Langley BC Real Estate | Condominums And Town Homes

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.

From Canada Mortgage and Housing Corporation

VANCOUVER, November 2, 2007 — Demand for homeownership will keep housing starts and existing home sales at above-average levels in BC and Vancouver, and push new and existing home prices higher in 2008.

“Housing starts in BC will top 33,250 next year down slightly from this year’s level but still above average levels”, noted Carol Frketich, BC Regional Economist. Factors behind this demand include: unemployment near record lows, strong employment growth, rising wages, relatively low mortgage rates and growing migration. Recent financial market turmoil in the United States will keep interest rates relatively flat in Canada despite upward inflationary pressures.

“In Vancouver, housing demand will be supported through 2008 by ongoing job growth and a steady flow of people moving to the region” said Robyn Adamache, CMHC’s Vancouver Senior Market Analyst. Solid home price gains will continue to attract investors and live-in homeowners alike. These factors, combined with Vancouver’s growing international reputation as a clean, liveable city, will keep demand for new and resale housing robust. Both new home starts and existing home sales will stay near record highs, but edge down slightly in the year ahead. Look for new and resale home prices in Metro Vancouver communities to increase, but at a slower pace than in recent years.

SOURCE: CMHC Housing Market Outlook, British Columbia Region Highlights, Fourth Quarter 2007.

Grants for Residential Property Owners: ecoENERGY Retrofit – Homes is available to owners of single family homes including detached, semi-detached and low rise multi-unit residential buildings. Property owners can qualify for federal grants by improving the energy efficiency of their homes, and reducing their home’s impact on the environment. The maximum grant one can receive per home or multi-unit residential building is $5,000; whereas the total grant amount available to one individual or entity for eligible properties over the life of the program is $500,000.

Who is eligible for grants?

For full details on eligibility, consult your local NRCan-licensed service organization or click here to visit the Goverment of Canada’s website for more information.

Here are the main criteria:

You can apply for a grant for a property that you own and live in or rent out. This includes detached, semi-detached and row houses and low-rise residential buildings of three storeys or less (with a footprint of less than 600 square metres), as well as mobile homes on a permanent foundation.

Grants are available for work done within a specific time frame, so it is important to talk to your local service organization about the eligibility of your house as soon as you are ready to plan and undertake your energy efficiency retrofits. You have 18 months from the date of your pre-retrofit evaluation to complete the work and qualify for a grant.

Only homes that have undergone a pre- and post-retrofit residential energy assessment service by an NRCan-licensed advisor will be eligible. You will be able to apply only once per property.

Homeowners must carry out specific improvements in order to qualify for a grant. NRCan-licensed energy advisors will be able to tell you which retrofits have the greatest impact on your home’s efficiency. The greater the improvement, the more the grant will be.

It is you – the property owner – who decides what retrofits recommended by your energy advisor you wish to undertake. You are responsible for choosing a contractor and for ensuring that the work is performed properly. It is important that you get a detailed written contract between you and your contractor in order to prevent problems later on. The residential energy assessment service does not assess the quality of the work performed – it evaluates only the retrofit’s impact on the energy efficiency of your home.

How do you apply for a grant?

It’s easy. Your energy advisor will apply for the grant on your behalf after you have completed the energy efficiency retrofits and your home has been re-assessed. Your advisor will prepare the paperwork for you to sign and will be able to tell you exactly how much you can expect to receive. Your energy advisor will then forward your application to NRCan.

A table of retrofits has been established to show the payment for the completion of each recommended upgrade. The grant amount has been determined by the relative effectiveness of that particular upgrade in reducing energy or water use, and not directly on the cost of the upgrade, which will vary depending on location, local pricing and labour costs, size of house, etc. Note: Refer to Retrofit Your Home and Qualify for a Grant! for grant amounts related to retrofits.

A grant application must be submitted to NRCan no later than 18 months after the date of the pre-retrofit evaluation. You can expect to receive your cheque within 90 days of your follow-up evaluation.

Click here to visit the Goverment of Canada’s website for more information.

VANCOUVER, B.C. — January 3, 2008 – Residential housing sales for 2007 are the second highest ever recorded by the Real Estate Board of Greater Vancouver (REBGV). The REBGV reports that residential attached, detached and apartment property sales totalled 38,050 between January 1 and December 31, 2007. This marks a 7.2 per cent increase from 2006 and a 6.1 per cent decrease from 2005, the record-setting year with 40,530 sales.

“The continued strength of the real estate market is a reflection of the economic vitality seen throughout the province. With overall wages on the rise and unemployment in decline, buyers and sellers are left with a healthy and strong climate in which to operate,” says REBGV president Brian Naphtali.

Sales of apartment properties in 2007 increased 9.1 per cent to 16,456, compared with 15,088 sales in 2006, according to data from the Multiple Listings Service® (MLS®). Sales of attached units climbed 7.7 per cent to 6,799, compared with 6,310 sales in 2006. Detached property sales increased 4.9 per cent in 2007 to 14,795, compared with sales of 14,108 in 2006.

Overall, new listings for detached, attached and apartment properties increased 4 per cent in 2007 to 54,945 units, compared to the 52,818 listed in 2006.

The aggregate residential sales in December 2007 climbed to 1,897, a 12.5 per cent increase over the 1,686 December sales in 2006. These numbers are in contrast to each of the first five years of the decade where December sales exceeded 2,000.

Sales of apartment properties in December 2007 rose 21.6 per cent to 901, compared to 741 sales in December 2006. The benchmark price, as calculated by the MLSLink Housing Price Index®, of an apartment property increased 14.4 per cent from December 2006 to $377,579.

Attached property sales in December 2007 rose 1.6 per cent to 317, compared with 312 sales in December 2006. The benchmark price of an attached unit increased 11.4 per cent from December 2006 to $456,941.

December’s sales for detached properties increased 7.3 per cent to 679 in 2007, up from the 633 detached units sold in the same period of 2006. The December benchmark price for detached properties increased 13.5 per cent from December 2006 to $730,399.

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

DETACHED:
Richmond……………………..up 57.4 per cent (107 units sold up from 68)
Sunshine Coast……………..up 51.9 per cent (41 units sold up from 27)
ATTACHED:
Burnaby………………………..up 61.1 per cent (58 units sold up from 36)
APARTMENTS:
Burnaby………………………..up 17.5 per cent (114 units sold up from 97)
North Vancouver…………..up 50 per cent (66 units sold up from 44)
Port Moody/Belcarra ……up 91.7 per cent (23 units sold up from 12)
Vancouver East……………..up 72.6 per cent (107 units sold up from 62)

January 3, 2008

For Immediate Release: January 3, 2008
(Surrey, BC) – The 2007 Fraser Valley real estate market finished with residential sales on the Multiple Listing Service® (MLS®) surpassing 2006’s volume, average home prices showing double-digit increases and townhomes and condominiums proving more popular.

The Fraser Valley Real Estate Board’s MLS® processed 16,547 sales of single family detached homes,townhomes and apartments, a one per cent increase over last year’s 16,435 sales. Townhomes and apartments made up 44 per cent of total residential sales in 2007, a 3 per cent increase compared to 2006. Fraser Valley’s total sales volume in 2007, which includes the residential figures above and all other property types, finished one per cent less than in 2006 – 18,862 compared to 19,000.

“Many of our clients are families with young children looking for more affordable options,” explains Jim McCaughan, president of the Fraser Valley Real Estate Board. “We saw some interesting trends in 2007 reflecting their needs. Townhome sales in White Rock/South Surrey and Langley were up 21 and 18 per cent; and in Mission, apartment sales increased by 34 per cent in one year.

“Yet we also saw more buyers investing in higher-end properties in 2007 with White Rock/South Surrey showing the highest increase in sales of detached homes compared to any other community in the Fraser Valley. Interest there pushed average prices over the $800,000 mark for the first time.”

The average price of a single-family detached home in the Fraser Valley increased by 11.4 per cent last year going from $467,252 in 2006 to $520,317 in 2007. In one year the average price of a townhouse increased by 12.7 per cent going from $286,127 in 2006 to $322,578 in 2007. The average apartment price increased by 14.9 per cent, reaching $216,990 in 2007 compared to $188,789 in 2006.

The year 2007 set a new record for annual sales dollar volume reaching over $7.9 billion, an 8 per cent increase over the previous year. Another increase in 2007 was in the number of listings. Over the course of the year, Fraser Valley REALTORS® listed 32,953, a 13 per cent increase compared to 2006’s 29,115 listings. The number of active listings at year’s end finished at 7,168, 18 per cent higher compared to 6,070 active listings in December 2006.