Monday, October 1, 2012
Alternative dispute resolution for BC stratas
Resolving strata disputes will soon become faster, more accessible and more affordable thanks to recent provincial legislation.
Bill 44: The Civil Resolution Tribunal Act, which passed in 2012, creates an independent body, the Civil Resolution Tribunal, which will provide dispute resolution tools as an alternative to going to court. The tribunal is expected to be operational by 2014.
This is welcome news for the Real Estate Board of Greater Vancouver, which together with BC Real Estate Association (BCREA) had, for many years, voiced concerns about strata property legislation.
BCREA advocated for this change and in 2011 reiterated the industry’s position during the province’s 2011 consultation process on strata dispute resolution.
Who can access tribunal services?
Strata corporations, strata owners and tenants will be able to access tribunal services.
The tribunal will have the authority to handle strata disputes between strata property owners and strata corporations, including:
• non-payment of monthly strata fees or fines;
The tribunal will not decide matters that affect land, including:
• ordering the sale of a strata lot;
These matters will continue to be heard in the BC Supreme Court, as will other matters, including:
• the appointment of an administrator to run the strata corporation;
How will tribunal services be accessed?
The tribunal services will be available online 24/7. Assistance will also be offered by phone, mail or even in person. Disputes are expected to be resolved within 60 days, compared to 12 to 18 months for the court process.
The tribunal will have five stages
Stage 1 - Self-Help
Information and tools will be available online 24/7 to help parties resolve disputes.
Stage 2 - Online Party-to-Party Negotiations
If Stage 1 fails, parties can go through a guided negotiation monitored by tribunal staff.
Stage 3 - Facilitated Settlement
Where an agreement is still not reached, parties can pay applicable fees and request active facilitation by the tribunal involving mediation or other dispute resolution processes. All parties must consent.
Stage 4 - Case Management Preparation
A case manager will facilitate mediation and explore options for settlement.
Stage 5 - Adjudication
Any dispute not settled by agreement will be heard by an adjudicator with the authority to decide the outcome and make binding decisions.
Fees for tribunal resolution of a dispute have not been finalized.
Information on strata property and the tribunal available at: www.housing.gov.bc.ca/strata
Tuesday, August 10, 2010
Homebuyers and sellers less active in July
Categories:Amalia Liapis,condos,Houses,market trends,price index,Prices,Real Estate,townhomes,Vancouver
August 10, 2010 – Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010. Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.
With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability. Activity in today’s marketplace is clearly trending in favour of purchaser in most areas of buying. The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.
At 16,431, the total number of property listings in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009. It’s currently taking home sellers who work with a Realtor on average, 45 days to sell their property, which is a historically healthy timeframe. Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the Housing Price Index benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.
Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193. Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008. The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.
Attached (town home) property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.
Even within the slowest times in the market I continue to observe properties that show well, are priced on the mark continue to command top dollar and yes, multi offers!!
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