The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year.


The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.

“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“


“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver market, a record number of homes are now under construction. “Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."


Year-to-date, BC residential sales dollar volume increased 62 per cent to $41 billion, when compared with the same period in 2015. Residential unit sales climbed by 35.2 per cent to 54,455 units, while the average MLS® residential price was up 19 per cent to $752,105.


June 15, 2015

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Open House on Saturday, June 18, 2016 1:30PM - 3:00PM

A rare opportunity to own a unique 2 level 2 bedroom townhome in The Fairview, a concrete midrise. Enjoy large rooms, featuring a patio and balcony plus insuite storage and two and a half bathrooms and 2 parking and storage locker. Enjoy this west facing home with a lovely treed outlook. Building has a live in caretaker, indoor pool, hot tub and gym. Building re-piped in 2013, elevators upgraded 2015. Boasting a 99 Walkscore, close to public transit, a new city park, Granville Island, shops and restaurants and Kits Beach. One pet under 40 lbs, rentals limited to 5. Take immediate possession and bring your decorating ideas. Open: June 18th, 1:30-3:00pm.

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1. Get proper insurance 

After deciding to rent out your property, notify your insurance company and receive proper insurance. Landlord’s insurance will protect you against damage to your property or any liabilities.

Should the property be damaged in a fire or storm, the insurance company will cover the cost of the repairs. However, many insurance claims do not cover damages caused by the tenant. Be sure to clarify in your claim with your insurance agent or inquire about adding on tenant insurance.

2. Be competitive about your pricing

Research the average pricing of rental properties in the market and set a competitive price. Avoid listing your property at the lowest rental price to attract more tenants; it will likely backfire because it will attract tenants who are only focused on price and who will leave in search of the next lower priced unit.

3. Understand landlord’s rights

It’s important that landlords know their rights and their tenants’ rights to avoid any lawsuits or legal issues. Canada Mortgage and Housing Corp. lists extensive information for each province on what landlords can and cannot do.  Or view BC's Residential Tenancies website.

 

4. Maintain the rental property

If the rental property requires any repairs or is in need of a touch-up, be sure that they are conducted before viewings start.  Create a space that is clean and comfortable; as you would for yourself.  After a tenant has moved in, be responsive and timely when they contact you should an issue arise.

6. Understand tax laws

Canada Revenue Agency requires that rental income is reported on your annual tax return.  Any reasonable expense – repairs or renovations, for example – incurred to earn your rental income can be deducted, but you cannot deduct the value of your own labour if you do the repairs or renovations yourself. If you’re unsure, the CRA provides a full list of expenses you can deduct.

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Housing starts in BC cooled off of the near record-setting pace from the first five months of the year, recording 35,312 units at a seasonally adjusted annual rate, a 23 per cent decline from April's torrid pace of 45,000 units.

New home construction was driven higher by growth in apartments and other multi-family units, which were up 34 per cent on a year-over-year basis while single-detached starts were 32 per cent higher compared to last May. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 36 per cent year-over-year in May due to demand for both single and multiple units.


BCREA


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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.