Burnaby Real Estate Blog - Maria Mak - BC government announces new contract assignment regulations

BC government announces new contract assignment regulations

The provincial government announced new rules regulating contract assignments earlier today.
The new rules will require real estate contracts to include two terms: one requiring seller’s consent to assign the contract, and one requiring that any profit from an assignment goes to the initial seller.
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Clients can instruct REALTORS® to omit or change these clauses.

These regulations will apply to all offers starting May 16, 2016.

The buyer’s Realtor will also be required to inform the seller if one, or both, of these clauses are removed from their offer. The seller’s Realtor must also disclose if the proposed contract is assignable or not – including any conditions that would be applicable to the assignment.
This is done through the new “Notice to Seller Regarding Assignment Terms” created by The Real Estate Council. This notice must be presented at the same time as the contract to either the seller’s Realtor, or directly to the seller
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These regulations apply to both residential and commercial transactions, with the exception of development units as defined by section 1 of the Real Estate Development Marketing Act.
BCREA will update WEBForms® with both the new Notice to Seller Regarding Assignment Terms form and revised Contracts of Purchase and Sale. Updates to PDP courses and an applicable webinar will be coming shortly.

We'll provide more information on these changes in the next edition of our newsletter

 

Burnaby Real Estate Blog - Maria Mak - Hottest April on Record for Weather – and Real Estate Sales: Stats But,unlike the weather, April was not as scorching as the previousrecord-smashing month, reports Real Estate Board of Greater Vancouver

Meteorologists are saying that April 2016 was likely the hottest April in recorded history – and that was also true for Greater Vancouver real estate.

Residential unit sales in the region saw the busiest-ever April – although they didn’t reachprevious month, according to the latest statistics from the Real Estate Board of Greater Vancouver (REBGV) issued May 3.

Home sales in Greater Vancouver last month were 14.4 per cent higher than April 2015, 41.7 per cent above the 10-year sales average for the month, but 7.6 per cent lower than March 2016’s all-time record-breaking figures.

The benchmark price of a home (composite property types) in the region raised the bar again in April, at $844,800. This is a 25.3 per cent increase compared with April 2015.

The number of homes newly listed on the Greater Vancouver market increased 3.9 per cent compared with the April 2015, but it was 2.4 per cent lower than March 2016. This annual increase in new listings proved inadequate compared with demand. Total active listings at the end of April were down more than 39.3 per cent year over year, as hungry buyers absorbed all the new property listings and many of those previously on the market.

Sales and Listings

April home sales in Greater Vancouver totalled 4,781, a 14.4 per cent rise compared with the 4,179 sales recorded in April 2015 but a drop of 7.6 cent compared with March 2016, when 5,173 homes were sold.

A total of 1,979 single-family homes were sold in April, which is a rise of nine per cent from the 1,815 transactions recorded in April 2015, but a 7.3 per cent drop compared with March’s 2,135 detached home sales.

Sales of townhouses and other attached homes were the only property type to drop year over year. The 695 total was fall of 11.6 per cent over the 785 transactions in April 2015, which is likely to be a result of the extremely limited inventory of this housing type. Sales were also down 11.6 per cent compared with March’s 786 townhome transactions.

It was a different story for condo-apartment units, 2,107 of which exchanged hands in April 2016, an increase of 33.4 per cent compared with the 1,579 sales in April 2015. Condos once more saw the fastest annual sales growth of the three home types, and were again the property type with the highest total sales. However, April’s figures were a 6.4 per cent decline from March’s 2,252 condo-apartment sales.

Property inventory only slightly improved in April, with new listings for all home types in Metro Vancouver up 3.9 per cent to 6,127, compared with the 5,897 units listed in April 2015.However, this was a drop of 2.4 per cent compared with the 6,278 new listings in March 2016.

With so many buyers looking for homes, this meagre offering of new listings was not nearly enough. The total number of properties currently available for sale on Metro Vancouver’s MLS® as of the end of April is 7,550. This is a 39.3 per cent drop from the 12,436 active listings at the end of April 2015, although a 2.6 per cent increase compared with 7,358 total listed properties as of the end of March.

Greater Vancouver’s sales-to-active listings ratio for April 2016 is now 63.3 per cent, now in its 14th consecutive month of the sales-to-active-listings ratio being above 30 per cent in Metro Vancouver, as the sellers’ market keeps its firm grip.

“Home buyer competition remains intense across the region,” said Dan Morrison, REBGV president. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”

Benchmark Prices

Metro Vancouver’s combined residential property type benchmark price predictably set another new record in April, at $844,800 – a year-over-year rise of 25.3 per cent compared with April 2015.

The area’s typical detached home is now priced at $1,403,200, a rise of 30.1 per cent compared with the same month last year, and once more the steepest price rise of all the property types. This was a rise of 4.5 per cent over March’s $1,342,500.

The benchmark price of a townhome or other attached unit in Greater Vancouver increased 22.1 per cent over April 2015 to $608,600, up 3.3 per cent compared with March.

Condo-apartment benchmark prices rose 20.6 per cent from April 2015 to $475,000. This property type increased in price by 2.6 per cent compared with March.

Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package. 

Check out our essential infographic, which reveals wide variations in home price by area, here.

Joannah Connolly  REW.ca

May 3, 2016

Maria Mak - Burnaby Real Estate Agent - Home sales remain at record levels across Metro Vancouver

May 3, 2016

*Home sales remain at record levels across Metro Vancouver*

Last month was the highest selling April on record for Metro Vancouver.

Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold.

April sales were 41.7 per cent above the 10-year sales average for the month. 

“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local Realtor to get the information you need and to develop a strategy that will help you navigate today’s market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,172 in April 2016. This represents an increase of 3.9 per cent compared to the 5,897 units listed in April 2015 and a 2.4 per cent decline compared to March 2016 when 6,278 properties were listed.

"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,550, a 38.3 per cent decline compared to April 2015 (12,436) and a 2.6 per cent increase compared to March 2016 (7,358).

The sales-to-active listings ratio for April 2016 is 78 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800. This represents a 25.3 per cent increase compared to April 2015.

Sales of detached properties in April 2016 reached 1,979, an increase of 9 per cent from the 1,815 detached sales recorded in April 2015. The benchmark price for detached properties increased 30.1 per cent from April 2015 to $1,403,200.

Sales of apartment properties reached 2,107 in April 2016, an increase of 33.4 per cent compared to the 1,579 sales in April 2015.The benchmark price of an apartment property increased 20.6 per cent from April 2015 to $475,000.

Attached property sales in April 2016 totalled 695, a decrease of 11.5 per cent compared to the 785 sales in April 2015. The benchmark price of an attached unit increased 22.1 per cent from April 2015 to $608,600.

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