Posted on
October 26, 2022
by
Doug Anderson
The terms “patent defect” and “latent defect” are important in real estate. A patent defect is a flaw in the structure or property that is plainly evident during a reasonable inspection. The general rule is when the defect is obvious, like a cracked window, the seller has no obligation to point it out. A latent defect is a flaw in the structure, land or title of a property that is hidden and not easily discoverable during a reasonable inspection. Sellers must disclose the existence of all known latent defects in writing, especially if they are serious or “material” like an unregistered easement, before the buyer makes an offer. If they don’t and it can be proved they knew of the defect, the buyer may rescind the contract and pursue additional action for damages. The seller’s agent is under the same obligation. They must disclose in writing to the buyers’ agents any material latent defects before the buyer makes an offer.
Click Here for sales and listing stats and more
Posted on
October 11, 2022
by
Doug Anderson
The real estate statistics for September are in. There were 36 sales of detached housing, up from the 29 sales in August. However, the YTD total of 432 is down 34% from last year. The Benchmark Price – that is, the price of an average home in an average area – dipped 1% to $946,500, the 4th decease in 4 months. These statistics confirm downward pressure on prices. With condo’s and apartments, there were 6 sales, similar to August. However, the Benchmark Price for both categories dropped significantly – 9.8% for apartments, 3.5% for townhomes. These declines are the steepest we’ve seen of any category so far this year. As for vacant land, there were no sales in September. And the 89 sales YTD sales are also more than 40% off 2021. The Benchmark Price for land is not available, but prices cannot stay the same amid this lack of activity. The Detached Sales to List Ratio is now at 11%, well into Buyer’s market territory. Will the trend continue? Stay in touch.
Click Here for sales and listing stats and more
Posted on
October 4, 2022
by
Doug Anderson
REALTOR® Report
A Research Tool Provided by the Real Estate Board of Greater Vancouver
MLS® HPI Benchmark Price $946,500
Click here to read full report

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.