Real Estate Market Statistics

I have had much success actively working in many different real estate markets – Vancouver West, West Vancouver, Squamish & the Sunshine Coast.

Currently, it is a buyers market for those four areas, however, prices are still going up, so it’s a good time for either sellers or buyers to sell, buy or invest.

Please see the January Statistics below:

MarketHotSheet_January2017_Squamish

MarketHotSheet_January2017_SunshineCoast

MarketHotSheet_January2017_VanWest

MarketHotSheet_January2017_WestVan

Why Should You Use a Realtor?

One of the questions that I get asked regularly is “Why Use a Realtor?”

This video from the Real Estate Board of Greater Vancouver explains why you should use a Realtor in the purchase or sale of your next home

So why should you use me as your Realtor? I understand that in buying or selling your home you are making one the biggest decisions of your lifetime, and I will be with you every step of the way! My passion is real estate, and my hope is that once we’ve worked together, the next time you go through one of these big life transitions, you won’t want to do it with anyone else. For me, there is no bigger compliment than when a client sends their friends or family to work with me.

First-Time Buyers Interest-Free Down Payment Program

BC-gov-downpayment-loan-infographicThe new BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible BC residents purchase a home.

The program offers first-time home buyers who have saved a down payment:

A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000.

This loan matches the buyer’s down payment and is interest-free and payment-free for five years. After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan. Loans through the program are due after 25 years – the same length as most mortgages.

To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:
1. Canadian citizen or permanent resident for at least five years;
2. Resident of BC for at least one year immediately preceding the date of application; and
3. First-time buyer who has not owned an interest in a residence anywhere in the world at any time.

The first-time home buyer must:
1. Use the property as their principal residence for the first five years;
2. Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
3. Have a combined, gross household income of all individuals on title not exceeding $150,000.

First-time home buyers can begin gathering the documents they’ll need to submit an online application.

Buyers will need:
1. Proof of status in Canada and residency in British Columbia.
2. Secondary identification (must include your photo).
3. Proof of income and tax filings.
4. Insured first mortgage pre-approval.

Reported by REBGV

Home Buying Costs

If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property.

Buying costs

Mortgage application
Lenders may charge a mortgage application fee, which will vary depending on the lending institution.

Mortgage insurance
The federal government requires high-ratio mortgages with less than 20 per cent down payment to be insured against default. The cost ranges between 0.60 to 3.85 per cent of the mortgage amount which is added to the mortgage principal.

As of February 15, 2016, the federal government requires a 10 per cent down payment requirement on homes valued at $500,000 – $1 million, that need mortgage insurance. Homes valued at $1 million+ require a minimum down payment of 20 per cent. Mortgage insurance is not available for homes in this price range. Learn more.

Appraisal fees
Before your lender approves your mortgage, you may be required to have the property appraised. Sometimes your lender will cover this cost. If not, you’re responsible. The fee ranges from $300 to $450 plus GST.

Land survey fees
Lenders may require a survey of the property. The fee ranges and is typically $500 plus GST.

Home inspection fees
A home inspection is a report on the condition of the home and includes structural and moisture problems, as well as electrical, plumbing, roofing and insulation. The fees range and is typically $500-$900 depending on the size of the home and the complexity of the inspection. Some inspectors also charge an additional fee for an older home or a home with a secondary suite, a crawlspace, or a laneway home.

Goods and Services Tax (GST)
The GST on a new home is 5% of the price. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000.

Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, Notary Publics and REALTORS®.

Provincial Sales Tax
The PST is generally not payable on services except for legal and notary fees. Both the GST and PST are paid on legal and notary fees.

Property Transfer Tax
Home buyers in BC pay a provincial Property Transfer Tax (PTT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to and including $2 million. The PTT is 3% on amounts greater than $2 million..

Qualifying first-time home buyers may be exempt from paying the PTT if the purchase price of their home is priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil.

Qualifying buyers of new homes may be exempt if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate.

Click here for the Property Transfer Tax fact sheet.

Click here for more cost saving programs.

Adjustments (see details in the Contract of Purchase and Sale)
Property taxes
Depending on the Contract of Purchase and Sale, a property buyer will likely be required to reimburse the seller for any prepaid property taxes. The lender may require the buyer to add property tax installments to monthly mortgage payments. See also Why do I have to pay property taxes on the house I’m buying.

Utility bills
A buyer is typically required to reimburse the seller for any prepayments for municipal swer and water fees.

Rent and security deposits
If there is a secondary suite or a laneway home rental and the tenancy continues, the buyer receives the security deposit from the seller with accrued interest because the buyer is responsible for reimbursement when the tenant leaves.

Mortgage life insurance
If the owner dies, this type of insurance will pay off the balance owing on their mortgage.

Fire and liability insurance
Most lenders require property buyers to carry fire and extended coverage insurance and liability insurance.

Home insurance
Lenders typically require home buyers with a mortgage to buy home insurance. The insurance should be effective on the earlier of either the completion date or the date that the balance of funds is placed in trust.

Legal or Notary Public fees
Buyers typically hire a lawyer or Notary Public to assist with drafting documents and ensuring the title of the home is properly transferred. Likely fees include a:

title search for a property, this costs up to $11
land title registration fee, which is about $75
For more information about land titles, visit the Land Title and Survey Authority of BC at www.ltsa.ca.

Moving fees
Moving fees vary depending on the distance moved and whether professional movers do all of the packing. Rates vary.

Utility hook ups
There are fees for hydro, gas, water and sewer, cable, and phone connections.

Locks
New owners should always have door locks rekeyed. Costs depend on whether the locks are standard or electronic.

Strata maintenance fees
Typically paid on the first day of each month.

Commission fees
What does it cost to hire a Realtor you may also ask?’ There is no set commission rate in the real estate profession. Most Realtors are paid after ownership is transferred. Fees are typically paid to the real estate company by the lawyer or notary in the transaction from the sale proceeds.

Compensation is always agreed to beforehand between you and your Realtor. There is no such thing as an average commission. The Commission paid depends on the services provided by your Realtor, which can vary significantly depending on your needs as a client or the business model employed by the Realtor.

When does a commission become payable?
The standard Multiple Listing Contract provides that commission is payable on the earlier of the following: completion date under the Contract of Purchase and Sale, or the actual date the sale completes.

Reported by REBGV.org

December 2016 Market Statistics | Sunshine Coast BC

Please see the chart below describing the Market Trends for December 2016 on the Sunshine Coast BC.

When buying or selling a home, everyone wants the most advantageous situation. Both buyers and sellers want “the best price,” but this definition varies: Home buyers want to purchase the desired property at a good deal, while sellers want to receive their asking price.

A Balanced Market is a perfect solution being that you sell and buy within the same market (which is a huge advantage for those who are risk adverse in the Real Estate Industry).

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Sunshine Coast Sales in 2016

SC Stats 2016

The Sunshine Coast market activity by the end of November 2016, continued to demonstrative above average levels of sale activity and steady increases in value, compared to the same period in 2015.

Current market activity trends indicate that 2016 has been the busiest year for transactions since 2003.
With high levels of buyer interest combined with historically low levels of properties being offered for sale, the market continues to move in favour of sellers in all segments of the market place as of the end of November 2016. The number of transactions have increased by 43% in 2016, when compared to the same period last year, resulting in average sales prices increasing of: $487,000 for detached homes (a 19% increase in 11 months); $297,500 for attached (a 10% increase in 11 months); and $198,000 for land sales ( a 5% increase in 11 months).

As a result of the consistently strong levels of activity for the last 12-18 months, the number of properties being offered for sale has fallen during the third quarter of 2016. Looking forward in 2017, we expect the market to continue being a sellers market. With the increase of sales volumes and prices from this year, we expect that the 2017 market will demonstrate the characteristics of a low supply – high demand marketplace with strong support for prices at current or higher price levels.

How Much Is Your Property Worth?

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The latest assessed values of properties on the Sunshine Coast are now available online with estimated increases of up to 40 per cent in some cases:

“The 2016 assessments are indicating significant increases from 2015,”says Assessor Jason Grant. “Increases of 15-25 per cent will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Single-family market movement in Whistler, Pemberton and the Sunshine Coast is less dramatic, with typical increases in the zero to 15 per cent range. Typical strata residential increases throughout the region will be in the five to 10 per cent range.”

The assessed values of houses in B.C. can be found at E-Value BC.

Meet REP’s 30 Under 30 | Samantha Place

REP PNG

I am so excited and honoured to be featured as one of Real Estate Professional’s (REP’s) 30 Realtors Under 30 Across Canada. Please read more about the article below:
 
When, why and how did you get involved in real estate?
I’ve always been fascinated by real estate. When I was a little girl, the highlight of visiting my mom at work was looking at the beautiful mansions in the luxury magazines that were in the reception area at the real estate office that she ma aged. I imagined that one day, I would be able to walk through one of the homes in those magazines. After I finished university, I had an opportunity to do Project Marketing, where I worked for 3 years. From there I transitioned into residential resales with a team focusing on luxury real estate. I am so fortunate to have worked in Vancouver, because I have seen some very beautiful homes, condos and mansions, and I can say that my dreams have come true from when I was younger, sitting in the office looking at the magazines.

What have you learned in your time in the industry?
Moving is one of the most stressful situations in one’s life. In the beginning of my career, my friends and family thought that being a REALTOR® was easy: “Don’t you just show someone a few homes and they buy one of them? What is it so hard?” they would ask. There is much more to that and there are individuals in the general public that don’t understand what exactly REALTORS® do to help them; I explain that this is our career and how we earn our income. When people ask what do I do for a living, I tell them that I am a Real Estate Advisor because I am my client’s confident, self-proclaimed therapist, tour guide (yes! we do take people out on tours and show them different properties) and a market expert. I work for my clients in helping make one of the most stressful purchases in their life, a little bit easier. Being a REALTOR®, I have learnt that you have to show everyone the respect that you would want in return, be genuine and have meaningful conversations with fellow real estate agents and clients, and most importantly, be patient!

What challenges face you as a young agent in a very traditional industry?
I think that the biggest challenge has been distinguishing myself from all the other REALTORS® out there. I use distinguish rather than compete, because I strongly believe to be successful in this industry you have to utilize your fellow REALTORS® knowledge and expertise and work together as colleagues, not competitors. Many people in this industry don’t believe in this idea, but we all want the same thing – to make our clients happy.

What do you bring to your job that sets you apart?
I once was told by one of my mentors that “Home is not a place, it’s a feeling.” I believe that this mantra strongly resonates with the feeling: “there is no place like home.” This is something that I truly believe in and strive for my clients to feel as well. I get great fulfillment out of getting to really know my clients and what they are looking for in their “home”. I am extremely positive and put in energy in helping them find and make the best decisions with any real estate investments. I am not only their real estate advisor, but I work for all my clients as if they were a close family members or friends, and treat them as such. Being in the real estate industry, I take the lessons that I learn in every transaction about business, people and life in general, while constantly developing new skills and ways of thinking to be a better REALTOR® for my past, present and future clients. I am extremely passionate about real estate – it is not only a job, but a hobby – and the best feeling is finding a property that makes my clients walk into the house and feel as if they are at “home.”

What else would you like readers to know about you?
My goal for 2017 is to make the Medallion Club. Other than that, I hope to finally do some much needed travelling – the top of my go-to list is Switzerland. I went straight from high school to university into real estate, so I haven’t had much time off; whomever said that this job is easy obviously doesn’t know how many hours of work you do a day, and that weekend’s aren’t typical “weekends”! If I do have some free time I love hiking and exploring new places, as well as cooking extravagant meals for my family and friends.

Read More Here!