The Vancouver Real Estate Market saw some good activity in September. Though the number of listings did increase over last month, it wasn’t a large increase by any means, especially compared to the high number of listings in September 2012. We had quite a few clients looking to buy a place with the mortgage rate hold they had in place, while others jumped on the few good places that came up for sale. Inventory wasn’t fantastic, so many of the good listings received multiple offers, while other listings are sitting stagnant.
The Real Estate Activity we saw in Kitsilano last month varied with the market: Kitsilano Houses didn’t have a lot of interest of motivated Buyers last month, the Kits townhome & half duplex market was steady (as we expect), and condos in Kitsilano performed well.
As we noted last month, we expect October to see the peak in number of listings and quality of listings, so keep your eyes on the market and let us know if you want to see any listings or need a professional opinion – we’re Kitsilano specialists and can point you in the right direction.
Take a look below at the specifics behind each market in Kitsilano:
Kitsilano Real Estate & Mortgage Lending
After the changes to standard Mortgage Lending last year, getting approved for lending hasn’t exactly been as easy as it’s been in previous years. Rates are up, and all things point to them continuing to rise slightly. Banks and lenders are doing their due diligence – requiring a lot of information from potential borrowers. If you’re in the market for real estate, speak with a Mortgage Broker to see how your line of work, finances and the current market align within the lending world. We have some initial information available on our Kitsilano Home Prices & Mortgages Page.
This is an interesting time for Kitsilano condos (especially older condo buildings, the ones built before 1999) because of a new document called a “Depreciation Report”. This report is completed by an Engineer, who is hired by the building’s Strata Corporation. The Engineer reviews the buildings maintenance history, then inspects all of the buildings major components (this includes the roof, boiler, electrical, plumbing, exterior, etc.). Once the Engineer has gathered enough information, he offers an “expected” 30 year maintenance plan, along with the “expected” costs. The steps outlined in this report don’t need to be followed exactly, but it gives the building owners a good idea of upcoming maintenance and funds needed to keep the building running smoothly.
Every condo building in Vancouver needs to either have this report prepared in 2013, or vote it down by a 3/4 vote of the Strata Corporation. These reports will need to be updated every few years. Right now, many reports are in the process of being done or have yet to be commissioned. This leaves Buyers in a precarious position: buy a condo unit before seeing the report or wait until the reports are available in order to make a more well rounded, long term decision. One thing is certain, strata fees will go up in almost every building. One more caveat – mortgage lenders and banks are also asking to see this report as a criteria for lending (so they’re aware of what they’re lending on). If a building has an expensive future outlook or if a building has yet to commission a report, how much you can borrow might be affected.
Take a look at our blog for more information on everything you need to know about Kitsilano Condos.
This is a new issue in Vancouver Real Estate, so we have yet to see how exactly it will affect the market, but let us know if you have any questions.