Tuesday, October 11, 2011 Transition Period for HSTby Amalia Liapis on Tue, Oct, 11, 2011 12:00 PM
The Province has announced that it will reinstate the combined 12 per cent PST and GST tax system, a process it expects to take a minimum of 18 months. The Ministry of Finance has established an action plan to guide the transition to the PST. This includes:
The anticipated target date for the switchover is March 31, 2013. "During the transition period, the provincial portion of the HST will remain in place at seven per cent," explains Finance Minister Kevin Falcon. "The PST will be reinstated at seven per cent with all permanent PST exemptions and will not be applied to items such as restaurant meals, haircuts, bikes and gym memberships – just as it was before the HST was introduced in BC," says Minister Falcon.
Businesses collecting the PST will need to change their electronic and manual systems and processes to assess, collect, report and remit the PST and other related taxes to the provincial government. Friday, August 5, 2011 July Market Stats for Vancouver Housingby Amalia Liapis on Fri, Aug, 5, 2011 12:00 PM 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.
Friday, July 22, 2011 Interest Rates Likely to Remain Lowby Amalia Liapis on Fri, Jul, 22, 2011 12:00 PM Canadian markets didn’t get much of a summer vacation this week, as negotiations on the Greek bailout package took centre stage globally, while the Bank of Canada’s interest rate decision was the main event at home. On balance, an agreement on a second Greece bailout, combined with some positive corporate earnings reports, improved market sentiment and helped equity markets rally. A more hawkish-than-expected statement from the Bank of Canada (BoC) added fuel, initially taking bond yields higher, and the Canadian dollar along with them. After a benign inflation report for June on Friday, however, these moves were partially unwound.
As expected, the BoC left interest rates unchanged, but the accompanying statement was more hawkish than anticipated. The Bank dropped the word “eventually” from the statement “some of the considerable monetary policy stimulus currently in place will be [eventually] withdrawn”, leading markets to move up their timetable on rate hikes. However, Wednesday’s Monetary Policy Report (MPR), included two technical boxes that emphasized the case for leaving rates lower for longer. One explained how interest rates can remain stimulative even after inflation has reached its target and the output gap is closed. This occurs if the economy is facing significant headwinds, such as a persistent reduction in foreign demand for exports. Governor Carney reiterated that monetary policy is not some mechanical process whereby you input expected inflation and the output gap, and out comes a rate decision (in fact if that were the case, he wouldn’t have a job). Rather, the Bank takes into account what he characterized as “the very real headwinds from the dollar, the U.S., from Europe”. This is likely in response to some critics who argue the bank is at risk of getting behind the curve on inflation.
The other technical box in the MPR underscored the damaging effects of a strong Canadian dollar on some sectors of the economy, expanding on the responses in last week’s Business Outlook Survey. Nearly half of firms surveyed reported adverse impacts from a stronger dollar, and these firms tended to be less optimistic about their future prospects. Adverse effects were more common among manufacturers, and firms based in Central or Eastern Canada. In sum, the survey showed that headwinds from a strong C$, and continued softness in U.S. demand are constraining sales prospects over the next 12 months for firms not benefitting from high commodity prices.
The Bank is clearly focused on the danger of hiking prematurely, and then having one of these risks worsen. It would be very difficult to raise rates before January, because in all probability they would want data on how Q3 evolved, and confirmation of firmer U.S. demand. Friday’s release of Canadian CPI and retail sales reports showed there is little urgency for the Bank to restart rate hikes. June inflation came in softer-than-expected, and retail sales were flat in real terms, confirming that there is little scope for retailers to raise prices with debt-fatigued consumers reining in spending. All told, our expectation for the Bank to delay resuming rate hikes until January remains in tact. Thursday, July 21, 2011 14.8% Drop in Vancouver House Prices Predictedby Amalia Liapis on Thu, Jul, 21, 2011 12:00 PM On July 13, Economics issued a report predicting a 10.2% decrease in the housing market over the next two years.
The economists specifically focused on Vancouver and Toronto saying that they will experience an even larger decrease ...with a whopping drop of 14.8 % for Vancouver.
Among the twelve major markets profiled in this report, Vancouver and Toronto look poised for larger-than-average declines over the next few years, reflecting in part their exposure to the condominium segment, which appears particularly ripe for a correction.
The rationale for this prediction is ...
A combination of more subdued job and household income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time home buyers are expected to be the chief culprits behind the slowdown. With most of these drivers expected to remain supportive to housing demand in the very near term, we anticipate that the brunt of this adjustment will take place in 2012 and into 2013.
A section of the report focused specifically on Vancouver with the title reading:
VANCOUVER - THE HOUSING MARKET THAT HAS ALL EYES WATCHING
With Vancouver consistently making all the Top 10 best city lists, it is little wonder that our housing prices are amongst the highest in Canada.
The predictions focus on the higher than average housing prices, condos and foreign investment factors that have driven the prices up.
Vancouver has been the poster child for those individuals worried about a real estate bubble here in Canada. We expect that Vancouver will post modest economic growth accompanied by subdued job and income gains. Interest rate hikes will be felt in Vancouver likely more than other places due to the fact that household debt levels are the highest across the country.
With this economic climate, we foresee a 25.4% peak to- trough decline in sales and 14.8% in prices over 2012-13, by far the worst fate of any urban centre. Still, the path to correction will likely transpire over seven to eight quarters. What's more, just as some of the recent increase has reflected a shift in the composition in sales towards higher priced homes, normalization in the sales mix going forward will disproportionately weigh on average prices. At the expected through in 2013, the average resale price is expected to sit at $675,000 - nearly double the national number and that of most other urban centres.
I hope you find this information beneficial! Please feel free to call me any time.
Regards
Amalia Liapis
Thursday, July 14, 2011 Summer housing market trendsby Amalia Liapis on Thu, Jul, 14, 2011 12:00 PM VANCOUVER, B.C. – July 5, 2011 - Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.
Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June. “With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.” At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010. “The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.” Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.
Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.
Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.
Tuesday, July 12, 2011 Homeowner Tipsby Amalia Liapis on Tue, Jul, 12, 2011 12:00 PM
Exterior Renovations:
If you’re thinking of selling your home, or you simply want to spruce it up, exterior renovations can significantly increase its value and curb appeal. Aside from more expensive undertakings such as new roofing and siding, there are some projects you can take on yourself, such as creating attractive flower beds or purchasing a new front door. With each project completion, you will be happier with your home, and increase its appeal to buyers when it comes time to sell!
Monday, June 20, 2011 Changes the MLS Areas/Boundariesby Amalia Liapis on Mon, Jun, 20, 2011 12:00 PM There are a few recent changes (June 16, 2011) to the MLS Areas/Boundaries of which people should be aware.
New sub-area boundaries have been implemented for the False Creek area of Downtown Vancouver. What was previously termed "False Creek North" will find itself under the new heading of "Yaletown".
The original "False Creek" boundaries have been expanded to cover the area at and around the Olympic village site.
These changes can be viewed by clicking here.
It is good to see Yaletown has received its own classification within the MLS system - it is a distinctive neighbourhood in Downtown Vancouver. I expect to see similar changes for other areas soon (Gastown).
If you are running your own searches, please remember to use the new categories. If you receive automatic listing searches via email from Amalia Liapis or use the preconfigured searches on this website, the criteria have already been adjusted. Friday, June 3, 2011 Housing Market Spring Activity in Aprilby Amalia Liapis on Fri, Jun, 3, 2011 12:00 PM VANCOUVER, B.C. – Vancouver saw a typical, solid month of residential home sales on the MultipleListing Service in April, in contrast to the near record pace witnessed in the two preceding months.
The Real Estate Board of Greater Vancouver reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.
Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.
While it continues to be a seller’s market (Detached) in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,the REBGV president said. The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS, as there were more detached and townhome sales this April compared to last year.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.
At 14,187, the total number of residential property listings on the MLS increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.
There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area.
The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.
Sales of detached properties on the MLS in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.
Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.
Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.
In the coming Summer months we should continue to see the strong activity of Westside Detached homes. I believe we will see a strong increase of activity in Apartments and Townhomes. For those who are considering a purchase in this sector of the market…now is a good time to buy.
As always I am available for your questions.
Warmest cheers! Monday, May 9, 2011 Commercial property owners across Metro Vancouver typically pay a far larger share of property taxesby Amalia Liapis on Mon, May, 9, 2011 12:00 PM
In the City of Vancouver, the situation had reached the point where eight per cent of all properties (commercial) paid more than 50 per cent of the property taxes, explains Bob Laurie, cochair of the Vancouver Fair Tax Coalition (VFTC).
In 2009, the VFTC successfully convinced Vancouver City Council to approve a one per cent tax shift to residential properties from non-residential properties.
Since then, the City of Vancouver has shifted property tax by one per cent each year to residential from commercial, a gradual correction of the long-standing inequity. Laurie estimates savings for Vancouver businesses include:
- a tax reduction of $155 for a business property valued at $783,000; and
- a collective saving of more than $5.5 million each year.
Attracting investment, jobs and workers
To attract investment, local governments throughout the Real Estate Board area are rezoning to create denser, walkable, lively urban hubs close to transit.
Who are they trying to attract? Talented younger adults ages 25 – 29 and known as the Millennials, who are well-educated and highly skilled, and much-needed in our knowledge-based economy.
"It’s part of the shift in our local labour market as baby-boomers age and retire," says Andrew Ramlo, Executive Director at Urban Futures Inc. And they're having a significant effect on the future prosperity of our communities.
Where do the Millennials want to live? “Downtown,” says Ramlo.
To attract and retain the Millennials, cities throughout the Lower Mainland are rethinking former approaches to planning for economic development.
What Millennials like most, explains Ramlo are higher density, mixed use, walkable, green, lively neighbourhoods with businesses, restaurants, transit and parks just steps away.
A closer look at the downtown area of Vancouver reveals the effect of the Millennials - even taking into account that between 15 and 20 per cent of buyers in the downtown area are retirees and empty nesters who have sold larger properties and are moving back downtown.
What happens as downtown residents age? After age 35, when babies have grown to toddlers, they are more likely to move to suburban locations, according to Ramlo, but they also still want their neighbourhoods to have a vibrant urban feel and be walkable, interesting and attractive.
A tale of two downtowns – it goes both ways
- No. of workers who live in Richmond and work in Vancouver: 18,530
- No. of workers who live in Vancouver and work in Richmond: 22,880
Urban workplace = recruiting tool
What happens when a company wants to move downtown, but the neighbourhood is faded – the opposite of the urban vibrancy so popular with the Millenials?
Some companies like Telus create their own neighbourhood. Although the zoning still requires approval, Telus plans to relocate its national headquarters downtown in a one million square foot, $750 million project that will revitalize a fading block of prime real estate bordered by Georgia, Robson, Seymour and Richards Streets.
The proposed Telus Garden will include:
- 500,000 square feet of new office space in a 22-storey tower for multiple tenants built to the new 2009 Leadership in Energy and Environmental Design (LEED) Platinum standard; and
- 500 new residential units in a 44-storey tower, built to the LEED Gold standard which will be one of the highest buildings in Vancouver and include retail and a wellness centre with a meditation room.
"Our vision is a beautiful and unique location where leading-edge technology, urban living, environmental sustainability and tomorrow’s work styles are integrated into a vibrant community”, says Darren Entwistle, TELUS president and CEO.
The development will consume 30 per cent less energy, making Telus a significant contributor to Vancouver's goal of becoming the greenest city in the world.
It will also feature 10,000 square feet of green roofs providing organic produce for local restaurants, two elevated roof forests, British Columbia artwork, LED lighting projecting programmable coloured images onto glass, and media walls where cultural events such as symphony concerts can be broadcast.
The project’s construction will inject a much-needed hundreds of millions of dollars into our local economy and create three million person-hours of employment during construction, scheduled to begin this fall and be complete in 2015, according to Entwistle.
Once occupied, the site's business and residential tenants will contribute up to $10 million annually in new tax revenue to the city.
With more than 100 restaurants, the seawall, an aquatic centre and upscale retail shops and groceries within blocks, it’s clear Telus has made talent attraction and retention a key part of its business strategy.
source: Realty Link in print. Wednesday, May 4, 2011 Congratulations! Top 100 Western Canada!by Amalia Liapis on Wed, May, 4, 2011 02:30 PM April 29, 2011
Dear Amalia,
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of September.
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
Wishing you continued success for 2011.
Yours sincerely,
RE/MAX of Western Canada (1998), LLC Friday, April 29, 2011 Forecasts keeps buyers sidelined and prices in check for commercial real estate in 2011by Amalia Liapis on Fri, Apr, 29, 2011 12:00 PM Recovery on the economic front will go hand in hand with retail and office investment in 2011, as developers cautiously brush off plans for towers downtown and improved housing starts boost demand in the suburbs for retail projects.
But this year will be characterized by hard bargaining on prices and incentives as doubts remain about the depth and speed of the economic recovery.
While Metro Vancouver retail remains "the most sought-after property type" in Canada, according to a third-quarter report by Avison Young, sales tallies are off across the board from the second quarter as activity slowed in the second half of 2010 to the lowest level since the first quarter of 2009.
Overall investment sales totalled $527.3 million in the third quarter of 2010, including $68.8 million worth of office deals and $143.7 million worth of retail sales.
Those deals include South Surrey's South Point Exchange, which sold to a private investor for $91 million, and Bosa Development Corp.'s sale of Semiahmoo Shopping Centre to First Capital Realty Inc. for $82.7 million - both driven by strong growth in surrounding residential communities.
But the deals also highlight the shift from the bargain-taking deal-making that characterized the first half of the year to a strategic rejigging of portfolios in the second half that heralds more stable conditions as owners prepare for the long term.
Based on interviews in the third quarter, Colliers International reported that 61 per cent of investors were looking to expand their portfolios, down slightly from six months earlier when 65 per cent were looking to expand. On the other hand, approximately 22 per cent were looking to rebalance.
Close to two-fifths of respondents attributed the shift in emphasis to a desire to shift asset classes, while other key factors were linked to advantages to be gained from location, liquidity and leverage. Approximately 17 per cent were looking to trade up or trade down and 6 per cent were looking to increase leverage.
A further 28 per cent refused to disclose the reasons for rebalancing their portfolios, but the several factors point to a hunkering down for the long term in the face of lacklustre growth for the year ahead.
--excerpt from: Western Investor, January 2011 Wednesday, April 27, 2011 10 Often Forgotten Costs to Include in your Budgetby Amalia Liapis on Wed, Apr, 27, 2011 12:00 PM
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. Thursday, April 21, 2011 Don't Forget About Closing Costs!by Amalia Liapis on Thu, Apr, 21, 2011 12:00 PM 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. Wednesday, April 20, 2011 Home buyers and sellers enter the housing market at near record pace in Marchby Amalia Liapis on Wed, Apr, 20, 2011 12:00 PM
VANCOUVER, B.C. – April 4, 2011
Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.
“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.
At 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year. “Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010. Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.
Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885. Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.
--source: REBGV Thursday, February 17, 2011 Readers Choice Award - Westender 2011!by Amalia Liapis on Thu, Feb, 17, 2011 12:00 PM The results have come in for the Westender 2011 Best of the City readership poll and we have been awarded in the category for "Best Realtor in the City"!
A sincere Thank You to all who voted! Your support means everything!
Friday, January 28, 2011 Federal government announces changes to mortgage financing requirementsby Amalia Liapis on Fri, Jan, 28, 2011 12:00 PM The federal government recently announced three changes to the rules for government-backed insured mortgages.
First, the government will reduce the maximum mortgage amortization period from 35 to 30 years. Second, the maximum amount of the value of a home that can be re-financed will drop from 90 per cent to 85 per cent. And finally, government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit.
“These are prudent measures that promote responsible lending practices and further strengthen our internationally recognized mortgage finance system,” Jake Moldowan, Board president said.
The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.
source: REBGV Thursday, December 30, 2010 Title Insuranceby Amalia Liapis on Thu, Dec, 30, 2010 12:00 PM 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
Thursday, November 25, 2010 Congratulations! Top 100 Western Canada!by Amalia Liapis on Thu, Nov, 25, 2010 12:00 PM October 22, 2010
Dear Amalia,
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of September.
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
Wishing you continued success for 2010.
Yours sincerely,
RE/MAX of Western Canada (1998), LLC Tuesday, November 23, 2010 Moderate Rise in Home Sales Forecastby Amalia Liapis on Tue, Nov, 23, 2010 12:00 PM Vancouver, BC – November 10, 2010. The British Columbia Real Estate Association (BCREA) released its Fall Housing Forecast 2010 today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 12 per cent from 85,028 units in 2009 to 74,950 units this year, before increasing 6 per cent to 79,700 units in 2011.
"Consumers are responding to a double-dip in mortgage interest rates," said Cameron Muir, BCREA Chief Economist. "While housing demand waned in the province through the spring and summer, the added purchasing power from low borrowing costs combined with gradual improvement in the BC economy has trended home sales higher in recent months." 
"A moderate increase in BC home sales is expected next year coinciding with employment and population growth," added Muir. "However, the 79,700 unit sales that are forecast for 2011 are well below the ten-year average of 85,500 units" A record 106,300 MLS® residential sales were recorded in 2005.
The average MLS® residential price is forecast to climb 7 per cent to $498,500 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $495,600. Wednesday, November 3, 2010 Home Sales to Rise in 2011by Amalia Liapis on Wed, Nov, 3, 2010 12:00 PM FOR IMMEDIATE RELEASE - From the desk of Amalia Liapis
BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011. Residential unit sales through the Multiple Listing Service in BC are forecast to decrease 7 per cent to 79,500 units in 2010, before climbing 5 per cent to 83,400 units in 2011.
A slower than expected normalization of interest rates will temper erosion of affordability as economic output posts more moderate growth for the balance of this year and through 2011. Stronger corporate profits are triggering employment growth and a reduction in the unemployment rate is now underway.
A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channelling into 5-year fixed mortgages where discounted rates increase purchasing power.
The average residential price is forecast to increase 6 per cent to $492,800 this year and edge down 1 per cent to $489,500 in 2011. Some softness in home prices is expected through the summer months in most regional markets. However, inventory levels peaked in May and will likely edge lower in the coming months, leading to more balanced conditions in the fall with a commensurate firming of home prices.
After a sharp pull back in new home construction last year, home builders are gradually increasing production to meet demand. BC led the country in population growth over the last three quarters and with the inventory of complete and unoccupied units expected to decline, builders are adjusting production to match supply with household formation. Categories: 2011 | Amalia Liapis | Awards | banking | Best | Brentwood Park | Brighouse, Richmond Real Estate | Burnaby North Real Estate | Buying | Cambie, Vancouver West Real Estate | Canada | Capilano Highlands, North Vancouver Real Estate | Central Park BS, Burnaby South Real Estate | Champlain Heights, Vancouver East Real Estate | Closing Costs | Coal Harbour | Coal Harbour, Vancouver West Real Estate | Collingwood Vancouver East, Vancouver East Real Estate | Collingwood VE, Vancouver East Real Estate | Commercial | condos | Cute Video | Downtown VE, Vancouver East Real Estate | Downtown VW | Downtown VW, Vancouver West Real Estate | Dunbar, Vancouver West Real Estate | Fairview VW | Fairview VW, Vancouver West Real Estate | False Creek North, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | Finances | financing | forecast | Fraser VE, Vancouver East Real Estate | Glenayre, Port Moody Real Estate | Hastings, Vancouver East Real Estate | Home | Houses | Housing | HST | Insurance | Kerrisdale, Vancouver West Real Estate | Kitsilano | Kitsilano, Vancouver West Real Estate | Lower Lonsdale, North Vancouver Real Estate | Lynn Valley, North Vancouver Real Estate | Main, Vancouver East Real Estate | Market | Market Stats | market trends | Marpole, Vancouver West Real Estate | McNair, Richmond Real Estate | Metrotown, Burnaby South Real Estate | MLS Listings | mortgage | mortgages | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Otter District, Langley Real Estate | Point Grey, Vancouver West Real Estate | Port Moody Centre, Port Moody Real Estate | price index | Prices | Queens, West Vancouver Real Estate | Quilchena, Vancouver West Real Estate | Re/max | Real Estate | Sales | Salmon River, Langley Real Estate | Selling | Sentinel Hill, West Vancouver Real Estate | Southlands | Southlands, Vancouver West Real Estate | Stats | Tax | Taxes | Tofino Real Estate | townhomes | Vancouver | Vancouver West Real Estate | West End VW | West End VW, Vancouver West Real Estate | West Vancouver Real Estate | Westender | Yaletown | Yaletown, Vancouver West Real Estate |
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