Beaten to the Shadow Punch

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Stop… in the name housing affordability and supply!!

I seem to have a lot of Christy Clark showing up in my blog feed these days. Today’s announcement, is that the province aims to implement rules that require the Seller’s consent for any assignment plus any profits made from assignments returned to the home-owner.  The announcement comes one day after NDP Leader John Horgan introduced two bills in the legislature in response to so-called shadow flipping and empty homes.

So what do you think? Is this likely to succeed? Will it in fact have any affect on the real issue which is housing affordability and supply?

Province to address “shadow flipping” abuse in real estate transactions

Premier Christy Clark has announced British Columbia is taking further action on realtor conduct, conflict of interest and housing affordability.

In the coming weeks, government will put new rules in place to prevent the potentially predatory practice of real estate contract assignment ─ so-called “shadow flipping.”

Government looks forward to the Real Estate Council’s independent advisory group recommendations on licensee conduct and potential conflict of interest, such as dual agency representation where one licensee acts for both the seller and buyer in a transaction.

Finance Minister Michael de Jong and Deputy Premier Rich Coleman will meet with Vancouver Mayor Gregor Robertson to discuss collaborative steps governments can take to further improve affordability in Vancouver.

Read the Premier’s full Press Release here

Want to learn more?:

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Metro Vancouver home buyers set a record pace in February

Last month was the highest selling February on record for the Metro Vancouver housing market.

Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 home sales occurred.

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Last month’s sales were 56.3 per cent above the 10-year sales average for the month and ranks as the highest February sales total on record.

“We’re in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.

“We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).

The sales-to-active listings ratio for February 2016 is 57.2 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.

Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.

Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.

Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600.

Another Project Comes to A Close – Alture MidCity

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I am incredibly proud of the completion of this building designed by award winning architects Duel Architecture. The construction of MidCity progressed smoothly and according to schedule – with many design and engineering upgrades included along the way for the benefit of our future homeowners.

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Our most notable delay was waiting for the registering with land titles in order to include the lake association’s many requirements – however we still managed our goal which was to get homeowners into their homes on time.

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A new addition to our service lineup is the printed Homeowner Guide and Online Homeowner Portal which Alture has provided to every owner. We hope that you find this resource useful as it contains detailed information from the paint colour in your bathroom down to who installed the kitchen faucet.

I appreciate all the support everyone has given to us this past year, and hope all our homeowners enjoy peace of mind knowing that you are living in an incredibly sound and well-built building that will last for years to come.