The BC Real Estate Association just released their projections for 2012. While many regions will see softening prices, here in Victoria we should expect an increase of 0.4% with volume increasing by 5.4%.
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Steady sales and slightly softening home prices
For both
detached homes and condos we continue to see a very slow softening in selling
price, with the pace a bit faster for condos. Overall, prices are down about 5% from the peak early this
spring. On the other hand, the
volume of sales has been relatively steady over the last few months, the same
as days on market. To summarize,
well priced properties are selling well.
Over the
last 30 days, 232 single family houses were sold, down by 8 houses from last
week. The median price is down
$6,050 to $547,950. The average house was on the market for 36 days. In the
same time period, 124 condos were sold, up by 4 condos from last week. The median price is down $3,000 to
$270,000. The average condo was on the market for 43 days.
There are
now 2,233 houses for sale, down by 20 from last week. Condo inventory has fallen by 19 to 1081 suites.
Another new low for mortgage rates - 3.27%
Wow, it just keeps getting less expensive to buy a home. Five year fixed rate mortgages can now be found for as little as 3.27% for those with great credit. That's pretty cheap money. A variable rate mortgage could cost you as little as 2.2%. That's even better, but with the five year rate so close, I would be tempted to lock in, pay a little more, but live with less stress.
Do you have an opinion on this? If so, always feel fee to add your comments.
A steady real estate market, heading to a stronger fall season
Over the
last 30 days, 254 single family houses were sold, down by 5 houses from last
week. The median price is up
$13,050 to $558,050. The average house was on the market for 38 days.
In the
same time period, 115 condos were sold, down by 20 condos from last week. The median price is up $00 to $275,000.
The average condo was on the market for 42 days.
There are
now 2,283 houses for sale, down by 09 from last week. Condo inventory has fallen by 5 to 1140 suites.
Risk and Reward of Relying on your Building Inspector
MULLIN DEMEO ELECTRONIC LEGAL UPDATE - August 22, 2011
Most real estate purchases are made conditional on the buyer approving the results of a building inspection. Because most buyers are unable to determine whether a house is well built and structurally sound on their own, they rely on advice provided by qualified, licensed inspectors. However, what if the information and advice provided by the inspector turns out to be incorrect? A recent decision of the B.C. Supreme Court examined this exact scenario.
In 2006 a prospective purchaser (hereafter the “Purchaser”) made a conditional offer to purchase a Victoria property. The offer was accepted by the sellers. One condition of the offer was that it was subject to the Purchaser’s approval of the results of an inspection; the Purchaser hired a local building inspector to inspect the property and, upon completing of his inspection, the inspector advised the Purchaser that there was a solid, complete foundation and only minor drainage problems with the house. In addition, when the sellers filled out the Property Disclosure Statement (the “PDS”) they indicated that they were not aware of any structural problems or moisture related problems with the house. Relying on that advice, and on the PDS, the Purchaser removed this condition in addition to all of the others and completed her purchase.
After completion, the Purchaser discovered water damage in the house caused by significant cracking in parts of the foundation, and further discovered that the house was not in fact supported by a complete foundation. The costs of completing the necessary repair work were estimated at more than $30,000, so the Purchaser sued the building inspector alleging negligence as well as the sellers for misrepresentation.
At the outset of the trial the Supreme Court judge quickly dismissed the case against the sellers. The judge reaffirmed that the PDS is not a warranty from the sellers to the buyers, and that in most instances the seller’s only obligation is to not mislead or lie on the PDS. The judge held that the sellers honestly did not know of the problems with the foundations, and therefore did not misrepresent anything on the PDS. Addressing the inspector’s liability, the judge noted that the “…purpose of securing a residential home inspection is to provide to a lay purchaser expert advice about substantial deficiencies in the property...” This expert advice helps the buyer determine whether or not to proceed with the purchase. In addition, the court noted that “…persons who hold themselves out as professional know they invite reliance, and create a risk of harm if….their advice is wrong”.
The court emphasized that the inspector not only missed the fact that there were significant problems with the foundation, but he in fact positively asserted that the foundation was fine. This turned out to be incorrect. The Purchaser reasonably relied on the inspector’s expert advice, and suffered as a result of it. The Supreme Court ruled against the inspector and awarded damages emphasizing that real estate purchasers act reasonably when they rely on the advice of professionals, and those professionals are expected to provide advice that is reasonable in the circumstances.
This discussion of building inspectors’ liability is intended only as a brief introduction to the subject. Should you have any questions or concerns with respect to this or any other aspect of real estate law, please contact Brendan Piovesan, Mullin DeMeo, at lawyers@mdlawcorp.com, or (250) 477-3327.
A steady August market continues with volume higher than last year
Even
though the market feels a bit sluggish these last few weeks, this is normal for
this time of year as those who are not on holidays are focused on getting the
kids ready for back-to-school.
Taking that into consideration, things are pretty good with the volume
of sales expected to be over 10% ahead of August 2010.
Over the
last 30 days, 259 single-family houses were sold, down by 3 houses from last
week. The median price is down
$13,050 to $545,000. The average house was on the market for 38 days.
In the
same time period, 135 condos were sold, up by 6 condos from last week. The median price is down $4,000 to
$275,000. The average condo was on the market for 42 days.
There are
now 2,292 houses for sale, down by 26 from last week. Condo inventory has risen by 4 to 1145 suites.
5 Year fixed mortgage rates now as low as 3.39% and dropping
If you are in the market for a property, keep a close eye on those mortgage rates! We hear that rates are going to get lower still.
Single family homes sales grow, while the condo market continues to soften
Right now we have two very separate markets for houses and for condos. For the second week in row, both the volume and median pricing for single family homes in Overall, there are lots of buyers out there, but with our high inventory levels, they can afford to be picky. The simple message is price your property correctly and it will sell. Overprice it, and you just help your competition sell theirs.
Over the last 30 days, 262 single family houses were sold, up by 3 houses from last week. The median price is up $15,050 to $558,050. The average house was on the market for 40 days.
In the same time period, 129 condos were sold, down by 13 condos from last week. The median price is down $13,500 to $279,000. The average condo was on the market for 43 days.
There are now 2,318 houses for sale, up by 08 from last week. Condo inventory has risen by 37 to 1141 suites.
Condo building buoys Greater Victoria market
The number of new multi-family homes built in Greater Victoria surged last month as builders started work on 168 condominium and townhouse units in June, more than double the number coming out of the ground at the same time last year.
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