Blog › March 2014

B.C. to See Biggest Jump in Housing Resales in 2014


British Columbia is forecast to have the biggest jump in housing resale activity in 2014 in Canada, according to the Canadian Real Estate Association (CREA).

CREA expects B.C. to see an increase in resale activity of 8.3% year-over-year - well above the anticipated national growth of 1.3%. While this means the province will be the biggest contributor to the expected growth across the country, the association said this is due to having had particularly slow sales in 2013, mostly in the early part of the year.

The opposite holds true for Canada as a whole, with 2014 starting out with low levels of growth compared with previous years. This is due to the particularly strong activity in the summer and fall of 2013.

“I expect fixed mortgage rates will edge marginally higher in the second half of 2014 as evidence confirms an anticipated pick-up in economic growth,” said CREA chief economist Gregory Klump.

“Marginally higher mortgage rates are likely to counterbalance the lift provided by stronger economic and continuing job growth, and restrain the momentum for sales activity.”

National sales are expected to climb to 463,700 units this year, and a further 1.2% in 2015 to 469,400 units.

The national average home price across the country is expected to rise by 3.8% in 2014, with similar gains in B.C.

Dominion Lending Best Mortgage Rates



February Home Sales Edge Lower than January’s


Vancouver, BC – March 14, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 5,578 residential sales were recorded by the Multiple Listing Service® (MLS®) in February, up 24.9 per cent from February 2013. Total sales dollar volume was $3.4 billion, an increase of 43.1 per cent compared to a year ago. The average MLS® residential price in the province rose to $611,688, up 15.4 per cent from the same period last year.

Home sales in BC February 2014“Consumer demand was much stronger in February compared to a year ago, but edged lower compared to January,” said Cameron Muir, BCREA Chief Economist. “Weak employment growth in 2013 has limited home sales so far this year to long-term average levels.”

“Record low mortgage interest rates and population growth continue to underpin the housing market and most regions of the province are at or near balanced market conditions,” added Muir.

Year-to-date, BC residential sales dollar volume was up 10.1 per cent to $36.7 billion, compared to the same period last year. Residential unit sales were up 6 per cent to 68,510 units, while the average MLS® residential price was up 3.8 per cent at $535,411.

BCREA economist Cameron Muir has more on February’s sales, listings and house prices

 



Rental Market Report


The rental market report for 2013 from CMHC is in. Highlights; 

  • The British Columbia vacancy rate remained relatively unchanged at 3.5 per cent in April 20132.
  • „„Vacancy rates by bedroom type remained stable compared to last spring.
  • „„In the Vancouver and Victoria Census Metropolitan Areas (CMAs), the apartment vacancy rate remained relatively unchanged from April 2012. The Kelowna and Abbotsford-Mission CMAs reported lower apartment vacancy rates this spring compared to a year ago.
  • „„The two-bedroom apartment average rent in British Columbia was $1,069 and the one-bedroom apartment average rent was $918

Download the full report on PDF Here



Repairs And Upgrades: New Rates


During the process of buying or selling a home, you may be required to make repairs and upgrades. This can happen as a result of the home inspection as well as knowledge of your market and comparable homes. Of course, the first thing homeowners want to know is, "How much will that cost?"


Pillar to Post is pleased to offer this Residential Construction and Remodeling Estimates cost guide, which provides estimated cost ranges for repair and/or replacement of the major systems and components in a home. It also includes general guidelines for the life expectancies of those systems. This information can help you make informed decisions when you are considering home repairs or improvements, and is especially valued before your property is listed. Below is just a sampling of their list of estimated costs for hundreds of repairs/upgrades.
 


Floors

  

Hardwood Floor Refinish

$2-$5 / sq. ft

Carpet-clean

$100 / room

Ceramic Tile

$5-$10 / sq. ft


Kitchen

  

Renovation

$7,500 +

Counter-laminate

$40 / lin. ft

Kitchen counter-marble

$75 / lin. ft


Security System

  

Alarm System

$2,500

Alarm Monitoring

$30 / month


Deck

  

Pressure Treated

$15-$25 /sq. ft

Custom Designed & Built

$50-$75 / sq. ft.


Windows

  

Skylight

$750 and up

Thermal Glass (existing frame)

$30 / sq. ft.


These estimates reflect the average basic costs for supplies and installation of building materials in United States and Canada. Costs may vary depending on regions, upgrades, complexity, and disposal fees.



For complimentary copies of our Construction and Remodeling Estimates cost guide, please contact your local Pillar To Post office, or download from http://www.pillartopost.com.

 

  • The Pillar To Post Inspection Report is generated on site at the completion of the inspection, so your client won't have to wait for the results.
  • All Pillar To Post inspectors carry E&O insurance to protect you, the referring agent.
  • As North America's leading home inspection company, Pillar To Post is committed to providing the highest quality service to real estate professionals and their clients.
  

For more information about home inspection or to schedule a home inspection, click here to find your local Pillar To Post office. 

Pillar to Post the Vancouver Team 
 
Registered Home Inspector & National Certificate Holder

License BPCPA #47414
Proudly Serving the Vancouver area.
 

We know our stuff!
 
 
[email protected]
www.pillartopost-vancouver.com

 
 
Phone:   604-250-9263
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