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Posted in 2009 Real Estate Market, buying, First-time buyers, mortgage rates, real estate market
Bank Rate Up a Smidge...
Interest rates have started to bubble in an upward direction. Different lenders have increased different rates for different terms. Will borrowers gravitate to locking in although the Bank of Canada has tried to reassure that they are keeping rates low?
 
Borrowers have great choices available these days and can really consider their mortgage needs against a myriad of well priced mortgage products.
 
 Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.90%
3.90%
3 year
3.05%
4.15%
5 year
3.69%
5.25%
10 year
5.25%
6.70%
25 year
9.15%
9.75%
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates. 
  
Variable mortgage from Prime +.60..TODAY at 2.85%!
 

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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Posted on by
Posted in 2009 market, 2009 Real Estate Market, buying, First-time buyers, mortgage rates
Market Heating Up!
Interest rates have basically stayed the same this week. There is a little bit of movement in the variable rates as some lenders have decreased. The 5 year bond rate is up…..this could put pressure on the 5 year rate to increase. Interest rates should continue to be low for a long period of time yet but we may be seeing the bottom of the five year rate. Locking in may be a good idea for some but each borrower should have a look at their existing rate and what the lock in rate would be. Is it worth having your payments go up? 
Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.90%
3.90%
3 year
3.05%
4.15%
5 year
3.59%
5.25%
10 year
5.25%
6.70%
25 year
9.15%
9.75%
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates. 
  
Variable mortgage from Prime +.60..TODAY at 2.85%!
 

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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Posted on by
Posted in buying, First-time buyers, mortgage rates, real estate investors, real estate market
It’s a Great Time to Buy!

Interest rates remain great this week with some decreases in both the long term and short term mortgage rates. There has been some positive news in the financial markets but it looks like a slow recovery will keep rates low for an extended period of time. Affordability will continue to drive a busy real estate market. Calling all first time buyers!
 
Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.90%
3.90%
3 year
3.05%
4.15%
5 year
3.59%
5.25%
10 year
5.25%
6.70%
25 year
9.15%
9.75%
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates. 
  
Variable mortgage from Prime +.70%...TODAY at 2.95%!
 

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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Posted on by
Posted in 2009 market, 2009 Real Estate Market, buying, Home owners, housing forecast, sales, statistics, Vancouver Real Estate blog, Vancouver real estate market
There are 3 Kinds of Lies: Lies, Damned Lies, and Statistics  
Mark Twain
 
Over the past 6 months, the public has been inundated with sensationalist information in the media that has contributed to our current housing slowdown. Just like in the run-up in housing prices through the 2000s, the media has been a large contributor to a market psychology that is decoupled from market fundamentals. The difference being that the story is now negative.
 
Below are the 3 most commonly MISUSED STATISTICS in the media:
 

1) Housing Starts Drop 70%!
http://www.vancouversun.com/Business/story.html?id=1369898

 
This shouldn't really matter to buyers or sellers out there. Sure, this is related to the Real Estate market, but really, we're already overbuilt and it only makes sense for developers to stop when prices are no longer escalating.
 
Remember, these are CONSTRUCTION figures. Not sales or pricing figures. Unless you're a construction worker or materials supplier, this type of information is largely irrelevant to your real estate decision-making process.
 
 
This kind of information is important for buyers and sellers to know and also helpful for realtors to use. Gone are the days when a realtor could put up a sign and sell it $20,000 over list price in 12 hours. Back then, product was king and realtors spent most of their time trying to convince sellers to list with them. Now, with more product available and time-on-market figures increasing, the market is more balanced.
 
That said, a drop in sales has no bearing on price. Remember, these are UNIT SALE figures, not price figures. As an example, in December, the number of home sales dropped off in Kelowna; however, the average home sale price increased.
 
3) Average House Prices Expected to Drop 11% in 2009!
http://www.economicnews.ca/cepnews/wire/article/23902
 
This is the most damaging type of media reports that come out. Yes, it is technically true that Average Canadian Home Prices in 2009 will likely show an 11% drop from the Average Price in 2008; however, it does not take into account the fact that the market already turned in the middle of 2008, with the average price falling drastically since then. Also, the number of units sold in a given period has a huge effect on how averages are calculated.
 
A simple example:
2008 Jan - June > 100 Units Sell at $200,000 Average
2008 July - Dec > 50 Units Sell at $170,000 Average
What is the Average for 2008? $190,000
 
Of course, at the beginning of the year in January 2009, prices are ALREADY at the December 2008 figure of $170,000, or 11% BELOW the 2008 Average of $190,000. In this example, the slowdown began in the middle of 2008.
 
So even though the average price in 2009 is expected to be 11% below the average price in 2008, the January price already reflects this difference and a further drop in prices is not expected. Using these predictive models, we can see how average prices over the year can really skew the figures.
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Posted in 2009 market, 2009 Real Estate Market, buying, condos, First-time buyers, houses, market, real estate market, real estate market report, reports, sales, statistics, Vancouver Real Estate blog, Vancouver real estate market

Property Sales Strengthen in Current Market Cycle

A news release from the Real Estate Board of Greater Vancouver
 
VANCOUVER, B.C. - April 2, 2009.
The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

 

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

 

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this

month-over-month comparison.

 
"There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is
levelling off," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).
 
New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to

March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent. Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008.

 
"REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to

low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years," Russell said.

 

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

 
Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.
 
Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.
 
To see the news release in its entirety, including graphs and charts, go to http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_April%202009.pdf
 
The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics and buying or selling a home contact a local REALTOR® or visit www.rebgv.org.
 
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Posted on by
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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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

  1. Improper surface grading/drainage: Results in water penetration in the basement or crawl space.
  2. Improper electrical wiring: Includes insufficient electrical service to the house, inadequate overload protection, and amateur, often dangerous, wiring connections.
  3. Roof damage: Includes old or damaged shingles or improper flashing which cause water leakage.
  4. Heating systems: Includes broken or malfunctioning operation controls, blocked chimneys and unsafe exhaust disposal.
  5. Poor overall maintenance: Includes cracked, peeling, or dirty painted surfaces, crumbling masonry, makeshift wiring or plumbing, and broken fixtures or appliances.
  6. Structure-related problems: Includes damage to foundation walls, floor joists, rafters, and window and door headers.
  7. Plumbing: Includes old or incompatible piping materials, faulty fixtures and waste lines.
  8. Exterior flaws: Includes inadequate caulking and/or weather stripping on windows, doors, and wall surfaces which leads to water and air penetration.
  9. 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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Posted in buying, First-time buyers, mortgage rates, Vancouver real estate market
Finally we are seeing the crack in the wall that has prevented the longer term rates to come down. The US Government is now investing directly in mortgage backed financing which will free up rates on mortgages. The problem has been that the actions taken thus far were not filtering down to the consumer. Similar actions taken by our government will see 5 and 10 year rates coming down. December 9th the Bank of Canada will meet and lower rates, expect a .25% or .50% drop. Keep floating. 
 
Term
Best
Bank Posted
1 year
4.35%
6.35%
3 year
5.15%
7.05%
5 year
5.55%
7.20%
10 year
6.45%
8.00%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
                 Bank Prime Rate 4.00%
 
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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Posted in buying, condos, Open houses, public opens, vancouver condos
Prime English Bay Location!
201-1558 Harwood Street, Westend
 
 
Open House Saturday, November 22, 2-4 pm
$589,000.
Just a few steps to the beach and seawall. Rarely available 2 bedroom corner unit with water views in this exclusive 3-storey 12 unit building, gas fireplace, insuite laundry and spacious storage room, lots of windows looking over beautiful tree lined streets & English Bay. Very convenient location, steps to Stanley Park and West End shopping.
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Posted in buying, houses, New Listings
Property Photo: 3577 W 43RD AV in Vancouver
I have listed a new property at 3577 W 43RD AV in Vancouver.
NEW PRICE - BELOW LOT VALUE! Good starter home for those wanting to "move up" to this beautiful west side area. Great location off Dunbar near Crofton House, Kerrisdale Elementary & UBC perched high above the street with a 50' wide frontage. This 4 bedroom house with 2 br potential suite is priced below lot value. Roll up your sleeves and bring your decorating ideas or tear down and rebuild. Home is vacant and sellers are motivated...TRY YOUR OFFER!

Listed by Anne Marie Chan, Macdonald Realty. Call LYN to view! 604 724-4278
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Posted in buying, First-time buyers, New Listings, New Westminster, New Westminster Real Estate, public opens, Sapperton, Uptown NW
Property Photo: # 1105 248 SHERBROOKE ST in New_Westminster
I have listed a new property at # 1105 248 SHERBROOKE ST in New Westminster.
PERFECT for 1st TIME BUYERS! This well laid out 805 sf 2 bedroom & den/2 bath ground floor Copperstone suite has an open floor plan & all the nicest finishing touches incl upgraded pine cabinetry. Master bedroom has large walk-in closet leading to full ensuite bathroom with luxurious soaker tub. Den can serve as home office or flex storage space. Good sized patio is on the quiet side of the building sharing future landscaped green space & just waiting for your BBQ. The revitalized Sapperton area is fast becoming an ideal location with its close proximity to Royal Columbian Hospital, shopping, easy commuter access & just 2 blks from new Sapperton skytrain. Don't pass this one by!
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Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, market, real estate market, reports, sales, statistics, Vancouver real estate market

Residential Housing Price Decline

Creates Buying Opportunities

 
Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

 

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

 

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

 

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

 

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

 

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

 

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.
 
Click here to see Listing and Sales Activity Summary for October 2008.
 
Click here to see Greater Vancouver Average Price Graph for October 2008.
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