We've just made it through Week 1 of the Olympic Games in Vancouver, and I must say, it is feeling like the euphoria and excitement around the City has overshadowed any sense of normality.  A False Creek resident, I live in the hub of activity, a 10 minute walk to Granville Island, the Live City venues, BC Place and GM Place, and all the other central attractions that have been oh so crowded.  It feels a bit like there is a party happening in my living room, while I am in the bedroom. 

With that said, the statistics for the past week have closely mirrored the previous week.  Listing counts remain stable at 2,096 total, and there are still only 424 Detached houses for sale on the Westside.  The coming week will tell the story of how the Olympics have affected property sales, as those are reported about a week after the sale date.  Over the past two weeks, there have been 160 and 140 sales reported, consecutively.

On February 16th, Federal Finance Minister Jim Flaherty announced that homebuyers looking to qualify for a government-backed mortgage after April 19, 2010 will need to meet 3 new requirements:

• require that all borrowers meet the standards for a five-year fixed rate mortgage, even if they choose a mortgage with a lower interest rate and shorter term.
• lower the maximum amount Canadians can withdraw in refinancing their mortgages, to 90% from 95% of the value of their homes.
• require a minimum downpayment of 20% for government-backed mortgage insurance on non-owner occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent, and cautious steps today to help prevent one.  Our Government is acting to help prevent Canadian households from getting over-extended, and acting to help prevent some lenders from facilitating it," Minister Flaherty said in a press release.