LYN HART : Managing Broker | Real Estate Sales : : page 59

Mortgage Rate Update - March 3, 2009

Posted on March 3, 2009 by Lyn Hart

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

Bank of Canada Drops Rates - Prime at 2.5%!

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

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

Bank Prime Rate 2.50%

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

Bold numbers denote change from last posted rates.

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

Courtesy of

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

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Property Listings Decrease as February Sales Improve

Posted on March 3, 2009 by Lyn Hart

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

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

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

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

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

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

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

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

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

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

REBGV News Release March 3, 2009

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New property listed in Grandview VE, Vancouver East

Posted on February 19, 2009 by Lyn Hart

Posted in Grandview VE, Vancouver East Real Estate

Property Photo: 105-1515 East 6th Avenue in Vancouver

I have listed a new property at 105-1515 East 6th Avenue in Vancouver.

See details here

COMMERCIAL DRIVE Rainscreened Building! Ground floor 1 bedroom with a HUGE patio & yard. One block from shops, services, coffee & skytrain on the Drive and located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street through your garden patio, just like a townhouse. Laminate flooring, designer paint. Tons of storage & 1 parking included. 1 pet any size okay. Great yard for your dog or vegatable garden.

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New property listed in Mount Pleasant VE, Vancouver East

Posted on February 19, 2009 by Lyn Hart

Posted in Mount Pleasant VE, Vancouver East Real Estate

Property Photo: 2294 St. George Street in Vancouver

I have listed a new property at 2294 St. George Street in Vancouver.

See details here

"The Vantage" 2 year old Heritage style Townhome in a quiet pocket of Mt. Pleasant. Corner unit 2 bedroom, 2 baths, spacious 1136sqft. includes a lovely mature garden on an inviting 150 sqft patio with southern exposure and lots of natural light. An interior designer spared no expense on the upgrades of this home with its open concept space, contemporary finishes, gourmet kitchen with gas stove, walk-in California Closets, silk drapes and drapery from Restoration Hardware, roller blinds from Window Works, light fixtures from Living Space. LG "steamer" washer and dryer. Peace of mind rainscreen technology with 2-5-10 warranty. This beautiful townhouse shows extremely well!

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Open House. OPEN HOUSE: SAT. FEB. 21st 2:30 to 4 pm

Posted on February 19, 2009 by Lyn Hart

Posted in Fraserview VE, Vancouver East

Property Photo: 404-1990 E. Kent Avenue in Vancouver

Please visit our Open House at 404-1990 E. Kent Avenue in Vancouver.

See details here

OPEN HOUSE: SAT. FEB. 21st 2:30 to 4 pm

Large 1060 sq.ft. top floor southwest facing suite overlooking lagoon and the mighty Fraser river. 2 bedrooms, 2 baths with vaulted ceilings, gas fireplace, in-suite laundry, hardwood floors, window seat, custom made drapery, slate tile entry. AND...this is a rainscreened building with amazing clubhouse facilities! Enjoy the peace and tranquility of the view from your balcony, walk or bike along the Fraser River. What a great lifestyle!

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Open House. OPEN HOUSE: One Hour Only! SAT. FEB. 21st 1 -2 pm

Posted on February 19, 2009 by Lyn Hart

Posted in Grandview VE, Vancouver East

Please visit our Open House at 105-1515 East 6th Avenue in Vancouver.

See details here

OPEN HOUSE: One Hour Only! SAT. FEB. 21st 1 -2 pm

COMMERCIAL DRIVE Rainscreened Building! Ground floor 1 bedroom with a HUGE patio & yard. One block from shops, services, coffee & skytrain on the Drive and located right on the bike route to downtown. Insuite laundry, gas fireplace & south facing 600 sq. ft. patio. This condo also features a private entry from the street through your garden patio, just like a townhouse. Laminate flooring, designer paint. Tons of storage & 1 parking included. 1 pet any size okay. Great yard for your dog or vegatable garden.

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I have sold a property at 805-2355 Madison Avenue in Burnaby

Posted on February 15, 2009 by Lyn Hart

Posted in Brentwood Park, Burnaby North

Property Photo: 805-2355 Madison Avenue in Burnaby

I have sold a property at 805-2355 Madison Avenue in Burnaby.

See details here

Lowest price and best view! 1 bedroom + den with gorgeous mountain view in popular OMA. Near new and NO GST! Granite countertops, stainless steel appliances, beautiful engineered hardwood floors, open & spacious feeling with 9ft ceilings, maximized storage/shelving. Amenities include indoor pool, hot tub, sauna, exercise room, U/G parking, locker. Walk to Save On Foods, Home Depot, Brentwood & skytrain. READY TO MOVE IN NOW!

Listed with Sherry Durnford, Macdonald Realty Ltd. Call LYN to view! 604 724-4278

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Mortgae Rate Update - Feb. 13th, 2009

Posted on February 13, 2009 by Lyn Hart

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

Friday the 13th is Your Lucky Day!

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

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

Bank Prime Rate 3.00%

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

Variable mortgage from Prime + .80%

Bold numbers denote change from last posted rates.

Courtesy of

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

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Mandatory Licensing of Home Inspectors Coming

Posted on February 13, 2009 by Lyn Hart

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

Mandatory Licensing of Home Inspectors Coming

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

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

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

Most Frequent House Problems Found by Home Inspectors

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

Source: The Canadian Association of Home and Property Inspectors

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I have sold a property at 306 2890 POINT GREY RD in Vancouver

Posted on February 10, 2009 by Lyn Hart

Posted in Kitsilano, Vancouver West

Property Photo: 306 2890 POINT GREY RD in Vancouver

I have sold a property at 306 2890 POINT GREY RD in Vancouver.

See details here

Killarney Manor may be one of the West side's most recognized landmarks. This 4th floor, front facing one bedroom suite occupies one of the best positions in the building. Throughout this particular condo there are some aspect of breathtaking views over Point Grey Road to English Bay and the mountains beyond. There are 9 foot ceilings, original oak floors and several configurations within the massive 19x14 living room area. Depending on needs, the adjacent dining area might be used instead as an open or semi-open office or den. The efficient kitchen and bath have been renovated in the early 1990's with the possibility of installation of insuite laundry. The bedroom has been modified to allow for a King-size bed.

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Open House. OPEN HOUSE: Sun. Feb. 15th 2 to 4 pm

Posted on February 10, 2009 by Lyn Hart

Posted in Sapperton, New Westminster

Property Photo: # 1105 248 SHERBROOKE ST in New_Westminster

Please visit our Open House at # 1105 248 SHERBROOKE ST in New_Westminster.

See details here

OPEN HOUSE: Sun. Feb. 15th 2 to 4 pm

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 wluxurious 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 w/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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Mortgage Rate Update - Feb. 4th

Posted on February 4, 2009 by Lyn Hart

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

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

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

Bank Prime Rate 3.00%

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

Variable mortgage from Prime + .80%

Bold numbers denote change from last posted rates.

Courtesy of

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

Read

REAL ESTATE SALES

Mortgage Rate Update - March 3, 2009

Property Listings Decrease as February Sales Improve

New property listed in Grandview VE, Vancouver East

New property listed in Mount Pleasant VE, Vancouver East

Open House. OPEN HOUSE: SAT. FEB. 21st 2:30 to 4 pm

Open House. OPEN HOUSE: One Hour Only! SAT. FEB. 21st 1 -2 pm

I have sold a property at 805-2355 Madison Avenue in Burnaby

Mortgae Rate Update - Feb. 13th, 2009

Mandatory Licensing of Home Inspectors Coming

I have sold a property at 306 2890 POINT GREY RD in Vancouver

Open House. OPEN HOUSE: Sun. Feb. 15th 2 to 4 pm

Mortgage Rate Update - Feb. 4th

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