The B.C. Government is moving ahead with changes to the Strata Title Act, which governs codominiums, despite an election promise to seek public input. The Condominium Homehowners Association (CHOA) is calling on the government for public input.
There are nearly half a million stratas in British Columbia. The full text of the Bill can be viewed. The items up for change include the strata owner's ability to rent, strata governance, strata management licencees, disclosure, property taxation, strata fee equity, strata development approvals, depreciation reports and accountability. Beststratachanges.ca also have useful information.
Voice your opinion!
October was a busy month in Vancouver Real Estate and I've been working seven days a week and too busy to blog!
Three of my listings sold and I had one transaction as a buyer agent. In addition I received four other offers. One was accepted but the buyer changed their mind, the second one just got accepted and the other two are still under negotiation. I've observed an increase in verbal offers - a method of negotiating i dont partake in. On average it takes about 30 showings to sell a million dollar property.
So who's buying Vancouver Real Estate? Based on my experience regarding the showings on my listings and the offers, the city is full of Mainland Chinese Buyers. They are either investors or they have immigrated here and they purchase luxury condos over $1M and west side homes. There are still quite a few first time buyers, the odd trade up buyer, a few local investors buying inexpensive condos to rent out and a smattering of investors from the US and Alberta.
through the remainder of this year and into 2010. More sales combined with fewer active listings will push the prices higher."
"Home starts will also increase in 2010 but remain below levels recorded in recent years. Steady population growth through migration, low interest rates, an improved job market will provide growth for housing demand, increasing prices 2-4%, listings by 3.6% and sales by 6%. Their leading indicator has bounced into Sellers territory. As prices continue to rise, more sellers will enter the market in the last half of 2010 which will bring balance to the market
REBGV reports that "Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year." Sales in October increased 4% from September and new listings decreased 13.4%.Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008. "While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,"
Vancouver real estate in the West End saw September listings steady at 171 (equal to feb'08) and sales at 65 (less than the peak of 88 in June) resulting in 2.6 months of inventory, second lowest month for the year after July. The days on the market for condos that sold increased from 29 to 39. The average selling price jumped to nearly $700,000, distorted by a Shangri-la sale over $5M, which also distorted the sale price psf. 75% of the sales were under $500,000 and 14% were over $1M, up from 6.5% the month before. The list price to sale price ratio flat at 98% and the highest for the year, indicting little flexibility on the price from sellers. In February the market under $300,000 was selling the best -currently 20% of the solds. Overall a healthy market with more sales at the high end.
Listings - 171. 13 listed under $300,000 (including 2 under $200,000). 45 listed between $300,000 and $400,000. 33 listed between $400,000 and $500,000. 45 listed between $500,000 and $1M. 26 listed between $1M & $2M. 9 listed over $2M
Least expensive -$198,00 for a leasehold one bedroom
Most expensive - $5,888,000 for 4500 sq-ft in Shangri-la. View it
Vancouver condominium specialist. Waterfront neighbourhoods of Coal Harbour, Kitsilano, Downtown, False Creek North, Coopers Landing, West End & Olympic Village. Marketing Vancouver since 1981. A bou
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
