The increasing trend of improved Buyer Optimism carried over from April’s increases sales activity with even more sales in May totalling 659 exactly the same as the sales reported in May 2012. The other side of the numbers is that the volume of 1,428 new listings reported in May was substantially down from the 1,740 new listings reported in May of 2012. The result is that we’ve had a slight decline in the overall number for sale as of June 1, 2013 to 4,783 now down from over 5,000 June 1, 2012. This combination of increased sales and optimism together with decreased listings available suggests that we’re in a trend towards a more balanced market. With interest rates still extremely low, although it’s challenging to get approved to borrow, particularly as

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Goodbye HST, hello Sales! With last month’s numbers we saw a change in the direction with now fewer listings on the market than at this time last year and increased sales. While it’s early to recognize the increase in activity over the last few weeks as a “trend”, it’s encouraging to say the least! By my personal observations the scales appear to be tipping back towards balance with an increasing number of buyers expressing positive sentiments about this being a good time to buy. It’s historically normal for us to see an increase in both listings and sales as the weather warms up in Spring. We experienced declines in sales and prices over the past few years when many other Canadian and even some BC markets continued to increase, I think we may have

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BCREA ECONOMICS NOW Bank of Canada Interest Rate Announcement - April 17, 2013 The Bank of Canada kept its target overnight rate at 1 per cent this morning. In the statement  accompanying the decision, the Bank forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 per cent in 2013 before rising to 2.8 in 2014. The Bank's revised forecast means that the economy is now projected to return to full capacity in mid-2015, rather than in 2014 as previously predicted. A more persistent output gap will keep downward pressure on inflation, which is now expected to gradually rise to the 2 per cent target rate by mid-2015.…

Ron’s Candid Comments on the Victoria Real Estate Market - April 2013 "Our Spring Market has Sprung with the warm weather and flowers and while sales did pick up over the previous month as they have done consistently in history, the volume of sales is still substantially below last and prior years’ levels. The bottom line is that “The Buyers’ Market Continues” with great selection, continuing low interest rates (to those who qualify which has become increasingly challenging for many) and downward pressure on prices from sellers in distress who don’t have the liberty to wait for better times and who are competing for reluctant buyers. There really are some great opportunities arising and it’s a particularly good time to “move up” in the market."  

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Vancouver, BC – March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago. "BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above…

Average House Prices by City	Jan 2013	Jan 2012	Jan 2011
Yellowknife	$405,483	$429,429	$324,598
Vancouver	$748,651	$752,380	$762,562
Victoria	$421,939	$454,905	$486,384
Edmonton	$323,541	$317,995	$315,483
Calgary	$418,938	$394,655	$394,655
Saskatoon	$320,812	$309,828	$300,353
Regina	$299,700	$284,744	$260,133
Toronto	$482,648	$463,534	$427,159
Hamilton-Burlington	$349,943	$334,106	$325,732
Ottawa-Carleton	$343,382	$349,525	$329,640
Quebec City	$266,692	$247,326	$240,646
Montreal

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Current Discount Mortgage Rates			Mar 2013
Variable Rate			2.65%
1 Year			2.74%
2 Year			2.69%
3 Year			2.65%
4 Year			2.99%
5 Year			2.89%
7 Year			3.59%
10 Year			3.69%
Prime Rate			3.00%
* Rates subject to change and OAC.
Current Posted Mortgage Rates	Mar 2013	Mar 2012		Mar 2011
1 Year	3.00%	3.20%		3.50%
3 Year	3.55%	3.95%		4.35%
5 Year	5.14%	5.24%		5.34%

Ron’s Candid Comments on the Victoria Real Estate Market - March 2013

Our real estate board reports “Spring Perks Up Greater Victoria Real Estate”. In reality while yes we have seen our typical seasonal activity increase in activity, sales are lagging far behind last year’s numbers and the number of listings offered for sale is up marginally. There are bargains to be had for home buyers and those who “price their homes right” are selling them, even in some cases with competing offers. Those home sellers in need of last year’s prices are, however, finding themselves out of luck as the market dropped sharply in sales volume and price especially since the latest mortgage rule changes introduced in July 2012. My personal crystal ball sees prices

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Finance Minister Jim Flaherty is issuing a warning to the country’s banks, as stiff competition for mortgage customers is prompting lenders to cut rates heading into the key spring home-buying season. “My expectation is that banks will engage in prudent lending – not the type of ‘race to the bottom’ practices that led to a mortgage crisis in the United States,” Mr. Flaherty said in a statement to the Globe on Sunday, after Bank of Montreal reduced its price on five-year fixed-rate mortgages to 2.99 per cent from 3.09 per cent. That was the lowest advertised five-year mortgage rate among the big banks as of Sunday afternoon, although lower rates are available in the market. BMO sparked controversy when it first introduced this rate, which at the time was a…