North Vancouver Real Estate - Irene Dekker - November

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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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

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.

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

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.”

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.

Monday, November 19, 2007 - Just Sold - V224875

Just sold this listing: "3,400 sq ft home on a large lot with beautiful ocean view. Walk to beach, park, shopping, schools and transportation. Opportunity to own in this desir..."

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