The Greater Vancouver Real Estate Board has created a short video outlining the market activity in the Greater Vancouver Region for the past decade. Even though the Kamloops Real Estate Board does not comprise a part of Greater Vancouver’s sales statistics we do follow a very similar trend. Here is the link to the YouTube video.
You are currently browsing the monthly archive for January 2011.
This is the latest report released by the BC Real Estate Association. Click on the images to enlarge. The link to the full PDF is at the bottom of this page.
Vancouver, BC – January 13, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010.
“Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.” MLS® residential unit sales declined 40 per cent January through July before climbing 43 per cent by the end of the year, on a seasonally adjusted basis.
“The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas.” MLS® residential sales declined 25 per cent to 4,258 units in December from a near record level of 5,703 units in December 2009. After a 15 per cent increase in unit sales between October and November, a further 1 per cent increase was recorded in December on a seasonally adjusted basis. The average MLS® residential sales price was a record $523,990 in December, up 6 per cent from December 2009.
Click on the images to enlarge.
Spacious three bedroom home in Aberdeen with one full bathroom. Recent updates include roof, all windows, hot water tank, paint, kitchen appliances and more. The rec room could easily be converted to a fourth bedroom or office. There is a small fenced yard and covered parking. Located in a quiet area of Aberdeen surrounded by trees. Within steps of a park for the kids to play. You own your own land and pay a low bare land strata fee of only $76 per month.
Click here to view more pictures of this home.
To view all homes for sale in Kamloops click here.
This article appeared on CTV News on Monday, January 17, 2011.
Finance Minister Jim Flaherty announced new rules for Canadian mortgages on Monday that he said will “protect the stability of the economy.” Flaherty’s announcement comes on the heels of a recent warning from the Bank of Canada that Canadians’ domestic debt burden is the highest on record.
The Monday announcement included three new rules for the mortgage industry:
- Mortgage amortization periods will be reduced from 35 years to 30 years.
- The maximum amount Canadians can borrow to refinance their mortgages will be lowered from 90 per cent to 85 per cent of the value of their homes.
- The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.
“Taxpayers should not bear any risk related to consumer debt products unrelated to house purchases. Those risks should be managed by the financial institutions that originate and offer these practices,” Flaherty said Monday.
The new restrictions are intended to ensure that Canadian don’t slip into unmanageable debt, which could throw the economic recovery off the rails, he said. “Today’s measures are about our government continuing to protect the stability of the economy by ensuring lenders’ practices are sustainable, which will in turn ensure Canadian families have increasingly secure and sustainable home ownership.” “This will also help increase the savings of Canadian families, savings of tens of thousands of dollars over the life of a mortgage.”
BNN’s Michael Kane said Flaherty is clearly concerned that Canada’s low lending rates have inspired people to borrow more than they would normally. “What he is saying, and he reiterated this two or three times, is we see Canadians borrowing to the max at record low interest rates, and what he is afraid of is that when interest rates to start to rise…then you can get into a dangerous situation where you can’t pay down your mortgage,” Kane told CTV’s Canada AM.
The Bank of Canada announced earlier this month that Canadians’ domestic debt burdens had hit the highest levels on record. The bank said the ratio of household debt to disposable income has reached 147 per cent. Canadian household debt is now at $1.4 trillion, while mortgage delay payments have increased by 50 per cent. The International Monetary Fund recently warned that household debt is the number one risk to the Canadian economy.