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October News Release
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JUST LISTED
Cumberland
#35 8415 Cumberland Pl
Burnaby
 
This English Cotswold inspired townhome is a hidden gem tucked away at the end of a cul-de-sac next to green space. This 3-bedroom townhome has a large functional floor plan that flows better than many detached homes. With nearly 1,800 sq ft that includes a large rec room w/ potential for a 4 bathroom (plumbing is roughed in) there is room to grow. Walking distance to transit, parks and schools with easy access to Highway #1. Your family will be proud to call this home. 
List Price: $539,900
NO HST!!!
1633 Ontario
#710 1633 Ontario St
Vancouver
 
Want to buy in the Olympic Village but feel that everything is overpriced? Look no further than this west-facing 750 SqFt 1-Bedroom + Den that has views of the City & False Creek. Why pay $900-$1,000 per SqFt when you can purchase a similar unit for under $800 per SqFt. The kitchen features Sub-Zero and Miele appliances with granite counters and an efficient layout. All of the benefits of this state-of-the-art LEED Platinum building for a price that makes sense. Don't miss this fantastic opportunity.List Price: $599,000
Greetings!
 
With the kids back in school and people back at work, the fall housing market is upon us. Historically, this market has resulted in an uptick in sales as people return from vacation and the threat of winter looms.
Why is the real estate market seasonal?
       
As fall drags on, and more inclement weather makes buyer tours less pleasant, the market slows down. With fewer buyers looking at properties, many sellers decide to take their properties off the market to wait for spring. Because of this, the lower demand is often offset by the lower supply.
However, statistics consistently show that house prices tend to be lower in the winter than in the summer, which is why home price stats are seasonally adjusted. There are many reasons for this seasonal disparity, but simply put, people who sell in the winter are more likely to need to sell. And because there are fewer buyers, true negotiations between buyers and sellers are more likely to occur in instead of auction-type multiple offer situations.

So what does this mean if you're a buyer or seller? If you're a buyer that has the flexibility to purchase during the winter months, your selection will be limited, but if you find what you like, you could very well get your home for a good price. If you're a seller that needs to sell, the limited supply can work in your favour if you have a good realtor that can effectively communicate to the market the unique features of your home.

Every situation is different, and each year presents a new set of challenges and opportunities that require professional analysis. Feel free to contact me if you have any questions.
BJ Block
Mortgage Tips: Understanding Value vs. Price
 
Saving money on your mortgage involves more than just a low interest rate.  Many borrowers get lured into costly mortgages by a low contract rate without realizing the costs and restrictions hidden in the mortgage.   Interest penalties, pre-payment restrictions, and portability limitations can all add thousands to the overall cost of a mortgage.  Maximizing your annual privilege payments not only helps you pay off your mortgage faster, but it will reduce the amount of penalty required should you choose to pay off your mortgage early.  It is important to work with your trusted mortgage professional to thoroughly explore your options and to make sure you have all the tools available to pay down your mortgage faster and save money over the entire term.
 
BJ Block - mortgage broker 
C: 604-916-0390
Concerned about the real estate market?
    Market shows stabilty in recent months
 
VANCOUVER, B.C. - October 4, 2010
 - September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in

Greater Vancouver totaled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.

 

In comparison, last month's residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007's 2,776 sales, and an 11.9 per cent decline compared to September 2006's 2,519 sales.

 

"We've seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices," Jake Moldowan, REBGV president said.

 

Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.

 

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined 12.3 per cent. New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.

 

"We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month," Moldowan said. "At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we've seen in this category since April."

 

To view September stats package click here.
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