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Victoria & Vancouver Island Real Estate Blog

When Buyers enter a show suite for the first time, it can look very impressive and they are often shown marketing materials which can include the layout of some of the units and the amenities which will be present once the development is built. Often a contract is signed and a deposit is made before Buyers have had a chance to fully contemplate their decision. By law in British Columbia, Purchasers of new development property have a 7 day rescission period to cancel their purchase agreement and have their deposit returned without penalty. Amendments to the Disclosure also restart the 7 day rescission period. During this 7 day period purchasers should thoughtfully and carefully review their disclosure statement to ensure that the development property
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We experienced the expected increase in sales this August compared to last years and I fully expect that trend to continue into the fall provided there are no further immediate moves by government to tighten lending policies. A balanced market is within reach but we’re not there yet and marginal properties and those in outlying areas continue to be harder hit than they would be if supply and demand were more balanced. At the end of last month our total supply of listings for sale shrank further to just 4,593 and with 540 total sales or 11.75% of the inventory, an 8 ½ month supply. We are definitely continuing our trend and edging closer to a balanced market which we’ve been moving towards since April 2013.   FOR IMMEDIATE RELEASE September 3, 2012

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U.S. home prices rose 12.1% in June from a year earlier, nearly matching a seven-year high. But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may weigh on the housing recovery. The Standard &Poor’s/Case-Shiller 20-city home price index slowed only marginally from May’s year-over-year gain of 12.2%, the fastest since March 2006. And all 20 cities posted gains from the previous month and compared with a year ago, according to the report released Tuesday. Home prices in Las Vegas soared 24.9% from a year earlier to lead all cities. Purchases by investors have helped drive that increase. Other cities hit hard by the housing bust also posted stunning gains in the past year. Prices have jumped 24.5% in San Francisco and…
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There is increasing evidence to a balanced market with trending increased sales and decreased inventory with yet another consecutive month of more sales than in the same month last year and further marginally decreased supply. The overall listing supply has slipped from nearly a year overall at the beginning of 2013 to now just over 8 months inventory of listings for sale. In my opinion we are in a balanced market when we have about a 5-6 month supply so I would still classify it as a Buyer’s market with some continued risk of prices slipping further particularly with marginal properties with significant negative influences and certainly in rural areas. There are also some property types that continue to be more oversupplied than others. Overall all signs

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  Ron A quick note to share that Gary was excellent. Service levels with all the variables that come with your industry met and exceeded my high expectations.  So you know, Jan and I drove to town…were introduced to Gary who made the right first impression. Gary never failed to stay calm, answer our many market questions and I never felt over-managed ever. A key issue for me.  I felt a measure of trust and professionalism which is why we started with your firm to begin with.  If I can ever assist your group in any way, please do not hesitate to advise.  I have included my work email for your convenience.  Best regards Jim Douglas Coast Hotels   reference May-Poole  

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Vancouver, BC – July 16, 2013.The British Columbia Real Estate Association (BCREA) reports that a total of 7,196 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC in the month of June, up 5.6 per cent from June of 2012. Total sales dollar volume was 11.9 per cent higher at $3.84 billion. The average MLS® residential price in the province was $533,219, up 6 per cent from a year ago. "BC home sales rose 6.7 per cent from May, on a seasonally adjusted basis, with June being the fourth consecutive month of increasing sales activity," said Cameron Muir, BCREA Chief Economist. "Since February, home sales across the province have climbed by 23 per cent, on a seasonally adjusted basis," added Muir. On a quarterly basis, MLS®…
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Average House Prices by Province

May 2013

May 2012

May 2011

National

$388,910

$375,605

$376,817

Yukon

$344,053

$381,871

$371,688

Northwest Territories

$373,454

$441,465

$350,994

British Columbia

$534,013

$519,923

$596,872

Alberta

$385,702

$374,653

$357,086

Saskatchewan

$294,414

$280,517

$268,574

Manitoba

$267,662

$256,923

$241,504

Ontario

$418,430

$403,156

$381,026

Quebec

$277,225

$274,840

$264,752

New Brunswick

$173,256

$175,466

$174,632

Prince Edward Island

$166,994

$153,137

$125,078

Nova
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Current Discount Mortgage Rates

Jul 2013

Variable Rate

2.60%

1 Year

2.79%

2 Year

2.79%

3 Year

2.94%

4 Year

3.09%

5 Year

3.39%

7 Year

3.59%

10 Year

3.89%

Prime Rate

3.00%

* Rates subject to change and OAC.
 
Canadian Qualifying Rate

Jul 2013

Rate

5.14%

Source: Bank of Canada

 
Current Posted Mortgage Rates

Jul 2013

Jul 2012

Jul 2011

1 Year

3.14%

3.10%

3.50%

3 Year

3.75%

3.95%

4.35%

5 Year

5.14%

5.24%

5.39%

Source: Bank of Canada

 
Current Bank of Canada Rate & Prime Rates

Jul 2013

Jul 2012

Jul

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The trend towards a balanced market has continued over the past 3 months since the end of HST. The number of sales reported for June exceeded those of the previous month and for the same month in 2012 while the total number of listing slipped slightly from the same period last year. It would appear as previously speculated that our market has stabilized and prices have ended their decline. Long term interest rates just jumped about 0.5% and our market remains very sensitive to interest rate increases which impact affordability. Further increases would be certain to slow buyers down and could upset the balance we now have again. At over 4,800 total listings there is still an abundant supply with good choices for buyers and with variable rate mortgages still…
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