February saw both buyers and sellers showing more interest in the Powell River real estate market. New listings were steady at 37, compared to 43 in January, although more were single family homes rather than mobiles or condos. Sales were up to 19 from 11 in January: not “stellar”, but a marked increase reflecting the lead up to the Spring market. Powell River is still a “jewel” in terms of price in the metropolitan markets ($1.4 million average price in Vancouver compared with ours which jumps around the $250,000 range) and we still compare well with smaller centers on Vancouver Island and Sunshine Coast. I hear a lot of buyers talk about the quieter lifestyle and less traffic that we experience here.
Thirty-eight percent of buyers last month were from out of town with a pretty even mix of Vancouver Island, Lower Mainland, the rest of BC and Alberta. We’re at the time of year when the pace of the market starts to pick up! Call me if I can help you buy or sell a home.
Terms of Ownership of Land
When we buy a home, we don’t actually own the land itself, but rather, we own rights to the land. Ownership in fee simple or freehold (terms referring to the same thing) give more rights over land than other types of ownership. The two most common types of ownership of residential properties are Joint Tenancy and Tenants-in-Common with joint tenancy being the more common of the two.
As joint tenants in the ownership of our house, my wife and I each own an undivided interest in the whole property. Each of us has the right of survivorship which means upon the death of one of us, the entire tenancy (property) remains with the survivor. Joint tenants cannot leave their interest to anyone in their will. Joint tenants can make an agreement to partition the property – she owns one half and I own the other.
Tenants-in-common on the other hand, may have different and unequal shares of the property – possibly depending on the amount of money paid by each tenant. Since there is no right of survivorship with tenants in common, one tenant may leave his/her interest to an heir who then takes over the share independently of the other tenants in common.
This is a fairly simple overview and legal advice should be sought if contemplating making any changes in your ownership rights.
Money Laundering and Terrorist Financing…
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has been operating to curb money laundering and terrorist financing since 2000. As a REALTOR, I’m required to collect personal identification of clients and report “suspicious” activities should I observe them. As a client, it’s one more piece of paper to be completed (along with presenting a drivers license or passport) to ensure that the money used in your real estate transaction has come from, nor will go toward illegal activity. In the vast majority of transactions, your information simply sits at the office on file for five years.
When you accept me as your REALTOR, we are in an “agency relationship” which is a legally defined relationship. As your designated agent, I owe you a fiduciary duty which means that I’m obliged to put your needs above all other concerns. Specifically,
- provide undivided loyalty to you alone
- act within the scope of authority you’ve given me and obey all lawful instruction you give
- maintain confidentiality of your information
- Use reasonable care and skill in performing assigned duties
- 1 Bedr/2 Bath – 1090 sf on .8 acre
- Low taxes, quiet street near beach
- Large shop, detached guest house
Call for a showing! 604 223-0811