LYN HART : Associate Broker | Real Estate Sales : Blog posts labelled: 2009 real estate market : page 3

Mortgage Rate Update - March 19, 2009

Posted on March 19, 2009 by Lyn Hart

Posted in 2009 market, 2009 Real Estate Market, First-time buyers, mortgage rates, real estate, real estate market

All Good News for Buyers!

The market is heating up again for spring! All eyes are on first time home buyers who are actively looking at purchasing their dream home. Low interest rates and more affordable pricing seems to be sparking renewed interest. If you are not looking at purchasing a new home at this time, consider the benefits of refinancing at today’s great low rates.

If you are in a variable mortgage, stay in it!

Bank Prime Rate 2.50%

Term	Best	Bank Posted
1 year	3.50%	5.00%
3 year	3.89%	5.55%
5 year	4.09%	5.79%
10 year	5.25%	7.35%
25 year	9.15%	9.75%

Bold numbers denote change from last posted rates.

Variable mortgage from Prime + .80%...TODAY at 3.30%!

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

Call Laura today and tell her Lyn sent you!

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Mortgage Rate Update - March 3, 2009

Posted on March 3, 2009 by Lyn Hart

Posted in 2009 Real Estate Market, First-time buyers, mortgage rates

Bank of Canada Drops Rates - Prime at 2.5%!

The major lenders have followed. If you are in a variable mortgage, stay in it! If your mortgage is in a fixed term and you have equity in your home, you might consider a refinance. Check your home value by your latest tax assessment value and talk to your mortgage specialist.

The Real Estate market is moving with further stimulus expected from the government. Historic low rates and prices down by 10-20%.....an amazing time to buy! For first-time buyers this is an unexpected opportunity.

Bank Prime Rate 2.50%

Term	Best	Bank Posted
1 year	3.50%	5.00%
3 year	3.99%	5.55%
5 year	4.19%	5.79%
10 year	6.00%	7.35%
25 year	9.15%	9.75%

Bold numbers denote change from last posted rates.

Variable mortgage from Prime + .80%...TODAY at 3.30%!

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

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Property Listings Decrease as February Sales Improve

Posted on March 3, 2009 by Lyn Hart

Posted in 2009 Real Estate Market, First-time buyers, statistics, Vancouver Real Estate blog, Vancouver real estate market

According to the Real Estate Board of Greater Vancouver (REBGV), residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.

At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6 per cent in February compared to the previous year; 20 per cent in January; 8.6 per cent in December; and 10 per cent in November.

“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,” said Dave Watt, president of the REBGV.

REBGV reports that year-over-year property sales in Greater Vancouver declined 44.7 per cent in February 2009 from the 2,676 sales recorded in February 2008. Year-over-year, those are the lowest sales figures for February since the mid-1980s.

“REALTORS® are reporting more activity compared to recent months as people begin to see whether their position in the housing market has strengthened as a result of falling interest rates and improved affordability,” Watt says. “It took, on average, 67 days to sell a home in Greater Vancouver in February, seven days less than last month, but behind the seller’s market of last February when the average stood at 33 days.

Sales of detached properties in February 2009 declined 41 per cent to 587 from the 995 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 14.2 per cent from February 2008 to $653,452.

Sales of apartment properties declined 45.6 per cent last month to 650, compared to the 1,197 sales in February 2008. The benchmark price of an apartment property declined 13.9 per cent from February 2008 to $333,143.

Attached property sales in February 2009 decreased 49.8 per cent to 243, compared with the 484 sales during the same month in 2008. The benchmark price of an attached unit declined 9.7 per cent between Februarys 2008 and 2009 to $426,268.

New listings for detached, attached and apartment properties declined 25.6 per cent to 3,916 in February 2009 compared to February 2008, when 5,260 new units were listed.

REBGV News Release March 3, 2009

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Mortgae Rate Update - Feb. 13th, 2009

Posted on February 13, 2009 by Lyn Hart

Posted in 2009 Real Estate Market, buying, First-time buyers, mortgage rates, Vancouver Real Estate blog

Friday the 13th is Your Lucky Day!

We are certainly having fun now with interest rates….saw a glimpse of 4.19% for a 5 year term this morning. There are strings attached and certain rules apply, but the market is moving in the right direction. Most are at 4.39% for 5 years.

Variable mortgages are being offered at prime plus .80%. The next Bank of Canada is March 3rd. Watch for any changes on this date.

Bank Prime Rate 3.00%

Term	Best	Bank Posted
1 year	3.50%	5.00%
3 year	4.50%	5.55%
5 year	4.19%	5.79%
10 year	6.00%	7.35%
25 year	9.15%	9.75%

Variable mortgage from Prime + .80%

Bold numbers denote change from last posted rates.

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

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Mandatory Licensing of Home Inspectors Coming

Posted on February 13, 2009 by Lyn Hart

Posted in 2009 Real Estate Market, buying, First-time buyers, Homeowners, Vancouver Real Estate blog

Mandatory Licensing of Home Inspectors Coming

On March 31, 2009, BC will become the first Canadian province requiring home inspectors to be licensed. For the past decade, the BC Real Estate Association and the Real Estate Board Of Greater Vancouver have advocated that home inspectors meet licensing and uniform education standards.
Members were concerned that training for inspectors was voluntary and anyone could call themselves a home inspector. This created problems for homebuyers who hired “professional” home inspectors who ultimately weren’t qualified. When problems were discovered that an inspector should have identified, the homebuyer had no recourse.
Under the new standards, the province’s 300 to 400 home inspectors will be required to meet the qualifications of one of the following organizations:

the Canadian Association of Home & Property Inspectors – BC branch;
the Applied Science Technologists and Technicians of British Columbia; or
the National Certification Program for Home and Property Inspectors.Licensing will be under the Business Practices and Consumer Protection Act. Home inspectors must complete examinations and field experience, undergo a criminal records check and pay a $100 licensing fee.

The Business Practices and Consumer Protection Authority (BPCPA) will be the regulatory body, overseeing licensing and complaints, and will monitor compliance through inspections and enforcement. Maximum penalties for non compliance will be $5,000.
    Licensing information and application forms will be posted on the BPCPA website at www.bpcpa.caby February 27, 2009.
    Until March 31, 2009, home inspectors who haven’t met the requirements of a BPCPA-recognized professional association or authority can apply to the BPCPA to have their experience, knowledge and ability assessed and may be issued a licence. “Grandfathered” inspectors must meet the requirements of one of the three recognized groups by March 31, 2011.
    Questions have been raised about whether the new standards will prove adequate. Discussions between the government and the inspection industry organizations are ongoing.

Most Frequent House Problems Found by Home Inspectors

Improper surface grading/drainage: Results in water penetration in the basement or crawl space.
Improper electrical wiring: Includes insufficient electrical service to the house, inadequate overload protection, and amateur, often dangerous, wiring connections.
Roof damage: Includes old or damaged shingles or improper flashing which cause water leakage.
Heating systems: Includes broken or malfunctioning operation controls, blocked chimneys and unsafe exhaust disposal.
Poor overall maintenance: Includes cracked, peeling, or dirty painted surfaces, crumbling masonry, makeshift wiring or plumbing, and broken fixtures or appliances.
Structure-related problems: Includes damage to foundation walls, floor joists, rafters, and window and door headers.
Plumbing: Includes old or incompatible piping materials, faulty fixtures and waste lines.
Exterior flaws: Includes inadequate caulking and/or weather stripping on windows, doors, and wall surfaces which leads to water and air penetration.
Poor ventilation: includes over-sealed homes which result in excessive interior moisture that causes rotting and premature failure of structural and non-structural elements.

Source: The Canadian Association of Home and Property Inspectors

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Mortgage Rate Update - Feb. 4th

Posted on February 4, 2009 by Lyn Hart

Posted in 2009 Real Estate Market, First-time buyers, mortgage rates

Interest rates have edged slightly lower this week. The fixed terms are adjusting as lenders and Government forces attempt to get interest rates to a level that will stimulate borrowing.

Bank of Canada next meets on March 3. Expectations are that there will be more decreases in the rate that affects prime rate and variable mortgages.

Bank Prime Rate 3.00%

Term	Best	Bank Posted
1 year	3.50%	5.00%
3 year	4.50%	5.55%
5 year	4.39%	5.79%
10 year	6.00%	7.35%
25 year	9.15%	9.75%

Variable mortgage from Prime + .80%

Bold numbers denote change from last posted rates.

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

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2009 Budget - Home Buyers Plan

Posted on February 1, 2009 by Lyn Hart

Posted in 2009 Budget, 2009 Real Estate Market, First-time buyers, Homeowners

New Federal Budget Changes

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw amounts from a Registered Retirement Savings Plan (RRSP) to purchase or build a home without having to pay tax on the withdrawal. Budget 2009 proposes to increase the HBP withdrawal limit to $25,000 from $20,000.

For HBP purposes, an individual is generally considered to be a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year in which the HBP withdrawal is made or in any of the four preceding calendar years. Special rules apply to facilitate the acquisition of a home that is more accessible or better suited for the personal needs and care of an individual who is eligible for the disability tax credit, even if the first-time home-buyer requirement is not met. These rules will also be modified to provide the same $25,000 withdrawal limit.

Withdrawn funds must generally be used to acquire a home before October of the year following the year of withdrawal. Amounts withdrawn under the HBP are repayable in instalments over a period not exceeding 15 years. To the extent that a scheduled repayment for a year is not made, it is added to the participant’s income for the year. A special rule denies an RRSP deduction for contributions withdrawn under the HBP within 90 days of being contributed.

This increase in the HBP withdrawal limit will apply to the 2009 and subsequent calendar years in respect of withdrawals made after January 27, 2009.

For more information on the 2009 Federal Budget, visit http://www.budget.gc.ca/2009/home-accueil-eng.asp.

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Mortgage Rates for Week of Feb. 2nd

Posted on February 1, 2009 by Lyn Hart

Posted in 2009 market, 2009 Real Estate Market, mortgage rates

Interest rates on the longer terms came down last week, especially the 5 year term. Lenders are starting to pass along some of the some of the good things to get the economy rolling. The Real Estate market appears busier with open houses reporting an increase in traffic. Keep floating variable rate mortgage holders!

Bank Prime Rate 3.00%

Term	Best	Bank Posted
1 year	3.50%	5.00%
3 year	4.69%	5.55%
5 year	4.39%	5.79%
10 year	6.05%	7.35%
25 year	9.25%	9.75%

Bold numbers denote change from last posted rates.

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

Read

New Rate Cuts by Bank of Canada!

Posted on January 20, 2009 by Lyn Hart

Posted in 2009 Real Estate Market, mortgage rates, real estate market, Vancouver Real Estate blog

January 20, 2009 - Nothing but GREAT news today! The Bank of Canada has dropped their rate by .5% to the lowest rate in history, and the Banks are passing on the drop. Prime rate is now at 3%...Keep Floating!

Longer term rates are edging down and will keep on this trend. The Real Estate market appears to be heating up with strong numbers heading to open houses and reports of competing offers.

Bank Prime Rate 3.00%

Term	Best	Bank Posted
1 year	3.99%	5.60%
3 year	4.64%	6.25%
5 year	4.49%	6.75%
10 year	6.10%	7.55%
25 year	9.75%	n/a

Variable mortgages from prime plus .60%

Bold numbers denote change from last posted rates.

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

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Associate Broker | Real Estate Sales

Mortgage Rate Update - March 19, 2009

Mortgage Rate Update - March 3, 2009

Property Listings Decrease as February Sales Improve

Mortgae Rate Update - Feb. 13th, 2009

Mandatory Licensing of Home Inspectors Coming

Mortgage Rate Update - Feb. 4th

2009 Budget - Home Buyers Plan

New Federal Budget Changes

Mortgage Rates for Week of Feb. 2nd

New Rate Cuts by Bank of Canada!

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