Wednesday, September 5, 2012 Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing marketHome 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. Thursday, June 21, 2012 Federal Government Changes to Mortgage LendingFor the fourth time in as many years, the Federal Government has announced action to restrict mortgage credit. The new measures include:
•The maximum amortization on a prime mortgage will be reduced from 30 to 25 years. •Mortgage insurance will not be provided for properties valued over $1 million.
•Refinancing has been lowered from a maximum of 85% loan-to-value to a maximum of 80% loan-to-value.
•The maximum gross debt service (GDS) and total debt service (TDS) will be limited to a maximum of 39% and 44% respectively. Currently, GDS does not apply to qualified borrowers with credit scores over 680.
Friday, August 5, 2011 July Market Stats for Vancouver HousingFOR IMMEDIATE RELEASE – From the Desk of AMALIA LIAPIS
While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July. The Real Estate Board of Greater Vancouver reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011. We’re seeing less multiple offer situations in the market today compared to the last few months, but homes priced competitively continue to sell at a relatively swift pace. It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year. New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS and a 12 per cent decline compared to the 5,793 new listings reported in June 2011. Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July. At 15,226, the total number of residential property listings on the MLS increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year. The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions. The MLSLink Housing Price Index benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010. Sales of detached properties on the MLS in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and a 31.9 percent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886. Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306. Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909. Moving forward to our Fall market, I expect an increase in housing/land prices and a stable condo/townhome market. The exception will be view properties, which will see a significant spike in demand and pricing in an increasingly competitive market. Wednesday, April 27, 2011 10 Often Forgotten Costs to Include in your BudgetInterest AdjustmentsThis covers any costs in the gap between closing dates and first mortgage payment. Avoid or minimize this by arranging the closing date and first payment to be exactly one month apart.
Mortgage InsuranceThis is often required by lenders if your payment is 20 per cent or less.
Home InspectionThe average cost is roughly $100 per hour, but some inspectors may charge by size or flat fee packages.
Survey CertificateIf there is not one available and your bank requires one, expect to pay anywhere from $750 - $1500.
Legal CostsThese will vary greatly, depending on who you choose to use, but expect to pay anywhere from $1000 to $3000.
Property AppraisalThis may be required by your lender, however it is often included as part of the mortgage package (or broker service). If it is not, expect to pay $100-250 dollars.
Home InsuranceCost will vary greatly, as will the services offered.
Vendor ReimbursementsThis covers the costs of items paid for in advance by Seller, such as taxes or hydro.
Land Transfer TaxProperty purchase tax must be paid for any property to be transferred to a new owner.
Condo CostsParking or storage may incur a seperate monthly fee. There are often move in or elevator fees. Review the bylaws and minutes beforehand. Thursday, April 21, 2011 Don't Forget About Closing Costs!In addition to having a sufficient down payment, you will need to ensure you have enough savings to cover the additional expenses to complete the purchase (lawyer/notary fees, property transfer tax and disbursements).
As a guideline, expect closing costs to about 2% to 2.5% of the purchase price, though this can vary greatly, especially if HST is applied. You may also need to budget for extra costs such as appliances, utility hook ups, renovations, moving fees and more.
Buying a home in Vancouver may be one of the biggest decisions you will make, but it can also be one of your best investments! We here at weSellvancouver.ca are here to help you every step of the way and answer all your questions. Thursday, December 30, 2010 Title InsuranceOccasionally, claims are reported to the Real Estate Errors and Omissions Insurance Corporation (REEOIC) involving complaints by buyers against licensees which might not have been made if those buyers had bought title insurance.
Title insurance is an insurance policy provided by title insurance companies that protects residential or commercial property owners and/or their lenders against losses related to a property's title or ownership.
While each title insurer may offer slightly different coverage, some of the coverage provided by title insurance companies includes: coverage for unknown title defects; survey errors and errors in public records; losses related to improvements made without the requisite building permits (unless made by you); existing liens against the property's title for unpaid debts by the previous owner (utilities, taxes, mortgages or condominium charges registered against the property); real estate fraud and forgery; invalidity of mortgages; and encroachment and unregistered easement issues.
Title insurance will generally not cover known title defects, environmental hazards, native land claims, matters created, allowed or agreed to by the insured, or matters known to the insured but not disclosed to the title insurer prior to closing (e.g. matters identified in a building inspection).
Title insurance is usually purchased by a buyer at the time of purchase, although it may be purchased anytime after. The insurance cost, generally a one time fee or premium, is usually determined by the property's value and depends upon the chosen provider.
The advantage to licensees of buyers purchasing title insurance is that it shifts liability from the licensee to the title insurer. Consider this scenario: an elderly seller owns a piece of property in a rural area for many years. After obtaining a variance from the governing authority, the seller constructs outbuildings which encroach upon the adjacent property. No record is kept of the variance by the approving authority.
Years later, when selling the property, the seller completes the Property Disclosure Statement indicating that he is unaware of any unregistered encroachments. The buyer discovers the encroachment after purchasing the property and incurs a loss in rectifying the issue. A buyer with title insurance would likely be indemnified by the title insurer for any proven loss associated with the violation. A buyer without title insurance would likely sue the seller and licensees involved in the sale to recover losses associated with the undisclosed encroachment.
Here are examples of recent claims paid out to BC homeowners by a major title insurer:
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