Jessica Prasad

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

Source: http://www.rebgv.org/news-statistics/home-buyer-and-seller-activity-outpaces-historical-averages-february

Most Canadians aren’t aware that credit is not just a score or an ability to make payments on time, but is actually composed of a few different categories; hence, the five C’s of credit:

1. Credit shows the lender a snapshot of what the borrower’s repayment history has been over a period of time. This is the only way a lender can predict the borrower’s propensity to make future payments. The credit score is the primary measurement factor.

2. Capacity is the ability to repay loans. Arguably, this is the most critical of the five C’s of credit.  Lenders look at debt service ratios (total debt service and gross debt service), as well as payment history in order to assess a borrower’s capacity, or ability, to repay a loan. 

3. Capital is the amount of money that a borrower has invested in a property. It is otherwise known as a down payment. Lenders want to see how invested you are in a property before making a decision.  Loan-to-value is a measurement used to determine the amount of capital required as down payment, in addition to the rate and terms of the mortgage. 

4. Character can be described as a borrower’s general trustworthiness to repay loans. Factors such as length of employment and the borrower’s propensity to save and utilize credit responsibly all help to establish character.

5. Collateral can be thought of as additional security provided to the lender. The subject property itself – its value, location and characteristics – can be thought of as security, but collateral can also include outside parties that will guarantee the loan. These parties are often referred to as covenant partners.

The goal is to get a “YES” to your deal with a lender. The five C’s outlined above determine a borrower’s ability and willingness to make payments. Understanding what a lender is looking for allows you to set yourself up to put your best foot forward. If your investments are analyzed and planned correctly, every “YES” from your lender will bring your closer to achieving your goals.

Source: Canadian Real Estate Wealth

www.i❤homes.ca can translate to many languages!

The ilovehomes.ca website uses the Google Translator Tool to keep everyone informed from all cultures and backgrounds. Jessica Prasad has made efforts to keep everyone informed about Real Estate in Greater Vancouver. One of the many beauties of Vancouver is the multiculturism and how our Vacouverites embrace all our differences especially language. People come from all over the world to live here!

There is translation toolbar on top everypage on this website!

"going paperless"

Jessica Prasad has made great efforts to reduce paper in her Real Estate business and continues to make changes to become a paperless office work environment. She has implemented ways including online storage, electronic signature systems in which the use of paper is eliminated or greatly reduced. This is done by converting documents and other papers into digital form. Proponents claim that "going paperless" can save money, boost productivity, save space, make documentation and information sharing easier, keep personal information more secure, and help the environment. This concept can be extended to communications outside the office as well! We can do our part!

Fantastic work (BNT) Burnaby/New West/Tricities Realtors!!!!!

2014 Charity raised for Aunt Leah's Place $17,677.52!!!!!!

Aunt Leah’s Place is a registered charity that has been helping kids in foster care and teen moms achieve a better future for over twenty years. We have seen how support at this critical time can help these young people realize their possibilities and potential and become resilient, independent adults.

In BC, when a child in care turns 19, their government support is cut off and they are deemed ‘aged-out’ of the system. Today, almost half of these vulnerable teens end up homeless. Aunt Leah’s is there to help support these kids make a successful transition to independence and adulthood.

Past 4 years of Contributions to our local Charities.. WOPPING...$82,254.99!!!!!!

Vancouver Home Sales Up 8.7% in January, Prices Up 5.5%: REBGV

Greater Vancouver market continues climb, with an unexpected spurt in townhouse sales boosting numbers, says Real Estate Board of Greater Vancouver

Despite all the talk of unaffordability, the Greater Vancouver housing market continued its inexorable rise in January, with sales up 8.7 per cent year over year, according to Real Estate Board of Greater Vancouver (REBGV) figures released February 3.

There was an expected dip in sales across all property types compared with December 2014, as few transactions close in January after the holiday season.

The year-over-year increase in sales pushed the benchmark price for a residential property in Greater Vancouver up to $641,600, a rise of 5.5 per cent compared with January 2014, consistent with the annual lift seen in home prices every month for the past year.

However the unexpected story comes from January's sales of townhouses and other attached properties, the growth of which considerably outstripped that of detached homes, which usually see the most growth.

Sales and Listings

Greater Vancouver MLS home sales totalled 1,913 in January, an increase of 8.7 per cent compared with January 2014, although a decline of 9.6 per cent compared with December. Sales were 14.9 per cent higher than the 10-year average for January.

Detached single-family home sales increased 7.3 per cent, and were uncharacteristically outshone by sales of attached homes, which were up nearly 16 per cent compared with January 2014.

Condo sales kept their growth consistently steady, rising 7.4 per cent year.

New listings in Greater Vancouver in January were 11.4 per cent below those of January 2014, and active listings were down 14.2 per cent, reflecting the tightened inventory.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” said Ray Harris, REBGV president. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

Nevertheless, with the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

Broken down by area, West Vancouver had the largest overall jump in home sales in January, with sales up 8.1 per cent compared with January 2014. This was driven by townhouse sales in the neighbourhood, which rose more than 10 per cent year over year.

However, the biggest rise in detached home sales was in East Vancouver, where sales of single-family properties rose 12.2 per cent year over year as West Side inventory tightened further and pushed buyers east.

The sharpest jump in condo sales was in Whistler, where the recovering real estate market saw apartment properties up 18.9 per cent compared with January last year.

Benchmark Price (MLS® Home Price Index)

The benchmark price for all residential properties in Greater Vancouver now stands at $641,600, which is up 5.5 per cent year over year and up 0.2 per cent compared with December.

Although the growth in townhouse sales far outstripped growth in detached home sales in January, the same could not be said for benchmark prices of those property types.

The composite benchmark prices by housing type are:

Harris added, “The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note. A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS Home Price Index in the REBGV full statistics package.

For our infographic with headline statistics and benchmark prices broken down by area, click here.

• The Real Estate Board of Greater Vancouver covers Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
• The board covers only homes being resold through the Multiple Listing Service, and does not record sales of newly built homes unless they are listed with the MLS, so the house prices in the Home Price Index don't reflect all of the residential real estate sold in the area.

- See more at: http://www.rew.ca/news/vancouver-home-sales-up-8-7-in-january-prices-up-5-5-rebgv-1.1751108?utm_source=Business%20Information%20Group&utm_medium=email&utm_campaign=Customer%20Newsletter%20-%20Feb%2009%202015#sthash.tGsqWvXW.dpuf

I'll be handing out water bottles to help fundraise for the event!!!