If a client buys a new or substantially renovated secondary or recreational home in BC, but outside of Greater Vancouver or Victoria, before April 1, 2013, they may qualify for a provincial grant for the Harmonized Sales Tax (HST).

The grant for new secondary or recreational housing is directly administered by the BC Ministry of Finance. This grant should not be confused with the BC New Housing Rebate available for new residential homes bought as a primary residence, and administered by Canada Revenue Agency (CRA).

The grant for new secondary or recreation housing is 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Secondary or recreational homes priced at $850,000 or more are eligible for a flat grant of $42,500. To be eligible, the secondary or recreational home must be:

• a new home (detached, semi-detached, duplex, condominium, townhouse) constructed or substantially renovated (more than 90%) together with land bought from a builder;
• a new home together with leased land;
• a new mobile home or float home;
• a new home bought through shares in a housing cooperative; or
• a new home constructed or substantially renovated (more than 90%) by the owner builder. To be eligible, buyers must meet all of the following conditions:
• the HST was paid on or after April 1, 2012 and before April 1, 2013 on the purchase of a new or substantially renovated house, or to build or substantially renovate a house;
• the buyer or a family member will use the house as a secondary or recreational residence;
• the home is located outside the Capital Regional District and the Greater Vancouver Regional District;
• the buyer (or any other co-owners) or family are the first occupants of the home, or in the case of a substantial renovation, are the first occupants after the renovation; and
• the home will not be used for commercial purposes (vacation rentals, bed & breakfast, small business) by an owner who is an HST registrant claiming input tax credits for some or all of the HST paid on the home.

In addition to the general qualifications above, buyers must meet other conditions depending on the type of home and whether the client buys or builds the house alone or with others. For example, if two or more individuals buy a new secondary or recreational home, or build or substantially renovate a home, each buyer must meet all eligibility conditions, but only one may apply for the grant as the claimant.

You do not have to be a BC resident to be eligible for the grant. Buyers of secondary or recreational homes must complete an application form and provide supporting documents within six months from the date the HST was paid and before October 1, 2013 (whichever date is earliest).

To learn more, contact:
1.877.388.4440 or visit www.fin.gov.bc.ca/rev.htm and in the search box type in HST Notice #13. For application forms, in the search box type in “grant new secondary residence.”

source: realtorlink

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.

"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province," said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period.

Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794 units, while the average MLS® residential price was 9.4 per cent lower at $525,183.

Article from British Columbia Real Estate Association, August 14th 2012

The Process
The following steps are designed to help a homeowner through the various states involved in either putting in a new suite in an existing house, or keeping an existing suite that has no prior permits or approval.

STEP 1: Apply for a Special Inspection and book an appointment for this inspection. A Special Inspection is a coordinated inspection carried out by the Building, Electrical and Plumbing Inspectors. Its purpose is to determine what upgrading work would be required to legalize a suite.

STEP 2: Review Upgrading Letter. You will receive a letter listing the permits, plans, and upgrading requirements. Please read the letter carefully and prepare any documents that are required to obtain permits (e.g. Plans).

STEP 3: Obtain Permits. Bring the letter to City Hall (453 West 12^th Ave, 2^nd floor of the East Wing Building) with the necessary plans as indicated on the letter and apply for a Combined Development and Building Permit.

NOTE: A Combined Development and Building Permit can be obtained by the homeowner. However, Electrical, Plumbing and Gas Permits, if required will only be issued to licensed contractors.

STEP 4: Call for Inspections. Progress inspections are required during the course of the upgrading. Several inspections may be required before a job can be finalized. To book a progress inspection or final inspection for a secondary suite, you or your contractor may phone 3-1-1.

STEP 5: Suite Approval. If the work meets al requirements, your suite will be approved. Staff in the Secondary Suite Office will send you a letter confirming this.

STEP 6: Annual Business License. An annual Business License will be required for rental suites. Please see staff in the License Office or phone 3-1-1.

Permits, Plans and Upgrading Requirements:
The information below has been prepared as a guide to homeowners only. The relevant City By-Law and/or Code requirements will take precedence.

Permits:
A Development and Building Permit will be required to carry out upgrading work and to formally change the use of your house from a one-family dwelling to a one-family dwelling with a seconday suite. The homeowner of his/her representatives can apply for this permit.

If the upgrading letter identifies any required trades permits, i.e. Electrical, Plumbing or Gas Permits, these permits can only be obtained by licensed contractors.

Plan Requirements:
Plans are required at the time you apply for a Development and Building Permit. In most cases, two sets of simple floor plans will be acceptable, showing the layout of the floor level where the suite is located

These plans do not need to be prepared by a professional; however, they must be drawn to scale, with location and dimensions of all secondary suite rooms (bedrooms/kitchen/bathroom/living room etc.), stairs, windows and doors clearly labelled. Plans should also include location of electrical outlets and plumbing fixtures.

If on-site parking is required, two sets of site plans will also be required showing the location and dimensions of the on-site parking space. Building a new garage or carport will require further plans and permits.

If additions or alterations are proposed or required in other parts of the building, or if the building is raised or lowered, further plans will be required.

For information regarding the submission of drawings for new construction, please contact the Enquiry Centre at 604-873-7611.

Upgrading Requirements:
The following are general requirements for a secondary suite, identified through a Special Inspection of the building, where Building, Electrical and Plumbing/Gas inspectors attend the property together. The focus of the inspection is the suite area; however, any hazards throughout the building that are identified during the inspection, must be corrected whether or not a suite is retained or installed.

Parking:
• Houses built before April 20, 2004 – one on-site parking space will be accepted.
• Houses built after April 20, 2004 – require two on-site parking spaces (one for the primary dwelling unit and one for the secondary suite).
• A parking space is 8” x 18”. In some cases, a site peculiarity may allow a relaxation
• A durable surface is required for parking spaces.

Fire Separation:
• Existing lath and plaster in good condition, or minimum ½ inch gypsum wallboard is required on walls and/or ceiling between the primary swelling unit and the secondary suite.
• Self-closing devices are required on any interconnection doors between units.

Electrical:
• For sprinklered buildings, interconnected, hard-wired smoke alarms, installed with a permanent connection to an electrical circuit, are required outside every bedroom, and at least one smoke alarm on every storey.
• For unsprinklered suites, in addition to the above, these smoke alarms must be equipped with carbon monoxide detection, battery backup and manual silencing devices which will silence the alarm for a period of 10 minutes, after which the alarm will continue to function
• The proper number of receptacles/ appliance circuits will be required in the suite.
• The main electrical service must be sized to accommodate all electrical loads (e.g. electric dryers will require a minimum 100 amp service).

Plumping and Gas:
• Existing plumping and gas fixtures must be properly installed with approved traps and vents.
• Furnace and hot water tank vents require proper clearance from combustible materials.
• Gas appliances must be installed in an approved manner.

Changes to the Zoning and Development By-law now make it possible to have a secondary suite in most detached single family homes in the City of Vancouver. In addition, building code standards have been relaxed to facilitate the secondary suite process. Example of these changes include:
• “One-Family Dwelling with Secondary Suite” to be permitted in all residential zones, i.e. all zones with an “R” designation; and specific CD-1 zones;
• No more “Phase-out Suite”;
• One on-site parking space will be acceptable for a house with a secondary suite, if the house was built prior to April 20, 2004;
• Partial sprinkler system will no longer be a requirement for existing non-sprinklered houses (certain conditions apply). Instead, interconnected hard-wired smoke alarms equipped with battery backup and manual silencing device are to be installed;
• Ceiling height requirement for a existing house reduced to 6’6” over 80% of the suite area and in all areas of exit from the suite.

One time inspection and permit fees as follows:

Special Inspection - $$155 (plus HST)
Combined Development and Building Permit – from $661
Electrical Permit – from $58
Plumbing Permit – from $145
Gas Permit – from $152

For more information on secondary suites and to book inspections, please phone 3-1-1.

Annual fees as follows:

Annual Business License - $61
*One-time fee for new application - $50

Please contact the License Office at 3-1-1.

Additional Water, Sewer and Recycling Flat Rates (part of your annual property tax). For more information, please contact the Utility Billing Office or phone 3-1-1.

Water - $182
Sewer - $95
Recycling - $24

Note: Rates subject to change without notice.

Guidelines from the City of Vancouver

The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.

May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been constant throughout the spring months, with 2,874 sales in March and 2,799 sales in April.

“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared to May 2011 when 5,931 homes were listed for sale and a 14.4 per cent increase compared to April 2012 when 6,056 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 15.3 per cent above the 10-year average for listings in Greater Vancouver for May.

At 17,835, the total number of homes listed for sale on the region’s MLS® increased 7.9 per cent in May compared to last month and increased 21 per cent from this time last year.

“Our sales-to-active-listing ratio sits at 16 per cent, which is indicative of balanced market conditions,” Klein said. “As a result of this stability, home prices at the regional level have seen little fluctuation over the last six month.”

The MLS® HPI benchmark price* for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3 per cent compared to May 2011 and up 2.4 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland** is $558,300, which is a 3 per cent increase compared to May 2011 and a 2.3 per cent increase compared to three months ago.  

Sales of detached properties on the MLS® in May 2012 reached 1,180, a decline of 24.8 per cent from the 1,570 detached sales recorded in May 2011, and a 6.1 per cent decrease from the 1,256 units sold in May 2010. The benchmark price for detached properties increased 5.1 per cent from May 2011 to $967,500.

Sales of apartment properties reached 1,156 in May 2012, a decline of 5.9 per cent compared to the 1,228 sales in May 2011, and a decrease of 14.6 per cent compared to the 1,354 sales in May 2010.The benchmark price of an apartment property increased 1.7 per cent from May 2011 to $379,700.

Townhome property sales in May 2012 totalled 517, a decline of 10.7 per cent compared to the 579 sales in May 2011, and a 5.3 per cent decrease from the 546 townhome properties sold in May 2010. The benchmark price of a townhome unit increased 0.9 per cent between May 2011 and 2012 to $470,000.

Article from the Real Estate Board of Greater Vancouver, June 4, 2012, available online at http://www.rebgv.org/news-statistics/spring-activity-remains-balanced-greater-vancouver-housing-market-0

Vancouver, like other Metro Vancouver municipalities, is scrambling to accommodate the 52% of residents who rent their home.

The situation is expected to worsen given that 40,000 newcomers or about 18,600 households arrive each year, and of these 6,500 households are renters. Since 2007, less than 1,000 rental units per year have been built in Metro Vancouver.

In 2009, to help address the problem, the City created the Short Term Incentives for Rental (STIR) program, which ran until December 2011. STIR provided incentives such as increased density and development cost levy waivers to builders of rental housing in both 100% residential and in mined-used buildings. But the program hand problems. While the 100% rental projects cost the city $4,900 per unit or a total of $1.8 million for 372 units, in contrast the 327 units in mixed strata/rental buildings cost $70,000 per unit, for a total of $23 million. The huge price difference has been attributed to building materials: the 100% rental units were in wood frame walk-ups, while the units in mixed use were in expensive-to-build concrete towers.

But the chronic lack of rental housing isn’t going away. So on May 15, 2012 Council approved a new Secured Rental Housing Policy. Like STIR, it will provide incentives for developers but this program will be for 100% rental buildings only. Mixed-used developments will not qualify.

The new Secured Rental Housing Policy is part of the City’s Housing and Homelessness Strategy which seeks to create 5,000 rental units in Vancouver by 2021.

Incentives under the new policy will likely be similar to those of the STIR program which included:
• Rental property assessment (on rental units only);
• Development cost levy waiver (on rental units only);
• Parking requirements reductions (on rental units only);
• Discretion on unit size
• Increased density; and
• Expedited permit processing.

Affordable rental housing is vital for small businesses throughout the Lower Mainland to attract and keep workers, according to John Winter, President of the BC Chamber of Commerce, who notes: “Without affordable places to live that are close to jobs and transit, local employers will have trouble competing for talented workers. “

The Canadian Rental housing Coalition, of which the Real Estate Board is a founding member, supports Vancouver’s policy and is bringing national attention to the need for rental housing to stimulate the economy and provide affordable housing alternatives.

Article from The Open House, June 1, 2012

FOR IMMEDIATE RELEASE - from the desk of AMALIA LIAPIS

The political elections in Europe went as expected, the parties who promised MORE won but it is doubtful they will be able to keep most of their promises as they are so far in debt that there is simply no more to give. Markets worldwide went down as the reality of the results sunk in, more instability & market volatility over the next few months. Hollande, the new President of France, is already making his presence felt & could put the Franco-German relationship under threat. The last socialist president of France, Mitterand, nationalized the Banks & imposed a wealth tax. Hollande has already stated he will introduce a 75% tax on the wealthy, so maybe the banks are next. The wealthy are usually the wealth makers so they will leave France like they have done previously & like they have done in other countries when overtaxed. I seem to remember the Beatles leaving England after they were given an award in the Queen’s Honors list for bringing in so much foreign money in from their records sales etc. Then the Government introduced a wealth tax that sent the Beatles & most other high earning entertainers overseas; some never to return.

Greece appears to be in total confusion with no clear winner & this could result in further decline of Greek prospects of recovery.  It was hopeless anyway.  Rating agencies are still closely looking at the sovereign & bank risks in Europe. I believe we should expect further downgrades in Spain, France & Greece.

So what about our Vancouver Real Estate market?! Well to begin with we are still awaiting the Finance Minister to introduce an incentive package for First Time Buyers of New Condos.  Developers screamed loud enough with the HST issue that this package looks like it might just become reality.  It is expected to get voted around June 2012 and is only available until March/April 2013.  This will help the new condo market.

I’ve been saying it for a couple of years now…Gastown is the favourite neighbourhood to live in…not a lot of product and what comes up for sale is usually gone quickly.  The downtown condo market will remain steady though out the summer with an emphasis on the entry level purchases. Westside homes continue to be active with steady activity in the $5million and up market.  Price and location will bring immediate results but the general market is still price sensitive...off by $10,000 or $20,000 and there will be little interest from Buyers.  It’s still a buyer’s market overall but have to say the available inventory is rather average.

As always I am available for any questions.

LOCATION
Choosing where you live

1. Green neigbourhoods
Buy a home in a neighbourhood close to work, transit, shopping, community centres and other services

2. Transit-orientated density (TOD)
New, compact, complete green neighbourhoods are being built with transit as their focus. Instead of owning a car, join a car share cooperative, take transit, cycle or walk.

3. Lower Cost Luxury
If it's features such as a gym, or pool you want, buy a strata unit with these amenities and share costs.

4. Score your location
Walkable neighbourhoods offer health, environmental, financial and community benefits. Enter your address or the address of a home you want to buy at www.walkscore.com. This tool calculates a walkability soce based on the home's proximity to transit, grocery stores, schools and other amenities.

HOME IMPROVEMENT 
Heating and Cooling 

5. Get an energy audit
LiveSmart BC will cover $150 of the cost.

6. Install a high-efficiency heating system
Make sure it's ENERGY STAR rated. 

7. Weatherize your home
From windows (BC Hydro provides grants of $60-$120) to doors to insulation and weather stripping. Don't forget to seal your ducts.

8. Insulate your pipes
It will prevent costly heat loss. Here's how. 

9. Insulate your hot water heater
Buy a pre-cut jacket or blanket for $10-$20. You'll save up to 10% on heating costs.

10. Install a programmable termostat
Set it lower at night and during the day when you're away. Lower the temperature. Each degree below 20C saves you 3-5% on heating costs.

11. Clean your furnace filter
This optimizes performance.

12. Get the most from your fireplace
Here's how to make it efficient. 

13. Use curtains
In the daytime during summer, close to help cool your home.

14. Install ceiling fans 
The energy it takes to run a fan is less than an air conditioner. In summer, make sure the fan's blades are rotating anti-clockwise for a cooling effect. In winter, the fan should be running clockwise, pushing the warm air down.

15. Use an electric fan
Skip the air conditioning. On hot summer days, place a bowl of ice in front of a fan to cool down.

WATER

16. Fix leaks. Fix leaking taps
One drop per second equals to 7,000 litres of water wasted per year.

17. Instal a filter
Stop buying costly bottled water which adds to the landfill.

LIGHTING

18. Change your light bulbs
Lighting accounts for 15% of your energy bill. Replace old bulbs with ENERGY STAR rated bulbs. Check for rebates. 

19. Sensor lights
Turn lights off outside when not in use.

20. Keep it dark
Light pollution is an increasing problem. Turn off outdoor lights to save energy and encourage night life such as bats and frogs. A single bat can eat tens and thousands of mosquitoes nightly. If you have safety concerns, use motion detector lights - which come on, only as needed.

21. Holiday lights
Use LED lights. 

KITCHEN

22. Replace your fridge
An old energy guzzling fridge costs you about $85 a year to operate. Replace it with an ENERGY STAR Fridge, BC Hydro will rebate you $50. BC Hydro will also not only come and pick up your old fridge for free-of charge, they'll rebate you $30. 

23. Replace your dishwasher
Buy an ENERGY STAR appliance. BC Hydro will rebate you $25. 

24. Replace your freezer
Buy an ENERGY STAR appliance and BC Hydro will rebate you $25. 

BATHROOM

25. Low flow shower
Hot water accounts for 25% of your energy costs. For a $15 investment you can save half the water of a standard shower say experts. 

26. High efficiency or dual flush (you choose the amount of water used) toilets
These are now required in new homes because of water savings. 

OFFICE

27. Use smart strips
Also know as power bars, this lets you power off all equipment at the same time.

28. Buy energy smart electronics
There are rebates available. 

29. Recycle your old electronics
Here's how.

YARD IMPROVEMENT

30. Conserve Water
Fresh water comprises just 3% the world's total water supply, so conserve. Get a rain barrel and harvest water you can use in your garden. Local governments such as Vancouver and Richmond will subsidize the cost. 

31. Drip irrigation
It saves water compared to sprinklers.

32. Elbow grease
Don't power wash your driveway. Sweep it or use a scrub brush and pail.

33. Less lawn
Lawns waste water. Instead conserve and beautify using indigenous plants such as ferns, tiger lillies and hostas.

34. Grow your own
How much more will you spend on food this year. Even a few miniature fruit trees and a small vegetable garden in a raised bed or in containers will help keep you healthey and save you dollars. Lettuce, spinach, tomatoes, cucumbers, strawberries and blueberries thrive in our climate. Here's how.

35. Presever your produce
Invest in home canning jars and equipment and a small freezer and enjoy your produce year round - at considerable savings. Here's how. 

36. Bee friendly
We need bees to polinate, so get a few plant bee friendly annuals such as asters, marigolds, sunflowers, zinnias; or perennials such a clematis, foxgloves, hollyhocks, roses or shrubs such as Buddleia.

37. Go chemical-free
"Get rid of weeds without using chemicals that harm us and our pets," advises REALTOR and Rechmond City counselor, Derek Dang, who led the way to a bylaw banning cosmetic pesticides. His suggestion, "Use dish detergent or weed by hand."

38. Plant fruit trees
They'll give you shade and fruit. Plum, apple, pear and more. 

39. Compost
It will make your garden grow and divert waste from the landfill. 

GREEN AND CLEAN

40. Clean freen
Vinegar, baking soda and lemons clean as well as expensive, chemical filled cleaning supplies for a fraction of the cost.

41. Green Laundry detergent
Use phosphate-free, biodegradable detergent.

42. Upgrade your washing machine
Replace your old washing machine with an ENERGY STAR washer that gets clothes clean using cold water and BC Hydro will rebate you $75. Wait until you have a full load instead of washing clothes as you need them. Clean your lint trap after every use.

43. Install a clothesline
Dryers use a huge amount of energy. 

44. Get a rack
If your neighbourhood or strata prohibits clotheslines, buy a small drying rack.

LIVING GREEN

45. Recycle

46. Buy local
your food doesn't travel long distances, you support local farmers and the local economy and you consume less pesticides.

47. Don't use paper or plastic
Use cloth bags when you shop or reuse your plastic bags.

FINANCING

48. Borrow green
Most financial institutions offer "green" mortgages, including:
• BMO Eco Smart Mortgage offers home buyers a 3.89% rate on qualifying green properties.
• RBC Energy Saver Mortgage gives home buyers a $300 rebate for a home energy audit and five-year 4.34% rate.
• TD Canada Trust offers a Green Mortgage and Green Home Equity line of credit - for each green mortgage TD donates $100 to the TD Friends of the Environment Foundation.
• Vancity offers a Bright Ideas home renovation loan - at prime +1% to home buyers and owners making green renovations.
• The City of Vancouver with Vancity offers a home energy loan program for home buyers and owners makeng energy efficient upgrades and 4.5% fixed rate over 10 years. The loan program is a 12 month pilot project with a goal of 500 homes participating. It will wrap up October 21, 2012. For more information attend a loan info workshop or call 604-374-0507.
• CMHC offers a 10% Mortgage Loan Premium refund a possible extended amortization for buyers purchasing and energy-efficient mortgage or making energy saving rennovations.

RESOURCES

49. Green Tool Kit
BC Real Estate Association's Green Tool Kit provides information, references and links. It also provides comprehensive information of rebates and incentives.

COMING SOON

50. Loan programs
Pay-as-you-Save (PAYS) loan program will help home owners and businessed finance energy efficiency improvements through a loan from BC Hydro or FortisBC. Expected to launch in 2012. 

February 6, 2012, Real Estate Board of Greater Vancouver Article 

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.

These changes can be viewed by clicking here.

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.

Warmest cheers!

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.

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.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year's total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in
December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868. Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.