Vancouver Real Estate Blog

British Columbia leads the way in Residential Sales

The vancouver Sun is reporting today that British Columbia  led Canada in a record for new monthly residential sales in October. In an interview CREA"S Chief economist Gregory Klump said "of all the Provincial monthly gains, BC's was the highest"

For more information follow this link:

http://www.vancouversun.com/business/real-estate/leads+nation+record+residential+sales/2229190/story.html

Highest number of MLS sales in October since 2003 reports BCREA

Vancouver, BC – November 17, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 115 per cent to 8,624 units in October compared to the same month last year. Last month posted the highest number of MLS® residential sales for the month of October since 2003, when 8,682 units changed hands. The average MLS® residential sales price in the province climbed 17 per cent to $493,328 from $420,259 in October 2008.  

“BC homes sales continued on an upward trend in October,” said Cameron Muir, BCREA Chief Economist. “Despite a lackluster economy, low mortgage interest rates have induced many potential buyers into the market. However, the recent phenomenal pace of home sales is expected to moderate in the coming months as pent-up demand dissipates and eroding affordability begins to impact the purchasing power of households.”

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2009-10.pdf.

 

British Columbia Real Estate Association

BCREA Residential sales are estimated to increase by 20% compared to 2008 sales by the end of the year. 2010 sales are supposed to outpace 2009 sales by 8%. The Province of british Columbia is expecting to post a new record sales price of 2% higher to end at $463,200. Forecasts indicate a 4% higher sales price for 2010. 

The full Fall 2009 Housing Forecast is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

Real Estate Board of Greater Vancouver - October 2009 stats

Results from REBGV show a strong housing demand resulting in higher home prices. REBGV reports that their has been an 171.6% increase in sales since October 2008. The number of properties listed on MLS for October 2009 fell by 37% from October 2008.

For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Real Estate Board of Greater Vancouver"s September 2009 stats

For the month of September 2009, 3,559 homes sold. That's a 124.5% increase from September 2008. 12,596 homes are reported listed on MLS in Greater Vancouver. That's a 36% decline from last year at this time. What all this means to everyone is less inventory with the higher buyer demand which will result in higher prices.

The bench mark price for homes has increased 13% from $484,211 to $547,092. Detached homes sales are up 160% from last year. Apartments sales are up 94.9% and Attached property sales are up 135.3% compared to last year.

Download complete stats package by clicking here

Home Sales Drop in British Columbia

According to the British Columbia Real Estate Association, in British Columbia the volume of residential real estate sales dropped 67% to $1.07 billion in November 2008, compared with November 2007. Sales of homes dropped 62% to 2,707 homes in the month while prices for homes dropped 12.5%. Year-to-date residential sales volume in British Columbia also declined 30% to $30.3 billion compared with the same period last year.

Vancouver Area Condo Pre-sales Halted

The British Columbia provincial government today announced it is stepping in to help home buyers in Coquitlam whose pre-sale contracts were canceled by a developer.

The Superintendent of Real Estate issued a Cease Order to C.B. Development 2000, Ltd. after the company canceled pre-sale contracts with dozens of purchasers at its Riverbend project and refunded their deposits. The developer said that raising construction costs, unanticipated cost overruns and construction delays led to financial challenges that necessitated project refinancing and resulted in the developer being unable to complete the home sales at the original contract price. The provincial government investigated after several purchasers complained.

The Superintendent of Real Estate investigated complaints against the developer and, in its Cease Order dated May 14, 2007, found that CB Development 2000 Ltd. had:

• amended the legal description of the development but had failed to file a revised Disclosure Statement advising the Superintendent and the public of the change;
• changed the legal owner of the property and had failed to file a revised Disclosure Statement to reflect the change in ownership;
• made a change in its directors and failed to amend its Disclosure Statement to reflect that change;
• failed to file a budget approved by the strata corporation beyond its approved 2004 budget;
• failed to file an amendment to its Disclosure Statement to disclose the existence of contingent liabilities and/or liabilities. The Superintendent found that there were certificates of pending litigation filed against the project lands that should have been disclosed;
• failed to amend its Disclosure Statement to disclose encumbrances on title. The Superintendent found that there were several undisclosed mortgages on title;
• was not in compliance with the Real Estate Development Marketing Act; and
• there was substantial likelihood that it would re-market the development to potential purchasers without providing adequate disclosure.

Several of the prospective purchasers whose contracts of purchase and sale were canceled by the developer have started legal action against the developer. The issues in the lawsuit may not be resolved for several more years.