Vancouver, BC – October 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 6,498 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during September, up 43.2 per cent from September 2012. Total sales dollar volume was 55.7 per cent higher than a year ago at $3.49 billion. The average MLS® residential price in the province was $537,458, up 8.8 per cent from September 2012.

"Consumer demand for housing in September was the strongest in four years,” said Cameron Muir, BCREA Chief Economist. “After declining for most of 2012, BC home sales have increased now for seven consecutive months."

"While a return to a more normal level of demand is good news for buyers and sellers, relatively weak economic conditions and muted provincial job growth will likely limit continued acceleration of home sales over the next few quarters,” added Muir.

Year-to-date, BC residential sales dollar volume was up 5.7 per cent to $30 billion, compared to the same period last year. Residential unit sales were up 3.1 per cent to 56,347 units, while the average MLS® residential price was up 2.6 per cent at $532,745.

Subject: Hottest Summer For Property Sales In Five Years!

Hottest Real Estate Market in Five Years! PLUS: Sept HOT Property! VICTORIA BC - Summer-time real estate sales numbers were the best they've been in Greater Victoria in five years. There was a total of 1,787 sales in June, July and August. On a monthly scale, total real estate sales in Greater Victoria were up 16.8 per cent in August 2013 over August 2012, the Victoria Real Estate Board reports. A total of 540 properties sold in August "I'm very pleased with the August results. MLS® sales are strong and, with 4,593 active listings in all categories at month end, we remain on the cusp of a balanced market," says Shelley Mann, President of the Victoria Real Estate Board. The BC Real Estate Association defines a balanced market as when the ratio of sales to active listings is between 15 and 20 per cent. At month end, Victoria's ratio for residential properties was 14 per cent. There were 308 single family homes sold in August, an increase of 28.3 per cent over August 2012, while the median price of $529,950 is up less than one per cent year over year from $526,250. There were 125 condominium sales with a median price of $287,000 and 70 townhomes sold at a median price of $415,000. "Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year. That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 percent," Mann says. "This will vary between neighbourhoods, which is why I always recommend that consumers consult a REALTOR® for local pricing. "With interest rates starting to increase, many buyers are locking into preapproved mortgages. These consumers should be purchasing in the next three to four months, so I believe the market will remain steady," Mann says. Total Waterfront Single Family Dwellings sold: 20, up 7 over August 2012 Total Non-waterfront Single Family Dwellings sold: 288, up 61 over August 2012 Single Family Dwellings sold over $1 million: 17 (2 over $2 million) Stats Quick Reference Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island   HOT PROPERTY ALERT ONLY $159,900! Open House Wednesday Sept. 4 @ 4-6 pm @ #204-3363 Glasgow Ave. Yes, there is work to do but at this price you'll have a fabulous, spacious 2 bdrm, 2 full bthrm suite w/in-suite laundry, in a pet friendly bldg. w/no age restrictions, secure underground parking, at the end of a quiet cul-de-sac, on a fabulous bus route, walking distance to Thrifty's, Italian Bakery & shops. Call today to view this exciting opportunity! Call me if you would like to know how the current Real Estate Market affects you or if you know anyone who is looking to buying or selling! You could earn up to $1000! Visit my website or call me at 250-884-3980 Stay tuned for the next Newsletter - Foreclosures. How the process works and how to spot great deals!   Visit my website, www.NewImageHomeSales.com »

Bank of Canada Interest Rate Decision - September 4, 2013

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank highlighted that an uncertain global economy is delaying an expected rotation of growth in Canada toward exports and investment. This means that the burden of economic growth will remain on households at a time when most households are deleveraging and looking to slow consumption. All of this adds up to a Canadian economy that will grow below trend in 2013, likely at a rate of around 1.5 per cent. Below trend growth will translate to continued subdued inflation, which the Bank anticipates will return slowly to its 2 per cent target in 2014. As for the Bank's tightening bias, language around the withdrawal of monetary stimulus has been significantly moderated. The Bank anticipates a gradual normalization of policy interest rates as conditions for inflation, growth and household debt normalize.

Rising long-term Canadian interest rates, along with somewhat soft economic growth through the first half of 2013, have taken some urgency out of future monetary policy tightening. In particular, higher long-term rates will further slow growth in household debt via higher mortgage and other key lending rates which will allow the Bank to push increases in its overnight out to late 2014 or early 2015.

Housing Market Picking Up Steam
BCREA 2013 Third Quarter Housing Forecast Update

Vancouver, BC – August 22, 2013. The British Columbia Real Estate Association (BCREA) released its 2013 Third Quarter Housing Forecast Update today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.9 per cent to 70,300 units this year, before increasing a further 6.1 per cent to 74,600 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

"After a marked pull back of consumer demand in 2012, the housing market is now transitioning to more elevated home buying activity,” said Cameron Muir, BCREA Chief Economist. “However, the effect of sluggish employment growth this year is expected to spill over into 2014, limiting housing demand to a 6 per cent increase, with total home sales matching the 5 year average."

"The average MLS® residential price in the province has been revised from remaining unchanged to increasing 3.3 per cent to $531,700 this year. A stronger than expected decline in the inventory of homes for sale has created balanced market conditions in the Lower Mainland, causing home prices to align more closely with overall consumer price inflation,” added Muir. The average MLS® residential price in BC is forecast to increase 2.2 per cent to 543,400 in 2014.

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To view the full BCREA Housing Forecast Update, click here.

For more information, please contact:

Vancouver, BC – August 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 7,650 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC for July, up 18 per cent from July of 2012. Total sales dollar volume was 32.8 per cent higher than a year ago at $4.09 billion. The average MLS® residential price in the province was $534,360, up 12.5 per cent from July 2012.

"Home sales in the province posted their strongest July since 2007,” said Cameron Muir, BCREA Chief Economist. “After six consecutive months of rising consumer demand, it’s now clear that BC housing markets are recovering from tighter lending regulations introduced last year,” added Muir.

"Rising home sales are unlikely to put any significant upward pressure on home prices,” cautioned Muir, “as the inventory of homes for sale is expected to keep pace with demand.” Many potential home sellers that have been holding off for improved market conditions are expected to put their homes on the market to meet the swelling ranks of home buyers.

Year-to-date, BC residential sales dollar volume was down 2.8 per cent to $22.9 billion, compared to the same period last year. Residential unit sales were down 4 per cent to 42,986 units, while the average MLS® residential price was up 1.3 per cent at $531,928.

Re: Final Cost of Buying a Home

1. Down Payment: This is any amount greater than 5% of the purchase price of the home. Anything less than a 20% down payment and you will have to get mortgage loan insurance.

2. Deposit: This is due when a contract of Purchase and Sale is written and accepted. This deposit forms part of your down payment with the remainder of the down payment due at closing.

3. Mortgage/Application fee: There can be some fees involved with applications and or mortgage fees, but they are quite rare and will be explained to you before you move forward. And they are usually due to a tough situation where conventional lenders cannot help you.

4. Appraisal Fee: In order to complete a mortgage loan your lender may ask you to do an appraisal and this will usually run between $250-350 + tax, but it can vary according to the location and property type.

5. Mortgage Loan Insurance: If you make less than a 20% down payment, you have a high ratio mortgage.  Mortgage insurance lets you buy a home with a minimum of 5% down.  This insurance protects the lender by ensuring that they are paid out by the insurer if the borrower defaults. This amount is a % and based off the down payment and mortgage amounts.  Expect to pay at least a few thousand dollars if you have a minimum down payment.
NOTE: This is not a fee that is charged up front, standard practice is to add it to the mortgage amount. And you only have to purchase it once for the life of your mortgage.

6. Home Inspection Fee: It is recommended that you have a property inspection for the property as a condition of your Offer to Purcahse. This cost is usually around $500 for a single family home and $350 for a strata condo unit. The inspection looks at all the components of the home and gives you an idea of the condition of the home.

7. Survey (certificate of location): This is done at the buyer’s expense and is sometimes needed as a condition to receive a mortgage. If the survey is more than five years old, you will need to have it updated. If the seller does not provide it the buyer will have to pay. The cost is anywhere from $1000 to $2000 for the survey.

8. Title Insurance:  Your lawyer may suggest that you get title insurance. Title Insurance is an insurance policy for the benefit of the lender only, and it's bought at the solicitor at closing. It costs roughly $200-$300.

9. Property Transfer Tax: This tax is 1% on the first $200,000 and 2% on the balance. First time home buyers are exempt from this tax if the purchase price is less than $425,000. There is a partial exemption on amounts between $425,000 and $450,000, however at $450,000 or above the full tax is payable. 

NOTE: PTT has to be paid in cash at closing - it can't be added into the mortgage unless you make a smaller down payment.

10. Water tests: The potability of the water should be tested if the home is on a well system. This will ensure that the quality and supply is adequate. This costs is usually between $50-$170 and can be negotiated into the Contract of Purchase and Sale.

11. Septic Tank: If the home has a septic tank, it should be professional inspected to make sure the components are in good working condition. The cost is usually $250-$350 and can be negotiated into the Contract to Purchase.

12. Status Certificate (Condo): This certificate outlines the financial and legal state of the strata corporation.  The cost is up to $100.

13. Prepaid Property Taxes and/or Utility Bills: If the seller has paid the property taxes for the year or other costs (such as filling the oil tank), you will need to pay the seller back. This is done at closing time when adjustments take place.

14. Property Insurance: The lender will require that you have contents and property insurance to cover the cost of replacing the home in case of loss. Speak to a home insurance company for costs, they average around $400-$800 depending on the home, location, riders, etc… You will need to have this in place at 12:01am closing day to cover you for loss.

15. Legal fees:  Vary depending on which lawyer/notary you use, as well as what work is required from them. Expect to pay at least $700+ for a home purchase (less for a mortgage renewal or refinance).

16. GST: This is the 5% provincial tax cost plus the 2% transitional tax, which is on the purchase price.  There are refunds of the gst amount up to $350,000 on a new home. The rebate is 36% of the GST on any price up to $350,000 which equates to 1.8% of the purchase price, with a max rebate of $6300 at $350,000. Between $350,000 and $450,000 the rebate decreases to zero, (for every $10,000 increase in price, the rebate is $600 lower).  Over $450,000 there is no rebate. 

Vancouver, BC – July 16, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 7,196 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC in the month of June, up 5.6 per cent from June of 2012. Total sales dollar volume was 11.9 per cent higher at $3.84 billion. The average MLS® residential price in the province was $533,219, up 6 per cent from a year ago.

"BC home sales rose 6.7 per cent from May, on a seasonally adjusted basis, with June being the fourth consecutive month of increasing sales activity,” said Cameron Muir, BCREA Chief Economist. “Since February, home sales across the province have climbed by 23 per cent, on a seasonally adjusted basis,” added Muir.

On a quarterly basis, MLS® residential sales climbed 15 per cent in the second quarter, while the inventory of homes for sale has moved down 5 per cent over the last two quarters, creating improved market conditions in many regions of the province.

Year-to-date, BC residential sales dollar volume was down 8.2 per cent to $18.8 billion, compared to the same period last year. Residential unit sales were down 7.8 per cent to 35,336 units, while the average MLS® residential price was down 0.4 per cent at $531,401.

VICTORIA, BC–Greater Victoria real estate sales for May are identical to the same period one year ago: 659 properties sold on the MLS® System.

“We are continuing to see improved consumer confidence in the marketplace,” says Shelley Mann, President of the Victoria Real Estate Board. “Our Members are much busier with showings and writing offers, but say they are working harder to help their clients satisfy stricter lending rules. This quarter is definitely much stronger than the first quarter of 2013.”

Buyers remain price sensitive. “Homeowners who are pricing their properties competitively, not expecting the higher sale prices of 2008, are selling their homes,” Mann says. “With 4,783 active listings, buyers have plenty to choose from. With higher sales volumes and a reasonable inventory level, Greater Victoria continues to edge towards a balanced market.”

There were 384 single family homes sold in May at a median price of $515,000, down 3.4% over May 2012 at $533,000. Condominium sales were 142 at a median price of $289,500 and 68 townhomes sold at a median price of $400,000. “With average and median prices fluctuating on a monthly basis, it’s more important than ever for consumer to consult a REALTOR®,” Mann says.

Total Waterfront Single Family Dwellings sold: 18, up 3 over May 2012

Total Non-waterfront Single Family Dwellings sold: 366, down 7 over May 2012

Single Family Dwellings sold over $1 million: 18 (2 over $2 million)

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. 

If you are looking for specfic information in regards to prices in your area or would like to find out what your home is worth, call me today... 250.884.3980

Housing Market Conditions Improve on the South Coast

Vancouver, BC – May 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 6,904 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during April, up 1.9 per cent from March on a seasonally adjusted basis, but down 2.2 per cent compared to April 2012. Total sales dollar volume declined 3 per cent to $3.65 billion. The average MLS® residential price in the province was $528,507, down 0.8 per cent from a year ago.

"BC home sales trended higher again in April, with seasonally adjusted unit sales now 8 per cent higher since the beginning of the year," said Cameron Muir, BCREA Chief Economist. "Market conditions were at or near balanced conditions in Victoria, Vancouver, the Fraser Valley and the North last month, leading to a firming up of home prices." The MLS® Home Price Index edged up 0.7 per cent over the past month in the Lower Mainland, and 1.5 per cent over the past three months.