USA Market...Home prices jump 2.2% in May 2012

``Following is an article that came out today reporting for the second straight month in a row (May 2012 being the most recent) the U.S Housing market had shown signs of Receover. In May 2012 home prices climbed 2.2% on average versus the previous month. I personally do not see this price recovery trend gaining much momentum as I still think there are too many homes that the banks own that have not gone through foreclosure or have not been counted in the foreclosure tally. Combined with the traditional slower summer months, I feel that a continuation of a sideways pricing market will continue for the remainder of the 2012 US home price average. However if you as a Canadian are thinking of buying your first property in the US market, the next year to year and a half will provide the best opportunity of getting in near the bottom. Call me if you are thinking about buying in the US home market and I can discuss the pro`s and cons`s about that potential and help you move towards that goal.``

Cheers, Roland Kym

NEW YORK (CNNMoney) -- In a sign that the U.S. housing market is recovering, home prices rose for the second straight month in May, according to an industry report issued Tuesday.

Home prices climbed 2.2% compared with a month earlier, according to the S&P/Case-Shiller 20-city home price index. Prices are still off 0.7% compared with May 2011, but that's the lowest year-over-year decline in 18 months, according to David Blitzer, a spokesman for S&P.

The report gave support for industry experts who have been saying that the long-awaited housing market recovery is underway. But Blitzer sounded a note of caution.

"We need to remember that spring and early summer are seasonally strong buying months so this trend must continue throughout the summer and into the fall," he said.

Adjusted for seasonal effect, the price gain shrank to 0.9%, but that's still a strong increase.

0:00/3:56Housing market not out of the The roller coaster ride for home prices took them up 106.5% between January 2000 and their high of July 2006. After they peaked, prices lost more than 34% of their value. The gains of the last two months have pared that loss to 33%.

 

All 20 cities in the index posted positive returns, led by Chicago, where prices rose a whopping 4.5% month-over-month. In Atlanta, where prices dropped 17% over the 12 months ended in April, turned that around in May with an increase of 4%.

Other big winners were San Francisco, up 3.9%, and Minneapolis, where prices rose 3%. The smallest gain was recorded by Detroit, where prices inched up 0.4%. Phoenix posted the best annual return by far, up 11.5%.

"Investor money has come in to some of the hard-hit markets like Phoenix and Florida cities," said Mike Larson, a real estate analyst with Weiss Research.

That has helped stabilize housing by shrinking inventory.

Related: Where home prices are rising the fastest

The strength of the gains was unexpected. A panel of experts put together by Briefing.com had projected a year-over-year decline of 1.8% but the big jump in May prices led to the more modest 0.7% dip.

Larson pointed out that Case-Shiller is a lagging housing market indicator. It is a three-month rolling average through the end of May, so some of the data is almost five months old. Back then, the overall economy seemed to be on the upswing and unemployment was dropping.

Those improvements have flattened out. The unemployment rate actually ticked up in May to 8.2% and stayed at that level in June.

"Momentum will fade as we enter the summer months," said Larson. "The broad economy can't seem to generate much growth."

SOURCE: Money.com

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Open House today, 1pm to 4pm at 747 PENDER Street

We are proud to announce that this Jul 28th, 1:00 PM to 4:00 PM we will be hosting an Open House at 747 PENDER Street E in the Mount Pleasant VE neighborhood, Vancouver East. This is an opportunity to visit this excellent House for sale in beautiful Mount Pleasant VE.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Mount Pleasant VE House for sale.

As always please do not hesitate to give me a call at 604-737-8865 if I can answer any questions before the open house, or if you would like to book a private showing.

See the full gallery on Posterous

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BC New Housing Rebate (HST) for Secondary Vacation or Recreational Homes …..Top 28 grants and rebates for property buyers and owners....For the next month I will feature a new grant or rebate each day!

4. BC New Housing Rebate (HST) for Secondary Vacation or Recreational Homes

Buyers of new or substantially renovated secondary or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portions (7%) of the 12% HST paid to a maximum rebate of $42,500. Home priced at $850,000+ are eligible for a flat rebate of $42,500.

www.hstinbc.ca/buying_goods/buying_a_home/new_home_tax_calculator

1.800.959.8287

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BC New Housing Rebate (HST)…..Top 28 grants and rebates for property buyers and owners....For the next month I will feature a new grant or rebate each day!

3. BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $850,000 are eligible for a provincial enhanced New Housing Rebate of 71.43% of the provincial portions (7%) of the 12% HST paid to a maximum rebate of $42,500. Home priced at $850,000+ are eligible for a flat rebate of $42,500.

www.hstinbc.ca

1.800.959.8287

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GST Rebate on New Homes …..Top 28 grants and rebates for property buyers and owners....For the next month I will feature a new grant or rebate each day!

2. GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.

Canada Revenue Agency www.cra.gc.ca Enter ‘RC4028’ in the search box.

1.800.959.8287

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Top 28 grants and rebates for property buyers and owners....For the next month I will feature a new grant or rebate each day!

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

Canada Revenue Agency www.cra.gc.ca Enter ‘Home Buyers’ Plan’ in the search box.

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Canadian home sales edge lower in June (CREA Stats from July 16, 2012)

Ottawa, ON, July 16, 2012 - According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity edged lower on a month-over-month basis in June 2012. Price gains remained strong in Toronto, continued slowing in Greater Vancouver, and accelerated in Calgary.

Highlights:

• Home sales down 1.3% from May to June.
• Actual (not seasonally adjusted) activity stood 4.4% below levels in June 2011, marking the first year-over-year decline since April 2011.
• The number of newly listed homes climbed 1.4% from May to June.
• Fewer sales and a rise in new listings resulted in a more balanced national housing market.
• The national average home price slipped 0.8% on a year-over-year basis in June.
• The Aggregate Composite Benchmark home price was up 5.12% year-over-year in June.

Sales over Multiple Listing Service® (MLS®) Systems in Canada eased 1.3 per cent on a month-over-month basis in June 2012. This follows a 3.4 per cent decline posted in May. National activity was down from the previous month in slightly more than half of all local markets, with Greater Toronto and Vancouver contributing most to the small decline.

“Canada’s housing market lost a little altitude in June, but it’s still flying pretty high,” said Wayne Moen, CREA President. “That said, sales activity and average prices bucked the national easing trend in a number of markets, which underscores that all real estate is local. Buyers and sellers should talk to their REALTOR® to understand how the housing market is shaping up in their area.”

Actual (not seasonally adjusted) activity was down 4.4 per cent in June 2012 compared to the same month last year. This marks the first year-over-year decline in national activity since April 2011.

Boosted by strong activity in March and April, a total of 257,193 homes traded hands over Canadian MLS® Systems in the first half of 2012. This is up 4.7 per cent from levels reported over the same period in 2011, and marks the strongest sales for the first half of any year since 2007.

“Home buyers didn’t rush their purchases before the most recently announced changes to mortgage regulations came into effect,” said Gregory Klump, CREA’s Chief Economist. “That’s a big change compared to what we saw as a response to previously announced changes. It will take some time before the compound effect of previous and recent changes to regulations on Canada’s housing market becomes apparent.”

The number of newly listed homes rose 1.4 per cent in June compared to May. The uptick was led by a second consecutive increase of new supply in Toronto. Some 42 local markets, out of 100 markets across the country, registered a monthly increase in new listings of at least one per cent.

The decline in sales activity combined with an uptick in new listings resulted in a more balanced national housing market in June. The national sales-to-new listings ratio, a measure of market balance, stood at 51.7 per cent in June 2012, compared to 53.1 per cent in May. Based on a sales-to-new listings ratio of between 40 to 60 per cent, nearly two thirds of all local markets were in balanced market territory in June as the number of sellers markets declined.

Nationally, the number of months of inventory stood at six months at the end of June, up slightly from 5.9 months of inventory at the end of May. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in June 2012 was $369,339, down 0.8 per cent from the same month last year. While average sale prices in June were up year-on-year in about seven out of every 10 local markets, the national average price continued to be skewed downward by compositional factors – most notably by fewer sales in Vancouver in recent months compared to stronger levels last year. By way of demonstrating the impact of compositional changes on the average calculation, netting Vancouver out of the national average price calculation yields a 3.2 per cent year-over-year increase.

The MLS® Home Price Index (MLS® HPI) is a more accurate measure of Canadian home price trends, since it is not distorted up or down by changes in the mix of sales (see Chart A). It tracks home price trends in five of Canada’s most active housing markets, including Greater Vancouver, the Fraser Valley, Calgary, Greater Toronto, and Montreal. These markets account for nearly half of all home sales activity over Canadian MLS® Systems.

The Aggregate Composite MLS® HPI rose 5.1 per cent from May to June 2012. This represents a slight deceleration from the 5.2 per cent gain reported in May.

The year-over-year increase was again highest in Greater Toronto (7.9%), followed by Calgary (5.6%), Greater Montreal (2.7%), the Fraser Valley (2.6%), and Greater Vancouver (1.7%).

Among Benchmark housing types tracked by the index, two-storey single family homes continued to post the strongest year-over-year growth in June (6.6%). Gains for one-storey single family homes (6.0%) also surpassed the rise in the overall index, while townhouses and apartments saw more modest gains (3.1% and 2.7% respectively).

Year-over-year-gains have moderated in all Benchmark housing categories except one-storey single family homes. Driven by increases in Greater Toronto and Calgary, prices in this category rose at the fastest pace in nearly two years in June.

- 30 -

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.

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 104,000 REALTORS® working through more than 100 real estate Boards and Associations.

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Have you read about the new BC program?

THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS

The B.C. First-Time New Home Buyers’ Bonus is a new temporary measure designed to provide tax relief during the transition period back to the PST for families and individuals who are purchasing their first home and will assist the residential construction industry by encouraging purchases of newly constructed homes.

The bonus will be available in respect of purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale was entered into, on or after February 21, 2012 and before April 1, 2013.

 

Requirements to Qualify for the Bonus
You will qualify as a first-time new home buyer if:

• You purchase or build an eligible new home located in B.C.;
• You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;
• In the case of multiple buyers of a home, each buyer must be a first-time home buyer having never owned a primary residence anywhere in the world;
• You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);
• You are eligible for the B.C. HST New Housing Rebate; and
• You intend to live in the home as your primary residence.

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Building permits hit highest level in five years

Building permits hit highest level in five years

 

Statistics Canada says municipalities issued $7-billion worth of building permits in May, up 7.4 per cent from April and the highest level since May 2007.

The jump followed a 4.4 per cent decline in April.

The agency says the increase was largely due to higher construction intentions for institutional buildings in Alberta, British Columbia and Saskatchewan and for multi-family dwellings in British Columbia.

 

The value of residential building permits increased 8.5 per cent to $4.1-billion, following four consecutive monthly declines.

Non-residential construction intentions rose 6 per cent to $2.9-billion after a 7-per-cent decline the previous month.

The value of building permits increased in seven provinces in May, led by British Columbia, Saskatchewan and Alberta.

Source: The Globe and Mail, July , 212

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Sold Over Asking...

Terrific location to everything in the prominent River Heights Neighborhood. This amazing 4 bedroom/3 bathroom home has been tastefully care for, and recently updated with meticulous style and design. Featuring an open kitchen with stainles s appl...

 

http://www.rightpricedrealty.com/RecentSales.php/Details/247#viewdetail

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JUNE Greater Vancouver Real Estate Stats are in as follows:

JUNE Greater Vancouver Real Estate Stats are in as follows:

 

Greater Vancouver housing market favoured buyers in June

The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 per cent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent decline compared to the 6,927 new listings reported in May 2012.

At 18,493, the total number of residential property listings on the MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.

“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.

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