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VANCOUVER (via NEWS 1130) – June was another scorching month in the Vancouver real estate market.

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An industry group says Vancouver home resales rose 28.7 per cent last month from a year earlier to 3,539.

The Canadian Real Estate Association also says the average unadjusted price was up 15.8 per cent to $923,000.

Even on a month-over-month basis Vancouver home prices were substantially higher, gaining 3.6 per cent. That’s more than double the nationwide price increase.

And that means the Bank of Canada’s interest rate drop likely won’t have much of an impact here.

“Four housing, the impact on markets like Vancouver and Toronto, that are already experiencing very strong demand, might be relatively muted. But for other markets that have been more negatively affected by low energy prices, including some areas of northern BC, might see a bit of a boost,” says Brendon Ogmundson, an economist with the BC Real Estate Association.

“Vancouver has demand at a 10-year high and doesn’t really need any extra boost but we might see some marginal effect.”

Ogmundson says the news is good for the rest of the country.

“Vancouver doesn’t need a whole lot of extra stimulus. This sort of action by the Bank of Canada is really more to help places like Calgary that have seen a bit of a downturn given the decline in oil prices.”

The national average sale price rose 9.6 per cent on a year-over-year basis in June; but excluding Greater Vancouver and Greater Toronto, it increased by only 3.1 per cent.

Highlights:

  • National home sales edged back by 0.8 per cent from May to June.
  • Actual (not seasonally adjusted) activity stood 11 per cent above June 2014 levels.
  • The number of newly listed homes edged down 0.2 per cent from May to June.
  • The Canadian housing market remains balanced overall.
  • The MLS Home Price Index (HPI) rose 5.43 per cent year-over-year in June.

Article by Richard Dettman and Simon Druker


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Investigating a “tenancy in common” could be a viable option for many first-time home buyers that are attempting to address the challenges of buying pricey homes on the North Shore. Many first-time buyers are being priced out of this market because they are unable to save the huge down payment or qualify for a mortgage. One solution to these problems is buying a home with a suite or a coach house or to co-buy a home with with friends or family. Some people call these "mixed mortgages”. The best way to describe it would be a tenancy in common.

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Things to consider when setting up a TENANCY-IN-COMMON**
(**this is not to be construed as legal advise – you MUST CONSULT a LAWYER for proper advise and to determine your unique situation)

A legally binding document needs to be drafted that covers all of the different circumstances that may arise. This partnership or joint venture agreement should cover at least some of these basics: 

  • Who pays for the purchase and maintenance of the house, and how ownership is divided.
  • Sales agreement in case one side wants to sell their share.
  • How the property will be divided if the friends/family decide to separate or if one person dies.
  • Enclose a first right of refusal clause into the agreement so whoever wants to stay has the ability to own the entire residence.
  • Regardless of who you’re buying with, whether a friend or sibling or parent, you must consult a lawyer and draft legal papers.
  • Pay attention to unbalanced arrangements at the outset. For example, if you’re contributing 100% of the down payment but the two parties will be splitting the expenses, you might want to be clear in your agreement that your down payment should be returned to you upon sale before profits are split.
In the end if there is a will, there is a way. Home ownership is a milestone and one of the most important investments of your life. Using clear insight, understanding and skilled negotiating, Joe Campbell has helped hundreds of people go from House Hunters to Home Owners and that makes for a lot of Happy Clients!


Read an additional article on building a "COACH HOUSE" on the North Shore for even more options...CLICK HERE...
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So, whether you are moving out or moving up - Contact me for a FREE CONSULTATION or to set up an Automated Personal Property Search. I will provide you with all the best MLS matches to your specific property needs, often days before they reach the public sites! Get a Buyer's Package complete with information about the Buying Process, Financing Options, Home Ownership Assistance Programs and more!
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Some interesting stats this month indeed in the latest report from the Real Estate Board of Greater Vancouver.  A reminder that the markets are cyclical - what influences them can be many different factors and in the case of our local real estate market, there are several elements at once contributing to a record setting month.  Click here for details.

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