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Saturday, July 29, 2006
Open House today and Sunday for 508 888 Hamilton
MLS: V603405
$446,000
Real Estate Vancouver Downtown, Westside
2 Bedrooms, 2 Bathrooms
960 Square Feet
Live in the heart of the city in this quiet, renovated 2 bedroom plus flex-space at Rosedale Gardens! New Hardwood floors and designer paint in this LARGE SUITE with walk-through closets to the en-suite bathroom. The living room and balcony over look lush gardens for your privacy and is steps from Yaletown, Robson, GM & BC Place. Extensive amenities which are shared with the Rosedale hotel. Ceiling projector and screen included for your evening entertainment.
First public opens are Saturday July 29th and Sunday July 30th from 2:00-4:00pm
Open House today and Sunday for 107 1675 West 10th ave.
MLS: V603475
$389,000
Fairview, Westside
1 Bedrooms, 1 Bathrooms
767 Square Feet
BRIGHT SPACIOUS 1 Bedroom with Solarium and Den in sought after Norfolk House built by Polygon. This designer suite with 9 foot ceilings, crown moldings, overheight windows, oversized tub and large private patio is ideal for entertaining. Enjoy distinguished living with quality hardwood floors, gas fireplace, brand new stainless steel appliances in an excellent location, minutes away from hip cafes and restaurants, and South Granville shopping. An opportunity to set yourself apart in the Vancouver real estate market.
First public opens are Saturday July 29th and Sunday July 30th from 2:00-4:00pm
Tuesday, July 25, 2006
Agent open Tuesday July 25th at 107 1675 West 10th
I'm having an agent open house today at 107 1675 West 10th in Fairview Slopes from 10:00am until 12:00 noon. This is one of the most prectigious peices of real estate in Fairview Slopes.
This is a1 bedroom and den plus flex-space, 767 Square feet Rarely available suite at the renowned NORFOLK HOUSE; built by Polygon. This home has it all with brand new Stainless Steel appliances, gas fireplace, hardwood floors and a private back yard for summer entertaining. First public open houses are Sat/Sun July 29th & 30th 2:4pm
Offered at $389,000
More information and listings on Real Estate Vancouver.
Saturday, July 22, 2006
Open House today for 1402, 1255 Main
We will be having an open house today for the Penthouse at 1402, 1255 Main Street from 2:00- 4:00pm. Hope to see you there!
More info on Real Estate Vancouver.
Friday, July 21, 2006
JUST LISTED
508 888 Hamilton, Downtown
2 bedrooms, 2 bathrooms, 960 square feet
Live in the heart of the City in the quiet, renovated 2 bedroom plus flex-space at Rosedale Gardens! New Hardwood floors and designer paint in the LARGE SUITE steps from Yaletown, Robson st, GM & BC Place. Overlooking lush gardens for your privacy.
First public open houses are Sat/Sun July 29th & 30th 2:4pm
Offered at $446,000
Vancouver Real Estate Agent Peter Raab can be contacted here.
JUST LISTED
107 1675 West 10th, Fairview
1 bedroom and den plus flex-space, 767 Square feet
Rarely available suite at the renowned NORFOLK HOUSE; built by Polygon. This home has it all with brand new Stainless Steel appliances, gas fireplace, hardwood floors and a private back yard for summer entertaining.
First public open houses are Sat/Sun July 29th & 30th 2:4pm
Offered at $389,000
Vancouver BC Realtor Peter Raab can be contacted here.
As the summer heats up, so does the market!
Didn't think it could get any hotter? Well is has with total residential sales reaching 3,951 units in June. This is the second highest number of sales ever recorded during the month of June in the history of the Real Estate Board. Last year was the highest with 4,333 units sold, "although last year was a banner year for real estate Vancouver, 2006 is shaping up to be one of our best years on record," explains Rick Valouche, Vancouver real estate boards president. "Year-to-date sales of attached homes in the Vancouver area climbed to an all-time high in June with 3,681 units sold. If these consumer trends continue, 2006 may post the highest number of sales for attached home in the history or our Board."
Whether it’s affordability, lifestyle or a combination of both, the market is filed with people who are looking to buy and sell. Listing activity as increased by more than 15% over the same period last year which is great news for consumers. Finally we are seeing some more product hit the market which should be very reassuring for potential buyers!
It also looks like interest rates have peaked with no further increases projected in the near future. More positive news and something to consider when talking to your bank or mortgage broker regarding fixed vs. variable rates.
Monday, July 17, 2006
First Public Open House for 310 2255 York
I will be hosting the first Public Open House for 310 2255 York Ave this Saturday July 22nd and Sunday July 23rd from 2:00-5:00pm. Hope to see you there!
Saturday, July 15, 2006
New Listing in Kitsilano
I've just added my newest listing; a 1 bedroom, 1 bathroom 728 square foot condo in Kitsilano. North of 4th, this condo is in the best location in Kitsilano, one block from the beach.
Location Location Location! LIVE ONE BLOCK FROM KITS BEACH in this updated one bedroom, one bathroom with Mountain Views! New wood laminate floors and new paint in this open concept, TOP FLOOR suite. Well managed, trouble-free building that has stood the test of time. Come see what the best location in kits has to offer.
Further information on Real Estate Vancouver including listings and Vancouver Property Searches.
Wednesday, July 12, 2006
Bank of Canada leaves rate unchanged, issues dovish policy statement
The Bank of Canada met market expectations and held the policy rate steady at 4.25% today. The statement accompanying the rate decision reiterated the Bank's view that the "overnight rate is judged at this time to be consistent with achieving the inflation target over the medium term" suggesting that there will be no further interest rate increases in the near term. The BA futures contracts, prior to the Bank's statement, showed about a 74% chance that the Bank would raise the overnight rate by 25 bps at its next fixed action date on September 6.
The Bank acknowledged that the economy grew at a faster-than-expected pace in the first half of 2006 and that core inflation rose to 2% "slightly sooner than expected." However, they indicate that their outlook for growth has been downgraded for 2007 and 2008 on the back of a "weaker outlook for net exports, owing primarily to the recent strength in the Canadian dollar". The Bank expects the weakness in the export sector to offset any additional strength in domestic demand next year. The Bank also attributes "anticipated moderation in U.S. growth, combined with past interest rate and exchange rate increases" as the catalysts leading the economy to return to its production capacity by the end of 2008. The discussion on inflation indicates a downward revision to the forecast for the all-items index due to the cut in the GST but concludes that "inflation should then return to the 2 per cent target. Core inflation should remain at about 2 per cent throughout the projection period."
On balance, today's report is disappointing because it raises the risks that the Bank will have to resume a rate hike campaign in order to quell inflation pressures that we expect will develop as the tight labour market boosts wage pressures and the housing market continues to fire on all cylinders. Increasingly the risks will be to the upside for inflation should the Bank maintain a policy rate that by our estimate remains simulative. While the Bank is clearly leaning to keeping the policy rate unchanged for the near-term, we expect long-term market interest rates to rise later this year as worries about inflation develop.
Vancouver BC Realtor Peter Raab can answer any questions you may have on the Real Estate Vancouver market.
Saturday, July 08, 2006
June residential sales second highest on record
Vancouver, B.C. July 5, 2006 - Total residential sales reached 3,951 units in June 2006, the second highest number of sales recorded during the month of June in the history of the Real Estate Board of Greater Vancouver (REBGV).
REBGV reports that last month's overall sales for detached, attached and apartment properties decreased by 8.8 per cent when compared to the 4,333 units sold in June 2005. However, June 2006's 3,951 sales also indicate an increase of 12.7 per cent over June 2004 when 3,505 sales were recorded.
"Although last year was a banner year for real estate in Greater Vancouver, 2006 is shaping up to be one of our best years on record," explains Rick Valouche, REBGV president. "Year-to-date sales of attached homes in the Greater Vancouver area climbed to an all-time high in June with 3,681 units sold. If these consumer trends continue, 2006 may post the highest number of sales for attached homes in the history of our Board.
"Whether it's affordability, lifestyle, or a combination of both, the Greater Vancouver market is filled with people who are looking for choices," notes Valouche. "Listing activity has increased by more than 15 per cent over the same period last year, which is great news for consumers. If you're buying or selling a home, professional REALTORS® have access to comprehensive sources of information and have the expertise and industry information you need to complete a successful transaction."
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 10.3 per cent to 1,591 sales in June 2006 compared to 1,774 sales in June 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $325,154, up 24.2 per cent from one year ago.
Sales of attached properties increased by 6.1 per cent in June 2006 to 751 sales, compared to 708 sales in June 2005. The benchmark price of an attached unit is $402,477, up 20.9 per cent from a year ago.
Sales of detached properties decreased by 13.1 per cent in June 2006 to 1,609 sales, compared to 1,851 sales in June 2005. The benchmark price of a detached unit is $649,048, up 21.8 per cent from last year.
For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org.
For more information please contact:
Eileen Day, Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3028 Fax: (604) 730-3102
E-mail: eday@rebgv.org
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Friday, July 07, 2006
Thursday, July 06, 2006
Homeownership: Made More Accessible and Affordable Thanks to CMHC
Elimination of Homeowner High Ratio Application Fees
The strong Canadian economy has led to very healthy housing markets from which Canadians, as well as CMHC, have benefited in recent years. These markets, combined with CMHC's good management, many product innovations and process improvements have created cost savings that CMHC is passing to Canadians through the elimination of all homeowner mortgage high ratio insurance application fees.
This results in the reduction in financing costs of typically $165, but up to $235 depending on the type of insurance transaction. Combined with the premium reductions over the last three years, which reduced premium costs by up to 30%, the elimination of homeowner high ratio application fees demonstrates our continuing commitment to keep cost of homeownership affordable for Canadians.
Interest Only Homeownership Product
CMHC's interest only homeowner mortgage insurance product is designed to allow lenders to provide borrowers who have a strong history of responsibly managing their credit, with flexibility in repaying their mortgage loan. Similar to CMHC's existing Line of Credit product that has been in the marketplace since 2003, qualified borrowers will be able to pay interest only for the first 10 years of their mortgage. Following the interest only period, principal and interest payments will begin and will be sufficient to ensure the balance is paid in full within 25 years of the date the mortgage was originally initiated.
This feature provides borrowers with cash flow flexibility during the early years of a mortgage in a prudent and responsible manner. Interest only mortgages will be available only for borrowers with a strong track record in managing their debt and who can afford to repay the mortgage principal following the initial interest only period. CMHC will qualify borrowers based on the full principal and interest payment required to repay the loan in full over 25 years
Extended Homeowner Amortization Periods
Anticipating the needs of Canadians, earlier this year CMHC introduced to the marketplace extended amortization periods of up to 30 years for purchase transactions through a pilot product. The pilot was a great success and has helped improve access for a significant number of Canadians by lowering monthly payments. Accordingly, CMHC is pleased to announce that its 30 year flexible amortization offer is now an ongoing product offering.
Building on the success of the pilot, CMHC is also pleased to introduce extended amortization periods of up to 35 years. Extended amortization flexibilities are available on homeowner purchase and refinance transactions (excluding Line of Credit) and can be combined with our Flex Down product.
Helping Newcomers to Canada Feel at Home
Newcomers to Canada with permanent resident status continue to have access, through their Approved Lender, to all CMHC Homeowner Mortgage Loan Insurance products without any additional borrower eligibility requirements irrespective of the length of time the borrower has been in Canada.
Where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC has and will continue to consider alternative payment histories, regardless of the loan-to-value ratio. For instance, CMHC assesses the borrower's willingness and ability to repay through a variety of sources of information including rent payments, and other regular and periodic payment obligations and/or savings.
To find a Vancouver Real Estate Agent or for general information on Real Estate Vancouver, please contact me.
Canadian building permits come in strong
Municipalities issued $5.4 billion in permits in May, up 6.9% from April and above expectations of a 2.3% gain, due mainly to activity in the non-residential sector. Bond yields rose only mildly as did the Canadian dollar since financial market focus is now set squarely on tomorrow’s more important employment numbers.
Underlying details of the report were mixed. Municipal permits taken out for single-family homes fell 1% from April, although at these levels they are the third highest on record. Non-residential permits rose 18.1% following a 19.5% decline in April, keeping overall construction permits firmly on an upward trend so far this year.
Vancouver BC Realtor Peter Raab.
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Sutton West Coast Realty
| 301 1508 West Broadway | Vancouver, BC V6J 1W8
Bus: (604) 714-1700 | Email: info@peterraab.ca |
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