I have just posted the November 2015 Statistics for Vancouver West, Vancouver East and Downtown Market Activities
I am constantly working on improving the services I provide to my clients through my website www.joefayner.com and recently I have introduce my eNewletter tab where readers can browse through Vancouver major events, excellent tips when considering buying or selling real-estate, economic and market trends.
If you would like to subscibe to my eNewsletter follow the link: http://eepurl.com/bs1Q6b and enjoy
New useful tool "Market Statistics" added to my website. You will be able to learn the Median Sale Price, Days on Market, Listing Inventory and Sales for each month.
I also give you a Vancouver West and Vancouver East neighbourhoods breakdown that shows Inventory, Sales and Supply and identifies which neighbourhoods are in a Sellers Market or Buyers Market. This is a great tool to educate yourself where your home fits within the current market condition.
Government considering raising the minimum downpayment requirement and imposing specific conditions for high-value housing. Ottawa is undertaking consultations to ascertain whether it should impose new rules to take the heat out of the market. The tougher mortgage lending restrictions, such as a 20 year amortization requirement, adjustment to martgage insurance all considered.
If you are considering a real estate investment, sell or buy property visit me at http://www.joefayner.com/
The major Canadian banks responded to the Governement abbouncement recently to cut their bench mark rate by 0.5% and reduced their prime lending rate by 0.15% to 2.70%
Most analysts are uncertain that this move will make most Canadians to decide to become first-time buyers, Interest has been low for a while, and the concern is that most people getting acustomed to low borrowings. That can also create a certain danger in the heated market as it is.
These low rates, can create a major inflationary pressure, and then it will become a "rollercoster" with interest rate rising, trying to curb the inflation, and that can become quite a serious situation for a lot of families.
Bank of Canada lowers benchmark rate
The Bank of Canada announced today that it is lowering its key rate down to 0.50 per cent given faltering global growth, a lower outlook for Canadian growth and increased downside risks to inflation. The Bank notes that “additional monetary stimulus is required to help return the economy to full capacity and inflation sustainability to target.”
Great news if you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds. Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for your situation.
June 2015 records the highest year to date residential sales, the increae of 25% compare to the year ago June 2014, In 6 months of 2015 sales volume is up 23%. Demand continue to surge , but supply of homes continue to decline, on the sesonaly adjusted bases the inventory at 7year low. The imbalance market pushed the BC market from the Balanced market into the Seller's category market. Interest continue to decline which fuels for more demand and increasing sale prices.
There are three changes: The maximum number of years Canada Mortgage and Housing Corp. will insure a mortgage will be lowered to 30 years from 35 years; the maximum amount Canadians can refinance their homes will go from 90% to 85%, and; CMHC will no longer insure home equity lines of credit.
(If you are of the mind to apply for a mortgage or refinancing before the new rules take effect, the first two changes come into law March 18, 2011 and the third April 18, 2011).
The changes are targeted at high-risk mortgage takers, but will have an effect on everyone.
"On a standard $250,000 mortgage, at today’s discounted mortgage broker rates of 3.99% for a five-year fixed mortgage, payments increase from $1,100 a month for the 35-year amortization to $1,187 a month for the 30-year amortization," says Herman.
"An employee on a $50,000 salary (at the same rate and term, using $1,200-a-year property tax and $100 a month for heat) now only qualifies for a maximum mortgage of $238,620 on the 30-year amortization. On the 35-year, they used to qualify for $257,451.
The new regulations should not affect purchasing deals currently in the works.
Coming Soon !
Stunning city, moutnain & water views from craftsman style 1/2 duplex on prestigious Point Grey Rd. 2 bedrooms + Den with two southfacing and one northfacing decks and private southfacing yard.
My complimentary 2006 1st Quarter Market report for your area is out. For a free copy e-mail your request to: email@example.com
The vendor just accepted an offer on the Sale of 2786 Cranberry Dr. Sale is pending with subjects to be removed by Friday April 7th, 2006
Google Satelite Maps are now activated. Simply go to Properies, choose property to view, click on Maps and then on satelite button. You can also populate these maps with street names by pressing Hybrid button. Enjoy!