| Thursday, September 2, 2010 Vancouver Sales Statistics - August 2010by Wade Allen on Thu, Sep, 2, 2010 02:28 PM Categories: 1st time home buyers, Buyers, Financing, First Time Home Buyers, Interest Rates, Market Trends, Mortgage Rates, Real Estate, Sales, Statistics, Vancouver Real EstateNumber of Sales still low, Prices staying pretty strong
August in Vancouver saw pretty similar numbers to July, where the number of listings and sales were low in comparison to 2009. They were of course much stronger than 2008 when the sky was falling, and historically the number of sales in Vancouver West for August (516) is actually a pretty average August looking back 10 years.
Doom and gloom seems to be the flavour of the month so far, but it seems to be just headlines backed by loose data and theories that are doing nothing more than selling papers and not giving any real solution.
April 2010 was the "Peak" of the Vancouver market, with average sale prices across Greater Vancouver decreasing 2.8% since then. A typical Vancouver market always peaks in the spring, slumps in the summer (yaaeeeyy SUN!!!), picks up in the fall, and then dies in the winter months.
So why is this year any different? Because there's nothing else to report? Because any bad news is good news for fear mongering?
In a week this will all be old news because summer is over, people are back at it, the markets will pick up, and the September numbers will be strong. Comparing 2010 to 2009 or 2008 are a waste of time because the conditions were completely different. '08 was crash time, '09 was recovery time, and now we seem to be in a nice balanced market........but hey, that's not exciting enough to report.
Wednesday, June 9, 2010 Vancouver Real Estate Statistics - May 2010by Wade Allen on Wed, Jun, 9, 2010 01:13 PM Categories: 1st time home buyers, Buyers, Financing, First Time Home Buyers, Interest Rates, Market Trends, Mortgage Rates, Mortgages, New Developments, Real Estate, Sales, Statistics, Vancouver Real EstateMay market offers buyers greater selection
The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.
In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.
New listings for detached, attached and apartment properties totalled.....CLICK TO READ MORE Wednesday, March 10, 2010 Vancouver Real Estate Statistics - February 2010by Wade Allen on Wed, Mar, 10, 2010 11:22 AM Home Sales Activity Strong through Olympic Period
The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.
More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.
Tuesday, July 21, 2009 Bank of Canada Holds Key Rate Steadyby Wade Allen on Tue, Jul, 21, 2009 09:11 AM The Bank of Canada announced this morning that it will leave its key interest rate unchanged at 2.25%. The Bank also reiterated its commitment to hold its key rate at the current level until the end of the second quarter of 2010, conditional on the outlook for inflation.
In its statement the Bank noted that in Canada, “stimulative monetary and fiscal policies, improved financial conditions, firmer commodity prices, and a rebound in business and consumer confidence are spurring domestic demand growth. However, the higher Canadian dollar, as well as ongoing restructuring in key industrial sectors, is significantly moderating the pace of overall growth.”
Lenders are expected to keep their prime lending rate steady. Variable-rate mortgages, variable-rate credit cards, and home equity lines of credit are typically linked to a lender’s prime rate.
Pricing for fixed-rate mortgages is not directly affected by today’s announcement.
What does this mean for our Vancouver Real Estate Market? Well currently we have a lot of action from buyers who are locked in at their low fixed rates for the next 60-90 days. Most people are locked in around 3.75%. You can also get a variable rate of Prime + 0.6% (2.85%). If after another 2-3 months when those who have locked in have not bought a home, they will be forced to go with today's 5 year fixed rate of 4.25% (which is still incredibly low). But it also might make sense to look at a variable mortgage because a 1.4% difference between the two rates is very attractive. Tuesday, March 24, 2009 Incredible Rate Offeredby Wade Allen on Tue, Mar, 24, 2009 02:48 PM Hey Everyone,
I am excited to let you know that a lender is currently offering a rate of 3.99 fixed for 5 years. This is special for purchases ONLY closing in the next 45 days. This low rate really helps people feel secure for their affordability moving forward.
Ex.
Purchase Price: $300,000
Down Payment: $30,000
Monthly Mortgage Payments: $1420
Please contact me with any questions:
604-868-3242
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