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Meet your area specialist:
RE/MAX Crest Realty
1428 W 7th Ave.
Vancouver, BC V6H 1C1


Now there’s a kind of Dragon’s Den for real estate agents


Listing Llama enables users to anonymously review and interview agents

Steve Randall
REP

Home buyers and sellers in British Columbia and Alberta can now use a new free app to connect with real estate agents.

Listing Llama enables users to anonymously review and interview agents using an online system. Agents can use the system to competitively pitch their services to win new clients and listings.

“With today’s real estate market, it is more important than ever to find the right real estate agent,” says Tarynn Parker, CEO of Listing Llama. “Finding the best agent to work with is a vital step. Selling or buying a house is one of the biggest financial transactions in most peoples’ lives. Home sellers typically hire a realtor for 4 to 6 weeks and pay them $10,000, $30,000, $40,000 or more. Finally, sellers command more choices with Listing Llama. For buyers it is the same, they’ve got the ability to make an informed choice in who they spend their valuable time and money with during their home search. Realtors benefit with our platform from increased exposure beyond their personal network, leading to more new clients and listings.”

Listing LLama – How it Works

Copyright © 2019 Key Media Pty Ltd



BC home sales are “firming around long-term averages”


Home sales in British Columbia are strengthening

Steve Randall
REP

Home sales in British Columbia are strengthening according to the latest stats from the province’s real estate association.

BCREA says that MLS sales in November rose 27.5% year-over-year to a total of 6,616 and the average price rise 5.5% to $746,939. Total dollar sales volume was $4.94 billion, a 34.4% increase from the same month last year.

“After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson. “We expect 2020 will be a much more typical year for markets compared to the volatility of recent years.”

Buyers had fewer choices though as active listings fell 6.6% year-over-year to 33,310 units, down for the 7th consecutive month (seasonally adjusted). Sales-to-listings ratio was 21%.

Year-to-date, BC residential sales dollar volume fell 6% to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9% lower at 72,106 units, while the average MLS® residential price was down 2.2% year-to date at $696,574.

Recent data showed a significant pull-back for new homebuilding intentions in October.

Copyright © 2019 Key Media Pty Ltd



BC speculation tax set to rise


Speculation and Vacancy Tax increased to 2 percent

Gerv Tacadena
Canadian Real Estate Wealth

British Columbia’s Speculation and Vacancy Tax will increase from 0.5% to 2% starting 31 December, according to the Ministry of Finance.

The new tax rate will be applied to all foreign owners and satellite families and will be due by July next year.

“Based on the data from the first year, we see the tax is working as it was designed to: capturing speculators, foreign owners and people who own vacant homes, while exempting more than 99.8% of British Columbians,” said Finance Minister Carole James.

The tax was introduced last year, with the aim to target homes in the most populated areas in BC that were not declared as a primary residence or were not rented out for at least three months annually.

Since the implementation of the tax, the government has collected $115m, which was used to fund affordable housing projects.

Aside from the tax rate, the changes will provide an exemption for property owners who are members of the Canadian Armed Forces while in active service. Canadians who own properties accessible only through water will also be waived from paying the tax.

Meanwhile, the exemption for rental-restricted strata will now end by 31 December 2021.

On the other hand, the exemption for foreign owners of vacant land will be lifted starting next year.

Copyright © 2019 Key Media Pty Ltd



Vancouver firm claims a world first for real estate AI platform


EIi Technologies uses AI to review real estate documents

Steve Randall
REP

The use of technology to review contracts is already rising fast in the legal services industry but a Vancouver firm hopes to find traction in the real estate industry.

Eli Technologies has claimed a world first with its artificial intelligence (AI) powered condo and strata document review platform which helps real estate professionals to review and uncover potential issues.

Using machine learning, the Eli Report platform can review years of documents and data within minutes.

“We recognize that buying a condo is one of the largest and most important purchases an individual can make, especially first-time home buyers,” says Jamie Hankinson, CEO of Eli Technologies. “A proper review of the strata documents can be very time consuming and complex, but is an essential part of the condo purchase process. We are excited to launch Eli Report in B.C. so real estate professionals can use the platform as a second set of eyes to identify potential concerns, allowing them to elevate their level of service, and better inform their clients.”

The platform has been in beta testing since last year but now has over 500 realtors across 75+ brokerages in Metro Vancouver and Victoria registered and is now available to all realtors, mortgage brokers and property managers throughout British Columbia.

Copyright © 2019 Key Media Pty Ltd



Home Sales Firming Across the Province BCREA Statistics December 2019


BCREA December 2019 Report

BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 27.5 per cent from the same month last year. The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year. 

“After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson. “We expect 2020 will be a much more typical year for markets compared to the volatility of recent years.”

MLS® residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active listings ratio of 21 per cent.

Year-to-date, BC residential sales dollar volume was down 6 per cent to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9 per cent lower at 72,106 units, while the average MLS® residential price was down 2.2 per cent year-to date at $696,574.



Commercial real estate activity remains below the pace of recent years


Sales activity in the Lower Mainland?s commercial real estate market continued to decline in the third quarter

REBGV

Sales activity in the Lower Mainland’s commercial real estate market continued to decline in the third quarter (Q3) of 2019 compared to recent years.

 

There were 405 commercial real estate sales in the Lower Mainland in Q3 2019, a 32 per cent decrease over the 596 sales in Q3 2018 and a 42.3 per cent decline compared to Q3 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

 

The total dollar value of commercial real estate sales in the Lower Mainland was $1.886 billion in Q3 2019, a 59.8 per cent decrease from the $4.694 billion in Q3 2018.

 

“Activity in our commercial market this year is trailing the pace we’ve experienced over the last five years,” Ashley Smith, REBGV president said. “We’ve seen activity pickup in our residential market over the last few months and we’ll watch to see if conditions strengthen on the commercial real estate side in the last quarter of 2019 or the first quarter of next year.”

 

Q3 2019 activity by category

 

Land: There were 114 commercial land sales in Q3 2019, which is a 44.9 per cent decrease from the 207 land sales in Q3 2018. The dollar value of land sales was $821 million in Q3 2019, a 61.7 per cent decrease from $2.142 billion in Q3 2018.

 

Office and Retail: There were 155 office and retail sales in the Lower Mainland in Q3 2019, which is down 37.2 per cent from the 247 sales in Q3 2018. The dollar value of office and retail sales was $433 million in Q3 2019, a 78.4 per cent decrease from $2.005 billion in Q3 2018.

 

Industrial: There were 124 industrial land sales in the Lower Mainland in Q3 2019, which is a 4.2 per cent increase from the 119 sales in Q3 2018. The dollar value of industrial sales was $415 million in Q3 2019, a 41.7 per cent increase from $293 million in Q3 2018.

 

Multi-Family: There were 12 multi-family land sales in the Lower Mainland in Q3 2019, which is down 47.8 per cent from 23 sales in Q3 2018. The dollar value of multi-family sales was $217 million in Q3 2019, a 14.3 per cent decrease from $253 million in Q3 2018.