JUST LISTED
408 W Keith Road
North Vancouver
Renovated View Home! This home's location and value are unmatched. It boasts 4 bedrooms +den and 2 baths in the main house plus a separate detached 1 bedroom and 1 bath office/in-law suite. Enjoy countless upgrades including a newer garage (built in 2003) and sweeping city and water views from your second floor balcony. This ideal location is steps from recreation, shopping, transit & the Quay. Don't miss this rare offering! List Price: $799,000 |
JUST SOLD
#404 150 W 22nd Street North Vancouver
This pristine top floor suite has views of Grouse Mountain and stunning design features including vaulted ceilings and an efficient open layout with no wasted space. With countless updates that include new flooring, stainless steel appliances, light fixtures and mantel there is no need to search any further. List Price: $399,000 |
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JUST SOLD 
#201 106 W Kings Road North Vancouver
In the heart of Upper Lonsdale with the most effective & spacious floor plan you've ever seen, huge pantry off the kitchen, Peaceful looking out onto private huge patio/Greenspace, new paint, new carpet.
List Price: $474,900 |
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| Greetings!
Inventory continues to swell as market activity increases. The increase in five year fixed rate mortgages has caused many buyers with preapprovals to search with greater urgency. If you have any real estate needs or questions please do not hesitate to contact me. |
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Home buyer and seller activity increases in busy spring market
VANCOUVER, B.C. - May 4, 2010 -The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008's 3,218 sales; and 3.7 per cent more than April 2007's 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.
"We're in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market," Jake Moldowan, REBGV president said. "The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period."
New listings for detached, attached and apartment properties in Greater Vancouver totaled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).
At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.
"It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period," Moldowan said. |
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Are interest rates really on the rise?
Last week, the Royal Bank boosted its mortgage rates for the third time in a month. The move increased RBC's posted 5-year closed rate to 6.25% (Note: the posted rate is rarely paid. A good mortgage broker or even your own negotiating skills will often result in a lower rate being offered by a bank) and this has come amid overtures that the Bank of Canada will be looking to raise its overnight rate starting June 1st. That said, as of this writing, there are still some very competitive rates out there.
Fixed vs. Variable
The reason that fixed-rate mortgages have moved up even though the Bank of Canada (BoC) has yet to increase their overnight rate is a function of how the Big Banks fund their mortgage products.
Fixed-rate mortgages are usually funded via the bond market, which fluctuates and is forward-looking, like most markets. Therefore, as prices for bonds increase in anticipation of the BoC's expected rate increases in the summer, fixed-rate mortgages that rely on their funding via these instruments must also increase.
Variable rates, on the other hand, are funded via the BoC's overnight rate and therefore follow its fluctuations. That's why today's variable rate has remained unchanged despite three hikes in its fixed-rate brethren.
So which instrument should you use?
This question effectively boils down to risk-aversion. Historically, since 1975, variable rate mortgages have proven to be more financially beneficial 82% of the time. Risk and reward go hand in hand, so if you are willing to take on additional risk and have the financial wherewithal to weather potentially higher interest rates, a variable mortgage may be for you.
If, however, you want cost-certainty in your life and have lower financial flexibility, it may be worthwhile to pay more in return for a full night's sleep.
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