January 27, 2011
Real estate market calm expected to follow hectic 2010 in Metro Vancouver
VANCOUVER - If there's one sentence to sum up B.C.'s real estate picture in 2011, it's probably "Let's take a breather."
While Metro Vancouver prices rose fairly sharply over the past year, the same wasn't true in the Interior and other parts of the province where prices were flat and sales stalled.
A combination of low interest rates, relatively stable prices throughout the province and a gradually improving economy helped by the 2010 Winter Olympics brought buyers -- especially first-time buyers - - back into the market after a recessionary slump.
Those conditions are expected...
January 26, 2011
University Highlands Elementary School kicks off Literacy Week.
What an honor it was to be invited to a special assembly at University Highlands Elementary School on January 24, 2011. All the teachers were dressed up in story book characters and so were some of the students. The children read poems, performed songs on their recorders (including Chopsticks), had reading time and we even had a sing along to the official School song.
I was especially touched to learn that my donations are making a positive impact on the School and community. The assembly was in part to thank some of the supporters. Presently my donations are...
January 26, 2011
Simon Fraser University Market Stats for January 17, 2011 to January 23, 2011
The Simon Fraser University area, specifically UniverCity of Burnaby North real estate market seems to increasing steam. 7 new listings came to market this past week, including an incredible penthouse unit at 9188 Altaire. There were no sales although the word on the street is that a town home did sell last night (Jan 25th) which will show in next week’s MLS data
There are now 38 active listings in the area with an average cost of $415,649 or $459.70 per sq ft. 4 of the 38 units for sale are located in the Origin development.
Inventory levels are still low for the area. ...
January 24, 2011
Now on MLS - Gorgeous Penthouse in Altaire at 9188 University
NOW ON MLS
UniverCity - Altaire
PH5 9188 University Cr., Burnaby, BC
Breath-taking panoramic views from Vancouver to Burrard Inlet, from city lights to lush mountains, a gorgeous penthouse unit that will not disappoint. This bright 2bed/2bath/1140+sqft unit features expansive windows, over height ceilings, laminate/tile floors, stainless appliances, granite counters w/under mount sink, fireplace, a large wrap-around balcony & so much more. The excellent sized master offers a 5 pc ensuite w/soaker & a huge walk-in closet. Altaire, Polygon built, offers balance of 2-5-10 warranty...
January 19, 2011
Bank of Canada maintains key rate at 1%
The Bank of Canada kept its target for the overnight rate at one per cent for the third consecutive meeting on January 18th, 2011. Correspondingly, the Bank rate remained at 1.25 per cent and the deposit rate remains at 0.75 per cent.
The Bank said that the global economic recovery was proceeding at a somewhat faster than expected pace, but noted that risks remain elevated. The main source of uncertainty to the global outlook remains sovereign debt concerns in several European countries.
The driver of the improvement in the global outlook was the pick-up in private domestic demand in the...
January 19, 2011
Simon Fraser University Weekly Stats for January 10 to 16, 2011
According to MLS data, the Simon Fraser University area, specifically UniverCity of Burnaby North has seen a decent increase in activity. From personal experience I can say that my phone in the past two weeks has been ringing more with buyers calling to inquire about available listings. I held an open house on January 15 at 1 9298 University and it was well attended. Looks like buyers are starting to shed the holiday hang-over and are looking to take advantage of a more balanced market.
With 7 new listings coming to market just this past week, looks Sellers are getting back to...
January 17, 2011
Canadian FEDS tighten Mortgage rules in hopes of curbing Consumer Indebtedness
Today, the Federal Government announced new, tougher mortgage lending rules. The new policies are a result of worries expressed by the Bank of Canada and Bay Street lenders who fear that economic conditions could further deteriorate given Canadians’ record levels of household indebtedness.
There were three primary changes that were made:
1) The maximum amortization period was reduced from 35 years to 30 years for insured mortgages or for Buyers with less than a 20% down payment
2) The maximum insured value that existing home owners can draw from their homes...
January 17, 2011
The Harper Government Takes Prudent Action to Support the Long-Term Stability of Canada’s Housing Ma
The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.
“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures...
January 13, 2011
Record Home Prices for 2010
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010.
"Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.” MLS® residential unit sales declined 40 per cent January...
January 12, 2011
December 2010 Housing Starts
The seasonally adjusted annual rate1 of housing starts was 171,500 units in December, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 198,200 units in November. Actual housing starts for 2010 are being verified and will be reported in the January edition of Monthly Housing Statistics.
“Housing starts moved lower in December due to the multiple starts segment, especially in Ontario,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Single-detached starts were also down, but minimally.”
The seasonally adjusted annual rate of urban starts...
January 11, 2011
Simon Fraser University Market Stats for January 1, 2011 to January 9, 2011
The first week of 2011 was rather quiet in the Simon Fraser University area, specifically UniverCity of Burnaby North. There were no sales reported through the MLS for the past week however there were three new listings that came to market.
Currently, there is limited selection on the mountain with only 29 active listings. This is still winter and the SFU area tends to receive more snow than other parts of Vancouver. As we are still expecting a large snow dump this could be one of the reasons why Sellers are hesitant to list at this time. I believe inventory, which currently...
January 11, 2011
Open House: Jan 15 from 12:00 to 1:30
UniverCity - Novo 1
#1 9298 University Cr, Burnaby, BC
Desirable green-space facing, ground floor end unit with large covered patio; perfect for year-round use. This 1 bed & den 694 sqft unit is in excellent condition, shows very well & offers an open layout. Located in Novo 1's South Toweron the quiet side, this complex offers balance of 2-5-10 year warranty, no rental restrictions & welcomes pets. Features: granite counters, breakfast bar, fireplace, plenty of cupboard/counter & close space. Close to: transit, shopping, indoor/outdoor rec & a host of perks available...
January 5, 2011
Simon Fraser University Market Stats for December 2010
According to MLS data, the Simon Fraser University area and specifically UniverCity of Burnaby North saw 5 properties change ownership in the month of December 2010. Of these 5 sales 2 were registered to Nest by Mosiac, one of two new developments currently offered for pre-sale. The average sale price of these 5 units is $298,110 however, that does not account for the HST paid by buyers on the two new development units.
Presently in the UniverCity area there are only 28 properties listed for sale of which 6 are located in new developments. This means that only 22 resale ...
January 5, 2011
Real estate market stable at year-end
The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the...