The British Columbia Real Estate Association (BCREA) released its 2014 Third Quarter Housing Forecast Update.

 

"Stronger than expected consumer demand in the third quarter triggered an upward revision in the housing forecast,” said Cameron Muir, BCREA Chief Economist. “Rising consumer demand is now broad-based across the province, with some of the largest year-over-year gains occurring in the Okanagan and the Kootenay regions."

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 9.8 per cent to 80,100 units this year, before rising a further 4 per cent to 83,300 units in 2015.

The 15-year average is 80,400 unit sales and a record 106,300 MLS® residential sales were recorded in 2005.  

The average MLS® residential price for the province is forecast to increase 5.6 per cent to a record $567,300 this year and a further 1.4 per cent to $575,400 in 2015.

“Since the housing stock is generally expanding at the same pace as population and household growth, rapid escalation of home prices is not expected over the next two years,” added Muir.

BC housing starts are forecast to edge up 2 per cent to 27,600 units this year and a further 1.8 per cent to 28,100 units in 2015.

 

 

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BC Home sales in June were up 25% from a year ago and the average sale price now sits at $556,000.

Cameron Muir, BCREA Chief Economist. “The increase in provincial housing demand was broad-based, with the largest year-over-year increases occurring in the Okanagan, the Kootenays and Chilliwack.”

Have BC recreational buyers cashed out in the US and are now buying in BC again? Or are the buyers who were sitting on the sidelines now buying?

The Okanagan and Lower Mainland are now moving closer to sellers market conditions.

Have a real estate stat or graph you'd like? Contact Maggie at 604-328-0077

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Please visit our Open House at 2306 838 HASTINGS ST W in Vancouver.

Open House on Saturday, July 19, 2014 1:30 pm - 2:30 pm

Welcome home to Bosa's Jameson House! Centrally located in Vancouver's Downtown heritage & business district. Enjoy the south after NW exposure with spectacular WATER, MOUNTAIN & CITY VIEWS & Canada's first auto valet from this two bedroom& den! Interiors are finished with 9ft ceilings, floor to ceiling windows, infloor radiant heating, contemporary kitchens by Dada Cucina of Italy, Gaggeneau & Sub-Zero appls & imported Travertine flooring Many luxury appointments include air conditioning, remote shades, 24 hr concierge, 2 parking stalls. Conveniently located to luxury shopping, top restaurants, the seawall, Stanley Park. Live the Manhattan lifestyle! Quick possession. Drop by & admire!

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In April 2014 the BC government approved changes to the Strata Property Act, which include the following:

1. Section 35 is amended to clarfy that storage locker allocations are required records and that strata corporations must prepare a list of the storage locker numbers, indentifying their ownership by, or designation to, a strata lot.. This info must now be disclosed on a Form B, which is a document a buyer will receive when reviewing the strata docs and purcahsing a condo.

2. Section 89 - is amended to allow the purchaser/owner to whom title to a strata lot is conveyed by the owner developer to apply for an order for removal of a claim of lien.

3. Section 92 - is amended to allow that strata councils are allowed to pay for depreciation reports out of the operating fund of a strata corp.

4. Section 109 - is amended to clarify who is responsible for paying a special levy when the levy is payable in more than one instalment and the strata lot changes hands.

5. Section 96 - is amended to require a majority vote, rather than the previously required 3/4 majority, for certain expenditures from the contingency reserve fund. These include paying for a depreciation report or for repairs or maintenance to common property recommended in the most recent depreciation report. Other expenditures from the contingency fund would continue to require a 3/4 majority vote.

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If you are wishing to buy a Vancouver foreclosure, here are some helpful tips.

After you have made an offer, you or your Realtor can check the Land Title and Survey Authority online to find out the status of the foreclosure proceeding. 

A Certificate of Pending Litigation will be registered on the title, which can be used to obtain the court action number. Then the court documents can be requested through the court registrry or on Court Services Online. 

How Do Foreclosures Work?

After Order Nisi has been granted by the Supreme Court and once the redemption period has expired, the lender can apply to the court for an order to assume conduct of sale of the property. Any subsequent charge holder or other interested parties may also ask the court for conduct of sale.

If the court grants conduct of sale to the lender, the lender will engage a listing agent.

When the buyer submits a written offer to the listing agent, that offer will be presented to the lender. If acceped by the lender and after all conditions are removed, the lender's lawyer will file all the necessary court documents at the court registry, and schedule a court date to seek a court order approving the sale of the property.

At this point, the court date and accepted offer price become public knowledge. Other potenential buyers can attend court on the specified date and submit an offer to the court to purchase the property.

Have a question? Call Maggie 604-328-0077





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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.