Langley BC Real Estate | Condominums And Town Homes

Every industry has its own acronyms and terms. When you decide to buy a home, it is a good idea to be familiar with the different terms real estate professionals use.

Asking Price
The price placed on the property for sale by the Seller.

Assessed Value
The value of a property, set by the B.C Assessment Authority, and used by the local municipality for the purposes of calculating property tax.

CMHC - Canada Mortgage and Housing Corporation
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians.

Closing Costs
Costs, in addition to the purchase price of a home, such as legal fees, transfer fees, and disbursements, that are payable on the closing date.

Conveyance
The term used to describe the process of transferring the seller’s title to the buyer and indicates all the necessary steps to complete the transfer.

Counter Offer
An offer made by the seller back to the buyer altering one or several terms or conditions.

Deposit
A sum of money placed in trust by the purchaser when an Offer to Purchase is made.

Fixtures
All things attached to the property or growing on it.

Market Value
The highest price paid for a piece of property which has been exposed for sale in the open market.

MLS - Multiple Listing Service
A current and comprehensive listing system for relaying property information.

Offer to Purchase
A written contract setting out the terms under which the buyer agrees to buy. If accepted by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document.

Property Disclosure Statement
This form enables sellers to disclose known defects. If the seller does not disclose known defects, he or she can still be held liable.

Statements of Adjustments
Closing statements in a real estate transaction that indicates credits to the seller (purchase price, prepaid taxes, etc), credits to the buyer (deposit, etc), and the balance due on closing

“Subject-to” Clause
A statement of a condition to be fulfilled before the contract will become firm and binding; must include a specific deadline for removal.

Title Registration
The legal evidence of ownership of a property.

Being familiar with any contingencies, provisions and requirements in the Offer to Purchase will save you time and money during the process of selling your home.

Mortgage or Third Party Financing
Even the best price will lose its sheen if your buyer can’t come up with the funds on closing day. To protect yourself, make sure that the buyer has been pre-approved for a mortgage big enough to purchase your home.

Contingent to Sale of Buyer’s Home
An offer contingent on sale of the buyer’s home is risky. If the buyer’s property does not sell, the sale is off and the buyers’ deposit is usually returned. It is a good idea to include a release clause in the contract, which allows you to continue marketing your home.

Risk of loss or damage
To avoid disputes regarding loss or damage to the property, ensure that your insurance cover does not expire before the closing date. If otherwise, inform the buyer

Home Inspection Contingency
It is one of most common contingency. The buyer usually pays for the inspection. To avoid disputes, clarify if the offer requires you to pay for additional specialized home inspections and the cost of repairs.

Occupancy
Some buyers will include a clause that penalizes sellers who don’t move from the property by a specific date. Be confident that you can vacate your home by the date requested before accepting the offer.

Fixtures and Chattels
It is generally accepted that all attached fixtures and appliances will be sold with your home, but the buyer must list these carefully in the offer to purchase. If you have items that you do not wish to include when selling your home, it’s a good idea to let your real estate agent know from the get-go, so he or she can help mitigate the expectations of buyers.

As a seller, you want to receive the highest price possible. But the closing date and other conditions can be just as important. Sometimes a lower price with fewer restrictions can be a better deal.

VANCOUVER, B.C. – November 3, 2008 – Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.

For Immediate Release: November 3, 2008

(Surrey, BC) – Property sales in the Fraser Valley decreased by 48 per cent in October compared to the same month last year, moving from 1,464 sales on the Multiple Listing Service® (MLS®) in October 2007 to 768 sales for the same period in 2008.

Although REALTORS® have seen month-to-month price fluctuations in a number of Fraser Valley communities the overall change in home prices over the past six months is downward, with average prices of detached homes showing a decrease of 6.5 per cent, average prices of townhomes down 9.2 per cent and average prices of apartments down 2.6 per cent.

“The decrease in home sales does not refl ect BC’s positive economic reality of record low unemployment and interest rates and consistent population growth,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “While the global economic picture is causing individual buyers to wait on the sidelines, there are property developers across the Lower Mainland who remain confi dent in BC’s economic fundamentals and continue to move forward with current and long-term projects.

“In some areas of the Fraser Valley, the number of days on the market has doubled in the past year putting more pressure on sellers to lower their asking prices,” Neufeld says. “The benefi t of lower sales and higher inventory is that homes are becoming more affordable. Currently, there are some excellent buys in the Fraser Valley. With our typically slower, ‘winter’ months ahead it presents consumers with the best buying conditions we’ve seen this year.”

The Board received 2,794 new listings last month, an 11 per cent decrease from the 3,124 new listings received during the same month last year and also 8 per cent fewer than the 3,053 listings received in September 2008. This decrease in new listings lowered the number of active listings to 11,715 in October, still 42 per cent higher than October of last year, yet a 5 per cent decrease from September 2008.

The average price of a single family detached home in the Fraser Valley was $513,892 in October 2008, a decrease of 0.6 per cent compared to $517,087 in October of last year and a decrease of 6.5 per cent compared to $549,512 in May 2008.

Townhomes went for an average $309,834 last month, refl ecting a 6.1 per cent decrease from October 2007 when they averaged $329,991, and refl ecting a decrease of 9.2 per cent compared to the average price of $341,149 in May 2008. The average price of an apartment in October was $223,669, a decrease of 1.6 per cent compared to $227,358 last year and a decrease of 2.6 per cent compared to $229,727 in May 2008.