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Tighter mortgage insurance rules, global economic uncertainly and calls for a price correction in the Vancouver real estate market will cause some buyers to delay purchasing. The effect of weaker consumer confidence is expected to dissipate and give way to a more aggressive rebound heading into 2013. Sales are low but the number of new listings is also on a decline which is a key factor in local, stable prices. A positive sales trajectory is expected by the end of 2012 or early next year leading to annual sales gains of 7% in 2013 and 8% in 2014… lacklustre but steady.

The average number of days on market has also increased, giving buyers a bit of breathing room and very limited multiple offer situations to contend with. However, when properties are…

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Although the real estate market is slowing down in terms of sales, that's also pretty typical for May and June. Many areas of The North Shore and Vancouver continue to see multiple offers although they are less common compared to last month. On average, the price differential has tightened up too. North Vancouver's detached sales are the strongest with 34 out of 123 homes being sold for list price or higher. The most popular communites are (still) Capilano Highlands, Lynn Valley and Upper Lonsdale. 

The strongest apartment condo market is in Vancouver West. There were 402 sales, up from last month's 361, and 47 of those units sold for list price or higher. University wins out for the hottest community in May, followed by Kits, Downtown, the West End…

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blog_cap_high_houseWe've had quite a busy this spring thus far, especially in the detached real estate market. Single family homes continue to be in high demand as you can see (below) by the number of properties selling at list price or higher. Capilano Highlands and Canyon Heights in North Vancouver, Ambleside and Dundarave in West Van, and Kitsalano in Vancouver West are among the most popular for buyers and developers alike.

The attached market is moving at a slower pace on the North Shore comapred to Vancouver but the market remains fairly steady. If a buyer is looking for more than 3 bedrooms, choices are limited and fast action is required. However, typically, buyers can look at many options before making a decision. Due to the high number of listings in the…

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When it comes to obtaining a mortgage loan, your credit report is a key piece of the puzzle that will be used to determine how much of a loan you can take out as well as what your interest rate will be. Therefore, it is important for you to have a solid understanding of what your credit report is as well as how it will impact your mortgage loan terms. To that end, here is a look at the type of information you can expect to see in your credit report as well as how to fix your report if it contains errors.

Identification Information

The first part of your credit report will simply contain the information necessary to identify who you are. This information includes:
  • Name
  • Social Insurance Numbers
  • Date of Birth
  • Current Address
  • Previous Addresses
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vancouverrealestate_400This past month the sales to active listings ratio in Greater Vancouver shifted slightly to 15% which places us from the higher end of a buyers’ market into the lower end of a balanced market. This is because home sales remain steady while listing inventory takes a break for the first time this year. There were 4,374 new listings in October which is in line with the 10 year average for new listings. Currenlty, there are 15,377 properties listed for sale in Greater Vancouver, 4% lower than last month.

While the number of sales increased slightly last month, detached prices decreased by 1.6% in October and condos decreased by 3%. Attached properties increased marginally by .5% compared to the previous month. Price stability combined with a healthy…

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Month over month, the consistent rise in our listing count has been outpaced by home sales, keeping a lid on home prices. However, this has pushed the Greater Vancouver housing market into the upper end of a buyers’ market. The number of properties listed for sale on the MLS® rose to 16,085 in September 2011. This represents a 4.6% increase over last month and a 4.4% increase compared to September 2010.

What does this mean for you? Honestly, it really depends on where you live but generally speaking, sellers and their REALTORS® have to work harder for an offer. Home staging is becoming popular for sellers to get top dollar and potentially drive multiple offers. They also need to be more accurate in their pricing because they actually have…

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Sales and new listings were down for August however, recent market activity indicates that we're not done yet! We had a great spell of extraordinary weather which had Vancouverites out and about, trying to enjoy the remainder of what turned out to be a very short summer. Now that fall routines have set in and everyone is back at work and school, the race is on. Buyers and sellers alike are making a last push before the rain (really) begins and the holidays start knocking.

For example in North Vancouver, new listings are coming on at a steady pace and we're seeing some sellers reduce their pricing in an effort to revive older listings. Buyers are taking advantage of the increased inventory and properly priced, move-in ready homes are selling quickly.…

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whiterock_400Sales and new listings are down for July, but they should be compared to June. On the west coast, summer has finally arrived and buyers and sellers alike are headed out to enjoy it! Contrary to some reports, the real estate sky in Vancouver it not falling. No one seems to consider an important factor which happens to also be the most difficult to predict, supply and demand.

Home sellers continued to outpace buyers in July which has helped further shift the Greater Vancouver market toward balanced conditions. At 16.9%, the July sales-to-active listings ratio indicates a healthy balance between housing supply and demand.

Generally analysts say that a market enters balanced conditions when the ratio reaches the 15-20% range. Seller's market conditions…

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halfmoon_400Vancouver and the Fraser Valley are expected to trend toward a 'sellers to balanced' market over the next 18 months while the rest of the province will experience a 'buyers to balanced' market. Vancouver home prices are still on the rise despite a slowdown in the first time buyer market. Single family home sales remain the strong, keeping supply in check.

Already, there are a handful of Vancouver real estate market predictions for 2012. The BC Real estate Association anticipates the provincial average price to increase by a total of 13% for 2011 and a decrease by 2.5% in 2012. Considering the continued demand and limited supply in our beautiful city, things continue to look optimistic. We will explore TD and RBC's housing forecasts in our next post. We…

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whistler_four_seasons_305Well it’s that time of year again, and RE/MAX has released their Recreational Property Report 2011. Studying 46 markets across Canada has shown that recovering stock portfolios and large equity gains in major centres have stirred up real estate markets from coast to coast. Larger selections, greater affordability and pent up demand are creating a strong recreation property market this year, well ahead of the national average. Buyers who held off during the recession are now back in action and have been rewarded with better values and choices.

In Whistler, sales in the first quarter of 2011, are up 58%. While single family homes sales are softening, condo sales are strong and townhouses are on a serious upswing. Demand is at its highest for affordable…

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