Re/Max Crest Realty
#101 - 2609 Westview Drive, North Vancouver, British Columbia
P: 604-988-8000F: 604-985-3612
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Lower Mainland Housing Sales Rise in March
By Bryan Yi / Vancouver Sun / April 9th, 2011
Residential MLS home sale in the combined Metro Vancouver and Abbotsford-Mission region rose for an 8th consecutive month in March to reach the highest annualized sales since January 2010.
Despite the sales gain, month-over-month growth was noticeable weaker than that in February. March sales activity likely represented a near-term peak in sales volumes as the commencement of more restrictive mortgage insurance of March 18 should mean dampened demand moving forward.
While the upward sales trend slowed in March and is forecast to give way to lower sales in the months ahead, overall activity during the month remained elevated and conducive to higher prices. The flow of new listings, which recorded significant monthly gains over the previous 3 months, fell 6.9% from February, while month-end inventory levels declined slightly.
The combination of higher sales and tighter supply contributed to upward pressure on price levels.
Mortgage Rates Expected to Climb as Economy Improves
by Tim Shufelt / Vancouver Sun / Feb. 8th, 2011
Amid the noise of volatile-but-improving economic indicators, mortgage rate hikes are likely to repeat like a chorus in the coming months.
Canadian banks are raising interest rates on mortgages, marking the beginning of a trend as they correlate with rising bond yields and expected monetary tightening.
That’s making a strong case for borrowers to lock into fixed rates before it’s too late, said Benjamin Tal, deputy chief economist with CIBC World Markets. “The window is closing.”
TD Canada Trust and CIBC both announced Monday hikes to their residential mortgage rates, the first increases since changes to the rules of borrowing were announced by the federal government last month. The other big banks were expected to follow the moves shortly.
Effective Feb. 8, the interest rate on the banks’ benchmark five-year closed fixed-rate mortgage has increased 25 basis points to 5.44%. The country’s other major lenders are expected to soon follow suit.
Toronto mortgage broker Paula Roberts said rising borrowing costs will compel more of her clients to abandon ultralow variable rates in favour of higher, fixed-rate mortgages.
That can be a tough decision for borrowers to accept higher payments, but not one that should strain a mortgagee’s finances, she said.
In two stages over the past year the federal government announced changes to the conditions of mortgage lending – shortening the maximum amortization from 35 years to 30 years and requiring borrowers to qualify for a fixed-rate plan, even if they are opting for a variable rate.
Many who only qualify under the old rules, however, will try to secure mortgages before the shorter maximum amortization periods come into effect next month, Roberts said. “There are going to be a lot of people that will enter into their agreements by March 18.”
Richmond, West Side in Sellers’ Market
by Brian Morton / Vancouver Sun
Metro Vancouver’s housing market remained balanced in January, amid growing signs of strong sellers’ market returning with high demand in larger centres.
Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV), confirmed that a strong sellers’ market has returned in areas like Richmond and Vancouver’s west side.
“The offshore buyers are concentrating on Richmond and Vancouver.” Overall, Moldowan said : “There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region.”
However, Robyn Adamache, senior market analyst, Metro Vancouver, for the Canada Mortgage and Housing Corp added that Richmond and Vancouver’s west side have been in sellers’ territory for more than three months and are now “solid sellers” markets.
Over the last 12 months, the benchmark price of detached homes increased 22.6% in Richmond and 12.2% in Vancouver West, according to a release. In comparison, detached home prices across the region increased 2.7% over the same period.
Real estate market stable at year-end
VANCOUVER, B.C. – January 5, 2011 – 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 ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.
“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan,
REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”
Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from
the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred.
More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.
“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.
Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.
Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115. Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December
2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.
Friday, June 19, 2009 - Just Sold - V772818
Tuesday, June 16, 2009 - New Listing - V772818
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