Land Sales Lead a Strong First Quarter

/in /by

According to the Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV), commercial land sales have shown a strong, steady pace in the first quarter of 2014.

land sales

Source: Google

Below are the key stats of the commercial dollar value and sales from the first quarter of 2014:

Dollar Value:

  • Total Commercial Sales: $1.4 billion – an increase of 45.5% compared to Q1 2013
  • Land: $698 million – an increase of 96.7%  compared to Q1 2013
  • Office & Retail: $365 million – an increase of 38.3% compared to Q1 2013
  • Industrial: $227 million – an increase of 11.7% compared to Q1 2013
  • Multi-Family: $129 million – an increase of 30.4% compared to Q1 2013

Sales:

  • Total: 441 – an increase of 14.2% compared to Q1 2013
  • Land: 160 – an increase of 73.9% compared to Q1 2013
  • Office & Retail: 144 – a decrease of 9.4% compared to Q1 2013
  • Industrial: 109 – unchanged from Q1 2013
  • Multi-Family: 28 – an increase of 12% compared to Q1 2013

The President of the REBGV, Ray Harris, says, “After a strong 2013, office and retail activity declined in the first quarter while vacant land transactions in the Lower Mainland outsold all other commercial categories over this period.”

To view the full REBGV report on the increase of land sales, click here.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

7 Tips to Consider When Purchasing a Condo

/in /by

Today, we share with you those tips that may be overlooked when purchasing a condo. These are important for you to consider as they can help you determine which place will meet your desired needs.

1. Parking Stall Assignment

Strata unit contracts may specify that you are purchasing parking stall(s), storage locker(s) or bike storage with your property. If you are buying a strata unit, please note when reading your contract,  that if the parking stall is designated as common property, the strata board has the authority to reallocate the parking stall number and location. It is strongly recommended to have your solicitor request confirmation of the seller’s right to transfer the parking stall(s), storage locker(s) or bike storage to you from the seller’s lawyer.

2. Recently Done Work

It’s important to make sure that the appropriate steps have been taken to ensure that no Builders’ Lien will be filed when the condo has had recent work done, such as alterations or repairs.

3. Property is Appropriately Zoned

It’s important to check that the property is not the subject of anticipated expropriation, municipal or other work orders – this information can be obtained through the Municipality of the property. For any particular use you want to may wish to make of it, be sure the property is appropriately zoned.

4. Satisfactory Agreements

To ensure these agreements have been made for delivery for actual possession of the Property, particularly if there are presently any tenants in occupation. Arrange with your Realtor for the delivery of the keys on your possession date.

5. Hook-Up Utility Services

Don’t forget to arrange for your internet, cable, hydro and any other services that you require to be hooked up.

6. Satisfactory Insurance

Be sure to arrange satisfactory insurance when purchasing.

7. Final Inspection

Ensure that all final inspections and occupancy permits have been issued, completed, and acceptable to you.

If you have questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

 

Fraser Valley Housing Market Update – May 2014

/in /by

Property sales are strengthening in the Fraser Valley housing market, reaching the highest they have been in the last seven years.  The Fraser Valley Real Estate Board (FVREB) have released their May 2014 Statistics package. Below are the key stats from the report:

Key Stats:

  • Property Sales: 1,633 – an increase of 11% compared to April 2014
  • New Listings: 3,218 – an increase of 2% compared to April 2014
  • Active Listings: 9,870 – a decrease of 7% compared to May 2013

Benchmark Prices: 

  • Single Family Detached Home: $566,400 – an increase of 3.1% compared to May 2013
  • Townhouse: $237,300 – a decrease of 0.2% compared to May 2013
  • Apartment: $198,100 – a decrease of 2.3% compared to May 2013

Ray Werger, President of the Board states, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”

“Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest,” Werger adds.

For the full Fraser Valley housing market update from FVREB, click here.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

 

 

Vancouver Housing Market Update – May 2014

/in /by

The Real Estate Board of Greater Vancouver (REBGV) has released the May 2014 Vancouver housing market update. The statistics report shows a strong increase in home buyer demand as well as home prices continue to increase at  a very consistent and modest pace. The key stats from the report are below:

Key Stats:

  • Residential Sales Totaled: 3,286 – an increase of 14% compared to May 2013 and a 7.7% increase compared to April 2014
  • Sales-to-Listing Ratio: 20.4% – this marks the first time this ratio has been greater than 20% since 2011
  • New Listings Totaled: 5,936 – an increase of 5% compared to May 2013
  • Current Listings Totaled: 16,072 – an increase of 3.6% compared to April 2014

Benchmark Prices:

  • All Residential Properties: $624,000 – an increase of 4.3% compared to May 2013
  • Detached Properties: $966,500 – an increase of 5.4% compared to May 2013
  • Apartment Properties: $377,500 – an increase of 3.2% compared to May 2013
  • Attached Unit: $469,100 – an increase of 3.1% compared to May 2013

The President of REBGV, Ray Harris, says, “Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years. With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011.”

 

For more information on REBGV’s Vancouver Housing Market Update, click here.

All statistics are from the Multiple Listing Service® (MLS®)

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca