Langley BC Real Estate | Condominums And Town Homes

Are you planning to buy your first home? Now is a great time to buy if you have never owned before. With prices falling, buyer’s market has set in in British Columbia.

More Choice
With more homes on the market, you can pick and choose from a variety of homes. With less competition, you can take more time searching for the right place. You don’t have to be in a rush to decide, lest you loose to a higher price offer.

Better Prices
The homes are more reasonably priced. Moreover, sellers spend extra money making sure their homes are in tip-top shape. You can move without the hassle or expense of repairs or improvements.

Negotiation Advantage
Take advantage of a buyer’s market. Most sellers are highly motivated to sell. You, as a first time buyer, are in a better position to negotiate price reductions.

Extra Incentives
Many sellers are now offering extra incentives and are more flexible on prices and terms. And in most instances, offer assistance with either down-payments or closing costs. Mortgage money is also readily available from lots of sources with all kinds of incentives like cash back, longer terms and lower payments.

First Time Buyer Programs
There are several programs that help first time buyers get into the housing market. The BC provincial government’s First Time Home Buyer’s Program offers Property Transfer Tax Exemption for First-Time Buyers. Visit the website to check if you qualify. Canadian Mortgage and Housing Corporation’s (CMHC) too offers a 5% down payment program for first-time buyers. For details, visit the CHMC website.

It makes perfect sense to buy your first home NOW. Take advantage of the buyer’s market and low interest rates. And buy your dream home.

It’s officially buyer’s market in British Columbia. There is an excellent selection of properties available at great prices. This is the best time to upsize, downsize or relocate.

With more properties put up on sale, you can choose from a variety of homes. There is less competition since there are more homes available. Sellers are highly motivated and may offer extra perks to close the deal. You may get a fabulous deal on that house you were eyeing for quite some time.

Whether upsizing or downsizing, it can be good for buyers right now because you have a negotiating advantage. You have greater negotiating powers when it comes to contingencies such as; sale of current home, move-in dates, what conveys with the home, down-payment assistance or closing cost to be paid by sellers, etc

One may argue that a buyer’s market is not a great time to sell. You can’t have it both ways. You can’t get the price now you could have got for your home a year ago. You can, however, get a fabulous deal on the home you purchase.

Quit waiting for a better time. Take advantage of the current market.

VANCOUVER, B.C. – September 3, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006.

New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed.

“In August, properties on average remained on the market longer than we’ve seen in recent years,” REBGV president, Dave Watt said. “As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate.”

Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent.

Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007 to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent.

Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3.2 per cent.

As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent decline from the 19,138 active listings seen on July 31, 2008.

For Immediate Release: September 3, 2008

(Surrey, BC) – Even with a slight decline in inventory in August, real estate market conditions in the Fraser Valley remained solidly in favour of buyers.

The Fraser Valley Real Estate Board reported 910 sales on the Multiple Listing Service® (MLS®) in August, refl ecting a decrease of 48 per cent compared to the 1,763 sales processed during the same month last year. The Board received 2,517 new listings in August, taking the number of active listings to 11,770, a 51 per cent increase compared to the 7,819 listings available during August 2007 however, a 4 per cent decline off July 2008’s record high of 12,299 listings.

Kelvin Neufeld, President of the Board explains, “Although our economy remains fundamentally strong with stable mortgage rates, low unemployment and consistent population growth, our clients took a ‘wait and see’ approach this summer to buying and selling real estate.”

Neufeld says a typical summer slowdown combined with consumer caution has created the best buying conditions in the Fraser Valley in over a decade. “Selection is at record levels. Interest rates remain competitive, while prices have moderated.”

The majority of Fraser Valley communities have seen the average price of single family detached homes fluctuate in a downward trend since February or March 2008, with the average price for a detached home in the Valley showing a six-month decrease of 1.5 per cent.

However year over year, the average price of a Fraser Valley single family detached home continued to show positive gains, going from $526,879 in August 2007 to $541,795 last month – a 2.8 per cent increase.

Townhome average prices remained on par. They averaged $321,955 in August 2008, compared to the same month last year when they averaged $320,930, refl ecting a slight increase of 0.3 per cent. The average price of a Fraser Valley apartment increased by 4.8 per cent in August. In 2007, it was $217,683 compared to $228,218 last month.