First Open House for 1646 East Georgia

I will be hosting the first open house Saturday November 11th and Sunday November 12th from 2:00 - 4:00pm for a beautiful Townhouse off Commercial Drive.
Vitals:
2 Bedrooms, plus Den
2 full bathrooms
1104 square feet
GST has been paid
$495,000
No Pet or Rental restrictions
Full 2-5-10 Year Warranty
MLS # V620642
Minutes from downtown and walking distance to all the outstanding restaurants, funky cafes, exquisite patisseries and everything that makes the drive… “The Drive”.
Solid engineered wood floors throughout the main level are perfectly complimented by imported ceramic tile, large elegant gas fireplace, beautifully crafted granite countertops and stainless steel (gas) appliances.
Roughed in central vacuum and security system, plenty of storage, wired for high speed internet and one secure underground parking space.
Catch the next big Vancouver wave, head for the Drive! The next new hot spot in the Vancouver Real Estate Market.

Vancouver Real Estate listings and showings.

First Open House for 1646 East Georgia
posted by Peter Raab on Saturday, November 11, 2006

New Listing for Vancouver Real Estate

DISTINGUISHED LIVING IN THE HEART OF THE DRIVE!
MLS: V620642
$495,000
Vancouver East, Hastings
2 Bedrooms, 2 Bathrooms
1104 Square Feet
Minutes from downtown and walking distance to all the outstanding restaurants, funky cafés, exquisite patisseries and everything that makes the drive ..."The Drive".
Set yourself apart in this brand new two bedroom and den TOWNHOUSE.
Solid engineered wood floors throughout the main level are perfectly complimented by imported ceramic tile, large elegant gas fireplace, beautifully crafted granite counter tops, and executive series stainless steel (gas) appliances.
Roughed in central vacuum and security system, plenty of storage, high-speed CAT 5 wiring and secure underground parking are all part of the conveniences that will make this a lasting investment. Catch the next big Vancouver wave, head for The Drive!
Open House Sat Nov 11th & Sun Nov 12th 2:00 - 4:00pm. I hope to see you there. Peter Raab Vancouver real estate specialist serving Vancouvers West Side and Vancouvers East side. Number one Vancouver Real Estate Agent.

Vancouver Real Estate Agent Peter Raab can answer any questions you may have on these listing.

New Listing for Vancouver Real Estate
posted by Peter Raab on Wednesday, November 08, 2006

Drop in Canadian building permits seems to be concentrated in the residential sector

Vancouver Real Estate and the Residential housing market: The Bank of Canada has pegged continued strength in housing and household demand as the chief upside risk to its outlook for 2006-07. Given that the retracement in permits during September was less than feared (-2.5% compared to an expected consensus move of -3.8%) and the fact that August's level was revised up by 0.7%, we could see a modest negative reaction in Canadian fixed income markets and a positive reaction in the Canadian dollar. The details of today's report portray still-healthy construction activity. The value of permits was the third highest on record despite the monthly decline. The weakness was primarily concentrated in the residential category (falling 3.8% in September compared to a drop of just 0.3% in the non-residential sector). The year-ago advance in both categories remains very strong (year-to-date, both residential and non-residential permits are up 9.5% from 2005 levels). Canada's "two-speed" economy continues to be reflected in the monthly indicators. Ontario permits fell 8.4% during the month, while Alberta permits rose 6.3%. Year-to-date, permits are in negative territory in Canada's largest province (-0.8%), but are in double-digit territory for all the western provinces (from a low of 11.2% in British Columbia to a high of 37.6% in Saskatchewan). Going forward, RBC Economics expects residential housing to cool (starts slipping to 200,000 in 2007 from 230,000 this year), but for non-residential activity to take up some of the slack. Data details The value of building permits fell 2.5% in September. Residential permits fell 3.8%; non-residential permits fell 0.3%. Both categories saw year-over-year increases of 9.5% for the first nine months of 2006. Slow start to week for U.S releases The data release schedule for the United States gets off to a slow start this week, with the pace picking up by Thursday with the jobless claims report, international trade results and the preliminary University of Michigan’s consumer sentiment report for November

Vancouver Real Estate listings and showings.

Drop in Canadian building permits seems to be concentrated in the residential sector
posted by Peter Raab on Wednesday, November 08, 2006

The Housing Bubble: What do the experts say?

Stocks fell first, is real estate next?” National Post, August 11, 2001 “Housing sales decline forecast,” Vancouver Sun, November 29, 2002 It's looking more and more like new bubbles have formed in the bond market and real estate,” Vancouver Sun, August 16, 2003 The hot house suddenly looks chilly The Globe and Mail, June 12, 2004 “Will the price bubble burst?: If Sydney is anything to go by, soaring prices won't last,” Vancouver Sun, July 18, 2005 “Pop goes the market,” BC Business, August 2006 Since 2001, we’ve been hearing about our doomed housing market. From a serious downturn to a full-blown bubble burst, the naysayers continue to capture our attention and heighten our concerns. Is there any truth to the prophesized collapse? To find out, we asked some experts. “The fundamentals underlying housing demand in Vancouver are positive and will remain so next year,” reports Gregory Klump, Chief Economist at the Canadian Real Estate Association. These fundamentals include a strong economy, high employment and income growth, and low interest rates. Urban Futures Institute economist Andrew Ramlo expects international immigration will accelerate, along with in-migration from other provinces as baby-boomers start to retire and head west. “I also see job growth remaining positive, given rising investment in public infrastructure such as the RAV line, the Gateway Project and the Olympics,” says Ramlo. What would have to happen for a bubble to occur? Several telltale signs must exist, says Helmut Pastrick, Chief Economist at Credit Union Central of BC. “A necessary condition is a high level of speculation,” says Pastrick, who defines speculation as a market characterized by large numbers of investors buying homes which they hold for short time periods, typically less than six months. To gauge speculation Pastrick uses Land Registry data. It indicates that in Greater Vancouver, just seven per cent of properties are being bought and resold in less than six months. In 1981 this rate was three times higher and in 1990 it was about twice as high. The most speculative activity is the downtown Vancouver high rise condominium market. There, 20 per cent of properties are bought and resold within six months. For evidence of a bubble, analysts typically look for a telltale parabolic (hockey stick-shaped) increase in home prices. “Home price increases in Vancouver have risen significantly in the past few years because of high demand and tight supply,” explains Klump. "In the past few months, increases in average price have slowed.” Now that sales are returning to more normal levels and new listings are on the rise, Greater Vancouver’s housing market is becoming more balanced, concludes Klump. And, while prices are at an all-time high, the majority of home buyers can still afford a home for two reasons: most first-time buyers (about 20% of the market) typically pay less than the benchmark price, buying condominiums or townhomes in suburbs; and most buyers already own homes and are benefiting from rising prices as a result of increases in home equity position. With sales starting to slow, can our market hold up or should we expect a marked slowdown? “Most figure that a slowdown is inevitable given the run of growth we’ve had in the past few years. But, nobody is speculating that the slowdown will be a decline, just a more moderate rate of growth,” says Ramlo. Sauder School of Business at UBC professor Tsur Somerville, agrees. “The market is slowing, but slowing is not a collapse.” Somerville is most concerned about the downturn in the US economy and its impact on us. “The US is still one-third of the world’s economy so we’re sensitive to a slower US economy. It impacts our tourism and softwood lumber industries.” Somerville also thinks that public infrastructure projects like the Olympics and the convention centre are positive for our tourism industry. And, overall Somerville thinks these negatives and positives add up to a soft landing. But, cautions Somerville, “Investors are still a bit of a wild card. We don’t know how they would respond to a price decline – whether they will sell or hold.” “Since most home purchases are bought as principal residences and are held for a long time period, short-term price swings are less important than the longer-term trend,” reminds Pastrick. “In the last 45 years, home prices have doubled more than five times. The long-term price supply outlook remains favourable owing to continuing demand growth and ever present land supply constraints.” These market fundamentals would have to shift both dramatically and rapidly for us to hear a resounding pop coming from the housing market, explains Ramlo. “In the absence of any rapid changes, the only pop to be heard should be in the naysayers assertions about a burst.” That said, the strong period of growth we have seen since the late 1990s will inevitably be balanced by a period of much more tempered growth in the near future. This more moderate growth could help address issues of affordability that have arisen over the past couple of years.

Vancouver BC Realtor Peter Raab can answer any questions you may have on Vancouver Real Estate listings and showings.

The Housing Bubble: What do the experts say?
posted by Peter Raab on Monday, November 06, 2006

Canada economic growth on track

In August, our economy in Canada grew at a 0.3% pace which is in line with market forecasts. The data showed that the economy grew at the fastest pace since February but still points to another quarter of below-potential growth. Overall, the data is in line with the Bank of Canada’s forecast that the economy grew at a sub-potential pace in the third quarter and provides little incentive for a change in the policy rate. This is very positive news for the real estate market in Vancouver. Activity in both the goods- and services-producing industries increased, with the services sector contributing the lion's share. Goods-producing output increased for the second time since February. Manufacturing output was little changed for the second month running following an increase in June. Output of mining and oil and gas extraction increased by a firm 1.6% building on the 1.3% gain recorded in July. Construction output fell for the fourth consecutive month. Service-sector output increased by 0.4%. Wholesale trade rose by 1.7% and retail sales were up 1.1%. While the economy reaccelerated moderately in July and August, the pace of growth remains below potential, with GDP at basic prices growing at about a 1.5% annual rate. The Bank of Canada’s updated forecast looks for the economy to post another 2% gain in the third quarter leaving the economy “at just above its production capacity”. By the second half of 2007, the Bank expects the economy to be operating at its production capacity and that the core inflation rate will correspondingly move back to 2%. The Bank’s measure of core inflation stood at 2.3% in September and, given firm wages and house prices, we expect this rate to remain elevated for several months. The combination of an elevated core inflation rate and a slower pace of economic growth will likely see the Bank hold the overnight rate at 4.25% until late in 2007. Rise in U.S. employment cost index more evidence of upward inflationary pressures The employment cost index (ECI) rose 1% in the third quarter compared to expectations of 0.9% increase. The report showed that the pace of increase in wages and salaries remained unchanged from the second quarter, while benefits costs accelerated in the quarter. The larger-than-expected increase in employment costs should be negative for bonds, positive for the currency. The rise in the employment cost index was highest since the 1% increase observed in the final quarter of 2002. Wages and salaries grew 0.9% in the quarter, the same as in the second quarter, while benefits costs accelerated to 1.1% from 0.8% in the second quarter. State and local government costs rose 1.4% compared to 1.1% in the second quarter, while private industry compensation costs rose 0.9% after rising 0.8% in the second quarter The acceleration in the index is another in a series of indicators showing that inflationary pressures exist in the system. Even as the economy is gearing down from the strong pace of growth earlier in the year, the increase in wages is fuelling concerns about the medium-term outlook for inflation and will likely keep the Fed from cutting interest rates in the near-future. Thus, this report is consistent with RBC’s view that the Fed will remain on hold for the remainder of 2006 and into the first half of 2007.

Condos For Sale Kitsilano - Specializing in selling homes in Vancouvers West Side.

Canada economic growth on track
posted by Peter Raab on Wednesday, November 01, 2006