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Property Photo: 11511 TRUMPETER DR in Richmond
I have sold a property at 11511 TRUMPETER DR in Richmond.
Beautiful, executive, 2 level home in "Westwind"-one of Richmond's most sought after neighborhoods. This 3 bedroom, 3 bathroom, 2,178 sq. ft. home built by Greczmiel sits on a very private, 6,402 sq. ft. lot. This home features a newer kitchen, updated bathrooms, sun room, skylights, newer roof, sunny, West facing backyard with in-ground pool & many landscaping features throughout the grounds. Don't miss this rare opportunity to own in one of Richmond's premier subdivions!
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Property Photo: 503 CONNAUGHT DR in Tsawwassen
I have sold a property at 503 CONNAUGHT DR in Tsawwassen.
Highly sought after Upper Tsawwassen location on Connaught Drive. This immaculate home is ideal for families looking for space for everyone. Over 2800 sq ft 4 bedroom/4 bathroom split level home sits on a spacious 7481 sq ft lot. Solidhome featuring beautiful cherry hardwood and vaulted ceiling in the living room, large master bedroom above with a sun-drenched patio, 2 large rec/games rooms in the basement. Large rear deck and private backyard is perfect for summertime fun. This home is ready to move in for the summer. Owners are motivated so bring your offers! Open House: Sun, May 16th, 2-4 PM.
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Property Photo: 432 SEASHELL DR in Tsawwassen
I have sold a property at 432 SEASHELL DR in Tsawwassen.
Immaculate 3 bdrm & den home in Boundary Bay's Centennial Tides. 2 level executive style home with bright open kitchen and family room. Adjacent dining and living room with vaulted ceiling. Huge master bedroom with 4 pce ensuite and walk-incloset. Lots of custom features-skylights, built in cabinets and extra storage space. Mature landscaped yard with SE facing sundrenched rear patio. 1 block to beautiful Centennial Beach & Park. Make this beachside community yours!
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Property Photo: 4950 CEDAR CREST in Tsawwassen
Please visit our Open House at 4950 CEDAR CREST in Tsawwassen.
OPEN HOUSE: Sunday, June 27 2-4PM
Family living at its best! Spacious and private approx 3000 sq ft 2 level family home on a quiet street 1 block from English Bluff School. This solid family home has 5 bedrooms, 3 bathrooms and large games & recreation room downstairs. Ithas had extensive updating throughout including; new bathrooms, windows, doors, laminate, moldings, newer roof, gutters, siding and insulation. Soak up the sun on this large sundeck off the kitchen/living room or in your private southwest exposed back yard. Open House Sunday, June 13th from 2-4 pm.
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OTTAWA – June 16th, 2010 – Statistics released by The Canadian Real Estate Association (CREA) show that home sales activity and new listings in Canada declined in May.

Seasonally adjusted home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards declined nationally by 9.5 per cent in May from near-record level activity the previous month. While activity declined in more than 70 per cent of local markets, the lower national figure resulted largely from fewer sales in Toronto, Vancouver and Ottawa.

Actual (not seasonally adjusted) national sales activity was down 4.3 per cent in May from the same month last year. In a departure from the normal seasonal pattern, national activity levels in May were also down from April levels. This suggests that the combination of changes to mortgage regulations and rising mortgage rates pulled forward a number of sales into April that would have otherwise taken place at a later date.

“May was the first full month in which sales activity was affected by these changes,” said CREA President Georges Pahud. “An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable.”

The seasonally adjusted number of homes that were new listings on Canadian MLS® Systems in May 2010 declined by four per cent from the previous month. This marks the first monthly decline in new listings in eight months. New listings had been climbing sharply, rising from a four-year low last September to the second highest level ever last month.

The number of homes listed for sale on Boards’ MLS® Systems at the end of May was up 5.4 per cent from levels at the same time last year, when the supply of homes for sale on the market had started declining.

The national average price of homes sold via Canadian MLS® Systems rose 8.5 per cent in May from a year ago. This is a smaller increase compared to those recorded over the past nine months.

“Supply and demand has become more balanced in a number of major markets,” said CREA Chief Economist Gregory Klump. “Homebuyers now have more choice and are likely be in less of a rush to purchase than they were recently, so the amount of time it takes to sell a home is expected to rise in the coming months.”

With last year’s string of downwardly skewed average price values having now mostly passed, year-over-year national average price comparisons are coming back into line with changes in the national weighted average price.

The weighted average price compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 8.4 per cent on a year-over-year basis in May 2010. Similarly, the residential average price in Canada’s major markets was up 9.8 per cent year-over-year in May, while the weighted major market average price rose 10.7 per cent.

The actual (not seasonally adjusted) number of months of inventory stood at 5.3 months in May 2010. This is up from 4.8 months at the same time last year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

On a seasonally adjusted basis, months of inventory stood at 6.1 months in May, the highest level since last April.

“The number of months of inventory may rise further in response to easing sales activity and a further rise in the number of active listings,” said Klump. “However, the number of newly listed homes will ultimately retreat in response to a more competitive sales and pricing environment in a number of local markets. The outlooks for the Canadian economy, employment, and mortgage market trends remain upbeat, so supply and demand will remain balanced on a national basis. Canada will avoid a U.S.-style home price correction.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 96,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at

http://www.crea.ca/public/news_stats/pdfs/Media_May10rpt_e.pdf

 
 

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Property Photo: 307 2777 OAK ST in Vancouver
I have sold a property at 307 2777 OAK ST in Vancouver.
Fantastic location! Spacious, bright southwest corner on the top floor of this popular Twelve Oaks building in VGH neighbourhood. Recently renovated unit with new kitchen, laminate flooring, carpet, paint & appliances. Wrap-around patio,large master bedroom, separate dining area, insuite laundry & great storage. Heat & hot water included in maintenance fee. Nothing to do but move in to this immaculate home in a solid building. Pets welcome. Open house Saturday & Sunday May 8th & 9th 2-4 pm.
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I have sold a property at 432 Seashell Dr. in Delta.
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Property Photo: 4950 CEDAR CREST in Tsawwassen
Please visit our Open House at 4950 CEDAR CREST in Tsawwassen.
OPEN HOUSE: Sunday, June 13 2-4PM 4950 Cedar Crescent
Family living at its best! Spacious and private approx 3000 sq ft 2 level family home on a quiet street 1 block from English Bluff School. This solid family home has 5 bedrooms, 3 bathrooms and large games & recreation room downstairs.Updates include; bathrooms, windows, doors, laminate, mouldings, newer roof, gutters, siding and insulation. Soak up the sun on this large sundeck off the kitchen/living room or in your private southwest exposed back yard. Open House Sun June 20th from 2-4 pm.
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Property Photo: 4950 CEDAR CREST in Tsawwassen
I have listed a new property at 4950 CEDAR CREST in Tsawwassen.
Family living at its best! Spacious and private approx 3000 sq ft 2 level family home on a quiet street 1 block from English Bluff School. This solid family home has 5 bedrooms, 3 bathrooms and large games & recreation room downstairs.Updates include; bathrooms, windows, doors, laminate, mouldings, newer roof, gutters, siding and insulation. Soak up the sun on this large sundeck off the kitchen/living room or in your private southwest exposed back yard. Open House Sun June 20th from 2-4 pm.
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OTTAWA – June 2, 2010 – The Canadian Real Estate Association (CREA) has lowered its forecast for home sales via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations. The revision reflects a weaker than expected start to the year in British Columbia, and recent developments that pulled forward the timing as to when sales are expected to ease in other provinces.

CREA’s previous national forecast was heavily influenced by British Columbia and Ontario forecast trends, and this remains the case in the revised forecast. While sales activity is unfolding as expected in Ontario, the decline in affordability in British Columbia impacted sales in the province during the first quarter.

Additionally, changes to mortgage regulations announced in February are expected to marginally impact activity. The changes prompted some homebuyers to finance their home purchase before the new regulations took effect in April, which pulled forward a number of sales that would have otherwise taken place at a later date.

April also saw the Bank of Canada drop its conditional commitment to keep interest rates on hold until at least July, opening the door to an interest rate hike before then. Indeed, on June 1st, the Bank announced its decision to raise its trendsetting overnight lending rate by 25 basis points to a ½ a per cent, and indicated it expects the rate of growth to slow for consumer spending.

“Interest rates are expected to rise slowly and at a measured pace during a new era of government spending restraint, so home financing will remain within reach for many homebuyers,” said CREA President Georges Pahud.

CREA had previously forecasted sales would remain at elevated levels through the first half of 2010 before easing in the second half of the year and over 2011. While the forecasted trend for activity has not changed in CREA’s revised forecast, it has been pulled forward, with the fourth quarter of 2009 marking the peak of national activity. This has had the effect of lowering the forecast for national activity over the rest of the year and in 2011.

National activity is forecast to reach 490,600 units in 2010, up 5.5 per cent from 2009 and the second highest annual level on record. Lower expected activity in British Columbia accounts for more than half of the downward revision in national sales activity. Annual activity in Alberta was also revised downward due to weaker than expected activity in the first quarter. Ontario is still expected to see a record number of sales in 2010, but by a smaller margin than previously forecast.

Interest rate increases will contribute to weaker national sales activity in 2011. Transactions via the MLS® Systems of Canadian real estate Boards are forecast to decline 8.5 per cent to 448,700 units in 2011. Although this is a similar percentage decline compared to CREA’s previous forecast (-7.1 per cent), the downward revision in national activity levels for 2010 means that the forecast level for sales activity in 2011 has also been revised downward.

The national average home price is forecast to climb 1.6 per cent in 2010, reaching a record $325,400, with average price gains forecast in all provinces. The downward revision from the previously forecast 5.4 per cent gain reflects lower forecast sales activity in British Columbia, where most transactions are priced well above the national average.

All provinces are forecast to post modest average price gains in 2011, except British Columbia and Ontario. The forecast decline in activity is sharpest in these two provinces, with higher-priced transactions weakening most. Average prices are forecast to sag in these two provinces in the second half of 2010 before stabilizing next year. As the Ontario and British Columbia shares of national activity edge lower, there will be fewer higher priced properties in the calculation of the national average price. The national average price is forecast to decline by 2.2 per cent in 2011 as a result.

“With interest rates soon expected to rise, Canada is widely believed to be entering a typical demand-driven downturn due to recent prices increases and rising interest rates,” said Chief Economist Gregory Klump. “A downward trend in national sales activity combined with an increase in listings will result in a more balanced market.”

“In keeping with the return of a balanced housing market and typical demand-driven housing market cycle dynamics, prices will remain stable,” he said. “Canada’s solid mortgage market trends, conservative lending practices, and prudent borrowing by homebuyers means that Canada will avoid the massive realignment in housing supply and demand being experienced in the United States. Accordingly, Canada will avoid a U.S.-style housing price correction.”

http://www.crea.ca/public/news_stats/pdfs/forecast_news_release020610.pdf

(CREA 06/02/10)

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For the first time since 2007, the Bank of Canada raised its target for the overnight rate by one quarter of one percentage point to 0.5 per cent on June 1, 2010. The Bank rate was raised to 0.75 per cent and the deposit rate was unchanged at 0.25 per cent, thereby re-establishing the normal operating band of 50 basis points.

The Bank had been keeping its benchmark interest rate at the lowest possible level for more than a year to stimulate the fragile economic recovery.

The Bank noted that while that global economic recovery is well under way, it is unfolding unevenly on a global basis. It characterized the ongoing imbalances as “strong momentum in emerging market economies,” and “some consolidation of the recovery in… industrialized economies,” counterbalanced by the “possibility of renewed weakness in Europe.”

The Bank keyed in on current volatility in the European markets as the largest downside risk to global economic growth saying, “Recent tensions in Europe are likely to result in higher borrowing costs and more rapid tightening of fiscal policy in some countries.”
The Bank noted that spillover into Canada from events in Europe has resulted in a modest decline in commodity prices and some tightening in financial conditions.

The Bank downplayed slightly stronger than expected inflation and economic growth saying, “CPI inflation has been in line with the Bank’s April projections,” and “activity in Canada is unfolding largely as expected.” It also played up the idea that consumer spending would soon subside: “Going forward, household spending is expected to decelerate to a pace more consistent with income growth.”

As of June 1st, the advertised five-year conventional mortgage rate stood at 5.99 per cent. This is down 0.66 per cent from one year earlier, but stands 0.14 per cent above where it stood when the Bank made its previous interest rate announcement on April 20, 2010. It is also one half of a percentage point above where it stood at the beginning of the year.

“The Bank left its options open as to whether it will raise rates again when it makes its next interest rate announcement on July 20th,” said CREA Chief Economist Gregory Klump. “I expect it will raise rates by another quarter of a percentage point at that time, but will take a pause at some point later this year, especially since interest rates in the U.S. are likely on hold until next year.”

“Even though they are on the rise, mortgage rates will still be at low levels that are housing market friendly, with home financing remaining within reach for many homebuyers,” he added.

The Bank will make its next scheduled announcement on July 20th.

http://creastats.crea.ca/natl/interest_rate_trends.htm

(CREA 06/01/2010)

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