When Buyers enter a show suite for the first time, it can look very impressive and they are often shown marketing materials which can include the layout of some of the units and the amenities which will be present once the development is built. Often a contract is signed and a deposit is made before Buyers have had a chance to fully contemplate their decision. By law in British Columbia, Purchasers of new development property have a 7 day rescission period to cancel their purchase agreement and have their deposit returned without penalty. Amendments to the Disclosure also restart the 7 day rescission period. During this 7 day period purchasers should thoughtfully and carefully review their disclosure statement to ensure that the development property |
Victoria & Vancouver Island Real Estate Blog
Ron’s Candid Thoughts on Victoria Real Estate Market - September 2013
We experienced the expected increase in sales this August compared to last years and I fully expect that trend to continue into the fall provided there are no further immediate moves by government to tighten lending policies. A balanced market is within reach but we’re not there yet and marginal properties and those in outlying areas continue to be harder hit than they would be if supply and demand were more balanced. At the end of last month our total supply of listings for sale shrank further to just 4,593 and with 540 total sales or 11.75% of the inventory, an 8 ½ month supply. We are definitely continuing our trend and edging closer to a balanced market which we’ve been moving towards since April 2013. FOR IMMEDIATE RELEASE September 3, 2012
…Month End Market Stats - Victoria Real Estate Board
Aug 2013 |
Aug 2012 |
|
Net Unconditional Sales: |
540 |
462 |
New Listings: |
935 |
1,025 |
Active Listings: |
4,593 |
5,034 |
US House Prices Rise
Ron's Candid Market Comments and Victoria Real Estate Board Market Report for July 2013
There is increasing evidence to a balanced market with trending increased sales and decreased inventory with yet another consecutive month of more sales than in the same month last year and further marginally decreased supply. The overall listing supply has slipped from nearly a year overall at the beginning of 2013 to now just over 8 months inventory of listings for sale. In my opinion we are in a balanced market when we have about a 5-6 month supply so I would still classify it as a Buyer’s market with some continued risk of prices slipping further particularly with marginal properties with significant negative influences and certainly in rural areas. There are also some property types that continue to be more oversupplied than others. Overall all signs
…“People are talking”
Ron A quick note to share that Gary was excellent. Service levels with all the variables that come with your industry met and exceeded my high expectations. So you know, Jan and I drove to town…were introduced to Gary who made the right first impression. Gary never failed to stay calm, answer our many market questions and I never felt over-managed ever. A key issue for me. I felt a measure of trust and professionalism which is why we started with your firm to begin with. If I can ever assist your group in any way, please do not hesitate to advise. I have included my work email for your convenience. Best regards Jim Douglas Coast Hotels
BC Home Sales Continue on Upward Trend
Average Housing Prices by Province
Average House Prices by Province |
May 2013 |
May 2012 |
May 2011 |
National |
$388,910 |
$375,605 |
$376,817 |
Yukon |
$344,053 |
$381,871 |
$371,688 |
Northwest Territories |
$373,454 |
$441,465 |
$350,994 |
British Columbia |
$534,013 |
$519,923 |
$596,872 |
Alberta |
$385,702 |
$374,653 |
$357,086 |
Saskatchewan |
$294,414 |
$280,517 |
$268,574 |
Manitoba |
$267,662 |
$256,923 |
$241,504 |
Ontario |
$418,430 |
$403,156 |
$381,026 |
Quebec |
$277,225 |
$274,840 |
$264,752 |
New Brunswick |
$173,256 |
$175,466 |
$174,632 |
Prince Edward Island |
$166,994 |
$153,137 |
$125,078 |
Nova |
Interest Rate Update
Current Discount Mortgage Rates |
Jul 2013 |
Variable Rate |
2.60% |
1 Year |
2.79% |
2 Year |
2.79% |
3 Year |
2.94% |
4 Year |
3.09% |
5 Year |
3.39% |
7 Year |
3.59% |
10 Year |
3.89% |
Prime Rate |
3.00% |
* Rates subject to change and OAC. |
Canadian Qualifying Rate |
Jul 2013 |
Rate |
5.14% |
Source: Bank of Canada
Current Posted Mortgage Rates |
Jul 2013 |
Jul 2012 |
Jul 2011 |
1 Year |
3.14% |
3.10% |
3.50% |
3 Year |
3.75% |
3.95% |
4.35% |
5 Year |
5.14% |
5.24% |
5.39% |
Source: Bank of Canada
Current Bank of Canada Rate & Prime Rates |
Jul 2013 |
Jul 2012 |
Jul |