MARIE & KIM TAVERNA

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Caring for our neighbours



November 14 - 21, 2016

Each year our volunteers collect donations of blankets and warm clothing for those in need throughout the Lower Mainland.


Since we began 22 years ago, more than 290,000 disadvantaged people have been helped by the REALTORS Care® Blanket Drive.


How you can help


Please donate the following items for all ages:


  • gently used or new blankets or sleeping bags
  • warm clothing, coats
  • hats, gloves, scarves
  • new socks and underwear


A list of drop-off locations will be posted closer to the date.

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Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.


Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.


“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016.


This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).


The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. 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.


“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.


Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.


Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.


Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.


Call us to find out what is happening in your neighbourhood...

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The federal government announced regulation changes for new government-backed insured mortgages today. Effective October 17, 2016, insured homebuyers will have to qualify at the posted five-year qualifying rate. Previously, only variable rate mortgages and mortgages with terms less than five years were subject to a higher qualifying rate.


The qualifying rate is updated weekly and available on the Bank Of Canada website. The current rate is 4.64 per cent, about 200 basis points higher than the best bank offered rates. 


To qualify for mortgage insurance, a homebuyer's debt servicing ratio must be no higher than: 


• Gross Debt Service – 39 per cent of household income, including mortgage payment, taxes, and heating costs.

• Total Debt Service – 44 per cent of household income, including mortgage payment, taxes, heating costs, and all other debt payments 


These changes will apply to new mortgage insurance applications received on October 17, 2016 or later. Mortgage insurance applications received after October 2, 2016 and before October 17, 2016 are also not affected by the rule change, provided that the mortgage is funded by March 1, 2017. Homeowners with an existing insured mortgage or those renewing existing insured mortgages aren’t affected by this measure.


These changes also won’t apply to mortgage loans where: 

• the lender made a legally binding commitment to make the loan; 

• the borrower entered into a legally binding agreement for the property against which the loan is secured. 


The federal government is also instituting new eligibility rules for low-ratio (higher than 20 per cent down payment) mortgages backed by government insurance. As of November 30, 2016, to be eligible for government insurance, new mortgages must meet the following requirements: 


1. A loan whose purpose includes the purchase of a property or subsequent renewal of such a loan; 

2. A maximum amortization length of 25 years;

3. A maximum purchase price below $1,000,000 when the loan is approved;

4. For variable-rate loans that allow fluctuations in the amortization period, loan payments that are recalculated at least once every five years to conform to the original amortization schedule; 

5. A minimum credit score of 600 at the time the loan is approved;

6. A maximum Gross Debt Service ratio of 39 per cent and a maximum Total Debt Service ratio of 44 per cent at the time the loan is approved, calculated by applying the greater of the mortgage contract rate or the Bank of Canada conventional five-year fixed posted rate; and,

7. A property that will be owner-occupied.


These new criteria, in particular requiring a maximum purchase price below $1 million, will essentially make the majority of single family homes in Metro Vancouver ineligible for government issued insurance for low-ratio mortgages. 


The government also announced measures to ensure that the exemption from capital gains tax on the sale of a principal residence is available only in appropriate cases.


Reprinted with permission from the REBGV

For more details, just call us...

 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.