There were 5,500 new listings added in the month which is slightly down from the same month a year ago but it is the second highest total since 1996.  These new listings pushed the total to over 14,000 which is almost 20% higher than last year.  Because of this the sales to active listings ratio has risen to 18% which puts us right in the centre of a balanced market (15%-20%).  Prices have remained relatively stable in Greater Vancouver for the last 6 months.

The average time on market was 44 days in February which is a little better than the 55 days in January.

In our opinion it is a much need break to first-time home buyers!

The HST changes on new housing will also be in effect starting April 1, 2012. There will be transitional rules between now and April 1, 2013 (when the HST should bid adios completely), but the previous maximum of $26,250 rebate has increased to $42, 500 on homes above $850,000. Homes below $850,000 will be subject to significant HST rebates as well, but depending on when you buy and when the home is complete the rules will vary. 

Contact us if you'd like more information or see: www.pstinbc.ca

Happy Home Hunting,

The Axfords

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:

• The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
• The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
• Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
• For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.

HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:

• entirely under the HST;
• entirely under the PST; or
• partly under HST and partly under the PST.

The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

The Real Estate Board of Greater Vancouver successfully advocated for the following:

• An increase in the threshold value of homes to be covered by the rebate;
• An increase in the rebate amount;
• An announcement of the transition rules for new homes as early as possible.

These factors offer pricing stability and more selection which is great news for Buyers.

This has resulted in the lowest mortgage rate in Canadian history - the five year fixed rate is 2.99%.  This could be enough to entice new home buyers to enter the market and could also benefit existing owners who are looking to refinance their existing mortgage. 

Some economists have begun to question how long housing prices will continue to climb and predicted a plateau in housing sales and inventory. This will likely add a few more months to the spree of housing sales.

Consumers must keep in mind that these rates will be short term and prepare themselves for an future increase at the time they need to renew their mortgage.

This is a housing project for single moms and their children and it already has a waiting list.  The rent is based on 30% of the mother's income and support will be available 4 days a week to help parents connect with YWCA services as well as daycare and education in the area. This project is made possible by the granting of a 60-year lease (for one dollar per year) by the City of Coquitlam, a mortgage provided by key project partner BC Housing and monies contributed by Generous YWCA donors.

Major metropolitan areas in BC varied from city to city.  Vancouver finished 2011 up 17% (17,687 units) while Abbotsford new home construction was up only 3% for the year (543 units).  And Victoria finished the year down 22% from 2010.

For 2012, it is expected that housing starts will grow roughly in-line with new household formations at about 27,500 units. There will be a clear bias toward multi-family units and relatively weak new single family starts.

The total number of properties listed in 2011 was just short of 60,000 which is the second highest amount in the 10 year average.

Even though the market remained relatively balanced for most of the year, higher demand for detached properties in our larger communities caused prices in some areas to rise higher than others (double digit increases were realized in several communities - West and North Vancouver, Vancouver, Port Moody, Burnaby, Richmond and South Delta).  The benchmark price for all properties peaked in June at over 7% increase but has since come down about 1.5%.

In December the total number of sales was 1,658 which is down 12% from last December and 30% from November 2011(it should be noted that December is traditionally a quieter time in Real Estate).  Currently, there are over 11,000 properties for sale on our mls system.

We wish you a healthy, happy 2012.

Santa and his elves were there for photo ops and lots of candy canes.  The tree was lit (eventually) and it's beautiful.  Make sure you come down one evening to enjoy all the decorations.  There are lots of of fabulously decorated balconies as well.

Mark December 1, from 4:00 - 9:00  pm on your calendar to visit the Suterbrook Mall for loads and loads of fun and festivities.

Santa and his elves will be here. Children and adults alike can enjoy the:

Christmas Tree lighting,
Sleigh rides,
Crafts for kids,
Choirs and singing,
Snacks and drinks for all.

Drop by our office at 13-201 Morrissey Road and decorate a Christmas House cookie. 

It's on no matter what the weather is doing so we look forward to seeing you here! Suterbrook is located on the corner of Ioco Road and Murray Street (the Thrifty Market mall).

Our address is 13-201 Morrissey Road, Port Moody  (in Suterbrook Village).

            In many cases, smaller-scale renovation projects recoup more of their initial cost than larger, pricier ones. For example, a minor $20,000 kitchen upgrade and a more expensive $60,000 upgrade will give about the same percentage returns of value on resale.

            Surprisingly, exterior upgrades can recoup more of their costs than interior renovations -- a trend that’s been building for the past five years. A new entry door (and garage doors if necessary) will not only add value but it will improve the Buyers first impressions. Likewise, sliding doors and windows offer a good return on investment.

            Interior improvements retaining the most value include remodeling a little used space like an attic or basement.  And of course, painting and installing new flooring where necessary not only adds value but makes a home more saleable.

            A homeowners’ needs and budgets will dictate their choice of home-improvement projects.

Determining the price of your home is both a science and an art and we think we do it well.

Here are a few things we've learned over the years.

Factors that DO affect a property's value:

• Style, condition, age, decor
• Location
• Time of year and market conditions
• Property and neighbourhood
•  How quickly a seller needs to sell

• Factors that DO NOT affect a property's value:

• What the owner paid when they bought or built
• The cash proceeds the owner wants or needs from the transaction
• What friends, relatives, or neighbours say the property is worth

• Call on our expertise from our 60 years of combined experience for an accurate appraisal of your home.

The number of new listings (4,374) is about the same as the 10 year average and the total number of properties currently listed in Greater Vancouver is 15,377. October is the first month in 2011 that the number of listings decreased from the previous month. Although property values are up from the beginning of the year, they have edged downward from their peak in June.

Price Stability + a Healthy Inventory = More Selection and More Time for Buyers to make a decision.

Market conditions vary from depending on the area and property type.

Please contact us with any questions.

That was the message delivered by the panel of three real estate industry experts, including the Board’ President-Elect Eugen Klein, to a packed house at the Board of Trade’s Bubble Trouble event on October 21. Other panelists included Ward McAllister, president of Ledingham McAllister Properties, and Richard Wozny, of Site Economics Ltd. The panel was moderated by David Podmore, CEO of Concert Properties Ltd.

Each of the speakers presented information that helped to set the overall picture of what they consider to be a solid overall market that is not in the midst of a bubble. But they directed their strongest comments towards the impact that the lack of transitional rules is having on the market right now.

“Potential buyers, especially the under-25 group, are sitting on the sidelines,” said Klein. “It’s also affecting home renovation projects with HST on them because consumers don’t know what to do.”

McAllister was the most vocal in his criticisms, noting that he and his company have been “literally begging” the provincial government for transitional rules since the results of the referendum to repeal the HST were announced.

“What is amazing to me is that it took the government three days to bring this new tax in and now they are telling us it is going to take up to 18 months to unravel,” said McAllister. “This is really hurting us in the new home business because of the uncertainty.”

Both Klein and McAllister noted that they are seeing developers taking on a portion, or even all, of the HST on their product to try and remove that uncertainty for potential buyers.

Other information provided by the speakers suggested that the Metro Vancouver real estate market is healthy and stable.

Wozny forecasted that low interest rates will hold steady into the foreseeable future, which will translate into continuing sales, and McAllister highlighted immigration data that shows that approximately 52,700 immigrants will move to British Columbia in 2011. Of that total, some 42,000 will move into the Metro Vancouver area, meaning that the need for new housing will remain strong.

Klein pointed to steady residential sales driven by high-end property demand in Richmond, West Vancouver and the Westside of Vancouver. He also updated major commercial projects that will add approximately five million square feet of retail space and 1.5 million square feet of office space to Metro Vancouver by 2015.

“Putting the residential and commercial real estate sectors in perspective, the Lower Mainland remains a very desirable place to live and work,” said Klein

Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

There are now over 16,000 current listings - a figure which has increased every month throughout the year. Prices rose in the first half of this year but they have edged down slightly since hitting a peak in June.  These factors combine to give home Buyers more selection and more time to make decisions.  Right now the average time to sell a home in Greater Vancouver is just over 50 days - but this varies with different types of property and different locations.

Buyer activity eased in July but Sellers were active. There were 5,097 new listings bringing the overall total to 15,226 (a total which has increased each month this year).

Looking at a historical perspective, last month the listings were 8.6% higher while the sales were 17.3% lower than the 10 year average.  Because Sellers continue to out pace Buyers our market has shifted to a balanced condition. This factor is determined by the 'sales to active listings ratio' which measures housing supply and demand.  Ours is at 16.9% where 15%-20% is generally considered by analysts to be balanced.  Above that a Sellers market occurs and below that Buyers market takes shape.

Over the last 12 months the benchmark prices increased as follows:
     Detached homes   +13.3%
     Condos                +4.5%
     Townhomes          +6.9%

The average sale time for homes in July was 41 days.

Well we have what you have been waiting for....the winner from the colouring contest at Port Moody's annual Golden Spike Days event over the July 1st weekend at Rocky Point Park.

The winner was a lovely girl named Sarah who was picked in the draw from the coloring contest. We would like to thank all that participated in this event and made it the huge success that it was.

We look forward to next year and more coloring contests to come.

Endless entertainment, a cooperative weather man, loads of activities for families and, of course, the beer garden all contributed to make this event very successful.

At our tent we offered children face painting, a bean bag toss game-including a prize-and our colouring contest.  Stay tuned for the colouring contest draw on July 16 for a basket filled with summer fun activities

!