July 2010 Newsletter

Summer Market

Market Update

• Summer activity is generally slower but there are still buyers & sellers taking advantage of this market. Less competition & more options.
• Active Listings to date for the month of July is 2,560 compared to 5,722 in June.
• For a full update with graphs & stats, visit:

http://listserv.realtorlink.ca/t/27197/373070/3073/0/

Interest Rate

• Bank of Canada raised the Prime Rate by another .25% to 2.75%. This only affects the Variable & not the Fixed Rate.
• 1 Year Fixed Rates from 2.50% & 5 Year at 3.95%. Variable will be Prime 2.75% less up to .70% = 2.05% (Certain Conditions Apply). For more rates, just contact me.
• Next Bank of Canada Interest Rate meeting is September 8, 2010.

Realtors Ride to Conquer Cancer $250,000

• 30 realtors from the lower mainland participated in this ride from Vancouver to Seattle. This is Dexter Associates second year & we are proud to say we raised $110,000 of the total amount. We would like to thank all of our family, clients & friends who contributed to the BC Cancer Foundation.
• Dexter Associates will continue this ride & welcome anyone to join the group next year from June 18-19, 2011.

HST

• Please contact me for a free copy of the pdf file for your perusal on the HST which may assist you or someone you know interested in buying.

Have a friend or neighbour that is trying to make sense of the real estate market? Absolutely have them contact me, I’m happy to help.

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.

This communication is not intended to solicit property already listed

Please come with any questions you may have. In the meantime you can take a virtual tour of this Yaletown Apartment for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew
Dexter Associates Realty

June 2010 Newsletter

Market Shift

Economics Behind the Market

• Economy today is improving as opposed to 2008
• Affordability of housing will be an impediment for house prices going forward
• United States housing market is still struggling, foreclosure rate is high, market is oversupplied but housing starts are at half the level of new households required in the US so oversupply will shrink
• Consumer & Business confidence is increasing
• Employment rate is increasing & unemployment is decreasing
• Since 2008, price of mortgages have dropped 28%

 Real Estate Market to Date

• Informal surveys show 33 to 40% of buyers are first time buyers
• Based on sales to active listing ratios, Vancouver/Fraser Valley/ Victoria in balanced markets-rest of BC in Buyer’s market
• May stats showed Vancouver in a Buyer’s Market but too early to tell-next two months will tell us more
• Rapid pull back  in housing starts in 2008/2009 help stabilize prices
• Pent up demand being exhausted
• Economy recovering but waning affordability a counter balance against market activity

What to Expect

• Population of BC to grow by another 500,000 by 2020 to 6 million people
• Interest rates should peak in 24 months with the Bank of Canada rate 1% by year end, 3% in 24 months- or prime rate 3% by year end, 5% in 24 months
• Upward pressure on fixed rates as economy improves
• Pull back in sales activity as carry cost increase
• Prices softening but increasing migration & decrease in new housing stock will help sustain prices
• Double digit gains in prices not likely over the next 5 years
• Prices to have slow & steady gains & will mirror the global economy

*The above notes are from Cameron Muir

Supply & Demand

• 17,492 Active Listings as of May 2010 for Greater Vancouver, 28.2 % increase compared to this time last year
• Buyers have more choice in every property type
• Buyers are taking their time & not feeling pressured as they did late last year or earlier this year
• Interest rates are still low which will help maintain the activity
• Benchmark price for Properties in Greater Vancouver:
  •  Detached - $810,175, an increase of 19.1% from May 2009
  • Attached - $500,339, an increase of 14.8% from May 2009
  • Apartment - $398,783, an increase of 13.9% from May 2009

Summary

Trying to predict the real estate market is almost like predicting the stock market. No one really knows but many will do their best to tell you they do! Buying or selling in any market stage is about your lifestyle & what is best for you at that time. In all of my years as a real estate consultant, the most rewarding gain is seeing the lifestyle changes of my clients. It was not about timing the market or even getting the best deal but enjoying life now that they have their home base. I purchased my own place when the market was high but have no regrets for several reasons:

 * Very few places like this one become available

* It was everything I wanted on my wish list

* We enjoy a lifestyle that suits all of our needs

Have a friend or neighbour that is trying to make sense of the real estate market? Absolutely have them contact me, I’m happy to help.

 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.

This communication is not intended to solicit property already listed

Beautiful family home in Prime Marpole!! 4 large Bedrooms up w/1 Bedroom suite potential down should you need it. The main floor has 9' ceilings w/a great floor plan & ability to close off the gourmet kitchen from the living & dining rooms. You will notice & appreciate the Quality workmanship & attention to detail in this amazing family home. There is also radiant heating, gas fireplace & terrific Spa-like master ensuite w/Jacuzzi tub & window. Terrific backyard w/double car garage, separate entrance to basement w/good natural lighting!! 1 minute to Oak Park, 5 minutes to Richmond, 8 minutes to Oakridge Mall. This home is in move in condition & offers a detached double car garage w/lane access plus 1 car space open parking.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Yaletown Apartment for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew
Dexter Associates Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this Yaletown Apartment for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew
Dexter Associates Realty

We are proud to announce that this Sunday, June 6, 2010, 2:00 PM to 4:00 PM we will be hosting an Open House at 3502 W.16th in Dunbar, Vancouver West. This is an opportunity to visit this excellent Detached for sale in beautiful Dunbar.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Dunbar Detached for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew
Dexter Associates Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this Dunbar Detached for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew
Dexter Associates Realty

HOUSING MARKET UPDATE

Balanced increases create stable marketplace

 The Greater Vancouver housing market has enjoyed four consecutive months of balanced market conditions. This comes on the heels of a frenetic “seller’s” market period to close 2009, which saw inventory consumed at a near record pace. Activity is strong in today’s market, but increases are occurring evenly between listings and sales, which has kept the market in a balanced state. A housing market enters “balanced” territory when demand, represented by sales activity, reaches an equilibrium range with the supply of homes for sale. Most analysts believe the market reaches this equilibrium range when the sales-to-active listings ratio is between 18 and 22 per cent for a sustained period. The Greater Vancouver market entered this range in January 2010 and has maintained this balance to present day. “We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, Board president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.” The strength of demand in the market since the economic downturn has resulted in rising home prices. In the last 12 months, increases in home values have eliminated the approximately 15 per cent decline seen during the recession and propelled home prices in the region to new heights. The MLSLink® Housing Price Index (HPI) benchmark price for a residential property in Greater Vancouver today is $593,419, an increase of 4.4 per cent from the pre-recession peak of $568,411in May 2008. Last month, the average price of a detached home in Greater Vancouver surpassed $1 million for the first time in the Board’s history. This created significant discussion about affordability in the region. “While home values have now eclipsed the previous peaks, a diverse range of available properties and low interest rates continue to present opportunities for first time and move-up buyers,” Moldowan said. “The product mix today is as varied as it has ever been in our market.” The graph pictured here shows the distribution of recent home sales in the region by price point. Of all residential properties purchased in Greater Vancouver in the first quarter of 2010, 48 per cent sold for less than $500,000 and just 14 per cent exceeded the $1 million mark. Today’s market, at all price points, is operating at a rapid pace. In April, it took members, on average, 31 days to sell a home in Greater Vancouver, which is one day less than the March 2010 average, but 29 days faster than the 60-day average in April 2009.     

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

We are proud to announce that this Saturday, May 29, 2010, 2:00 PM to 4:00 PM we will be hosting an Open House at 1280 Richards Street , in Grace Residences in Yaletown, Vancouver. This is an opportunity to visit this excellent Apartment for sale in beautiful Yaletown.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Yaletown Apartment for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew
Dexter Associates Realty

Please come with any questions you may have. In the meantime you can take a virtual tour of this Yaletown Apartment for sale.

As always please do not hesitate to give me a call at 604-689-8226 if I can answer any questions before the open house, or if you would like to book a private showing.

William Lew & Vesna Troha
Dexter Associates Realty

Dolce @ Symphony Place. -Live Life in this quality building from The Solterra Group. -This one bedroom offers: -8' ceilings -Elegant wide planked hardwood floors throughout the kitchen, living & dining area -Quality Berber carpets in the bedroom -Baseboards & door mouldings for a classic finishing touch -Gourmet kitchens with: -Pak veneer cabinetry -Polished stone countertops & full height backsplashes -Large stainless steel Kindres sink w/chrome Nobili faucet -AEG wall oven & gas cook top with slider hood fan (cool) -Jenn-air Tall Tub dishwasher -Sharp Insight stainless steel microwave drawer -Spa-styled bathrooms -Deep soaker tub for complete relaxation -12' x 24' Porcelain floor tiles Be Active with: -Virtual spinning workouts -Fitness centre -Yoga/stretching area -Indoor spa includes a steam room & change rooms -Residents Lounge with big screen TV -Roof Top Terrace -Secure childrens' playground area Be Secure with: -Controlled access to all lobby entrances & underground garage -Secure out-of-site storage units -Visitor parking -CAT 5 standard for all units -Acoutiscal walls between suites -Energy efficient window systems -LEED compatible paints, sealants & adhesive ensure a healthier indoor environment -10 Year warranty for structure - 5 Year water penetration - 2 Year materials & labor coverage