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Home Listings Continue to Rise in the Greater Vancouver Housing Market

Real Estate Board of Greater Vancouver News Release  VANCOUVER, B.C. – October 4, 2011
 

Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

      The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.

      “There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario Setticasi, REBGV president said."Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

      New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.

      The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year.

      “Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

      The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

      Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.

      Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

      Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.

      Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697.
 

The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouvertotalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member 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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Former FSBO CEO Sells Home the Traditional Way!

AGBeat News, August 3, 2011 -  Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto, listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker, Jesse Buckler, who immediately advised a price change as the listing was not attracting the right buyer.

 
After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price! The Wall Street Journal reports the listing sold for $2.15 million including a 6% commission.
 
Many FSBOs Turn to Realtors
      The news stands as an enormous validation of the real estate profession and while some may tease, it is no laughing matter and the former FSBO CEO made a good financial decision.

      AGBeat columnist, Herman Chan, said, “If people want to take a stab at For Sale By Owner (ie: FSBO), go for it. But well over 80% of FSBO’s eventually have to list with an real estate agent to get their house sold. It’s harder than it looks!”

 
Not a New Dilemma
      Marlow Harris, Seattle residential and investment consultant at Coldwell Banker Bain Associates, told AGBeat, “The ForSaleByOwner.com founder’s dilemma is one we see quite often and is not unusual. Trying to sell your own property yourself or using a discount brokerage, is not the solution for everyone. Unusual properties, properties in the higher price range, these are more difficult to sell and often require specialization.”
      Harris continues, “We see these choices across the board, from single family homes to huge housing developments. For instance, Vulcan, one of Paul Allen’s companies which has invested heavily in Redfin, does not use Redfin to market their many condominium projects. They use traditional real estate firms such as John L. Scott, Williams Marketing and Matrix Real Estate, finding that the do-it-yourself approach to real estate just doesn’t work for these types of sales.”
 
AgentGenius is a rapidly growing real estate social media, tech, news, and opinion site built and designed by and for the on-the-go agent. Their mission is to be a positive force in the industry, led by people inside of real estate. They aim to keep up to date on trends in order to forecast what’s next on the horizon. Visit their website at http://agentgenius.com/real-estate-news-events/.
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Greater Vancouver Housing Market Sees Typical Spring Activity in April

Courtesy of The Real Estate Board of Greater Vancouver
 
Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.
 
Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.
 
“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.
 
At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.
 
“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.
 
Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.
 
Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.
 
Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

 

The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010.



 
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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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March 18th Deadline Could Spark a Stampede!
 
For the second time in twelve months, the Department of Finance has tightened rules on residential mortgages to help slow the pace of household debt accumulation.
 
New rules pertaining to mortgage financing were just announced by the Federal government effective March 18th. Here are the highlights:
  • Maximum amortization reduced to 30 years from 35 years.
  • Maximum refinancing limits reduced to 85% from 90%.
  • No more ability for lenders to receive mortgage insurance on lines of credit (beginning April 18th).

More details regarding these changes will no doubt trickle out over the next few days. Although the first two points are directly aimed at high ratio financing involving the mortgage insurers it will be interesting to see if any lenders eliminate 35 year amortizations even on conventional financing deals.

 

The first point will directly impact first time buyers as they are typically the segment of the market with the smallest down payments and are thus forced to have their mortgages insured. In the expensive Vancouver market it is becoming more rare to see first time buyers with a realistic ability to finance their first home on a 25 year basis.
 
The changes effective in 60+ days might spark a bit of buying in this segment of the market as they look to lock down mortgage approvals with 35 year amortizations before the deadline.
 
Homeowners with substantial equity and higher incomes have taken out extended amortization mortgages for maximum affordability and/or repayment flexibility (including many who actually pay down their mortgages quickly). 

 

The cap on refinancing will have some impact on them, although it is too early to tell how much. It has been estimated that 35-40% of all refinances are used for debt consolidation so the government has effectively increased the cost of debt on the margin given that mortgage credit is one of the cheapest forms of debt consolidation in the marketplace.
 

Take note that CMHC purshases with 5% down are not affected by these rules because a purchase is treated differently than a refinance. There was substantial concern in the industry that the government was going to increase minimum downpayment requirements from the current 5% level to possibly as high as 10%. Thankfully, this didn't  happen although it may down the road.

 

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Little Change This Week...

Not much movement with interest rates this week. Some lenders have lowered their 1-5 year fixed rates over the last couple weeks, making the fixed option a little more desirable then it previously was. Also a great time to get yourself pre-approved and lock in these lower 5 years fixed rates. Rate holds are good for up to 120 days, which gives people time to shop around while holding on to yesterdays low rates. Variable Clients…...Still a great time to keep floating!  

          
Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.64%
4.35%
3 year
3.75%
4.60%
5 year
4.19%

 6.10%5

10 year
5.25%
7.05%
25 year
9.30%
9.65%
 
 
 

 

 
 
 
 
 
Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 1.90%!
 

Courtesy of

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

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Rates Stay Steady This Week

 

Interest rates have not moved this week as the world adjusts to the new normal after 3 rate hikes on the longer terms. The ironic thing is that the yield on the bond market, where lenders go to get their funds to lend as mortgages, has come down to almost the same levels that it was at when lenders were offering 5 year mortgages for under 4%. Currently the “Banks” are charging 4.79% on their 5 year mortgage. There are lenders who have better deals but it would be nice to see the rates come down a little.

 
The uncertainty in Europe over the financial crisis in Greece….and soon to be other countries as well, is causing investors to flee to the safety of bonds and (oddly) the US dollar. This will make it even more difficult to predict the next move by the Bank of Canada. Perhaps the volatility will allow them to hold steady with the rates into the summer or later in 2010.

 

Many borrowers are going into a  variable term these days with the idea that the coming increases will be manageable and drawn out. The Real Estate market continues to be brisk, especially while borrowers with a pre-booked rate find themselves a new home before time is up. 
 
            Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.65%
4.35%
3 year
3.29%
4.6%
5 year
4.39%
6.10%
10 year
5.25%
7.05%
25 year
9.30%
9.65%
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 1.75%!
 

Courtesy of

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

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Number of Listings Rise to Start Off the Spring Season!

VANCOUVER, B.C. – April 6, 2010

A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60%increase compared to March 2009 when 4,385 new units were listed, and a 52.1% increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®). At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19% in March compared to last month, but remains 7.6% below this time last year.
 
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.
 
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5% increase compared to March 2009, a 4.7% increase over March 2008, and a 12.4% decrease compared to March 2007. The current figure also represents a 26.8% increase compared to the 2,473 sales recorded in February 2010.
 

“With a sales-to-listing ratio of 23%, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.

 
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3% to $584,435 from $485,845 in March 2009. This price is 2.8% above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
 
Sales of detached properties in March 2010 reached 1,336, an increase of 49% from the 897 detached sales recorded in March 2009 and a 19.7% increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3% from March 2009 to $800,341, but declined 0.6% compared to last month when the benchmark price was $800,796.
 
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3% compared to the 976 sales in March 2009 and a decline of 8.6% compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3% from March 2009 to $395,507 and is up 1.2% compared to last month when the benchmark price was $390,899.
 
Attached property sales in March 2010 totalled 549, an increase of 40.1% compared to the 392 sales in March 2009 and a 7.4% increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3% between March 2009 and 2010 to $493,263, but declined 0.5 % compared to last month when the benchmark price was $495,496.
 
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Slow Start/Strong Finish for Housing Market in 2009!

After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

 
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8% increase from the 24,626 unit sales recorded in 2008, but a 6.3% decline from the 38,050 residential sales in 2007.
 
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5% in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
 
“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”
 
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2% from the 924 sales recorded in December 2008, and an 18.4% decline compared to November 2009 when 3,083 home sales occurred. 
 
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2% to $562,463 between Decembers 2008 and 2009.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9% increase compared to the 1,550 new units listed in December 2008 and a 41.1% decline compared to November 2009 when 3,653 properties were listed.
 

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41% from December 2008, and a decrease of 19% from November 2009.
 
Sales of detached properties in December 2009 increased 159.2% to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3% to $766,816 compared to December 2008.
 
Sales of apartment properties in December 2009 increased 176.7% to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8% since December 2008 to $382,573.
 
Attached property sales in December 2009 increased 188.7% to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9% between Decembers 2008 and 2009 to $478,093. 
 
To read the complete report from the REBGV, go to
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Happy New Year!

 

2010 promises to be an interesting year for mortgages and real estate. The final numbers are in for 2009 and prices and volumes of activity have eclipsed 2008. The market has been spurred on by record low interest rates and a very, very slow start to the year. The demand is still strong and, with less listings on the market, there will be pressure on prices to increase.

   

Interest rates will remain low for the next while too. The Bank of Canada is holding to their commitment to keep rates low into June. The rise in the Canadian dollar will mean that the B of C will have to wait to raise rates. Too soon and they derail the recovery, especially in the manufacturing sector.            
 
            Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.25%
4.5%
3 year
3.25%
5.15%
5 year
3.89%*
5.84%
10 year
5.25%
7.15%
25 year
9.30%
9.65%
 
 
 
 
 
 
 
 
 
 *Strings attached to this rate!
 Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 2.15%!
 

Courtesy of

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

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Interest Rates Going Down?

 
The bond market, where lenders go to get funds to lend for longer term mortgages, has room to move mortgage rates lower. The Bank of Canada is showing no signs of wavering from its commitment to keep rates low until at least June 2010. Rates are staying low but affordability is coming down as the very busy Real Estate market drives prices up.

 

The trouble in Dubai caused a quick knee jerk reaction but seems to have been absorbed without great notice by financial markets. Slow and steady recovery will be how this recession plays out. Keep floating.
  
             Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.25%
4.5%
3 year
3.25%
5.15%
5 year
3.99%*
5.84%
10 year
5.25%
7.15%
25 year
9.30%
9.65%
 
 
 
 
 
 
 
 
 
 *Strings attached to this rate!
 Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 2.15%!
 

Courtesy of

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

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Strong Demand Carries Into Late Fall!

VANCOUVER, B.C. – December 2, 2009
Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms according to the Real Estate Board of Vancouver.
 
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.
 
“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before."
 
The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.
 
“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
 

At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year. In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.

 
Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.
 
Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.
 

Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.

 
To see the complete report on November statistics, visit http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_November%202009.pdf
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