Canadian Housing Starts – June, 2019

Canadian housing starts decreased by 13 per cent on a monthly basis in May to 202,337 units at a seasonally adjusted annual rate (SAAR). This decline follows a strong rebound reported in the previous month. The trend in Canadian housing starts was down, averaging 202,000 units SAAR over the past six months, which is still a robust trend.

In BC, total housing starts were up 8 per cent on a monthly basis to 53,352 units SAAR. Total starts were up 31 per cent compared to May of last year. On a monthly basis, starts of multiple units were up 12 per cent to 46,020 units SAAR, while single detached starts fell by 11 per cent to 7,332 units SAAR.

Looking at census metropolitan areas in BC:

  • Total starts in Vancouver were up 25 per cent on a monthly basis in May at 42,667 units SAAR, as multiple unit starts rose by 29 per cent from the previous month. Compared to last year in May, housing starts in Vancouver were up 60 per cent.
  • In Victoria, housing starts were down by 57 per cent on a monthly basis to 2,311 units SAAR, mostly due to a decline from last month’s spike in multiple unit starts. Compared to a year ago, housing starts are down 28 per cent.
  • In Kelowna, starts increased by 28 per cent on a monthly basis, though were still relatively low at just 1,025 units SAAR. Year-over-year, total starts were down by 72 per cent as inventory of unsold units accumulate, constraining further new construction projects. This is the risk we outlined when the provincial speculation tax was introduced.
  • Housing starts in the Abbotsford-Mission were up by 76 per cent in May at 1,772 units SAAR. However, on a year-over-year basis, new home construction was up more than double due to strong multiple unit starts.

For more information, please contact:  Gino Pezzani.

2231 Oak St. Vancouver, BC – SPARK PAGE

2231 Oak St.

Demonstrate Professional Maturity

Being a good employee means setting an example of maturity for others. Show your managers that you’re a grown-up by practicing these important leadership behaviors:

  • Support organizational policies. Don’t gripe about your organization’s rules and procedures in front of others, even when you disagree with them. If necessary, work for change from the inside.
  • Help your peers. Pitch in and help whenever you can—for the other person’s good, and for the good of your organization.
  • Champion change. All organizations need to innovate and grow to survive. Be the person leading the charge, not the malcontent resisting it.
  • Control your temper. Remain professional no matter how frustrated you feel. People naturally respect and emulate others with self-control.

Do You Know The Costs of Selling Your Home

If you’ve decided to sell your home, it’s important you understand the costs involved.

Here’s an overview.

REALTORS® fees

You and your REALTOR® will agree to this beforehand. There is no set fee or commission rate in the real estate profession. A fees or commission depends on the services your REALTOR® provides, which can vary significantly depending on your needs as a client or the business model used by the REALTOR®.

When is a commission or fee payable?

The Standard Multiple Listing Contract states the fee or commission is payable on the earlier of the following:

  • completion date under the Contract of Purchase and Sale; or
  • the actual date that the sale completes.

Contractors

Home owners typically want to spruce up their home to get it ready for sale. This can involve hiring landscapers, home stagers and even Feng Shui experts.

Home inspection fee

A seller may want to hire a home inspector to report on the condition of the home, including structural and moisture problems, and the electrical, plumbing, roofing and insulation. The fee ranges from $500 – $900 depending on the size of the home and the complexity of the inspection. Some inspectors also charge an additional fee for an older home or a home with secondary suite, a crawlspace or a laneway home.

Goods and Services Tax (GST)

The GST applies to REALTOR® fees, and the fees of various contractors and home inspectors.

Adjustments (see details in the contract of purchase and sale)

  • Property taxes – depending on the Contract of Purchase and Sale, you may be required to reimburse the buyer for prepaid property taxes if all parties agree to extend the time you remain in the home.
  • Rent and security deposits: if there is a secondary suite or a laneway home rental and the tenancy continues, you will have to transfer the security deposit with accrued interest to the buyer because the buyer is responsible for reimbursement when the tenant leaves.

Legal or Notary Public fees

Buyers typically hire a lawyer or Notary Public to assist with drafting documents and ensuring the title of the home is properly transferred.

Final utility payments

Sellers are responsible for utility payments until the date of possession,

Moving fees

Moving fees vary depending on the distance moved and whether professional movers do all of the packing. Rates vary.

Costs of clearing the property title

  • Discharge fees charged by encumbrance holders; and
  • Pre-payment penalties.

If you have questions about selling costs, contact Gino Pezanni.

BC Home Sales Trend Toward Ten-Year Average

Vancouver, BC – December, 2016. The British Columbia Real Estate Association (BCREA) reports that 6,419 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, down 20.1 per cent from the same month last year. Total sales dollar volume was $4.02 billion in November, a decline of 25.2 per cent compared to the previous year. The average MLS® residential price in the province was $625,871, a decline of 6.4 per cent compared to the same month last year.1

“Moderating consumer demand in the province’s largest population centres continues to trend home sales toward the ten-year average,” said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate of MLS® residential sales was approximately 89,000 units last month. The ten-year average is 83,000 unit sales, while the 15-year average is 85,300 unit sales.
“A relatively higher number of transactions outside of the Lower Mainland is largely responsible for pulling the provincial average MLS® price lower,” added Muir.

Year-to-date, BC residential sales dollar volume increased 22.8 per cent to $74.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 12.1 per cent to 107,488 units, while the average MLS® residential price was up 9.6 per cent to $692,745.

For more information, please contact: Gino Pezzani.