Langley BC Real Estate | Condominums And Town Homes

Purchasing a home is probably the biggest investment you will ever make. When buying a house, you will have to rely on a range of professionals to guide you through the process.

Realtor
The Realtor plays the most important role in helping you find a home. Your realtor will help you find the ideal home, write an Offer of Purchase and negotiate on your behalf to help you get the best possible deal. A real estate representative will find properties in your price range and would arrange the purchase transaction in return for a portion of the sale price as a commission.  

Mortgage Broker
If you haven’t already gone through the mortgage pre-qualification process, you will need to find a good lender to assist you during the purchasing process. A Mortgage Broker is an expert who introduces buyers to a full range of mortgage products, interest rate options, and strategies to pay off a mortgage more quickly. They do not work for specific lending institutions.

Lender
Lenders are financial institutions, such as banks, trust companies, credit unions, pension funds, insurance companies or finance companies that lend money to home buyers. 

Appraiser
An appraiser is a property expert who determines a property’s market value. This is based on the property’s physical and functional characteristics. And an analysis of recent comparable sales. The market value enables the lender to determine the loan to value ratio of the mortgage.

Lawyer / Notary
The lawyer or notary will review the Agreement of Purchase and Sale, ensure that all closing documents have been completed correctly, as well as file documents with the provincial land title office.  Your lawyer or notary will also ensure your property is clear of all existing mortgages, judgments and builder’s liens.

Home Inspector
The Property or home inspector examines the home you intend to buy to evaluate its roof and structural stability, electrical work, plumbing, appliances, fireplaces and furnace.  A home inspection allows a buyer to address any issues with the seller prior to closing, as well as anticipate any repairs that may be required.

Mortgage Insurer
The Mortgage insurer protects lenders from a borrower defaulting on a mortgage at any time during the amortization period.  Home buyers with down payments of less than 25% must purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC) or GE Mortgage Insurance Canada.

If you are putting your home up for sale, consider having your own home inspection. This should be part of your “pre-sale home improvement” process.

One of the most common conditions of the contract is, “offer contingent upon satisfactory building inspection.” Most buyers have a professional home inspection done before purchase.

The last thing that you want is to have your deal fall through because of an unknown problem uncovered by the buyer’s building inspector. This is especially true if it is a minor problem and could easily have been repaired ahead of time — if only you had known about it. Many a transaction has fallen apart because of building inspection surprises.

When preparing your house for sale, you do lots of things to make it more appealing to potential buyers. Spend that little extra and have a home inspection. By having a pre listing home inspection, you will go into the whole process knowing exactly what a buyers inspector will be looking for, and know what needs to be addressed. Find out the hidden problems with your home and correct them in advance. Take care of potential deal breakers beforehand.

By making repairs and disclosing to the prospective buyer the property’s condition up front, before negotiations begin, you can create a more relaxed atmosphere by instilling confidence regarding the home’s condition. This, in turn, may help your house sell faster and closer to listing price.

VANCOUVER, B.C. – June 3, 2008 – The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007.

New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed.

“With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt. “The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from.”

Sales of detached properties in May 2008 declined 33.4 per cent to 1,203 from the 1,805 sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 8.4 per cent from May 2007 to $771,250.

Sales of apartment properties declined 30.5 per cent last month to 1,244, compared to 1,789 sales in May 2007. The benchmark price of an apartment property increased 8.7 per cent from May 2007 to $389,668.

Attached property sales in May 2008 decreased 24.7 per cent to 555, compared with the 737 sales in May 2007. The benchmark price of an attached unit increased 9 per cent between May 2007 and 2008 to $478,931.

Bright spots in Greater Vancouver in May 2008 compared to May 2007:

ATTACHED:
Coquitlam………………………………up 45.2 per cent (45 units sold from 31)

APARTMENTS:
New Westminster………………….up 13.6 per cent (100 units sold from 88)

For Immediate Release: June 3, 2008

(Surrey, BC) – Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May.

The Fraser Valley Real Estate Board posted 1,599 sales in May, a decrease of 26 per cent compared to the 2,152 sales processed on the MLS® during May 2007. At the same time, the Board received 3,941 new listings, taking the number of active listings to 11,133, an increase of 33 per cent compared to the 8,381 listings available during May 2007.

“We’re experiencing a return to more normal market conditions,” explains Kelvin Neufeld, president of the Board. “In a balanced market, we can generally advise our clients to take a little longer, look at a wider variety of properties and negotiate harder when it comes to price.”

However, Neufeld cautions, “It also depends on where you’re looking and for what type of home because we’re still experiencing market conditions that favour the seller in some parts of the Fraser Valley, which is why local advice from your REALTOR® is so valuable in an adjusting market.”

For example, in Abbotsford, the average price increase for a single family detached home remained in the double digits in May, increasing 11.3 per cent compared to the same month last year. In Mission, the average townhome took only 12 days to sell in May 2008, compared to 38 days for the average townhome in Fraser Valley, and average price increases for condos in both Surrey and Abbotsford remained solid at nine per cent.

Overall, average apartment prices in the Valley increased by 5.2 per cent compared to last year. They averaged $229,727 in May 2008, compared to $218,371 last May. Similarly, the average price of a single family detached home in the Fraser Valley increased by 5.4 per cent, going from $521,444 in May 2007 to $549,612 last month. Townhomes went for an average $341,149 in May, an increase of 2.9 per cent compared to the same month last year when they averaged $331,476.

It’s easy to count your available cash, but remember that all of these cash savings cannot be used as your down-payment. There are last-minute costs such as taxes, legal fees, appraisalfees, moving expenses, and home insurance to pay before you are finally in your new home. The time to budget for those “end” expenses is now. You must be prepared to pay most, and perhaps all, of the following closing costs.

Property Transfer Tax – The British Columbia Provincial Government imposes a property transfer tax which must be paid before any home can be legally transferred to a new owner. Some buyers may be exempt from this tax. For further information, contact the Property Transfer Tax office in Victoria at www.gov.bc.ca/sbr.

Goods & Services Tax – If you purchase a newly constructed home, you may be subject to GST on the purchase price. There may be some rebates available depending on the value of the home. For further information contact the Canada Revenue Agency at www.cra-arc.gc.ca.

Property Tax – If the current owners have already paid the full year’s property taxes to the municipality, you will have to reimburse them for your share of the year’s taxes.

Appraisal Fee – When the lending institution requires an appraisal of the home before approving your loan, it may be your responsibility to pay the appraiser’s fee.

Survey Fee – The lending institution may also require that a survey certificate be presented to them. The purpose of the survey is to formally establish the boundaries of the property and to ensure that all buildings are within those boundaries.

Note: Lending institutions may ask for either a building location survey, which establishes where a building is located on a property, or a monumental survey, which establishes the actual boundaries of a property. If the current owner cannot provide a recent survey certificate, it will be your responsibility to pay the surveyor’s fee.

Mortgage Application Fee – Lending institutions may charge a mortgage application fee. This application fee may vary between lending institutions.

Mortgage Default Insurance – This type of insurance is required on most mortgage loans in excess of 75% of the appraised home value. Its purpose is to insure that the lender will not lose any money if you cannot make your mortgage payments and the value of your home is not sufficient to repay your mortgage debt. The insurance premium is paid to the lender and, in most cases, is added to the loan amount and paid for over the term of the loan.

Life & Disability Mortgage Insurance – At your option, you may purchase insurance which will ensure that your outstanding mortgage balance is paid if you die or become disabled.

Fire & Liability Insurance – The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds.

Legal Fees – The transfer of home ownership from the seller to the buyer must be recorded in the Land Title Office in order to protect the new owner’s interests. You will probably want to engage a lawyer or notary public to act on your behalf during the completion of your purchase. The lawyer or notary public will charge a fee for this service, plus disbursements, including the Land Title Registration fee. If you are financing your purchase with a new mortgage loan, there will be a further fee and disbursements to prepare and register the mortgage documents.

Other last-minute costs you shouldn’t forget to set some money aside for:
» home inspection fees
» moving expenses
» deposits required by utility companies
» household goods,
» kitchen appliances,
» garden equipment,
» garbage cans, tools, window coverings, etc.
» redecorating or renovations

When selling your home, you may be obligated to disclose problems that could affect the property’s value or desirability. All Canadian MLS listing agreements require that sellers submit Property Disclosure Statement. It has to describe the property, and list to the best of your knowledge any defects, debts or claims against it.

The Property Disclosure Statement includes

Property Details
» Property size (lot specification, number of rooms, etc), building materials
» Heating and air conditioning systems
» Appliances, furniture or other moveable items included in the sale
» Any portable items excluded from the sale

Financial Information
» Asking price for the home
» Your mortgage information (balance, payment schedule, maturity date)
» Property tax
» Any legal claims on the property

Employment Disclosure
» Your agent or broker
» Employment type - seller or dual agency
» Agreed services
» The length of the contract
» Commission you would pay

Disclosure is used to protect the interest of the buyer, and sellers who deliberately conceal information may be held liable.

VANCOUVER, B.C. – May 2, 2008 – An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,218 in April 2008, a decline of five per cent from the 3,387 sales recorded in April 2007, and a 3.8 per cent drop from the 3,345 sales in April 2006.

New listings for detached, attached and apartment properties increased 25.6 per cent to 7,010 in April 2008 compared to April 2007, when 5,580 new units were listed.

“Residential sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record-breaking activity for most of this decade,” said REBGV president, Dave Watt.

“Despite this seeming re-balance between sales and listings, it took, on average, six fewer days to sell a home in Greater Vancouver compared to the previous year, with a days on market average of 33 in April this year,” said Watt.

Sales of detached properties declined 7.8 per cent to 1,293 from the 1,403 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 11 per cent from April 2007 to $771,321.

Sales of apartment properties in April 2008 declined 2.4 per cent to 1,317, compared to 1,350 sales in April 2007. The benchmark price of an apartment property increased 9.6 per cent from April 2007 to $389,070.

Attached property sales in April 2008 are down 4.1 per cent to 608, compared with the 634 sales in April 2007. The benchmark price of an attached unit increased 10.5 per cent between April 2007 and 2008 to $477,900.

Bright spots in Greater Vancouver in April 2008 compared to April 2007:

ATTACHED:
Squamish……………………………….. up 84.6 per cent (24 units sold from 13)
Vancouver East……………………… up 50 per cent (51 units sold from 34)
Sunshine Coast………………………. up 157.1 per cent (18 units sold from 7)

APARTMENTS:
Maple Ridge/Pitt Meadows……. up 32.3 per cent (41 units sold from 31)
New Westminster……………… up 33.8 per cent (95 units sold up from 71)
Port Moody/Belcarra…………. up 23.7 per cent (47 units sold up from 38)
Richmond…………………………… up 7.8 per cent (179 units sold from 166)

For Immediate Release: May 2, 2008

(Surrey, BC) – An increase in choice continues to be the real estate story in the Fraser Valley, with the Fraser Valley Real Estate Board receiving a record number of new listings on the Multiple Listing Service (MLS®) in April.

The Fraser Valley Real Estate Board received 4,458 new listings last month compared to 2,922 new listings received during April of last year, an increase of 53 per cent. That swell of new inventory took the number of active listings to almost-record highs, reaching 11,111, an increase of 43 per cent compared to the 7,764 listings available during April 2007.

Even with the surge in listings, April sales remained strong at 1,787 total units sold, on par with the 1,781 sales sold in April of 2007.

Kelvin Neufeld, the president of the Board says the last time Fraser Valley buyers had so much to choose from, was in the spring of 1994. “What’s different today is the variety of properties available within every Fraser Valley community.

“Abbotsford condos were a rarity 14 years ago and so were one acre parcels of land in South Surrey. The volume of development right now in all property types across the Valley is opening up so many opportunities for buyers.”

The price of a single-family house in the Fraser Valley averaged $547,590, representing a 4.7 per cent increase from April 2007. Townhomes went for an average $344,659 in April, an increase of 7.5 per cent compared to the same month last year when they averaged $320,702.

Average apartment prices in the Valley continued to rise in the double digits increasing by 10.3 per cent compared to last year. They averaged $213,901 in April 2007, compared to $235,840 last month.