Rental Condos & New Amendment To Strata Property Act

January 11, 2010

There has been a shortage of rental units for years in British Columbia. In order to address this, the Provincial Government recently passed legislation dealing with the rental provisions of the Strata Property Act (”SPA”).

Under the old section 143 of the SPA, a rental restriction bylaw passed by a Strata Corporation did not apply to that strata lot until the strata lot was conveyed by the first owner after the developer or until the date that the rental period disclosed in the RDS expired, whichever was earlier. Essentially the first owner was always able to rent out the strata unit until the expiration of the rental period disclosed in the RDS, but not subsequent owners. Read more

Real estate market expected to remain strong

January 8, 2010

 Below is an article by DAVID PADDON,  The Canadian Press, published Friday January 8th, 2010.

TORONTO - Canada’s residential real estate market is expected to remain unusually strong through the first half of this year after a strong finish to 2009, according to a survey published Thursday by Royal LePage.

The Royal LePage analysis is consistent with other recent reports on the state of the Canadian real estate market, which has rebounded over the past 12 months after sales dried up in late 2008 and hit a multi-year low in January 2009.

Read the full article>.

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December jump in housing sales caps 2009 rebound

January 8, 2010

Below is a Vancouver Sun article by Derrick Penner, dated January 6, 2010.

Seller’s market in most Metro areas expected to continue until mid-2010

After plummeting to lows not seen since the 1980s, Lower Mainland real estate markets saw a rush in the second half of 2009 that pushed sales well above an economically challenged 2008 and prices back on an upward slope toward previous peaks. Read more

Richmond Housing Report - December, 2009

January 7, 2010

Richmond Housing Report - List Vs Sold December, 2009
Source: RealtyLink Online

Housing Type Active Listings December Sales Av. 3 mth No. Months Average Price
Detached 308 120 152 2.03 $885,000
Townhouse 175 111 116 1.51 $470,000
Condominiums 500 152 188 2.65 $330,000

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The Richmond total home sale for December, 2009 at 383 units was about the same as compared with the previous month sale of 440 homes. The supply of detached homes and townhomes was less than 50% as compared to a year ago. Similarly, condos listing was about 40% lower in November as compared to a year ago.

The total active listings at the end of December dropped to an all time low at 983 units. The lack of new listings continued to  put pressure on selling prices. The supply / demand (list to sale) ratio remained extremely tight, and dropped from 2.46 to 2.15 months of inventory. The past 11 months re-bounce in home sales, and lack of new inventory, continued to pushed home prices higher.
The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements. Sales activities remain strong, and many home buyers are looking out for new listings and the right homes to buy. The media and housing experts are cautioning home buyers to be cautious, and only consider taking on home mortgages hat they can afford.

Will current bullish market continue?

The sales pace for the first quarter of next year is expected to maintain current buyer interest. Some buyers may be prompted to buy now before the interest rates spike up the second half of 2010, and the pending implementation of HST for new homes.

You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.

For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.

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Slow start, strong finish for housing market in 2009

January 7, 2010

Real Estate Board of Greater Vancouver Housing Report - read full report here.

VANCOUVER, B.C. – January 5, 2010 – After beginning the year at near record low sales levels,
buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009. Read more