March 2010 Newsletter

Happy Easter to all & wishing you all a safe & relaxing long weekend!

Market Forecast

I recently attended a BCREA Economic Outlook to hear BCREA chief economists Cameron Muir speak on the outlook for the BC real estate market in 2010. Over all he projects a stable real estate market for the next few years ahead. Mortgage Interest rates to increase a couple of points to a possible high of 7% in the next few years. Migration to Canada to increase up to 500,000 persons by 2018 with most settling in Montreal, Toronto & Vancouver area.

 I would suggest that you review your mortgage & decide whether or not you should lock into a fixed rate. I currently use a variable which after my penalty payment could potentially save me in the long run. If you have any questions, please do not hesitate to contact one of these quality mortgage brokers:

Matthew Chan @ Dominion Lending Centre #604 773 2775 or matt@mortgageplan.ca

Gordon Mountford @ Verico Mtg Centre #604 681-1035 or gord.mountford@verico.ca

General Market

The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

 “We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater

Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver. At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

HST (Harmonized Sales Tax)

Just to confirm again, this tax will only be applicable to New Residential Property Purchase.

Attached is also a document of properties sold year to date & their price range. Check out how many sales above a million plus.

For all of your real estate needs,

William Lew

604 862 1966 (direct)

william@westsideliving.com or williamlew666 (skype)

Dexter Associates Realty

Do you know someone looking to buy or sell in the near future? 

Please pass along my contact information.  Your referrals are greatly appreciated.