Vancouver Real Estate Blog

Open House - Meet Mitchell Mingie At His Open House - 2528 York Ave. Saturday February 4th 1-3pm

Truely an inspiration. Elevated high above the Pacific Ocean in Kitsilano, this home has panoramic water, city and mountain views from EVERY room! Perched regally above the street on York Ave in a magical location - just one block to the beach, 4 blocks to shops and restaurants on 4th Ave! This superbly crafted residence features a wide open plan on the main with incredible attention to detail. Features include H/W floors, heritage mouldings & baseboards, hot water radiant heat, 3 gas fireplaces, extensive millwork and trim throughout. Chef's gourmet kitchen with a large island, stainless steel appliances. The gorgeous ensuite takes up the entire top floor! Bonus of a private 2 car garage. This is truly special! OPEN SAT, FEB 4, 1-3 PM.

British Columbia Real Estate Association First Quarter Housing Forecast Update Calls For Average Performance For Housing Market In 2012

Vancouver, BC – January 27, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 First Quarter Housing Forecast Update.“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent from 76,817 units in 2011 to 78,400 units this year, increasing a further 2.7 per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A record 106,310 MLS® residential sales were recorded in 2005.

"While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012,” added Muir.

Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. The average MLS® residential price in the province is forecast to edge down 2.2 per cent to $548,500 this year and remain relatively unchanged in 2013, albeit increasing 0.8 per cent to $553,000.

For a PDF version of this news release, including data table, follow this link:
http://www.bcrea.bc.ca/docs/news-2012/2012-01-27forecast.pdf

Quebec's Provincial Real Estate Association Is Appealing The recent Quebec Court Decision That Upholds The Right Of The For-Sale-By-Owner Firm DuProprio

Quebec’s provincial real estate association will appeal a recent Quebec Court decision that upholds the right of the for-sale-by-owner firm DuProprio.com to put For Sale signs outside properties and to advertise in newspapers.

The court rejected the argument that the unlicensed DuProprio is allowed to act like a traditional real estate broker.

In her judgement, Judge Nicole Martin wrote that DuProprio does not identify itself as a real estate broker and that its advertising does not make it seem that it performs the tasks of brokers. Selling a home is not the exclusive domain of real estate brokers and the way an owner decides to sell a home “belongs to him or her and several options are possible,” she wrote.

In a statement, Robert Nadeau, president and CEO of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), expressed concern about the ruling, which he called contradictory. The court is acquitting a company “that performed actions that gave the impression it was authorized to perform the functions of real estate brokers,” Nadeau said.

The OACIQ maintains DuProprio acts in a matter similar to that of real estate brokers and by doing so confuses the public, which can be left unprotected if troubles arise in the selling or buying of a home.

The court action was started in 2009 by the OACIQ’s predecessor, the Association des courtiers et agents immobiliers du Québec.

Just before Christmas, Nadeau announced the decision will be appealed. “We have serious reasons to believe that DuProprio committed several infractions of the Loi sur le courtage immobilier (real estate brokerage law) and that’s why we’re appealing this decision,” he says.

Bank Of Canada January 2012 Announcement

As you know, your variable rate mortgage, lines of credit and/or student loans are all based on the Prime Rate and as promised, here is your personal update on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.
At 9:00 am EST, January 17^th, 2012, the Bank of Canada again did what we expected
them to do… they maintained their overnight rate. What this means to you
is that the prime rate on your mortgage or line of credit will not change and
remains at 3.00%. This is great news as you still have a great low rate
and so continue to make the most of the low payments you will still have and
maybe chat with a financial advisor about a Tax Free Savings Account or
some RRSP contributions to trigger a potential income tax refund next year!
If you don’t have a financial advisor, let me know and I’d be happy to
recommend one to you.

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

“the outlook for the global economy has deteriorated and uncertainty has
increased… The Bank continues to assume that European authorities will
implement sufficient measures to contain the crisis, although this assumption
is clearly subject to downside risks. The Bank expects the U.S. recovery will
proceed at a more modest pace going forward. For Canada, net exports are
expected to contribute little to growth, reflecting moderate foreign demand and
ongoing competitiveness challenges, including the persistent strength of the
Canadian dollar. In contrast, very favourable financing conditions are
expected to buttress consumer spending and housing activity.”

The outlook hasn’t really changed since the last announcement... they expect that growth will slowly continue but it is anticipated that prime rate might not actually increase until into 2013. When it does start to increase, it is expected to be gradual and controlled in line with economic recovery, both in Canada and globally. Remember any change to the prime rate since 1992 has only been by 0.25% at any ONE time.

We have seen fixed rates remain very low at around 3.29% to 3.49% for a five year
fixed term. Based on this recent announcement, and the anticipation that the prime rate will still remain low for the coming months, unless you feel otherwise, I’d recommend that you remain with your current variable rate product (if you are on a variable rate) as the
interest is very much lower than a fixed term rate right now. However, if having a fixed payment is important to you, call me so I can calculate what your new payment would look like and also if it is suitable for you. The next announcement on any change to the prime rate is March 8th, 2012 at which time I’ll be in touch again.

I wonder if I can ask a favour – rates are so
low right now and so it is a great time to buy a property or consider
refinancing especially as my mortgage specialist can hold rates for up to six months, if you know of someone that is looking for advice on their home or mortgage options, with no
obligation, would you mind passing my contact information on to them – this is very much appreciated.

Festival Of Trees To Support The Campaign For BC Children's Hospital Raised $154,491.53

Thank You To All Of You Who Donated This Year

We had a wonderful time at the Festival of Trees this year, and hope you did too. With incredible corporate and community support, $154,491.53 was raised to support the Campaign for BC Children, in support of a new building for BC Children Hospital. What an amazing total!! For the past six weeks, 45 beautiful trees adorned the halls of the Four Seasons Hotel Vancouver and Pacific Center Mall. Visitors were able to make a holiday wish and vote for their favourite tree by making a donation to BC Children's Hospital Foundation. We are pleased to announce the People's Choice Award goes to: 1st place: THE DELF GROUP, INC! Honorable Mentions go to: 2nd place: TELUS 3rd place: Blake, Cassels & Graydon LLP This event would not have been possible without our Presenting Sponsor, Union Securities; our Venue Sponsors, Fairmont Hotel Vancouver & Cadillac Fairview; or our tree sponsors, who are all listed at www.bcchf.ca\festivaloftrees We look forward to sharing this event with you again next year. Happy New Year!

Whistler Has Received 17.5 Feet Of Snow Already

Wow what a season so far. With over 593 cm of snow in the alpine and 193 cm at it's base, it's time to look at Whistler for a ski trip. For us locals living in Vancouver, we can pop up to ski in 2 hours. One of the benefits about living in Vancouver. Whistler has developed nicely over the years. It used to be only a winter town, but now there are more people exploring and staying in during the summer. That's true.

One of my favourite times to visit is our Canadian Thanksgiving. The hills usually have a dusting of snow. This usually occurs a few days before we get up there. But it has also snowed and left its beauty over the Thanksgiving weekend. The market is open to buy those fresh baked goods at the "Benchland" Base. Plus there is the huge "Turkey Sale" during the Thanksgiving Weekend. I love the long hikes up the side of the mountain and always looking out for bears. I usually see at least one bear on this weekend. Respect the wildlife. Watch from a distance. This is a time when the bears are very hungry as they prepare to hybernate.

REALTOR Care Blanket Drive Donation Neared 19,000 Keeping The Working Poor And Homeless Covered And Warm

Blanket Drive continues to spread warmth to those who need it most

Nearly 19,000 working poor and homeless people across the Lower Mainland received donations of blankets, clothing, and other necessities this year from the region’s longest running Blanket Drive.

Over the years, the REALTORS Care® Blanket Drive has grown to become the largest collection of its kind in our region.

Since 1994, the real estate community has partnered with local charities to distribute items collected in the region, in that time helping more than 185,000 people.

During the REALTORS Care® Blanket Drive, people from across the Lower Mainland benefited from the many contributions distributed through local charities.

“Many people in our community who are struggling financially will be blessed and warm this winter because of the Blanket Drive,” said Lorraine Pilling, clothing co-op manager at Higher Ground Ministry, a charitable organization in Port Coquitlam.

The largest recipient charity in Surrey, NightShift Street Ministries, is an organization that offers outreach services to the homeless including food, clothing and counselling.

“We anticipate the hundreds of bags of coats and blankets we received this year will provide a change of clothes and a fresh blanket to every client who needs it until April 2012,” said MaryAnne Connor, founder/president of Nightshift Ministries.“This donation program is an integral part of our mission to assist those in need.”

Donations collected by Chilliwack and district volunteers were distributed to Ruth and Naomi’s Mission, Chilliwack; the Joshua Project, Hope; and Agassiz-Harrison Community Services, Agassiz.

This year, for the first time, a video blog was created to tell the stories behind the Blanket Drive. Learn how it started, how volunteers collect and sort donations, and how charities distribute the items by visiting www.blanketdrive.ca

The New MLS Home Price Index - What's New, What's Different. - Re-Indexing To Equal 100 In January 2005 As Base 100

As announced in December, a new national home price index will launch in February. This index will replace the MLS®Link Housing Price Index, which has been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. To read the full report follow this link read

Home Sales Increase Last Year (2011) Reports The British Columbia Real Estate Association

Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.

 

"Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year," said Cameron Muir, BCREA Chief Economist. "BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units."

 

Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.

 

BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 per cent lower than in December 2010.

 

Re/Max - Raised More Than $100 Million Dollars For Children's Miracle Network Hospitals

Re/max associates are the driving force behind the $100 Million dollars raised since 1092. Here are just some of the important purchases possible with $100 Million.

- 200,000,000 preemie - size diapers,

-25,000,000 baby blankets,

-20,000 pediatric wheelchairs,

-1,786 Giraffe OmniBed incubators,

-1,370 year long rounds of cancer treatment,

- 432 bone marrow transplants.

While I write this blog, I have behind me a Certificate of Appreciation from Children's Miracle Network that Mitchell Mingie received. It is a constant reminder to me that all children, no matter where they are need our help.