Variable mortgage rates dropped by .25% in response to the drop of the overnight key lending rate by the Bank of Canada. This is a great development for the housing market and especially for first time home Buyers.
Home owners with existing variable mortgages with rates discounted from the prime lending rate, now have extremely low cost mortgages boosting their spending power.
The rate cut does not encourage saving because interest rates on savings accounts were also reduced.
The Central bank set its overnight lending rate to .25% - the minimum and the lowest rate since its creation in 1934.
The reason given for this is the intensification of the global recession and the delayed stabilization of the global financial system after the introduction of the previous measures which is expected to result in a deeper recession in Canada than anticipated.
The bank also announced that it intends to maintain the .25% rate until at least June 2010 conditional on the outlook for inflation. Since December 2007 the overnight target rate has been cut by 4.25%.
Wednesday, April 22, 2009
Monday, March 30, 2009
30 March 09 - Increasing demand
In mid March 66 pre-construction condos were for sale in "The Beasley" at the corner of Smithe and Homer, completion 2012. Today one 1bed condo is available for sale - specific other condos have been advertized as for sale on 31 March so can only be bought tomorrow but Buyers are already lining up now!
Investors are looking to buy again and in general there is increasing Buyer demand. I just sold a lovely view condo at 2104-1500 Howe in False Creek North, asking price $748,000 and this last week negotiated several offers in West Vancouver and Downtown. To see listings of other condos in False Creek North click on http://www.falsecreeknorthcondos.com/
I hope the word also spreads to people outside Vancouver that our real estate market is improving. This is a good time to buy but some out of area Buyers expect unrealistic discounts which results in showings and negotiations that do not have any chance of leading to a sale.
Investors are looking to buy again and in general there is increasing Buyer demand. I just sold a lovely view condo at 2104-1500 Howe in False Creek North, asking price $748,000 and this last week negotiated several offers in West Vancouver and Downtown. To see listings of other condos in False Creek North click on http://www.falsecreeknorthcondos.com/
I hope the word also spreads to people outside Vancouver that our real estate market is improving. This is a good time to buy but some out of area Buyers expect unrealistic discounts which results in showings and negotiations that do not have any chance of leading to a sale.
Saturday, March 21, 2009
21 March 09 - Impressive penthouse for sale in "The Melville", Coal Harbour.
On Wednesday 18 March the penthouse at "The Melville" at 1189 Melville Street in Coal Harbour was open for Realtors to view. The penthouse is a 5,700 sq ft one level condo with 5 bedrooms, 5 bathrooms and 2 powder rooms. It has high ceilings, fantastic 360 degree views and impressive finishes. The marble foyer is stunning, the millwork is exceptional. Price $10,800,000. For more information about condos in Coal Harbour go to http://www.coalharbourcondos.info
21 March 09 - Substantial price reduction for new condos in The Beasley in Downtown Vancouver.
Amacon is the developer of "The Beasley" at the corner of Smithe and Homer in Downtown Vancouver. Condos are still available and Amacon just reduced the prices substantially for Buyers of the unsold condos but also for people who bought into the development already. Great initiative and good public relations. I especially like the west facing 1 bedroom condos. Completion is in 2012. To search for properties on MLS go to http://www.christinelouw.com/
Friday, March 20, 2009
Friday 20 March 09 - Lots of action this week
- Many showings, several offers and several accepted offers. I was in the third multiple offer situation in the last month.
- Investors are looking to buy again indicating a return of confidence in real estate as a good investment. My personal experience with condos in the $1,300/1,400 per month bracket is that rental demand is good.
- Booking showings for this weekend and about 35% of properties were reported to have an accepted offer. This applies to the more affordable price ranges; showings of high end properties are always easier to book.
- Still a lot of negative talk about the real estate market from Buyers. Trying to keep prices down?
-The stock market has been going up the last few days. Real estate demand has increased the last few weeks. Is this the start of a trend?
Have a great weekend! To search MLS for real estate listings go to http://www.christinelouw.com/
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