Irene Dekker
Re/Max Crest Realty
#101 - 2609 Westview Drive, North Vancouver, B.C.
P: 604-988-8000 F: 604-985-3612
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Re/Max Crest Realty
#101 - 2609 Westview Drive, North Vancouver, B.C.
P: 604-988-8000 F: 604-985-3612
BC Home Prices to Remain Flat for 2010 : Economist
by Derrick Penner / Vancouver Sun / May 15, 2010
Expect British Columbia’s property prices to remain flat for the balance of the year, which will be good news for buyers again being squeezed by the province’s sky-high values, according to the BC Real Estate Association.
Cameron Muir, the association’s chief economist, said sales have stabilized while inventories of unsold homes have risen, which is keeping pressure off prices.
“Overall there is more balance in the Lower Mainland and Victoria markets going forward and much less upward pressure on prices,” Muir said in an interview.
“I anticipate prices will remain fairly flat for the rest of the year as a result of the countervailing forces of improving economy and job growth {offset} by affordability.”
And as it had become before the recession and downturn, Muir said buyers’ constricted ability to pay for real estate will be “the single biggest constraint in the market over the next few years.”
Muir expects banks’ prime lending rate, currently resting at 2.25%, to rise to the range of 4.5% to five per cent by this time next year, if the economy keeps improving.
Carol Frketich, regional economist for Canada Mortgage and Housing Corp., noted that property prices have rebounded more strongly in the Lower Mainland and Victoria than they have in interior markets.
RBC, Scotiabank Raise Rates for Second Time in Two Weeks
Vancouver Sun / April 14, 2010
Toronto – Royal Bank of Canada and Bank of Nova Scotia have hiked residential mortgage rates for the second time, likely sparking another round of increases from other banks at the onset of what is expected to be one of the busiest homebuying seasons in recent memory.
As of today, RBC and Scotia’s five-year closed fixed-rate home loans will carry an interest rate of 6.1%, the highest since November. Those same mortgage products carried a rate of 5.25% a little more than two weeks ago.
The 25 basis-point hike, announced by RBC and Scotia on Tuesday, comes fast on the heals of a 65-basis-point hike by the big banks late last month. It also comes as expectations rise that the Bank of Canada will raise its key interest rate earlier than previously thought.
Eric Lascelles, chief economics and rates strategist at Toronto-Dominion Bank’s TD Securities unit, said investors are now factoring in a 50% probability that central bank governor Mark Carney will raise interest rates on June 1. Carney has pledged to keep the central bank’s benchmark rate unchanged through June, “conditional” on the outlook for inflation.
Canada’s real estate market has been booming since the economy emerged from recession last year as consumers take advantage of some of the most favourable mortgage rates in decades.
Homebuyers are facing higher costs on other fronts as well, with more stringent mortgage lending rules set to take effect on April 19 and the looming introduction of the harmonized sales tax in Ontario and British Columbia.
Many homebuyers are expected to try to rush to make their purchases ahead of the changes to keep their costs down.
Vancouver Sun / April 14, 2010
Toronto – Royal Bank of Canada and Bank of Nova Scotia have hiked residential mortgage rates for the second time, likely sparking another round of increases from other banks at the onset of what is expected to be one of the busiest homebuying seasons in recent memory.
As of today, RBC and Scotia’s five-year closed fixed-rate home loans will carry an interest rate of 6.1%, the highest since November. Those same mortgage products carried a rate of 5.25% a little more than two weeks ago.
The 25 basis-point hike, announced by RBC and Scotia on Tuesday, comes fast on the heals of a 65-basis-point hike by the big banks late last month. It also comes as expectations rise that the Bank of Canada will raise its key interest rate earlier than previously thought.
Eric Lascelles, chief economics and rates strategist at Toronto-Dominion Bank’s TD Securities unit, said investors are now factoring in a 50% probability that central bank governor Mark Carney will raise interest rates on June 1. Carney has pledged to keep the central bank’s benchmark rate unchanged through June, “conditional” on the outlook for inflation.
Canada’s real estate market has been booming since the economy emerged from recession last year as consumers take advantage of some of the most favourable mortgage rates in decades.
Homebuyers are facing higher costs on other fronts as well, with more stringent mortgage lending rules set to take effect on April 19 and the looming introduction of the harmonized sales tax in Ontario and British Columbia.
Many homebuyers are expected to try to rush to make their purchases ahead of the changes to keep their costs down.
by Derrick Penner / Vancouver Sun / May 15, 2010
Expect British Columbia’s property prices to remain flat for the balance of the year, which will be good news for buyers again being squeezed by the province’s sky-high values, according to the BC Real Estate Association.
Cameron Muir, the association’s chief economist, said sales have stabilized while inventories of unsold homes have risen, which is keeping pressure off prices.
“Overall there is more balance in the Lower Mainland and Victoria markets going forward and much less upward pressure on prices,” Muir said in an interview.
“I anticipate prices will remain fairly flat for the rest of the year as a result of the countervailing forces of improving economy and job growth {offset} by affordability.”
And as it had become before the recession and downturn, Muir said buyers’ constricted ability to pay for real estate will be “the single biggest constraint in the market over the next few years.”
Muir expects banks’ prime lending rate, currently resting at 2.25%, to rise to the range of 4.5% to five per cent by this time next year, if the economy keeps improving.
Carol Frketich, regional economist for Canada Mortgage and Housing Corp., noted that property prices have rebounded more strongly in the Lower Mainland and Victoria than they have in interior markets.
Sunday, June 19, 2005 - Just Sold - V543004
Just sold this listing as buyer agent: "Outstanding designer renovated home in desirable Upper Delbrook. Features includ e an open plan, bright, ceiling to floor windows. Looking out onto a large backy ard deck & some city views."
posted in Listings
at Sun, 19 Jun 2005 05:00:00 -0700
Saturday, June 18, 2005 - Just Sold - V541929
Just sold this listing: "Unique contemporary style property. The upper level with many skylights has city & water views & family room opening to large deck with steps to the g..."
posted in Listings
at Sat, 18 Jun 2005 05:00:00 -0700
Saturday, June 4, 2005 - Just Sold - V536515
Just sold this listing: "Delightful, bright contemp character home across Cleveland Dam. $200,000 spent i n high quality upgrades. Vaulted ceilings, atrium dining rm, French d..."
posted in Listings
at Sat, 04 Jun 2005 05:00:00 -0700
Thursday, June 2, 2005 - New Listing - V541929
Just added this listing: "Unique contemporary style property. The upper level with many skylights has city & water views & family room opening to large deck with steps to the garden. Kit chen is open to dining & living areas. 1 or 2 bedroom suite down."
posted in Listings
at Thu, 02 Jun 2005 05:00:00 -0700
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