Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.


Last month’s sales were 43.1 per cent below the 10-year April sales average.


“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”


There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were listed.


The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).


“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”


The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,400. This represents an 8.5 per cent decrease over April 2018, and a 0.3 per cent decrease compared to March 2019.


Detached home sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807 detached sales in April 2018. The benchmark price for a detached home is $1,425,200. This represents an 11.1 per cent decrease from April 2018, a 0.8 per cent decrease compared to March 2019.


Apartment home sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the 1,308 sales in April 2018. The benchmark price of an apartment is $656,900 in the region. This represents a 6.9 per cent decrease from April 2018 and is unchanged from March 2019.


Attached home sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the 464 sales in April 2018. The benchmark price of an attached home is $783,300. This represents a 7.5 per cent decrease from April 2018 and is unchanged from March 2019.

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Metro Vancouver home sales dipped to the lowest levels seen in March in more than three decades.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.


Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.


"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”


“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."


There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2019. This represents an 11.2 per cent increase compared to the 4,450 homes listed in March 2018 and a 27.2 per cent increase compared to February 2019 when 3,892 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,774, a 52.4 per cent increase compared to March 2018 (8,380) and a 10.2 per cent increase compared to February 2019 (11,590).

For all property types, the sales-to-active listings ratio for March 2019 is 13.5 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and 17.2 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,011,200. This represents a 7.7 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.


Sales of detached homes in March 2019 reached 529, a 26.7 per cent decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019.


Sales of apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.


Attached home sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.


Download the March 2019 Stats Package

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The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.


Last month’s sales were 42.5 per cent below the 10-year February sales average.


“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”


There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.


Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.


Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.


Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.


Download the February 2019 Stats Package

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Home listings continue to increase across all housing categories in the Metro Vancouver housing market while home buyer activity remains below historical averages.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.


Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.


“REALTORS® are seeing more traffic at open houses compared to recent months. Homes priced well for today’s market are garnering interest, however, buyers are choosing to remain in a holding pattern for the time being,” Phil Moore, REBGV president said.


There were 4,848 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2019. This represents a 27.7 per cent increase compared to the 3,796 homes listed in January 2018 and a 244.6 per cent increase compared to the 1,407 homes listed in December 2018.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,808, a 55.6 per cent increase compared to January 2018 (6,947) and a 5.2 per cent increase compared to December 2018 (10,275).

For all property types, the sales-to-active listings ratio for January 2019 is 10.2 per cent. By property type, the ratio is 6.8 per cent for detached homes, 11.9 per cent for townhomes, and 13.6 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Home prices have edged down across all home types in the region over the last seven months,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,019,600. This represents a 4.5 per cent decrease over January 2018, and a 7.2 per cent decrease over the past six months.


“Economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year,” Moore said. “This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.”


Sales of detached homes in January 2019 reached 339, a 30.4 per cent decrease from the 487 detached sales recorded in January 2018. The benchmark price for detached homes is $1,453,400. This represents a 9.1 per cent decrease from January 2018, and an 8.3 per cent decrease over the past six months.


Sales of apartment homes reached 559 in January 2019, a 44.8 per cent decrease compared to the 1,012 sales in January 2018. The benchmark price of an apartment property is $658,600. This represents a 1.7 per cent decrease from January 2018, and a 6.6 per cent decrease over the past six months.


Attached home sales in January 2019 totalled 205, a 35.7 per cent decrease compared to the 319 sales in January 2018. The benchmark price of an attached unit is $800,600. This represents a 0.5 per cent decrease from January 2018, and a 6.2 per cent decrease over the past six months.


Download the full January 2019 Stats Package

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UBC Condo Price and other real estate information help UBC Buyers and Sellers make informed decisions. Many UBC Home Buyers and Sellers have asked me about the UBC Condo (Apartment) Median Sales price and other important statistics to help them make the right buying and selling decisions. In, this blog, I wanted to share some of the keys statistics that many UBC Buyers and Sellers wanted to know.


Below Stats are always updated with the latest data. Click or tap on the interactive graph to view the latest and past data.


UBC Condo Median Sales Price - By Bedrooms



UBC Condo Average Sales Price - By Bedrooms



UBC Condo Median Percent of Original Price - By Bedrooms



UBC Average Percent of Original Price - By Bedrooms



UBC Condo Median Listing to Contract Days - By Bedrooms



UBC Condo Average Listing to Contract days - By Bedrooms



UBC Condo Median Price Per Square Foot - By Bedrooms



UBC Condo Average Price Per Square Foot - By Bedrooms



UBC Condo Total Inventory - By Bedrooms



UBC Condo New Listings - By Bedrooms



UBC Condo Sales - By Bedrooms



UBC Condo Dollar Volume of Close Sales - By Bedrooms



UBC Condo Sales to Actives Ratio - By Bedrooms


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Metro Vancouver homes sales down across all property types


Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.


Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.


“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”


There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).

For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,” Moore said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.


Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.


Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.


Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.

Download the November 2018 stats package

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Home listings at four-year October high as sales remain below typical levels


Home sale activity across Metro Vancouver* remained below long-term historical averages in October.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.


Last month’s sales were 26.8 per cent below the 10-year October sales average.


“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”


There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 per cent increase compared to the 4,539 homes listed in October 2017 and a 7.7 per cent decrease compared to September 2018 when 5,279 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 per cent increase compared to October 2017 (9,137) and a 0.8 per cent decrease compared to September 2018 (13,084).


For all property types, the sales-to-active listings ratio for October 2018 is 15.1 per cent. By property type, the ratio is 10.3 per cent for detached homes, 17.3 per cent for townhomes, and 20.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”


The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one per cent increase over October 2017 and a 3.3 per cent decrease over the last three months.


Sales of detached homes in October 2018 reached 637, a 32.2 per cent decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000. This represents a 5.1 per cent decrease from October 2017 and a 3.9 per cent decrease over the last three months.


Sales of apartments reached 985 in October 2018, a 35.7 per cent decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500. This represents a 5.8 per cent increase from October 2017 and a 3.1 per cent decrease over the last three months.


Attached homes sales in October 2018 totalled 344, a 37.5 per cent decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200. This represents a 4.4 per cent increase from October 2017 and a 2.8 per cent decrease over the last three months.

Download the October 2018 stats package

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About the UNA


The University Neighbourhoods Association (UNA) acts as a municipal council for the residential areas on campus, promoting a vibrant, sociable, safe and diverse community at the University of British Columbia (UBC).


When you own or lease a property in BC, property taxes must be paid yearly. The money raised from the property taxes you pay is used to fund local programs and services. Homeowners in the UNA pay a Rural Tax to the BC Government and a Services Levy to UBC.


What is the UBC Services Levy?


The UBC Services Levy is a charge collected annually from homeowners at UBC to fund local programs and municipal-like services. The Services Levy is like the municipal portion of property taxes. It is called a levy rather than a tax because UBC is on unincorporated land and is not a municipality.


What is the UBC Services Levy used for?


Services Levy funds are collected by UBC and deposited into the Neighbours’ Fund which funds the University Neighbourhoods Association. The Neighbours’ Fund goes towards the UNA Operating Budget and Reserves.


The Operating Budget is used by the UNA to provide municipal-like services to UNA residents. The annual budget is developed by the UNA Board of Directors and approved after public consultation. Money the UNA generates is also put towards the Operating Budget.


The Neighbours’ Fund Reserves are held to meet the future needs of the community. Reserves are best practice and are required planning for the replacement of infrastructure and to guard against surprise costs.


How is my Services levy Calculated?


The Services Levy Rate equals the difference between the BC Rural Tax Rate and the City of Vancouver Residential Tax Rate. Your invoiced Services Levy amount is based on the value of your property, as determined by BC Assessment. For more information on the assessed value of your property you can contact the BC Assessment Authority at 604-739-8588 or visit www.bcassessment.ca


What is the Rural Property Tax?


If your property is not located in a city, town, district or village, it is in a rural area. UBC is unincorporated land so it is considered rural.


The BC government collects taxes on properties in rural areas to fund provincial services. The BC government also collects taxes on behalf of other organizations, such as Translink and the Greater Vancouver Regional District.


Rural tax is paid directly to the BC government.


How do my taxes and services levy charges compared to residents in Vancouver?


UBC is required to ensure that the total property taxes paid by UNA homeowners is the same as the property taxes of a comparable property in the City of Vancouver. While homeowners in the UNA pay a Rural Tax to the BC government and the Services Levy to UBC, the two added together are the same as the City of Vancouver municipal tax for a property with the same assessed value.


I still have questions, who can I contact?


For questions on the UBC Services Levy:


UBC Department of Financial Services
T: 604.822.3596
E: levy@finance.ubc.ca
www.finance.ubc.ca/revenue/services-levy


For questions on the BC Rural tax:


Surveyor of Taxes Office
T: 604.660.2421
E: ruraltax@gov.bc.ca
www.gov.bc.ca/ruralpropertytax

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More supply and less demand seen across Metro Vancouver housing market


The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.


Last month’s sales were 36.1 per cent below the 10-year September sales average.


“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).

For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.


Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months.


Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months.


Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months. 

Download the September 2018 stats package

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Buying your first home is not only an exciting time, but it can also be a busy time with many deadlines and dates.  Unfortunately, there are also many hidden or unexpected costs that are part of the overall home buying experience.  As the premier real estate agent for UBC homes, I would like to offer you the following list of some of the hidden costs that you will incur as a first time home buyer.


Prepare for the Unexpected


The initial down payment of your home is not the only cost that you will incur as a first time home buyer. It is always a good idea to have a contingency fund that will cover costs such as:

  • Homeowner’s insurance – you will want to insure your new home as well as your belongings against fire, natural disasters and theft.
  • Closing costs – costs such as lender fees, lawyer transfer fees, appraisals fees.  Sometimes these fees are part of the closing cost, but make sure that you know how much each fee is and that you have the funds to cover these costs.

Before purchasing a home, make sure to hire an inspector.  Although this is another cost, it may save you considerable money in the long run.  A home inspector will be able to tell you if there is any damage to the foundation or structure of the home, rot or poor electrical wiring.  If any serious problems are found, you can either renegotiate the purchase price or walk away from the house.


Services and Hook Ups


Keep in mind that once you move in, you may have to pay for connection fees for many of the services that you will want in your home such as cable, electricity and internet.  If you are moving from the rent world your utility bills are going to be far higher.  You are responsible for heating your home now as well as paying for water and garbage pickup.


Remember:


As a homeowner, you will also be paying property taxes to your local municipality.  This cost can be broken down over the course of 12 months or paid as one lump sum. 


Look Ahead


When you are factoring the costs into your home purchase budget, do not forget to look past the initial home cost and factor in all the costs of improvements, upgrades or renovations.  If you know that your dream home will need to be landscaped, make sure that you properly budgeted for that yard work.  There is nothing worse than buying a home and hot having the funds to cover general upkeep or improvement projects.  You do not want to be house poor, so budget accordingly. 


There are many factors to keep in mind when you are buying your first home.  That is why the right real estate agent is important.  They can help you and offer advice as well as help you plan a budget so that the hidden costs of a first time home are fully understood. 


If you would like any more information on the hidden costs associated with a first time home or would like to see some of the new and exciting listings that are available in and around UBC, please call me today.  I look forward to working with you soon.

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After a long a dreary winter and spring, summer has finally arrived at UBC.  I am sure that you are ready for the season, but is your house?  To fully enjoy the summer months, it is important that your home is ready for the season.  As the premier real estate agent for UBC homes, I would like to offer the following tips on how to prepare your house for the summer.


Indoors


Check Your Air Conditioning


Nothing can ruin your summer faster than a broken air conditioner.  Ensure that your air conditioning unit is running smoothly this summer by getting it regularly serviced.  Every three months, it is suggested that you:

  • Check and replace the filters.
  • Flush out drain lines with a cup of bleach.
  • Trim and remove any vegetation around the outdoor unit to ensure that your air conditioner has room to breathe.

Rotate Ceiling Fans


Your ceiling fan may have a directional switch.  It is important that your ceiling fan runs in a counterclockwise direction so that it is pushing air down and not up.


Upgrade or change your Thermostat


If you haven’t already, think about replacing your thermostat with a “smart” version.  This type of thermostat will not only save you money on your monthly energy bills, it will also allow you far more flexibility on how you cool your home.  A “smart” thermostat will allow you to cool only certain rooms if you choose and run your air condition during the hottest times of the day.  You can also operate your thermostat from your phone giving you ultimate flexibility and control over your home’s cooling.


Outdoors


Fix Your Lawn


After a long and wet winter and spring, now is the time to reseed your lawn to fill in any bare patches.  A reseeded lawn will also make it harder for weeds to grow, which will alleviate the dreaded job of weeding. 


Here’s the deal:


When reseeding your lawn, also spread a thin layer of topsoil to protect the grass seed.  It is a good idea to irrigate for at least two weeks.


Lawnmower Maintenance


Before cutting your newly seeded lawn, make sure that your lawnmower and other yard tools are in peak working order.  To properly maintain your lawnmower, make sure to:

  • Change the oil and clean or replace the air filter.
  • Check and change the spark plug, if necessary.
  • Sharpen the mower blade and make sure that it is at the desired height.

Inspect all Downspouts


While you are outside preparing your home it is a good idea to check your downspouts and gutters for debris.  Make sure that all gutters are securely fastened to your home and seal any gaps or cracks with silicone.  While you are on your ladder, inspect your roof and replace or repair any broken or missing shingles.


By following these simple home preparation tips, you will be ready for summer in no time.  A well prepared home will free up time for you and your family to enjoy your favourite summer activities.  If you would like any more tips on how to get your home ready for the season or would like to see some of the new summer homes that are available in the UBC area, please contact me today.

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With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver reached a three-year high in June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.


Last month’s sales were 28.7 per cent below the 10-year June sales average.


“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 per cent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 per cent decrease compared to May 2018 when 6,375 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 per cent increase compared to June 2017 (8,515) and a 5.8 per cent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.


“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”


For all property types, the sales-to-active listings ratio for June 2018 is 20.3 per cent. By property type, the ratio is 11.7 per cent for detached homes, 24.9 per cent for townhomes, and 33.4 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,093,600. This represents a 9.5 per cent increase over June 2017 and is virtually unchanged from May 2018.


Sales of detached homes in June 2018 reached 766, a 42 per cent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 per cent increase from June 2017 and a 0.6 per cent decrease compared to May 2018.


Sales of apartment homes reached 1,240 in June 2018, a 34.9 per cent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 per cent increase from June 2017 and a 0.4 per cent increase compared to May 2018.


Attached home sales in June 2018 totalled 419, a 37.3 per cent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 per cent increase from June 2017 and is virtually unchanged from May 2018.


Click here to download the full package.

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A home renovation is a great way to increase your home’s value, especially if you are thinking about taking advantage of the summer market.  However, figuring out how much a renovation should cost and staying within that budget can be a bit tricky.  As the premier real estate agent for UBC homes, I would like to share the following advice on how to set a renovation budget.

 

Estimate the Costs as a Percentage


Here’s the Deal:

 

You should spend no more in each room than the value of that room as a percentage of your overall house.  For example – A kitchen generally accounts for 10-15% of your home’s value, so if your home is valued at $200 000, you will want to spend $30 000 or less on a kitchen renovation. 

 

Another key piece of advice:

 

Kitchen renovations offer some of the lowest rates of return in terms of a renovation.  For every dollar you spend, your home’s value increases by 50 cents. 

 

The highest rate of return on a renovation – a mid-range bathroom remodel.

 

Consider Loan Options


Once you have decided what type of renovation you want to do and have come up with a rough estimate for that renovation, it is time to think about how you are going to finance your renovations. 

  • Refinancing – depending upon what your interest rates are on your mortgage, you may be able to refinance or add term to your loan lowering your monthly payments allowing you to save for the renovation. 
  • Line of credit – A line of credit may be a great way to finance your renovation, talk to your lender or bank to see what type of term and rate they are willing to provide you.
  • Home Equity Loan – this type of loan is also known as a second mortgage and allows you to borrow a percentage of your home’s assessed value.

Get Quotes


Make sure that you are very specific about what you want done in your renovation and get it written out in a contract.  Make sure to get a quote and include even the materials that are going to be used for the job.  Take your time to talk to a few different contractors and ask lots of questions, especially about the overall timeframe.  Don’t be afraid to ask for references and look at past jobs and customer satisfaction before making your final decision.

 

Stick to the Plan


Do not change the overall outlook of your renovation by adding side projects or changing your mind part way through a job.  This is the fastest way to add costs and time to any project.  Strive to stick to the original plan regardless of how tempted you may be. 

 

A renovation can breathe new life into any room and is a great way to add intrigue and interest to your home if you are thinking about selling.  By following these simple steps, you should be able to enjoy a newly renovated home without breaking the bank.  If you would like any more information about how a renovation can add value to your home or to see some of the new listings in the UBC area, please call me today. I'm Sam Huang. 778-991-0649

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UBC and BC government have sent out the annual Rural Property Tax Notices and UBC Services Levy Notices. The BC government collects taxes on properties in rural areas to fund provincial services.


If you have not received Rural Property Tax Notice and UBC Services Notice, please see below on how to pay your Property Tax online and contact information.


About Rural Property Tax


The BC government also collects taxes on behalf of other organizations, such as Translink and the Metro Vancouver Regional District. Rural Property Tax is paid directly to the BC government.


Rural Property Tax applies to residents living in the following neighbourhoods: Hampton Place, East Campus, Hawthorn Place, Chancellor Place, Wesbrook Village.


If you have not received your Rural Property Tax Notice, please see below Rural Property Tax Contact Information.


Surveyor of Taxes: +1 (250) 387-0555

Toll free: +1 (888) 355-2700

Email: ruraltax@gov.bc.ca


Rural Property Tax is due July 20, 2018


To pay your 2018 Rural Property Tax Notice online, please visit their website at


gov.bc.ca/etaxbc/logon


To apply for 2018 Rural Home Owner Grant Application online, please visit


gov.bc.ca/ruralpropertytax


About UBC Services Levy


The UBC Services Levy is a charge collected annually from homeowners at UBC to fund local programs and municipal-like services. It is called a levy rather than a tax because it is collected under the terms of your lease with UBC.


UBC Services Levy applies to residents living in the following neighbourhoods: Hampton PlaceHawthorn PlaceChancellor PlaceWesbrook Village.


The UBC service levy does not apply to properties within the jurisdiction of the UEL. Be sure to check the jurisdiction of the property in question. Click here to view a map of UEL.


UBC Services Levy is due July 18, 2018


For details, Frequently Asked Questions and on line access to your property statement showing your levy amount and payments received, go to the UBC Services Levy website at


www.finance.ubc.ca/tax-services-levy/services-levy.


You will need the access code from your statement to view your balance. Further details can also be found at the University Neighbourhoods Association website at


www.myuna.ca.


If you have questions about the Services Levy, please see below Revenue Accounting contact information:


Phone: +1 (604) 822-3596

Fax: +1 (604) 827-2668

Email: levy@finance.ubc.ca

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If you have been thinking about listing your UBC home and taking advantage of this summer’s real estate market then this is the blog for you. The fastest way to attract potential buyers and get full market value is by cleaning up and transforming the exterior of your home. As the premier real estate agent for UBC homes, I would like to offer you the following tips on how to improve the exterior of your home.

Clean Up

Perhaps the easiest and most cost-efficient method of improving house is by putting in some time and cleaning the exterior and yard. An attractive exterior begins with trimming the bushes, mowing the lawn and raking the leaves in your yard. Once you have completed these tasks, take the time to wash and scrub your driveway, walkway, your home’s exterior and the fence. Finally, make sure to wash and scrub the windows with a glass cleaner or with diluted detergent and warm water.

Paint

A freshly painted home is sure to turn heads. Not only does paint offer a protective barrier against the elements, it is also a great way to attract potential buyers. If painting your entire home is not in your budget or just seems too overwhelming, focus your attention on the trim, doors and shutters.

Shutter it

Another quick way to transform the exterior of your home and make it more appealing is by adding shutters. Shutters give the illusion of making your windows look larger and disrupts an otherwise bland wall. Make sure to choose a colour that contrasts the exterior colour of your home to make them stand out.

Change those numbers

Changing your house numbers is another quick way to create maximum exterior appeal. Replace or add bronze or chrome house numbers to give your home a more sophisticated and updated look. Other creative ways to use house numbers include:
  • Paint your address on a large planter at the foot of your entrance or at the end of your home’s walkway.
  • Add house numbers to a post near your front porch or at the end of your driveway.
  • Place numbers on your front gate or fence.

Other quick changes

Other quick budget friendly changes that can make a huge difference to your home’s exterior include:
  • Upgrade or paint your mailbox. A new design or colour may add a whole new flair to the outside of your home.
  • Add a tree, new flowers or bushes. A few strategically placed planters with trees or flowers will add to the ambiance of your front porch or walkway.
  • Hanging baskets full of lively flowers will brighten-up your patio or front walkway.
These budget friendly exterior boosters are sure to attract a wide range of clients to your home. If you would like any more tips or advice on how to transform the exterior of your home and make it more appealing to prospective buyers, please contact me today. I look forward to being a part of your sales team.
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When it comes to listing your home, the adage of ‘you never get a second chance to make a first impression’ applies.  A poorly listed home can make a huge difference in terms of dollars as well as the overall time that your property sits on the market.  As the premier real estate agent for UBC homes, here is a guide to 3 do’s and don’ts when it comes to listing your home.

  1. Do: Take a picture of your home from the curb

    In the real estate game this is known as curb appeal.  The importance of pictures and how you represent your home cannot be understated when it comes to attracting buyers.  Make sure you get the whole house in the shot and do not let bushes, trees or cars block the line of sight. 

    Remember:

    The exterior of your home, your yard and the overall appearance of your property is equally important and needs to be represented in your listing.  

  2. Don’t: Take a crooked photo

    This may seem like an obvious statement, but you would not believe the number of photos that are on listing sites where the house is crooked, and it looks like the home and street are on a downhill slope. 

    Make sure that when you take the picture, be mindful of your camera’s angle and that your home’s roof is parallel with the photo’s frame.

  3. Do: Consider a bird’s eye view photo

    A photo that is taken from the air is a great way to showcase a large property or a waterfront location.  Make sure that your photo not only shows the house, but also the surrounding property or water.  Both of these features are strong selling features and attractive to many buyers.  

  4. Don’t: Use a fisheye lens

    Unfortunately fisheye lenses do the opposite of what many people think – fisheye lenses actually make space look smaller and distorted.  Distorted images are a definite detractor when it comes to attracting buyers, so stick with traditional lenses to showcase your home and use design tricks to make small spaces appear larger.

  5. Do: Stage each room before photographing it

    When it comes to listing your home, you want to represent each room in as best of light as possible.  Take the time to properly stage each room and make sure that the room is well lit and clean before photographing it.  If you would like any tips on how to stage your home, I would love to assist you.

  6. Don’t: Stage a mess or an unfinished room

    When it comes to staging there are so many situations that you want to avoid.  Some of the more common pitfalls include:

    • Staging a messy or cluttered room.
    • Photographing your pets in your listing photos.
    • Staging or photographing unfinished rooms.
    • Staging photos that are dark and make the room look smaller.

These are just a few of the staging mistakes that you want to avoid.  Allow your real estate agent to be part of the listing photo process and think about how you want to represent your home.

This guide of listing do’s and don’ts should help you attract a larger list of potential buyers to your property.  This should in turn equate to a faster sell for top dollar.  If you would like more information on how to list your home on the hot Vancouver real estate market, please contact me today. I look forward to working with you soon.
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UBC Community Info
UBC offers a full range of housing options in five distinct neighbourhoods to provide a unique opportunity to live, work and learn in a truly integrated campus community.

  1. Chancellor Place
  2. Hawthorn Place
  3. East Campus
  4. Hampton Place
  5. Wesbrook Village
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.