VANCOUVER, BC – Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.
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
The Greenest City 2020 Home Energy Loan Program offers you, the Vancouver homeowner, a solution to make select energy efficiency upgrades(304 kb) to your home.
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.
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
Loans ranging from $4,000 to $16,000 are available to finance select* home energy efficiency upgrades.(304 kb) During the 12-month pilot, unsecured loans, administered by Vancity will be offered at a low fixed interest rate over a 10-year amortization period. This allows you to make affordable, predictable loan payments over the life of the loan.
Loans approved by April 13, 2012, qualify for a fixed interest rate of 4.5%. Loans approved thereafter may be at a different interest rate.
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.
There's been some controversy surrounding the Rize Mount Pleasant development at Kingsway and East 10th, but what's the reality about how this development will impact the community?
Join us for an information session hosted by Naomi and James of Mt. Pleasant Lofts and Rize Mount Pleasant, a voluntary community outreach centre designed to communicate plans and gather public input on their proposed project.
Coffee and light snacks will be provided.
Date: Saturday, November 5th, 2011 Time: 11:00AM - Noon Location: 196 Kingsway (at East 10th) RSVP: MtPleasantLofts@gmail.com
Last Thursday I walked up to a sneak peak open house to show my clients through. I arrived a little early so I decided to pop in and preview the house. When I walked in the door I was greeted by warm faces and a glass of wine from the builder himself! Now before I go on I should tell you a little about this property. It's a coach house built on a 50 x 122 foot corner lot located in the popular neighbourhood known as Cedar Cottage. Built in 2009 by Llorn Kylo, this stunning 2,150 square foot beauty has details that will blow your mind.
Described by the listing Realtor, Churyl Kylo of Amex Realty, as 'spacious living on 3 levels with 4 bedrooms & 3.5 baths. Top floor has a master suite that boasts a spa en suite with a freestanding tub and frameless glass shower. Main floor is complete with a gourmet kitchen, including top of the line stainless steel appliances and concrete counters. Off the kitchen is an outdoor space for entertaining, relaxing, or playing with your kids. The ground level has a home theater room, guest room, and bathroom with a custom shower.'
What I couldn't get over was the attention to detail Llorn gave throughout the entire house. Check out this custom milled Parallam handrail that Llorn himself laboured over for over 100 hours:
Another aspect of the house that I thought was extremely innovative and well done was Llorns office. He has converted the garage into a fully functional, and very trendy work space:
As I walked in the kitchen to accept the glass of wine I was greeted by another warm and friendly face, Steve, the man who lives with his young family in the house on the lot. My clients and I agreed that this was a classy touch, as many buyers thinking about sharing a lot or half a house are often troubled with the mystery of whom they will be sharing it with. This alleviated all the fear and was a great opportunity for potential buyer to get to know the current occupants.
This detached strata property came on the market a couple of weeks ago for $899,000 and I thought surely this would sell for well over $1,000,000, especially given the recent half duplex sale around the corner. But it is still available! After speaking to Churyl the other day, she mentionned they are going back and forth with one of the two offers they entertained last weekend, but they've decided to increase the price and see what it brings them. Now listed at $989,000 this work of art is totally worth it!
Visit 3507 Clark Drive this Saturday April 2 from 3-5pm and Sunday April 3 from 2-4pm.
For more details and to book a private viewing please call me 604-781-0207.
Spring is here and the market is in full bloom! With East side houses, half duplexes, condos and townhomes all seeing multiple offers, it's an ideal time to sell your home. Have no fear buyers, this is a cyclical process and hopefully the market will start to see more properties and less bidding wars as the Summer approaches.
A new duplex located at East 14th with only a vacant lot between it and Clark Drive saw two offers on each half. The west half of the duplex sold for $1,127,350 plus HST and the east half of the duplex sold for the asking price of $979,900 plus HST. While these two new homes went in bidding wars, just around the corner on East 15th at Glen Drive, a cute but slightly slanted five bedroom house on a thirty by ninety-five foot lot remains on the market at $599,000. At lot value, this little gem is liveable and would be a great deal for someone looking to design and build a house of their own.
Will this heated market sustain until Summer, or will it cool in time to allow the hundreds of buyers out there to find their homes in the Mount Pleasant/Cedar Cottage areas? We'll soon find out!
It's that time of year again, when Vancouver joins more than 128 Countries around the world in shutting it's lights off for Earth hour. Show your support and join in this Saturday March 26th at 8:30PM by turning your lights off for an hour. Watch the video and you'll be inspired!
Join Greenpeace in Vancouver on October 17th to celebrate
A Day for the Bay!
“A Day for the Bay” is a public celebration of our coastline and an opportunity to take a stand against crude oil tankers on Canada’s west coast. On Sunday October 17th a flotilla of boats and a rally of people on land will gather at English Bay in Vancouver to send a clear message to the Canadian government that we want a legal ban of oil tankers from our coastal waters!
Greenpeace is supporting the event being organized by our allies No Tanks! and the Wilderness Committee. The message we send to Prime Minister Stephen Harper will only be as strong as the number of voices and boats that attend. We strongly encourage you to join us in a fun-filled day.
Don’t have a boat but still want to take part? Join us for a rally on the beach at English Bay in Vancouver at noon!
Itinerary:
9am, Coal Harbour - boats meet to travel to Kinder Morgan’s oil loading terminal on the water in Burnaby, loop back to English Bay for the rally
Noon, English Bay (Davie and Denman) - rally and party on the beach (map) 2:30pm, English Bay - the growing boat flotilla departs for a rally on the water
Oil tankers – the story
In 2007 multi-national oil companies quietly started shipping raw crude oil from the tar sands in tankers departing from Vancouver. For years oil was arriving by pipeline to the refinery on the west coast, but this marked the first time that raw crude was being shipped from the port in Vancouver to the U.S. and even Asia. With no public process or debate in the House of Commons, B.C.’s coast has been under threat from a major oil spill for three years now, as tankers pass through the Burrard Inlet as often as twice a week. This threat remains a very real one and will for as long as they continue to transport this dirty oil through our waters.
And now the threat is becoming even more severe, as the Canadian government is now considering a proposal from pipeline giant Enbridge to build twin Northern Gateway pipelines from Alberta’s tar sands to Kitimat on northern B.C.’s Great Bear Rainforest coastline. If approved, the pipelines would traverse important salmon-bearing watersheds and would bring more than 200 crude oil tankers annually through B.C.’s northern coastal waters for the first time.
With oil tankers on B.C.’s coast, it will not be a question of if a spill occurs, but when, where and how large. No amount of technology or process can fully eliminate human or mechanical error. And once an oil tanker accident does happen, an spill could hit our shores in a matter of hours. Once it hits land, a full cleanup is virtually impossible.
Crude oil tankers face unprecedented opposition from First Nations and civil society. In March, Coastal First Nations declared an oil tanker ban using their own laws: “…oil tankers carrying crude oil from the Alberta tar sands will not be allowed to transit our lands and waters.” Additionally, 80 per cent of British Columbians support banning oil tankers from our coastal waters.
The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.
“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.
Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.
“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”
New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®. At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.
“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.
Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.
Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.
Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.
Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.
We're just back from an incredible trip to Ireland, visiting with my in-laws. My husband is from Cork, and we like to get back once a year to catch up with family and take in the breathtaking scenery. It was the first time I was able to see the beautiful country side of Ireland in brilliant sunshine! The sun shone on us all but two days, and the temperatures soared in the 20's. Here are a few more pictures:
With a great break, comes renewed drive, and Naomi Morrison Real Estate is ready to soar to new heights! I am looking forward to re connecting with all my wonderful clients and colleagues!
Summer is a fantastic time to move, great weather, perfect for outdoor entertaining and showing off your new digs. Let's start the process today! Call 604.781.0207 and we'll meet up for a coffee and a chat!
The city of Vancouver is introducing it's Residential Food Scraps Collection starting tomorrow. If you are a Vancouver resident and are currently receiving the yard trimming collection, then you will qualify, starting tomorrow, to add your uncooked fruit and vegetable scraps, coffee grounds and filters, tea bags, and eggshells into your yard trimming bin. If you are already composting at home, the city of Vancouver is encouraging you to continue to do so, to save on energy and collection costs. More info HERE.
With the weather warming up, keeping your grass green will soon require a little more work on your part. Before you begin watering your lawn, make sure you are aware of the city's watering guidelines. These regulations will help with our water consumption and our environment. The regulations can be found here. Consider a rain barrel instead of a sprinkler or hose and help the environment even more!
The City of Vancouver's Tips for saving water:
10 easy ways to save buckets of water 1. plant a drought tolerant garden 2. use a rain barrel to collect water in the rainy months 3. wash the car with a bucket of water and rinse with spring loaded shut off nozzle 4. install a low-flow toilet (6 litres per flush) 5. wait for a full load before doing the wash 6. install a water saving showerhead 7. use a timer on your sprinkler 8. let your lawn go brown 9. check and repair hose leaks 10. water the garden by hand
I would love to hear what you are going to do to support Earth Day, feel free to leave a comment.
The total number of sales in March 2010 for the entire Greater Vancouver area were 3,137, a 27% increase from last month and a 39% increase from the number of sales in March 2009.
For the Real Estate Board of Greater Vancouver's March 2010 Stats package click here.
For the Fraser Valley Real Estate Board's March 2010 Stats package click here.
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