February 2017 Market Summary | Real Estate Board of Greater Vancouver

Source: February 2017 Market Summary | Real Estate Board of Greater Vancouver

How to Avoid Key Risks when Buying a Condo

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Worried that the condo you buy will have hidden traps and expenses? Here’s what you need to do to go ahead with peace of mind

 

If you’re embarking on the purchase of a resale condo unit, there are a number of factors to take into consideration to ensure you are buying a sound property. Follow these pieces of advice and you can go ahead with peace of mind.

Condominium unit inspection

The details of each building inspection depend on the municipality and on the individual building inspector. If you are purchasing a condominium, make sure your inspector specializes in condominium inspections. The building inspector should look at the unit’s plumbing and electrical systems, appliances, and all exposed areas such as balconies, patios, and decks. Depending on your budget, you can also ask the inspector to report on the electrical room, boiler room, roof, parking space or garage, and storage space. Inspectors will also inspect common areas such as hallways, lobby areas, and stairways, if asked to do so. Some building inspectors will also read strata corporation minutes, property disclosure statements, building envelope reports, and engineer reports.

Before you hire a building inspector, ask what services are provided and at what cost. Some inspectors prepare a written inspection report filled with comments and suggestions as well as photos.

What areas of a condominium may need repair?

Two areas of condominium property that may need repair are the interior common areas and the building envelope. The interior common areas are stairwells, hallways, lobby areas, and garages. A building envelope includes all the building components that separate the indoor conditioned space from the outdoor unconditioned space. Samples of building envelope include the exterior walls, foundations, roof, and outside windows and doors. A building envelope failure means that any or all of these areas have water ingress caused by wind, rain, and air pressure.

A problem building envelope may exist if there are visual signs of wood rot, peeling paint, cracked or missing sealants, water flowing down the sides of the building, pools of water on the decks with no drainage system, windows that are wet on the inside. Further, when reading through the minutes, if there is no regular inspection and preventative maintenance program in place, this may be a sign of potential problems.

Protect yourself from a “leaky condo”

“Leaky condo syndrome” has put a serious dent in the home buyer market in some cities, notably Vancouver and Victoria. Your realtor should provide you with a disclosure statement from the seller, minutes, title search, an engineer’s report, and a building envelope report. Have your realtor ask the seller’s agent for a verification of the disclosure statement.

Home buyers must, however, perform their own due diligence with regard to reading the reports and documents provided to them. As the buyer, you must assess whether the property you are interested in may have problems. If English is not your first language, retain a professional translator to help you understand the intricacies of the real estate transaction.

When reading strata corporation minutes, check whether owners or tenants have complained of water coming through windows, balconies, roof, or any exposed part of the building. If you are buying a recently constructed building, you might want to check the developer’s and builder’s credentials and other developments in the community, find out about associations to which they belong, years of experience, certification, track record, and so on.

Further, ask whether the condominium building’s strata council is active in maintaining the building and the property. Is it responding to problems immediately? Is there enough money in the council’s contingency fund to do repairs? What about the management company — is it professional and reliable? Is the building self managed? Are all the issues regarding repairs being dealt with? Find out also how many other units are in the building. The more units in the building, the less you have to pay, if a special assessment were to be made.

What is a special assessment?

A special assessment is the outcome of a specially convened meeting of condominium unit owners who have an extraordinary expense that was not budgeted for in the regular maintenance fees and that cannot be fully covered by the monies in the contingency fund. Special assessments are generally rendered by the condominium corporation to pay for major improvements to the complex such as fixing the roof or repairing the parking garage. They are divided proportionately among the individual units. The amount assessed covers the shortfall and is charged pro rata, in accordance with unit entitlement of the suite of each strata owner.

If a special assessment is forthcoming, you will want to find out who will pay for it. If it is made during the time that the seller is still the owner and the assessment is levied before the completion date, even if the work is to be done after the completion date, it should be stated in the contract of purchase and sale that the seller is responsible for paying the assessment.

If a special assessment is levied after the completion date, including special assessments that are proposed, but not approved, the buyer will pay for this assessment. This detail must be written into the contract of purchase and sale to ensure that there is no misunderstanding between the parties later. If it is known that a special assessment will occur after possession, the unit’s price might be drastically reduced to reflect that the new buyer is taking on the responsibility of paying for the special assessment.

Special insurance coverage is available for special assessments. A condominium endorsement to a leading title insurance company provides coverage for situations in which a special assessment had been contemplated before the policy was issued but the prospective owner was not made aware of it through a status certificate. This type of insurance policy may be a very prudent investment.

Strata documents checklist

Searching for the right condo includes investigating the history and circumstances of that property. Look through the following documents carefully:

❏ Copies of the by-laws/house rules for strata units

❏ Minutes from the last annual general meeting or extraordinary general meeting held since the last annual general meeting

❏ Financial statements (latest approved balance sheet and income statement)

❏ Engineer’s report

❏ Title search

❏ Property disclosure statement for a condominium

❏ Strata plan

❏ Form “B”

Review these documents carefully, because they provide the history of that building. They may reveal potential problems or past problems such as plumbing leaks, complaints of noise from neighbours, theft, or vandalism. They may also reveal sufficient or inadequate monies in the contingency reserve fund

February 2017 Media Stats Package

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March 02, 2017

Low supply continues to limit Metro Vancouver home buyers

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 per cent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

January 2017 Market Summary | Real Estate Board of Greater Vancouver

     // President Dan Morrison provides a summary of the January 2017 housing market statistics.

Source: January 2017 Market Summary | Real Estate Board of Greater Vancouver

http://www.myvancityhome.com

December 2016 Market Summary | Real Estate Board of Greater Vancouver

     // President Dan Morrison provides a summary of the 2016 year-end housing market statistics.

Source: December 2016 Market Summary | Real Estate Board of Greater Vancouver

Federal government changes mortgage insurance rules

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The federal government announced regulation changes for new government-backed insured mortgages today. Effective October 17, 2016, insured homebuyers will have to qualify at the posted five-year qualifying rate. Previously, only variable rate mortgages and mortgages with terms less than five years were subject to a higher qualifying rate.

The qualifying rate is updated weekly and available on the Bank of Canada website. The current rate is 4.64 per cent, about 200 basis points higher than the best bank offered rates.

To qualify for mortgage insurance, a homebuyer’s debt servicing ratio must be no higher than:

• Gross Debt Service – 39 per cent of household income, including mortgage payment, taxes, and heating costs.

• Total Debt Service – 44 per cent of household income, including mortgage payment, taxes, heating costs, and all other debt payments

These changes will apply to new mortgage insurance applications received on October 17, 2016 or later. Mortgage insurance applications received after October 2, 2016 and before October 17, 2016 are also not affected by the rule change, provided that the mortgage is funded by March 1, 2017. Homeowners with an existing insured mortgage or those renewing existing insured mortgages aren’t affected by this measure.

These changes also won’t apply to mortgage loans where:

• the lender made a legally binding commitment to make the loan;

• the borrower entered into a legally binding agreement for the property against which the loan is secured.

The federal government is also instituting new eligibility rules for low-ratio (higher than 20 per cent down payment) mortgages backed by government insurance. As of November 30, 2016, to be eligible for government insurance, new mortgages must meet the following requirements:

1. A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan;

2. A maximum amortization length of 25 years;

3. A maximum purchase price below $1,000,000 when the loan is approved;

4. For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule;

5. A minimum credit score of 600 at the time the loan is approved;

6. A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,

7. A property that will be owner-occupied.

These new criteria, in particular requiring a maximum purchase price below $1 million, will essentially make the majority of single family homes in Metro Vancouver ineligible for government issued insurance for low-ratio mortgages.

The government also announced measures to ensure that the exemption from capital gains tax on the sale of a principal residence is available only in appropriate cases.

Home buyers and sellers face changing market dynamics

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Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).

The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.

Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

Metro Vancouver home sales set an all-time record in 2015

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In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.

The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.

Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.

The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.

With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.

“Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market,” Darcy McLeod, REBGV president said. “Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
     
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.” 
     
December summary
Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.

Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.

Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.

Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.

Five Great Things About Living in … the West End

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Recently crowned the best neighbourhood in Canada, the West End offers many charms. Here are just five of them

With leafy streets, a diverse and friendly population, easy access to the seawall and Stanley Park, and plenty of great restaurants and bars, the West End offers many charms. Perhaps it’s no surprise, then, that it was recently named the best neighbourhood in Canada in the 2015 Great Places in Canada contest. Here are just five of the things both the contest jurors and neighbourhood residents love about Vancouver’s own village by the sea.

1. An Inclusive Community

With its relatively affordable housing considering its central location, and substantial percentage of rental homes, the West End has long been a natural landing place for those new to Canada. It is also known worldwide as the centre of Vancouver’s LGBT community, the largest in Western Canada. The neighbourhood is the site of one of the largest LGBT events in the world, the annual Vancouver Pride Parade and Festival, which attracts up to 650,000 attendees. “The West End’s density is evenly matched by its diversity of residents, and by a strong commitment to creating an inclusive community that prioritizes affordable housing,” contest juror Jaspal Marwah said in the statement announcing the neighbourhood’s win.

2. Stunning Parks and Public Spaces

From the sprawling Stanley Park to the seawall to the beaches, the West End has plenty of spectacular public spaces, providing a natural backyard for all of the neighbourhood’s apartment dwellers (more than 99 per cent of West Enders live in apartments or condo buildings). The Great Places jurors named the West End’s “traffic calming, street furniture, treed promenades, pocket parks and public spaces” as important elements of the neighbourhood’s appeal.

3. Prime Shopping and Dining

The West End has three unique commercial areas: Robson, Davie and Denman Streets. Robson is home to some of the city’s top high-end shopping on one end and Vancouver’s developing “Ramen District” on the other. Davie features plenty of restaurants and bars, and is the epicentre of the city’s LGBT nightlife scene. Denman blends tourist-friendly takeout joints and bike rental shops with local eateries and businesses to create a true community feel with plenty of activity at any time of day.

4. Car-Free Living

Sure, navigating the one-way streets and finding a parking spot can be a challenge. All the more reason to leave the car at home (or eschew owning one at all), as many West End residents do. “The West End makes it easy, safe and inviting for residents to walk and bike to work, to access thriving local businesses and to explore Vancouver’s beaches, trails and Stanley Park,” Marwah said.

5. An Oasis in the City

Those tree-lined streets and easy beach access make it easy to forget the West End is one of the densest neighbourhoods in the third-largest metropolitan area in Canada. Watching the sun set over the A-Maze-ing Laughter sculptures and English Bay beyond, one feels a world apart from the hustle and bustle of the downtown core, and a long stroll through Stanley Park is good for anyone’s soul.

 

Vancouver Homes Sales in 2015 Break Records, Rise 28%: REBGV – See more at: http://www.rew.ca/news/vancouver-homes-sales-in-2015-break-records-rise-28-rebgv

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Highest total of residential property sales for one year on record, says board, and benchmark prices up 33.6 per cent year over year

2015 was a record-breaking year for Greater Vancouver real estate, with sales totalling the most ever recorded, according to Real Estate Board of Greater Vancouver (REBGV) data released January 5.

Sales of residential properties across the year rose 27.8 per cent when compared with the total sales recorded in 2014.

However, the number of homes listed for sale in Greater Vancouver last year increased by just 2.1 per cent year over year. With sales-to-listings ratios of more than 25 per cent for 11 out of 12 months in 2015, it was a strong sellers’ market for much of the year, said the board.

“Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market,” said Darcy McLeod, REBGV president. “Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”

The board also released sales and price index figures for the month of December 2015, which saw an increase in home sales of 33.6 per cent compared with December 2014, and a benchmark price rise of 18.9 per cent year over year to $760,900.

New listings in Greater Vancouver in December rose seven per cent compared with the new listings in December 2014.

 

http://e.infogr.am/greater-vancouver-mls-home-sales?src=embed

Sales and Listings

Greater Vancouver home sales across the year totalled 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014.

In December 2015, Greater Vancouver home sales rose 33.6 per cent year over year to 2,827 units, compared with the 2,116 sales recorded in December 2014. This is an anticipated seasonal decline of 19.8 per cent decrease compared with the 3,524 sales in November 2015.

Broken down by housing type, detached home sales increased 36.4 per cent year over year. Unlike the previous few months, this increase was the fastest growth rate of the three property types. There were 1.136 single-family home sales in December, compared with the 833 sales in December 2014. This was a decline of 14.9 per cent month over month.

Townhomes and other attached properties saw a slightly slowing rate of annual sales growth in December. The 466 units sold represented a 25.6 per cent increase over the 371 units in December 2014, and a 26.7 per cent drop from November.

Sales of condominium-apartments totalled 1,225 in December, an increase of 34.3 per cent compared with December 2014 and once more the property type with the highest total sales. However this was a seasonal drop of 21.1 per cent compared with the previous month.

What’s Up, What’s Down – At a Glance

	Dec/Nov 2015	Dec 2015/Dec 2014
Overall Sales	-19.8%	+33.6%
– Detached	-14.9%	+36.4%
– Attached	-26.7%	+25.6%
– Apartment	-21.1%	+34.3%
New Listings	-40.4%	+7.0%
Current Listings	-25.6%	-41.6%

 

The shortage of property listings unsurprisingly continued in December. The total number of properties listed for sale as of December 2015 in Greater Vancouver stands at 6,024, a 41.6 per cent decline compared with December 2014 and a 25.6 per cent decrease over the previous month.

The total number of Greater Vancouver homes listed for sale last year increased by just 2.1 per cent year over year to 57,249, compared withthe 56,066 properties listed in 2014.

December was the 10th consecutive month that the sales-to-active-listings ratio has been above 30 per cent in Metro Vancouver, meaning that the strong sellers’ market conditions continue to strengthen further.

Benchmark Prices

Metro Vancouver’s combined residential property type benchmark price yet again set a new record in December, now at $760,900. This is an 18.9 per cent increase compared with December 2014 and a 1.1 per cent rise over the price recorded in November 2015.

The price of a Metro Vancouver single-family home increased 24.3 per cent over December 2014 to $1,248,600. This was once again the fastest annual price growth of all the home types.

The benchmark price of a townhome or other attached unit increased 13.6 per cent between December 2014 and 2015 to $543,700.

Continuing the price surge seen in October and November, condo-apartment benchmark prices rose 14 per cent year over year again, to $436,200, reflecting the increase in demand from buyers pushed out of the detached home and townhouse market, and the dramatically rising cost of land for new condominium development.

Greater Vancouver MLS® Benchmark Prices % Change

	Dec 2015	Nov 2015	Dec 2014
Detached	$1,248,600	+x%	+24.3%
Townhome	$543,700	+x%	+13.6%
Apartment	$436,200	+x%	+14.0%