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Strata Insurance Mayhem


Make sure you have adequate insurance for your strata corporation's current deductibles! 

 

How does this impact owners of strata units in B.C.?

 

Strata unit owners should be aware of impact on the building policy and their unit policy: If your strata corporation is faced with a substantial increase in insurance rates, the cost will be reflected in your annual budget that determines your annual strata fees. If the deductible is dramatically increased to $100,000, for example, it means any claims under $100,000 are not covered by insurance and, subject to your bylaws, each owner is likely responsible for damages to their strata lot with the strata corporation responsible for the cost to repair common property. The result is many of the repair and replacement costs that have been covered by the policy of insurance taken out by the strata corporation will now be downloaded onto the affected owners in the event of a claim. Coverage for owner liability more important than ever. The Strata Property Act establishes building insurance deductibles as a common expense, but also allows the strata to sue an owner to recover the cost of repair or the deductible portion of a claim if the owner was responsible for the loss. To save the potential legal costs of suing an owner to prove their negligence caused the loss, many stratas have passed bylaws making owners “strictly liable” for any losses that originated from their units. Review your strata bylaws: How does your strata approach this issue? Condo policies can include coverage for this transfer of the deductible costs to owners. If an owner is responsible for a claim (for example, their washing machine hose fails, and escaping water causes damage to other units and common areas), the owner could be responsible for the $100,000 deductible or the full cost of repair if it is less than the deductible. Now, more than ever, unit owners will want condo homeowner insurance that covers their liability in the event of a claim for damages to their unit, as well as the cost of a deductible or the risk of being sued by other owners if they cause a claim.

 

Read on:

strata premium faq



January Stats Package from Dexter Realty


 

Want to see out full stats package?  Click here:  sales and listings statistics for greater vancouver houses townhouses and condos



Today is he deadline for filing your Empty Home Tax Declaration


 

 

 

 

 

TODAY IS THE DEADLINE FOR YOUR EMPTY HOME TAX DECLARATION 

https://vancouver.ca/home-property-development/declare-property-status.aspx



Recently Sold Listing 1104 2165 W 40TH AVENUE, Vancouver, BC


R2411332 - 1104 2165 W 40TH AVENUE, Vancouver, BC, CANADAI have just recently sold this listing at 1104 2165 W 40TH AVENUE, Vancouver.

January Stats from Real Estate Board of Greater Vancouver


February 4, 2020

Home sale activity up, supply down to start 2020

 

Home sale and price activity remained steady in Metro Vancouver to start 2020 while home listing activity declined in January.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.

 

Last month’s sales were 7.3 per cent below the 10-year January sales average.

 

“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”

 

There were 3,872 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2020. This represents a 20.1 per cent decrease compared to the 4,848 homes listed in January 2019 and a 143.8 per cent increase compared to December 2019 when 1,588 homes were listed.

 

Last month’s new listings were 17.4 per cent below January’s 10-year average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3 per cent decrease compared to January 2019 (10,808) and a 0.2 per cent increase compared to December 2019 (8,603), and is 13.7 per cent below the 10-year January average.

 

For all property types, the sales-to-active listings ratio for January 2020 is 18.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 22.6 per cent for townhomes, and 23.9 per cent for apartments.

 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700. This represents a 1.2 per cent decrease over January 2019, a 1.4 per cent increase over the past six months, and a 0.8 per cent increase compared to December 2019.

 

Sales of detached homes in January 2020 reached 439, a 29.5 per cent increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7 per cent decrease from January 2019, a one per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.

 

Sales of apartment homes reached 814 in January 2020, a 45.6 per cent increase compared to the 559 sales in January 2019. The benchmark price of an apartment property is $663,200. This represents a one per cent decrease from January 2019, a 1.5 per cent increase over the past six months, and a one per cent increase compared to December 2019.

 

Attached home sales in January 2020 totalled 318, a 55.1 per cent increase compared to the 205 sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7 per cent decrease from January 2019, a 1.6 per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.

 

Download the January 2020 stats package



Strata Insurance Increases


 

There is much concern amongst condo owners that the cost of their building insurance and their own strata unit insurance and deductible insurance is rising exponentially. 

CHOA published this paper in response  300 869 05122019 how do strata corporations and owners manage the dramatic increase in insurance rates 

 

The Real Estate Board of Greater Vancouver is working to have the Strata Property Act ammended by the BC Government so that the Form B includes a copy of the strata insurance.  



Surprise, More Empty Home Tax For City of Vancouver


Well, it isn't as bad as what was proposed for you pied a terre owners, but the City of Vancouver has passed a resolution to raise the amount of the Empty Homes Tax from 1% to 1.25% in 2020 and another .25%/annum for the following 2 years.   

 

Full story below:

https://www.vancouverisawesome.com/2019/11/28/empty-homes-tax-increase-2020-vancouver/

 

Declarations must be made by February 4th, 2020 for the 2019 tax year:

https://vancouver.ca/home-property-development/empty-homes-tax.aspx



New Recreation Facilities Planned by Vancouver Parks Board


 

 

 

 

Get ready for some first class community centres and pools!  Read all about it here:

 

https://dailyhive.com/vancouver/vancouver-park-board-swimming-pools-beaches



Green Housing... Not


The False Promise of Green Housing

One designer is challenging the conventional wisdom about environmentally friendly construction

 


BCREA Market Update


For the complete news release, including detailed statistics, click here.

For immediate release

Home Sales Continue Normalization Trend in October

Vancouver, BC – November 13, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,666 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same month last year. The average MLS® residential price in the province was $724,045, an increase of 5.1 per cent from October 2018. Total sales dollar volume was $5.55 billion, a 25.4 per cent increase from the same month last year.  

“Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”

MLS® residential active listings in the province were up 1 per cent from September 2018 to 36,567 units, although down slightly when compared on a seasonally adjusted basis. With sales and listings down, overall market conditions in the province have tightened, with a sales-to-active listings ratio of 21 per cent.

Year-to-date, BC residential sales dollar volume was down 9 per cent to $45.3 billion, compared with the same period in 2018. Residential unit sales were 6.2 per cent lower at 65,468 units, while the average MLS®residential price was down 3 per cent year-to-date at $691,618.    
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For more information, please contact:  

Brendon Ogmundson
Chief Economist
Direct: 604.742.2769
Mobile: 778.505.6793
Email: [email protected]
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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
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