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.

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.

OCTOBER 2016 MARKET STATISTICS | SUNSHINE COAST SALES

Here’s an up to date look at real estate sales for the Sunshine Coast BC.

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It’s a buyers market here on the coast, and the perfect time for that move or vacation home!

Federal Changes in Lending Criteria

Agent Sliders

On October 3, 2016, the federal government released new rules that apply to your ability to qualify for a mortgage. The following statements will be released.

To help ensure new homeowners can afford their mortgages even when interest rates begin to rise, mortgage insurance rules require in some cases that lenders “stress test” a borrower’s ability to make their mortgage payments at a higher interest rate. Currently, this requirement only applies to a subset of insured mortgages with variable interest rates or fixed interest rates with terms less than five years. Effective October 17, 2016 (TOMORROW), this requirement will apply to all insured mortgages, including fixed-rate mortgages with terms of five years and more. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure.

What does this mean?

1. As of October 17, 2016, any arranged mortgage that is an insured mortgage has to qualify at 4.64%. This means:

How this affects you?
Your purchasing power will likely decrease. Historically, clients have been able to qualify at the 5 year discounted rate (for example, current 5 year rates are at about 2.49%).

2. As of November 30, 2016, any mortgage that is back end insured (regardless of down payment amount or equity) has to qualify at 4.64%.

How this affects you?
The amount of equity that you can take from your owner occupied home could decrease, based on you ability to debt service. Although you can still mortgage up to 80% of the appraised value of your home, you will have to qualify at 4.64%.

3. As of November 30, 2016, any low-ratio insured loans (mortgages with more than 20% down) will have to comply to new criteria. Monoline lenders are notably lenders that do low -ratio insured mortgages.

How this affects you?
Property has to be owner occupied. No rental properties
Maximum amortization of 25 years
Maximum property purchase of $1,000,000
Minimum credit score of 600

For more information on these announcements please click on the following link:

http://www.fin.gc.ca/n16/data/16-117_1-eng.asp

http://www.fin.gc.ca/n16/data/16-117_2-eng.asp

http://www.cbc.ca/news/canada/british-columbia/first-time-homebuyers-take-hit-with-new-mortgage-rules-1.3795836

Attention First Time Home Buyers…..

Yesterday, the Liberal government announced sweeping changes aimed at ensuring Canadians aren’t taking on bigger mortgages than they can afford in an era of historically low interest rates. The changes are also meant to address concerns related to foreign buyers who buy and flip Canadian homes.

Below is a breakdown of the four major changes Finance Minister Bill Morneau announced Monday. To read more, click on the link below or feel free to ask me!

1. Buyers with a down payment of at least 5 per cent of the purchase price but less than 20 per cent must be backed by mortgage insurance.

2. As of November 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.

3. New reporting rules for the primary residence capital gains exemption.

4. The government is launching consultations on lender risk sharing.

To read more about these changes and who they impact, please click here.