Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

"BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."

"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.

For more information, please contact: 

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

Real Estate Activity Stable in November

December 1, 2011

Real estate sales activity remained steady throughout Greater Victoria last month with a total of 482 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from 483 sales in October. There were 479 sales in November of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the continued stability in sales is indicative of a balanced and healthy market, "We were pleased to see that sales last month were higher than in November of last year and showed little change from October. Looking forward, we anticipate continued stability as we move into 2012." Fimrite noted that there was some variability in prices last month, depending on property type, "It’s important to look at price changes over several months to determine what trends are developing as there will always be month-to-month fluctuations in prices depending on what properties sell in a given month." He added that that there were 11 single family home sales of over $1 million in November including one for over $6 million in Oak Bay.

Fimrite added that the number of properties available for sale eased last month to 4,329 compared to 4,687 at the end of October. "Inventory levels remained 16 per cent higher than a year ago but have fallen back from a peak of over 5,000 seen earlier this year."

The average price for single-family homes sold in Greater Victoria last month was $592,034, down slightly from $595,836 in October. The median price also declined to $530,000 while the six-month average declined to $613,259. The overall average price for condominiums last month was $320,558, up from $307,329 in October. The median price for condominiums in November also increased to $296,000 while the average for the last six months declined slightly to $321,941. The average price of all townhomes sold last month was $380,675 compared to $428,040 in October. The median price declined to $360,000 while the six month average declined to $425,095.

MLS® sales last month included 293 single family homes, 104 condominiums, 48 townhomes and 10 manufactured homes.

Appraisals Vs. Home Inspections

Appraisals Vs. Home Inspections – Do You Know the Difference? 

A home is one of life's most important purchases.  Before committing to a purchase it makes sense to learn as much as possible about any property you wish to acquire.  Understanding the important differences between an appraisal and a home inspection will help you to obtain detailed information about the home's value and condition.  

An Appraisal 
An appraisal allows the lending institution to determine if the property being purchased is suitable as security for a mortgage. For conventional mortgages, a lender will in most cases require that a professional third party assess the property to ascertain its current market value.  In the case of a "high-ratio" mortgage (with a down payment of less than 20 per cent), the mortgage insurer will go through its own internal appraisal process.  In particular, lenders and insurers are concerned that the property (in terms of its age, condition, and remaining economic life) constitutes a good match with the borrower and their ability to repay the mortgage.  An appraisal does not usually include a detailed property inspection.

A Home Inspection 
A home inspection is not used to determine property value, but will provide an assessment of the physical condition of a property.  A well-trained home inspector will perform a comprehensive visual inspection to determine the condition of the building and all of its major systems (for example the roof, structural, heating, plumbing and electrical systems).  While an appraisal is intended to provide the lender with sufficient information to decide on mortgage financing, a home inspection will hopefully reveal to a potential homebuyer whether the building and its systems are in sound working order.  If there are outstanding issues, a good inspector will provide the potential purchaser with a schedule outlining the estimated costs and when  these repairs will need to be completed.   

this information courtesy of Bill Jones Mortgage Consultant, Invis Chatterton Way, Victoria 

www.Victoriamortgage.ca  Ph. 250-592-9400

Here's a promising article from Andrew Duffy, writer for Victoria's Times Colonist:

Boomers eye retirement in Victoria

Report finds 15 per cent of Canadians plan to retire in the Garden City

By Andrew A. Duffy, timescolonist.com October 5, 2011

Canadians appear to be reluctant to relocate in their retirement years. But if they do pull up stakes for more temperate climes, chances are they are heading to Victoria, according to a new report released by Bank of Montreal.

According to the BMO Retirement Institute's special report on where Canadians plan to retire, 85 per cent of Canadians over the age of 45 intend to stay in Canada in their retirement years — and 15 per cent of all baby boomers intend to retire in Victoria.

"It appears there is going to be an influx of people to Victoria," said Tina Di Vito, head of the BMO Retirement Institute, noting a combination of weather, finances and family considerations tend to be the key motivators for anyone trying to decide where to live in retirement. "Victoria appears to be the retirement capital of Canada."

Di Vito said the survey, which surveyed 800 people over the age of 45 across the country, did offer some surprises, notably the lack of Canadians willing to relocate outside of the country. Less than five per cent of those surveyed said they would leave Canada.

"We thought perhaps the [baby boomers] might be thinking of going south or back to Europe or their original homelands," she said. "But typically when we asked the question folks wanted to retire in their home province."

The survey showed people in the Atlantic provinces were most likely to stay put, while Albertans were most likely to set their sights on Victoria.

"Albertans want to retire in Calgary or Edmonton and their surrounding areas, but next on the list is Victoria," said Di Vito, noting 39 per cent of Albertans wanted to retire in Wild Rose country while 26 per cent would opt for Victoria.

That does not surprise Victoria real estate experts.

Chris Markham, managing broker at Century 21 Queenswood Realty and former president of the Victoria Real Estate Board, said while the real estate market may have softened there continues to be an influx of retirees coming to the city.

"It used to be Americans coming here when it was all about the differential with the dollar, then it was all Toronto and then oil exploded and that meant it was all about Alberta," Markham said.

He noted the influx of out-of-town buyers is still dominated by Albertans.

"There are a lot of sales designated as out-of-towners. Toronto and back east are still coming while Vancouver and Alberta are probably neck and neck."

According to the real estate board, 14 per cent of all sales last year were made by out-of-town buyers, while over the first six months of this year that number has increased to 17 per cent.

"And they have a strong economic impact, it's a great business for us, retirement business is great business," said Markham, noting those retirees who do choose Victoria tend to be well-heeled given the cost of housing in the region.

The result is a strong economic ripple through the community, said Bruce Carter, CEO of the Greater Victoria Chamber of Commerce.

"We have a tendency to attract retirees who have a relatively high net worth because of the housing values, and those folks — in addition to contributing to the housing market — tend to offer their support to the arts community and charitable giving," he said. "We perhaps see more economic impact than other communities."

Carter said the high cost of housing in Victoria tends to be a filter.

"And I think some people find the housing costs are even higher than they thought when they get here."

Susan Eng, vice president of advocacy for the Canadian Association of Retired Persons, added that the group of Victoria-bound retirees are not shy when it comes to spending money. They have it, and tend to be discerning consumers.

"This is a group of people who can afford to move, they are well off to begin with and have the freedom of choice," she said. "They are doing just fine and they don't want to be dismissed as the blue-plate-special, they are buying luxury goods and willing to pay full price for a grandchild's toy and will buy top-of-the-line children's clothes.

"If they are buying homes there, it is likely to be a second home and they will buy that appliance they always wish they had."

Eng said that extends to hiring staff for home care and work around the homes as well, and businesses would be wise to pay attention to that demographic.

"They are bringing in serious money," she said. "You cannot treat them like your grandmother's seniors. They have discerning taste and economic clout and will not put up with patronizing behaviour."

November 1, 2011

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, “It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year.” Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. “There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000,” noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands. Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. “The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September.”

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from
$622,393 in September. However, the median price increased to $539,750 while the six-month average
decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down
from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000
while the average for the last six months declined to $323,039. The average price of all townhomes sold last
month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six
month average declined to $438,167.

MLS® sales last month included 260 single family homes, 145 condominiums, 46 townhomes and 10
manufactured homes.

Hiring a Home Inspector

Find out about potential problems before you buy!

Buying a home is probably one of the most expensive and important decisions you’ll ever make. But unlike many of life’s other major purchases, when it comes to buying a house, there’s no such thing as a money back guarantee. Once you buy a home, you are on your own to maintain and repair it, anticipate problems – and pay the bills.

Hiring a professional home inspector can help you find out as much as possible about a home’s condition, habitability and safety before you sign on the dotted line. Contrary to what Mike Holmes (Holmes on Homes HGTV) might have you think, there are plenty of reputable, knowledgeable and thorough Home Inspectors out there.

Here are some tips for finding a qualified home inspector:

Ask your Realtor or friends or family members who have recently purchased a home for a recommendation. Check association web sites, the Yellow Pages, or housing trade magazines for names of qualified home inspectors.

Make sure the home inspector is an experienced, full time inspector, not a renovator or contractor with an inspection business on the side.

Look for inspectors who are liscensed, belong to a provincial association, and determine if they  meet the standards of competency of the Canadian Association of Home and Property Inspectors (CAHPI)

Ask for references and call to see if they were satisfied with the service they received.

Choose only home inspectors who are not associated with any other construction or housing trade, and who therefore don’t carry out the repairs or improvements themselves.

Make sure the home inspector does not solicit, receive or give referral fees.

Ensure that the inspection is carried out during the day, as nighttime inspections may miss vital components of the exterior of the house.

Find out where you can get more information on the inspector and his or her firm, such as the company’s web site or industry association.

Finally, ask what you will receive once the inspection is complete, and when you can expect to receive it. A professional home inspector should provide a written report reviewing every major exterior and interior component and system in the home, usually within 24 hours of inspection.

Information supplied by Supplied by Canada Mortgage & Housing Corporation