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!!!

Rental market is strong

The rental market for condos and detached homes is strong. The low supply on Craigslist is a great barometer and rental realtors confirm that there not sufficient supply. Great news for investors! See http://www.vancouver-condos.net if you are interested in investing in a condo and http://www.christinelouw.com to browse detached home listings.

Vancouver real estate market statistics for February 2011

The Real Estate Board just released their most recent statistical information which shows that
- listings, sales and demand have increased in the first two months of 2011 and
- that some areas and categories of real estate (notably detached homes in Richmond and Vancouver Westside) have seen considerably more activity than others.

In February 2011

• the number of sales increased by 70.3% compared to January 2011 and by 25.5% compared to February 2010.
• new listings increased by 23.6% compared to February 2010 and the total number of listings increased by 5%
• the 12 month increase of the benchmark price of detached homes was 6%, of condos was 2.2% and of townhomes was 2.3%.

Statistics are not the same for all areas. Contact me if you like to know what properties sold in the last 60 days in your immediate area. Your property may be worth more than you think!

If you like to browse yourself to see current asking prices visit my websites
www.vancouver-condos.net
www.coalharbourcondos.info
www.falsecreeknorthcondos.com
www.christinelouw.com for homes

Bank of Canada held its overnight rate

This morning the Bank of Canada held the overnight (interest) rate at 1 percent. The overnight rate has a substantial influence on mortgage interest rates. The statement released with the decision noted the improved outlook for the Canadian economy but also the escalating geopolitical risk and the challenge to export by the rising Can dollar. The Vancouver market is increasingly active in all price ranges. On 18 March the maximum amortization period for high ratio mortgages (mortgage for more than 80 percent of the purchase price/appraised value) will be reduced from 35 to 30 years. Buyers who remove subjects before 18 March have access to the 35 year amortization period. This change will mainly affect purchases in the lower price ranges and likely not to a significant degree. At the moment this segment of the market is very active with quick sales and multiple offers; remains to be seen if this activity is in anticipation of the 18 March change or just part of the general increase of demand. For mortgage rate information see "Resources" at http://www.vancouver-condos.net and "Statistics" at http://www.coalharbourcondos.info

Vancouver real estate market statistics for January 2011

According to the Real Estate Board of Greater Vancouver in January 2011 compared to January 2010

• the number of sales decreased by 5.4%


• new listings decreased by 6.7%


• the total number of listings increased by 2.2%


• the benchmark price of condos increased by 1.4%, of detached homes by 2.7% and of townhomes by 2.6% However both Richmond and Vancouver West saw a strong seller's market - the price of detached homes in Richmond increased by 22.6% and in Vancouver West by 12.2%.

The stronger market in Richmond and Vancouver West must be due to the obvious increase of Asian buyers in Vancouver who predominantly prefer and buy detached homes in these two areas. For the full statistical report of the GVREB visit http://www.vancouver-condos.net and go to market trends.

Vancouver prices and number of sales keep increasing

The Real Estate Board of Greater Vancouver reports that in March 10 compared to March 09
- the benchmark price of a residential properties is 20.3% higher and 2.8% above the previous high point of May 2008.
- the number of listings is 7.6% lower but 19% higher than in February 2010 (my comment: this was very much influenced by the Olympics)
- the number of sales was 38.5% higher but only 4.7% higher than in March 08 and 12.4% lower than in March 07.

The market for some entry level houses is hot

The market for entry level Eastside houses is hot. Listing Realtors will often advertise a one hour opportunity to view the house shortly after listing and frequently prospective Buyers and their Realtors will line up before the advertised time followed by a mass walk through. Houses in the $550K to $700K price range - if realistically priced - will often sell within a few days around asking price.
Two issues to investigate before lining up: height of ceiling in lower level and size of usable lot (lot minus right of way, covenant or other restriction).

Increased interest rates for fixed rate mortgages

TD, RBC and Laurentian bank have increased their rates for fixed rate mortgages by up to .8% and the other financial institutions will without a doubt follow. The increase of the bond yield is quoted as justification. The entry level market will be effected by this increase, higher priced homes will most likely continue to sell without change.
Variable rate mortgage rates are unchanged.

Strong sales during and after Olympics

During the Olympics the CAD 22.3 mil penthouse of Three Harbour Green in Coal Harbour sold and so did many other properties. The Vancouver real Estate Board reports that in February '10 compared to February '09
- the number of sales increased by 67.1%
- new listings increased by 17.6%
- total listings declined by 21%
- the benchmark price for all residential properties in the Greater Vancouver area increased 19.7%

The unpredictability of the real estate market

Many Vancouver Realtors are on holiday in the expectation that sales will be slow during the Olympics. Others stayed in the hope that Olympic visitors will on the spur of the moment decide to buy a holiday home in the beautiful place they just got to know. Both expectations turned out to be incorrect.
Sales are fast and it is very easy to show properties in the downtown core as long as you do not get too close to BC Place. Translink has calculated that there is 30% less traffic on the city roads but it feels like more - driving is such a pleasure now.
So far I have not heard of any impulsive real estate purchase by an Olympic visitor but maybe that is still to come. Or maybe this will only happen in the months to come.
This is such a wonderful time: happy people everywhere, an excited holiday atmosphere with lots of free entertainment and galloping sales.

Vancouver real estate prices/values

The Real estate Board of Greater Vancouver reported on 2 December in their monthly publication that the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver is now only 1.9 per cent lower than the most recent high point of May 2008.
And Sellers know it! It is harder to negotiate offers - Sellers are confident that prices will continue to increase and hold out for higher prices in negotiations or take their property off the market now with the intention of re-listing in the near future.
The downturn will cost property owners likely a little more than 1 1/2 years of value growth and has given others the opportunity to buy the real estate they could not afford before May 08.

Olympic Village in Vancouver

Construction of the Olympic Village is almost completed and it looks impressive. One would expect the buildings to be in the same or similar style since they are built quite close to each other but instead there are many different styles of construction.

Some of the water front buildings were designed by legendary Arthur Erickson and must be among his last creations before his death - these buildings have an irregular exterior with different floor plans on each floor and have aluminum sheets on the exterior which resemble fish scales.

Construction is at Platinum LEED standard so very environmentally friendly. There is a large open area - a plaza - in a central location, the village adjoins the seawall and an island has been created in False Creek on the SW side of the Village.

Some units at the Village will only be sold at a later stage.

www.vancouver-condos.net,www.christinelouw.com

Mortage interest rates

Mortgage rates continue to go down. Best rates I have seen this week: variable open mortgages at prime (2.25%) plus 0.6, variable closed mortgages at prime and 5 year fixed rate at 3.69%. When investigating what mortgage conditions institutions offer you also enquire after what acceleration of payments is permitted without penalty, ask about costs in case of early paying off of the mortgage and conversion costs in case of a variable mortgage. I personally discovered recently that there is a big difference in costs between banks.
Australia increased its prime rate by .25% this week and was the first country to do so since the economic downturn. The US dollar is depreciating against the Canadian dollar - it is reported that it may be necessay to increase the prime rate in Canada if this trend continues.
I am a Realtor, not a mortgage expert and the information above is just a personal observation. For expert advice contact a mortgage broker or consultant. Several mortgage experts are listed under "mortgage" on my website www.christinelouw.com.

Developers have renewed confidence in the Vancouver real estate market

Six new condo buildings have been launched recently or will be launched in the near future: V6A, District Southmain, Sage, Maynards, Social and The Mark. Several of the developments are in what in Vancouver is regarded as the more affordable price range.
V6A (at Union and Main), Social and The Mark are developments by Onni. The Mark at the corner of Seymour and Pacific is advertized by its developer as the highest building in Yaletown and many of the condos should have great views.
District Southmain is an Amacon development. Sales of both District Southmain and V6A condos started last week. Building 1 of District Southmain is already sold out and building 2 will be launched this weekend ahead of schedule.
Sales of condos in Maynards (by Aquilini) in SE False Creek (at 1st and Wylie) will start on 17 October.
Sage by Kenstone Properties is located in Wesbrook Place at UBC near the intersection of W16th and Wesbrook Mall - sales started on 3 October. The Wesbrook is located next to Sage and will be re-launched next week.
Please contact Christine Louw at 604 926 3936 or at christinelouw@shaw.ca if you like to receive information about new condos or townhomes. www.christinelouw.com or www.vancouver-condos.net