January 25, 2012
WELCOME TO 2012!

   As we look back on 2011, we see a Vancouver East detached housing market divided in 2.  The first half of the year saw rapidly rising prices, low levels of listing inventory and the continuation of affordable mortgage rates.  The second half of 2012 saw the number of house sales on the Eastside dropping, with prices leveling off or even easing slightly.  According to the Multiple Listing Service (MLS) of the Real Board of Greater Vancouver, only 95 detached homes were sold in Vancouver East during the month of December 2011.  The MLSLINK HOUSING PRICE INDEX shows the Benchmark Price for a detached property in Vancouver East to be $845,771 as of the end of December 2011.  This is down from the $845,411 Benchmark Price of October 2011.  However, with a very low number of Active Listings (388 detached homes in Vancouver East at the end of 2011) the Eastside market seems to be fairly balanced. 

   The housing market is also being aided by the continuing low mortgage rates.  5.2% seems to be the posted rate at most lenders for a 5 year, closed mortgage.  Selected customers can frequently negotiate around 2% off of the posted rates.

   As we begin the New Year, we will be watching carefully to see if listing inventories climb beyond the buying demand.  Traditionally, both Sellers and Buyers return to the housing market as we head towards the spring.

January 25, 2011
RESOURCES FOR LANDLORDS, TENANTS AND PROPERTY MANAGERS

   Whether you rent out a small secondary suite or multiple units in a high-rise tower, being a landlord brings significant financial and legal obligations.  

• Landlords have to comply with legislation and regulation at the federal, provincial and local government levels
• Tenants also have import financial and legal obligations whether they rent month-to-month or on a long-term lease
• Here are resources to help landlords, tenants and property managers understand and manage their responsibilities

BC Residential Tenancy Branch (RTB):  offers information on rights and responsibilities, security deposits, pet deposits, inspections, repairs, maintenance, rent increases, ending a tenancy, resolving issues, dispute resolution and more at www.rto.gov.bc.ca.  For A Guide for Landlords and Tenants in British Columbia, a 58 page resource, click on Publications (left-hand side), then Guides and then select English, Chinese or Punjabi.  You can also search decisions made by dispute resolution officers.

   The Residential Tenancy Branch also offers free landlord forms including rental applications and receipts, Strata Propety form K, and Notice to End Tenancy, as well as information about hiring a property manager, evictions, renovations and the BC Tenancy Guide at www.tenantsbc.ca.

 Canada Mortgage and Housing (CMHC):  provides guides, fact sheets, sample letters, worksheets and more for landlords, renters and property managers across Canada (rules are different in each province).  Includes the helpful Your Guide to Renting a Home at:  www.cmhc-schl.gc.ca/en/co/reho/yogureho/salewo/index.cfm

Canadian Legal Information Institute (CANLII):  provides a free database of Canadian case law at www.canlii.org/en/index.php.  In the full text search box enter Landlord Tenants Disputes and British Columbia and you will find relevant cases.