Buying an Apartment in British Columbia (BC) Canada

Mount Cheam and Harrison's Cascade Apartments

My real estate activities have lately included looking at strata apartments with a client. It got me thinking what materials should a potential British Columbia apartment purchaser peruse? 

Chilliwack has a large apartment inventory at the present at this time there are 181 units for sale and more shall be added as the selling season matures.

How does one go about wisely purchasing an apartment in Chilliwack or for that matter anywhere in British Columbia?  My simple response is this "know what you are buying".

Apartments have been around for a considerable length of time but it wasn't until the 1960s that "strata" apartments were created with the adoption of the  Strata Titles Act in 1967.  Prior to that time apartments had been rental properties and inhabitants tenants with the exception of the odd owner occupied unit. 

That has changed,  last year 216 apartments were sold in the Chilliwack* real estate market area to individuals that became owners in an apartment unit and common owners in the strata assests that contains the land, building, parking areas, trees that surround the building.

How do you get to the point where you "know what you are buying"?  First, some good news, there is a lot of fine information online and I am going to suggest a mini course of link related documents that might help you make a wise acquisition of an apartment. Sorry you need to read some information to get comfortable with an apartment purchase.

You need to start with a general outlook. Note: I am going to suggest that as time lapses from this post that you make sure that you "google" the most current version of these documents.

• Buying a Home Guide - Real Estate Council of British Columbia
• Buying a Home in British Columbia A Consumer Protection Guide - The Home Protection Office

Then get a more refined outlook.

• Buying a Condominium  - The Canadian Bar Assocition BC Branch
• Condominium Buyers' Guide - Central Mortgage and Housing Corporation
• Intrepreting Strata Plans - Department of Sustainability and Environment

For an understanding of the legal environment of strata living I would recommend:

• The Strata Property Act - The Province of British Columbia
• Office of Housing and Construction Standards - The Province of BC
• Schedule of Standard Bylaws - The Province of British Columbia
• Public Resources of CHOA the Condominium Home Owners Association of British Columbia in particular the section Smart Condo.

In cases, where legal issues are being examined I would suggest that the use of a lawyer be considered.  If you are thinking about selling or buying an apartment the services of a Realtor® or a professional member of the Real Estate Institute of British Columbia are essential.

Imagine living here...then call Steve.
 
Stephen Mullock RI is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

A Walk Along the Fraser River

This week a walk along the banks of the Fraser River near Chilliwack, B.C. Canada provided me with several moments of beauty. The yellow eye of an eagle took in my hike with suspicion.  The bare trees of a river island glowed brightly for a brief moment against the deep blue of the Coast Mountains and finally a sunset reflected warmly at days end in the Fraser River itself.  

Imagine living here....



  
Stephen Mullock RI is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

Chilliwack Paramount Theatre - Beauty in the Ruins

Those that entered the Chilliwack Paramount Theatre was on November 3rd 2010 had no idea that this would be the last time the theatre would be open.  Since then a storm has raged around the preservation of this landmark, it has come and gone to no avail.  The theatre's landmark neon Paramount sign has been removed and a pile of debris gets larger and larger to the side of the theatre. Still there is a fine beauty in the ruins and I hoped that I could capture some of it yesterday on an assignment of nostalgia.


The theatre was built, as were all the Famous Player Theatres at the time, on a theme - the Paramount was supposed to look like a cruise ship. The ripples in the concrete on the exterior reminisce of waves on the ocean, the steps in the foyer curved as entering a ship's ballroom, the circular "porthole" lighting scones in the theatre which at one time had fake fish in them to add to movie goers cruise ship experience. Wonderful details... The building has a sad expression now - no more coming attractions - just rubble and the future - an empty parking lot.

  



 

The Paramount Theatre was remembered in my former post called The Paramount Theatre Chilliwack The Final Curtain and is reprinted below.



Paramount Theatre Chilliwack B.C. © Ian Meissner

On November 3, 2010 the Paramount Theatre in Chilliwack, British Columbia, closed its doors for the last time.  Beset by competitive factors including the construction of an 8-plex Galaxy Theatre, underway in Chilliwack's new Eagles Landing, the decision to close early was made this week when the Paramount's boiler gave its last gasp.  A new $20,000 boiler wasn't in the cards so after 61 years this fine building is shut. 

The Paramount Theatre opened June 9, 1949 and was billed as being "completely ultra-modern in every respect" including the modern miracle of air conditioning, soft restful spring chairs, sound installation and a popcorn and candy bar in the lobby.  "Six hundred and eight people will be accommodated on the first floor and 292 on the balcony of the new theatre."  Because the floor is curved and the screen mounted high it was boasted that "even the shortest customer will be able to see over the tall lady with the high featured hat".

P2573 © Chilliwack Museum

The theatre was built, as were all the Famous Player Theatres at the time, on a theme  - the Paramount was supposed to look like a cruise ship.  That's why the steps in the foyer are curved like that and why there are circular "porthole" lighting scones in the theatre.  These wall lights used to have fake fish in them to complete the look.  

An immense outdoor sign extending the full height of the building boldly proclaimed the word "Paramount" accented by blinking lights running down the side.  This sign has become a landmark in Chilliwack adding a splash of needed colour to the downtown core.  It will be sorely missed by many.

Solidly built the Paramount featured laminated firewalls, 800 yards of reinforced concrete in the main walls and 60 tons of structural steel. The largest of the cantilevered steel guiders being 24-inch I-beams equal in size to any single steel beam in the Pattulo bridge.  

Note circular "Porthole" Wall Scone

In 1977 a second screen was added converting the former balcony section into a new theatre.

The movie is over please leave through the exits provided.


Stephen Mullock RI is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

Chilliwack* Real Estate Market Conditions and Sales Analysis - January 2013

Chilliwack* Real Estate Market Conditions and Sales Analysis - January 2013

Chilliwack's January 2013 real estate market moved upwards in unit sales of single family detached houses in the Chilliwack* real estate board area which includes the outlying communities of Agassiz, Harrison Hot Springs, Hope and parts of the Regional District. With a market strength indicator clocking in at 97% this was the strongest January in the past 4 years.  A terrific way to start the New Year! 

 

Chilliwack* real estate market prices have been edging lower in recent months in part due to seasonal winter buying patterns and also by the poor real estate news coming from the Vancouver and nearby Fraser Valley Real Estate Boards. The median listing price of a Chilliwack* single family house has dropped from $369,900 to $359,900 in the past month reflecting a more competitive market - which seems to have produced a desirable response as buyers were active in January. 

 

This property is available on this date for $289,900



There were 77 sales of single family detached houses in Chilliwack* in January 2013 up from the 69 in December. This increase is good news and bucks a trend; January usually has fewer sales than December.

 

The lowest sale price was $7,500 and the highest $1,007,500.

The average selling price of a Chilliwack* single family detached house in January 2013 was $343,000  down from the $365,000 in December 2012.

The median sale price was $329,500 quite a bit lower than a month.

The list to sale ratio of 11% is stronger than the 9% of a month ago but still reflects a Buyer's Market.

It is expected that the fall and winter Chilliwack* real estate markets will see a normal seasonal slowing. A competitive advantage for Buyers is present given a healthy inventory of 745 Chilliwack single family homes available as of February 1, 2013. Inventory levels increased by 11% in January and this trend will continue - giving Buyers plenty of choice.

Please remember to use the services of a REIBC real estate professional or a Realtor© to maximize your chances for a successful purchase or sale. Give me a call if you are looking for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.

Sales	Average Sale Price	/ Days on Market	/ Active Listings
Jan 2013	77	$343,000	92	745
Dec 2012	69	$365,000	112	666
Jan 2012	70	$312,000	81	n/a

Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)

• January 2013 - $329,500
• December 2012 - $349,500
• November 2012 - $317,000
• October 2012 - $329,500
• September 2012 - $326,500
• August 2012 - $309,500
• July 2012 - $344,000
• June 2012 - $343,500
• May 2012 - $328,500
• April 2012 - $327,500
• March 2012 - $340,500
• February 2012 - $332,500

Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes :

• February 1, 2013 $359,900
• January 3, 2013 $369,500
• December 1, 2012 $363,500
• November 1, 2012 $369,500
• October 2, 2012 $369,900
• September 3, 2012 $369,900
• August 8, 2012 - $369,900
• July 1, 2012 - $369,900
• June 1, 2012 - $374,900
• May 1, 2012 - $368,500
• April 2, 2012 - $365,000
• March 2, 2012 - $369,900

2013 - 2011 Market Strength

Single Family House Monthly Unit Sales as % of a 10-Year Monthly Sales Average

Month	Jan	Feb	Mar	Apr	May	Jun	July	Aug	Sept	Oct	Nov	Dec
2013	97%
2012	81%	67%	77%	77%	83%	70%	88%	54%	70%	88%	91%	80%
2011	85%	91%	75%	70%	68%	93%	74%	86%	86%	70%	86%	92%

Chilliwack* STRATA HOMES for January 2013

The sale of Chilliwack* Strata Homes, apartments, townhouses also rebounded in January with 45 sales. Market strength which measures sales against a 10-year average increased to 100% - what this means is that over the past 10 years there has been an average of 45 unit sales in January and that this January met that target.

The lowest sale was $65,000 and the highest $363,900.

Adult Gated Rancher $289,900 (on this date)

The average selling price of a Chilliwack* Strata Homes in January 2013 was $203,000 up from December 2012 $189,000 average sale price.

The median sale price was $198,500 down slightly from the $200,000 amount in December.

The list to sale ratio of 10.2 % was stronger as well; still a sale's advantage of townhouses and apartments in the Chilliwack* real estate market remains to favour of the Buyers. Sellers should pay attention to their Realtor® recommendations and ask for market comparison updates on a bi-monthly basis.

Please remember to use the services of a REIBC real estate professional or a Realtor© to maximize your chances for a successful sale. Give me a call if you are looking for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.

MONTH	Sales	Average Sale Price	Days on Market	Active Listings
Jan 2013	45	$203,000	70	421
Dec 2012	37	$189,000	97	396
Jan 2012	42	$223,000	90	n/a

Median Sale Price of Chilliwack* Strata Homes:

• January 2013 - $198,500
• December 2012 - $200,000
• November 2012 - $188,500
• October 2012 - $239,500
• September 2012 - $199,000
• August 2012 - $232,500
• July 2012 - $219,000
• June 2012 - $224,500
• May 2012 - $230,000
• April - $230,500
• March - $210,500
• February - $204,000

Median Price of Active Chilliwack* Strata Real Estate Listings:

• February 1, 2013 - $217,500
• January 3, 2012 - $198,000
• December 1, 2012 - $212,000
• November 1, 2012 - $209,900
• October 2, 2012 - $189,900
• September 3, 2012 - $209,900
• August 8, 2012 - $209,900
• July 1, 2012 - $214,900
• June 1, 2012 - $220,000
• May 1, 2012 - $220,000
• April 2, 2012 - $218,900
• March 2, 2012 - $216,000

2011 - 2013 Strata Market Strength

Strata Home Monthly Unit Sales as % of a 10-Year Monthly Sales Average

Month	Jan	Feb	Mar	Apr	May	Jun	July	Aug	Sept	Oct	Nov	Dec
2013	100%
2012	93%	78%	96%	70%	87%	85%	97%	67%	89%	76%	114%	82%
2011	100%	105%		85%	86%	84%	66%		66%			91%

Imagine living here ....then call Steve.

The analysis is based on my sole interpretation of multiple listing information gleaned from the Chilliwack and District Real Estate Board, the Fraser Valley Real Estate Board and the Greater Vancouver Real Estate Board and does not take into account private sales. It is up to you to decide on the validity of these results and if necessary seek further information.

Stephen Mullock RI is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.