Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc and Properties in Victoria Professionals™.

 

Mortgage Rates Effective: February 5, 2010

 

Term

Our Best Rate

Bank Rates

6 Month Open

5.50%

6.60%

6 Month Closed

3.75%

4.65%

1 Year

2.35%

4.55%

2 Year

2.80%

4.35%

3 Year

3.25%

4.45%

4 Year

3.69%

5.29%

5 Year

3.74%

5.85%

6 Year

            5.00%

5.90%

7 Year

5.15%

6.60%

9 Year

5.37%

6.80%

10 Year

5.25%

6.80%

 

 

 

1 Year Variable

P-15%

 

3 Year Variable

P-30%

                   

5 Year Variable

P-25%

 

Prime Rate

2.25%

 

*Rates subject to change without notice *

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Jenna for Bill & David

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

 

January Real Estate Sales Herald Strong Start to the New Year

The number of properties sold throughout the Victoria area eased slightly compared to December but was still substantially higher than January of last year. A total of 418 homes and other properties sold in January through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 453 sales in December but up nearly 70 percent from the 247 sales in January of last year. Prices, meantime, remained stable but mixed depending on property type.

Victoria Real Estate Board (VREB) President says January’s figures represent a solid start to the year, “After last year’s remarkable recovery in the real estate market, we are pleased to see strong sales for January and look forward to a balanced market in the months to come.” VREB President noted that the number of properties available for sale increased last month, “As of the end of January, there were 2,793 properties available for sale - up from 2,557 at the end of December but still down 24 per cent from January of last year. We expect further increases in the number of properties on the market as we head into spring and this will offer a greater choice to buyers.”

 

The average price for single family homes sold in Greater Victoria last month was $644,678 down from $651,316 in December. Fifteen sales of over $1 million including one sale in Central Saanich of over $2 million and one sale in North Saanich of over $2.5 million affected the overall average in January. The median price of single family homes sold rose to $595,000. The six-month average was $615,271. The overall average price for condominiums was $313,337 last month, down from $345,907 in December. The average for the last six months was $322,775. The median price for condominiums in January rose to $299,900. The average price of all townhomes sold last month was $453,013 down from $485,307 in December. The median price declined to $399,250. The six month average was $452,447.

 

MLS® sales last month included 220 single family homes, 112 condominiums, 46 townhomes and eight manufactured homes.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Jenna for Bill & David

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc and Properties in Victoria Professionals™.

 

Mortgage Rates Effective: January 29, 2010

 

Term

Our Best Rate

Bank Rates

6 Month Open

5.50%

6.60%

6 Month Closed

3.75%

4.65%

1 Year

2.30%

4.55%

2 Year

2.90%

4.35%

3 Year

3.25%

4.45%

4 Year

3.74%

5.29%

5 Year

3.75%

5.85%

6 Year

            4.85%

5.90%

7 Year

5.15%

6.60%

8 Year

5.15%

6.60%

9 Year

5.37%

6.80%

10 Year

5.25%

6.95%

15 Year

9.25%

            9.55%

18 Year

9.25%

            9.55%

25 Year

9.35%

9.63%

Prime Rate

2.25%

 

*Rates subject to change without notice *

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Jenna for Bill & David

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

 

BCREA Housing Forecast Update - First Quarter 2010

Vancouver, BC – January 29, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the first quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent from 85,028 units in 2009 to 90,100 units this year, before declining 3 per cent to 87,500 units in 2011. Higher home prices and rising mortgage interest rates will provide a constraint on home sales next year.

“BC MLS® residential sales sprinted from an annualized rate of 50,000 units during the first quarter to 112,000 units during the fourth quarter last year,” said Cameron Muir, BCREA Chief Economist. “That gold medal finish will give way to a silver medal performance in 2010.”   

Relatively slow economic growth, waning pent-up demand and rising carrying costs are expected to keep home sales from continuing at their frenetic pace.

While home sales in Victoria, Vancouver and the Fraser Valley rebounded sharply last year and weighted heavily in the provincial total, the rest of the province is demonstrating more gradual improvement.

The average annual MLS® residential price in BC is forecast to increase 5 per cent to $490,900 this year and then rise by 1 per cent to $494,800 in 2011. “Higher mortgage interest rates will limit price appreciation next year,” added Muir.  

For a PDF version of this news release, including data table, follow this link:
www.bcrea.bc.ca/news_room/2010-01-29Forecast.pdf.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

Victoria’ Real Estate Market shows resliance compared to Maui Real Estate Market.

 

Are you looking for that Holiday home on Maui? It may be the perfect time to buy. Low rates and a strong Candian dollar.

 

After spending the better part of my time on Maui on my bicycle exploring this wonderful Island, rich in natural beauty and of course almost perfect cycling weather (at least in January) I have seen numerous properties for sale. Trying to be on holidays and not think of work while I was here only lasted a few days. I wanted to know how this market compared to the Victoria market. Both are Islands and both in their own right are very desirable location to reside.  Our market in Victoria has been very strong over the last 6 months and has pretty much recovered from its lows of a year ago. Please click on the link to the Victoria Market Update.

 

Maui on the other hand has not recovered from its highs of a few years ago and appears to still be languishing in a soft market. This may be a great opportunity for Canadians to buy and it looks to stay that way for the foreseeable future. Take for example the following condo for sale on Maui

 

Lovely 2nd floor Remodeled One Bedroom One Bath Unit in Kuau Plaza located on Maui’s North Shore. Close to the World Famous Surfing/Wind Surfing Beach Ho’okipa, Baldwin Beach and Paia Bay. As well as Paia Town with Many Shops, Restaurants, Post Office, Pharmacy, Coffee Shops. Allows vacation rentals. Low monthly maintenance fee that includes cable, water, trash, and yard service. Within walking distance to Mama’s Fish House Beach and Restaurant.15 minutes to airport. $310,000.

 

There are many available condos in the Victoria core area of similar size, but locations do not compare. Here what you can purchase with a similar price:

 

Fantastic 9th floor southeast corner suite in the Corazon, 1 bedroom with outstanding views of the city, ocean and mountains.  The moment you enter the suite you will love the floor to ceiling windows that enhance the view.  Terrific open floor plan with efficient kitchen featuring stainless appliances.  Large bedroom with ample closet space and the nearly 9ft ceilings give you everything you could need.  Unique zoning for the building allows for legal short term rentals, pets allowed and a great onsite caretaker make this a worry free home.  Secure parking and additional storage in a downtown concrete building, just move right in! $314,900

 

I believe that in the medium to long term Victoria market is a more sound investment as our fundementals are strong compared to the Maui and the US in general. They do have a long way to go before there economy turns around and their own citizens begin to invest in their own real estate market. With our strong dollar, and looking to gain strength, and the number of listings on the market it may be a good time for Canadians to look at the possibilities. If purchasing in Maui is a consideration please contact us and we will be happy to put you contact with Billy or Pete from Jim Sanders real estate team on Maui to help you navigate through its market.

 

Maui Market Update: January 2010

 

Residential unit sales declined (-24%) from one year ago, average sold price = $713,946 (-14%), median price = $498,106 (-14%) and total dollar volume sold = $494,764,887 (-35%).

 

Condo unit sales increased (4%), average sold price = $719,993 (-22%), median price = $450,000(-18%). Total Condo dollar volume sold = $593,273,850 (-18%).

 

Total sales for immediately past 12 months: Residential = 693, Condo = 824, Land = 109.

 

IN A NUT SHELL…… the good, the bad….. AND THE ROAD AHEAD ……

The market seems to be getting its footing as Number of Sales increase, Inventory decreases, yet Median Prices bounce along the bottom. The inventory includes many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead to a more normal marketplace, at which time prices will eventually start to rise.

 

FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell.  To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (including lease-with-option-to-buy and sale-withlease- back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor.

 

BEST Deals are selling, everything else is getting old.

Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. Doing this can prevent unanticipated escrow fallout. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.

 

FOR BUYERS: Continued low interest rates and Newly Extended first time/move-up homebuyer incentives provide plenty of options for Buyers who qualify. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans).

More “short-sales” and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC.

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc and Properties in Victoria Professionals™.

 

Mortgage Rates Effective: January 22, 2010

 

Term

Our Best Rate

Bank Rates

6 Month Open

5.50%

6.60%

6 Month Closed

3.75%

4.65%

1 Year

2.30%

4.55%

2 Year

2.90%

4.35%

3 Year

3.25%

4.45%

4 Year

3.74%

5.29%

5 Year

3.75%

5.85%

6 Year

            4.85%

5.90%

7 Year

5.15%

6.60%

8 Year

5.15%

6.60%

9 Year

5.37%

6.80%

10 Year

5.25%

6.95%

15 Year

9.25%

            9.55%

18 Year

9.25%

            9.55%

25 Year

9.35%

9.63%

Prime Rate

2.25%

 

*Rates subject to change without notice *

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Jenna for Bill & David

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

 

Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc and Properties in Victoria Professionals™.

 

Mortgage Rates Effective: January 15, 2010

Term

Our Best Rate

Bank Rates

6 Month Open

5.50%

6.60%

6 Month Closed

3.75%

4.65%

1 Year

2.30%

4.55%

2 Year

2.90%

4.35%

3 Year

3.25%

4.45%

4 Year

3.74%

5.29%

5 Year

3.75%

5.85%

6 Year

            4.85%

5.90%

7 Year

5.15%

6.60%

8 Year

5.15%

6.60%

9 Year

5.37%

6.80%

10 Year

5.25%

6.95%

15 Year

9.25%

            9.55%

18 Year

9.25%

            9.55%

25 Year

9.35%

9.63%

Prime Rate

2.25%

 

*Rates subject to change without notice *

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Jenna for Bill & David

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

 

December Home Sales Second Highest on Record

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 132 per cent to 5,703 units in December compared to the same month last year. More homes were sold last month than in any December on record except 1989 when 6,014 units were sold.  

“2009 came in like a lamb and went out like a lion,” said Cameron Muir, BCREA Chief Economist. “The year began with home sales trending at a 25-year low and ended at a 20-year high. Low mortgage interest rates, pent-up demand and improving economic conditions were key drivers of consumer demand.”

A total of 85,028 residential units were sold through the MLS® in 2009, up 23 per cent from 68,923 units in 2008. The residential sales dollar volume increased 26 per cent to $39.6 billion last year, while the average MLS® residential price increased 2 per cent to $465,725.

“Considerable momentum in the housing market is expected to carry through the first quarter of 2010, before home sales begin to moderate as a result of eroding affordability and less pent-up demand,” added Muir.

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2009-12.pdf.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc and Properties in Victoria Professionals™.

 

Mortgage Rates Effective: January 6, 2010,

 

Term

Our Best Rate

Bank Rates

6 Month Open

5.50%

6.60%

6 Month Closed

3.75%

4.65%

1 Year

2.35%

4.55%

2 Year

2.90%

4.35%

3 Year

3.25%

4.45%

4 Year

3.90%

5.29%

5 Year

3.84%

5.85%

6 Year

              4.85%

5.90%

7 Year

5.25%

6.60%

8 Year

5.15%

6.60%

9 Year

5.37%

6.80%

10 Year

5.25%

6.95%

15 Year

9.25%

              9.55%

18 Year

9.25%

              9.55%

25 Year

9.35%

9.63%

Prime Rate

2.25%

 

*Rates subject to change without notice *

                                                                                                                     

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

Cheers,

Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

Greater Toronto Area Resale Market Resilient in 2009

Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

 

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour.

 

“As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.” The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

 

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

 

For the full report of the Toronto Market click here

 

For more information on the Toronto Real Estate market please contact Paul Delaney. He has been consistently ranked in the Top 1% of all Royal LePage REALTORS® in Canada since 1999.  His professionalism and integrity will impress you from the first meeting though the whole process and years after.

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.