Robert Valeriote 604.880.1300

Newsletter E-market update

July 08, 2018

July Newsletter

New rules and a market best described as “spotty”…

 

On June 15, 2018, new real estate rules came into effect that change how REALTORS® and their clients can work together in different circumstances. These rules state that real estate licensees across our province can now only represent one party in a transaction and must provide additional documentation about representation and compensation.

So, the next time you go to buy or sell a property, your Realtor is required by the government to go through some additional forms to explain how or whether you’re being represented and to clarify the compensation that you’ll pay. Of course, Realtors can still give factual information about the properties they list for sale without providing you with this additional documentation. This, however, would change if you wanted to ask them for advice or to reveal any personal information, e.g. your situation; what you’d like to buy or sell, why; etc.

Whenever an offer is presented to a seller your realtor must now disclose to you, before the offer is signed, in dollar amounts, exactly how much commission is to be paid and how that commission will be split with any selling realtor. Your realtor must also disclose any referral fees or bonuses they might receive.

There may also be times under the new rules when your Realtor is unable to represent you because they’re already representing another client in the transaction. In these situations, there are some options you can consider, and a Realtor would be happy to explain them to you.

To understand how these new rules could apply to you in your next real estate transaction, talk with your Realtor or refer to the Real Estate Council of BC’s website at www.recbc.ca.

 

Last month’s home sales were 28.7% below the 10-year average. Detached home sales were 42% below June 2017. Condo sales were 34.9% less than June 2017 and townhome sales fell 37.3% below June 2017 sales. While prices in the condo and townhome sector remain robust, the slump in sales is fuelling a rise in unsold inventories that could start to drag on home values in the future.

 

The market, as I see it, can best be described as “spotty”. There are certain market segments where sales are strong and other markets where homes are taking a much longer time to sell. For example, I’ve noticed that older condo complexes in the Downtown and Westend area are taking longer to sell. It appears that all the new regulations and the recent mortgage stress test are starting to weaken the market as affordability worries curb demand from buyers.

 

Enjoy the sunshine!

I offer:

  • Over 20 years of experience in your market area.
  • Professional and honest expertise.
  • A full service and extensive marketing plan to maximize the sale price of your home.

Robert Valeriote
when it is time to sell…call me first!!!

Robert Valeriote, Vancouver Condo

View the current Vancouver Condo Real Estate Listings

 

This communication is not intended to cause or induce a breach of any existing agency agreement.


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