Real Estate Forum

Don's Greater Vancouver Real Estate Market Report

Tue, 24 Apr 2012 21:35:09 GMT

Vancouver Real Estate board overall
Single family houses sales for March totalled 1187 with the average sale price of $1,155,521. This 34% decrease in number of sales and no change in average price over last year same time period (March) . Townhouse sales for March totalled 500 with an average sale price of $593,139. This is a 24% decrease in the number of sales and 3% increase in average price over the same time period last year (March). Condominiums March sales totalled 1191 with the average sale price of $444,993. This 26% decrease in number of sales and 4% decrease in average price over the same time period last year (March).

Total of all types for March was 2878 sales with an average sale price of $763,780. This is a 29% decrease in number of sales and a 2% decrease in average price over March last year.

The volume of sales overall decreased substantially with the very little change in price over March last year. The Vancouver Real Estate Board sales volume year to date is down by 22% and year to date average sales price is down 1%.

Local Maple Ridge
Single family houses March sales totalled 95 with the average sale price of $524,572. This a 9% drop in number of sales and a 3% increase in average price compared to March last year. Townhouse March sales totalled 31 with an average sale price $301,355. This is a 35% decrease in the number of sales and a 9% decrease in average price compared to last March. Condominiums March sales totalled 14 with the average sale price of $210,421. This 46% decrease in number of sales and a 2% decrease in price over last March.

Total of all types of sales for March was 140 with an average sale price of $443,753. This is a 21% decrease in number of sales and a 6% increase in average price over last February.

** Note - Our local housing market volume is down by 14% year to date and prices are basically unchanged. The United States has indicated their rates will remain unchanged until 2014. Our rates will likely follow theirs. Global financial uncertainty will continue to affect our market .

With an increasing number of properties on the market and decreasing number of sales we may see some downward pressure on prices.

For more detail just call 604-466-4549 or emailpearceteam@telus.net .

Buying a College Crib for Your Kid

Tue, 24 Apr 2012 21:34:54 GMT

There's an air of excitement when your kids move out to study at college or university. It can however be very expensive! Purchasing an investment property for your child to live in and manage can be a great way to offset those expenses.

With interest rates at historic lows, it's a great time to finance an investment property but you'll still need to evaluate both the local market conditions and your long-term plans. It's important to determine whether you plan on renting it out after your child graduates as this will affect the rate of appreciation.

The idea is to cover the mortgage payments with the rent collected from roommates while your child manages and maintains the property. You'll have someone on site to cut the grass and perform other general types of maintenance as well as collect the rent. These chores can be performed in return for a reduction of their rent.

Ensure you thoroughly investigate the local real estate market and check out zoning laws regarding rentals. Specific purchasing details such as co-signing the mortgage or listing your child on title should be discussed with your financial planner and mortgage advisor. There are pros and cons to different ownership scenarios so you'll want to examine what makes sense for your individual situation.

Purchasing an investment property that's managed by your child is not a decision that should be taken lightly but it's certainly an option worth considering. Just make sure you do your homework so you're able to carefully weigh up the risks and rewards. When you crunch the numbers, you may well find that purchasing a campus crib makes great sense!

Mortgages - 35 year mortgages and Zero down

Tue, 24 Apr 2012 21:34:29 GMT

Last year in March the the chartered banks and CMHC stopped providing 35 year mortgages but that does not mean you can't still get one. If you have 20% down and are banking at a credit union many of them will still offer a 35 year amortization period.

CMHC will no longer has a Zero down program but if your credit score and income are really good there are banks that will lend you the downpayment to make it effectively Zero down payment or they will provide a "cash back" on the mortgage that can be used toward the down payment.

There has been talk of increasing the minimum down to 7% and/or making the maximum amortization 25 years but at this time prime rate remains stable at 3% with term variable rate mortgages at 2.8%

A $300,000 mortgage at 2.8% for 30 years is $1230 month. Fixed term mortgages are available below 3.5% with some places offering as low as 3.19% for a 5 year fixed.

For more details we can put you in touch with a quality mortgage broker.

Inspiring Ideas to Help Unplug Your Kids

Tue, 24 Apr 2012 21:34:13 GMT

Children rely on video games more than ever before so it's not easy to come up with new ideas to amuse them. Here are a few activities that will ignite their creativity:

Make a Personal Puzzle - Cut an old photo into various different pieces and have them put it back together again.
Egg & Spoon Race - Give your children a spoon and an egg and see how quickly they can cross the finish line without dropping it.
Build a Fort - Drape blankets over chairs to create a cool fort. Once they're comfortable in their new abode, drop by with some 'fort warming' snacks.
Cache In - Geocaching is a real-world, outdoor treasure hunting game! Participants register online and then try and find the hidden cache with the help of a GPS device.
And...Action! - Putting on a play is a great way to exercise a child's imagination. They can take turns writing, acting, designing costumes and even filming.

It's often the simple things that stand out in a child's memory and sharing these special times with them will allow you to feel like a kid again too! Keep a special diary to record fun conversations and always make sure to have a camera on hand so you can treasure the moments forever.

Spring New Life Into Your Home

Tue, 24 Apr 2012 21:33:47 GMT

Spring has finally sprung which means fresh scents, chirping birds and new life in the garden! It's time to bring that spring fresh feeling into your home but before you open up the windows and roll up your sleeves, here are a few tips:

create a spring clean checklist that involves the entire family
clean one room at a time so you're not overwhelmed
rejuvenate your houseplants by putting them in the shower
throw out any expired items you come across
vacuum and flip your mattresses and clean under the beds

With a clean, fresh home under your belt, you'll be all set to enjoy the summer months that are just around the corner. So what are you waiting for? Open up the windows, turn on the music and get started!