Home listings withdraw as sales volume slows!

VANCOUVER, B.C. . February 3, 2009. The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008. New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in Janu- ary 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008. Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009. .Home sales and consumer con! dence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,. Dave Watt, REBGV president said. .Today.s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,. Watt said. Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded dur- ing the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008. Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 com- pared to $378,336 in January 2008. Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.

Taken from www.mls.ca

The Beautiful Mosaic and Fresco Towers

I just finished showing a client a few 2 bedroom units at the beautiful Bosa built Mosaic and Fresco towers in the Brentwood Mall area and I think I have fallen in love!.  The 2 bedroom layouts are excellent with the bedrooms on opposite sides of the room and each with access to their own bathroom.  In the center is the living room and kitchen and big windows with great views!  These units are great to live in but also great for investment purposes.  They have granite countertops, stainless steel appliances (dependent on whether the purchaser had purchased the upgrade package), and huge walk in closets (every girls dream!).  The location is convenient as well.  Right across the street is Save On Foods and Staples and about 5 minutes away if the skytrain station and Brentwood Mall.  Does anyone know anyone that owns units in these buildings that they want to sell?

Should you rent or buy?

Many of my clients tell me that they spend about $1500/ month on rent in a one bedrom in downtown vancouver.  Now lets do some calculations based on a rate of 4.34$ on a 35 year amortization period.  If you were to take out a $300.000 mortgage, your mortgage payments would be $1393.08/month and you would own your place rather than paying off someone elses mortgage.  What would you do?  Would you continue to rent or would you consider your option of purchasing.  It is definitely a buyers market and so buyers have all the power to negotiate with prices and terms.  So if you currently renting and spending between $1500 and $2500 in rent, please give me a call to discuss what options you might have!

I am here to help.

What every first time home buyer needs to know

Being a first time home buyer definitely has its perks. 

1)You are exempt from paying PPT (property transfer tax) which is 1% on the first $200,000 and 2% on the remainder up to a purchase price of $425,000.

2)You are able to withdraw up to $25,000 from your RRSP as a first time home buyer and have 15 years to repay back the amount.  A first time home buyer is defined as someone that has not owned a property for 5 years.

3)You also have a 15% tax credit that you can use towards your closing costs with a maximum credit of $750.

4)You may also take advantage of “Home Renovation Tax Credit” which allows you to take 15% credit till Feb 2010.  To learn more about this program, you can visit http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html#q1. 

With the interest rates at an all time low, affordability is more reasonable and these perks definitely help.  I have worked with many first time home buyers and genuinely enjoy it.  I know how stressful and exciting purchasing a first home may be and would love to be part of that experience.  If you are interested about viewing your options, please contact me http://www.leilanihomes.com/contactMe/index.php

Some Stats from the President of the Real Estate Board, Dave Watt

 I just came back from a seminar with the president of the Real Estate Board of Greater Vancouver, Dave Watt and the senior financial analyst at CMHC, Robyn Adamache and they had some great information and forecasts for the next year.

 Both have said that economic growth in BC has slowed down from last year however compared to the nation we are still above average. 

 

There was a 4.3% unemployment rate in 2008 and it is expected to increase to 4.5% in 2009.

 

From Jan to September 2008, there was 49,851 migrations to BC and the forecast for 2009 is 34,400.

 

Interest rates are expected to increase 50-75 basis points at the end of 2009 to 2010 so take advantage of the low interest rates now by locking in your rate with your mortgage broker.

 

For those that are thinking about purchasing an investment property, stats show that 22% of condos in Vancouver are rented out and there is a 0.6% vacancy rate in Metro Vancouver and a 0.3% vacancy rate in downtown Vancouver.  And with the decline in prices and the low interest rates, it is easier for investors to cover more of their mortgage if not all of their mortgage with the current rent trends.

 

The people seem to be waiting for the housing prices to hit rock bottom but no one really knows when that will be and it is hard to predict.  When most people feel as though it hits rock bottom is when prices have already started to increase and they have already missed that point. 

 

The good news is that sales in Jan 2009 were averaging about 38 sales a day and in Feb 09 we are averaging 77 sales per day so much more activity. 

 

Also, this is a great time to upgrade your unit as the spread is less now than it would be in an increasing market.  For example, if the prices have decreased by 10% and you own a $300,000 place, you lose $30,000 but you gain it in your purchase (say you bought a place for $500,000 by gaining $50,000).  Does that make sense?

 

 

 

 

 

 

 

 

 

Yaletown Park 3

I love the Yaletown Park towers because of the location, the layouts and the finishings.   Built by Wall Financial (who also developed the Sheraton Wall Center and the Canadian) in 2007, this luxury condominium hirise includes 270 suites with 30 floors.  Each unit includes a built in wine rack, italian marble countertops, white or black GE appliances, and maple or cherry laminate cabinetry. 

The building is located right at the corner of Nelson and Mainland with a Starbucks right underneath.  Across from Yaletown and only minutes away from the Vancouver library, Robson Street, GM place, Vancouver playhouse, BC Place, Queen Elizabeth Theatre and all the finest restaurants.  Not only is in an excellent location, the individuals that live within the suites are a mixture of young professionals and young couples.

 

 

1212 Howe

1212 Howe went on sale at the beginning of May 2008.  112 suites selling for less than $400,000.  People were lined up a day in advance for this 18-storey 150 suite concrete tower between Howe and Davie. The suites themselves range from 519 to 915 sqft making them some of the most affordable units in the downtown core. 

They had a one bedroom display suite on the 16th floor in which the view was specatular.  It had views of English Bay and the North Shore Mountains.  These views were seen from both the living room and your bedrooms.  This unit also had a half octagon shaped balcony with enough space to put a couple of chairs and a BBQ for those nice summer days. 

The kitchens were great.  They included stainless steel appliances, granite countertops, porcelain tile floors, and laminiate cupboards.  The bedrooms offer exactly enough space in which to comfortably fit a queen-size bed, and the rooms appear bigger through the smart optic trick of floor-to-ceiling mirrors installed on the closet doors.

The necessities of life are all at hand, from in-suite laundry in all the units to an underground parking stall included with most of them — and amenities such as Fitness World and Tim Hortons are right in the building.

This building is expected to complete in August.

For more details, please visit www.leilanihomes.com.