Blog by Ann Hickey

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June 2016 - Market News

FYI: Changes to Assignment Sales

In the wake of much talk regarding “shadow flipping”, the BC government now requires contracts prepared by real estate licensees to include clauses stating that the contract cannot be assigned without the written consent of the seller, and that any profit from an assignment goes to the initial seller. Clients can instruct licensees to omit or change the clauses.

The Seller and the Buyer agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee.

"Assignment" is the practice of someone assigning their rights in a contract to someone else before the transaction completes. In simple terms, someone can buy the right to step into the original buyer's shoes to complete the contract.   Assigning one's right to a contract is a legitimate practice, allowed by common law and also by section 36 of the Law and Equity Act.

Minister of Finance Mike de Jong also has announced that, starting in June 2016, the provincial government will begin collecting citizenship data of real estate owners through the Property Transfer Tax form.

Which two rooms can add the most value when it’s time to sell?

The two hot spots buyers typically scrutinize when looking for a new home are the kitchen and ensuite bathroom. A well designed kitchen and bath can significantly increase the value and desire of your home.  Before planning any upgrades, consider your neighborhood and/or your building. Don’t go over the top with renovations that don’t fit the feel of your home and try to appeal to the masses when planning updates.

Use What You Have
If your kitchen is looking a bit tired and dated, it doesn’t necessarily mean you have to start from scratch, you may be able to salvage some of its basic structure. Keep the main elements and simply update with a cosmetic fix. Resurface, refinish, and replace cabinet hardware. Install a new faucet, new lighting fixtures, and slap on a fresh coat of paint. If budget allows invest in new appliances if your current ones are looking old and outdated.
The least expensive but most important thing you can do for your kitchen makeover is clear the   clutter. Get rid of that bulky toaster oven, microwave oven and coffee maker. You’ll be surprised at how much larger your kitchen will appear when the counters are clear and tidy.

Excuse Me, Where Is The Bathroom?
For many buyer’s, the ensuite is almost as important as the kitchen. It’s also the most difficult room in the house to simply upgrade as it requires skills from various tradespeople, all of whom can be expensive. 
Improve the space with paint, new mirrors, towel racks, and storage for an entirely refreshed look. A quick update of faucets and lighting can create a more updated and spa like feel. Deep-clean the tile and grout, and clean out the cupboards and medicine cabinets (potential buyers will open them). Even if you can’t afford to do much, make sure your bathroom is sparkling clean and tidy.

The market is strong as well as highly competitive so if you are thinking of buying or selling your home give me a call, I’d love to help.

MARKET OVERVIEW: Residential Detached

Sometimes you need a bit of a broader picture. For the past few months the market overview has basically said the same thing…Prices are up and Listings are down. Below is an overview for the past 3 years for the month of May which clearly shows exactly what the market is doing.
If you would like to discuss how these numbers effect buying or selling your home, give me a call, I’d love to help.

Source: Real Estate Board of Greater Vancouver

Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.

Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.

Ann Hickey
604 220-6249

Ann Hickey
604 220-6249