Typically as interest rates decrease, price points should increase. As buying power increases. Right now we have rates moving down along with easing prices. When interest rates are low you can qualify for a larger loan. When rates move up you qualify for less. This is an opportunity for first time buyers to enter the market. Not only are buyers saving money on the purchase price but they are saving money by paying less interest. In 2000 if your income was $65,000 you would have qualified for a mortgage amount of 205,000, based on a 5 year discounted rate of 7.75% and your monthly payment would have been $1,425.00. If you earned a 100,000 your mortgage would qualify for $345,000 with a monthly payment of $2,359.00. In 2007 with interest rates at 5.25% a $65,000 income would get you $275,000 with a monthly payment of $1,425.00, and a $100,000 income would get you $455,000. Today based on a 5 year discounted rate of 4.50% a $65,000 income gets you $300,000 and $100,000 gets you $500,000 in mortgage funds. Same monthly payments as above. Read more
Take a look at what’s happening in the Canada real estate market. The big cities of Toronto, Vancouver, Calgary and Edmonton are down but Montreal bucks the trend, as does all of the Maritime Provinces and Ottawa and Winnipeg. The following is a release by CREA, you can hold your mouse over a specific city and view the current average price and the average price one year ago.
The number of properties sold via the MLS® systems of real estate boards in Canada edged down further in December 2008 to reach the lowest level for the month since December 2000, according to statistics released by The Canadian Real Estate Association (CREA).Seasonally adjusted residential MLS® sales activity numbered 27,357 units in December 2008, a decline of 1.8 per cent compared to the previous month.However, seasonally adjusted activity was up in more than half of Canadian housing markets. Activity declines in Montreal, Calgary and Edmonton more than offset a rebound in the number of transactions in Vancouver, resulting in a small monthly decline in national sales activityThe national average price of homes sold via the MLS® in December 2008 declined by 11 per cent from where it stood a year ago. The major market price trend was similar to the national trend, down by 9.9 per cent year over year in December 2008.
Sales as a percentage of new listings in the fourth quarter of 2008 fell to the lowest level since the mid 1990s. New listings are trending down from the peak reached in the second quarter of 2008. If this trend continues, the balance of supply and demand will stabilize in 2009.
View a graph showing interest rates from 2003.
View my Canadian real estate blogs
Victoria/Sooke – prices down according to 642blog.ca
Edmonton – prices levelling according to TheEdmontonRealEstateBlog
Calgary– prices down according to TheCalgaryRealEstateBlog
Saskatoon – prices down according to SaskatoonOnLine
Winnipeg – WinnipegRealEstateBlog
Toronto – prices down according to MoveSmartly
Mississagua – prices down according to MississaugaRealEstateHomes
Collingwood-BlueMountain – prices down according to CollingwoodBlueMountain RealEstateBlog
Montreal – prices up according to MontrealRealEstateBlog
New Brunswick – prices up according to MonctonRealEstateBlog
Halifax – prices up according to HalifaxRealEstateBlog
Newfoundland – prices up according to StJohn’sRealEstateOnline
Yesterday, federal Finance Minister Jim Flaherty tabled the federal budget. Several measures affect Canada’s housing and mortgage industry in a positive manner:
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. CAAMP President and CEO Jim Murphy, AMP was in Ottawa today as part of the pre-budget lock up. For more information on today’s federal budget.Did you know you can search for listings on this site? When you’re ready to buy or sell Vancouver real estate or False Creek North, contact Maggie Chandler, an experienced realtor marketing Vancouver real estate since 1981
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Vancouver real estate analysis for False Creek North in December 2008 saw listings down from 246 in November to 229. Sales flat at 6. Days on the market up from 58 to 61 .The average selling price increased from $816,605 to $947,259. The average supply of condos in this waterfront hood dropped from 41 months to 38. No particular price range doing better than the others. By far the worst December in the history of this waterfront neighbourhood, based on MLS sales. December 2003 was the busiest December in the millenium with 23 sales.
Listings – 229. 50 listings in False Creek North under $500,000. 117 listed between $500,000 and $1M. 51 listed between $1 and $2 million. Least expensive $298,00 for a l bedroom at 888 Pacific which is 598 sq.ft. (under $500 pr sq ft.). This sold new in 1994 for $166,000. Most expensive The 2200 sq.ft. Penthouse at Silver Sea, 528 Kinghorne Mews $3,388,000, which is over %1500 pr sq ft.
2008 Listings – Feb 153, Mar 174, May 202, Jun 210, Jul 237, Aug 256, Sept 257, Oct 250, Nov 246, Dec 229
Sales – one sold under $400,000. Two sold between $500K & $800K, one between $900K & $1M and one over $2 million. Read more
Vancouver’s Downtown condo market saw listings drop substantially in December, over November. Over 200 condos expired and came off the market. Sales flat. Average days on the market for condos that sold increased substantially from 48 in November to 78. The average price for Downtown condos that sold was down slightly from $435,088 to $424,715. The average $ pr sq ft for condos that sold decreased from $567 to $553. Two-thirds of the sales were under $400,000 and only 2 sold over $500,000. Best selling price range is under $400,000. As in October and November, December sales were the lowest for that month for the entire millennium. December 2000 had 42 sales and December 2003 had the highest number of sales for that month at 110 (bear in mind there were far fewer condos Downtown at that time) as published by the MLS. Currently 17 months of inventory.
Listings -545. Least expensive $209,000 for 468 sq.ft. studio in a concrete building at 950 Drake ($446 pr sq ft). This condo last sold end of 2003 for $115,000. Most expensive is 283 Davie $3,800,000 for 3800 sq.ft. This condo last sold in mid 2004 for $600,000 but has been renovated.
Supply – 44 listings Downtown under $300,000. 171 between $300K and $400K. 130 listings between $400K and $500K and 197 Downtown Vancouver listings over $500,000.
11 months supply for condos under $300,000. 10 months of inventory for Vancouver Downtown condos listed between $300,000 and $400,000. 14 months supply for condos listed between $400K and $500K and a whopping 98 months of inventory for condos listed over $500,000. Read more
Vancouver, BC – January 12, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined
31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.
“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.
“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households.”
December MLS® residential sales dollar volume in the province declined 52 per cent to $1.05 billion, compared to December 2007. Provincial MLS® sales were down 49 per cent to 2,456 units, while the average residential price declined 6 per cent to $429,210 over the same period.
Cameron Muir, Chief Economist, BCREA
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Vancouver real estate in the West End saw December listings down to 242 from 281 in November, having reached a record high for the year in November. Sales were up from 15 to 21 , having reached a record low for the year in November. The days on the market for condos that sold was up from 48 to 53, which isn’t the highest for the year. The average selling price increased from $375,433 to $407,357 and is a 30% drop since January and is equal to the price in Dec’06. Half the sales were under $400,00 and the highest price was $785,000. There were more sales over $500,000. The list price to sale price ratio did not change. The West End has 11 months of inventory on the market, down from 18 in November. The average $ pr sq ft for those West End condos that sold increased to $512, having dropped under $500 pr sq ft in November for the first time this year. You can now buy condos in the West End under $200,000, prices not seen since end of 2004!! Most demand under $300,000 and least demand over $800,000.
Listings – 242
Least expensive – $173,000 for a West of Denman concrete building with a roofdeck and indoor pool, 99 year leasehold, 573 sq.ft., needing renovation. Investor alert! This price was last seen at the end of 2004!!
4 West End condos listed under $200,000. 25 listed between $200,000 and $300,000. 68 listed between $300,000 and $400,000. 33 listed between $400,000 and $500,000. 44 listed between $500,000 & $600,000. 16 listed between $600K & $800K and 52 listings from $800K to $5,775,000.
2008 Listings – Jan 168, Feb 172 , Apr 232 , May 241 , June 235, July 235, Aug 246, Sept 257, Oct 268, Nov 281, Dec 242
Sales – 21 Read more
The Bank of Canada cut the overnight rate by an as-expected 50 basis points to 1% and reiterated that the global economic backdrop “has deteriorated.” The Bank cut the forecast for Canadian economic growth and now expects the economy to contract by 1.2% in 2009, a marked adjustment to its October forecast for the economy to grow by 0.6% this year.
The implications of the softer economic projection for inflation are that the core inflation rate will bottom at 1.1% in the fourth quarter, lower than the previous assumption. Combined with the sharp declines in energy prices, the headline rate is likely to “dip below zero for two quarters in 2009” the Bank said.
The Bank highlighted that the global policy response has been “bold” and said there are “signs that these extraordinary measures are starting to gain traction” while acknowledging that conditions remain far from normal. While Canada’s current economic data are likely to remain dismal with the economy “now in recession” the tone of the statement, once again, hints of some confidence that these policy initiatives will bear fruit. Read more
Vancouver’s Coal Harbour statistics for December show listings down substantially from 247 to 201. Sales down to 6 from 9. Days on market increased from 41 to 75 for sold condos. Average selling price leaped from $848,555 in November to $983,000. The supply increased from 27 months in November to 33 months. Number of listings back to early summer levels . The condos that sold took longer but the average sales price increased. Like October and November, December saw the least number of sales for the month for the entire millennium.
The average sale price in Vancouver’s Coal Harbour is higher than it was in January 2007.
Listings – 201
Least expensive $268,000 for a studio ($638 pr sq ft). Most expensive $16,800,000 for the Shaw Tower Penthouse ($2248 pr sq ft). The $12,000,000 for the Melville Penthouse ($2100 pr sq ft). The the sub-penthouse at One Harbour Green for $6,999,000 ($2000 pr sq ft)
2008 Listings –Jan 128,Feb 149, Mar 179, Apr 176, May 175, June 192, July 220, Aug 212, Sept 245, Oct 246, Nov 247, Dec 201
Sales – 6. Two sold under $500,000. 1 sold just over $500,000.and 3 Coal Harbour condos sold between $1M and $1.9M. Read more
Earlier this month, BC Assessment (BCA) sent property assessment notices to property owners who reside within our Board’s area.
This annual process is often a confusing one for many commercial and residential property owners. Typically, there is a difference between the property value assessment on the assessment notice and the current market value as determined by a REALTOR®.
This difference is a result of two factors. The first factor involves BCA’s mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighbourhood or for units in a strata complex and then applies the information to arrive at an assessed value. The variables BCA uses to calculate this value include house type, square footage, age, heating, property classification or use, and additions or demolitions of features such as garages, sheds, pools and spas.
The second factor depends on the time at which a property is assessed. Normally, a 2009 assessment notice is BCA’s estimate of a property’s market value as of July 1, 2008, whereas a REALTOR®’s market value reflects the current state of the market, not the market six month ago.
Temporary changes to the assessment process by the provincial government makes the 2009 assessment roll somewhat unique.
For this year only, assessment notices will show the assessed value of a property as of both July 1, 2007 and July 1, 2008. The lower of these two values is the official 2009 property assessment.
For most properties, this means there will be no change between the 2008 and 2009 assessment. The lower value is the basis upon which 2009 property taxes will be calculated.
The provincial government believes this measure will help stabilize the provincial economy. Read more
Vancouver real estate market analysis for Kitsilano condos saw sales for the month of November down to 12 from 15 in November. Listings down from 187 in November to 117. Average price for sold condos up from $408,250 to $440,000 (almost equal to January 2007). Average Days on the market increased from 36 to 44. October saw a bottom end market with 9 of the 11 sales under $500,000 in this hood. Kits condo supply down from 12 months to 10 months (versus 4 months in January). The price range over $400,000 has the most inventory. December had the least number of sales for the month of December for the entire decade.
2008 Listings –Dec 171 , Nov 171, Oct 187, Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
Sales -11. Three sold under $400,000. 6 sold between $400,000 and $500,000 , one over $500K and one over $600K.
2008 Sales – Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38, August 25, Sept 24, Oct 15 , Nov 12, Dec 12
Average Days on the market – January 27, February 18, March 18. April 28, May 28, June 28, July 43, August 37, Sept 32, Oct 36, Nov 44, Dec 68
Average price – Jan $449,600, Feb $486,260 Mar $451,000, Apr $ 476,452, May $492,063, Jun $ 398,350, Jul $439,663 , Aug 416,240, Sept $408,159, Oct $427,850, Nov $408,250, Dec $440,000
Average Selling Price pr sq ft – Dec $498 , Nov $511 , Oct $518, Sept $555
Sale price to list price ratio – Dec 95%, Nov 95%, Oct 96%, Sept 97%
Viewmy other posts for Kitsilano or search for Kitsilano listings. When you’re ready to buy or sell Kitsilano or Vancouver real estate, contact Maggie, an experienced agent marketing Vancouver real estate since 1981this site is updated regularly, subscribe via RSS or email
I’ve just listed this exceptional home in the Pomaria, a luxury building finished in 2007, in Vancouver West – False Creek North. The home has a NW exposure and panoramic views of the False Creek waterfront and English Bay. A fine piece of Vancouver real estate.
Building amenities include central air, exercise centre, guest suite, sauna/steam room, and recreation facility.
Just a short distance to the False Creek Waterfront with breathtaking English Bay views, this desirable corner home has windows on 3 sides. Pomaria was recipient of the prestigious Urban Development Institute Award for best highrise in 2007. Qualex Landmark was the developer, Rafi the architect, and the designer, Robert Ledingham. The building features LEED principles in construction and design.
Inside you will find top of the line stainless steel appliances, Italian porcelain tiles, limestone, hardware, and top-grade carpet. The layout is dramatically open with overheight ceiling and floor to ceiling windows, yet the bedroom are separate, offering total privacy. Two bedrooms plus an office share more than 1,000 sq ft. All appliances, storage locker and secured parking are included. Immediate possession is available.
There are no pet or rental restrictions. Maintenance fee is $360, covering Caretaker, gardening, garbage pickup, gas, hot water, Management, and Recreation Facility.
Visit the Virtual Tour
Contact Maggie Chandler today see this luxury home.
this site is updated regularly, subscribe via RSS or email. when it’s time to buy or sell vancouver real estate, contact maggie, an experienced realtor marketing vancouver homes since 1981
The above graphs show the active listings, sales, sales volume and price ranges for sales for 2008. Read more
The top line shows the average price of houses. The middle line is townhomes and the bottom is condos.
According to the REBGV, sales decreased by 35% in 2008, versus 2007 and prices are down 15.9% for houses and 14.5% for condos and 11.6% for townhomes, from May 2008. Read more
The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.
“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.” Read more
Contracts of Purchase and Sale often contain a clause that the deposit is due within a certain time after acceptance of the contract. Therefore, the final acceptance date becomes important as to when the deposit is due for deposit in the brokerage’s trust account.
WHEN THE OFFER IS INITIALLY MADE BY BUYER it’ll be open for acceptance until a certain time. There should always be a time inserted.
IF SELLER ACCEPTS ALL TERMS, EXCEPT PRICE, they sign and date their acceptance and counter the price. Seller’s counter-offer is open until a specific time.
BUYER REVIEWS COUNTER OFFER and counters back the price, with an open for acceptance date.
SELLER ACCEPTS BUYER’S COUNTER OFFER and initials the price change and time change. This then becomes the final date of acceptance and starts the clock with respect to the requirement for the deposit. For instance, the clause “$1000 deposit upon 24 hours of acceptance of offer”.
Real Estate Council of BC requires that the managing broker ensures that all parties to an agreement giving effect to a trade in real estate are immediately notified if a) a deposit has not been received as per the contract or b) a deposit cheque received by the brokerage has not been honoured. Council Rules require a Notice must be given in writing.
this site is updated regularly, subscribe for free via RSS or email. the above information is deemed to be accurate but should not be relied upon withouth verification