Detached Homes are still seeing the biggest price rises, they are up more than 38 percent since last year, reports the Fraser Valley Real Estate Board.

Demand in the Fraser Valley continued to boom in May, with real estate sales once more the highest ever recorded for that month.  The total sales represented an increase of 47.8 percent compared with last year.  This was still a drop of 3.3 percent compared to April 2016 and not close to the high in March 2016.

Detached homes were up 29.2 percent over last year.  The average number of days on the market to sell a detached home in May 2016 was 16 days.

Townhouse, duplex, and row home sales were up 56.1 percent over last year, however, the total transactions in May were down 2.2 percent compared with April 2016.

The biggest mover in the market was condo-apartment sales which were up 112.6 percent over last year.  Condos were the only housing type to increase month over month at 4.7 percent above April 2016. 

See the full article at REW.ca

- "Doc"

Vancouver's crazy market shows signs of slowing down as some economists and real estate agents saying the peak has passed.

This would be great news to homebuyers who have struggled to win in multiple offers.  

“A few months ago the dogs — the less desirable units that a year ago nobody was bidding on — they were going with multiple offers … that’s definitely slowed,” said Pete Shpak, a Vancouver agent.

“I have seen a couple (homes) lately, though, that I thought would go into multiple offers, but didn’t,” he added.

Prices are still up compared to last couple years, rising 41 per cent in Vancouver according to the Canadian Real Estate Association. (CREA) Prices fell 0.3 per cent in March and 1.0 per cent in April this year. Activity was still up from a year ago.

Check out the full article from the Financial Post

-"Doc" 

The Vancouver market is likely to slow down before it gets too out of control, according to a new housing market outlook by the Canada Mortgage and Housing Corporation issued May 18. The federal housing agency forecast that sales in 2016 will increase only slightly over 2015, and then reduce next year. CMHC also asserted that the dearth of new home listings would ease, as high sales prices encourage more people to list their homes. The outlook added, “The current imbalance between sales and listings is expected to unwind during the next 18 months as sales levels moderate and more listings are added. The steep increases in resale home prices that have resulted from sustained seller’s market conditions are anticipated to draw more listings onto the market”. This will result in average home price growth that continues on its upward trajectory in 2016 but rises at a slower rate in 2017, according to the CMHC. “An expected increase in listings coupled with the return of sales to levels in line with population and employment growth will result in more moderate price growth later this year and in 2017. The average MLS® price in Greater Vancouver increased 26 percent, year-over-year, in the first quarter of 2016.”

Check out the full article from REW.ca

-"Doc"

There have been too many times where a buyer is unaware of an upcoming levy for a repair or a condition in the bylaws they knew nothing about.  As the new owner, you are frustrated that the seller did not inform you of this.  Unfortunately, the buyers often come to realize that the information was in their hands all along but they failed to read all the documents that were given to them.

What to ask for

Most buyers begin with the Information Certificate (Form B), this form discloses:

• -The unit's current monthly strata fees,
• -Money owing by the owner,
• -Any agreements an owner has signed where they have taken responsibility for the cost of any alterations,
• -Amounts owed for a special levy that has already been approved,
• -Projections of deficits,
• -Balance of the contingency fund,
• -Approved bylaw amendments,
• -Any three- quarter votes approved,
• -Any court proceedings,
• -Any judgments or orders against the strata,
• -Work orders or notices on the strata lot,
• -Number of current rentals,
• -Parking stalls and storage lockers allocated to the strata lot,
• -Rules and current budget of the strata,
• -An owner developer's rental disclosure establishing exemptions,
• -The most recent depreciation report.

Digging Deeper

Reading the strata minutes should provide you with a sense of the strata business. Make a list as you read through them writing down any maintenance, emergencies, long-term planning decisions, insurance claims, and funding decisions. You should cross-reference everything you find with all the other documents you are given.  Spending a few hours of your time could end up saving you money in the long run.

Check out the full article from REW.ca

-"Doc"

Spring is here and it’s in full force.  If you are thinking about moving into your dream home, here are four great reasons to consider listing your home and moving into your dream home now, instead of waiting.

1. Buyer Demand is High & Inventory is Low

Recent numbers show that buyer demand is at its highest and inventory sales are low.  Listing your home today can increase exposure to buyers who are out in full force.

2. Prices Will Continue to Rise

CoreLogic predicts that national home values will appreciate by 5.3% this time next year.  Waiting for your current home’s value to increase before selling could price you out of your dream home if you aren’t careful.

3. Mortgage Interest Rates Are Still Near Record Lows

Interest rates are still below 4%.  The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are projecting that rates will rise over the next 12 months. An increase in rates will impact YOUR mortgage payment.  Your housing expenses will be more a year from now if a mortgage is necessary for you to buy your home.

4. It’s Time to Move On With Your Life

The price of a home and the current mortgage rate appear to be on the rise. Think if they weren’t. Would you wait? Look at the actual reason why you are buying and decide whether it is worth waiting. If moving for you and your family is the right thing to do this year, buying now rather than later could lead to substantial savings. 

Check out the full article from keepingcurrentmatters.com

- "Doc"

This East Vancouver home was listed for just under $1.6 million and sold for $567,000 over asking price.  That's 35 per cents above listing price.

With this market no one bats a eye at a million dollar homes, but this set a new high for the Vancouver market.

With this Crazy Market! Bidding wars are becoming more common and house are selling for Crazy Amounts!

Having a knowledgeable and experienced Buyers Agent is curtail in this market.

See the full story on the Huffington Post 

"Doc"

The BC housing market has outperformed most forecasts to date.  Central 1 predicts sales growth of 22 percent this year compared to 2015.  The Credit union expects detached home prices to rise faster at 23 percent.

There is a very high demand for local real estate. Many families that dream of a single family detached home is going to stay just a dream. Buyers are being pushed into the multi-family market.

Housing prices are forecasted to keep rising over the next three years!

Check out the full article from REW.ca

Are you wondering how the new CMHC down payment rules might affect you? See more information here:

 New Down Payment Rules

Qualified borrowers who get approved before February 15, 2016, can still buy with only 5% down. But lenders will likely set their application submission deadlines 1-2 weeks earlier.

People will still pay the same default insurance premiums, based on their overall loan-to-value (e.g., 3.60% of principal for a 5% to 9.99% down payment).

- "Doc"

Listen to "Doc" talk about the challenges of downsizing as a senior here

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 percent increase from the 28,524 sales recorded in 2013, and a 32.3 percent increase over the 25,032 residential sales in 2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 percent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four percent decline compared to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 percent increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 percent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 percent over the same period.”

DECEMBER SUMMARY

Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 percent from the 1,953 sales recorded in December 2013 and a 15.9 percent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 percent increase compared to the 1,856 units listed in December 2013 and a 37.4 percent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 percent decline compared to December 2013 and a 17.8 percent decrease compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 percent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased by 8.1 percent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 percent compared to the 850 sales in December 2013. The benchmark price of an apartment property increased 3.5 percent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 percent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 percent between December 2013 and 2014 to $476,800.

- "Doc"