The latest Fraser Valley Real Estate Statistics for Home Sales in the Fraser Valley market area are available. This information is produced by the Fraser Valley Real Estate Board.

 

Lower inventory keeps home prices in check as ‘slow but steady’ market continues

 

SURREY, BC – In March, the Fraser Valley Real Estate Board processed 1,128 sales on its Multiple Listing Service® (MLS®), a 20 per cent decrease compared to the 1,412 sales during the same month last year, and a 24 per cent increase compared to February’s 913 sales.

 

The Board also received 11 per cent fewer new listings in March compared to last year – 2,736 compared to 3,066 – keeping inventory in check. March finished with 9,503 active listings, 1.5 per cent fewer than March of last year and 3.5 per cent fewer than the 9,832 available during March of 2009; the highest volume of active listings for that month in the last decade.

 

Ron Todson, President of the Board, explains, “Although we saw a typical spring uptick in activity from February to March, our sales remained at about 70 per cent of the norm for March and our new listings came in at 90 per cent of what the Board would typically receive.

 

“Because inventory levels are in check, prices are staying in check.”

 

In March, the benchmark price of single family detached homes in the Fraser Valley was $544,300, an increase of 0.6 per cent compared to $541,300 during the same month last year. For townhouses, the benchmark price was $298,200, a decrease of 1.7 per cent compared to $303,400 in March 2012 and the benchmark price of apartments was $204,200, an increase of 0.8 per cent compared to $202,500 in March 2012.

 

Todson adds, “Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or ‘typical’ home. These are homes that have characteristics most common to houses in a given community.

 

“In fact, we’re seeing the reverse happen. Benchmark prices for all three main property types in the Fraser Valley increased in value during the first quarter of 2013. Since January, detached homes are up by 1 per cent, townhomes by 0.6 per cent; and apartments by 2 per cent.”

 

Take a look at the latest Fraser Valley Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.

 

See the full Real Estate Statistics Package for the month of March 2013









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The latest Greater Vancouver Real Estate Statistics for Home Sales in the Vancouver market area are available. This information is produced by the Greater Vancouver Real Estate Board.

 

VANCOUVER, B.C. – April 3, 2013 – Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013.

 

This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

 

“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.

 

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 per cent below the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013.

 

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:

 

• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST; and

• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.

 

These reduced tax rates apply to transactions payable on or after April 1.

 

Take a look at the latest Greater Vancouver Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.

 

See the full Real Estate Statistics Package for the month of March 2013








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The latest Greater Vancouver Real Estate Statistics for Home Sales in the Vancouver market area are available.  This information is produced by the Greater Vancouver Real Estate Board.

 

Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.

 

 “Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.

 

The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.

 

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.

 

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2013.

 

Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.

 

Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.

 

 

Take a look at the latest Greater Vancouver Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood.  You can reach me directly at 604.715.3900 or email me at judy@judysehling.com.  If you would like to receive this information monthly to your inbox, subscribe to my News Letter.

 

 

See the full Real Estate Statistics Package for the month of February 2013


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The latest Fraser Valley Real Estate Statistics for Home Sales in the Fraser Valley market area are available.  This information is produced by the Fraser Valley Real Estate Board.

 

  

Positive signs Fraser Valley housing market is starting to move.


 

Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early spring’ surge, increasing by 48 per cent in one month going from 617 sales in January to 913 last month.

 

Based on February’s increase in activity, Ron Todson, President of the Board, is guardedly optimistic, “We’re seeing signals that the stand-off between buyers and sellers over the last six months is coming to an end.

 

“Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”

 

Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6 per cent compared to 2012.

 

“As your REALTOR® will explain, each market is different. Right now, the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are steady in North and Central Surrey as well as Cloverdale.

 

“One commonality amongst these areas and property types is greater affordability. What’s not doing well generally anywhere in the Fraser Valley is sales of higher-end homes unless they are priced competitively.”

 

In February, it took on average 49 days to sell a detached home compared to 64 days in January. Townhomes took 60 days on average to sell compared to 72 days the month before and apartments spent an average of 66 days on the market in February compared to 83 days in January.

 

Take a look at the latest Fraser Valley Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood.  You can reach me directly at 604.715.3900 or email me at judy@judysehling.com.  If you would like to receive this information monthly to your inbox, subscribe to my News Letter.

 

See the full real estate statistics package for the month of February here.




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Holidays in February 2013

 

Groundhog Day ―Saturday, February 2, 2013

Many Canadians take the time to observe Groundhog Day on February 2 each year, which is also Candlemas. Groundhog Day in Canada focuses on the concept of a groundhog coming out of its home in mid-winter to “predict” if spring is on its way in the northern hemisphere.

 

Family Day ― Monday,  February 11, 2013.

Many British Columbians have the holiday off, but some federal and private sector employees still have to work.

Family Day was first held in Canada in the province of Alberta in 1990. It is supposed to reflect the values of family and home that were important to the pioneers who founded Alberta, and give workers the opportunity to spend more time with their families. Family Day was introduced in Saskatchewan in 2007 and in Ontario in 2008. British Columbia observes Family Day as a statutory holiday for the first time in 2013. One of the reasons for introducing Family Day was that there was a long period when there were no holidays from New Year's Day until Good Friday.

 

Chinese New Year ―Sunday, February 10, 2013

Many people in countries such as Canada celebrate Chinese New Year, also known as the Spring Festival or the Lunar New Year. It marks the first day of the New Year in the Chinese calendar.

Chinese New Year is a vibrant and festive occasion for many people in Canada. This event can last for many days and often includes various festivities such as street parades and festivals featuring dancing, traditional Chinese costumes, firework displays, food stalls, and arts and crafts.

   

Carnival/Shrove Tuesday ―Tuesday, February 12, 2013

Shrove Tuesday, also known as Pancake Tuesday, is the last day before the long fast for Lent for some Christians in Canada. It often coincides with or falls close to the dates for the winter carnival celebrations that occur in the January/February period.

Shrove Tuesday is also known as Pancake Day in some parts of Canada.  Pancakes are traditionally eaten on this day and are sometimes served with maple syrup. Carnivals or Mardi Gras festivals are also held around this time of the year. These celebrations have been held in cities such as Winnipeg and Québec over the years.

   

Ash Wednesday ―Wednesday, February 13, 2013

Many Christians in Canada mark Ash Wednesday as the first day of Lent. It is the beginning of the Lenten fast and is the day after Shrove Tuesday.

Many churches in Canada hold special Ash Wednesday services for their congregations. It is a time when people who seek penitence for their wrongdoings are marked with the sign of the cross, from blessed ashes, on their forehead

   

Valentine's Day ―Thursday, February 14, 2013

Valentine's Day is an opportunity for people in Canada to tell somebody that they love them in a romantic way. It falls on February 14, the name day of two saints, St Valentine of Rome and St Valentine of Terni. In pre-Christian times, the middle of February was a time of pagan fertility festivals in Europe and allegedly the time when birds chose a mate.

Many people send letters, cards, presents and gifts to the person with whom they have or want to have a romantic relationship. Valentine's Day cards are often red or pink and decorated with images of hearts, red roses, teddy bears, presents or happy couples kissing or embracing. They may be in brightly coloured, perhaps pink or red, envelopes.

   

National Flag of Canada Day ―Friday, February 15, 2013

The national flag of Canada was inaugurated on February 15, 1965. The anniversary of this date is officially called the "National Flag of Canada Day", which is often shortened to "Flag Day".

The Canadian national flag, also known as the "maple leaf flag", is flown on many buildings, including private homes on National Flag of Canada Day. Some people wear pins in the form of the flag. Many schools often hold special lessons on the Canadian national flag and its history around this time of the year.

 

Purim ―Sunday, February 24, 2013

Purim is a happy holiday in the Jewish calendar and is associated with costumes, hilarity, food, and fun. Many Jewish Canadians remember the dangers that their ancestors faced in exile and they celebrate the miracle of their existence every Purim.

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January home sales remain quiet

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,351 on the Multiple Listing Service® (MLS®) in January 2013. This represents a 14.3 per cent decrease compared to the 1,577 sales recorded in January 2012, and an 18.3 per cent increase compared to the 1,142 sales in December 2012.

 

Last month’s sales were the second lowest January total in the region since 2001 and 18.7 per cent below the 10-year sales average for the month.

 

“Home sale activity has been below historical averages in Greater Vancouver for about seven months. This has caused a gradual decline in home prices of about 6 per cent since reaching a peak last spring,” Klein said.

 

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.9 per cent to $588,100. This represents a 2.8 per cent decline compared to this time last year.

 

“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” Eugen Klein, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,128 in January. This represents a 10.9 per cent decline compared to the 5,756 new listings reported in January 2012. Last month’s new listing count was 18.9 per cent higher than the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,246, a 5.6 per cent increase compared to January 2012 and a 4.5 per cent decline compared to December 2012. This is the fourth consecutive month that overall home listings have declined in the region.

 

“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Klein said.

 

With the sales-to-active-listings ratio at 10.2 per cent, the region remains in buyers’ market territory. Since June, this ratio has ranged between 8 and 11 per cent.

 

Sales of detached properties in January 2013 reached 542, a decrease of 17.8 per cent from the 659 detached sales recorded in January 2012, and a 31.7 per cent decrease from the 793 units sold in January 2011. The benchmark price for detached properties decreased 3.1 per cent from January 2012 to $901,000. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.9 per cent.

 

Sales of apartment properties reached 576 in January 2013, a decline of 12.3 per cent compared to the 657 sales in January 2012, and a decrease of 19.2 per cent compared to the 713 sales in January 2011. The benchmark price of an apartment property decreased 2.9 per cent from January 2012 to $358,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.6 per cent.

 

Attached property sales in January 2013 totalled 233, a decline of 10.7 per cent compared to the 261 sales in January 2012, and a 25.6 per cent decrease from the 313 attached properties sold in January 2011. The benchmark price of an attached unit decreased 1.7 per cent between January 2012 and 2013 to $449,900. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 7.7 per cent.

Download the complete stats package by clicking here.

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According to the Fraser Valley Real Estate Board:


Home sales slow to near historic levels in Fraser Valley as buyers watch and wait from the sidelines


SURREY, BC – A total of 617 sales were processed through the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in January, a decrease of 23 per cent compared to 799 sales during the same month last year. January 2013 ranks as the second slowest for that month in the last thirteen years, second only to January 2009 during the global recession.


Scott Olson, president of the board, says there is a distinction between what REALTORS® saw four years ago compared to today. “People want to buy. We’re already seeing early signs of a typical spring market with more foot traffic at open houses and an increase in calls.


“Buyers have been holding off in hopes that prices will drop more, however it’s become clear that sellers are only willing to go so far. Prices for typical homes in the Fraser Valley have decreased by only two to three per cent in the last six months and in January we’re starting to see a reversal of that – in half of our communities prices have crept back up.”


Olson suspects the market stalemate may be coming to an end. “The number one reason people buy a home is a
lifestyle decision – you need a bigger home, a smaller one, closer to work or school – so when the right home comes along you can only wait so long.


“With interest rates as low as they are, our local economy as strong as it is and prices so tenacious I think we’ll see the effects of this pent‐up demand and a return to more balance in the market.”


In the last six months, prices for all three residential property types combined have decreased by 2.5 per cent while year over year they’re on par, showing an increase of 0.7 per cent. Of the three property types, prices of single family detached homes have been the most resilient, increasing 1.5 per cent in the last year going from $532,700 in January 2012 to $540,500 last month.


For townhouses, the benchmark price in January was $293,700, a decrease of 2.0 per cent compared to $299,800 during the same month last year. The benchmark price of apartments in Fraser Valley in January was $200,400, an increase of 1.2 per cent compared to $198,000 in January 2012.


REALTORS® added 2,643 new listings in January, 4 per cent fewer than the same month last year. This decreased the number of properties available in the Fraser Valley to 8,031, a decrease of 3.5 percent compared to January 2012. By historical comparison, January 2013 ranks as the third highest in terms of active listings in the last decade.

 

See the full statistics package for January here.

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B.C. First-Time New Home Buyers' Bonus

The B.C. First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000.
 
B.C. residents who are first-time home buyers and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 may be eligible for this bonus. 
 

A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world.

 

A primary residence is generally a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence.

Qualifications

You may qualify for the bonus if you meet all of the following criteria:
  • You purchase or build an eligible new home in B.C.
  • You and your spouse or common-law law partner are first-time home buyers
  • In the case of multiple buyers of a home, each buyer is a
    first-time home buyer
  • You file a 2011 B.C. resident personal income tax return or, if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal tax return (you are not eligible for the bonus if you move to B.C. after December 31, 2012)
  • You are eligible for the B.C. HST New Housing Rebate
  • You intend to live in the home as your primary residence
  • No one else has claimed a bonus for the home

Eligible New Homes

Eligible new homes include:

  • new homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder
  • owner-built homes

A substantially renovated home is one where all, or substantially all, of the interior of the building has been removed or replaced. Generally, 90% or more of the interior must be renovated to qualify.

Eligible homes include detached houses, semi-detached houses, duplexes and townhouses, residential condominium units, mobile homes and floating homes, and residential units in a cooperative housing corporation.

Newly constructed and substantially renovated homes

The bonus is available for newly constructed and substantially renovated homes in B.C. purchased from a builder, where:

  • a written agreement of purchase and sale is entered into on or after February 21, 2012 and before April 1, 2013, 
  • HST is payable on the purchase, and
  • ownership or possession of the home is transferred before
    April 1, 2013.

Owner-built homes

The bonus is available for new owner-built homes, where:

  • a written agreement of purchase and sale for the land is entered into on or after February 21, 2012, and
  • construction of the home is substantially complete, or the home is occupied, before April 1, 2013.

Bonus Calculation

The bonus is equal to 5% of the purchase price of the home or, in the case of owner-built homes, 5% of the land and construction costs subject to HST.  The maximum bonus is $10,000.

The bonus is reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula.

  • For single individuals, the bonus is reduced by 20¢ for every dollar in net income over $150,000.  The bonus is reduced to zero at $200,000 income.
  • For couples, the bonus is reduced by 10¢ for every dollar in family net income over $150,000.  The bonus is reduced to zero at $250,000 family net income.

Claiming the Bonus

If you claimed the B.C. HST New Housing Rebate, you can apply for the bonus by completing the Application for the B.C. First-Time New Home Buyers’ Bonus (FIN 520) (PDF).  

If you are married or have a common-law spouse, your spouse must complete the Schedule A – Certificate B.C. First-Time New Home Buyers’ Bonus (FIN 520A) (PDF). In the case of multiple buyers of a new home, the other co-owners must also complete the Schedule A.

Please note: The person who claimed the B.C. HST New Housing Rebate is the person who must complete the Application for the B.C. First-Time New Home Buyers’ Bonus.

Penalty for False Declaration - make sure that you understand the consequences of making a false declaration. If you knowingly make or participate in making a false statement that results in an excess bonus amount, you may be charged an amount equal to double the amount of the bonus (the bonus plus a penalty equal to the bonus amount).

You must file your application for the bonus on or before March 31, 2015.

You will need to provide the following documentation with your application.

  • A copy of your Notice of Assessment of Income Tax for the eligible tax year.
  • A copy of your spouse or common-law partner’s Notice of Assessment for that year.
  • A complete copy of:A copy of the final, signed purchase and sale agreement for your eligible new home, and/or the land, mobile home or floating home.
    • your GST/HST New Housing Rebate Application for Houses Purchased from a Builder (Form GST 190), including the GST 190 British Columbia Rebate Schedule (Form RC7190-BC) or
    • your GST/HST New Housing Rebate Application for Owner-Built Houses (Form GST 191) including the GST 191 British Columbia Rebate Schedule (Form RC7191-BC).
  • A completed and signed Schedule A – Certification of B.C. First-Time New Home Buyers’ Bonus (FIN 520A) for each co-owner and/or your spouse or common-law partner. A completed schedule must be included for your spouse or common-law partner even if he or she is not an owner of the home.

For owner-built homes, you must keep receipts for all construction costs.

The bonus will be issued after all supporting information is received and your claim has been reviewed. If your claim is adjusted or denied, an explanation will be provided in writing (Notice of Determination). 

Appeals

You have the right to appeal:

  • Denied or reduced bonuses
  • Penalties

To appeal, send written notice to the Minister of Finance within 90 days of the date on the Notice of Determination. If sent by mail, the appeal is considered to have been received by the ministry on the day it was mailed. A separate appeal must be filed for each Notice of Determination you are disputing.

The appeal must be in writing and sent or faxed to:

Minister of Finance
Tax Appeals and Litigation Branch
PO Box 9629 Stn Prov Govt
Victoria BC  V8W 9N6
Fax Number:  250-387-5883

Be sure to clearly state the following:

  • Your name, address and telephone number
  • The decision in dispute
  • The reasons for the appeal
  • The facts on which the appeal is based

If someone is representing you, or you are representing the taxpayer, a signed Authorization (FIN 87) (PDF) allowing us to discuss the matter with the representative must be provided.

Once an appeal is received, the Minister will consider the matter and notify you in writing of the decision.

Please note:  If you’ve been charged a penalty or required to repay all or part of the bonus, you have to pay these amounts even while they’re under appeal. You should direct any questions about payment of these amounts to the number listed on your Notice of Determination.

Legislation

The following legislation applies to the First Time Home Buyers’ Bonus:

Source: http://www2.gov.bc.ca/gov/topic.page?id=0778BC0286DC4B1DAFEF090568064BB0&title=B.C.+First-Time+New+Home+Buyers%27+Bonus

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Depreciation Reports, Contingency Reserve Funds and Special Levies

 

 

Depreciation Reports

 

Strata corporations are required to obtain depreciation reports by December 14, 2013 (two years from the effective date of the new requirement) or hold a ¾ vote to waive the requirement.

A depreciation report helps strata corporations plan for the repair, maintenance and replacement of common property, limited common property and common assets. The report must contain:

A physical inventory of the common property including building systems.

Anticipated maintenance, repair and replacement costs for common expenses projected over 30 years.

A financial forecasting section that contains at least three cash flow funding models for the contingency reserve fund (CRF).

 

Depreciation reports provide useful information to strata lot owners and can help prospective purchasers, mortgage providers and insurance companies. Depreciation reports are also known as reserve fund studies in other jurisdictions.

 

Strata corporations that do not need depreciation reports:

a) Strata corporations with four or fewer units

b) Strata corporations that exempt themselves by passing an annual ¾ vote.

 

Updates

Depreciation reports must be renewed every three years. If a strata corporation has already obtained a depreciation report, which meets the new requirements, it will have three years to obtain another report.

 

How much do depreciation reports cost to prepare?

The cost would vary depending on the size of the strata corporation, the complexity of the development and who is hired to do the report – there are too many variables to estimate the costs with any certainty. The initial depreciation report usually costs more than subsequent updates. The cost, relative to the assets, is low and provides real value for owners and purchasers.

 

What must be included in a depreciation report?

A physical component inventory and evaluation of applicable components as outlined in the Strata Property Regulation 6.2. Examples of the components that are to be reviewed for the depreciation report. (This is not a complete list and not all strata corporations will have all the components listed):

the building structure;

the building exterior including roofs, decks, doors and windows;

building systems such as electrical, plumbing, heating, fire, protection and security;

common amenities and facilities. (For example, a pool, exercise room, guest house);

parking facilities and roadways;

utilities, including water and sewage;

landscaping, including paths, sidewalks, fencing and irrigation;

interior finishes including floor covering and furnishings;

green building components; and

balconies and patios.

A financial forecasting section that includes:

a projection of the anticipated maintenance, repair and replacement costs for the next 30 years and the factors and assumptions used, including interest rates and inflation rates;

at least 3 cash-flow funding models over 30 years;

the current balance of the contingency reserve fund (CRF) and how it is funded.

A summary of the repair and maintenance work to be done (other than on an annual basis) over the next 30 years;

The date of the report, the qualifications of the author(s) of the report, their relationship, if any, to the strata corporation and information on any errors and omissions insurance.

Any other appropriate information or analysis.

The report must also identify those parts of the common property and limited common property, if any, that individual owners are responsible to repair and maintain.

 

The person, or team, preparing the depreciation report must conduct an on-site visual inspection of the strata corporation’s building(s) and components; review both the common and limited common property; as well as any part of the strata lots that the strata corporation, by bylaw, is responsible to repair and maintain.

 

How to prepare for a depreciation report

Strata corporations may want to consider the following steps:

Prepare Basic Information: Initially you will need to provide information on total units, year built, floors, and general building systems information – such as elevators, etc.

Do some research: Talk to other strata corporations similar to yours, review best practices and materials from strata owner associations and websites. (See Resources Section at the end of this guide). Write down all the questions you want to ask prospective firms or individuals. You can also check if the depreciation report will be available electronically and thus easier to update.

Gather relevant documents: You will need to provide documents that include those related to repair, maintenance, inspection, agreements with owners about repairs to strata lots, common property or limited common property, as well as financial records and the strata’s bylaws.

 

Who is qualified to prepare the depreciation report?

The Strata Property Regulation does not specify who must prepare a depreciation report. The knowledge and expertise required to prepare a depreciation report for a six-plex may be considerably different than the qualifications and expertise required to prepare a depreciation report for a highrise residential tower with its own power generating plant, airspace parcel and underground parkade.

The person (or team) preparing the depreciation report must have the expertise to:

understand the scope and complexity of the common property, limited common property, and common assets including individual components and their condition and life expectancy;

provide the financial forecasting required; and

understand the strata corporation’s bylaws and any agreements entered into with owners respecting common property and strata lots.

 

It is possible that for some strata corporations, the expertise and knowledge may exist among the strata lot owners to prepare the depreciation report or assist the qualified person or team in preparing the report. The strata lot owners and strata council should carefully consider the responsibilities and risks involved in having a strata lot owner(s) prepare a depreciation report.

To find the right person or team to prepare your report, start by consulting with your Strata Property Manager, if your building has one. You can also ask for recommendations from other Strata Corporations similar to yours and look online at best practice guides offered by strata organizations. Make a list of qualified individuals firms and invite bids or proposals. Don’t forget to check for references.

 

Recordkeeping

Depreciation Reports and Form B (the Information Certificate):

The most recent depreciation report, if any, must be attached to the Form B.

Retaining Depreciation Reports and other related materials

Under section 35 of the Strata Property Act the strata corporation must retain:

any depreciation reports obtained by the strata corporation under section;

any reports obtained by the strata corporation respecting repair or maintenance of major items in the strata corporation, including, without limitation, engineers’ reports, risk management reports, sanitation reports and reports respecting any items for which information is, under section 94, required to be contained in a depreciation report;

the records and documents referred to in section 20 or 23 obtained by the strata corporation. These are documents provided to the strata corporation by the owner developer.

 


 

Contingency Reserve Fund

Strata corporations must have a contingency reserve fund (“CRF”) to pay for common expenses that:

usually occur less often than once a year; or

do not usually occur.

 

 

Minimum Contributions

The CRF must have a minimum balance of 25% of the operating fund for the fiscal year. If the amount in the CRF is less, the strata corporation must contribute at least 10% of the total contribution to the operating fund for the current year until the 25% minimum is reached.

Please NOTE: This statutory minimum level for the CRF has no relationship to repair and maintenance costs over the longer term. These costs are reflected in a depreciation report; not the operating budget.

Strata owners may now make contributions to the CRF (above the minimum) by simple majority vote as part of the budget approval process and with consideration to the depreciation report. (Previously a ¾ vote was required to make contributions to the CRF if the balance in the CRF was above 100% of the operating budget).

 

Expenditures from the CRF

Expenditures from the CRF must be:

approved by a ¾ vote at an annual or special general meeting; and

consistent with the purpose of the CRF.

 

An unapproved expenditure from the CRF will only be permitted:

if the expenditure is necessary to ensure safety or prevent significant loss or damage; and

if the expenditure does not exceed what is required to ensure safety or prevent loss or damage; or

if the expenditure is for the purpose of paying an insurance deductible required to repair or replace damaged property.

 

If an unapproved expenditure occurs a strata council must inform owners as soon as possible about the expenditure unless the expenditure was to pay for an insurance deductible.

 

Investing and Managing the CRF

The CRF can be invested or held:

in insured accounts with savings institutions in British Columbia

in those investments permitted by Strata Property Regulation 6.11.

 

When the sale of a strata lot occurs, the seller is not entitled to a return of contributions to the CRF.

 


 

Special Levy


A special levy is money collected from strata lots for a specific purpose. It is in addition to the strata fee.

Strata lot owners may be required to pay special levies when:

the expenditure has not been included in the annual budget because it was either not anticipated or because of the infrequency of the expense;

there are insufficient funds in the CRF; or

a decision is made not to use monies from the CRF.

 

Approving and Contributing to a Special Levy

A resolution for a special levy must be developed and submitted for approval at a general meeting. A resolution approving a special levy must state:

the purpose of the levy;

the total amount of the levy;

the method for determining each strata lot’s

share of the levy;

the amount each strata lot must pay; and

the date(s) by which the levy must be paid.

 

A ¾ vote is necessary to approve a special levy if contributions to the levy are apportioned in the same way as strata fees are apportioned, which is usually by unit entitlement. However, a unanimous vote is required if contributions to the levy are apportioned by a fair division of the particular expense rather than in the same way that strata fees are apportioned.

When a strata lot is sold: if a special levy is approved before the strata lot is conveyed to the purchaser:

the seller will owe the strata corporation the portion of the levy that is payable before the date the strata lot is conveyed to the purchaser; and

the purchaser will owe the strata corporation the portion of the levy that is payable on or after the date the strata lot is conveyed.

 

Expenditures and Uses of a Special Levy

Monies collected for a special levy must only be spent for the purpose of the special levy. The strata council must also inform owners on how monies raised from a special levy have been spent.

The special levy can be used to secure a strata corporation loan by approval of a ¾ vote.

 

Excess Funds

The strata corporation must return excess funds from a special levy to each owner of the strata lot proportional to the contribution made to the special levy in respect of that strata lot, if there is at least one owner entitled to more than $100. If no owner is entitled to more than $100, the strata corporation may deposit the excess funds in the CRF.

 

Investing and Managing the Special Levy

Similar to the CRF, the special levy can be invested or held:

in insured accounts with savings institutions in British Columbia

in those investments permitted by Strata Property Regulation 6.11

 

The special levy must be accounted for separately from other monies held by the strata corporation or separate section and include any interest or income earned on the special levy.

 

Charging Interest on Late Payment of a Special Levy

A strata corporation may, by bylaw or by a resolution approving a special levy establish a rate of interest not to exceed the rate set out in the regulations, to be paid if the owner is late in paying his or her strata lot’s share of the special levy.

The interest payable is not a fine and forms part of the special levy.

 

 Source: http://www.housing.gov.bc.ca/pub/stratapdf/Guide12_Depreciation%20Reports.pdf

 

 

 

 

Disclaimer: the Strata Property Act is periodically updated. This guide is provided for the reader’s convenience; they are not a substitute for professional advice including legal advice. Please note: the Standard Bylaws can be amended.

 

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Fraser Valley real estate sales at lower levels in 2012

According to the Fraser Valley Real Estate Board:
 

Fraser Valley’s real estate market in 2012 will be remembered as the year buyers and sellers took a breather reflecting quieter sales, an average number of new listings and prices overall remaining flat. 

The president of Fraser Valley’s Real Estate Board, Scott Olson, says, “The last half of 2012 was like a Mexican stand-off. Buyers kept hoping for greater price drops while sellers who didn’t have to sell just took their home off the market rather than lower their price. 

“With the economy so stable, we’re not in a situation where people have to sell their home, so they’re not.  It’s a very different market than in 2008 when listings were at an all-time high and sales were at historical lows.”

The Board’s Multiple Listing Service® processed 13,878 sales in 2012 compared to 15,529 the previous year, a decrease of 11 per cent, while the number of new listings remained about the same – 31,009 in 2012 compared to 31,592 in 2011. Over the year, the number of active listings for buyers to choose from dropped by 3 per cent going from 7,399 properties in December 2011 to 7,187 in December 2012.

Although 2012 ranks the second slowest year for sales in Fraser Valley since 2003, the volume of new listings finished in the middle of the pack.  Scott Olson, says, “Inventory levels are down, which is a sign of a healthy market where insufficient demand leads to reduced supply. This is also keeping prices in most areas either flat or down only slightly.”

In December, the benchmark price of a detached home in the Fraser Valley was $539,000, an increase of 1.2 per cent compared to $532,700 in December 2011 and a decrease of 1.0 per cent compared to November.

For townhouses, the benchmark price in December was $296,400, a decrease of 2.2 per cent compared to the same month last year when it was $303,000 and down 0.8 per cent compared to November. The benchmark price of apartments in December was $200,100, an increase of 1.6 per cent compared to December 2011 when it was $196,900 and a decrease of 1.3 per cent compared to November.

Average prices year over year show detached homes down 3 per cent – $576,709 in 2012 compared to $594,402 in 2011. The average price of townhomes increased by 3.7 per cent, going from $316,259 in 2011 to $327,935 in 2012 and the average price of apartments decreased by 0.2 per cent going from $218,235 in 2011 to $217,843 in 2012.

 

See the full statistics package for December here.

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Home sales decrease in the Fraser Valley; those buying looking for affordability

December, 04 2012, by FVREB

Property sales through the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®)  decreased by 19 per cent in November compared to the same month last year, moving from 1,120 to 905. Sales also decreased 14 per cent month-over-month compared to October 2012.

Scott Olson, president of the Board says, “Buyers can’t borrow as much as what they could prior to the mortgage rule changes, so we’re seeing our pool of prospective buyers shrink and we’re seeing a change in the price range they’re looking for. 

“For three months in a row, we’ve seen a decrease in sales of detached homes $700,000 and up and greater demand for those $400,000 to half a million. Tighter credit conditions are having an impact on the market.”

In addition to the drop in sales in November, the number of new listings posted on the MLS® decreased by 11 per cent compared to last year and by 32 per cent compared to October. Olson observes, “This was a significant drop with last month ranking alongside November 2003 as the slowest for new listings in the last decade.  

“It means that sellers are adjusting to conditions that favour buyers; great selection, houses are on the market longer and prices are lowering. If sellers don’t have to sell, they’re taking their home off the market.”

In the last six months, prices for all three residential property types combined have decreased by 1.4 per cent while year over year they’ve increased by 1.3 per cent.  For single family detached homes, the benchmark price increased by 2 per cent in one year, going from $533,800 in November 2011 to $544,700 last month. 

For townhouses, the benchmark price in November was $298,900, a decrease of 1.5 per cent compared to $303,600 during the same month last year. The benchmark price of apartments in Fraser Valley in November was $202,800, an increase of 2.6 per cent compared to $197,700 in November 2011.

The Board received 1,723 new listings in November compared to 1,926 during the same month last year, taking the number of active listings to 9,478, on par with November 2011.

For a detached home in the Fraser Valley, the average number of days to sell in November was 59, up five days from the same month last year. For townhomes, it was 70 days and apartments 74 compared to 52 and 72 in November 2011.

See the full statistics package for November here.

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4 December 2012
Contact: Jeremy Harrison
613 782-8782
 

Ottawa -

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

 

The global economy has unfolded broadly as the Bank projected in its October Monetary Policy Report (MPR). The economic expansion in the United States is progressing at a gradual pace and is being held back by uncertainty related to the fiscal cliff. Europe remains in recession. Chinese growth appears to be stabilizing. Commodity prices have remained at elevated levels since the October MPR and global inflationary pressures are subdued in response to persistent excess capacity. Global financial conditions remain stimulative, though vulnerable to major shocks from the U.S. or Europe.

 

In Canada, economic activity in the third quarter was weak, owing in part to transitory disruptions in the energy sector. Although underlying momentum appears slightly softer than previously anticipated, the pace of economic growth is expected to pick up through 2013. The expansion is expected to be driven mainly by growth in consumption and business investment, reflecting very stimulative domestic financial conditions. Housing activity is beginning to decline from historically high levels. While the household debt burden continues to rise, growth in household credit has slowed. It is too early, however, to determine whether the moderation in housing activity and credit growth will be sustained.  Canadian exports are expected to pick up gradually but continue to be restrained by weak foreign demand and ongoing competitiveness challenges.  These challenges include the persistent strength of the Canadian dollar, which is being influenced by safe haven flows and spillovers from global monetary policy.

 

Inflation has evolved broadly in line with the outlook in the October MPR. Both total and core inflation are expected to increase and return to 2 per cent over the course of the next 12 months as the economy gradually absorbs the current small degree of slack, the growth of labour compensation remains moderate and inflation expectations stay well-anchored.

 

Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. Over time, some modest withdrawal of monetary policy stimulus will likely be required, consistent with achieving the 2 per cent inflation target. The timing and degree of any such withdrawal will be weighed carefully against global and domestic developments, including the evolution of imbalances in the household sector.

Information note:

The next scheduled date for announcing the overnight rate target is 23 January 2013. A full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.

 

Source : Bank of Canada

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Greater Vancouver residential property sale and listing activity below 10-year averages in November

Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.


November sales were 30.3 per cent below the 10-year November sales average of 2,420.


“Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate,” Eugen Klein, REBGV president said.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758 in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222 properties were listed for sale on the MLS® and a 36.2 per cent decline compared to the 4,323 new listings in October 2012.


New listings were 12.9 per cent below the 10-year November average of 3,168.


At 15,689, the total number of residential property listings on the MLS® increased 13 per cent from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.


The region’s sales-to-active-listings ratio was unchanged from October at 11 per cent.


“Home prices in Greater Vancouver have generally declined between three and five and a half per cent, depending on property type, since reaching a peak six months ago,” Klein said. “Changes in home prices vary per municipality and neighbourhood. It’s good to check local market statistics with your REALTOR®.”


Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 4.5 per cent to $596,900. This represents a 1.7 per cent decline when we compared to this time last year.


Sales of detached properties in Greater Vancouver reached 629 in November, a decrease of 31.3 per cent from the 916 detached sales recorded in November 2011, and a 40.1 per cent decrease from the 1,050 units sold in November 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 5.5 per cent to $914,500.


Sales of apartment properties reached 750 in November 2012, a 25 per cent decrease compared to the 1,000 sales in November 2011, and a decrease of 28.7 per cent compared to the 1,052 sales in November 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent to $364,900.


Attached property sales in November 2012 totalled 307, a 30.9 per cent decrease compared to the 444 sales in November 2011, and a 24.6 per cent decrease from the 407 attached properties sold in November 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 3.6 per cent to $454,300.

Feature Facts:

  • Of the 15,689 homes currently for sale on the MLS® in Greater Vancouver, 49.6 per cent are listed for $600,000 or less. Of those, 1,321 are detached properties, 5,039 are condominiums and 1,419 are townhomes.
  • Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1 million or more.

Download the complete stats package by clicking here


Source: Real Estate Board of Greater Vancouver

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Housing market sees slight changes in October

The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.

 

The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a 27.4 per cent increase compared to the 1,516 home sales in September 2012.

 

October sales were 28.5 per cent below the 10-year October sales average of 2,700.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323 in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374 properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321 new listings in September 2012.

 

At 17,370, the total number of residential property listings on the MLS® increased 12 per cent from this time last year and declined 5.3 per cent compared to September 2012.

 

Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®) composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.

 

“There’ve been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years,” Wyant said.

Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver have seen declines of 6 per cent over the same time period.

 

Sales of detached properties in Greater Vancouver reached 790 in October, a decrease of 18.9 per cent from the 974 detached sales recorded in October 2011, and a 19.1 per cent decrease from the 976 units sold in October 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.

 

Sales of apartment properties reached 803 in October 2012, a 16.2 per cent decrease compared to the 958 sales in October 2011, and a decrease of 18.4 per cent compared to the 984 sales in October 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 2.9 per cent to $368,800.

 

Attached property sales in October 2012 totalled 338, an 11.5 per cent decrease compared to the 382 sales in October 2011, and a 10.3 per cent decrease from the 377 attached properties sold in October 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 2.9 per cent to $457,700.

 

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Positive signs for Fraser Valley housing market

November, 02 2012 11:04:32 am, by FVREB
Categories: Statistics

The Fraser Valley Real Estate Board (FVREB) processed 1,053 sales on its Multiple Listing Service® (MLS®) in October, a decrease of 8 per cent compared to the 1,139 sales during October last year however a 23 per cent increase compared to September.

Scott Olson is the president of the board.  “This is a marked improvement over September. Our sales increased at the same time as our inventory dropped improving our supply-demand conditions.

“Although we remain in a buyer’s market, it moves us in the direction we want to go, which is closer to balance.”

The number of new listings posted on the MLS® in October was on par with the same month last year and a decrease of 1 per cent compared to September with the result that the volume of active listings in Fraser Valley at the end of October remained unchanged compared to 2011 and 3 per cent fewer than in September.

Benchmark prices for residential property types are showing month-over-month decreases however, depending on the property type, still show positive gains year-over-year. 

The benchmark price of a detached home in the Fraser Valley in October was $546,900, an increase of 2.5 per cent compared to October 2011, when it was $533,800; and a 0.5 per cent decrease compared to September when it was $549,500.

The benchmark price of townhouses decreased 2.2 per cent going from $303,900 in October 2011 to $297,100 last month. The benchmark price of apartments increased year-over-year by 2.9 per cent, going from $198,100 in October of last year to $203,900 in October 2012. 

“Over the last three months we’ve seen the impact of lower sales and higher selection on prices of typical homes in our region. In most communities and for most property types, prices have slowly decreased in small increments month-over-month.

“This has had resulted in buyers having more time to make a decision and sellers working diligently with their REALTOR® to understand the market and set their prices accordingly. What’s happened in October is good news for both. Greater stability is always positive.”

Economists at the British Columbia Real Estate Association have predicted sales in the Fraser Valley will rebound by 6 per cent in 2013 compared to 2012 while prices will remain flat.

 

See the full statistics package for October here.

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Conditions continue to favour buyers in the Greater Vancouver housing market

The summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.

 

September sales were 41.6 per cent below the 10-year September sales average of 2,597.

 

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Eugen Klein, REBGV president said. “This makes homes less affordable for the people of the region.”

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September. This represents a 6.3 per cent decline compared to September 2011 when 5,680 properties were listed for sale on the MLS® and a 31.6 per cent increase compared to the 4,044 new listings in August 2012.

 

At 18,350, the total number of residential property listings on the MLS® increased 14.1 per cent from this time last year and increased 4.5 per cent compared to August 2012.

 

“Today, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

 

The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last three months.

 

“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two,” Klein said.

 

Sales of detached properties on the MLS® in September 2012 reached 594, a decrease of 37.9 per cent from the 957 detached sales recorded in September 2011, and a 31.4 per cent decrease from the 866 units sold in September 2010. The benchmark price for detached properties decreased 0.5 per cent from September 2011 to $935,600.

 

Sales of apartment properties reached 676 in September 2012, a 26.7 per cent decrease compared to the 922 sales in September 2011, and a decrease of 30.4 per cent compared to the 971 sales in September 2010. The benchmark price of an apartment property decreased 0.7 per cent from September 2011 to $368,600.

 

Attached property sales in September 2012 totalled 246, a 33 per cent decrease compared to the 367 sales in September 2011, and a 35.8 per cent decrease from the 383 attached properties sold in September 2010. The benchmark price of an attached unit decreased 2.7 per cent between September 2011 and 2012 to $458,600.

Download the complete stats package by clicking here.

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