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CMHC Forecasts Conservative Growth in Greater Vancouver & Kelowna

 
After the highly irregular and tumultuous real estate markets of 2008 and 2009, the BC real estate market returned to a relative state of normalcy in 2010. Canada seemingly avoided the worst of the turmoil of the great recession and this was reflected in the housing market, which bounced back quickly from the lows it saw in early 2009.
 
In Vancouver, an influx of new immigrant wealth, primarily from mainland China, has fuelled strong growth throughout the city. Our stats show that on Vancouver's Westside, Chinese buyers account for 78% of sales of homes valued at over $2 million. It is evident that many local sellers who 'cash out' from the Westside either downsize to condos or townhomes or relocate to other parts of the city or province. This, in turn, pushes prices up in these neighbourhoods, albeit at a lower rate than in the wealthiest parts of Vancouver.
 
With a 10-year backlog of investor-category immigrants from China, this trend is expected to continue. That said, it's unclear what further effect they will have on the upper-end of the market. Vancouver's red-hot market stabilized in 2010 and our internal projections show a similar pattern across the province in 2011.
 

Canadian Mortgage and Housing Corporation Forecasts:

 
MLS Average Price
Price 2011
% Change
Greater Vancouver
$665,000
$685,000
+ 3.0%
Victoria
$500,000
$490,000
- 2.0%
Kelowna
$518,000
$530,000
+ 2.3%

 

 

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Macdonald Main Street Opens!

To serve you better, I'm pleased to announce the opening of my new eastside office located at 4387 Main Street and 28th Avenue!
 
The 875 square foot boutique office is located in the trendy Main Street area that borders both the east and west sides of Vancouver and serves Vancouver central and points east. 
 
 Drop by to say hello. I'm always happy to help!
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Steady As She Goes.
           Another week of positive news regarding Canadian Real Estate and general confidence. All central banks are cautioning that the recovery will be slow and long. All expect to keep rates down for an extended period of time. In Britain they do not see inflation for the next 5 years (inflation causes rates to rise). The USA is also downplaying a speedy recovery and, in fact, we are still seeing a decline in many parts of their economy.
           Low rates and a busy market with prices solid and potentially going up. Still a fantastic time to purchase or refinance an existing mortgage. 
 
             Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.65%
3.75%
3 year
3.55%
4.65%
5 year
4.19%
5.85%
10 year
5.50%
7.15%
25 year
9.15%
9.75%
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates. 
  
Variable mortgage from Prime +.30...TODAY at 2.55%!
 

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 22
2

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Mercer's 2009 Quality of Living Survey Highlights

 
April 28, 2009 - Mercer's 2009 Quality of Living Survey ranks Vancouver as tied fourth with Auckland, New Zealand as one of the top cities worldwide for quality of living. The survey was updated in late April 2009.
 
In the top cities ranked by region, Vancouver, BC was rated first in the Americas over Toronto, Ottawa, Montreal, and Calgary. Not one american city placed in the top five of the Americas.
 
Research for Mercer’s Quality of Living Reports is carried out by means of a detailed questionnaire with pre-defined criteria and a specific scoring system. Researchers and consultants in Mercer offices worldwide analyse the data which is then cross-checked against various sources by Mercer's experts.
 
This year’s ranking also identifies the cities with the best infrastructure based on electricity supply, water availability, telephone and mail services, public transport provision, traffic congestion and the range of international flights from local airports.
 
Mercer’s Quality of Living ranking covers 215 cities and is conducted to help governments and major companies place employees on international assignments. The quality of living rankings are based on a point-scoring index, which sees Vienna score 108.6, and Baghdad 14.4. Cities are ranked against New York as the base city with an index score of 100.
 
In 2008, the quality of living in many regions has been affected. This is demonstrated by serious political turmoil, increasing unrest and instability, health and climatic concerns. The global financial crisis has intensified in 2008, becoming an area of increasing international concern.
 
To read the entire report, go to http://www.mercer.com/qualityofliving.
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Property Photo: 107-8450 Jellicoe Street  in Vancouver
I have sold a property at 107-8450 Jellicoe Street in Vancouver.
NEW PRICE! Come be delighted at this bright & sunny 1 bdrm garden retreat with all the extra touches that make this a real home you'll be proud of. Designer paint, crown mouldings, gas fireplace, huge walk-in closet, in-suite laundry, & a sun drenched patio to relax & entertain on. This home features a spacious kitchen with pantry that is sure to bring out the chef in you! Steps to Riverside Trails, parks, tennis courts, & much more. Rainscreened building with a pro-active strata for peace of mind. Immaculate - you'll fall in love the minute you walk in the door! Bonus 2 parking & 2 storage lockers. Pet friendly. CALL LYN TO VIEW!
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