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Posted in BC Property Transfer Tax, BC; British Columbia, Buyers, First-time buyers, grants, Home owners, home renovations, Homeowners, houses, Housing, housing costs, real estate market, rebates, sellers, Vancouver East Real Estate, Vancouver real estate market

Top 25 Grants and Rebates for Property Buyers and Owners in BC

 

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency

www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box | 1.800.959.8287

  

2. GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. Canada Revenue Agency

www.cra.gc.ca. Enter ‘RC4028’ in the search box | 1.800.959.8287

  

3. BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate  1.800.959.8287

  
4. BC New Rental Housing Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate | 1.800.959.8287

 

5. BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/rpt | 250.387.0604

  
6. First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. Canada Revenue Agency

www.cra.gc.ca/hbtc | 1.800.959.8281

 

7. BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/hog or contact your municipal tax office.
  
8. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors.

Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial Hardship Property Tax Deferment Program.

Qualifying low-income home owners may be eligible to defer property taxes.

Property Tax Deferment Program for Families with Children.

Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue

www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

 

9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm | 1.800.668.2642 | 604.873.7408

 

10. CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.

www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno | 604.731.5733

 

11. Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.

www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html | 1.800.769.2511

 

12. Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com and in the search box enter ‘energy saver loan’.

 
13. LiveSmart BC: Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.

www.livesmartbc.ca/rebates | 1.866.430.8765

  
14. BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.

www.sbr.gov.bc.ca/documents_library/notices/HST_Notice_010.pdf or go to Google and in the search box type in ‘Residential Energy Credit rebate program.’ It is the first item. | 1.877.388.4440

 

15. BC Hydro Appliance Rebates

Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers

until March 31, 2011, or when funding for the program is exhausted. www.bchydro.com/rebates_savings/appliance_rebates.html | 1.800.224.9376

 

16. BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/rebates_savings/fridge_buy_back.html | 604.881.4357

 

17. BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available

until March 31, 2011.

www.bchydro.com/rebates_savings/windows_offers/current_offers.

html | 604.759.2759 for a free in-home estimate.

 

18. BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10 % off an ENERGY STAR cordless phone. Check for new offers and for deadlines.

www.bchydro.com/rebates_savings/coupons.html | 1.800.224.9376

 

19. Fortis BC (formerly Terasen Gas) Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both good

until March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good until February 29, 2012). http://www.fortisbc.com/NaturalGas/Homes/Offers/Pages/Residential-Water-Heater-Program.aspx| 1.888.224.2710

 
20. Terasen Gas Efficient Boiler Program

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.

http://www.fortisbc.com/NaturalGas/Business/Offers/Pages/default.aspx. | 1.888.477.0777

 

21. City of Vancouver Solar Homes Pilot

This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters on a first come, first served basis

until March 2011 or until the City reaches its target of 30 solar homes. www.vancouver.ca/sustainability/SolarHomes.htm | 604.873.7748

 

22. City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.

www.vancouver.ca and in the search box enter ‘rain barrel program.’ 604.736.2250. Other municipalities have similar offers.

 

23. Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.

www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange GreenBuildingGrant | 604.877.7000

 

24. Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

 

25. Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.
 
 
 

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Posted in 2009 market, Housing, housing forecast, real estate, real estate market, real estate market report, reports, Vancouver Real Estate blog, Vancouver real estate market
Royal LePage Foresees
National Home Prices Declining Three Percent This Year
 

January 6, 2009 - THE CANADIAN PRESS

 
TORONTO - The average price of a house in Canada is likely to decline by three per cent this year, according to Royal LePage Real Estate Services (TSX:BRE.UN). The number of residential resale transactions is forecast to decline 3.5 per cent nationally, though the country's largest realty operator expects that there will still be local warm spots.
 
The forecast issued today follows a "significant reset" in 2008 - which Royal LePage predicted a year ago would see a 3.5 per cent average increase across the country.

 

In the event, preliminary numbers show a 1.1 per cent decline for 2008. Royal LePage says this came as "emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity."

However, it predicts that "a more rational understanding of the issues" along with government corrective measures will cause activity to pick up in the latter half of 2009.

 
Overall, Royal LePage sees "only modest price and unit sales corrections." Nationally, the average house price is forecast to dip to $295,000, off from $304,000 in 2008, which in turn was down from $307,265 in the peak year of 2007.
 
"While Canada's housing market is anticipated to continue to move through a period of adjustment over the next six months, we should expect modestly lower home prices, not a U.S.-style collapse, which was brought on by a structural failure of the entire American credit system," stated Royal LePage CEO Phil Soper. "Most consumers are not aware that nationally, Canadian housing market activity peaked in 2007 and has been adjusting lower since. We are well into this inevitable cyclical correction."
 
In spite of the cooling trend on a national level, price and activity gains are still anticipated in some provinces, the Royal LePage report added. In mid-sized cities where prices remain below the national average, such as Regina and Winnipeg, prices are expected to increase moderately. Meanwhile, the steepest decline is forecast for Canada's most expensive city, Vancouver - "a natural cyclical reaction to an extended period of high price appreciation."
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Posted in buying, First-time buyers, Housing, mortgage rates, real estate market, Vancouver real estate market
October 28, 2008
 

Interest rates have stayed much the same this week while the stock market and the Canadian dollar have lossed ground significantly. Central Banks are still cutting rates with the US Federal Reserve expected to decrease their rate by .25% to .50%. There should be a few more decreases in the Bank of Canada rate coming in the next year.

     The bond market is also pricing in a decrease in the longer term rates. Rates are low, Real Estate values are down from their highs. Investors are going to be seeing opportunity!
 

 

Bank Prime Rate 4.00% 

 

Term

Best

Bank Posted

1 year

4.49%

6.25%

3 year

5.25%

6.75%

5 year

5.69%

7.20%

10 year

6.10%

7.80%

25 year

6.75%

n/a
 
 
 
 
 
 
 
 
 
Interesting mortgage fact of the week:             
Lenders who all but closed their doors when the first hints of credit crisis trouble started to show have now reversed their direction and are re-introducing their products. Specifically, most banks stopped or restricted lending on Lines of Credit applications and some variable mortgages. We are seeing the results of steps taken by the Bank of Canada to ease the lack credit available between lenders. Good signs.
 
Courtesy of
Laura Stein, Mortgage Specialist
Telephone: 604-657-6535 ext 222 fax: 604-530-1934
Tell her Lyn sent you!

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Posted in houses, Housing, market, real estate, real estate market, sales, Vancouver real estate market
 
 
A successful sale requires that you concentrate on six considerations: your asking price, your terms of sale, the condition of your house, its location, its accessibility, and the extent of marketing exposure your house receives. While some of these factors are beyond your control, you can compensate by taking advantage of others (like a new paint job) to make your property as attractive to prospective buyers as possible.
 
When is the best time to list a house for sale?

The "best" time to list your house is actually as soon as you decide to sell it. If you want to get the best price for your house, the key is to give yourself as much time as possible to sell it. More time means more potential buyers will probably see the house. This should result in more offers; it also gives you time to consider more options if the market is slow or initial interest is low.

Is there any seasonality to the market?

Peak selling seasons vary in different areas, and weather has a lot to do with it. Late spring and early fall are the prime listing seasons because houses tend to "show" better in those months than they do in the heat of summer or the cold of winter. And of course, people like to do their house shopping when the weather is pleasant.

But keep in mind that there are also more houses on the market during the prime seasons, so you'll have more competition. So while there is seasonality in the real estate market, it's not something that should dominate your decision on when to sell.

What about market conditions — price trends, interest rates, and the economy in general? Should they have any bearing on when I list? Probably not. Even if you're under no pressure to sell, waiting for better market conditions is not likely to increase your profit potential.

So how long should it take to sell?

Average selling times vary from 10 to 90 days, according to market conditions in a particular region or even neighbourhood, But if it hasn't sold within 30 days of being placed on the market at least one of the six considerations: price, terms, condition, location, accessibility or market exposure must be made more attractive to prospective buyers. Selling in any market is easier if you keep time on your side.
 
I´ve decided to sell my home...now what?
To list your home, call me and we´ll start with a Market Analysis of your property and your neighbourhood. I can advise you on any improvements that could help in the sale, I´ll develop a marketing strategy just for you and, together, we´ll determine the best price for your home in today´s market .
 
Once the fine points are decided upon, I´ll go over the listing contract details with you. Then leave the rest to me! I´ll make your home selling experience as easy and worry-free as possible. Call me today to get your home SOLD!

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Posted in 2008 vancouver, condos, east side condos, First-time buyers, houses, Housing, housing forecast, market, real estate market, reports, statistics, Vancouver real estate market
As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back the last two months from the record highs experienced in early 2008 according to the Real Estate Board of Greater Vancouver.

Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period.

The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008.
 “We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.”
 
Residential property sales in Greater Vancouver declined 43.9 per cent in July 2008 to 2,174 from the 3,873 sales recorded in July 2007. New listings for detached, attached and apartment properties increased 24 per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed. 
Sales of detached properties in July 2008 declined 44.2 per cent to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4 per cent from July 2007 to $753,165.
 
Sales of apartment properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687.
Attached property sales in July 2008 decreased 46.8 per cent to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7 per cent between July 2007 and 2008 to $473,953.
 
The Real Estate industry is a key economic driver in British Columbia. The Real Estate Board of Greater Vancouver is an association representing more than 9,600 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.realtylink.org.
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Posted in 2008 vancouver, Housing, housing forecast, market, outlook, real estate market, Vancouver real estate market
U.S. Housing Market Shows No Relief.
 
The U.S. housing market recession continues in full swing, with home sales running at least 20% slower than a year earlier, prices posting significant yearover-year declines and the stock of homes for sale holding well above historical norms. Residential investment fell at a 24.6% annual rate in the first quarter after plummeting 25.2% in the fourth quarter of 2007 and subtracted a sizeable 1.1 percentage points from economic growth in the first quarter of 2008.
 
Foreclosures were up in April and delinquencies are continuing to rise. RBCs forecast assumes that the recession in this sector will continue through 2008. In 2009, the combination of lower interest rates and lower house prices is expected to reduce the inventory of homes for sale to more normal levels, which should put a floor beneath new home construction after three years of significant declines.
  

The Canadian Housing market is losing its edge but not headed for a crash.

 
Canada's resale housing market showed signs of slowing early in the second quarter with sales off 1% from the first quarter of 2008 following three consecutive quarterly declines. However, sales continue to run well above the average pace of the past 20 years. While strong demand boosted prices, with gains of at least 10% in the past six years, the pace slowed to 3.2% in April. In contrast, new listings picked up in the first quarter and this trend continued into April, with listings in the major markets up 17.7% compared to a year earlier. Slowing in the housing market was expected and, to some degree, desired because affordability had been increasingly strained through 2007, with most major markets seeing affordability deteriorate to its worst levels since the early 1990s.

 

On the supply side, the high level of demand continues to support construction activity with housing starts running at an historically fast rate. The structural backdrop to Canada's housing market remains solid, with very limited sub-prime mortgage activity, a relatively small speculative sector and no significant supply overhang despite robust construction activity.
 
Affordability is also forecast to improve this year, with the Bank of Canada having cut the overnight rate by 150 basis points since last December, mortgage rate spreads showing some signs of narrowing and the pace of house price gains slowing.
 
Exerpts from Royal Bank of Canada Economic & Financial Market Outlook, July 2008. To read the complete report, visit http://www.rbc.com/economics/market/pdf/fcst.pdf.
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Posted in 2008 vancouver, Housing, housing forecast, market, outlook, real estate market, real estate market report, reports, statistics, Vancouver real estate market
BC will outperform most other provinces in economic and job growth during the next two years.
 
Existing home sales will decline slightly as mortgage carrying costs rise in response to higher home prices and mortgage rates. Income and population growth stemming from tight labour markets will put upward pressure on existing home sales, lessening the decline.
 

BC will outperform most other provinces in economic and job growth during the next two years. This relative strength will translate into a high level of existing home sales, housing starts and house

prices.

 
Move-up buyers and people downsizing their residences will keep the number of resale transactions above the ten-year average. Existing home sales will decline during the next two years in response to high home prices, a rise in mortgage rates in 2009, and slower job growth.
 

High home prices will result in more homes being listed for sale. This increase in supply will slow growth in the provincial average MLS® price from the double-digit pace of the past four years. Centres where the local economy is more diversified and homeownership demand remains strong will record double-digit price gains again in 2008.

 
Fewer homes will be started as tight resale market conditions ease and potential homebuyers are more able to satisfy their housing needs in established neighbourhoods. Single-detached home starts will trend lower, as builders balance the high cost of land and building materials with what price conscious homebuyers will pay. Multiple-unit starts will account for the lion’s share of new home construction. With demand shifting to denser housing forms, more than sixty per cent of starts will be in multiple-unit housing developments. The large number of projects already in the construction pipeline in Vancouver and Kelowna will ensure multiple-unit starts will be at high levels.
 
Mortgage rates are expected to trend marginally lower throughout 2008, but will be  within 25-50 basis points of their current levels. For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50-7.50 per cent range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50 per cent range.
 
Exerpts from CMHCs Housing Market Outlook - British Columbia Region Highlights - Second Quarter 2008. For complete report, visit http://www.cmhc-schl.gc.ca/odpub/esub/65442/65442_2008_Q02.pdf.

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Posted in First-time buyers, Housing, mortgage rates, real estate market, Vancouver real estate market
"...there is no evidence that the Canadian market is facing the kind of turmoil that has disrupted the United States."
 
The federal government said Wednesday that it is tightening the rules relating to government-guaranteed mortgages, even though there is no evidence that the Canadian market is facing the kind of turmoil that has disrupted the United States.
 
The new rules, set to take effect Oct. 15, are a "responsible and measured approach … to reduce the risk of a U.S.-style housing bubble developing in Canada," the Department of Finance said in a news release. However, it also said that Canadian creditors' "prudent and cautious approach" to mortgage lending, as well as sound supervision, have "allowed Canada to maintain strong and secure housing and mortgage markets."
 
The government said the measures will apply to new, government-backed, insured mortgages. "Canadians who already hold mortgages will not be affected," it said. The changes include:
  • Cutting the maximum amortization period to 35 years from 40.
  • Requiring a minimum down payment of five per cent, whereas loans for 100 per cent of the price are possible now.
  • Establishing a requirement for a consistent minimum credit score.
  • Introducing new loan-documentation standards.
The government acknowledged that the proportion of bank mortgages in arrears is stable at 0.27 per cent, "near the lowest levels experienced since 1990 and well below the highs of 0.65 per cent experienced in each of 1992 and 1997." And housing prices don't show evidence of speculation, the Finance Department said, because they are "in line with economic factors such as low interest rates, rising incomes and a growing population."
 

Mortgage insurance protects lenders when a borrower defaults by making up any shortfall needed to repay the loan if the sale of the property doesn't cover the debt. Federally regulated lenders must have mortgage insurance on loans where the buyer's down payment is less than 20 per cent of the price. The Canada Mortgage and Housing Corp. (CMHC), a Crown corporation, as well as private insurers provide mortgage insurance. The government backs CMHC and also private mortgage insurers so the private insurers can compete with CMHC.

 
Just over a year ago, Parliament passed a bill changing mortgage insurance to make home buying easier, and in 2006, CMHC eased the insurance rules.
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Posted in 2008 vancouver, book illustrator, childrens books, condos, east side condos, First-time buyers, houses, Housing, Kip and Zara, listings, Lyn Hart, sales, Vancouver real estate market
I bet you didn't know your favourite Vancouver Realtor is a published childrens book illustrator!

 
Kip and Zara's Money Adventure introduces money management concepts to children ages 4 to 8 through its fun and colourful alien characters, Kip and Zara. Author Bill Roche published it in 2006 but it's only available in a limited number of bookstores in eastern Canada or through our local warehouse    

We've been distributing it through corporate sponsorship from companies like TD Bank and New Westminster Savings. It's also a major component of Bill's educational workshops that his company, PowerPlay Strategies, puts on for parents and kids through their schools.
 
I also give autographed copies to my clients who are expecting or have families. It's my way of saying Thank You for their business!

If you're interested in becoming a corporate sponsor or would like to puchase a copy for $11.95 plus tax, please contact me for more information.
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Posted in 2008 vancouver, Housing, outlook
VANCOUVER, November 2, 2007

Demand for homeownership will keep housing starts and existing home sales at above-average levels in BC and Vancouver, and push new and existing home prices higher in 2008.
Housing starts in BC will top 33,250 next year down slightly from this years level but still above average levels noted Carol Frketich, BC Regional Economist. Factors behind this demand include: unemployment near record lows, strong employment growth, rising wages, relatively low mortgage rates and growing migration. Recent financial market turmoil in the United States will keep interest rates relatively flat in Canada despite upward inflationary pressures.

In Vancouver, housing demand will be supported through 2008 by ongoing job growth and a steady flow of people moving to the region said Robyn Adamache, CMHCs Vancouver Senior Market Analyst. Solid home price gains will continue to attract investors and live-in homeowners alike. These factors, combined with Vancouvers growing international reputation as a clean, liveable city, will keep demand for new and resale housing robust. Both new home starts and existing home sales will stay near record highs, but edge down slightly in the year ahead. Look for new and resale home prices in Metro Vancouver communities to increase, but at a slower pace than in recent years.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.
 
Housing Market Outlook
Total Housing Starts 2006 Actual 2007 Forecast 2008 Forecast
British Columbia 36,443 36,200 33,250
       
Abbotsford CMA1 1,207 1,150 1,200
Kelowna CMA 2,692 2,750 2,700
Vancouver CMA 18,705 19,000 18,500
Victoria CMA 2,739 2,445 2,275
 
Total M® Sales2 2006 Actual 2007 Forecast 2008 Forecast
British Columbia 96,671 100,500 93,750
       
Abbotsford CMA 3,853 3,700 3,650
Kelowna CMA 4,158 5,500 5,200
Vancouver CMA 36,479 38,300 37,200
Victoria CMA 7,500 8,300 7,600
 
Average MLS® Price ($) 2006 Actual 2007 Forecast 2008 Forecast
British Columbia 390,963 438,200 464,500
       
Abbotsford CMA 303,959 361,700 398,000
Kelowna CMA 349,805 415,000 448,000
Vancouver CMA 509,876 571,000 623,000
Victoria CMA 427,154 465,000 485,000
 
SOURCE: CMHC Housing Market Outlook, British Columbia Region Highlights, Fourth Quarter 2007.

1 Census Metropolitan Area (CMA).

2 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA).
 
For more information about the Canadian Housing Market, visit http://cmhc.ca/en/co/index.cfm
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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.