The Inside Scoop....

The Bank of Canada hiked its key interest rate by .25 today, for the second month in a row, and most lending institutions are expected to raise their prime lending rates in response.  This will affect those with variable rate mortgages, however, fixed rate mortgages are not affected by today's rate announcement.  Mortgage holders or potential borrowers should consult with their mortgage professional to figure out the best strategy as it relates to their personal financial situation.

It feels like the summer of 2008.  In the first 2 quarters this year, housing prices on the Westside continued to rise, due to a lack of inventory, pent up demand, and low mortgage rates.  April, May and June brought a large number of listing to the market at the same time that buyers were nearing the end of the dealine before a change in mortgage qualification rules.  Prices have peaked in June, and are on a softening trend.  The latest Housing Price Index by the Real Estate Board of Greater V ... Full Article...

Over the past week, there has been a 6% decrease in the total inventory of homes for sale in Vancouver's Westside.  In fact, the number of new listings hitting the market has been declining every week in the month of June.  In March, April and May, there was a significant rise in listing inventory, but that seems to be stabilizing or perhaps dropping.  With that said, the total inventory today is at 3,516 units.  Fixed mortgage rates dropped slightly, and prices have stablized over the past mon ... Full Article...

Over the past four weeks, the average number of new listings in the Westside is 295, while the average number of properties sold is 137, or a sale to list ratio of 46%.  While this makes a balanced market, the average number of price changes is 174.  Properties are taking a  little longer to sell, and Sellers need to price their properties sharply.  In this market, over-pricing at the outset will lead to Sellers chasing the market as it continues to find its balance. 

Over the past week, we have seen the listing inventory stablize, and sales increase slightly over previous weeks.  There are now 3,597 properties for sale in Vancouver's West Side, compared to 3,268 at the end of April.  The sale to list ratio for the past week was 58%, up from the past 3 weeks, which were (respectively) 47%, 38% and 44%.  Bank of Canada interest rates will be announced next week.  Some fixed term mortgage rates have dipped by .10% over the past couple of weeks, and "prime minu ... Full Article...

One cannot help but notice a lot of "For Sale" signs in most neighborhoods.  The listing inventory in the West Side of Vancouver is now 3,563, an increase of about 1,000 units in the past 60 days.  In spite of a rising inventory, the weekly sale to list ratio has remained fairly consistent.  But what is noticeable is that we are seeing fewer "over list" sales, and properties which were priced in anticipation of escalating prices are being reduced.  Properties that are well priced are selling qu ... Full Article...

Detached:  The current Housing Price Index released by the Real Estate Board of Greater Vancouver indicates that the Benchmark Price of a Detached home on the Westside is now $1,656,986, a positive change of 47% from one year ago.  The number of new listings for the month of April, 2010 has increased by 68.2% from March, but the number of sales also increased by 60%.  All in all, the Detached market on the Westside has remained strong, whereas we may be seeing some signs of weaking in the Condo ... Full Article...

The Real Estate Board of Greater Vancouver recently issued a notice to all members that due to the high volume of new listings being submitted, the data input department will be working until 9 pm until further notice.  Some of the major banks have increased fixed mortgage rates by an addtional .15%, from the recent increase of .60%.  Sales continue to be strong, and multiple offers continue, as Buyers compete to get the best listings before rate holds expire. Look for the market to bump around ... Full Article...

The current listing inventory on the West Side is now 2,920, up from 2,229 six weeks ago, with the most significant increase in listings in condominiums.  The number of detached listings is 560, up from 422 six weeks ago.  Over the past week, we saw the most number of new listings posted in any week, year to date, but we also saw the most sales reported in a single week this year.  Over the past week, there were 420 new listings and 202 sales reported, or a sale to list ratio of 48%.

Detached:  The current Benchmark Price of a detached home in the Westside is $1,656,986, an increase of 47% over the past year, according to the Housing Price Index just released by the Real Estate Board of Greater Vancouver.  That huge increase takes into account an unexpected rebound from the bottom of the market in the first quarter of 2009.  A low supply of inventory during the first quarter of 2010, coupled with strong demand predominantly from offshore buyers has kept pressure on detached ... Full Article...

The good news for buyers is that inventory levels are increasing, and mortgage rates have dipped slightly.  One can get a 5 year fixed rate as low as 3.79% upon approval.  However, the Olympic hiatus is over, and sales are also increasing.  Over the past week, it really feels like the spring market is upon us.  Here's the relevant market data in the Westside: Week Ending March 12 March 19 March 26 New Listings 396 370 378 Sold Listings 119 133 162 Sale to List Ratio 30% 36% 42% Total Invent ... Full Article...

Over the past week, there has been a marked increase in the listing inventory, however, many of the new listings are in the upper end of the price spectrum.  The number of sales reported was down slightly from the previous week, and the sale to list ratio was only 30%.  Total ctive listings in the Westside are now at 2,436, up from 2,229 in the previous week.  The largest increase was in the Condominium category, and inventory of Detached houses remains low.

The latest release of the Housing Price Index shows a benchmarch price of $1,667,089 for Single Family Detached Homes on the West Side of Vancouver.  With a current inventory of only 422 detached homes, 320 of those homes are priced over $1,5 million.  The number of detached homes for sale is 39% lower than it was in February, 2009, while units sold are up 30%.  In the past week, we saw a modest spike in new listings, however, many of those listings are 1 bedroom condominiums in the Downtown ... Full Article...

Considering that Vancouver has been hosting the largest International event that we will ever see for years to come, the real estate market has been fairing not too badly.  Although we saw significantly fewer new listings hit the market last week, the number of sales reported was 97, compared with an average of 120 over the past 7 weeks.  The total inventory now sits at 2,115, only a marginal increase from the previous week.  Inventory of Single Family Homes remains low, at 431, which is keepin ... Full Article...

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 tha ... Full Article...

The premium being charged over Prime for some Variable Rate Mortgages have now been reduced to zero "0" with some lenders. For now, Variable Rate mortgages on new business, will float at Prime, which is currently 2.25%. As attractive as these rates are, remember that interest rates WILL go up, as soon as Bank of Canada deems it viable to do so.  If the risk of rising rates will impact your ability to make monthly payments, consider locking in at some of the attractive fixed rates.  As always, ... Full Article...