Saturday, November 28, 2009 Property SOLD in 4 days & OVER the asking price!by Violetta Joziak on Sat, Nov, 28, 2009 02:35 PM I'm happy to announce a sale of a property in Surrey, which sold within 4 days, multi-offer, and over the asking price! If you are considering placing your property on the market, now is a good time. We are experiencing a high demand for properties. Many buyers are looking for nice house to buy and not many houses are available. I'll be happy to assist you in your endeavor, so give me a call :) Saturday, November 28, 2009 HST, what to expect?by Violetta Joziak on Sat, Nov, 28, 2009 02:22 PM HST will take effect on July 1, 2010. What does it mean to home buyers? I sense a bit of a panic from my clients mostly, because of lack of understanding of how will HST affect property purchase.
HST combines a 7% B.C. rate with the 5% federal GST. Therefore, at 12 %, B.C. would have the lowest HST rate in Canada.
In a recent press release, Finance Minister Colin Hansen announced that the threshold for B.C. HST new housing rebate will increase from $400,000 to $525,000. This will ensure that, on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization.
Purchasers of new homes would be eligible for a rebate of 71.43 per cent of the provincial portion of the HST paid on a new home, up to a maximum of $26,250. Homes above $525,000 would receive a flat rebate of $26,250. This enhanced rebate represents a 30 per cent increase in the threshold and maximum rebate available. As a result, purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current PST. Saturday, November 28, 2009 Fraser Valley Price Increasesby Violetta Joziak on Sat, Nov, 28, 2009 02:22 PM The B.C. Real Estate Association is forecasting that average condominium prices will increase 3% in 2010, with detached house prices up by about 5%. Saturday, November 28, 2009 October Home Sales Highest in Six Yearsby Violetta Joziak on Sat, Nov, 28, 2009 02:19 PM The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 115 per cent to 8,624 units in October compared to the same month last year. Last month posted the highest number of MLS® residential sales for the month of October since 2003, when 8,682 units changed hands. The average MLS® residential sales price in the province climbed 17 per cent to $493,328 from $420,259 in October 2008.
“BC homes sales continued on an upward trend in October,” said Cameron Muir, BCREA Chief Economist. “Despite a lackluster economy, low mortgage interest rates have induced many potential buyers into the market. However, the recent phenomenal pace of home sales is expected to moderate in the coming months as pent-up demand dissipates and eroding affordability begins to impact the purchasing power of households.” Saturday, November 28, 2009 Market Strength Extends Through 2010by Violetta Joziak on Sat, Nov, 28, 2009 02:18 PM BCREA Fall 2009 Housing Forecast
The British Columbia Real Estate Association (BCREA) released its Fall 2009 Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are estimated to increase 20 per cent to 82,900 units this year from 68,923 units in 2008. Residential sales in 2010 are forecast to increase a further 8 per cent to 89,600 units. The ten-year average is 82,800 units.
"A sharp rebound in consumer demand turned a potentially dismal year into a very strong year for home sales,” said Cameron Muir, BCREA Chief Economist. “Vancouver and Victoria, in particular, are posting near record unit sales this fall."
BC interior housing markets are also experiencing robust consumer demand as low mortgage rates and stronger market confidence drive home sales higher.
The average annual MLS® residential price in the province is expected to post a new record this year, rising 2 per cent to $463,200 and is forecast to climb an additional 4 per cent to $482,800 in 2010.
“Recovery in the BC economy will unfold gradually next year,” added Muir. “With sales prices in some markets flirting with record highs, affordability constraints will limit home price inflation over the next year.” Saturday, November 28, 2009 What to expect in 2010?by Violetta Joziak on Sat, Nov, 28, 2009 02:17 PM Despite a rebounding real estate market that we have seen over the past months, it looks like our economic recovery will not show up until 2011, according to Cameron Muir, the Chief Economist for the BC Real Estate Association. Real estate prices will likely remain stable, as the Bank of Canada has promised to keep interest rate until mid-2010. Muir says, that he would not be surprised if by mid-2011 the prime rates rise from 2.25% to 4.25%. |
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