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Two times appraisal in the new uncertain condition of Real estate market

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Two times appraisal in the new uncertain condition of Real estate market

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

Claudio Polito, a Toronto appraiser and principal owner of Cross-town Appraisal Ltd., says lenders basing mortgage decisions on value, as opposed to income and credit history, are really trying to stay on top of a market that appears to be changing rapidly.

By his estimates, prices in the Greater Toronto Area have dropped anywhere from five per cent to 15 per cent over the last 30 days. The next set of statistics from the Toronto Real Estate Board are due out Monday and will mark the first full month of data since provincial changes to cool the market that included a tax on foreign buyers.

“Lenders I deal with they want to know if your property is still worth $1 million if they are loaning you say $650,000,” said Polito. “They don’t base it on anything else. We have to be precise because it’s not a bank, (smaller lenders) can’t afford to lose a dollar.”

It wouldn’t be the first time, appraisals have lagged purchases prices — a phenomenon that previously caught some Vancouver buyers by surprise when it was time to close.

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Cambie Corridor will have 11,500 New Homes; City says

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Cambie Corridor will have 11,500 New Homes; City says

Huge vision for Cambie Corridor’s Phase 3 will focus on rental housing, townhouses and row homes

The draft plan is the City’s first to introduce below-market rental housing as part of its housing policy. Of the 11,500 new homes planned, more than 4,000 are intended as “affordable” homes, including social and rental units linked to residents’ incomes.

“The third phase of the Cambie Corridor Plan is the first of many exciting steps that puts the City’s Housing Strategy into action with vision for the neighbourhood that delivers a housing mix that meets peoples’ needs,” said Vancouver Mayor Gregor Robertson. “I’ve heard loud and clear that people want a mix of housing – rental, townhomes and row houses – near schools, parks and transit in Vancouver’s low-density neighbourhoods. This plan for the Cambie Corridor provides that and more.”

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Condo Prices “Can’t Not Increase” in 2017 – But BC Election Will Effect Real Estate Market

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Condo Prices “Can’t Not Increase” in 2017 – But BC Election Will Effect Real Estate Market

Demand for condos so high and supply so limited, prices will keep rising, even under election-related market uncertainty, argues leading local agent

As house prices have slid over the fall and winter, condo sales have stayed the course and prices will continue to rise in 2017, predicts by the professionals.

We see continued price appreciation in condos this year – they can’t appreciate at the pace that they’re selling. But at the same time, you’re not going to double your money in 12 months. Whereas houses will see more of a balanced market, buyers will have time to decide, there will be inspections on houses, and it will take more than a weekend to sell your house. In comparison to the last year or so, it will be a pretty boring year.

While the rest of Canada’s economic activity will be limited, especially in Ontario and Quebec, the West will continue to do well… We have a sense of economic activity in British Columbia that gives positivity to the real estate market. The Canadian dollar will remain low, which will continue to draw in foreign money, despite the 15 per cent foreign buyer tax – that tax shocked the market but hasn’t stopped it.

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A Quick Review on 2016 Vancouver Real Estate Year

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A Quick Review on 2016 Vancouver Real Estate Year

From soaring values, to shadow flipping, to foreign buyer tax and much more – it has been an incredible year. Here are the real estate news highlights of 2016

 

Phew! What a year it’s been for Vancouver and BC real estate stories. From soaring values, to shadow flipping, to foreign buyers tax, to tough new mortgage policies and then Donald Trump’s US presidential election win… 2016 has seen it all. Here are the highlights of our local year in real estate.

January

January real estate news is always dominated by the New Year’s BC Assessment figures, which shocked everyone in January 2016. The value of residential real estate in Vancouver compared with the previous year went up by 16.96 per cent – far greater than the already-high 9.5 per cent of the previous year but only the fourth steepest increase in BC, according to BC Assessment figures released January 4. Lions Bay in West Vancouver saw the province’s highest rise, at 17.96 per cent year over year, followed by Squamish at 17.33 per cent and Burnaby at 17.07 per cent. However, the most expensive properties in the province were to be found on Vancouver’s West Side – check out this separate story here about the 2016 roll’s top-valued homes (but first, take a guess whose house made the list again…).

In other January news, Royal LePage came out with its annual outlook, predicting that home prices in Vancouver would rise another nine per cent across 2016. The ensuing super-hot spring market, combined with the summer and fall’s drop in sales and detached-home prices, means that this prediction could turn out to be fairly accurate – albeit not necessarily for the expected reasons.

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