Market Trends Newsletter

Home sales activity strong through Olympic period

The Greater Vancouver housing market continued to experience strong demand Small Picfrom homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

 “We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.

“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.

At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.

Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.

Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.

Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

How to help your child cope with moving anxiety

Moving can be stressful for every member of the family—children Small Picincluded. Depending on the age of children, their fears about a move vary from child to child, but most children approach the idea of moving with some hesitation.

One out of five Canadian families move into a new home each year. Some families experience a stressful time two weeks before and two weeks after a move. For many families, the actual move is a time when everyone pitches in and works together. Reality starts to sink in about a month later. People then begin to realize how much they miss friends and places they left behind. Confusion, frustration, and anger are common emotions at this time. Even if you are upgrading to a bigger house in a nicer neighbourhood, adjusting can be very difficult.

If the move is coupled with financial problems, a death or divorce, this can makes the problem worse, stretching children's coping skills to the limit. Short-term counseling may help children through this challenging time.  It often takes as long as two years before children begin to feel comfortable in their new home.

No matter what the reason for a move, coping is especially tough for kids. Small children thrive on predictability and their sense of security is closely tied to familiar faces, places and activities. Older children will feel the social impact of a move the most. They miss old friends and worry about making new ones. For pre-teens and teens, fitting in is of the utmost importance and having to re-establish themselves in a new and possibly very different social environment is a scary prospect.

Fortunately, there are several things you can do to make the move easier on your kids.

1. Share the news
As soon as a decision has been made to move, share it with your children. Encourage your child to discuss the future transition by asking questions such as, "What have you been thinking about the new place?" Make a list of your child's concerns and together try to find answers to the questions. When speaking about the move, be enthusiastic and upbeat so that your children will view moving as an exciting adventure.

2. Encourage your child to participate in the moving decisions and preparations
Consult with your child about the décor of his or her new room. Let your child pick the paint colour, the fabric for curtains and bedspread, and choose posters for the walls. Younger children typically resist change of any kind. If this is the case with your child, it may help to replicate the décor and furniture arrangement of his or her old room as closely as possible.
 
3. Move during the right time of year
Sometimes, holding off your move can be difficult, especially when it comes to job situations.  The start of the school year is often the ideal time to schedule a move since it will offer your children the most exposure to neighbourhood kids. Chances are that there will be more than one "new kid" in school. If your child does not want any added attention, this will help him or her blend in with the rest of the student body. It is also best to avoid switching in the middle of the year, as this can have a huge affect on your child's grades.

4. Allow your children ample time to say goodbye to their friends before your move
Although the days leading up to the move will certainly be a bit hectic, a going away party can really help your child cope with moving. One of the main objectives to coping with any type of situation is finding closure. Saying goodbye to friends is very important if you want to help your child to better cope with moving.  Encourage children to exchange addresses and telephone numbers so that they can keep in touch after the move. Remember, your children's friends will feel a loss after the move too.
  

5. Make meeting new friends easier for your child
The best way to help your child cope with moving is to make meeting new friends easier. Allowing and even encouraging your child to invite friends over to the house is a great way help your child make new friends. If you move during the summer, you may want to help your child find new friends. Whether your child meets other children from the new neighbourhood, the park, the public swimming pool or anywhere else, you will be able to feel comfort knowing that your child has made some new friends—which is a major step in coping with a move.
 

6. Let your child know it is natural to feel apprehensive
He or she may be fearful of not being accepted by peers. Share childhood memories of times when you were worried about a new situation. Relate the good things that happened like how you met your best friend or that your new teacher was one of your favourites. Keep the days leading up to the transition as positive as possible.

7. Encourage your child to participate in after school activities
It is believed that children who participate in after school activities feel as though they fit in better, mainly because they feel as though they "belong". Encouraging your child to join a group, club or organization of his or her choice is a great idea. It just may be one of the best ways for your child to find new friends or experience some sense of belonging. After school activities may be one of the main keys for a child to cope with a move.

8. Invite your child to express his or her emotions                                                              
Even when a concern seems minor to you, be respectful and know that it can be a major crisis to your child. Try to put yourself in his or her place and understand the feelings expressed. Ask open ended questions like, "How's it going?" or make comments like, "You seem sad". Then listen carefully and avoid giving advice unless your child asks for it.

9. Help your child explore ways to cope with concerns                                                         
Try to always be available for further discussion. Be ready to problem-solve with him or her. You may want to role play a situation that is causing anxiety.

10. Allow your child to call or visit old friends
Allowing your child to visit, or converse with, old friends is a very important step to coping with the move. Whether it is during the weekend or during a week in the summer, if you move far away, visits with old friends may be necessary. There are going to be some instances in which your child may want someone to confide in about the move. It is also important to keep in mind that your child's new friends will never replace his or her old friends. Overall, it is definitely safe to say that allowing visits with old friends can be a very important step in coping with moving.

11. Monitor your child's progress
It is important to keep in mind that there is only so much that you can do in order to encourage your child to cope with moving. Monitoring your child's progress of coping can be very important. If you notice that your child experiences behavioural changes, does not seem to make friends after you have been settled for awhile, is unwilling to participate in after school activities and seems a bit depressed, then there just may be cause for alarm. If your child does not seem to be coping well with moving, visiting a therapist may be a good idea.
 

In general, younger children will adjust more quickly to a move than older children. Babies and toddlers may feel a bit out of sorts in a new environment, but they will adapt very quickly. Preschoolers have established comfortable routines and usually have a few favourite places, such as the park or the local zoo. If they express worries about missing these places, assure them that there will be plenty of fun things to do near the new house too. School aged children often have very specific concerns about living in a new place and may have questions such as, "Where will I keep my toys?" and "Will my new teacher be nice?" Remind them about times that they have had similar worries in the past, such as when they first started school and how everything turned out just fine. Saying things like, "Remember when you were scared that you wouldn't like your teacher this year? Now you love Mrs. Brown. I'm sure that you will do just fine at your new school too."

Teenagers often have the most difficulty in adjusting, especially if the move means that they will be too far away to see their current friends. A teenager's world revolves largely around their friendships, and breaking those bonds can be traumatic. Most teens are able to make the adjustment, but expect the transition to take a while—six months to a year is typical.

Moving is stressful for everyone. But it is particularly stressful for children because they don't know as many ways to cope with a new situation. Trying some of these tried-and-true methods, may ease up your child’s apprehension and help him/her cope better with the stress of the new move.

Courtesy Canada Realty News

 

 

The Magic of Bi-Weekly Mortgage Payments

Do you groan with despair when you check out your mortgage statement wondering if you’ll ever be rid of your debt?  Fear not -- there’s a strategy that will pay your mortgage off years in advance saving you thousands of dollars in interest!

Making bi-weekly accelerated payments is one of the easiest ways to make your mortgage a thing of the past.  Most of us make mortgage payments each month even though we're paid every two weeks.  Accelerated bi-weekly payments can put thousands of dollars back in your pocket without the need to save up lump sum payments.

It's easy!  Just divide your monthly payment by two and pay that amount every two weeks.  For example, if your monthly payment is $1,454, your bi-weekly payment would be $727.  There will be 26 payments over the course of the year -- equivalent to 13 monthly payments.  You'll be slipping in an extra payment each year without ever realizing.  The additional amount directly pays down the principal and the more you apply to the principal, the faster you pay off the loan which saves a fortune in interest.

Check this out!  On a mortgage of $250,000 amortized over 25 years with 5 year interest terms of 5%, you’d save over $31,000 and pay your mortgage off nearly 4 years sooner with an accelerated bi-weekly payment schedule as opposed to traditional monthly payments.  It may seem a long way off now but imagine how amazing it would feel if someone unexpectedly knocked on your door with a cheque for thirty grand!

Companies such as gyms sometimes use this payment tactic but in reverse.  For example, a gym may say the membership's $24 every two weeks so in your head you think “that’s only $48 a month” but in fact, it’s actually going to cost you $52 a month because of the extra two payments a year.  By taking advantage of the accelerated bi-weekly plan, you’ll be pulling a fast one on the bank!

We all want pay off our mortgage and start enjoying financial freedom.  Accelerated bi-weekly payments are one of the best ways to accelerate your goal.  Most banks don't charge fees or penalties for this payment option but make sure you ask up front just in case.  It’s definitely worth investigating your options -- you have nothing to lose, just thousands to gain!
ing if you’ll ever be rid of your debt?  Fear not -- there’s a strategy that will pay your mortgage off years in advance saving you thousands of dollars in interest!


Making bi-weekly accelerated payments is one of the easiest ways to make your mortgage a thing of the past.  Most of us make mortgage payments each month even though we're paid every two weeks.  Accelerated bi-weekly payments can put thousands of dollars back in your pocket without the need to save up lump sum payments.

It's easy!  Just divide your monthly payment by two and pay that amount every two weeks.  For example, if your monthly payment is $1,454, your bi-weekly payment would be $727.  There will be 26 payments over the course of the year -- equivalent to 13 monthly payments.  You'll be slipping in an extra payment each year without ever realizing.  The additional amount directly pays down the principal and the more you apply to the principal, the faster you pay off the loan which saves a fortune in interest.

Check this out!  On a mortgage of $250,000 amortized over 25 years with 5 year interest terms of 5%, you’d save over $31,000 and pay your mortgage off nearly 4 years sooner with an accelerated bi-weekly payment schedule as opposed to traditional monthly payments.  It may seem a long way off now but imagine how amazing it would feel if someone unexpectedly knocked on your door with a cheque for thirty grand!

Companies such as gyms sometimes use this payment tactic but in reverse.  For example, a gym may say the membership's $24 every two weeks so in your head you think “that’s only $48 a month” but in fact, it’s actually going to cost you $52 a month because of the extra two payments a year.  By taking advantage of the accelerated bi-weekly plan, you’ll be pulling a fast one on the bank!

We all want pay off our mortgage and start enjoying financial freedom.  Accelerated bi-weekly payments are one of the best ways to accelerate your goal.  Most banks don't charge fees or penalties for this payment option but make sure you ask up front just in case.  It’s definitely worth investigating your options -- you have nothing to lose, just thousands to gain!

Contact Information

Photo of The Axfords Real Estate
The Axfords
Prudential Sterling
226 - 3355 North Road
Burnaby BC V3J7T9
604-421-1010