Archive for September, 2012

It’s All So Confusing

Monday, September 17th, 2012

I was on the phone with one of my customers the other day. He opened the conversation with “It’s all so confusing …”   I agree!  Any time you pick up a newspaper or listen to the television news you are bombarded with a new set of numbers.

I grabbed a Metro news today and there is another spin on the numbers:

The headline is:

New mortgage rules cited for drop in home sales

and the opening copy is:

Home sales declined 5.8 per cent across Canada from July to August, the largest month-over-month decline since June 2010, according to the Canadian Real Estate Association.

Actual sales activity was down almost 9 per cent in August over a year earlier, “providing the first clear indication that the recent changes to mortgage regulations aimed at cooling the market are working as intended,” said CREA chief economist Gregory Klump Monday.

Later on in the same article, they were “spinning” the numbers once again!

While average Vancouver house price was down almost 7 per cent in August over a year ago to $725,086, it was up about 3 per cent in August over July when adjusted for seasonal fluctuations.

I know it’s frustrating … but Whatcha Gonna Do?

The reality?  Houses are continuing to sell.  People are continuing to BUY.

I learned my new “Whatcha Gonna Do” philosophy from Burton Crane’s America’s Got Talent audition. Burton Crane is a 77 year old retired school teacher who claims to be the Grandfather of Rap. He performed an original rap called “Whatcha Gonna Do”.

If you haven’t seen it … it’s a great laugh.  The audience went from booing to cheering and chanting along in less than 30 seconds.

Whatcha Gonna Do

Check out the Metro Article

And if you are one of the many who are still buying  (fabulous marketplace to be in)  give Justin a call 604-736-1855

 

 

 

 

 

Renovation Revival

Wednesday, September 12th, 2012

The other day the Vancouver Sun ran an article saying that the recent Vancouver Real Estate slowdown has sparked a revival in home renovations.

Canada Mortgage and Housing Corporation’s 3rd Quarter Housing Market Outlook reports that …

In B.C., spending on renovations in 2011 was $7.6 billion. Spending is expected to remain stable in 2012 and grow to $7.8 billion next year.

The Sun reports
With year-to-date resales down 18 per cent in Vancouver compared to a year ago, it’s no longer the smoking hot sellers’ market it was a year ago. In fact, the Real Estate Board of Greater Vancouver reported that July sales were the lowest since 2000, with sales 31.2 per cent below the 10-year July sales average.
Vancouver Housing Market Slowdown | Averbach Mortgages
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Some of the slowdown in the market place is being blamed on the New mortgage rules introduced by the federal government in July 2012.  We’re not convinced that this is responsible for the drastic drop in sales … but we do know that many of our clients are making their renovation plans and refinancing in order to take advantage of what are still amazingly low mortgage rates.
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If you are considering a renovation and would like some advise on your options … please give Justin a call at  604-736-1855.
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