July 31st, 2014

BC home sales are predicted to rise 9.8 per cent to 80,100 units in 2014, compared with a rise of 7.8 per cent to 72,936 units in 2013, according to a July 31 update from the British Columbia Real Estate Association (BCREA).

The association said this will be the first time in five years that annual residential sales will surpass the 80,000 threshold and hit the 15-year average

Read the full article here:

BC Home Sales Set to Rise 9.8% in 2014, Prices 5.6%: BCREA

Greater Vancouver Home buyers continue to slightly outpace sellers, but not by much in July 2014

Real Estate Board of Greater Vancouver report, August 5, 2014:

It is important that all my clients present, past and future are kept aware of the broad range of cost-saving programs available to you in BC.

If you own, if you are in the market to buy, or are a business, The Real Estate Board of Greater Vancouver has put together a cheat sheet with up-to-date details on the top rebates and grants for property buyers and owners in BC, and how to inquire or apply for them.

Here are the categories you may be intersted in learning more about:

First-Time Home Buyers' Tax Credit

GST Rebate on new homes

BC Property Transfer Tax (PTT)

BC property tax deferment programs

BC Home Owner Grant

Home Adaptations for Independence (HAFI)

Rain barrel subsidy programs

Local Government water conservation incentives

Local Government water meter programs

BC Hydro rebates/savings for the home

BC Hydro Power Smart Partner program for business

BC Hydro Power Smart Express (PSX) for business

FortisBC rebate program for homes

FortisBC rebate program for businesses

Energy Conservaton and Assistance Program

Energy Savings Kit Program

Home Energy Rebate Offer

Financial institutions - energy-related savings

And here is the link to all the details: Top Rebates and Grants July 2014

Happy savings!

Dodi

Happy Summer!

I'm sharing with you a good reference article from the Real Estate Board of Greater Vancouver that highlights the importance of doing the due diligence of full disclosure, or full discovery, whether you are selling or buying a home. This is one of the greatest benefits using a REALTOR®, making sure you have all the facts, and are protected during such an important life transaction.

I hope you find the information helpful! If you have any questions, don't hesitate to call! 604.644.3634

Dodi

What's not on the property title may be important

In West Vancouver in 2007, on the advice of her REALTOR®, a property seller checked to see if there was an underground fuel storage tank on her property.

There was and the seller had the tank removed and the contaminated soil remediated. The bill was $202,963.07.

The seller had bought the property in 2001 without using the services of a REALTOR® and had been told by the previous owner that the tank had been removed or decommissioned.

The seller sued the former property owned and won because the owner hadn’t disclosed the severity of the problem.(Note: a REALTOR® was not involved in the 2001 sale).

What do these examples have in common?

• In Richmond, an illegal drug lab in a rental home on a busy street
  resulted in a neighbourhood evacuation.
• In Marpole, the owners of a non-profit theatre learned from a
  neighbouring business that the building they own is one of a dozen
  commercial sites sitting on a midden, the location of Aboriginal artifacts.

None are registered on the property title.

This means that current and future owners may not know about issues associated with their property that could affect its safety, ease of sale and ultimate value.

What is registered on the property title?

The legal description of a property, including:
• the parcel identification (PID);
• taxation authority;
• registered owner and their address;
• the title number;
• the previous title number;
• legal notations against the property (may include heritage);
• charges, liens and interests (under-surface rights, rights of ways, covenants, judgments);
• whether a duplicate title has been ordered and by whom, and
• transfers and pending applications.

What is not registered on title?

• Archaeological sites.
• Former grow ops and illegal drug labs.
• Heritage designations (not always on title).
• Highway entitlements.
• Stigmatized property.
• Streamside issues – if there are fish-bearing ditches or creeks on the property.
• Underground fuel storage tanks.

How can you discover the facts about a property?

1  Ask the owner.
2  Visit the local government (municipal) website where you will find a range of information, for example: 
        • Richmond provides a road map of designated heritage buildings and homes, and includes photos. (Note: there is no 
          available universal public registry of homes previously used as grow ops and illegal drug labs.)
        • The City of Vancouver confirms if a property has been used as a grow op or illegal drug lab to anyone phoning 
          604.871.6231. The City does not provide the owner’s name in keeping with privacy legislation.
        • West Vancouver provides a list of properties known to have underground storage tanks.  Visit: 
          www.westvancouver.ca and search Fuel Storage Tank Program. Scroll to More Information and see Fuel/ Oil Tank 
          Records Search.

If you don’t find what you need online, phone your local government or go in person. Depending on the municipality, there may be comprehensive data.

• There is a BC Heritage Sites Inventory. Information about its properties comes from local governments, so start there
  first.
• Check the BC Archaeological Site Inventory at 
  www.for.gov.bc.ca/archaeology/accessing_archaeological_data/index.htm.You can also phone: 250 953-3338.
• Search the BC Government’s Contaminated Sites Registry which lists some contaminated sites. It is available through 
  www.bconline.gov.bc.ca.(Go to Products). There is a charge to access the database.

Fuel tanks facts

Throughout the Lower Mainland aging fuel storage tanks in yards are potentially corroding and leaching toxic materials into the soil.

In worst case scenarios, the contamination extends to neighbouring properties and the groundwater system.

These tanks, used until the 1960s when natural gas became readily available, were never required to be registered.

In the 50 years since, many tanks have been decommissioned or removed, while others have been long forgotten.

This makes it difficult to determine how many still exist, although estimates indicate there are still tens of thousands remaining underground throughout the Lower Mainland.

In more remote areas such as Pemberton and the Gulf Islands, tanks may still be in use.

Oil tanks are regulated by the BC Fire Code, Part 4, which covers tank installation, maintenance, repair, removal or abandonment.

What happens if your property has an old tank?

Each municipality has different requirements and provisions for enforcing the removal or abandonment of underground or aboveground storage tanks.

Contact your local fire department. They will advise you on how to properly deal with your tank.

Tanks can contaminate soil and groundwater, may pose a fire and explosion hazard, and may impact human health.

If you plan on selling your property, you must tell your REALTOR® about the tank and also disclose the tank on the Property Disclosure Statement.

If you are buying a property, your REALTOR® will advise you to have the property inspected and to seek an expert opinion on the matter, especially if the underground or aboveground storage tank is thought to be leaking. If you have questions about fuel storage tanks, contact your municipalities.

Home buyer demand increases across Greater Vancouver housing

market! 

The Real Estate Board of Greater Vancouver reports we are experiencing the most actrive market since Spring 2011, and we agree. While detached home sales on the North Shore have been hot for over a year, our current sales to listing ratio is 38%, overall sales for detached and attached Greater Vancouver properties have just moved above 20%, or into a seller's market at 20.4%, for the first time since June 2011. With inventory levels lower than last year, if you are planning on changing your lifestyle, now really is a good time to sell your house. I'd love to talk with you about how you can capitalize on today's trends. Don't hesitate to call, 604.644.3634.

Dodi

Read the full press release is below. Full report, click here: May 2014 

VANCOUVER, B.C. – June 3, 2014 – An increase in home buyer demand put Greater
Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This
represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7
per cent increase compared to the 3,050 sales in April 2014.

Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.
The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the
first time that this measure has been above 20 per cent since June 2011.

“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over
the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark
in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active
marketplace we’ve seen since the spring of 2011,”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936
in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013
and a 0.2 per cent decline from the 5,950 new listings in April. Last month’s new listing count
was 2 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® system in Greater
Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase
compared to April 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.
“Home prices have experienced consistent yet modest increases in our region since the beginning
of 2013,” Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the
1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units
sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May
2013 to $966,500.

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared
to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May
2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to
$377,500.

Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534
sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May
2012. The