HOUSING MARKET STABILIZING

Residential unit sales on the Multiple Listing Service® (MLS®) in BC are forecast to decline 12 per cent to 60,755 units this year, largely the result of a weak first quarter. How-ever, home sales have climbed out of the trough recorded during the winter months, posting double-digit gains for three consecutive months on a seasonally adjusted basis. Despite the recessionary environment, home sales are now more in line with expectations. Home sales going forward will likely mirror the level experienced at the beginning of the decade, before the most recent bull market. Recent elevated sales activity is expected to continue for the balance of the year and through 2010. BC MLS® residential sales are forecast to climb 10 per cent to 66,740 units next year.
1. Sources: CMHC, BCREA Forecast

Real estate values in Metro Vancouver continued to show signs of recovery in April,

Real estate values in Metro Vancouver continued to show signs of recovery in April, as buyers nudged prices higher for the second month in a row.

The latest figures from the Real Estate Board of Greater Vancouver showed the benchmark price for a typical home — an aggregate including detached, attached, and apartment residences — rose to $499,000 in April, up about $9,000 from the month before.

At that price range, homes are roughly equally to the price range just over two years ago, but still well below the typical value of $565,000 in April of last year.

The figures also showed an increase in the number of sales, with almost 3,000 units changing hands in April, compared with just over 2,200 in March, as more buyers took advantage of record-low mortgage rates.

The number of new listings remained low, with about 4,600 homes added in April, compared with more than 7,000 in the same month last year when the market was starting to fall. The total number of home listed remained roughly the same, however, as many homes remained unsold.

"We're seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio," said real estate board president Scott Russell, "The result is a relatively stable market in which homes are being realistically priced."

B.C.'s plunging real estate prices leveling off:

Plunging prices in B.C.'s residential real estate market are leveling off, according to the latest forecast issued by the British Columbia Real Estate Association.
"The majority of the decline in home prices has already occurred," said association chief economist Cameron Muir, in a report released on Tuesday.
"Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There's now little downward pressure on home prices in these areas," said Muir.
As a result, the real estate association has revised its forecast for the year, predicting the average listed price for a residential property in B.C. will decline eight per cent to $420,600 in 2009, instead of 13 per cent as originally forecasted at the beginning of the year.
Prices have stabilized because of increased demand, with seasonally adjusted home sales rising over the past three months, according to Muir.
"First-time buyers were largely absent in the late fall and winter, making it more difficult for move-up buyers to sell their current homes. The chain of ownership is now being oiled," he said.
Lower home prices and record low interest rates have reduced the carrying cost of the average priced home 24 per cent over the last year, according to Muir.
"A significant increase in affordability has brought many first-time buyers into the market," he said.
Muir expects stronger consumer demand to continue for the balance of the year and residential sales in 2010 to climb 10 per cent.

We are officially starting a new BNI group that meets Tuesday mornings, in the Mt Pleasant Area of Vancouver

Today I am looking to find a Mortgage broker for our new BNI group… do you know of anyone to refer?
With more than 5,000 chapters internationally, and 51 chapters in British Columbia, BNI is the largest professional referral organization in BC and the world!
As you know there are several key features to the BNI program including:
• We allow only one profession or specialty in a chapter so that each member benefits from all referrals in the field.
• Each week we meet to share the qualified referrals members discovered during the previous week.
• We believe in and become masters at word-of-mouth referral marketing which is rapidly becoming the best way to build ones business.
• We are structured, positive and supportive and operate within a strong code of ethics. This self-discipline helps assure quality business service.
If you would like to join our new chapter, please contact me directly.
You may also obtain more information about BNI at either www.bnibc.ca or www.bnicanada.ca

# 201 1220 E PENDER ST~ MLS# V768292

I have just listed a great Loft. This unique 1193 square feet 1 bedroom and 1 bathroom loft features 16+ ceilings. This amazing live & work loft is situated in highly desirable extended-Strathcona area. The main entrance opens onto polished cement floors, which lead past your spacious bathroom with a soaker tub. Your kitchen is completely modernized & fully fitted, opening to your spacious living room and eating area/dining room, a walk in pantry, up a flight of stairs to your second level bedroom. 18 1/2 foot ceilings, make this space bright and airy. Pets and rentals allowed. **OPEN HOUSE - SAT MAY 30th, 3-5PM**

Buyer activity brings greater stability to the housing market

(Article from: http://www.rebgv.org/news-statistics/buyer-activity-brings-greater-stability-housing-market)

VANCOUVER, BC – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.

“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

Bright spots in Greater Vancouver in April 2009 compared to April 2008:
Detached: Vancouver West - up 59.5 per cent (193 units sold from 121)

Attached: Port Coquitlam - up 69.6 per cent (39 units sold from 23)
Richmond - up 17.9 per cent (132 units sold from 112)
Vancouver West - up 46.3 per cent (98 units sold from 67)

Apartments: North Vancouver - up 29.2 per cent (84 units sold from 65)

Vancouver’s real-estate market is coming back to life.

Vancouver’s real-estate market is coming back to life.

But it’s not the one that existed before the crash, because the investments and property values of boomers were severely hit by the recession, and they will end up with different buying habits as a result.

That’s the big-picture message expected today when Vancouver’s prime condo marketer, Bob Rennie, gives his annual state-of-the-city address to developers and builders.

Mr. Rennie said that sales are starting to increase, but the new buyers are predominantly young people who had nothing to lose in mutual funds or property. Now, encouraged by lower prices and low interest rates, they are coming back.

He said that in the past four months, 444 downtown condos less than 10 years old were sold. Of those, almost two-thirds went for less than $350,000.

With only 741 more condos currently listed for sale downtown, Mr. Rennie’s statistics indicate there’s more demand than supply. Those kinds of numbers were echoed in other municipalities.

“I believe the tide’s turned in the last 60 days,” he said, echoing others in the development industry over the last couple of weeks.

But Mr. Rennie will be warning that developers can’t just go back to old models from last year, when the boom was still on. Instead, they need to focus on that lower-income group in a way they haven’t before.

“If you want yesterday back, kill yourself. We have to pay attention to local incomes and we have to re-invent the starter condo,” Mr. Rennie said. “We were loading it up with too much luxury.”

As for the older customers who used to be more affluent, “we have to re-evaluate the boomers.” They are still buying, but are hunting much harder for a bargain.

Mr. Rennie’s speech last year, which was a sell-out for the Urban Development Institute, was filled with optimistic-sounding numbers that appeared to run counter to the growing uncertainty about the housing market.

But, although he delivered his traditional upbeat message, Mr. Rennie also noted that the demand for housing in the Lower Mainland was estimated to be 7,000 units, according to statistics on migration into the area, but that builders completed 8,400 units. Few people listened.

This year, his 2008 numbers show an estimated demand for 7,200 units while developers built 13,400. When he gave his talk last May, the signs of over-supply were there – 58 per cent of the available units were unsold.

Now, Mr. Rennie will be talking about the dangers of under-supply.

“Watch the construction starts,” he said. “They are scarily low.”

Special to The Globe and Mail

We are looking to start a new BNI chapter in Vancouver BC

We are looking to start a new BNI chapter in Vancouver BC. We are hoping that you will be interested in joining this amazing networking opportunity.

BNI is like having dozens of sales people working for you. All BNI members carry with them several of your business cards to have at the ready when an individual might mention an interest in your product or service.

With more than 5,000 chapters internationally, and 51 chapters in British Columbia, BNI is the largest professional referral organization in BC and the world!

As you know there are several key features to the BNI program including:

• We allow only one profession or specialty in a chapter so that each member benefits from all referrals in the field.
• Each week we meet to share the qualified referrals members discovered during the previous week.
• We believe in and become masters at word-of-mouth referral marketing which is rapidly becoming the best way to build ones business.
• We are structured, positive and supportive and operate within a strong code of ethics. This self-discipline helps assure quality business service.

If you would like to join our new chapter, please contact me directly.

If you are aware of a business or individual who might enjoy learning more about us, please pass along our contact information. You may also obtain more information about BNI at either www.bnibc.ca or www.bnicanada.ca

Best of success to you and thank you for your interest in BNI

Thank you,
--
Roland Kym
Sutton Group - West Coast Realty
Cell : 604 970-0393

www.rolandkym.com

http://rightpricedrealty.blogspot.com/

1. Get a Pre-Approval

1. Get a pre-approval

Pre-approved home buyers are prepared, willing and ready to succeed. Why? Because pre-approved buyers are financially qualified to purchase their home and are considered more serious than buyers who are not. Nothing feels worse than finding the ideal home in the perfect area and then not being able to get the financing to close the deal. Finding the right home is a big undertaking and will require a lot of time & energy of you and your trusted circle of advisors (mortgage broker, realtor, legal, inspector, etc). A pre-approval will provide as a reality check! “Remember that you cannot buy Champaign on a beer budget, BUT THAT DOES NOT MEAN THAT YOU CANN’T BE CHOOSY. Pick the best dam beer you can find, let me work with you to find you this beer.” Written by Roland Kym

Great Time to Buy In Western Canada

Three Reasons to Take Advantage of Today’s Low Interest Rates

Article by Celeste Magnusson
1. First Time Buyers

Qualifying for a mortgage is a balance of income, existing debts, and capacity to make your monthly mortgage payments. The calculation is made using current interest rates; therefore, the lower the rate, the greater your ability to borrow. For example, last year a $300,000 purchase with 5% down at the five year fixed rate would have required a combined annual family income of $70,000. Today, that same $300,000 purchase at current five year fixed rates requires a combined annual family income of only $59,500. A significant difference, which has made homes that were unattainable in past years, suddenly within reach for many people.


2. Trading Up

For families considering moving up to a larger home, now is the time to consider making that move. Monthly payments are more affordable than ever, and locking in at today’s low rates for a fixed term makes sound financial sense. Take a $400,000 mortgage for example: last year at five year fixed rates, the monthly payment would have been $2100 per month. Today, that same mortgage payment, at current rates, is much less at $1700 per month. That is a savings of $400 per month. Combine this with the decrease in housing prices, and you can get a lot more in a home for your money.

3. Refinancing

Anyone who is currently in a fixed term mortgage should may want to consider refinancing at a lower rate. Although most fixed term mortgages will have a penalty to pay out early, it makes sense to consult a mortgage professional who can help you determine if your interest savings at a lower rate merit paying the penalty now. Not only could you save money in interest over the term of your mortgage, but you could also lower your monthly payment significantly. Plus, using the equity in your home to consolidate debt and pay off high interest credit cards and lines of credit is an economical way to reduce your overall monthly debt payments.

I HATE renting!

"But I can't afford to buy...."

Many people would like to start building equity in their own home, but are held back by concerns about cost. In fact, the Canada Mortgage & Housing Corporation estimates that 40 per cent of renters in Canada today can afford to buy their own home.

If affordable housing options are available to nearly half of all renters, what's holding them back?
Sometimes the media reports of housing prices can give a misleading impression about the cost of home-ownership. The media typically reports median or average prices without explaining the distribution of home prices behind those figures.

A median is that price at which half the homes sold for more while half sold for less. That means that there are just as many homes that sold at a price lower than the median than those that sold at prices higher than the median price. The median price doesn't give any indication of the spread of these prices. Many properties are sold for much lower - or higher, of course - than the median price.

An average price is the total dollar volume of homes sold for a particular period, divided by the number of units sold. Average prices are typically reported for the sales activity in a given area for a given month, quarter or year, and provide a snapshot of past activity. Average prices of properties sold in the past give only a limited indication of what housing inventory for sale is priced at today. An understanding of the housing in a particular community is needed to put average prices into perspective. For example, sales of a new sub-division or townhouse project of larger, upscale homes at higher prices will bring the overall average price up, giving the impression that all housing prices have risen. In reality, prices for the older, smaller housing units in the community may not have changed, or they may have even dropped.

A better measurement technique is the housing price index (HPI), which tracks the price of a typical, or benchmark property. HPI statistics can often provide a new depth of interpretation to average and median statistics. Ask your REALTOR® whether this technique is used in the area where you wish to purchase your home.

A REALTOR® with experience in the community in which you're interested in buying can provide a knowledgeable market analysis and show you what is available within your budget.

Criteria for Purchasing Rental Property

Written by FrugalTrader on Jul 5, 2007 filed under Real Estate

Any real estate investors out there? I started in the whole real estate game when I graduated from University in 2003. My wife and I bought our current primary residence in the summer of 2003, and our first rental property not long after.

Let me just tell you that being a landlord is like having a second job, and not always fun at that! I’ve had to deal with all kinds of tenants - from very good to insanely bad. The type of tenant that you pick to live in your investment will make a world of a difference. Point being - be picky over your tenants.
Anyways, back to the point of the post, my criteria for purchasing rental property. I have some set rules that have to met before I purchase an investment property.
These rules include:

1. The property must be cash flow positive.
• Find out what the market rent is for the area, you can typically find this through real estate agents, other real estate investors, or simply by viewing the rental listings in your newspaper.

• Subtract this by the expected expenses with the rental property. Some expenses include: Mortgage, property/water tax, insurance, maintenance, vacancy, and property management costs.

• Your CASH FLOW must be positive from day one.
• If you live in a very expensive housing market and rents don’t cover the mortgage, then I would suggest not becoming a landlord. It simply doesn’t make sense to purchase a property in the “hope” of appreciation. It will only be a matter of time before the property will suck the life out of your own cash flow.

2. Nice neighborhood with low vacancy rates relative to the rest of the city.
• From my experience, it is ideal if you own a house in a nicer neighborhood because you can charge higher rents with lower vacancy rates. I have also found that nice houses attract nice tenants.

3. I prefer houses that are in good shape and move in condition.
• I’m personally not the handiest of people (getting better), so I would prefer houses that don’t need a lot of work. I don’t mind buying home that need minor cosmetic changes (paint, cleaning etc), but no major work.

4. I prefer to buy houses that are under market value.
• You all know that I’m frugal, so I always look for a deal whenever I buy ANYTHING. Housing is no exception.

• Ways to find houses under market value - landlords who are sick of being a landlord, houses that need cosmetic work, pre-foreclosures, foreclosures, and listed houses that have been on the market for a while. I could go on and on about this topic, but that is beyond the scope of this article.

May 05, 2009 Sutton Mortgage Rates

Work with Roland Kym and you can receive these mortgage rates, only certain Sutton Realtors can provide Canada's Lowest Mortgage Rates!

TSX over 10,000, back where it was 6 months ago

Last Updated: Wednesday, May 6, 2009 | 5:07 PM ET
CBC News
Three-month track of the TSX composite index
A rise of more than 200 points Wednesday pushed the Toronto Stock Exchange composite index over 10,000 for the first time in six months.
The S&P/TSX index closed up 265.71 points at 10,146.43, driven by a big gain in energy issues.
Oil and gas stocks rose as oil prices gained $2.50 US a barrel to $56.34 — a new high for 2009 — in futures trading on the New York Mercantile Exchange.
But the strength was widespread, with more than two issues advancing for every one that fell.
The energy sub-index was up 4.6 per cent, but gold rose 4.4 per cent and mines 3.8 per cent. Financial issues were also strong.
The index last closed over 10,000 on Nov. 4, when it ended at 10,116.
The move through 10,000 was given a big boost Monday, when better-than-expected U.S. data on construction spending and home sales pushed the index up 373 points, the biggest one-day gain this year.
But even at 10,146, the index is still more than 4,200 points below the close a year ago. On May 6, 2008, the index ended the day at 14,414.
Toronto's gain was 2.4 per cent, twice the rise in the Dow Jones industrial index in New York. The Dow added 101.63 points to 8,512.28.
Nasdaq rose 4.98 points to 1,759.10.

Buyer activity brings greater stability to the housing market

VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.

“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

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

Detached:

Vancouver West up 59.5 per cent (193 units sold from 121)

Attached:

Port Coquitlam up 69.6 per cent (39 units sold from 23)

Richmond up 17.9 per cent (132 units sold from 112)

Vancouver West up 46.3 per cent (98 units sold from 67)

Apartments:

North Vancouver up 29.2 per cent (84 units sold from 65)
Posted by Right Price Realty at 1:59 PM

U.S. March pending home sales index up 3.2%

WASHINGTON (MarketWatch) -- The housing market improved in March, a trade group said Monday. The pending home sales index rose 3.2% compared with February and was up 1.1% compared with a year earlier, the National Association of Realtors reported. The pending home sales index is based on sales contracts signed on existing homes. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit," said Lawrence Yun, chief economist for the real estate group. Sales typically close within six weeks of a signing. At that point, they are included in the existing-home sales report.

Location, location, location Using new online search tools to find neighbourhoods that suit buyers

Search tools like zoocasa.com (above) finds property listings based on a buyer's criteria, then locates them in the neighbourhood and provides comparable sales data.
Photograph by: zoocasa.com, .

With new research-based search tools cropping up all the time, the Internet is no longer just a place for house hunters to find property listings.

Their search tools will show you amenities in the neighbourhoods you are looking at, where the schools are and in the City of Vancouver, even who your neighbours might be.

Web-savvy Vancouver realtor Kye Grace, with Sutton West Coast Vancouver, has dug up some tools that are rich with information consumers can use to help figure out where they want to live before heading out to look at homes.

With Metro Vancouver real estate prices and interest rates falling, more new -- and tech-friendly -- buyers are interested in exploring the market.

"Where online searches work well is, they can hyper-focus your search," Grace said.

Grace, who conducts all of his marketing online and is an advocate of social media, including the new networking phenomenon Twitter, points to a few websites.

Zoocasa (www.zoocasa.com) is a good place to place to start. It finds lists of properties for sale that meet a consumer's search criteria for locations in major Canadian cities.

Links from those listings locate the homes within a neighbourhood and point out schools.

"What I think is neat, if you click on 'more details,' [Zoocasa] will show you schools, it will show you recent sales that are somewhat comparable," Grace said.

For those focused on Vancouver, Grace suggests the site Blocktalk (www.blocktalk.ca), which is a good spot for consumers to start gathering information about neighbourhoods they're not familiar with.

Blocktalk will, by neighbourhood, locate an address on a map and give you an indication of who your neighbours would be.

Type an address into the search field, or click on a locator map, Blocktalk will build a detailed neighbourhood profile of the people who live there from age and income to ethnic origin using census information.

"It gives you an idea who you would be living around and breaks down occupations, ages and how people get to work," Grace said.

Grace also recommends using the site Walkscore.com, which marries Google Maps with business listings to show the walking distance from an address to the nearest shops, restaurants, grocery stores and other amenities.

These online tools, Grace said, can help take some of the leg work out of searching for a home, but you still do have to go out and look at the listings that catch your fancy.

"When it comes to buying a home you can love, nothing online can replace the feeling you get when you see [a listing] outside or inside," Grace said.

depenner@vancouversun.com

Metro Vancouver Real Estate Sales Bounce Back

Real estate sales have bounced back in March compared to February, up 53 per cent in Metro Vancouver, 48 per cent in the Fraser Valley and 34 per cent on Vancouver Island.
Moreover, in some areas prices showed signs of recovery as well.
The numbers are still down significantly from last March but are still encouraging, said Paul Penner, president of the Fraser Valley Real Estate Board, where prices have eked up slightly.
“All the stats are encouraging,” Penner said. “They are going in the right direction.”
Fraser Valley realtors had more than 1,000 sales in March, the first time that level has been reached since last July. But sales are still down 24 per cent from a year ago.
Benchmark prices are also down, just over 10 per cent from last March, though many areas saw small price increases between March and February.
Overall, the average benchmark price was 1.3 per cent higher than in February, at $409,662, though condominiums were down slightly and townhouses were flat.
Things are looking up, Penner said. “Traffic is way up, the amount of phone calls coming into the offices has increased dramatically, the activity is definitely up,” he said.
But Penner won’t predict if the market has reached bottom.
“Hopefully this trend will continue and so far I haven’t seen anything that would lead me to believe it won’t,” he said.
Vancouver area sales jumped the most among the boards reporting numbers Thursday, yet volumes were also down about 24 per cent from last March. And benchmark prices were down month over month for detached homes and townhomes, though not for condominiums.
In March the benchmark price for a detached home in Greater Vancouver — which extends from Squamish to South Delta and Pitt Meadows — was $649,342, down from $653,452 in February, and 15 per cent lower than it was in March 2008.
Townhouses were $420,563 in March, compared to $426,268 a month earlier, and 11 per cent cheaper than in 2008.
Condominium prices went from $333,134 in February to $337,099 in March, which was 13.5 per cent lower than a year earlier.
Jamie Boyle, a realtor with Remax Select Properties in Vancouver, says the market has really picked up in the last six weeks.
“Compared to February, March was nuts,” Boyle said.
And Boyle has the proof. He recently received 17 offers on a property he had for sale near Prince of Wales secondary school which after only a couple of days on the market sold for $1.208 million, above the $998,00 asking price.
Boyle has seen multiple offers this year but usually they are below the asking price, he said. His sale was unique because of the uniqueness of the property, which was in a great location, and was larger than an average city lot.
“I must have had 100 phone calls [on the listing],” Boyle said.
“I think it bodes well for the market,” he added.
The Vancouver Island Real Estate Board — which covers Vancouver Island north of Victoria and Saltspring Island — had 31 per cent fewer sales of single-family dwellings [the only stats that are provided] in March than a year earlier, despite its 34-per-cent jump from February. Prices for the month were up 3.45 per cent, though still six per cent lower than a year ago.
“I think consumer confidence is starting to return,” said Ray Francis, president of the VIREB.
Prices have dropped and with low mortgage rates, people are willing to get into the market, Francis added. “And we live in the most beautiful place in the world, or at least in Canada,” he said.
fionaanderson@vancouversun.com

Canada's Lowest Mortgage Rates

Work with Roland Kym and you can receive these mortgage rates, only certain Sutton Realtors can provide Canada's Lowest Mortgage Rates!

Tips on Applying for a Mortgage in Today's Market

In today's market banks are taking a more cautious approach with qualifying consumers for mortgages.

Before starting your search for the perfect mortgage be prepared so you can negotiate the best rate.

Simple Tips for Shopping for a Mortgage:


1. Employment Verification: Have your job letter and pay stub handy - no paystub how about a T4. If you are self employed obtain 2 - 3 years of your tax returns (Notice of Assessments). Can't find them - you can contact Revenue Canada to reprint and mail you a copy.

2. Downpayment Verification: Many banks today want to ensure your downpayment is obtained through savings, and not being borrowed from a line of credit or cash advance from a credit card. Copies of your passbooks, bank statements, RRSPs, GIC's etc in advance are extremely helpful. The majority of lenders will be looking for a minimum of 5% downpayment plus evidence that you have a sufficient funds for closing costs. (lawyers fees, land transfer tax)

3. Credit: Credit Score is key. If you are not sure of your credit score - you can apply on-line with www.equifax.ca to review your personal file. Read our little blog on how to analyse your credit score below.


Tips for Refinancing Your Mortgage

If you are currently locked into a long term mortgage at a higher rate we suggest calling your existing Bank first to review any discharge fees. Many consumers believe to break a long term mortgage only costs about 3 months interest penalty. But, read the fine print and you might notice - it is 3 months interest penalty or the "differential" whichever is higher.

It might be wise, before considering switching mortgages confirm your discharge penalty. In many cases the cost to break a mortgage might outway the savings of a lower rate.

If your mortgage is coming up for renewal - we suggest shopping around 90 days prior to your renewal.

May we also suggest the same tips in preparing to shop as above - Tips for Shopping for a Mortgage.

At's all about being prepared to help you Save as much Money as possible on your Mortgage Rate.

How the Home Buyers Plan (HBP) Works

How the Home Buyers Plan (HBP) Works

Most young people, have some money in an RRSP. In this particular situation, using the RRSP First Time Home Buyers Plan (HBP) can be of great benefit.
What is the HBP?

The RRSP Home Buyers plan is a program that allows first time home buyers to withdraw up to $20,000 $25,000 (as of 2009 federal budget) from their RRSP towards their first home TAX FREE.
How does it work?
If you are a first time home buyer, you can withdraw up to $25,000 out of your RRSP tax free! If you are purchasing the home with a spouse, you can both withdraw $25k EACH from your accounts. In terms of repayment, you have up to 15 years to pay back your RRSP starting the second year after the year of withdrawal (from govt website). At this time 1/15 of your borrowed amount must be paid back / year.
What’s the catch?
• In terms of penalties, if you don’t repay 1/15 of the borrowed amount / year, you’ll have to add the amount as income.
• You MUST be a first time home buyer and a resident of Canada at the time of withdrawal.
• You MUST purchase/build the home before Oct 1 after the year of withdrawal.
• RRSP contributions of up to 90 days before the withdrawal date can be used towards the HBP.
Why would I do this?
This is one of the only ways to withdraw from your RRSP tax free and a great way to get yourself into the real estate market. Some may argue that you’re missing out on growth in your RRSP while the money is borrowed. However, I think that if you get a good price for your first home relative to others in the neighborhood, the appreciation of the home will hopefully make up for this.
On top of that, aggressive RRSP contributions after purchasing the home should be part of the plan. Here is the government site that explains the HBP program in detail: Home Buyers’ Plan (HBP)

Vancouver Voted as #1 City Again

Economist.com

With a rating of almost 100, Vancouver is the world's most livable city according to the Economist Intelligence Unit’s latest live ability ranking (see full report). The city, which will host the Winter Olympics in 2010, achieves the best possible score for all indicators, with the exception of prevalence of petty crime. Canada and Australia perform strongly because they benefit from good infrastructure, plenty of recreational activities and relatively low population density. The threat of violence and instability puts half of the ten lowest scores in Africa, and continuing strife in Zimbabwe keeps Harare in last position.

The Economist Intelligence Unit’s live ability rating quantifies the challenges that might be presented to an individual's lifestyle in 140 cities worldwide. Each city is assigned a score for over 30 qualitative and quantitative factors across five broad categories: stability, health care, culture and environment, education, and infrastructure. The categories are compiled and weighted to provide an overall rating of 1–100, where 1 is considered intolerable and 100 is considered ideal.