Langley BC Real Estate | Condominums And Town Homes

VANCOUVER, B.C. — March 4, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 2,676 in February 2008, a decline of 6.4 per cent from the 2,859 residential sales recorded in February 2007, and a decline of 9 per cent compared to the 2, 941 sales in February 2006.

New listings for detached, attached and apartment properties rose 26.2 per cent to 5,260 in February 2008 compared with February 2007, which had 4,167 units listed. New listings this February rose 21.2 per cent over new listings figures from February 2006.

“We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly,” says REBGV president Brian Naphtali. “This shift increases buyer options and allows people more time to make decisions when purchasing a home.”

Sales of detached properties declined 11.2 per cent to 995 from the 1,121 detached sales totalled over the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 14.1 per cent from February 2007 to $761,342.

Sales of apartment properties in February 2008 declined 5.7 per cent to 1,197, compared to 1,269 sales in February 2007. The benchmark price of an apartment property increased 12.7 per cent from February 2007 to $387,032.

Attached property sales in February 2008 increased 3.2 per cent to 484, compared with the 469 sales in February 2007. The benchmark price of an attached unit increased 12.9 per cent between February 2007 and 2008 to $472,147.

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

Detached:
West Vancouver/Howe Sound….. up 16.7 per cent (56 units sold up from 48)
Whistler/Pemberton………………… up 100 per cent (10 units sold up from 5)
Port Moody/Belcarra……………….. up 22.7 per cent (27 units sold up from 22)

Attached:
New Westminster…………………….. up 216.7 per cent (19 units sold up from 6)
Port Coquitlam…………………………. up 68.4 per cent (32 units sold up from 19)

Apartments:
Burnaby…………………………………… up 9.5 per cent (150 units sold up from 137)
Whistler/Pemberton………………… up 62.5 per cent (13 units sold up from
Port Moody/Belcarra……………….. up 27.6 per cent (37 units sold up from 29)

For Immediate Release: March 4, 2008

(Surrey, BC) – With greater choice available, Fraser Valley home buyers continued to snap up properties in February, paying on average seven per cent more for a single family home compared to the same month last year.

The Fraser Valley Real Estate Board recorded 1,308 sales on the Multiple Listing Service® (MLS®) in February, compared with 1,413 during February of last year, a decrease of seven per cent.

The MLS® received 2,808 new listings in February, which added up to 8,185 active listings for the month, an increase of 30 per cent compared to the 6,304 active listings that were available in February 2007.

“There is tremendous interest in Fraser Valley real estate,” confirms President Kelvin Neufeld. “We have buyers from out of town coming for work, from Greater Vancouver looking to get more bang for their buck, first-time buyers looking to enter the market with a condo or townhouse, and long-time Fraser Valley residents asking us to help them downsize or upsize.

“All this activity is keeping prices competitive. It’s also the reason why Fraser Valley REALTORS® anticipate another busy spring in 2008.”

The average price of a single-family detached house in the Fraser Valley in February was $544,495, an increase of 7.3 per cent compared to the same month last year. In February 2007, the average price was $507,439.Similarly, the average apartment price went up 7.4 per cent, from February 2007’s average of $208,885, to $224,430 in 2008.

The average price of townhouses increased by 11 per cent in one year, selling for an average of $346,853 in February 2008, compared to an average of $312,421 during the same month last year.

Perhaps you’ve heard the terms “Freehold” or “Leasehold” to describe a person’s title to a piece of property and wondered exactly what that means.  The following is a list and explanation of the different ways Title to a property in British Columbia can be held.

Freehold – A freehold interest (also known as a fee simple) is the more precise term for what we ordinarily refer to as “ownership” of a home. The owner of the freehold interest has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaws, and any other restrictions in place at the time of purchase.

Strata Title – The strata title form of ownership is designed to provide exclusive use and ownership of a specific housing unit (the strata lot) which is contained in a larger property (the strata project), plus shared use and ownership of the common areas such as halls, grounds, garages, elevators, etc. This type of ownership is used for duplexes, apartment blocks, townhouse complexes, warehouses, and many other types of buildings. Because ownership of the common space is shared, the owners also share financial responsibility for its maintenance.

Leasehold – In some cases, you might purchase the right to use a residential property for a long, but limited, period of time. The owner of this right of use has a type of ownership called a leasehold interest. This type of ownership is used most often for townhouses or apartments built on city-owned land. It is also used occasionally for single detached homes on farm land, on First Nation reserves, and for apartments where the owner of the freehold interest of an entire apartment block sells leasehold interests in individual apartment units to other “owners.” Leasehold interests are frequently set for periods of 99 years, but regardless of the length of the original term, you will only be able to purchase the remaining portion. Of course, the shorter the remaining portion, the less you, or the person who eventually purchases from you, will be willing to pay for the leasehold interest.

Cooperative – In the cooperative form of ownership, each owner owns a share in a company or cooperative association which, in turn, owns a property containing a number of housing units. Each shareholder is assigned one particular unit in which to reside.

from the Real Estate Council of British Columbia 

If it is possible, as some individuals suggest, for many people to quickly become very wealthy by dealing in real estate, then unfortunately, other people on the opposite side of the same transactions must, just as quickly, lose some of what they have invested. Usually, those who stand to lose are sellers who agree to be a party to buyers’ financing arrangement in which the sellers assume risks.

Essentially, there is nothing wrong with most innovative or creative financing if all parties are fully aware of the potential risks and fully understand the possible consequences of such risks. However, the fact is that many owners (sellers) are not aware of the potential disasters which may occur. It is strongly recommended that you secure competent advice from a real estate licensee or legal counsel before finalizing any real estate contract. This recommendation is much more urgent when the offer you are considering includes terms which could jeopardize you financially.

Be wary of offers which require any of the following:

As you read and study about buying real estate, you will often find the words “house” and “home” used interchangeably. There is a huge difference between a house and a home.

A house can be a place to eat, sleep, park your car, and put all your “stuff” (including other family members). It is a material possession and an investment. A home is where you feel comfortable, warm, safe, and protected.

A home is where you live.

A house is something you buy logically. A home is an emotional purchase. When buying real estate you have to balance your emotional wants and your logical needs because there will almost certainly be a time when the two conflict.

Example
For example, you may want a house with a view, but the payment is higher than you feel comfortable with on a thirty-year fixed rate mortgage.

What do you do?

Purchase the house anyway and budget more carefully for the next few years? Buy the same house without the view and get it cheaper? Make a larger down payment by borrowing from your 401K or family members, so you get a lower payment? Get an adjustable rate mortgage with a smaller payment instead of a fixed rate loan? Or buy a smaller house and still get the view?

When viewing the house, most people look at it emotionally and envision it as a safe, happy, comfortable home. Later, when making the offer or filling out a mortgage application, your logic may begin to kick in, instead. That’s when “buyer’s remorse” may come up, but…that’s a different article.

Balancing Act
The trick in buying real estate is to view all decisions with both a logical perspective and an emotional perspective. If a situation presents itself that requires a trade-off, decide on whether there is a huge conflict or a small one. Logic should win the big conflicts, but emotion should always be a factor, even winning the small ones.

You will find yourself owning a warm, happy, safe home – and an investment for the future at a price you are willing to pay.

Homeowners are now eligible to receive a full grant with property values up to $1,050,000, up from the previous threshold of $950,000.

With the basic grant homeowners can receive a maximum residential property tax reduction of $570. An additional grant of $275 is available for owners who are over the age of 65, permanently disabled or eligible to receive certain war-veteran allowances.

The 2007 budget extended the additional grant to low-income homeowners who also meet the above eligibility criteria regardless of the assessed value of their home.

Residential property values in British Columbia, including new construction, have increased by 16 per cent over the past year.

VANCOUVER, B.C. — February 4, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential attached, detached and apartment property sales totalled 1,819 in January 2008, an increase of 0.7 per cent over the 1,806 total residential sales in January 2007 and a 5.5 per cent decline from the 1, 924 sales recorded in January 2006.

New listings for detached, attached and apartment properties climbed 14.9 per cent in January 2008, compared to the 4,067 units listed in January 2007. In contrast to January 2006, new listings from this January rose more  dramatically, up 34.7 per cent.

“With new listings outpacing sales increases to start the year, it appears the market is heading toward more balance,” says REBGV president Brian Naphtali. “The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.”

Sales of apartment properties in January 2008 rose 11.7 per cent to 860, compared to 695 sales in January 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 13.8 per cent from January 2007 to $378,336.

“It was clearly on the strength of apartment sales that overall residential sales figures increased in January,” says Naphtali. “There’s clearly been a trend over the past decade toward growth in the high density condo market. Townhome sales have continued to be steady, and detached homes remain a popular choice. But more and more consumers are purchasing apartments.”

Attached property sales in January 2008 declined 6.7 per cent to 318, compared with the 341 sales from January 2007. The benchmark price of an attached unit increased 12.4 per cent from January 2007 to $462,627.

January 2008 sales for detached properties decreased 7.8 per cent to 641, from the 695 detached units sold over the same period in 2007. The January benchmark price for detached properties rose 15.7 per cent from January 2007 to $742,490.

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

DETACHED:
South Delta………….. up 57.8 per cent (30 units sold up from 19)
Port Moody/Belcarra… up 70 per cent (17 units sold up from 10)

ATTACHED:
New Westminster…….. up 200 per cent (12 units sold up from 4)
Port Coquitlam……… up 53.8 per cent (20 units sold up from 13)

APARTMENTS:
Burnaby…………………..up 14 per cent (98 units sold, up from 86)
Coquitlam…………… up 72.7 per cent (57 units sold, up from 33)
North Vancouver…… up 21.2 per cent (63 units sold up from 52)
Richmond………….. up 30.1 per cent (121 units sold up from 93)
New Westminster …. up 17.4 per cent (54 units sold up from 46)

(Surrey, BC) – The Fraser Valley Multiple Listing Service® (MLS®) January 2008 statistics reveal an increase in selection for buyers and continued price increases for sellers in the Fraser Valley.

There were 956 MLS® sales processed in January, a decrease of 4 per cent compared to the 1,001 sales processed the same month in 2007. However, there was an 18 per cent increase in new listings in January 2008 compared to the number received in January last year – 2,850 news listings compared to 2,425. January’s total active inventory at 7,554 listings finished 24 per cent higher than the 6,099 active listings during January 2007.

“With more inventory buyers have greater freedom to comparison shop and we’re seeing evidence of that in the increase of the average number of days homes are staying on the market,” confirms Jim McCaughan, president of the Fraser Valley Real Estate Board. “Comparing October 2007 to January 2008, detached homes in the
Fraser Valley are taking three days longer to sell, apartments five days and townhouses 14 days more.

“In the real estate industry a winter calm or ‘re-stocking of our shelves’ often precedes our busiest season, which is spring. We are anticipating a solid spring market with average home prices continuing to increase, but at a slower pace compared to last year.”

In January, the average price of a single-family detached house in the Fraser Valley was $524,293, an increase of 6 per cent compared to January 2007, when the average price was $494,177.

Fraser Valley townhouses sold for an average of $340,760 in January, an increase of 12.6 per cent from the average price of $302,591 in January 2007. The average price of a Fraser Valley apartment increased by 12.3 per cent in one year, going from $199,995 in January 2007 to an average of $224,547 in January 2008.