REBGV Board Chair Ray Harris returns this month with a look at the housing market in 2014 in our year-end review.

 



For more news and statistics visit us at http://www.rebgv.org


Follow REBGV at http://www.facebook.com/REBGV and on Twitter at http://www.twitter.com/REBGV.

 

Here's' to a wonderful 2015!

 

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November 2014 Housing Market Update

Here is the Real Estate Board of Greater Vancouver monthly housing update:

 

In this month's stats video, REBGV Vice-president Dan Morrison takes a broader look at the housing market in terms of where we are now and where we may be headed next year.

 

 

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An overview of the housing market in the Greater Vancouver area for October 2014. In The REALTOR® View segment of the video, Vice-President Dan Morrison shows us which communities are seeing the largest spikes in home buyer activity.

 



For more news and statistics visit us at http://www.rebgv.org

 

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From the Real Estate Board of Greater Vancouver:



Buyers and sellers with signed contracts that are legally binding have many contractual obligations. Here are a few examples.

Included items

The standard form, Contract of Purchase and Sale, contains this clause:


“The Purchase Price includes any buildings, improvements, fixtures, appurtenances and attachments thereto, and all blinds, awnings, screen doors and windows, curtain rods, tracks and valances, fixed mirrors, fixed carpeting, electric, plumbing, heating and air conditioning fixtures and all appurtenances and attachments thereto as viewed by the Buyer on the date of inspection...” (Clause 7: Included items).

 

The contract provides a space for additional items that are to be included or excluded, for example, washing and drying machines, curtains or even a stone garden bench.

 

If you are a buyer, and you have specified items that you want to be included in the contract and if these items have been removed when you take possession of your home, then talk to your REALTOR® and/or your lawyer as to whether the seller has breached Clause 7 of the contract.

Property condition

The standard form Contract of Purchase and Sale contains this clause:


“The Property and all included items will be in substantially the same condition at the Possession Date as when viewed by the Buyer...” (Clause 8: Viewed).

 

If the property’s condition is different when you take possession of your property, talk to your REALTOR® and/or your lawyer as to whether the seller has breached Clause 8 of the contract.

Other commitments

Buyers may impose a specific obligation on the seller, for example, to make repairs or to clean the property prior to the closing. Examples could include shampooing carpets, power washing the driveway, removing garbage and unwanted items, cutting lawns, and repairing fences.

 

Sellers (and buyers) are obligated to keep their contractual commitments. If a contractual commitment has been breached, consider talking to your REALTOR® and/or your lawyer as to your options.

 

Your REALTOR® and his/her brokerage may be able to help resolve this complaint by contacting the other party’s REALTOR® or brokerage to ask for assistance or to communicate your concerns.

 

Note: Your REALTOR® cannot force the other party to do what they said they would do in the contract. For this, you need the assistance of a lawyer or the Courts.

Subject to clauses

Buyers may wish to make “subject to” offers for example; subject to the buyer being able to obtain financing; subject to an inspection of the property and/or subject to legal advice. Sellers can accept an offer subject to the seller being able to find another suitable property within a specified period of time or subject to legal or financial advice. The parties must act in good faith and are expected to make reasonable efforts to satisfy and remove subject clauses from the agreement.

 

Note: A subject clause is not necessarily an “escape clause.” If the other contracting party does not believe you have made an effort to satisfy the subject clause he/she may consider that you have breached your contractual obligations.

Deposits

Deposits are most commonly held in trust by the buyer’s REALTOR®’s brokerage. Once deposit monies have been placed in the brokerage trust account they can only be removed from the trust account with the written approval of the buyer and seller. If the parties cannot agree, the real estate brokerage may pay the monies into court pending legal action that the parties may choose to take.

More information

Professional Standards and FAQs

 

 

I look forward to walking you through this process in person.

 

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Compared to a year ago, houses were selling like hotcakes last month, according to the latest figures from the Real Estate Board of Greater Vancouver.

 

135 houses changed hands at a median price of $956,000 in March, up more than 51 per cent compared to March of 2013 when just 89 houses sold for a median $900,000.

 

But look at another set of numbers, and the picture wasn’t as rosy for March.

 

Fewer houses sold in March than February, continuing a trend since nearer the peak of the market in 2011.

House sales normally pick up during the spring, improving as the weather gets better, with more people listing their houses for sale, according to local realtor Tony Ling.

 

Ling sees today’s market as being more balanced, and that’s a healthy sign.

 

“You cannot have a record year every year,” Ling said, noting that the sales statistics indicate the market is reverting back to the 10-year averages.

 

Sales of condominiums and townhouses remained about the same last month compared to February, with 75 townhomes sold for a median price of $518,000, down slightly from the 79 homes that sold for a median price of $525,000 a month earlier.

 

Condo sales eked up, to 119 sales at a median price of $338,993, up from 116 for a slightly lower median price of $341,415.

 

Regionally, March’s sales were 17.2 per cent below the 10-year sales average for March.

 

“We continue to see steady and stable market conditions across the Greater Vancouver housing market,” said board president Ray Harris.

 

“There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.

 

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This article by OPP Connect editor Adrian Bishop was originally posted on OPP Connect.

 

Prices and volumes in Canada’s two main cities are both rising, the latest figures show, boosted by the promise of spring and a more active market.

 

Volumes in Vancouver, British Columbia, rose by a healthy 40.8 percent year over year to 2,530 Greater Vancouver home sales on the multiple listing service, according to the Real Estate Board of Greater Vancouver (REBGV). The total was in line with the 10-year average.

 

The benchmark average price rose 3.2 percent annually to $609,100 (Canadian), the detached single-family homes fetching $932,900, up 3.5 percent year over year, says the MLS Home Price Index.

 

REBGV President Sandra Wyant says, “Homebuyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market. We typically see homebuyers become more active in and around the spring months.”

 

One reason for the higher pricing could be that there are fewer homes on sale than last year, with 13,412 currently listed, down 9.3 percent from February 2013.

 

 

Total transactions in all major property types achieved impressive annual increases in volume.

 

Sales of detached properties in February 2014 reached 1,032, up 46.6 percent from 704 in February 2013, but down 6.3 percent from February 2012.

 

Sales of apartment properties reached 1,032, up 35.8 percent from last year and 1.2 percent from February 2012. The benchmark value rose 3.6 percent annually to $373,300.

 

Attached property sales in February 2014 totaled 466, up 39.9 percent from February 2013, and up 9.9 percent from February 2012. The benchmark price rose 0.6 percent year over year to $458,300.

 

The sales-to-active-listings ratio in Greater Vancouver is 18.9 percent, up a 4.9 percent from January 2014.

 

- See more at: http://www.inman.com/2014/03/07/spring-has-sprung-in-toronto-and-vancouver-canadas-biggest-housing-markets/#sthash.jNQ2Ok1Q.dpuf

 

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Here is the Real Estate Board of Greater Vancouver Year End Housing Market Update for December 2013 with REBGV President Sandra Wyant.

 

 

 

"Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade", Sandra Wyant, REBGV president said.

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said. - See more at: http://www.rebgv.org/monthly-reports?month=December&year=2013#sthash.D21HeFGU.dpuf

 

For more news and statistics visit us at http://www.rebgv.org.

 

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Lower Mainland real estate markets so far aren't keeping pace with this year's gains in the stock markets.

 

The Real Estate Board of Greater Vancouver said its composite benchmark price for all residential properties was $600,700 in October – a 0.5 per cent drop from a year ago. Attached duplexes and townhomes were virtually unchanged, while detached houses were down 0.5 per cent year-over-year and apartments were down 0.9 per cent.

 

The Fraser Valley Real Estate Board (FVREB), which includes Surrey, White Rock and North Delta, reported its benchmark detached house price was up 0.8 per cent to $546,900 from a year ago, while townhouses were down 0.5 per cent and apartments are down 2.2 per cent.

 

“What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago," said FVREB president Ron Todson, who also cited stable inventory levels and the current two-month average wait for a home to sell.

 

 

The broad Canadian stock market index is up 10 per cent from one year ago, while the U.S. S&P 500 is closing in on a 30 per cent year-over-year gain.

 

 

Reposted from the abbynews.com.

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