BCREA - economic update. Predicts 2.1% growth of Canadian economy in 2012.

The BCREA statitistics show that the economy expanded in April and May 2012 albeit modestly while the sales numbers of Vancouver condos and Vancouver houses dropped sharply in May. The statistics for July will be an indication/confirmation of the effect of media reports of economic problems in other parts of the world on buyer confidence in real estate.
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BCREA ECONOMICS NOW

Canadian Monthly GDP - July 31, 2012

The Canadian economy expanded 0.1 per cent in May, after increasing 0.3 per cent in April. At the industry level, economic growth was driven by a 0.7 per cent increase in retail trade and a 0.5 per cent bounce in finance and insurance output. Real GDP growth was also given a boost by increased mining and oil and gas extraction. Lagging industries included manufacturing (down 0.5 per cent) and construction (down 0.2 per cent). The output of real estate agents and brokers fell 4.8 per cent at the national level following three consecutive months of increasing activity.

Canadian real GDP is on track to grow 1.5 to 2.0 per cent in the second quarter of the year, close to the 1.8 per cent forecast by the Bank of Canada and in line with BCREA's own forecast. The second half of the year holds a number of risks for the Canadian economy, including further Euro uncertainty and a slowdown in the US economy. We forecast that the Canadian economy will generate modest growth in 2012 of around 2.1 per cent.


For more information, please contact:

Cameron Muir                             Brendon Ogmundson
Chief Economist                          Economist
Direct: 604.742.2780                   Direct: 604.742.2796
Mobile: 778.229.1884                 Mobile: 604.505.6793
cmuir@bcrea.bc.ca                      bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Copyright British Columbia Real Estate Association. Reprinted with permission.
BCREA makes no guarantees as to the accuracy or completeness of this information.

Have the slower months come to an end?

Buyers have returned! Serious buyers - both local and international - are phoning in and emailing at greater frequency than a few weeks ago. Is this the beginning of the end of the few slower months? Both Vancouver condos and houses have been affected and activity seems to be resuming from the lower price ranges upwards.

"The Ericksen" - Yaletown condos bordering False Creek

Coal Harbour condos bordering the marina at Burrard Inlet

Bank of Canada - overnight rate remains unchanged. BCREA projects increase as of early 2013.

Today the BCREA - BC Real Estate Association - published a news release about the latest meeting of the Bank of Canada.  The most important points are
- overnight rate remains unchanged at 1%
- economic growth as projected by the Bank of Canada is 2.1% this year and 2.3% in 2013
- inflation will be close to 2%

The economists of the BCREA expect that the overnight rate is likely to be increased as of early 2013.

If an increase in interest rates would indeed take place starting early next year, now and the next few months may be the better time to buy the Vancouver condo or Vancouver house you were thinking of.

OPEN HOUSE - 365 Keith Pace, West Vancouver - SATURDAY 14 JULY from 2-4

Spectacular 4,408 sq ft 12 year young custom home with LEGAL SUITE. You will love this home with its great entertainment areas, high ceilings, beautiful finishes, in-floor heating and fantastic quiet and private setting in a small CDS close to Park Royal Mall/Lions Gate bridge, walking trails, transit and school.
The home is set on the flat western portion of the lot; the eastern portion of the 18,818 sq ft lot forms part of a greenbelt which means low yard maintenance, excellent privacy and a fabulous parklike setting.
OPEN HOUSE SATURDAY 14 JULY 2-4. Drive up Taylor Way from Marine Drive, at first traffic light turn right into Keith Road, immediately after dip in the road (small bridge) turn left.
You will love this home!!!

The Private Residences at The Hotel Georgia - 2

On Tuesday 10 July was the realtor pre-viewing of the newly completed model suites on the 25th floor. The finishes are even better than anticipated - they are spectacular! If you are looking for a centrally located super luxurious suite, these condos are for you.
The south facing suites on the 25th floor have a wonderful city view and some English Bay view, the north facing suites have mountain and Burrard Inlet view. The view from the condos on the higher floors must be fantastic.
Access to the amenities of the Rosewood Hotel Georgia next door is a great bonus: Sense (the Rosewood Spa), indoor salt water lap pool and gym, bars and lounges and the famous Hawksworth restaurant.
Room service and housekeeping are available. For some services discount rates are offered to condo owners.

Interested in these beautiful condos? Like to arrange a showing? Please contact CHRISTINE LOUW at 604 926 3936 or at christinelouw@shaw.ca 

A decrease in sales does not necessarily mean a decrease in property values

The statistics compiled monthly by the Real Estate Board of Greater Vancouver show that a decrease in monthly sales does not necessarily result in a decrease of property values even though this seems to be contrary to economic principles. Click on the above link and scroll down to "Download the complete stats package by clicking here".
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On pages two and three of the stats package named "MLS home price index" is a list of the percentage change of the benchmark price for each area by property type. The benchmark price is the estimated sale price of a typical property in each market. The percentage change is calculated for different time periods - 1 , 3 and 6 months as well as 1, 3 and 5 years.



The Private Residences at The Hotel Georgia -------- 667 Howe Street, Vancouver

From Tuesday 10 July onwards furnished model homes will be available for viewing followed by listings on MLS of the remaining units. The quality of the finishes is superb, the location near Pacific Centre (across the road of the Four Seasons Hotel), skytrain and the Vancouver Art Gallery is very convenient and some units have wonderful views. The restaurant "Hawsksworth" at the adjoining Hotel Georgia is one of a kind.

The available units range from one bedroom and den to four bedroom and den plus media room. Prices range from $1,389,000 to $8,995,000 plus tax.

Contact Christine Louw at 604 926 3936 or christinelouw@shaw.ca for showings or information.

Few condos for sale in new Coal Harbour waterfront building THREE HARBOUR GREEN

Three Harbour Green - 277 Thurlow Street
Coal Harbour, Vancouver BC

A few selected condos are still available in Three Harbour Green, the last waterfront building to complete in Coal Harbour. The Coal Harbour waterfront is now fully built.

Three Harbour Green is the eighth Coal Harbour waterfront condo building developed by renowned ASPEC. The quality of the finishes is outstanding, the floor plans are excellent, the views are stunning. If you are looking for an extremely impressive spacious condo of the highest quality, this building is for you.

Three Harbour Green condos listed on MLS. Additional condos may be available. Please contact me for information about or showing of the beautiful condos.

Coal Harbour condos website to view MLS listings of condos and townhomes for sale.