select the person or team best suited to analyze their particular property. The regulations require that the depreciation report provide the person's name, qualifications, whether they have errors and omissions insurance and their relationship to the strata corporation
• Deprecation reports will include an onsite visual inspection and are to be updated every three years. Corporations will have 18  months from the time a 3/4 vote expires to get a depreciation report.
• Strata corporations are not required to fund contingency reserve funds (CRF) above the minimum previously required (25% of the operating budget). However, strata owners may now make any additional contributions to the CRF by simply majority vote. (Previously, an annual 3/4 vote was required to make contributions to the CRF about 100% of the operating budget.)
• The legislations and regulations are only one component of depreciation reports. Education and best practices will also provide information on: selecting a qualified person or team; formatting and presenting a report; securing materials electronically to facilitate regular updating; and best practices in maintaining, repairing and funding common property and limited common property.

Form B Overview:

The Form B has been revised to improve disclosure:

• By January 1, 2014, strata corporations will be required to provide additional information to prospective purchasers on parking and storage allocated to the strata lot.
• As well, by March 1, 2012, strata corporations must attach: copies of the strata corporations rules; the current budget; the owner developer's Rental Disclosure Statement, if any; and the most recent depreciation report, if any. WIth the exception of these requirements are new.

If they choose to do so, strata corporations m;ay use the revised Information Certificate sooner than the required dates.

Information provided by the Real Estate Council of British Columbia's Report from Council Volume 47, No.4

Home energy upgrades made easy

Save money and the planet

Created in co-operation with Vancity and with the support of FortisBC, BC Hydro and Natural Resources Canada, the pilot Home Energy Loan Program offers you access to affordable financing and end-to-end support to make select energy efficiency upgrades to your home. In return, you can expect to save money on your energy bills and enjoy improved home comfort while reducing your home's environmental footprint.

• January 23rd 7PM at Sunset Community Centre
• January 24th 7PM at Kerrisdale Community Centre
• February 6th 7PM at Kitsilano Community Centre

Register for an upcoming information session

Reduce Vancouver's greenhouse gases

Buildings in Vancouver, including homes, contribute an estimated 55 per cent of Vancouver's overall greenhouse gas (GHG) emissions (gases that trap heat in the atmosphere and contribute to climate change). The City of Vancouver has a goal of reducing citywide GHG emissions by one third by 2020. Making energy efficiency upgrades to Vancouver's single-family homes and duplexes alone could save approximately 90,000 tonnes of GHGs by 2020. That would be like permanently removing 2,000 cars from Vancouver's roads. Homeowners like you can help Vancouver reach its goal of becoming the world's greenest city by 2020by making your home more energy efficient.

Affordable financing and peace of mind

Learn more aboutVancity's loans

End-to-end support

The Home Energy Loan Program simplifies the process of making select home energy efficiency upgrades. It connects you to experts, financing and rebates to help you upgrade your home. Guidance and support is available every step of the way.

Qualified upgrades include:

• Insulation
• High-efficiency furnaces and hot water tanks
• Air-to-air heat pumps
• Weatherization (air sealing)

View the complete list of qualified upgrades(304 kb)

September 2011 Market Update