Buying a home is likely one of the biggest investments you will ever make. You will need to make a number of decisions about this purchase that should be based on the best information available. The best advice you can obtain on buying a home will come from a real estate professional – a REALTOR.
REALTORS are members of the Canadian Real Estate Association who subscribe to a strict Code of Ethics and High Standard of Business Practices. Members of the Victoria Real Estate Board are members of both the British Columbia and Canadian Real Estate Association.
The following is a list of services you can expect to receive from a REALTOR when you buy a home:
1. A REALTOR will fully explain the details of your working relationship (called “agency”) so that you are clear as to when a REALTOR is working for you or for the seller.
2. A REALTOR has access to hundreds of current listings of homes for sale because of a co-operative system called the Multiple Listing Service (MLS). A REALTOR can provide you a customized list of homes that best suite your needs – size, style, features, location, proximity to schools, hospitals, and shopping, etc. Then they are available to make arrangements for you to view the homes that appeal the most.
3. A REALTOR will help you determine how big a home you can afford. Assessing the many financial alternatives is an important consideration when buying a home. REALTORS are familiar with the local lending market and can offer helpful advice.
4. A REALTOR has no emotional ties to any type of home and can be objective in pointing out the merits of one home over another.
5. A REALTOR will have information on zoning changes, taxes, utility costs, schools and recreational services that could affect your decision to buy a home in a specific area.
6. A REALTOR will assist you in negotiating the terms of your purchase. Presenting offers and handeling counter offers can be a nerve-wracking process for someone who is not experienced in the art of negotiating.
7. Finally, a REALTOR will advice you of the legal process required in obtaining title and taking possession of your property. The costs associated with buying a home such as insurance, morgage registration, and legal fees will be explained in detail.
A Realtor’s knowledge and skill can help in many ways and make the experience of buying a home a pleasant and rewarding one for you and your family.
Housing market sees bounce back from ‘awful winter’ – Royal LePage revises forecast to the positive
TORONTO, July 7, 2009 – Canada’s resale housing market recovered lost ground in the second quarter and is poised to stabilize for the remainder of 2009, after a very slow start to the year, according to the Royal LePage Market Survey Forecast and House Price Survey released today. As the economy begins to stabilize and consumer confidence improves, house prices are expected to appreciate slightly in much of eastern and central Canada. Greater than national average price declines are predicted for the western cities that saw the greatest price inflation earlier in the decade, including Edmonton, Calgary and Vancouver.
“Given the grim shape that Canada’s real estate market was in this past winter, the turnaround we have witnessed in the second quarter is really quite remarkable. We believe this improvement represents a sustainable change across the country. While seasonally weaker conditions are to be expected in the fall, the plucky Canadian real estate market is stabilizing and a healthy level of activity is forecast for the second half of 2009,” said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services.
During the second quarter, average house prices across most Canadian markets began to appreciate, recovering from the lows experienced during the winter months. Average national prices remain slightly behind those posted during the same period in 2008. Of the housing types surveyed, the price of detached bungalows declined to $327,964 (-3.5 per cent), two storey property prices decreased to $392,378 (-3.7 per cent), and standard condominiums price points fell slightly to $237,112 (-3.8 per cent), year-over-year.
Soper observed, “With our industry’s busiest quarter behind us, we feel comfortable revising our 2009 forecast to the positive. When the anticipated market decline struck last winter, it was with greater speed and intensity than predicted, but the strength of the rebound was equally surprising. If general economic conditions continue to improve, as we expect they will, 2009 will be characterized as a period of moderate housing market correction after several years of above-average price growth.”
The 2009 national average house price is forecast to decline marginally by 2.0 percent, to $297,500 by end of year and unit sales are projected to fall slightly by 1.0 percent to 430,000.
“Improved affordability, driven by flat or lower home prices and inexpensive mortgage financing, has been the principle catalyst in this recovery. Pent up demand is also a factor in the lift we see in the second quarter numbers. For six months straddling the year’s beginning, buyers stayed away from the market in an understandable, emotional reaction to very unsettled global economic conditions. Canadians appear to be stepping beyond these fears and are once again moving onto and up the home ownership ladder,” stated Soper.
In early 2009, the precipitous drop in unit sales remains the most dramatic indicator of the recession’s impact on Canada’s real estate market. With spring, consumers appeared ready to believe the worst was behind them and returned to the market in force, driving increased activity across each housing type. Couple this with historically low interest rates and leveling unemployment, Canada’s residential real estate market got back on track during the quarter.
Undergoing an inevitable cyclical correction, price adjustments can be seen with marked variances across Canada’s provinces. As expected, British Columbia and Alberta posted the most significant price modifications, as home values in those markets retreated in the wake of several mid-decade years of unsustainable price inflation, and have now evolved to a more balanced state. Prices appear to have stabilized and it is expected that these regions will continue to see improvements into 2010. In particular, the impact of lower home prices has improved affordability to the point that people are buying homes again on the West Coast, where sales activity has increased substantially.
Alternatively in Atlantic Canada, homes continue to appreciate due to strong local economies, which have helped to shelter the region somewhat from the turbulence witnessed in other provinces. As well, the region’s generally moderate home prices have helped keep demand strong. Newfoundland, in particular, stands out as a region that continues to see significant home price appreciation, as supply cannot keep up with the demand driven by vibrant and growing industries such as those in the province’s oil and gas sector.
Meanwhile, home prices in Toronto declined slightly in the second quarter, reflecting the national average trend. In the early spring, it was first-time buyers who triggered the increased activity levels, now those looking to move up are also active in the market. Similar to the situation in other large cities in central Canada, the most desirable neighbourhoods experienced supply shortages, which put upward pressure on prices.
“Looking ahead to the second half of 2009, year-over-year price comparisons will likely appear increasingly more favourable. It is important to remember that the baseline for the latter half of 2008 was unusually low, particularly in the fourth quarter when the full impact of the global financial crisis was felt. Our expectation is that most Canadian regions will experience stable housing prices through into the spring of 2010,” concluded Soper.
VISIT http://docs.rlpnetwork.com/rlp.ca/PressReleases/090707_chart.pdf FOR Royal LePage’s Q2 2009 House Price Survey shows the following annual change of prices for key
housing segments in select national markets. Victoria markets look better than most!
courtesy of Royal Lepage Canada
Landcore BC released their first quarter report on residential sales throughout BC. Landcore is a key resource that lenders, media, government, economists, academics, developers and Realtors depend on for accurate market information. Each quarter Landcore provides a provincial overview and an analysis of specific geographical areas throughout BC. The analysis makes some conclusions regarding current market trends and provides insightful forecasts.
Overall the message seemed positive. I thought this quote was especially optimistic: “For Q1 2009, property sales indicators confirm the market may be nearing bottom given the clear upswing in residential sales. Lower prices and lower mortgage rates are moving more potential property buyers off the fence and into the market. This sales rebound is forecast to continue into the summer months, as property buyers increasingly recognize that the economic recession is likely in its later stages and property sales have turned the corner and are gaining moderate strength.”
That seems to sum up the question on most buyer and seller’s minds… are we at the bottom yet? I found this report helpful in trying to answer that very difficult question. Click the link to check it out!
https://www.landcor.com/market/reports/Q1_09_Quarterly_Report.pdf
By borrowing from nature and maximizing science and technology, the Vancouver Convention Centre has assembled plant groups for its living roof. This innovative project brings in a new level of ecology and habitat to the urban landscape, and will fluctuate and change over time.
By connecting the interior design with the spectacular natural landscape of British Columbia, the Vancouver Convention Centre is one of the greenest convention centres in the world. It boasts a living roof, seawater heating and cooling, on-site water treatment, and fish habitat built into the foundation of the West Building. The space has been awarded the GO GREEN certificate from the Building Owners and Managers Association (BOMA) for industry-approved, environmental best practices in building management.
The landscape of the Real Estate market in BC is changing. As a result of historically low interest rates and declining property values, home ownership is again becoming affordable! BC Real Estate Association head economist, Cameron Muir recently published an article relating to this topic. He argues that “housing is now more affordable than at any time in the last three years”. In Victoria we are seeing single family homes available for less that $350,000. If you have been toying with the idea of buying then this might be perfect opportunity.
To read the entire article click
A channel reported tonight, May 1st, that the Victoria Real Estate market is dramatically picking up. The numbers of sales in April 2009 were practically identical to sales in April 2008! For more details check out the Victoria Real Estate Board’s monthly statistics at VREB.ca . Along with increased sales activity, the most recent article in MoneySense also helps to encourage market activity. Victoria ranked number 1 of 154 Canadian cities in the most recent issue of MoneySense . Now… I know that we Victorians already knew that we were living in the best place in Canada, but it is nice to have a third party echo our sentiments. To view the article visit MoneySense
I have noticed that as a result of the current mortgage market many Victorians are considering investing in an income producing property. It is simply so affordable to borrow money that many people are finding it hard to ignore the current investment opportunities. The low interest rates in combination with depressed property prices is the perfect combination to attract new investors to the market.
I have viewed many 1 and 2 bedroom condos in and around Victoria that are in great condition and priced under $250,000. With a 20% down payment and 5 year fixed mortgage the monthly payments would be around $1000.00 (rbc.com). In addition, Victoria still has one of the lowest vacancy rates and highest rent costs in the country and there continues to be constant demand for rental properties. To get get a better sense of the rental market in Victoria check out Craigslist at http://victoria.en.craigslist.ca/apa/ and for a list of hot investment properties email or call me at 250-857-6045.
I think we all have felt the recent trend towards more sustainable living and building practices. Even in Victoria there have been many innovations that encourage movement towards a more sustainable future (think Dockside Green). I truly believe that this is the way of the future and that it is imperative that we as a community embrace ethical consumerism. I think that this principle should be adopted when looking for a property as well. There are many different factors to consider when looking for a green home and I am able to help you review and prioritize those energy saving features.
This video is but one example of how green building is taking off around the world. This is the way of the future and to ensure that you have made the best investment in real estate I believe it is important to consider the sustainability of the home. After reviewing this video please visit the tab ‘ecourbanlifestyles’ and ‘for buyer’s to learn more about my Green-Real-Estate promotions.
Real Estate Sales Gain Momentum in March
April 1, 2009
Real estate sales throughout Greater Victoria gained momentum in March. A total of 602 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) up a significant 49 per cent from the 403 sales in February. There were 707 sales in March of last year. Prices, meantime, remained very stable with modest increases in some sectors. There were 3,859 properties available for sale at the end of March. That represents a seven per cent increase compared to March of last year and only a minor increase from the 3,844 properties available for sale at the end of February.
Victoria Real Estate Board President, Chris Markham, says the rebound in the market over the last month is welcome news. “Total sales last month were higher than the March figures during each year from 1995 to 2001 – a market which we considered to be balanced.” said Markham. “Sales seemed artificially low in January and February. Lower interest rates and the resulting increased affordability have energized the entry-level housing market. Last month’s substantial increase exceeded my expectation and provides us with renewed confidence that the market is returning to a healthy and balanced state,” he added.
Markham noted that prices remained strong and stable in March. The average price for single family homes sold in Greater Victoria last month was $534,689 down slightly from $542,396 in February. However, the median price rose to $503,751. The six-month average was $540,244. The overall average price for condominiums was $294,393 last month up from $286,985 in February. The average for the last six months was $288,661. The median price for condominiums also rose in March to $266,500. The average price of all townhomes sold last month was $405,003 up from $381,383 in February. The six month average was $398,320 while the median price in March was $356,450.
MLS® sales last month included 343 single family homes, 163 condominiums, 64 townhomes and 11 manufactured homes.
* Courtesy of Victoria Real Estate BoardAffiliations
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