Connect with us

Real eState

2021 a banner year for real estate in Greater Victoria – Vancouver Island Free Daily – vancouverislandfreedaily.com

Published

 on


Realtors working within the area of Victoria Real Estate Board (VREB) sold 10,052 properties in 2021, nearly breaking the record of 10,622 properties sold in 2016.

Sales figures for 2021 as a whole were more than 18 per cent higher than in 2020, with corresponding increases in prices. The benchmark value for a typical detached single-family home in the Victoria Core (Victoria, Saanich, Oak Bay and Esquimalt) was $1.144 million in December 2021, up 25.1 per cent from the same month in 2020. The benchmark price for condominiums was also up over the previous year, rising by 17.1 per cent to $570,600 in December 2021.

Sales for the month were down 30.6 per cent from December 2020, but the amount of home inventory was also 49 per cent lower. According to the board, the 652 active listings at the end of December 2021 marked the lowest such inventory at month-end in at least 25 years.

A consistent theme ran through 2021, VREB past-president David Langlois said in a release.

“Each month a high demand for homes, paired with record low inventory, has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point,” he said.

RELATED: Bidding wars continue in Greater Victoria despite lower sales

Looking at the Saanich Peninsula, for example, the December 2021 benchmark prices for a detached single-family home in North Saanich was $1.352 million, just over $1 million in Central Saanich and $959,300 in Sidney.

Looking across the rest of Greater Victoria, Oak Bay recorded the highest benchmark price for a single-family home at $1.585 million. Other jurisdictions where that benchmark exceeded $1 million were Victoria, View Royal, Saanich, Metchosin and Highlands. Those just below the $1 million mark included Victoria West (separated from Victoria), Esquimalt, Langford and Colwood, while the most reasonably priced in VREB’s coverage area were Sooke ($838,800) and the Gulf Islands ($706,900).

The new figures were announced this week on the heels of new figures from the BC Assessment Authority, which show significant increases in communities across Vancouver Island, in some cases in excess of 40 per cent.

RELATED: Property assessments up more than 40 per cent in some Vancouver Island communities

Langlois repeated previous calls for new measures to improve the supply of housing.

“Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area. It has been far too difficult and expensive to build homes in our region,” he said. “The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth.”

Langlois used the occasion to criticize proposed remedies focused on the sales process.

“The process of how a home is sold is not the issue – homes will sell for what consumers will pay for them – using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever-increasing prices.”


Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

wolfgang.depner@peninsulanewsreview.com

Greater VictoriaReal estate

Adblock test (Why?)



Source link

Continue Reading

Real eState

Canadian home sales up 0.2% in December

Published

 on

Canadian home sales rose 0.2% in December from November even as supply fell to a record low level, data from the Canadian Real Estate Association showed on Monday.

The national average selling price was C$713,500 ($569,161) in December, up 17.7% from a year earlier, the industry group said.

($1 = 1.2536 Canadian dollars)

 

(Reporting by Julie Gordon in Ottawa)

Continue Reading

Real eState

New analytics tool helps companies take the guesswork out of their real estate needs – Business in Vancouver

Published

 on


New analytics tool helps companies take the guesswork out of their real estate needs – Real Estate | Business in Vancouver


Adblock test (Why?)



Source link

Continue Reading

Real eState

Impaired Aging Parents Managing Real Estate – Forbes

Published

 on


Who’s Minding the Store?

We’re seeing it more and more now at AgingParents.com: elders as landlords who can’t do the management job any longer. Sometimes it’s the adult children who bring the issue to our attention. They see Dad failing maintain those rental houses he has had for decades. If tenants complain, he does not do anything. They see Mom fail to collect rents from her commercial enterprise, a small shopping center. They realize that rentable spaces are vacant and have been for some time. No effort to lease them is underway. The kids are alarmed. It may be a single rental home, a commercial building, a vast portfolio or anything the elder owns. Cognitive decline was not anticipated. No one was paying attention and things go wrong.

Financially successful people often invest in real estate, but for those who manage the properties themselves, we see a lack of planning about how to ease out of the management role. The same problem can occur when a property owner has a long time management company which is not held accountable for its work due to the cognitive impairment of the owner. Again, no one is watching management. It is a perfect opportunity for theft from the owner.

Real Life Examples

In one case a wealthy man owned a rental apartment next to his house. The long time tenant took ruthless advantage of the 85 year old owner and simply stopped paying rent. He lived for free and manipulated the owner into thinking the tenant was giving him help in exchange for use of the apartment when no such exchange actually took place.

In another case the 87 year old owner of an office building with long-term tenants in it did not take steps to terminate a very problematic tenant who had been there for 20 years. The landlord hated her but failed to exercise his rights to simply not renew her lease. Instead he waited for her to give notice that she was going to vacate. He had another person interested in the space, willing to lease it but he seemed confused about what to do to secure that new lease. He managed the property by himself.

Both of those elders who were landlords had adult children who could have stepped up. In the first matter, the rental apartment, the elder resisted the son’s attempts to intervene. The elder did have dementia but functioned rather well in other things. He angrily fought his son’s attempts to take over his financial affairs. He had previously appointed his son to do this very thing. The freeloading tenant manipulated the elder into signing an agreement to give the tenant free rent for five years.

In the office building matter, the daughter of the 87 year old was clearly not close to her father and was not paying attention to his confusion. She may have been stopped from getting involved by her father, who was stubborn and unwilling to admit that he was having trouble with managing the investment. In both cases, the only way to prevent abuse and manipulation was for someone appointed earlier to step in and assume responsibility for property management. That works smoothly when the elder is cooperative. It creates a legal mess when the elder resists.

Cognitive Decline and Money Management

Research tells us that even in the earliest stages of dementia or other cognitive impairment, financial judgment is impaired. It is, in a way, the first ability to decline and it is hard to see at first. The older person with impairment for financial judgment can carry on a normal conversation, sound and look okay. But if you asked them about the bookkeeping or accounting, they likely can’t keep it straight. Decline is subtle at the beginning and gets worse over time. Something is amiss before any family member may notice it. Sometimes this leads to loss of value in the property as well as lost income.

What family members can do is to be aware that as a person ages, their sharpness for financial management of property (and other matters too) can slide downhill. If you are aware of aging parents’ real estate investments, it is helpful to educate yourself about them, and to offer to help “in case of any emergency”. Ask your aging parent to teach you about them, even if you know plenty already. This approach can appeal to one’s ego: asking for advice. Do this before you see any sign of a problem and you are likely to be successful in preventing loss of income and value of any real estate they own.

If you simply assume that if Mom or Dad has been managing the family real estate investments for decades and it’s all just fine, you are taking too much chance that it will stay fine. Aging takes its toll. Most of us need some sort of help as we age, especially as we reach 85. By that time, one in three people will have Alzheimer’s disease. If you don’t like those odds, make your best effort to get involved in the real estate they have before the investment loses its value for lack of attention. Fraud is all too common. Predatory real estate brokers, crooked management companies and dishonest tenants can take ruthless advantage of vulnerable elders. Don’t let it happen in your family. If you see your aging parent declining in ability to manage real estate and they fight you on stepping in, it is time to seek legal advice so you can learn what options you have.

Adblock test (Why?)



Source link

Continue Reading

Trending