We Make Real Estate a Relaxed State
Report from REBGV
Home sales and listings continue to folow histoical average
In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service� (MLS�) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.  
The total number of properties currently listed for sale on the Greater Vancouver MLS� is 13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014. 
The MLS� Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.     
"With the market continuing to perform at a steady, balanced pace, it's important for home sellers to ensure their homes are priced correctly for today's conditions," Wyant said.
February 2014 Housing Market Update - The Real Estate Board of Greater Vancouver
February 2014 Housing Market Update - The Real Estate Board of Greater Vancouver


 

 

Musqueam Indian bands plan to dvelop land in UEL
Block F (see the bellow map) is an 8.5 hectare (21.4 acre) parcel in Pacific Spirit Park that was transferred in fee simple by the Province of BC to the Musqueam Indian Band in 2008 as part of a Reconciliation Settlement and Benefits Agreement.
When the land was transferred, MF-1 zoning was in place which permits residential development to a maximum density of 1.45 FSR (Floor Space Ratio) and a maximum building height of four storeys.

The rezoning application proposes:

*     1,169,150 square feet of MF-1 development including townhouses, 4-6 story low rise apartments, and four 18-22 storey condo towers;

*     145,000 square feet of commercial space;

*     a 120-150 room hotel;

*     a market rental apartment component; and

*     a 3.1 acre forest park preserved from an area of existing mature evergreen trees to be transferred to the UEL.

What is the UEL?
The UEL is an unincorporated community of 4,150 residents located between the City of Vancouver and the University of British Columbia.

Technically, it doesn't have a representative government. Instead residents elect a seven-member advisory council every three years at the same time as municipal elections. It is managed by the BC Ministry of Community, Sport and Cultural Development.

Municipal elections every four years starting in 2018

Every three years since 1995, British Columbia voters have gone to the polls in November to elect their municipal mayor and council, as well as representatives for regional districts, park boards, school boards and the Islands Trust.  

After consultating with communities and voters, the BC government will be introducing legislation to change local elections to a four year cycle. Elections will also be moving up a month to October from November.

If approved by the Legislature, the election following the November 2014 local election would be in October 2018.

Those elected would have their terms of office extended to four years.

 

 

Ready to sell?
Sarah Dadkhah
Real Estate Consultant
Sutton West Coast Realty
Cell: 778 237 1441

My Client's # 1 Goal is My # 1 Goal.

 Sarah has had extensive experience and training in real estate market focuses on commercial and residential real estate in Metro Vancouver.

 

If you want to BUY or SELL- but have not found a consultant who is worth your hard -earned dollar, contact Sarah to help you to reach out your goal.

 

 

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Fractured title buildings. Can a majority of owners force a sale?

What happens when a developer wants to redevelop a non-strata, multi-unit site and not all property owners want to?  

Since 2011, at the 114-unit Seymour Estates near Capilano University in North Vancouver, 87 owners have wanted to sell to a developer, while 27 owners have not.  

The complex,which needs major upgrades and repairs,was built in 1970 and is made up of low rise buildings spread over seven acres.  

Seymour Estates was, for at least 30 years, a single owner rental project, The owner fractured the title to be able to sell individual units. The complex's bylaws prohibited conversion to strata.The complex became a common law condominium corporation, a type of fractional ownership no longer allowed in BC. Existing complexes were grandfathered under previous strata legislation.

 

 When the developer offered to buy, owners could not agree on the sale. Some residents said they would be unable to afford to buy elsewhere in the neighbourhood.  

For comparison purposes, the BC Strata Property Act (section 274) says that a strata-owned property can only be sold as a whole if 100 per cent of the owners agree.

The owners of Seymour Estates went to court.

BC Supreme Court Judge Lauri Ann Fenlon ruled that:

*     a majority of owners can request the sale of an entire property; and

*     the final sale price and buyer must be approved by the court to protect those being forced to sell. 

 

Referrence: REBGV 

A Message From My Company To You
 
 Sutton West Coast Realty and You
Ever tried a fitness boot camp? Pushed yourself to accomplish more? At Sutton West Coast Realty we employ similar concepts like Real Estate boot camps to help our REALTORS� stay on their toes, learn new technology and keep up to date. In this economy you can't just say 'work harder and smarter' so we provide the tools they need to succeed. It may be tough work but the effort pays off for them, and most importantly, you!
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