Vancouver Real Estate Blog, Real Estate Services Amalia Liapis

Friday, August 5, 2011

July Market Stats for Vancouver Housing

by Amalia Liapis on Fri, Aug, 5, 2011 12:00 PM

Categories:2011,Amalia Liapis,Buying,Market Stats,market trends,Real Estate,Selling

FOR 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.

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Wednesday, April 27, 2011

10 Often Forgotten Costs to Include in your Budget

by Amalia Liapis on Wed, Apr, 27, 2011 12:00 PM

Categories:Buying,Finances,Real Estate,Selling,Vancouver

Interest Adjustments

This 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 Insurance

This is often required by lenders if your payment is 20 per cent or less.

Home Inspection

The average cost is roughly $100 per hour, but some inspectors may charge by size or flat fee packages.

Survey Certificate

If there is not one available and your bank requires one, expect to pay anywhere from $750 - $1500.

Legal Costs

These will vary greatly, depending on who you choose to use, but expect to pay anywhere from $1000 to $3000.

Property Appraisal

This 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 Insurance

Cost will vary greatly, as will the services offered.

Vendor Reimbursements

This covers the costs of items paid for in advance by Seller, such as taxes or hydro.

Land Transfer Tax

Property purchase tax must be paid for any property to be transferred to a new owner.

Condo Costs

Parking or storage may incur a seperate monthly fee. There are often move in or elevator fees. Review the bylaws and minutes beforehand.

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Thursday, April 21, 2011

Don't Forget About Closing Costs!

by Amalia Liapis on Thu, Apr, 21, 2011 12:00 PM

Categories:Buying,Closing Costs,Real Estate,Selling,Vancouver

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.

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Thursday, December 30, 2010

Title Insurance

by Amalia Liapis on Thu, Dec, 30, 2010 12:00 PM

Categories:Buying,Home,Houses,Insurance,Real Estate,Vancouver

Occasionally, 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:

Buyer received notice from the City that the basement apartment was built without obtaining required development or building permits. A permit was required to remove or to legalize the apartment. Cost of claim: $239,958.

Buyer had municipality conduct a site inspection of the property after experiencing plumbing problems. The inspector found numerous problems with the dwelling, as well as illegal gas and plumbing lines, and an unpermitted addition to the garage. The municipality issued an Order to Comply. Cost of claim: $270,797.

source: Real Estate Errors and Omissions Insurance Corporation

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