Langley BC Real Estate | Condominums And Town Homes

The following article is from the Frazer Valley Real Estate Board, after reading it I think you will sleep easier at night if you were concerned about fraud!

Title Fraud Rare in BC, Thanks to Land Title System.

Nothing garners more sympathy than hearing about hardworking, regular citizens who have their house stolen; and worse, have no insurance.

For that reason, title fraud, a specific type of mortgage fraud, and promotion of title fraud insurance have received a lot of national media attention this past year with sad stories of homeowners, mainly in Ontario, becoming victim to fraudsters who stole their identities and then their properties.

In these cases, thieves used stolen identities or forged documents to transfer the registered owner’s title to himself or herself without the registered owner’s knowledge. The fraudster then obtains a mortgage on the property and once the funds are advanced on the mortgage, disappears.

These stories received a lot of play in BC as well, but it’s important for people here to know that title fraud is extremely rare in BC because of stringent requirements for land registration here and protection through an Assurance Fund.

Every time a property is sold, mortgaged, leased or statutory rights of way are created in British Columbia, the BC Land Title and Survey Authority (LTSA) is legally obligated to confirm ownership. Also, the people most often conducting title transactions in BC are professionals, such as notaries and lawyers. Even documents that are submitted electronically to Land Title Offices require certification by a recognized professional.

As mentioned, in addition to certainty of title, protection is provided through an Assurance Fund managed by the LTSA. Godfrey Archbold, LTSA’s chief executive officer, confirms that in the last 17 years, the Assurance Fund has had only two claims related to property ownership for a total payout of $375,000. During the same period of time, the land title system processed 13.5 million transactions.

So, REALTORS® and homeowners in BC can remain sympathetic to those outside the province facing title fraud, but can take comfort in this statement outlined in a release on www.ltsa.ca, “While it is always important to be vigilant in matters related to property ownership and transfer, British Columbians do not need to be unduly concerned about title fraud because of the protections provided by the province’s system of registered ownership and the high standards and practices of professionals involved with property transactions.”

HOME VALUES IN THE FRASER VALLEY MAINTAIN STEADY GROWTH

For Immediate Release: October 2, 2007

(Surrey, BC) – The average price of a single family home in the Fraser Valley reached $535,572 in September, The highest average price ever, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service®. September’s MLS® numbers also revealed steady sales for sellers and increased inventory for Fraser Valley buyers.

“September numbers show that Fraser Valley buyers and sellers took a bit of a breather after an unusually busy summer market, but we can see that the return to a lower sales level and an increase in inventory hasn’t affected the strength in average prices,” observes Kelvin Neufeld, president-elect of the Fraser Valley Board.

September’s average price for a single detached home at $535,572 reflects an increase of 8.5 per cent compared to the average price of $493,727 from the same month last year. Average townhouse prices increased by 2.8 per cent in one year going from $312,829 in September 2006 to $321,480 last month. Apartment prices averaged $230,280 last month, an increase of 12 per cent compared to $205,520 during September of last year.

“In September, the communities of Surrey, Langley and Mission reached their highest average prices on record for a single family home and in August that happened in North Delta and Abbotsford.”

There were 1,332 sales processed through the Multiple Listing Service® (MLS®) in September, on par with last year when 1,323 sales were processed in September 2006. This marks a decrease of 25 per cent compared to the previous month’s sales of 1,763 in August.

The number of total active listings increased by 22 per cent in one year, going from 6,918 active listings in September 2006 to 8,429 last month. The number of new listings in September at 2,614 was also six per cent higher than the 2,456 new listings received during the same month last year.

Buyers fuel continued growth in Greater Vancouver housing market

Vancouver, B.C. October 2, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales of detached, attached and apartment properties reached 2,776 units in September 2007, an increase of 10.2 per cent compared to 2,519 sales in September 2006.

The inventory of residential properties listed for sale remains stable, with an overall year-to-date increase of 4.1 per cent to 45,054 residential units listed between January and September 2007, from 43,264 for the same period in 2006. The number of new listings increased 8.2 per cent to 4770 in September from 4408 in August of this year.

“There is no single demographic of buyers. They include first-time buyers, people choosing to take advantage of current home equity to ‘move up’ in the market, as well as people coming into Greater Vancouver from other areas. Our data indicates that the majority are purchasing a principal residence,” says REBGV president Brian Naphtali.

“There’s a great deal of choice in the market for a range of consumers today,” explains Naphtali. “While 45 per cent of homes for sale are priced at below $500,000, there are also a significant number - 37 per cent - listed in the $500,000 to $1-million range. Of the active listing inventory of more than 11,000 residential properties, approximately18 per cent are priced above $1-million.”

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 7.7 per cent to 1,177 sales in September 2007 compared to 1,093 sales in September 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $371,718 up 11.1 per cent from one year ago.

Sales of attached properties increased by 27.6 per cent in September 2007 to 500 sales, compared to 392 sales in September 2006. The benchmark price of an attached unit is $452,944, up 10 per cent from a year ago.

Sales of detached properties increased by 6.3 per cent in September 2007 to 1,099 sales, compared to 1,034 sales in September 2006. The benchmark price of a detached unit is $737,927 up 11.9 per cent from last year.

Bright spots in Greater Vancouver in September 2007 compared to September 2006:

DETACHED:
Maple Ridge/Pitt Meadows up 11.8%……..(133 units sold, up from 119)
Richmond up 29%………………………………..(147 units sold, up from 114)
Vancouver East up 22.9%………………………(172 units sold, up from 140)
New Westminster up 38.1%……………………… (29 units sold, up from 21)ATTACHED:
Burnaby up 38%………………………………………(69 units sold, up from 50)
Port Moody/Belcarra up 142.9%…………………(34 units sold, up from 14)
Richmond up 38.6%……………………………….(115 units sold, up from 83)
Vancouver West up 70.7%…………………………(70 units sold, up from 41)

APARTMENTS:
New Westminster up 17.4%………………………(81 units sold, up from 69)
Port Moody/Belcarra up 39.1%…………………..(32 units sold, up from 23)
Whistler/Pemberton up 188.9%………………….. (26 units sold, up from 9)