Aug 2013	Aug 2012
Net Unconditional Sales:	540	462
New Listings:	935	1,025
Active Listings:	4,593	5,034

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…

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

…

  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    

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®…

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

…

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

…

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…

  Existing home sales in the US surged 4.2% to 5.18 million annualized units in May 2013 from an unrevised 4.97 million in April. Market expectations had been for sales of 5.0 million annualized units. The inventory of homes available for sale climbed 3.3% to a nine-month high of 2.22 million units. With the pace of sales exceeding the inventory gain, the month’s supply of unsold homes fell to 5.1 from 5.2 in the previous month and remains well below the historical average of 6.4 months as tight supply conditions persist in the resale market. The median price of existing homes jumped 15.4% on a year-over-year basis that marked the largest price increase since October 2005. With the surge in existing home sales in May, resale activity is now up by 2.7%…