Here are the latest statistics for January 2013 Sales. It definitely shows that number of sales have declined but prices have remained fairly flat. Sellers are taking their homes off the market rather than sell at prices lower than what they expect. It is still a great time for Buyers due to the lowest interest rates in history and level of inventory. There are signs in February 2013 that sales are starting to heat up. Waiting for the 30-40% drop in prices will never happen due many factors. Feel free to contact me so I can fill you in. Enjoy the Buyer’s market out there and take advantage of it.

January home sales remain quiet

Home buyer demand remains below historical averages in the Greater Vancouver housing market. This has led some home sellers to remove their homes from the market in recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,351 on the Multiple Listing Service® (MLS®) in January 2013. This represents a 14.3 per cent decrease compared to the 1,577 sales recorded in January 2012, and an 18.3 per cent increase compared to the 1,142 sales in December 2012. continue…

Here is a quick explanation by the Vancouver Real Estate Board of the new transitional rules for HST/PST.

Government announces new HST/PST housing transitional rules
The government today announced the HST/PST transitional rules on new homes.As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include: continue…

Here is a great article forwarded to me by Lisa Holly of  Dominion Lending regarding  recommendations to increase interest rates.

The Canadian Press, On Thursday July 14, 2011, 4:10 pm EDT
By The Canadian Press

OTTAWA – The C.D. Howe Institute’s monetary policy council recommended Thursday the Bank of Canada raise its target for the overnight interest rate.

The group of economists recommended the central bank raise the key rate by a quarter point to 1.25 per cent at its rate announcement next week.

Bank of Canada governor Mark Carney is expected to keep rates on hold at one per cent when the announcement is made July 19.

“The principal theme of the group’s discussion was the contrast between the Canadian domestic scene, which most attendees felt justified a more restrictive stance by the Bank,” the think tank council said in a statement. continue…

Here is great information forwarded to me by Lisa Holly of Dominion Lending.
CANADIAN HOMEOWNERSHIP COSTS EASE FOR SECOND CONSECUTIVE QUARTER: RBC ECONOMICS
• TSX -7.49 to 13,956.19 Capital flows out of stocks toward more defensive investments — such as precious metals and oil — accelerated throughout the day, suggesting that fears continue to grow over the potential impact of a revolt in Libya on the North African country’s oil production.
• DOW -107.01 to 12,105.70
• Dollar +.23c to 101.15c USD as the greenback lost traction against other major currencies and the loonie finally found backing from rising oil prices.
• Oil +$2.68 to $98.10 USD per barrel prices briefly surged past US$100 a barrel (highest since Oct 08) amid fears that escalating tensions in the oil-rich Middle East could cause a global crude shortage. Libya is the world’s 12th-largest exporter of crude, accounting for two per cent of global daily output. Traders are also worried that the revolt could spread to other oil-producing countries in the region. Barclays Capital estimates that as much as one million barrels per day of Libyan production has been shut down so far.
• Gold +$12.90 to $1414 per ounce .
• Canadian 5 yr bond yields markets -.02bps to 2.61. The spread (based on the MERIX 5 yr rate published rate of 4.14%) is good and high in the comfort zone at 1.53. http://www.tmxmoney.com/HttpController?GetPage=BondsAndRates&Language=en
The rate of return on your bond, can be read through a yield curve, If the increase in bond yield continues to go up, the spread will continue to shrink and this could be a trigger for interest rates to rise. Currently lenders are looking for a spread between 1.35 and 1.55 continue…

Here is an article by Professor Moshe Milevsy of York University’s  Schulich School of Business about how to handle the rising interest rates facing us. Definitely worth a read. It may give you a different perspective on today’s market.  Any mortgage questions please feel free to contact Lisa Holly of Dominion Lending who forwarded this article to me: lholly@dominionlending.ca

Here we go, again. The economy is generating more jobs, a handful of banks raise mortgage rates and all of a sudden you’re being advised to lock-in your mortgage before the bank doors slam shut. In fact, some say you’d better hurry-up and buy a house now before mortgage rates go so high you’re locked-out of the housing market for ever.
This is not the first time that mortgage rates are on the brink of blooming only to fade a few months later. This has happened more than a handful of times in the last decade. The headlines are often the same. A month or two of increasing mortgage rates, the public is urged to act now, and then a few months later something unforeseen appears on the horizon. continue…

Mortgage rates are set too go up after Tuesday February 7th, 2011

Mortgage  rates are going to go up 25 points after tomorrow night.

Make sure to get in touch with your mortgage specialist either today or tomorrow in order to lock in a low rate for 120 days. continue…