By providing the strata corporation with a summary of current deficiencies, future projected capital expenditures, and costs for maintenance of each component Depreciation Reports help Strata Corporations, including bare-land strata corporations, plan for repair, maintenance and replacement of common property, limited common property and common assets over a 30 year period. As well, the depreciation report provides a financial plan for the strata corporation to prepare for these expenditures. The report is to be updated every three years and will be an integral part of the strata corporation's long-term planning.

The Report must contain;

-A physical inventory of the common property and assets

-Anticipated maintenance, repair and replacement costs for common expenses projected over 30 years

-A financial forecasting section with at least three cash flow funding models

Depreciation Reports are also known as reserve fund studies in other jurisdictions and have been a standard requirement in most Canadian provinces.

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On April 13, the federal government officially introduced their plan to legalize the production and consumption of cannabis by July 2018.

 

The proposed legislation would allow adults to legally grow up to four cannabis plants per residence for personal use, but the bill leaves enforcement up to each jurisdiction. To date, few individuals or organizations have spoken up about the negative impacts the proposed legislation could have on properties.

 

Risks include mould, electrical fires and chemicals used on the premises, which can affect the health and well-being of those who live or work in these buildings. Moreover, there are no consistent standards or processes in BC or any other province for remediating buildings used to produce drugs, or for making property history information available to occupants.

 

BCREA believes that homebuyers and renters needed to know if their home was ever identified as having a history of drug production—whether or not that production was legal. BCREA continues to call for accessible information about the history of properties used in drug operations, as well as for clear and consistent property remediation standards.

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Act before July 1, 2017 or you will be charged a 1% tax on its assessed value.
 
Rent your property by July 1 If your property is not a principal residence, eligible for an exemption, or rented out for at least six months* in 2017, it will be subject to the Empty Homes Tax. Properties that have not yet been rented will need to be occupied by a tenant no later than July 1 (and remain occupied for the remainder of 2017) in order to be excluded from the tax. To find helpful information about becoming a landlord, or a property management company to rent out your home, please visit landlordbc.ca or pama.ca * Homes must be tenanted for a minimum total of six months, in periods of 30 or more 
 
Property status declarations for 2017 Every owner of residential property will have to make a property status declaration for the 2017 calendar year. In December, you will receive instructions outlining how to make this declaration, which will be due by February 2, 2018.
 
Click Here for more details
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In April 2017, there was a total of 3,553 sales which is a 25.7% decrease from the record 4,781 sales in April 2016 and an 0.7% decrease compared to March 2017.

 

The sales in April were 4.8% above the 10-year sales average for the month.

 

During the last few months, condo’s and townhome sales have dominated the residential market in Metro Vancouver. They’ve accounted for 68.5%, on average, of all residential sales.

 

There is HOT, HOT, HOT demand for condos and townhomes as shown in the infographic.

 

The benchmark price for condo’s is $554,100. There were 2,094 active listings, 1,722 sales, resulting in a sales-to-active listing ratio of 82.2%. For townhomes, the benchmark price is $701,800. There were 1,066 active listings, 620 sales, resulting in a sales-to-active listing ratio of 58.2% which indicates a good demand. As for detached homes, the benchmark price for detached properties is $1,516,500. There were 4,653 active listings, only 1,211 sales, resulting in a sales-to-active listing ratio of 26%.

 

The demand for condo’s and townhomes is coming both from older buyers downsizing, and younger buyers trying to get into the market.

Across the Lower Mainland, the benchmark price for condos has gone up 8.2% over the past three months, compared to 5.5% for townhomes and 3.2% for single-family homes.

 

Over that period, the biggest changes in condo prices were in:

·         Coquitlam: 10.1% increase.

·         Vancouver East: 9.5% increase.

·         Richmond: 9.0% increase.

 

Some areas did still see large increases in single-family detached home prices, including Port Coquitlam 9.9% and Coquitlam 7.2%.

 

Sales-to-Active Listing Ratio in recent months:

September 24.1%

October 24.4%

November 26.4%

December 27.0%

January 2017 21%

February 2017 31.9%

March 2017 47.2%

April 2017 45.5%

 

To put this into perspective, 14% or under indicates a Buyer's market, 20% or above is a Seller's market, and 14%-19% is a balanced market.

 

For more information please contact me.

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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.