Greater Vancouver housing sales cooled off in April after moving at a red-hot pace the previous two months.

Canada’s third-largest metropolitan area saw residential sales of single-family detached, attached and condominium properties decline 21 percent to 3,225 year-over-year, according to the latest report from the Real Estate Board of Greater Vancouver. Sales were off 8.2 percent from March. The board attributed the April sales decline to a slowdown in condo sales.

The board’s benchmark Housing Price Index for all residential properties rose to $622,991 in April, up 5 percent from $593,419. The benchmark represents the sales price of a typical property within the market and is considered a more accurate reflection of prices.

A sales spurt of multimillion-dollar homes in some parts of Vancouver skewed the average sales price of a home nationally, pushing it up to $372,544 in April, according to the Canadian Real Estate Association.

Please click HERE for the full article!

Downtown Attached Market Update January 25 – February 2 :

New listing numbers tailed off this past week after posting positive numbers in the two previous periods; we saw 213 new attached listings in Vancouver West this past week (compared to 273 in the previous week).  The downtown neighbourhood continued to account for just over half of the new listing supply with 114 new attached listings (down from 153 in the previous week) or 54% of total new attached supply over Vancouver West.

Please click HERE for the full article.

Westside Vancouver Attached Report January 25 – February 2 :

The Westside neighbourhoods continued to demonstrate strong sales trends this period as confirmed sales transactions posted higher average numbers for the third consecutive week.  Vancouver West as a whole saw 139 confirmed sales (compared to 83 in the previous week) with the Westside neighbourhoods accounting for 48 confirmed transactions or 36% of all attached sales in Vancouver West (up from 25 in the period running fom January 18th – January 25th).  Kitsilano continued to lead the way with 15 confirmed sales or approximately 31% of all Westside attached transactions. 

Please click HERE for the full article.

Westside Vancouver Detached Report Jan 25 - February 2 :

Despite strong demand in many areas (notably Dunbar, Point Grey, and Arbutus) our sales to listing ratio remains skewed towards the supply side with a sales to listings ratio of 37 : 84 or a 44% saturation rate. It is important to look at the placement of the sales activity, however; as we see outliers like South Granville where we witnessed 17 new detached listings to only 1 detached sale as buyers continue to focus on core markets, and are tentative to move further south from the city centre.

Please click HERE for the full article.

B.C. real estate 2009 bounce-back to taper off this year, 2011

Muir characterized his forecast as 2009 ending with a “gold-medal finish, [which] will give way to a silver-medal performance in 2010.”

“Affordability is the biggest factor over the longer term,” Muir added in an interview, “because home prices in markets such as Victoria and Vancouver are trending on record levels, and mortgage rates are likely to edge higher at the end of this year and through 2011.”

“That’s going to increase the carrying cost of housing, and by extension, overall housing demand.”

Home carrying costs, the monthly mortgage payment, taxes and other fees saw a dramatic trim during the downturn that lasted through the last half of 2008 and first part of 2009, but Muir noted that that advantage is rapidly disappearing.

Please click HERE for the full article.

Westside Attached Attached:

We have compiled sales and listings statistics for the period running from January 4th to January 7th, and released them in this easy to read format! If you have any further questions or require more detail please get in touch with us. As we ease into the post-holiday 2010 market we have witnessed a signficant jump in new listing supply, well confirmed sales volume continues to lag; though that again could be partially attributed to the ‘holiday drag’ as contracts continue to be finalized and deals go firm.

Please click HERE for the full article.

Westside Detached Report:

New listing supply in the Westside attached market continued to remain relatively stable with 43 new detached listings; quite comparable to the numbers we were seeing in the pre-holiday / post-recession market. Supply remained quite low in the face of active demand in the Kitsilano, Arbutus, Dunbar, and Cambie neighbourhoods as we continue to see equilibrium sale versus listing (1:1) ratios in those areas.

Please click HERE for the full article.

Resale prices for Canadian homes rose for a sixth consecutive month in October — and were up on an annual basis for the first time in nearly a year — as the country’s real estate market continued to recover from recessionary lows, according to a report released Wednesday.

The Teranet-National Bank resale house price index of major markets increased 1.27% during the month from September. Year-over-year, prices were up 0.57% — marking the first rise in 10 months.

“Prices have now risen 1% or more for five months in a row,” said Marc Pinsonneault, senior economist at National Bank Financial. “In October, however, the monthly rise varied significantly among the six metropolitan markets surveyed.”

Please click HERE to read the full article.

Susan Keevil Blog Post

Mr.Downtown Blog Post

Coal Harbour Marketing Blog Post

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VANCOUVER, BC – A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.

“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.

Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.

Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.

Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.

Bright spots in Greater Vancouver in May 2009 compared to May 2008:

Detached:	Burnaby	- up 48.9 per cent (140 units sold from 94)
	Maple Ridge/Pitt Meadows	- up 13.4 per cent (144 units sold from 127)
	North Vancouver	- up 31.4 per cent (134 units sold from 102)
	Port Moody/Belcarra	- up 52.6 per cent (29 units sold from 19)
	Richmond	- up 14.0 per cent (170 units sold from 142)
	Vancouver East	- up 11.1 per cent (180 units sold from 162)
	Vancouver West	- up 59.5 per cent (193 units sold from 121)
Attached:	Burnaby	- up 31.5 per cent (96 units sold from 73)
	Maple Ridge/Pitt Meadows	- up 43.8 per cent (46 units sold from 32)
	North Vancouver	- up 31.8 per cent (58 units sold from 44)
	Vancouver West	- up 54.5 per cent (102 units sold from 66)
Apartments:	Burnaby	- up 32.6 per cent (187 units sold from 141)
	North Vancouver	- up 22.6 per cent (103 units sold from 84)
	Richmond	- up 27.4 per cent (200 units sold from 157)
	Vancouver East	- up 28.7 per cent (139 units sold from 108)
	Vancouver West	- up 25.4 per cent (529 units sold from 422)

Rate Update

Due to declining mortgage rates please note the low monthly payments based on a 35 year amortization:

For every $100,000 the mortgage payment will be:

• $464.03 on a 5 year fixed
• $429.10 on a variable

***Please note I did not factor in any cmhc premium so the payment will be slightly higher (minimal)

On a $300,000 mortgage this would equal $1392.10 on the fixed rate and $1287.30 on the variable

Federal Budget Announcement

Good morning everyone,

The federal budget released Tuesday contains a few items of interest to those in the residential construction industry. In summary, they are as follows:

Home renovation tax credit:
Homeowners can claim a non-refundable 15% tax credit on eligible home renovation costs incurred and paid after January 27, 2009, and before February 1, 2010, under agreements entered into after January 27, 2009.

The tax credit is available on expenses exceeding $1,000, but a maximum of $10,000 of expenses qualify per family unit, so that the maximum credit will be $1,350 (i.e., $9,000 x 15%).

Home Buyers’ Plan:
Commencing January 28, 2009, first-time home buyers can withdraw $25,000 from a Registered Retirement Savings Plan (RRSP) to purchase or build a home, without incurring tax. Previously, the limit was $20,000.

First-time home buyers’ tax credit:
First-time home buyers that acquire a qualifying home after January 27, 2009, can claim a 15% non-refundable tax credit on up to $5,000, for a maximum credit of $750. If a home is purchased jointly, the total credit that may be claimed by all purchasers is $750. The unused portion of the credit can be transferred to a spouse or common-law partner.

As further details come up I will let you know.

If you need money for those renovations and you would like to take advantage of the lower rates today, please give me a call to see if you will qualify for a new mortgage!

Have a great day.

Lisa Yun, AMP
Jim Kwon, AMP
Mortgage Consultants
MORTGAGE CENTRE – Elder Mortgage Corp.
Tel:  604-808-1884 (Lisa)
Tel:  604-808-1050 (Jim)

VANCOUVER, B.C. – January 29, 2009 –Yesterday’s federal budget offered a number of initiatives to benefit homebuyers and homeowners in our communities.

“The housing measures tabled in yesterday’s budget will go a long way to addressing local economic uncertainties, consumer confidence and the quality of life in our neighbourhoods,” said REBGV president Dave Watt. “Home sales are so important to our economy. Each time a home changes hands, the transaction generates significant spin-offs and jobs because homebuyers also purchase furniture, appliances, carpeting, and numerous other goods and services related to their homes.”

The federal budget announced a new First-Time Home Buyers’ Tax Credit of up to $750 to help homebuyers with closing costs such as land transfer taxes and legal fees, a new Home Renovation Tax Credit of up to $1,350 for homeowners who renovate, a new funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements and a new social housing program.

The federal budget also announced an increase to the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000. The Plan was first introduced in 1992 to help first-time homebuyers by allowing them to withdraw from their RRSPs to buy a home. The withdrawal limit had not been increased since then. Eligible couples can now withdraw up to $50,000.

The REBGV has advocated these changes for many years, and, in 2008 received support from Delta-Richmond East MP John Cummins who introduced a private members’ bill and personally raised the issue with colleagues from all parties, including the Minister of Finance.

“The federal budget demonstrates that the Government of Canada is listening to our concerns and paying attention to what we have to say,” said Watt. “As a result of the budget announcements, homeownership today is more accessible and more affordable for all Canadians.”

Interested in how these tax breaks, and Federal initiatives benefit you?  Contact us for a complimentary budget break down!