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For immediate release - Home Sales Continue at Modest Pace: Pent-Up Demand Growing
Vancouver, BC – March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago.
"BC home sales continued at a modest pace in February,” said Cameron Muir, BCREA Chief Economist. “Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it’s not a matter of if, but when home sales rise above their current pace."
“An unusual spike in the average MLS® residential price in February 2012 is largely responsible for the year-over-year percentage change,” added Muir. “Most BC markets have experienced relatively stable price levels during the first two months of the year.”
Year-to-date, BC residential sales dollar volume declined 24.6 per cent to $4.1 billion, compared to the same period last year. Residential unit sales dipped 19.6 per cent to 7,911 units, while the average MLS® residential price was down 6.2 per cent at $523,117.
By Jaime Briggs, Kelowna Real Estate
Friday November 2, 2012
I received this information today about the recent mortgage changes. Thought I would share this great information courtesy of April Dunn, Mortgage Broker with Mortgage Alliance Homeline Mortgages.
Yesterday, November 1, 2012 was the day that banking regulator OFSI required most federally-regulated lenders to comply with its B-20 mortgage guidelines.
Lenders have announced stricter rules on things like conventional mortgage qualification, self-employed income verification, borrowed down payments and cash-back mortgages.
It is now tougher for many borrowers to get mortgage financing as these changes are applicable for all federally regulated lenders and any non-bank lenders that get funding from any bank or trust company.
Here are some of the other OSFI changes occurring across the mortgage market:
Tighter debt ratios on uninsured non-prime mortgages
Stricter proof of income for self-employed borrowers with more than 20% down (i.e., more evidence that an applicant’s business can afford to pay the salary being stated by that borrower—business and personal bank statements, for example.)
Stricter guidelines for calculating a borrower’s minimum monthly payment on unsecured debt (This payment affects a borrower’s debt ratios. Three per cent of the outstanding balance has long been a standard, but several lenders used more flexible guidelines.)
Stricter policies for estimating heating cost, which is also used in debt ratio calculations
The end of cash-back down payment mortgages (at all lenders except credit unions)
The end of borrowed down payments (at some lenders).
Yes these changes will make obtaining mortgage financing more challenging especially for the self-employed but there are still many options available whether you are buying or selling.
All the more reason to seek the assistance of a mortgage broker.
Please give me a call if you have any questions. I am here to help.
Mortgage Alliance Homeline Mortgage
Posted by Jaime Briggs, BriggsOnHomes.com and Kelowna Real Estate
For immediate release - October 26, 2012
BC Home Sales Forecast to Grow in 2013
BCREA 2012 Fourth Quarter Housing Forecast
Vancouver, BC – October 26, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005.
"Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013."
"While the average MLS® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,” added Muir. In addition, the Lower Mainland’s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLS® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013. Read More...
By Jaime Briggs, Kelowna Real Estate
October 23rd, 2012
Bank of Canada Interest Rate Announcement - October 23, 2012
The Bank of Canada once again opted to hold its target for the overnight rate at 1 per cent this morning. Interest rates have been held constant for over two years, the longest such period since the 1950's. The Bank somewhat tempered its bias for higher future interest rates, including a softer statement regarding the appropriateness of a gradual withdrawal of monetary stimulus as excess supply in the economy is absorbed. In a bit of a surprise, the Bank actually raised its forecast for the growth in the Canadian economy this year to 2.2 per cent, but kept its 2013 forecast at 2.3 per cent growth. The Bank judges that at that pace of growth, the Canadian economy will return to full capacity by the end of 2013.
It is our view that monetary policy at the Bank of Canada will continue to be constrained by external events in the global economy and household debt growth at home. While the Bank's preference for tighter policy is clear, it is difficult to make a case for higher interest rates when core inflation is below the Bank's 2 per cent target and already slow economic growth is threatened by global uncertainty. Therefore, we are forecasting that the Bank of Canada will hold its target overnight rate at 1 per cent until mid-to-late 2013 when, conditioned on an improved global economic outlook, it may test the water with a 25 basis point rate increase. Read More...
BCREA Reports - Tighter Regulation Trims Home Sales
Vancouver, BC – October 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 28.5 per cent to $2.2 billion in September compared to the same month last year. A total of 4,539 MLS® residential unit sales were recorded over the same period, down 24.3 per cent from September 2011. The average MLS® residential price was $494,213, down 5.6 per cent from a year ago.
"Stricter high-ratio mortgage regulation further exacerbated a moderating trend in consumer demand,” said Cameron Muir, BCREA Chief Economist. “Reducing the maximum amortization from 30 to 25 years had the equivalent impact to affordability as a 100 basis point increase in mortgage interest rates."
“An expanding population, strong full-time employment growth and persistent low mortgage interest rates are expected to bolster housing demand in the months ahead,” added Muir.
Year-to-date, BC residential sales dollar volume declined 18.5 per cent to $28.4 billion, compared to the same period last year. Residential unit sales declined 10.6 per cent to 54,670 units, while the average MLS® residential price was 8.9 per cent lower at $519,289. Read More...
I am very proud to be the #2 Individual Realtor in our office for 2012! Once again I have achieved one of the top awards with Coldwell Banker and have been awarded the prestigious International President's Circle Award for our hard work and dedication last year.
A special thanks to all my clients, friends and supporters for helping to make this possible!
Jaime Briggs, Kelowna Real Estate Read More...
MEDIA RELEASE For Immediate Release March 16, 2012 REALTORS® MAKING A DIFFERENCE: $10,000 Raised for Okanagan Hospice and Women’s Shelter Kelowna, BC – Despite a slowdown in the pace of home sales in the Central Okanagan, the community Read More...
Home Sales in Interior/North Outpace Province
Vancouver, BC – March 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 9.6 per cent to $3.4 billion in February compared to the same month last year. A total of 5,923 MLS® residential unit sales were recorded over the same period, a decline of 7.6 per cent. The average MLS® residential price was $574,975 in February, 2.1 per cent lower than in February 2011. Read More...
In its 2012 Budget announced yesterday, the Provincial Government announced a temporary one-time refundable personal income tax credit worth up to $10,000 for First Time Home Buyers! Read More...
Finally! The Province announced the HST Transition rules today as the Province transitions back to the PST/ GST system on April 1, 2013. Used Residential Homes (resales) are, of course, and remain, exempt from HST. Read More...
The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared to the same month last year. A total of 3,976 homes traded hands on the MLS® over the same period, down 3.9 per cent. The average MLS® residential price was 3.8 per cent lower at $527,219 compared to January 2011.
"Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist. MLS® Residential sales rose 7 per cent to 1,620 units outside the Lower Mainland, while declining 10 per cent to 2,356 units in Vancouver and the Fraser Valley. Read More...
BCREA Reports - Home Sales Increase Last Year. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.
For more Kelowna Real Estate call Jaime Briggs, Coldwell Banker Horizon Realty at 250-860-7500 or go to www.BriggsOnHomes.com
Please click below to watch a special Holiday Greeting from Jaime Briggs and BriggsOnHomes with Coldwell Banker Horizon Realty. http://www.youtube.com/watch?v=uI9RWG7NzGc&feature=youtube_gdata Read More...
BCREA Announces - Déjà Vu in November Housing Market
For more Kelowna Real Estate go to www.BriggsOnHomes.com Read More...
By Jaime Briggs, Kelowna Real Estate The following media release was just announced today from OMREB. MEDIA RELEASE For Immediate Release: September 6, 2011 Summer Finishes with Steady Home Sales Kelowna, BC – The Central Zone of the Okanagan Mainline Read More...