Jackie MacDonald

Condo Staging - quick tips

2010-03-19T06:14:00Z

Stage to Sell:

Spring is just around the corner, at which time buyers will come out of hibernation. To help give your condo an edge in the coming market, incorporate these staging tips.

A part of what attracts people to condominiums is the beautiful views they offer. If your condo boasts great views, play them up. For example, open your window coverings, make the views focal points by arranging your furniture so as to direct attention to them, and hang mirrors where they'll reflect the views.

Make sure each room is being used - or at least staged - so as to reflect its intended use. Repurposed rooms can confuse buyers. For example, you may have no need for a dining room, using the area as a home gym instead, but buyers will want to see a dining room - if they don't, they might walk away thinking there isn't one.

Show off the space, not your stuff. Remove excess furniture, keeping only those pieces necessary for daily living. Clear your counters, and empty your closets, drawers and cupboards of about half their contents. Smaller spaces look cramped more easily, so when it comes to staging a condo, a "less is more" approach is key.

For those with balconies, don't forget about them. Your balcony may just be storage space for you, but for buyers it can be an important selling feature, especially at this time of year. Clear off the clutter, give it a good cleaning, and dress it up with appropriately-sized outdoor furniture and a splash of greenery.

More tips, links and info at www.jackiemacdonald.com!

STRONGER THAN EXPECTED FRASER VALLEY HOME SALES DURING OLYMPICS

2010-03-03T21:02:00Z

(Surrey, BC) – Not even the most engaging Olympics in Canadian history could completely slow the appetite for house hunting, according to the most recent statistics from the Fraser Valley Real Estate Board.

The Board’s Multiple Listing Service® (MLS®) recorded 1,204 sales in February, an increase of 23 per cent over January’s sales and an increase of 77 per cent over the 682 sales during February of last year.

Deanna Horn, president of the Board explains, “Although the phones were quieter and we did experience less traffic at open houses, we were surprisingly busy given how much everyone, including REALTORS® were enjoying the Games.

“Buyers are aware of two key changes that could impact their purchasing ability. The new mortgage rules coming in April, plus the Harmonized Sales Tax in July, so the ‘Olympic effect’ we were expecting wasn’t as deep.”

The Board’s MLS® received 2,879 new listings in February, an average of 144 per business day, providing buyers with 14 per cent more selection than they had the previous month. The number of active listings in February was 8,485, 12 per cent fewer than were available during February last year.

Horn adds that the combined strength of listings and sales currently is stabilizing Fraser Valley home prices. “Overall, we’ve seen modest price gains for the last three months. The benchmark price for all residential types combined increased less than one per cent from January to February.

“When you have a healthy level of inventory, it puts less upward pressure on prices and creates a stable, balanced market.”

In February, the benchmark price for Fraser Valley detached homes was $508,136, an increase of 11.3 per cent from the February 2009 price of $456,683.

The benchmark price of Fraser Valley townhouses in February was $324,708, a 9.8 per cent increase compared to $295,731 in February 2009. The benchmark price of apartments increased by 7.8 per cent year-over-year going from $228,091 in February 2009 to $245,879 in February 2010.

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.REALTOR.ca. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,981 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Copyright Fraser Valley Real Estate Board. Reprinted with permission.

More articles and information at www.jackiemacdonald.com, or call me anytime at 778-549-0696

Household Hazards - dangerous products in your home

2010-02-04T20:56:00Z

As we grow more conscientious about our health, our impact on the environment, and how we spend our money, we become more choosey about the products we will - and will not - allow into our homes. Below are five chemicals commonly found in household cleaning products that you are urged to avoid.

AMMONIA
A gas comprised of nitrogen and hydrogen, ammonia is found in a plethora of household cleaning products due to its effectiveness in cutting grease and cleaning glass. As its strong odor indicates, ammonia is caustic; it's also poisonous if swallowed and particularly dangerous when mixed with chlorine bleach. Derived from petroleum, ammonia is irritating to the eyes and respiratory tract, burns skin on contact, and can trigger asthma attacks and cause headaches. Vinegar works just as well, is non-toxic and cheaper than commercial cleaners containing ammonia.

CHLORINE BLEACH
Chlorine bleach may be next to ammonia on this list, but they should never be next to each other under your sink; the two combined are extremely dangerous. Also known as sodium hypochlorite, bleach is used as a disinfectant and whitener, sold by itself or as an ingredient in common household cleaners like dishwasher detergents and toilet bowl cleaners. Unfortunately, its fumes can irritate the lungs, making it a poor choice for those with respiratory problems. It can also damage the skin, eyes and other mucous membranes, and is potentially lethal if ingested.

FORMALDEHYDE
This pungent, colorless gas, commonly used as a disinfectant or preservative, is found in air fresheners, carpet cleaners, furniture polish, and dishwashing liquid, to name a few. Formaldehyde has been associated with a litany of health hazards, including respiratory problems, dermatitis, dizziness, headaches, joint pain, immune dysfunction, fatigue, and eye, nose and throat irritation. It's also a carcinogen. Check product labels for these synonyms: 1,3-dioxetane, formalin, methanal, methyl aldehyde, methylene oxide, oxymethyline, Quaternium-15, urea.

SODIUM HYDROXIDE
Also known as caustic soda or lye, this is one of the most toxic chemicals you'll find in a household. It's the main ingredient in oven, drain and metal cleaners. In ovens, the strong chemical compound, alkali, works by converting grease to a kind of soap; in drains, it works by decomposing complex molecules like the protein in hair. As such, it's not surprising that sodium hydroxide can seriously irritate the eyes and respiratory system, causing asthma attacks, and can even corrode the skin. It can also have an effect on the pH levels of water, killing aquatic life.

TRICLOSAN
Classified by the Environmental Protection Agency as a pesticide, triclosan is the active ingredient in antibacterial products like liquid soap, though it's found in other products like laundry detergents and sponges, too. Studies show there's no benefit to using antibacterial soaps and that triclosan may actually encourage bacterial resistance to antibiotics. It's also been linked to weakened immune systems, asthma and allergies, decreased fertility, cancer and tainted water. Triclosan is marketed under brand names including Microban®, Irgasan®, Lexol 300, Cloxifenolum, BioFresh™, and Ster-Zac.

Article from my February 2010 online newsletter. To sign up for my free e-newsletter, click here: http://www.jackiemacdonald.com/ and fill out the request form!

Here We Go Again

2010-01-25T00:50:00Z

content from the Fraser Valley Real Estate Board, written by Paul Penner, President

I’ve been reading and hearing more talk of an overheated real estate market lately. Headlines warning of a "bubble" forming and alarms sounding of a pending correction.

Even our Finance Minister, Jim Flaherty threatened before Christmas that the government could and would tighten mortgage conditions if they felt Canadian buyers were creating an "asset bubble" by reaching beyond their means with the current low interest rates.

I can’t speak to the rest of Canada, but here in Fraser Valley, we know from our informal member market polls that in November and December, the majority – 60% – of buyers took out conventional mortgages and only 40% put less than 25% down.

It’s true that many of those higher risk mortgages are held by first-time homebuyers who don’t have a lot of wiggle room, but at risk of sounding like I’m getting into the forecast business, all signs indicate that interest rates are likely to remain low for longer than we expected.

Also, our market has recovered. It’s not just me saying so. Like I tell my clients, the proof is in the numbers.

Sales in the Fraser Valley hit bottom in January 2009 with only 389, the lowest in the current cycle, in fact, the lowest since 1984.

Twelve months later in December 2009, sales returned to 1,260, the third highest December on record.

Our Housing Price Index (HPI) lost ground in 2009 dropping the value of a typical detached house in the Valley to just over $452,000 in January. It has since recovered to $497,732, still shy of the $514,000 peak in spring 2008.

Yes, I admit the pace of the recovery surprised most of us, but if you look at the stats in detail you’ll notice there is a great deal of stability.

Since July of last year, our monthly sales volumes have ranged between 28% and 40% of the 10-year-average sales for the same month – healthy numbers, not ‘over the top’. And the other statistic that gives me comfort is one that I referred to above, the amount of equity most buyers bring to the transaction.

Canadian homeowners have, on average, 74% equity in their house, compared with 40% for Americans. This equity acts as a buffer during economic slowdowns and helps to keep panic out of the market.

Perhaps Warren Buffet said it best; "It’s only when the tide goes out that you learn who’s been swimming naked." Many of our neighbours to the south have been skinny-dipping; while in true Canadian style we have been more conservative.

Copyright Fraser Valley Real Estate Board. Reprinted with permission.

Slow start, strong finish for Vancouver housing market in 2009

2010-01-06T18:34:00Z

from http://www.rebgv.org/news-statistics/slow-start-strong-finish-housing-market-2009

Tuesday, January 5, 2010

VANCOUVER – After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009.

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

YEAR OF THE REAL ESTATE REBOUND FOR FRASER VALLEY

2010-01-06T18:07:00Z

content from http://www.fvreb.bc.ca/press-releases.php

January 5, 2010

(Surrey, BC) - Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in December reflect the real estate story of 2009: recovery.

“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”

According to Penner, a significant portion of the 148 per cent increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. “An informal poll of our members in December revealed 40 per cent of home sales were by first-time buyers when it would normally be in the 25 per cent range.”

The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26 per cent. However, it received 15 per cent fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34 per cent going from 9,960 properties in December 2008 to 6,534 in December 2009.

“We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets,” explained Penner.

The MLSLink Housing Price Index (HPI) benchmark price for detached homes was $497,732 in December compared to $464,189 in December 2008, an increase of 7.2 per cent. Although prices have gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.

The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4 per cent increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.

The benchmark price of apartments decreased by 0.3 per cent year-over-year going from $237,786 in December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.

To view the full statistics package, visit http://www.fvreb.bc.ca/statistics/Package%20200912.pdf

For more information, give me a call at 778-549-0696 or visit my website at http://www.jackiemacdonald.com

Copyright Fraser Valley Real Estate Board. Reprinted with permission.

2 Story Townhouse For Sale in Murrayville

2009-12-31T07:09:00Z

Updated throughout!

• 1,520 sq. ft., 3 bath, 2 bdrm 2 story - $315,000

Murrayville, Langley Area - Immaculate 2 story town home in Murrayville's Orangewood!

Adult oriented (35 yrs plus) gated complex close to shopping, recreation and transportation. Large master with a spacious ensuite and designer colours boasts a solarium and a view of the city lights. Two bedrooms, three baths plus den! Parking for 2 cars, large kitchen, new laminate floors on the main, new carpet, and fresh paint throughout. Enjoy your private fenced yard overlooking treed green space with lots of room for entertaining in style!

Property information

Staging for Dummies...how to show your home at its best without spending a lot

2009-12-13T22:19:00Z

There are many shows on TV right now about home staging and how to sell your home quickly and for top dollar. The home staging business is booming, and there are many local home stagers available to do everything from helping you de-clutter and rearrange the furniture you already have to providing you with new interior decorating and rental furniture for a stunning show home look. Feel free to contact me for referrals of local home stagers or to ask any questions you may have.

If you want to give your home a facelift on a budget, here are my top suggestions to have your home appeal to the most buyers and increase your odds of a quicker sale!

First, have the right attitude about staging your home to appeal to the masses. You might need to tone down your personal sense of style to make your home more marketable. This can be hard for some people, but try to remember, you aren't planning on living in your home much longer anyway, so catering to your own tastes isn't the priority. Let your own tastes loose in your new home, not in the one you're trying to sell.
De-cluttering is the best and cheapest way to make your home look better! You're moving soon anyway, so start packing! I use the rule of 1/3: take a third of your stuff and pack it away. That includes clothes, books, closet contents, storage items, display items, cabinet contents, toys, and any other knicknacks or items taking up your storage space or sitting out on surfaces or tables.
You still need to live in your home for a few months, so I understand you can't go crazy in this department, but potential buyers need to see SPACE for their belongings in your home. If they open a closet and it is bulging out at them with your overstuffed clutter, they will start to see the home as not having enough room for them either.
Take down family photos, or pare them down to a minimum. Buyers want to see themselves in the home, not be reminded at every turn about you being there. Consider replacing family photos with tasteful modern art easily found at stores like Home Sense.
Clean, clean and clean some more. Nothing is more of a turnoff than the smell of dirty litterboxes, sour laundry, or the sight of hairballs on the carpet, smears on the walls and doors, and scum in the bathroom. If cleaning isn't your thing, there are many housekeepers available for less than $20 an hour - check out craigslist! When you leave each day for work, just do a quick 10 minute tidy in case of showings that day. They're bound to happen, so it's best to be prepared every day for potential buyers to be in your home.
Keep surfaces like tables and counters clear of clutter, appliances and other items, especially in the kitchen. Bare counters, except for a few well placed items like a fruit bowl and a shiny mixer or a bouquet of flowers make your kitchen look bigger and cleaner!
Fix things that are broken and can be easily noticed like burnt out bulbs, broken faceplates or light switches, doorknobs that are loose, and cabinet hardware that is loose or missing.
If you're feeling like a bit more of a project, the biggest bang for your buck is PAINT. However, a bad paint job is very noticeable. 90% of the job should be the preparation: fill holes and dings with a product like dry dex or poly fill, sand the fill, wipe the walls down, and do a proper job priming and painting with 2 coats of quality paint in a neutral colour. Make sure to properly tape off and drop cloth the surrounding area to avoid splattering your ceiling or floors. PLEASE resist the urge to do strong colours. It may be appealing to some, but you want to appeal to as many people as possible and make your home look as large as you can. Stick to neutrals!!!
If you have overstuffed furniture or large sectionals, try to take at least one piece out of the room to make it look bigger.
Ask a friend or two with a good sense of style to walk through your house as a buyer and give you their honest opinions on what should stay and what should go.

If you can manage to follow even some of the suggestions above, you will be making your home more attractive to potential buyers and hopefully get a quicker sale and a better price than someone who doesn't bother to make their home more appealing.

Visit my website at http://www.jackiemacdonald.com for more resources and links on home improvement, or contact me anytime for advice.

November Home Sales Continue at Torrid Pace Vancouver, BC

2009-12-09T17:45:00Z

content from http://www.bcrea.bc.ca/news_room/2009-11.pdf

Vancouver, BC – December 9, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 165 per cent to 7,182 units in November compared to the same month last year. Last month posted the highest number of MLS® residential sales for the month of November since 2005, when 7,721 units changed hands. Triple-digit gains in province-wide unit sales reflect a low number of unit sales in November 2008.

"BC home sales remained at an elevated level in November," said Cameron Muir, BCREA Chief Economist. "Low mortgage interest rates, pent-up demand and strong consumer confidence continue to be key drivers in the market."

The torrid pace of home sales in the Fraser Valley, Vancouver and Victoria has propelled the provincial total to near record levels. However, consumer demand in these markets is expected to moderate in the new year as pent-up demand is largely expended and higher home prices erode affordability.

Year-to-date, MLS® residential sales dollar volume increased 21 per cent to $36.8 billion over the same period last year. A total of 79,325 units were sold in the first eleven months of 2009, up 19 per cent from 2008, while the average MLS® price increased 2 per cent to $463,555.

For detailed graphs for the lower mainland, visit http://www.bcrea.bc.ca/news_room/2009-11.pdf

For more information, visit http://www.jackiemacdonald.com or contact Jackie at 778-549-0696.

Bank of Canada holds lending rates until summer 2010!

2009-12-08T23:12:00Z

content from http://www.bankofcanada.ca/en/fixed-dates/2009/rate_081209.html

Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010

OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

While significant fragilities remain, global economic developments have been slightly more positive and the global outlook has improved modestly relative to the Bank's projection in its October Monetary Policy Report (MPR).

In Canada, as expected, the composition of aggregate demand is shifting towards final domestic demand and away from net exports. In the third quarter, the balance of these shifts resulted in weaker-than-projected GDP growth. Core inflation in recent months has been slightly higher than the Bank had projected, although total CPI inflation remains close to projections.

The main drivers and the profile of the projected recovery in Canada remain consistent with the Bank's views in the October MPR. The Bank continues to expect economic growth to become more solidly entrenched over the projection period and inflation to return to the 2 per cent target in the second half of 2011.

Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target. In its conduct of monetary policy at low interest rates, the Bank retains considerable flexibility, consistent with the framework outlined in the April MPR.

The risks to the outlook for inflation continue to be those outlined in the October MPR. On the upside, the main risks are stronger-than-projected global and domestic demand. On the downside, the main risks are a more protracted global recovery and persistent strength in the Canadian dollar that could act as a significant further drag on growth and put additional downward pressure on inflation. The Bank views all of these risks through the prism of achieving the 2 per cent inflation target.

While the underlying macroeconomic risks to the projection are roughly balanced, the Bank judges that, as a consequence of operating at the effective lower bound, the overall risks to its inflation projection are tilted slightly to the downside.

Information note:

The next scheduled date for announcing the overnight rate target is 19 January 2010. A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the Monetary Policy Report on 21 January 2010.

BUSIER THAN NORMAL NOVEMBER FOR FRASER VALLEY REAL ESTATE MARKET

2009-12-03T17:16:00Z

News Release: December 2, 2009 (Surrey, BC) content from the Fraser Valley Real Estate Board

The Fraser Valley Real Estate Board (FVREB) processed 1,522 sales on its Multiple Listing Service (MLS®) in November, an increase of 200 per cent compared to the 507 sales during the same month last year and only 10.7 per cent less than in October.

“Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this time of year,” said Paul Penner, President of the Board. “We typically see both sales and listing activity slow in November as people start to get ready for the holidays and we did experience that on the listing side, but not in sales. This was the second busiest November Fraser Valley REALTORS® have seen in ten years.”

The number of active Fraser Valley listings in November decreased 5.4 per cent from October, dropping to 8,334 listings. This represents a 29.4 per cent decrease from last year. The MLS® saw 2,093 new listings come on stream in November, 26 per cent fewer than were received in October, however, 12 per cent more than were received in November last year.

The benchmark price of a detached home in October was $497,697, an increase of 6.5 per cent compared to November 2008, when it was $467,497. The benchmark price of townhouses increased 2.3 per cent from $308,647 in November 2008 to $315,890 last month. The benchmark price of apartments also increased year-over-year by 1.9 per cent, going from $231,498 in November of last year to $235,842 in November 2009.

“Although prices are edging up, buyers seeking value and lifestyle continue to find both in the Fraser Valley,” said Penner. “In November, 70 per cent of all homes and 46 per cent of single detached homes sold for under $500,000, indicative of a diverse housing stock across our six communities.” Penner says the average days on market in the Fraser Valley remains competitive: 56 days on average for single detached homes; 46 days on average for townhomes; and, 58 days on average for apartments.

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.REALTOR.ca. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,968 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Full package: http://www.fvreb.bc.ca/statistics/Package%20200911.pdf

Copyright Fraser Valley Real Estate Board. Reprinted with permission.

Canada home prices may rise 10 percent in 2010: report

2009-12-02T18:48:00Z

From http://www.reuters.com/article/bondsNews/idUSN0150708720091201

Tue Dec 1, 2:08 PM

Enlarge Photo
(Reuters)

TORONTO (Reuters) - Canadian home-resale prices are likely rise in 2010 at an even faster pace than this year but a dangerous bubble probably won't develop, TD Economics said in study published on Tuesday.

The average price of an existing home in Canada is expected to surge 9-10 percent next year to about C$346,000 as sales climb to 475,000. In 2009, the average price rose an estimated 4-5 percent on an annual basis.

But the sales momentum, which TD expects will last six to 10 more months, should not translate into a "bubble" as the cost of ownership, when lower interest rates are taken into consideration, has fallen in recent months.

The residential housing market froze late last year in the wake of the global financial crisis, but its swift recovery has prompted some concern about the chances of a sudden collapse. Sales of existing homes rose to a record monthly high in October.

TD described the Canadian market's downturn and subsequent recovery "as V-shaped as can be." It partly attributed the rebound to pent-up demand after last year's slump.

Over the next few years, sales growth should moderate as more supply comes into the market and interest rates rise, TD said in its resale housing outlook report.

In 2011, eroding affordability is likely to weaken sales by more than 10 percent to 421,200 units while prices rise 1.6 percent to C$351,600. In the following two years, prices and sales are expected to rise modestly.

(Reporting by Ka Yan Ng)

Can You Make a Killing During the Olympics?

2009-12-02T17:46:00Z

If you are planning to rent a suite or room for the games, you should be organizing right now.

By Ozzie Jurock, content from http://www2.jurock.com/articles/columnist.asp?id=8841

For rent for Olympics: Two-bedroom suite at English Bay, short taxi ride or leisurely stroll to some major Vancouver 2010 Olympic sites. $800 per night. Olympic pad: Whistler chalet, three bdrms, hot tub. $30,000 for month of February 2010.

The samples above, captured online last month, give an indication of the potential income for Vancouver and Whistler homeowners willing and able to rent out all or some of their property during the 2010 Vancouver Olympics and Paralympic Games, held February 12 to 28, 2010.

If you are planning to rent a suite or room for the games, you should be organizing right now. In February, NBC and CTV began heavily promoting Vancouver Olympics TV coverage, which should start the phones ringing for visitor accommodation.

Some of the 5,500 Olympic athletes, or their teams, will rent out private homes close to venues to escape the distraction of the Olympic village, while international media crews will need large houses or apartments. Most of these bookings will already have been made, or will be firmed up shortly, but visitor accommodations will be booked over the next year, likely right up to the opening ceremonies.

Average asking rent: $915 per night !

The average Olympic rental in the Vancouver area is a two-bedroom suite, and the average asking rental rate is $915 per night. Homes with more than four bedrooms show an average rent of $1,248 per night, according to Mark Szekely, who surveyed nearly 200 listings on his rent2010.net web page. In Whistler, the average asking rental rate, by bedroom, is $478 per day. Multiply by the 16 days of the Games, and you can see it can be worthwhile renting out the home, or at least a room or two.

Unlike in Salt Lake City, the last winter Olympics held in North America, there is no official rental program set up to list or monitor private rental accommodation for the 2010 Olympics.

Since there is no official Olympic visitor rental site, it is hard to know whether potential landlords are achieving the rents asked, says Bob Mackie, 2010 Olympic columnist for Business in Vancouver.

Mackie says there is a concern in the Olympic community that if rents appear too high, some visitors may forego the games. “But there will be no way of knowing until the Olympics actually start.”

The best advice could be to offer your Olympic rental at below the average asking rate to generate increased interest. Szekely recommends setting up a permanent listing on paid sites, such as rent210.net, with photos and information, and using the free Craigslist to direct traffic to it.

CHECK LOCAL BYLAWS

If you are planning on adding a rental suite to your home in time for the Olympics, be sure you are within local bylaws. At Whistler, the municipality has eased regulations to allow short-term rentals of commercial property to accommodate VANOC staff, but there is no plan to allow private homeowners to rent out their property nightly for Olympic visitors. Currently, such private rentals are restricted to a 60-day minimum.

In Vancouver, secondary suites in private homes have been allowed since 2004, and there are no restrictions on nightly rentals, but it may be wise to warn your neighbours.

Based on a look at properties being listed for rent, through sites such as 2010destinationplanner.com and craigslist.org, the selection extends right across Greater Vancouver, and includes condominiums, complete houses, single rooms, and self-contained rental suites in private houses.

The potential of making $10,000 to $30,000 in rental income during the Olympics may be impetus enough for local homeowners to go ahead with a rental suite in their home. As a ballpark, you could expect from $100 to $150 per square foot to add a rental suite in a basement, and even more for upscale finishing. Remember also, that the Olympic short-term rental will have to be offered fully furnished.

Renovating a primary residence to add a rental suite is a good way of boosting the resale value, adding value on which you don’t have to pay capital gains tax. Moreover, if you derive rental income from the renovated property, you may be eligible for a variety of tax deductions that will accelerate the return you see from the property.

Some of you may even be thinking of renting out your boat. Well, you can’t – at least not at the Coal Harbor Marina – you can have guests but you need to be there too.

The Olympics may have not driven up real estate prices ... but they sure have an effect on rentals.

What the HST means for Home Buyers

2009-11-27T19:02:00Z

content from http://www.bcrea.bc.ca/hst/hstaction.htm

What the HST means for Home Buyers

The British Columbia Real Estate Association and its members are concerned that home buyers and sellers, particularly buyers of new homes, will bear most of the burden associated with the proposed Harmonized Sales Tax (HST).

The cost of real estate transactions will increase on July 1, 2010 with the introduction of the new HST. The people of BC will be particularly affected since our province has some of the highest priced real estate in the country. Approximately 40% of all real estate transactions in BC involve sales priced over $400,000, the original threshold for an HST rebate.

On November 18, 2009 the provincial government announced the HST transitional rules on housing which includes a threshold increase from $400,000 to $525,000, moving the threshold to above the median new home price in the province. According to the government news release announcing the transitional rules, the limit was increased due to feedback from consumers and the industry. To read the news release and backgrounder click here.

For more information and to see the Residential Housing New Housing Rebates and Transitional Rules for BC click here.

The effect of the HST will also be to introduce a new tax on most services provided by GST/HST registrants in BC. As such, service-providers like REALTORS®, home inspectors, and appraisers will be required by government to collect and remit 12% HST on their fees. The bottom line is that the proposed HST will increase the cost of buying and selling all property and it will have a much greater impact on the purchase of newly-built homes. Almost 60 per cent of the average family's household income is required to cover home ownership costs. If the HST is implemented as planned, they'll be paying even more.

For an informative FAQ page regarding HST, click here.

If you have questions about any of the above or want to discuss the impact of the HST on your decision to buy or sell a home, visit my contact me page at http://www.jackiemacdonald.com.

OCTOBER HOME SALES BRISK IN THE FRASER VALLEY

2009-11-26T05:38:00Z

content from the Fraser Valley Real Estate Board: http://www.fvreb.bc.ca/press-releases.php

November 3, 2009

(Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,704 sales on its Multiple Listing Service (MLS®) in October, an increase of 122 per cent compared to the 768 sales during the same month last year.

“We’ve had a reversal. Last October was unseasonably slow and now this past month was one of the strongest real estate markets we’ve had in the Fraser Valley in the last decade,” said FVREB President, Paul Penner.

“We continued to see resale buyers from Greater Vancouver and first-time buyers from all over the Lower Mainland taking advantage of competitive interest rates and lower prices in the Fraser Valley.”

Although the MLSLink® Housing Price Index (HPI) benchmark price of all three residential property types combined has increased by 7.4 per cent in the last six months in the Fraser Valley, prices for each property type remain at or below what they were one year ago.

The benchmark price of a detached home in October was $491,128, an increase of 0.4 per cent compared to October 2008, when it was $488,983.

The benchmark price of townhouses decreased 2.1 per cent from $319,160 in October 2008 to $312,339 last month. The benchmark price of apartments also decreased year-over-year by 2.3 per cent, going from $245,635 in October of last year to $240,048 in October 2009.

“We expect to see prices remain competitive in the Fraser Valley,” added Penner. “Even during our unusually busy summer, prices were sensitive to location and property type.”

Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.

The Fraser Valley Real Estate Board is an association of 2,959 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Copyright Fraser Valley Real Estate Board. Reprinted with permission.