Monday, July 25, 2016

Maria Mak - Burnaby Realtor - Government to introduce a 15 per cent foreign buyer tax effective August 2nd 2016



July 25, 2016
Government to introduce a 15 per cent foreign buyer tax effective August 2

The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.
The new tax will be payable on applicable transfers registered with the Land Title Office on or after August 2 regardless of when the deal was completed.

The tax will apply to any transferee that is a foreign national, foreign corporation, or taxable trustee. Foreign nationals are defined as people who aren’t Canadian citizens or have permanent resident status in Canada.

“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market,” Dan Morrison, Board president said. “Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.”

Under the new tax, for example, a foreign buyer or foreign-controlled entity will pay an additional $300,000 in tax on a $2 million home.

“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax,” Morrison said. 

Foreign corporations are any corporation not incorporated in Canada, or are incorporated in Canada but controlled in part, or wholly, by a foreign national or corporation. Publicly traded companies are excluded.

Commercial properties are excluded, and mixed-use properties will only pay the tax on the portion of the property’s value that’s for residential use.

copyright© real estate board of greater vancouver. all rights reserved.

Thursday, July 7, 2016

Maria Mak - Burnaby Realtor - Pancakes and Booze Art Show 2016





Come and join me for this fun event - Pancakes & Booze Art Show - July 14th 2016 from 7:00pm to 12:00am @ Fortune Sound Club - 147 E Pender St (at Main) in Chinatown.

I will be showing and selling some of my drawings and calligraphy. Come draw and write chinese calligraphy with me and have some fun! All proceeds will go to the Cancer Society.

https://www.facebook.com/events/504881063034910/

Maria Mak - Burnaby Realtor - Is there a typical home buyer in Metro Vancouver? | Real Estate Board of Greater Vancouver

Is there a typical home buyer in Metro Vancouver? | Real Estate Board of Greater Vancouver




Home buyer competition is intense in today’s housing market and multiple offer situations have become commonplace.

These trends have residents wondering, who is buying homes in Metro Vancouver1 today? Are millennials being priced out? Are retirees downsizing? Are investors driving the market?

To shed some light on these questions, the Real Estate Board of Greater Vancouver (REBGV) sends Realtors who represented a buyer in a sale over the previous 30-day period2 a home buyer demographic survey each month. Between 150 and 200 Realtors regularly complete the survey.

“This feedback, while not scientific, gives us a deeper understanding of the trends in the marketplace,” said Darcy McLeod, REBGV president. “We’ve conducted this poll over several years and some consistent themes have emerged.”



Home buyer description



Since 2015, first time home buyers account for 32 per cent of Metro Vancouver home sales, according to the survey, and 21 per cent of home buyers are people moving from one property to another similar property in the region.

Speculation of real estate investor activity is much-discussed in social and traditional media today. REBGV’s survey finds that nearly one in five homes sold to real estate investors last year with domestic investors (15 per cent) making up the largest portion of these purchases. Foreign investors make up less than five per cent of all property sales in the region.





Home buyer demographic



Young families with children are active in today’s market. This group accounts for 34 per cent of all activity and young couples with no children make up 18.5 per cent of all activity.

Retirees (eight per cent) and empty nesters (seven per cent) both represent less than ten per cent of Metro Vancouver home sales according to last month’s survey.





Home buyer residency



The clear majority of buyers, around 82 per cent, are already living in Metro Vancouver when they make their purchase. The next largest group of buyers migrate from other areas in BC and Canada. Roughly eight per cent of home buyers come from outside Canada.



Financing trends



Just over 60 per cent of buyers pay for their homes using traditional mortgages with at least a 25 per cent down payment. Cash purchases and high ratio mortgages make up for the remaining 40 per cent in nearly equal proportions.

“While the volume of home sales has increased in recent months, the characteristics of people buying in our market remains relatively constant according to this monthly research,” McLeod said.





1Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

2Data collected from REBGV Market Survey, March 2015-February 2016



Wednesday, June 29, 2016

Maria Mak - Burnaby Realtor - Provincial government withdraws self-regulation in real estate

 

Provincial government withdraws self-regulation in real estate

Premier Christy Clark announced today that her government will establish a dedicated superintendent of real estate who’ll take over the Real Estate Council of BC’s regulation and rule-making authority. Clark says that this marks the end of self-regulation in the real estate industry.

We’re reaching out to our contacts at the Council and in government to better understand the implications of this change.

The province also announced plans to:

Reconstitute the Real Estate Council with a majority of public-interest, non-industry members.

Implement the penalties recommended by the IAG, as well as increase fines for unlicensed activity and other offences.

Allow for commissions from licensees engaging in misconduct to be taken back to the council.

Make managing brokers responsible for ensuring the owner of the brokerage don’t engage in the business of the brokerage if the owner is not a licensee.

No longer permit licensees to offer dual agency representation.
 

Here’s the government’s announcement: https://news.gov.bc.ca/releases/2016PREM0074-001180

We’ll provide more information on this development as we learn more.
     

 

Tuesday, June 28, 2016

Maria Mak - Burnaby Realtor - Council’s Independent Advisory Group announces 28 recommendations

Council’s Independent Advisory Group announces 28 recommendations

The Real Estate Council of BC’s Independent Advisory Group (IAG) released its final report today outlining 28 recommendations to enhance consumer protection in the real estate profession.   

The recommendations cover several areas within the profession, including dual agency, multiple offers, maximum penalties, entrance requirements, and more. Click here to read the full report.     

“We welcome the Independent Advisory Group’s final report and we support its recommendations,” Dan Morrison, REBGV president said. “We look forward to working with the Real Estate Council of BC to help implement the recommended changes.”     

We released this statement to our media contacts and on social media earlier today. Please share this statement on your social media channels and with your clients.     

The IAG was created on February 22 to examine current regulations and make recommendations to protect the public interest. Here are the IAG’s 28 recommendations:     

Transparency and Ethics

1. The Real Estate Council create a comprehensive Code of Ethics and Professional Conduct and require licensees to affirm, in writing, their compliance with the Code as part of regular relicensing requirements.

2. The Real Estate Council amend its Rules to no longer permit licensees engaged in trading services to offer dual agency.

3. The Real Estate Council require licensees to fully disclose and explain their financial and non-financial incentive structures, prior to and on entering into a client relationship.

4. The Real Estate Council require licensees to provide information to consumers which clearly explains the duties owed to consumers by licensees, and how consumers can protect their own interests, before, during, and after they enter a relationship with a licensee.

5. The Real Estate Council focus more attention on the forms and contracts used by licensees, to ensure they reflect an appropriate emphasis on consumer protection and the public interest.

6. Government implement the changes it made to contracts used by licensees, requiring seller consent to contract assignments by the buyer, to all forms of contract for trades in real estate whether or not the contracts are prepared by licensees.

7. The Real Estate Council require all licensee disclosures of interests in trade be reviewed and approved by a licensee’s managing broker and subsequently filed at regular intervals with the Real Estate Council.

8. The Real Estate Council amend its Rules to prohibit a licensee from acquiring a direct or indirect interest in their own listing.

9. The Real Estate Council require that all offers received by a seller’s agent in relation to a trade in real estate, be promptly filed with that agent’s managing broker and be retained at the brokerage for review by the Real Estate Council on demand.     

Compliance and Consequences

10. The Real Estate Council apply more stringent suitability assessment criteria to prospective licensees.

11. The Real Estate Council impose an explicit duty on managing brokers to report licensee misconduct to the Council, and explicit duty on licensees to report misconduct to their managing broker, when that misconduct places the public at risk.

12. The Real Estate Council implement confidential reporting channels (for example, reporting hotlines or whistle-blower programs) for industry and the public, to facilitate reporting of licensee misconduct.

13. The Real Estate Council use existing regulatory powers to encourage licensee compliance with all rules that govern their conduct, including those of other legal and regulatory regimes.

14. The Real Estate Council increase its proactive detection and deterrence efforts for licensees who engage in, aid, or abet aggressive marketing and sales practices that target vulnerable members of the public.

15. The Real Estate Council increase the focus on licensee conduct examinations in its brokerage auditing program.

16. Government increase maximum disciplinary penalties available to the Real Estate Council to $250,000 for individual licensee misconduct and $500,000 for brokerage misconduct, and increase administrative penalties to a maximum of $50,000.

17. Government amend the Act to enable the Real Estate Council to disgorge the proceeds of misconduct from licensees and brokerages.

18. The Real Estate Council improve the transparency of its complaints and disciplinary process, and the resulting outcomes.     

Governance and Structure

19. Government amend the Act to require that 50% of Council members be non-industry members.

20. Government amend the Act to make the regulation of both licensed and unlicensed real estate services the responsibility of a single regulator, the Real Estate Council.

21. Government increase the Superintendent of Real Estate’s oversight of the Real Estate Council including periodic independent assessments of Council’s performance against its mandate.

22. The Real Estate Council strengthen the requirements for managing brokers to have active and direct oversight over licensees.

23. Government implement a “fit and proper” standard for brokerage ownership.

24. The Real Estate Council require record keeping and reporting that would assist it to identify industry practices that may be placing consumers at risk.     

Licensee and Public Education

25. The Real Estate Council undertake a comprehensive review of licensing education and testing requirements to raise entry standards.

26. The Real Estate Council implement mandatory continuing education with content and testing that reinforces a licensee’s ethical obligations, conduct requirements, and duties to consumers.

27. The Real Estate Council make its complaints process more publicly accessible and easier to navigate.

28. The Real Estate Council significantly increase and improve its public education and awareness efforts.

We’ll have more coverage and analysis on these recommendations in the weeks to come.

 

Monday, June 27, 2016

Maria Mak - Burnaby Realtor - Understanding the new assignment regulations

The provincial government announced new rules regulating contract assignments, effective May 16, 2016.
Real estate contracts are now required to include two terms: one that requires the seller's consent to assign the contract, and one that requires that any profit from an assignment goes to the original seller. Clients can instruct REALTORS® to omit or change these clauses.
The buyer's Realtor is also 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.
Be aware, if you're a seller and a buyer requests you waive the assignment clause, they may be looking to re-sell your property before the contract completes. If you have questions, talk to your Realtor or legal advisor before you sign anything.



To protect yourself as a buyer in an assignment deal, make sure that: 

  1. you work with a REALTOR®. Your REALTOR® will help protect your interests and bring knowledge of the provincial legislation that governs real estate transactions.
  2. the original Contract of Purchase and Sale has the mandated assignment clause requiring the seller's approval before it can be assigned;
  3. the original seller is aware of, and approves of, the assignment;
  4. if there is profit from the assignment, the profit reverts back to the seller unless otherwise specified in the original Contract of Purchase and Sale;
  5. the property is or was listed for sale;
  6. the identity of every individual involved in the transaction has been verified;
  7. all money already paid and owed is accounted for and dealt with in the assignment contract;
  8. you understand the additional risk associated with paying the assignment fee before the original contract is finalized; and
  9. you consult an accountant to understand the tax implications.



Friday, June 24, 2016

Maria Mak - Burnaby Realtor - Finding you a Happy Home is my commitment to you, it is not only just a roof."

https://vimeo.com/172133727  





"Finding you a Happy Home is my commitment to you, It's not only just a roof."

Contact Maria Mak and her elite team @ Sutton Centre Realty for all your professional real estate services.

Let Maria show you 
A drop of her true colour 
and start our happy journey together!

www.mariamak.com

Maria Mak - Burnaby Realtor - Finding you a Happy Home is my commitment to you, It's not only just a roof."

https://vimeo.com/172133727  





"Finding you a Happy Home is my commitment to you, It's not only just a roof."

Contact Maria Mak and her elite team @ Sutton Centre Realty for all your professional real estate services.

Let Maria show you 
A drop of her true colour 
and start our happy journey together!

www.mariamak.com

Maria Mak - Burnaby Realtor - Finding you a Happy Home is my commitment to you, It's not only just a roof."

https://vimeo.com/172133727  

"Finding you a Happy Home is my commitment to you, It's not only just a roof."

Contact Maria Mak and her elite team @ Sutton Centre Realty for all your professional real estate services.

Let Maria show you 
A drop of her true colour 
and start our joyful journey together!

www.mariamak.com

Tuesday, June 14, 2016

Maria Mak - Burnaby Realtor - a touch of my true colour

Maria Mak - Burnaby Realtor - a touch of my true colour

I am a resource for ...
"Finding you a Happy Home - One Stop, One Home. After all it's not just a roof!"


Contact Maria Mak and her elite team @ Sutton Centre Realty now for all your professional real estate services and start our wonderful happy journey together.


Maria will show her true colour in marketing your home sweet home. She has been serving her clients in Metro Vancouver for over 27 years with a big heart and with a big smile.
Visit her website www.mariamak.com, you'll be smiling too!
www.mariamak.com

Monday, June 6, 2016

Burnaby Real Estate Blog - Maria Mak - Greater Vancouver Home Prices up Nearly 30% Since Last May: REBGV

Greater Vancouver Home Prices up Nearly 30% Since Last May: REBGV

Residential real estate sales rise 17.6 per cent year-over-year, as demand continues to skyrocket, reports board

Joannah Connolly REW.ca
June 2, 2016
Vancouver Yaletown park

Greater Vancouver’s home sales in May were up 17.6 per cent compared with the same month last year, although slightly down compared with March and April, the Real Estate Board of Greater Vancouver (REBGV) reported June 2.
Last month the region’s residential real estate sales were 35.3 per cent above the 10-year sales average for May, but 0.3 per cent lower than April's figures and again falling shy of March 2016’s all-time high.
The benchmark price of a home (composite property types) across all of Greater Vancouver set another new record, at $889,100 – a 29.7 per cent rise over May 2015. However, this number masks massive variations in typical prices between cities and neighbourhoods.
However, there was some good news in terms on inventory. The number of homes newly listed on the Greater Vancouver market increased, by 11.5 per cent compared with May 2015, to 6,289, which was also slightly higher than April 2016. This increase in new listings meant that total active listings at the end of May were higher than April’s active listings, although it was still down more than a third year over year, as demand continued to skyrocket.

Sales and Listings

May’s residential real estate sales total
led 4,769, a rise of 17.3 per cent year over year, but 0.3 per cent lower than April when 4,781 units were sold across the region. That April figure was a drop of 7.6 cent compared with March 2016, when an all-time high of 5,173 homes were sold in Greater Vancouver.
Broken down by property type, 1,865 single-family homes exchanged hands in May, which is a rise of 8.2 per cent from the 1,723 sales recorded in April 2015, but a 5.8 per cent drop compared with April’s 1,979 detached house sales.
Unlike in April, townhouse and other attached home transactions also increased year over year in May, totalling 754 sales. This was a lift of 2.9 per cent over the 733 units in May 2015, and a jump of 9.9 per cent compared with April’s 695 townhome sales.
Condo-apartment unit sales continued to see blistering annual increases, as 2,150 units exchanged hands in May 2016, a leap of 34.4 per cent compared with the 1,600 sales in May 2015. This was also a two per cent increase over April 2016’s figure or 2,107 sales.
Property inventory expanded somewhat in May, with new listings for all home types in Metro Vancouver up 11.5 per cent to 6,289, compared with the 5,641 properties listed in May 2015. This was a rise of 2.6 per cent compared with the 6,127 new listings in April 2016.
The improvement meant that total active listings as of the end of May were 7,726, up 2.3 per cent compared with April’s active listings, although the figure was still down 37.3 per cent year over year.
The sales-to-active listings ratio in Greater Vancouver as of May 2016 stands at 61.7 per cent. This is now the 15th consecutive month of the sales-to-active-listings ratio being above 30 per cent in Metro Vancouver – the percentage that indicates a strong seller’s market.
“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” said Dan Morrison, REBGV president.

Benchmark Prices

The combined residential property type benchmark price in Metro Vancouver raised the bar again in May, at $889,100 – a year-over-year rise of 29.7 per cent.
The region’s typical detached home is now priced at $1,513,800, a hike of 36.9 per cent compared with the same month last year, and yet again the sharpest price rise of all the home types. This was a rise of nearly 8 per cent since just the previous month. Again, these figures mask wide variation between areas, with Vancouver West’s family homes selling for a typical $3.4 million, and prices going down to a typical $445,000 on the Sunshine Coast.
Townhome or other attached unit benchmark prices in Greater Vancouver increased 24.9 per cent over May 2015 to $632,400, up 3.9 per cent compared with April.
Condo-apartment benchmark prices rose 22.3 per cent from May 2015 to $485,000. This property type increased in price by 2.1 per cent compared with April. West Vancouver posted the highest condo prices in May at $851,800, with condos in Maple Ridge typically going for $187,100.
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. 



Joannah Connolly is the editor and content manager of REW.ca and Real Estate Weekly newspaper, and editor-in-chief of Western Investor and West Coast Condominium. She also moonlights as the host of the Real Estate Therapist call-in show on Roundhouse Radio 98.3FM every Saturday, 9-10am. A dual Canadian-British citizen, Joannah has nearly 20 years of media experience in Vancouver and London, with a background in construction, architecture and business media. Like many of the residents of her newly adopted town, Joannah has a decidedly unhealthy passion for Vancouver real estate and is often to be found scouring property listings well above her pay grade.
- See more at: http://www.rew.ca/news/greater-vancouver-home-prices-up-nearly-30-since-last-may-rebgv-1.2269803#sthash.1iVgkpZQ.dpuf

Residential real estate sales rise 17.6 per cent year-over-year, as demand continues to skyrocket, reports board

Joannah Connolly REW.ca
June 2, 2016
Vancouver Yaletown park

Greater Vancouver’s home sales in May were up 17.6 per cent compared with the same month last year, although slightly down compared with March and April, the Real Estate Board of Greater Vancouver (REBGV) reported June 2.
Last month the region’s residential real estate sales were 35.3 per cent above the 10-year sales average for May, but 0.3 per cent lower than April's figures and again falling shy of March 2016’s all-time high.
The benchmark price of a home (composite property types) across all of Greater Vancouver set another new record, at $889,100 – a 29.7 per cent rise over May 2015. However, this number masks massive variations in typical prices between cities and neighbourhoods.
However, there was some good news in terms on inventory. The number of homes newly listed on the Greater Vancouver market increased, by 11.5 per cent compared with May 2015, to 6,289, which was also slightly higher than April 2016. This increase in new listings meant that total active listings at the end of May were higher than April’s active listings, although it was still down more than a third year over year, as demand continued to skyrocket.

Sales and Listings

May’s residential real estate sales total
led 4,769, a rise of 17.3 per cent year over year, but 0.3 per cent lower than April when 4,781 units were sold across the region. That April figure was a drop of 7.6 cent compared with March 2016, when an all-time high of 5,173 homes were sold in Greater Vancouver.
Broken down by property type, 1,865 single-family homes exchanged hands in May, which is a rise of 8.2 per cent from the 1,723 sales recorded in April 2015, but a 5.8 per cent drop compared with April’s 1,979 detached house sales.
Unlike in April, townhouse and other attached home transactions also increased year over year in May, totalling 754 sales. This was a lift of 2.9 per cent over the 733 units in May 2015, and a jump of 9.9 per cent compared with April’s 695 townhome sales.
Condo-apartment unit sales continued to see blistering annual increases, as 2,150 units exchanged hands in May 2016, a leap of 34.4 per cent compared with the 1,600 sales in May 2015. This was also a two per cent increase over April 2016’s figure or 2,107 sales.
Property inventory expanded somewhat in May, with new listings for all home types in Metro Vancouver up 11.5 per cent to 6,289, compared with the 5,641 properties listed in May 2015. This was a rise of 2.6 per cent compared with the 6,127 new listings in April 2016.
The improvement meant that total active listings as of the end of May were 7,726, up 2.3 per cent compared with April’s active listings, although the figure was still down 37.3 per cent year over year.
The sales-to-active listings ratio in Greater Vancouver as of May 2016 stands at 61.7 per cent. This is now the 15th consecutive month of the sales-to-active-listings ratio being above 30 per cent in Metro Vancouver – the percentage that indicates a strong seller’s market.
“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” said Dan Morrison, REBGV president.

Benchmark Prices

The combined residential property type benchmark price in Metro Vancouver raised the bar again in May, at $889,100 – a year-over-year rise of 29.7 per cent.
The region’s typical detached home is now priced at $1,513,800, a hike of 36.9 per cent compared with the same month last year, and yet again the sharpest price rise of all the home types. This was a rise of nearly 8 per cent since just the previous month. Again, these figures mask wide variation between areas, with Vancouver West’s family homes selling for a typical $3.4 million, and prices going down to a typical $445,000 on the Sunshine Coast.
Townhome or other attached unit benchmark prices in Greater Vancouver increased 24.9 per cent over May 2015 to $632,400, up 3.9 per cent compared with April.
Condo-apartment benchmark prices rose 22.3 per cent from May 2015 to $485,000. This property type increased in price by 2.1 per cent compared with April. West Vancouver posted the highest condo prices in May at $851,800, with condos in Maple Ridge typically going for $187,100.
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. 



Joannah Connolly is the editor and content manager of REW.ca and Real Estate Weekly newspaper, and editor-in-chief of Western Investor and West Coast Condominium. She also moonlights as the host of the Real Estate Therapist call-in show on Roundhouse Radio 98.3FM every Saturday, 9-10am. A dual Canadian-British citizen, Joannah has nearly 20 years of media experience in Vancouver and London, with a background in construction, architecture and business media. Like many of the residents of her newly adopted town, Joannah has a decidedly unhealthy passion for Vancouver real estate and is often to be found scouring property listings well above her pay grade.

Wednesday, June 1, 2016

Burnaby Real Estate Blog - Maria Mak - President Dan Morrison issued the following statement regarding anarticle in today's Globe and Mail:

President Dan Morrison issued the following statement regarding an article in today's Globe and Mail:

Statement on Gary Mason article in today's Globe and Mail

In his column today, Gary Mason assumes recent allegations in the media about the Real Estate Board of Greater Vancouver are true. They are not. He failed to ask us for our perspective.
The Real Estate Board of Greater Vancouver is a not-for-profit professional association that represents over 12,800 realtors in the region. We have a long history of advocating in the interest of home owners, buyers and sellers. We support stronger public protections and measures to improve affordability. We help our members serve the real estate needs of their communities. And we enforce a code of ethics and standards of business practices.
We understand that one of our members contacted the media to express concern that he was not re-appointed to our professional conduct committee, which oversees enforcement of our code of ethics and business practices. The same member believes we made this decision because he's been calling for reforms. The facts say otherwise.
Our organization makes numerous volunteer committee appointments each year based on qualifications, diversity, office composition, performance, and experience. We followed our normal rigorous process in the case at hand. When our member learned about the decision not to re-appoint him, he called several people on our Board of Directors to have it overturned. He also threatened to go to the media. We took great care to review the situation and chose to support the original decision. 
The public is best served by fair and even-handed reporting of issues. Having not had the opportunity to give our perspective, we offer it here. For Mr. Mason to characterize the values of our association without speaking with us demonstrates bias.
Dan Morrison
President, REBGV

Wednesday, May 11, 2016

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.
...
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
.
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
 

Friday, May 6, 2016

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. 
May 3, 2016

Tuesday, May 3, 2016

Maria Mak - Burnaby Realtor - 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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Saturday, April 30, 2016

Maria Mak REALTOR® Professional Real Estate Services for over 27 years

Maria Mak REALTOR® Professional Real Estate Services for over 27 years. Serving her clients in Metro Vancouver with a big heart and with a big smile! 

www.mariamak.com

Wednesday, April 27, 2016

Maria Mak - Burnaby Realtor -Buying and Selling an Owner-Built Home

Earlier this year the Homeowner Protection Office (HPO) released a revised Regulatory Bulletin on “Buying or Selling an Owner-Built Home.” Available on the HPO’s website, the newly updated bulletin is recommended reading for property owners building their own home, real estate licensees, legal professionals, notaries, lenders and home buyers. 

The bulletin clarifies the Registrar’s position on offering to sell an owner-built home prior to obtaining an Owner Builder Disclosure Notice. Licensees representing either owner builders or prospective home buyers may find this information useful prior to buying or selling ownerbuilt homes.

The bulletin includes information on:

Occupancy and disclosure requirements for owner-built homes:
An owner builder must occupy their new home themselves for at least one year after obtaining an occupancy permit and are not permitted to sell or rent the new home during that one-year period. Owner-built homes may not be sold within the first 10 years after occupancy without providing an Owner Builder Disclosure Notice to the prospective purchaser. The Disclosure Notice must be provided to prospective purchasers prior to entering into a Contract of Purchase and Sale. Disclosure notices can be obtained from the HPO and will not be released until the one-year occupancy requirement has been verified by the HPO.

New Homes Registry:
The easiest way to determine whether a home can be offered for sale is to search the HPO’s online New Homes Registry at www.hpo.bc.ca. New homes not found on the Registry or by calling the HPO should not be sold until verified by the HPO.

Illegal Sales:
Selling a home without providing prospective purchasers with an Owner Builder Disclosure Notice is an offence under the Homeowner Protection Act. This includes signing a Contract of Purchase and Sale without first providing an Owner Builder Disclosure Notice. Offering to sell or selling an owner-built home within 12 months after receiving an occupancy permit is also an offence under the Act.

This means that offering to sell an owner-built home for which an Owner Builder Disclosure Notice has not been issued is risky:

If the seller has not met the minimum occupancy requirement they may be committing an offence by offering to sell too early.

Even if an owner builder has met the 12-month occupancy requirement, if they list the home before receiving an Owner Builder Disclosure Notice, they may receive an offer to purchase without having provided an Owner Builder Disclosure Notice to the prospective purchaser as required by the Homeowner Protection Act. The offer may fall through while the owner waits for the Owner Builder Disclosure Notice from the HPO, or the owner may accept the offer prior to providing the Owner Builder Disclosure Notice, thereby committing an offence under the Act.

The Registrar strongly recommends obtaining an Owner Builder Disclosure Notice from the HPO before offering to sell an owner-built home. The Owner Builder Disclosure Notice confirms that the home may be offered for sale.

The Council will be reviewing the information for licensees in the Professional Standards Manualrelating to ownerbuilt homes to determine if any updates or revisions are required, and will advise licensees in due course of any changes.

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