A Depreciation Report is a comprehensive study of the common physical components within a strata corporation, including an inventory and summary of all necessary renewals and maintenance for the next 30 years, plus a financial plan for the future.  As buildings age there are necessary costs incurred to maintain the common property and assets of the strata corporation.  A depreciation report will provide a strata corporation with the tools it needs to properly and accurately plan for the future.

These regulations will have a dynamic impact on BC's strata community, and the real estate industry.   Buyers will be even better informed in the future, as they will soon be able to ask for copies of the depreciation report so they know up front what they are buying into.  Mortgage providers will also want to assess risk when determining eligibility for financing.

Following amendments to the Strata Property Act, the Provicinal Government has introduced new guidelines making these reports mandatory for strata corporations in BC.  Strata Corporations of less than 5 units will be exempt from the requirements, plus a strata corporation may consider exempting itself by passing a 3/4 vote resolution every 18 months.  

HERE is a guide to assist consumers from the Condominium Home Owners' Association of B.C.

For additional help on what this may mean for you, visit the Condominium Home Owners' Association of BC website HERE.

The cool breezes of Autumn may bring relief from the summer heat, but for home owners, they also bring a reminder that it's time to start fixing, cleaning, and preparing for Winter weather.

If certain tasks are left undone, say the home and building inspectors from the Canadian Association of Home & Property Inspectors (CAHPI), then a home becomes increasingly vulnerable to air, moisture, and water penetration, which may eventurally cause structural problems. Whether done by the home owner or by a professional service contractor, preventative maintenance will prolong the efficiency and lifespan of a home's many components.

In addition to any obvious repairs that might be necessary, CAHPI recommends that home owners tend to the following each Fall in order to prevent minor problems from turning into major expenses.

1. Inspect the roof, using binoculars, for damaged, loose, or missing shingles. Repair as needed.
2. Check the flashing around roof stacks, vents, skylights, and chimneys as possible sources of leakage. Repair as needed.
3. Look for leaking, misaligned, or damaged gutters, downspouts, hangers, gutter guards, and strainers. Clean the gutters after all the leaves have fallen.
4. Cut back tree limbs growing on or over the roof, as well as shrubbery growing against the house, to prevent damage to the home's exterior.
5. Check all doors and windows for proper caulking and weather-stripping. Remove any worn or decayed materials and apply new materials as needed.
6. Drain exterior water lines, hose bibs, sprinklers, and pool equipment. (Do Not leave hose connected to bib).
7. Have heating system serviced annually (Fall is the best time).
8. Have the home you are considering on purchasing, inspected by a qualified home inspector, to obtain a complete report on th home's condition. Ask the home inspector what professional home inspectors' association he is a member of, and check his credentials with them.

For further information on Home Inspections, or to obtain the names of qualified home inspectors in your area, visit the website: www.cahpi.ca

The Real Estate Board of Greater Vancouver has just released its June report via Videocast, and you can view it by clicking here.  We are experiencing a busier July than anticipated - this is good for both Buyers and Sellers!

Vancouver, BC - June 14, 2013.  The British Columbia Real Estate Association (BCREA) reports that a total of 7,664 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC curing May, down 0.7 percent from May of 2012. Total sales dollar volume was 2 percent higher at $4.1 billion. The average MLS® residential price in the Province was $534,013 , up 2.7 percent from a year ago.

"BC home sales continued to trend higher in May" said Cameron Muir, BCREA Chief Economist. "In contrast to shlowing demand and modering prices in 2012, the BC housing market is turning around". Rising consumer demand combined with inventory levels that remian in check has moved the Province's largest markets into balanced territory. "Home prices have edged higher over the past three months in BC's large Lower Mainland market" added Muir. The MLS® Home Price Composite Index for the Lower Mainland was up 0.2 percent over the past month, and 1.4 percent over the past three months.

Year-to-date, BC residential sales dollar volume was down 12.2 percent to $14.9 billion, compared to the same period last year. Residential unit sales were down 10.7 percent to 28,140 units, while the average MLS® residential price was down 1.7 percent at $530,936.

VIEW PODCAST HERE

Want to know what's happening in the market right now ?  Supply and Demand are always a good place to start.  Listing inventory nearly at 1200 homes ( That's 498 detached homes, and the balance are apartments & townhomes)... and sales much slower than this time last year... although well priced properties still selling well !

The Bank of Canada kept its target overnight rate at 1% this morning.  In the statement accompanying the decision, the Bank of Canada forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 % in 2013 before rising to 2.8% in 2014.

Click HERE to see the BCREA Mortgage Rate Forecast...

Vancouver, BC  APRIL 15, 2013

The BC Real Estate Association (BCREA)  reports that a total of 5,661 residential sales were recorded by the MLS in the province of BC during March, up 6.6% from February on a seasonally adjusted basis, but down 17.7% compared to March 2012.  March Sales on the North Shore showed more improvement than the overall BC number, but overall sales are down 22% to 35%, depending the area.  There's some good news for Buyers!

                                                              North Van          West Van

Residential Sales  Feb   '13             155                     46

Residential Sales March '13            206                     77 

Increase:                                              33%                   68%

                                                               North Van         West Van

Residential Sales Feb '12                  209                      95

Residential Sales March '12              252                    104

Increase:                                                20%                      9%

% Change 2012 to 2013                  North Van           West Van

February Sales                                 Down 35%         Down 50%

March  Sales                                     Down 22%         Down 35%

BCREA's latest Housing Market Update is here is a short video cast !

WATCH VIDEOCAST

Don't want to read the monthly stats report from the REBGV?

Watch REBGV president, Eugen Klein, discuss the most important details here!

WATCH VIDEOCAST