Burnaby home sales have reached a new high watermark this past year. 2014 home sales were the strongest they have ever been in the Vancouver-adjacent city. Home sellers are excited to fetch a premium price on their properties, and homebuyers are more eager than ever to snatch up Burnaby real estate because of its premium status.

Numbers That Tell a Story 

The entire Metro Vancouver area has experienced a tremendous amount of growth in the past several years. Real estate sales have been posting monthly records, with the numbers in October of 2014 being 17 percent higher than the year before.

In Burnaby, the median sales price of detached homes was above a million for the first nine consecutive months of 2014. That price reflects a 10 percent increase compared to 2013. Even smaller, more modest homes have been selling at remarkable prices. A 1,114 sq. ft. bungalow sold in summer of 2014 for $1,055,000.

These sales statistics come from the home price index (HPI), which means that the really expensive home sales are considered outliers and removed from the data. In effect, the housing market in Burnaby is even stronger than the million-dollar mark indicates.

Fueled by Scarcity 

One of the main reasons that the housing market is doing so well in Burnaby is simple economics. New employees with white-collar jobs are constantly moving to Vancouver, and they are on the hunt for comfortable homes that lie within a quick commute of the downtown area.

Burnaby’s prime location just east of the city makes it an ideal location for people who want to be close to the action of Metro Vancouver without being in the thick of it. Burnaby also boasts some of the most beautiful homes this close to the city.

This high demand is countered by a relatively scarce supply. Owners of detached homes in Burnaby are prone to stay, and developers are keener to construct multifamily complexes, such as condominiums or townhomes.

As a result, detached luxury homes in Burnaby are becoming harder and harder to find. This makes the market hungry for property at any price, especially high quality homes with luxury amenities.

A Bright Future

Burnaby’s real estate success seems like it will only grow in 2015. Many of the more affordable suburbs of Vancouver are investing heavily in public transit systems, leaving the more close by real estate of Burnaby free to remain a city filled with predominantly luxury properties.

Job growth also is anticipated to continue in the city, which already hosts such notable companies as Electronic Arts, Chevron, Nokia and Mercedes Benz.

If you were thinking of selling your detached luxury home, now would be one of the best times. While prices are only predicted to go higher, the current insatiable demand makes home selling relatively effortless. To get your home sold at an unprecedented price, take a look at our seller’s page.

Insurance is usually the last thing on a buyer’s mind, but this should not be the case. Even though title insurance does not cost much, it could be one of the wisest purchases a homeowner could make. A simple document can help prevent a lot of headache and heartache down the road.

Why Protecting Your Title Matters

Buying a home essentially means that you are “taking title” of the property, establishing legally binding ownership. Before you can do this, you must perform a title search to ensure that there are no contesting registrations for the title. This process is a standard part of the closing procedure.

A clean title search now does not mean that there will not be disputes in the future. Legal paperwork can take a long time to process; some of it gets buried for years at a time. At any point a third party can come forward to contest full or partial ownership of the title. Reasons they can legally dispute your claim include:

• Arguments over inheritance arising from an unclear will — heirs to a property could surface and argue a case for ownership

• Home liens — either from unpaid property taxes or unpaid contracting labor

• Clerical errors — a single typo or incorrectly phrased statement can send the legal status of a property claim into limbo

• Illicit claims — some people are capable of fraud or forgery, contesting the validity of a property transfer based on falsified documents

While all of these problems seem like they would not take much to resolve, any one of them might tie your title up in the legal system. You could be forced to defend your claim in an expensive and drawn out civil dispute process. Title insurance will pay for most or all of the legal costs needed to set the record straight and keep you in your home.

The Difference between Lender and Owner Title Insurance

Buying a home through a lender usually means that title insurance will be a requirement for buying the property. This stipulation may seem like enough to protect you, but in reality the insurance you buy will only protect the lender. Should the lender run out of money or decide to give up the fight, the onus is now on you to mount a defense.

Owner title insurance serves as buffer should this instance occur. It can also be enhanced to cover aspects like mineral rights claims or boundary disputes. Always look closely at the title insurance document to see exactly what it covers.

For more advice on home buying, take a look at our dedicated buying page.