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.

Take a look at five short and sweet reasons that homeownership is great!

1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (down payment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is about building long-term wealth. A home bought for $10,000 in 1960 is most likely worth 10 times that in today's market.

2. Relationships: Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.

3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it's predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you'll need to pay for the gutters to be cleaned, and so on.

4. Ownership: Okay, this is a given. Homeownership means you "own" your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the Strata allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!

5. Great Deals: It's a great time to buy. Interest rates are at historic lows. We're talking 4.0 percent instead of 6.0 or higher. This means big savings for today's buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a down payment, then be sure to talk to your local real estate agent about what homes in your area could be a fit for you.

Homeownership can be a real joy. It's time to get off the fence and into a home that is right for you!

by Carla Hill

1. Merry and Bright: Carefully inspect holiday light strings each year and discard any with frayed cords, cracked lamp holders, or loose connections. When replacing bulbs, unplug the light string and be sure to match voltage and wattage to the original bulb.

2. Lights Out: Always turn off holiday lights when you leave the house unattended or when going to bed.

3. Fresh Is Best: Try to purchase a freshly cut tree, as they are more resistant to ignition. Keep your Christmas tree watered and away from open candles.

4. Timing Is Everything: Use an outdoor timer certified by CSA International to switch lights on and off. Lights should be turned on after 7 p.m. to avoid the electricity rush hour.

5. Check for the Certification Mark: When purchasing light strings, extension cords, spotlights, electrical decorations, gas appliances, or carbon monoxide alarms, look for the certification mark of an accredited certification organization such as CSA International, UL, or ELT to ensure that the products comply with applicable standards for safety and performance.

6. One and Done: Never connect more than one extension cord together; instead use a single cord that is long enough to reach the outlet without stretching, but not so long that it can get easily tangled.

7. The Great Outdoors: When hanging outdoor lights, keep electrical connectors off the ground and away from metal rain gutters. Use insulated tape or plastic clips instead of metal nails or tacks to hold them in place.

8. Climbing Up: Using a ladder when you put up lights? Choose the correct ladder for the job and double check for a certification mark to ensure your portable ladder complies with applicable standards.

9. Keep the Gas Behind Glass: Do not use your gas fireplace if the glass panel is removed, cracked, or broken, and only allow a qualified service person to replace fireplace parts.

10. Sound the Alarm: Test your smoke alarms monthly to make sure they work, and be sure to install smoke and carbon monoxide (CO) alarms on every level of your home -- especially near sleeping areas.

11. Filter-Friendly Furnace: To help prevent CO hazards in your home, have a qualified heating contractor perform a yearly maintenance check of your furnace and venting system, and clean or replace your furnace filter frequently during the heating seasons.

12. Clean the Clutter: Do not store combustible materials such as gasoline, propane, paper, chemicals, paint, rags, and cleaning products near your gas furnace. Gasoline or propane cylinders should be stored outside the home.

Source: CSA International

1. Leave out your pictures, magazines, books, and knickknacks. You want a prospective buyer to feel that they know you, right?

Wrong. You want the buyers to immediately begin imagining themselves living in your house, and they'll have a hard time seeing beyond the pictures of your family at Beaver Creek and the old issues of Gun & Garden.

Even worse, they might find your taste in books laughable or your choice of evening wear tacky and decide they couldn't possibly live in your house.

So clear every surface, every side table, every coffee table, the sideboard, the desk and the dining room table. You can put one item in each room, and it should be a plant or flowers.

2. Don't change the cat litter. After all, you changed it yesterday, right? It doesn't smell that bad yet.

Or.....give your house the sniff test. It should smell fresh and clean. Nothing is more off-putting to a prospective buyer than a house that's stale-smelling, or worse.

Often, you become so inured to the smell of your own home that you don't notice scents that might offend a visitor. Empty the garbage cans, load dirty clothes into the washing machine, run a lemon through the disposal, give wood furniture a quick swipe with polish, and for goodness sake, change the litter box.

3. Express yourself! Indulge in your favorite colors in vividly painted walls and furniture. Paint an accent wall a bright color. It's fun!

Or...make your house a place anyone could imagine making their own. This means removing most evidence of your own personality. Decorate with a rigorous devotion to beige.

Neutral walls, pale furniture, soft lighting, and inoffensive art all go a long way towards creating a crowd-pleasing interior. Remove your collections to a safe place for the duration of the selling process, since you want a prospective buyer to look at the space, not get distracted by your Beanie Baby collection.

4. Stash your dirty magazines and movies in your oven or drawers! No one will open them to look inside.

Oh, yes they will. Get rid of everything you wouldn't want your mother to see. Prospective buyers will open the oven, investigate drawers for function and capacity, and study your closets and your medicine cabinet.

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).

          Feng shui begins with the homeseller, who must be at peace with the decision to place the home on the market. Likewise, feng shui is important for many prospective buyers, who seek a home with harmony and balance.

            In feng shui, energy enters the house through the front door so it’s important that the entryway stands out with contrasting paint. Add decorative plants and a wind chime, but make sure this space is free from clutter. The perfect entry is one that is clear of obstruction. This includes trimming back all hedges and making sure that the path to your door is clear, open and well defined.

            Bedrooms are considered sanctuaries for privacy and peace. A suggestion is to place objects in pairs throughout the master bedroom as it’s thought to increase marital harmony and balance. You also want to place the bed in the position that has the most commanding view of the doorway, which is considered the gateway of the qi. We are in a vulnerable state while sleeping and it is important that this area affords our being safe and supported.

            In the kitchen, where energy is imparted in food, the chef’s station should always face the door for a clear view of those who enter.

           Throughout the home, remove photos and other personal items so potential buyers can see the property as a clean, fresh start. And since earthy, pleasant aromas enhance feng shui, add cinnamon or pine scents to the home before potential homebuyers’ arrival.

Feng shui is all about drawing harmony and good health into your life and surroundings. With these simple steps you can bring your home into better balance and broader appeal.

            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.

1 Clean lampshades. Disconnect the lamp and remove the shade. If your shades are simple -- no decorations -- just use a damp cloth to gently wipe the inside and outside. If there are embellishments that need extra attention, use an old toothbrush to get them clean. Wipe down the lamp base and give the cord a once-over, too.

2 Wash window coverings. For fabric panels: Some can go into the washer; others (like silks and fine fabrics) can be gently vacuumed, brought to the dry cleaner or washed by hand in the sink or tub. For mini-blinds: Cover your hands in a pair of cotton socks. Dip them in warm soapy water and wipe each of the slats clean.

7 Clean drains. Nothing says summer like a fresh-smelling home, and stale drains can sometimes give off a subtle odour. In the kitchen and bathroom drains, pour about half a box of baking soda down the drain, followed by half a cup of white vinegar. Cover the drain with a small plate or bowl for a few minutes. Complete the process by running the cold-water tap for a few minutes.

8 Disinfect all your garbage containers and recycling bins. Take them outside and douse them with cleaner. Grab a tall, cool drink and call your best friend. When you get off the phone, attack garbage cans with the garden hose. Leave them upside down on the deck and put your feet up until they drip-dry.

9 Clean out the kitty litter box. Those plastic buckets, domes, houses and other containers are indestructible, it's true -- but that doesn't mean they don't get filthy. Take the litter box out and wash it down. Soap and water will work wonders.

For the first time in 40 years, demand has been shifting toward smaller dwellings, coinciding with a shift in demand toward urban centers. Baby boomers are considering downsizing, moving toward areas with more amenities, and members of Generation Y are just hitting their single, urban-living years.

Only the relatively small Generation X is in the buy-a-large-house-in-suburbs category, which means the demand for the traditional single-family home with a white picket fence is weaker.

Rental apartment vacancies are forecast to edge slightly lower this year. An improving job market and an expected net inflow of more than 40,000 migrants each year will support demand for rental accommodation. Another factor contributing to strong rental demand is that the difference between monthly rental costs and the cost of carrying a mortgage on an apartment condominium is growing. Condominium prices in many areas have rebounded from their previous lows, making rental accommodation a more attractive alternative for those looking to minimize their monthly outlay. Strong demand for rental accommodation will keep average apartment rents increasing by four per cent this year and next.

Multiple unit construction starts are forecast to increase about 24% this year which will bring the multi family starts near the 10 year average level. Larger multiple unit projects, which saw the sharpest decline in 2009, will start to return to the market. These projects will be flexible and started in phases.

Each of these indicators are entire topics in themselves, but the bottom line is that the rental industry is on the rise, and some real estate experts believe that its growth will accelerate rapidly over the next three to five years.

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.