Real Estate News

CASH Goes National

Tue, 05 Apr 2011 13:26:15 GMT

CASH Goes National

For more than a decade Consumer Advocacy and Support for Homeowners (CASH) Society has acted as a housing consumer watchdog and public educator, the only volunteer organization of its type in BC.

What started out as an informal organization focused on the leaky condo disaster, quickly turned into an incorporated society dealing with the large number of homeowner issues, issues that continue to be reported throughout BC. British Columbian homeowners have been visiting the CASH Society website www.cashsociety.net looking for answers and help.
For ten years, the website had a minimum of 10,000+ hits per month. The website traffic demonstrated the public need for information - emails, comments and inquiries demonstrated the tremendous need for true homeowner protection and changes in the residential construction industry.

Since participating with a national housing organization, CPBH (more later), CASH directors have recognized BC homeowners required a bigger, more consolidated effort to better achieve its goals.

On March 31, 2011, the CASH Society Board of Directors unanimously passed a motion for dissolution and that the assets be transferred to Canadians for Properly Built Homes. http://canadiansforproperlybuilthomes.com

CPBH is a Canadian not-for-profit, national consumer protection organization that operates with a volunteer Board of Directors, supported by a volunteer Advisory Council including industry experts. CASH Society’s Past President, John Grasty, a REALTOR® with Prudential Sterling Realty, will continue to sit as a CPBH advisory council member, a position he has held since 2007. CASH Society has been represented on the CPBH advisory council since 2005.

Prudential Allocates $6.1M for Japanese Disaster Relief

Tue, 29 Mar 2011 16:29:00 GMT

A tip of the hat to Prudential Financial who announced last week that The Prudential Foundation is contributing $6.1 million to support disaster-relief efforts in Japan. Prudential Real Estate Sales Professionals can contribute to the relief effort and get their funds matched by The Prudential Foundation The total of donations made from personal funds of our Sales Professionals will be matched by a contribution to the Red Cross International Disaster Relief Fund.

Thank you Prudential.

A Return to Balance in our Market

Tue, 05 Oct 2010 17:29:10 GMT

September Stats are out from the Real Estate Board of Greater Vancouver. They support the notion that we have returned to what we used to call a "normal" market where there was some give and take by both buyers and sellers. This is in stark contrast to the conditions that have characterized Vancouver's market for the several years leading up to the correction we experienced in 2008 and the subsequent rebound in 2009. Our market now shows a healthy amount of activity where competitively priced homes are being sold within reasonable time frames. Mortgage rates are at historical lows. Simply put it's a great time to sell and move up or to buy! Here's a copy of the press release from REBGV...

Housing market factors indicate stability in recent months

September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.

In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.

“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said.

Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined12.3 per cent.

New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.

“We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we’ve seen in this category since April.”

Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.

Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.

Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.

Prudential Sterling Agent John Grasty Among Recipients of Realtors Care Award

Thu, 01 Apr 2010 13:06:17 GMT

REALTOR® Volunteers recognized for compassion, advocacy

VANCOUVER, B.C., March 29, 2010 -- Four REALTORS® have been recognized for their deep commitment to various charitable and advocacy causes in their communities in 2009

Allan DeGenova, John Grasty, Arnold Shuchat and Marianne Wilson were each recipients of 2009 REALTORS Care® Awards during the President’s Recognition Dinner hosted by the Real Estate Board of Greater Vancouver (REBGV).

The REALTORS® Care Award is presented annually to REALTORS® in Greater Vancouver who work and advocate for their communities through fundraising or volunteer activities.

DeGenova, of Sutton Group West Coast Realty, served as the 2009 president of the Honour House Society, which will provide temporary housing for families of wounded military personnel and local first responders. Honour House will open on Remembrance Day. He’s also a director of the Vancouver Resource Society, which secures housing for people with disabilities.

John Grasty, of Prudential Sterling Realty, is a tireless homeowner advocate who served as the 2009 president for the Consumer Advocacy and Support for Homeowners Society. He also serves on the national advisory council for Canadians for Properly Built Homes.

Shuchat, of Multiple Realty Ltd., helped raise $42,000 for the Richmond Jewish Day School and the Louis Brier Foundation for the Aged by organizing a hugely successful second edition of last year’s ‘Battle of the Bands’ fundraiser.

Wilson, of Royal LePage Black Tusk Realty, is a founding director and the 2009 president of the Squamish Community Foundation. She has created REALTOR®-funded local initiatives such as a shelter fund and a program that collects weekly donations from REALTORS® for the local food bank.

“These four individuals are true difference makers in their communities, they give tirelessly and their efforts improve the lives of people in need,” Jake Moldowan, REBGV president said.

Each year, REALTORS® donate time, enthusiasm and money to numerous charitable and volunteer causes. In 2008, REALTORS® donated $2.6 million to charity.

Our Market Continues to Perform

Wed, 24 Mar 2010 12:42:51 GMT

Our market area continues to perform very well with a move to a slightly more balanced market place. According to the Greater Vancouver Real Estate Board stats, the HPI (Housing Price Index) Benchmark price for Single Family Homes in Coquitlam is now $719,714 which is 14.4% higher than it was a year ago. Volume of sales is up approx. 47% from one year ago. Port Coquitlam has shown gains with a new Benchmark price of $570,303 - up 17.4% with a more restrained 18% increase in volume.

Here's the latest stats from the Real Estate Board of Greater Vancouver...

VANCOUVER, B.C. – March 2, 2010

The Greater Vancouver housing market continued to experience strong demand

from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.

“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease

compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.

At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.

Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.

Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899. Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

Real estate markets are very local in nature.

For a more precise evaluation of your property speak with one of our knowledgeable REALTORS® today

Home Prices in Greater Vancouver continue to rise.

Tue, 03 Nov 2009 16:21:00 GMT

Our Market continues to perform very well as detailed in the this press release today from the Real Estate Board of Greater Vancouver. Despite many sales involving multiple offers, word on the street is that the market is still price sensitive in most areas. Here's the latest...

High sales levels spur rise in home values

VANCOUVER, B.C. – November 3, 2009 – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.

"While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,"

The REBGV reports that residential property sales in Greater Vancouver totalled 3,704 in October 2009, an increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent compared to October 2008 when 1,364 sales were recorded. Looking back two years, last month's sales increased 22.3 per cent compared to October 2007 when 3,028 sales were recorded.

"High confidence and low mortgage rates are continuing to drive the activity we're seeing in the housing market today," Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,977 in October 2009. This represents a 2.3 per cent increase compared to October 2008 when 4,867 new units were listed, and a 13.4 per cent decline compared to September 2009 when 5,764 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,084, the total number of property listings on the MLS® decreased 4.1 per cent in October compared to last month and declined 37 per cent from this time last year.

Sales of detached properties increased 201.6 per cent to 1,487 from the 493 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 7.7 per cent from October 2008 to $749,808.

Sales of apartment properties in October 2009 increased 148.4 per cent to 1,607, compared to 647sales in October 2008. The benchmark price of an apartment property increased 6.3 per cent from October 2008 to $380,975.

Attached property sales in October 2009 are up 172.3 per cent to 610, compared with the 224 sales in October 2008. The benchmark price of an attached unit increased 4.6 per cent between Octobers 2008 and 2009 to $468,798.

For more information on real estate, statistics, and buying or selling a home, contact one of our exceptional REALTORS®

Evergreen Line Update Info

Wed, 16 Sep 2009 18:22:28 GMT

Translink is asking for more public consultation on the Evergreen Line Project. Here's their latest release:

Preliminary Design Consultation: October 5 – November 7, 2009

The purpose of this consultation is to update the public on the Evergreen Line Project and gather community and stakeholder feedback on preliminary design options. With key project components such as preferred route and technology already determined, the Ministry of Transportation and Infrastructure will present proposed Evergreen Line Project features for public and stakeholder feedback.

The Ministry of Transportation and Infrastructure invites residents, community organizations businesses and other stakeholders to provide feedback on preliminary design options for the Evergreen Line Project during Preliminary Design Consultation.

More... http://www.evergreenline.gov.bc.ca/public_consultation.htm

Lower Mainland Remains Red Hot - And we're not talking about the weather.

Tue, 14 Jul 2009 17:56:00 GMT

Lower Mainland Market Remains Hot! Here's the lates news from the Real Estate Board of Greater Vancouver:

Market conditions drive strong June housing sales

VANCOUVER, B.C. – July 3, 2009 –

The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.

New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.

“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said. “Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”

Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008. The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4

per cent to $701,384 in June 2009 compared to June 2008. The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008.

The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.

The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.