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Wednesday, June 29, 2016
Maria Mak - Burnaby Realtor - Provincial government withdraws self-regulation in real estate
Tuesday, June 28, 2016
Maria Mak - Burnaby Realtor - Council’s Independent Advisory Group announces 28 recommendations
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Monday, June 27, 2016
Maria Mak - Burnaby Realtor - Understanding the new assignment regulations
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:
- you work with a REALTOR®. Your REALTOR® will help protect your interests and bring knowledge of the provincial legislation that governs real estate transactions.
- the original Contract of Purchase and Sale has the mandated assignment clause requiring the seller's approval before it can be assigned;
- the original seller is aware of, and approves of, the assignment;
- 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;
- the property is or was listed for sale;
- the identity of every individual involved in the transaction has been verified;
- all money already paid and owed is accounted for and dealt with in the assignment contract;
- you understand the additional risk associated with paying the assignment fee before the original contract is finalized; and
- 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."
and start our happy journey together!
Maria Mak - Burnaby Realtor - Finding you a Happy Home is my commitment to you, It's not only just a roof."
and start our happy journey together!
Maria Mak - Burnaby Realtor - Finding you a Happy Home is my commitment to you, It's not only just a roof."
and start our joyful journey together!
Tuesday, June 14, 2016
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!"
Monday, June 6, 2016
Burnaby Real Estate Blog - Maria Mak - 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
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 totalled 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.
Residential real estate sales rise 17.6 per cent year-over-year, as demand continues to skyrocket, reports board
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 totalled 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.
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
President, REBGV