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Blog by Kevin Wong

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Home Sales in BC to Rise 5 Per Cent This Year

June 30th, 2011
Vancouver, BC – June 30, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.

“Home sales will post some modest gains over t ...

Business Park, Hotel Planned For Sea Island

June 29th, 2011
The Vancouver Airport Authority plans to start construction next year on a $250-million business park and hotel on Sea Island next to the Canada Line's Templeton station.

The six-building business park will be constructed on a 13-hectare site adjacent to a new 2,500space park-and-ride facility for YVR employees and a Canada Post mail-processing plant that's slated to open in 2014.

...

7161 MARGUERITE Street, Vancouver West, British Columbia

June 27th, 2011

I just finished uploading this House for sale, 7161 MARGUERITE Street, Vancouver West, British Columbia

Over 9300 SF lot in papular South Granville area. Completely & tastefully renovated house like new! 7 bdrms, 5.5 bathrooms, Updated with lots of luxury features such as A/C, new kitchens ( Chinese kitchen ), top of the line appliance, new boths, movie theatre, bar,10 ft/9ft ceiling for the ...

Risks Rising, Bank of Canada Warns

June 22nd, 2011

Risks to the economy and financial system have edged higher over the past six months, the Bank of Canada warned Wednesday, citing the European debt crisis, the uneven global recovery, and vulnerable consumers who are not doing enough to cut their debts.

In their latest semi-annual assessment of the financial system, central bank policy makers said Canada’s banking sector remains r ...

No Need To Tighten Mortgage Rules Further: Flaherty

June 20th, 2011

Canada’s finance minister said Monday he had no plans to tighten mortgage rules again, stressing that the real estate market remains healthy.

“We just took action” in March and activity is already starting to moderate, Jim Flaherty said at a speech in Toronto.

Mr. Flaherty’s comments came after a strong warning on the housing market from Bank of Canada governor Mark Carney last week.

Che ...

Heavy Investor Demand In Condos Could Cause ‘Overshoot’: Carney

June 16th, 2011

Bank of Canada Governor Mark Carney warned yesterday that some markets are “already severely unaffordable” and that rising levels of investment in residential real estate could cause “an overshoot in the condo market in some major cities.”

“As I have observed, some markets are already severely unaffordable even at the current [interest] rates,” he said during a meeting with the Van ...

High Costs Drive B.C. First-time Homebuyers To Seek Home With Rental Unit

June 16th, 2011

The cost of buying and owning a home in British Columbia is so high that about half of first-time-homebuyers are looking for a property with a rental unit to cut costs, according to a new survey.

The strong interest is likely a reaction to the average price for a home in Vancouver, which is up 25.7% year-over-year to reach $831,555.

Some 56% of residents in the province ...

BC Home Sales Edge Lower In May

June 15th, 2011
BC Home Sales Edge Lower in May Vancouver, BC – June 15, 2011. The British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential unit sales in the province edged down one per cent to 7,857 units in May compared to the same month last year. The average MLS® residential price climbed 20 per cent to $596,872 last month compared to May 2010.

“Tighter mo ...

Canadian Real Estate Market Still A Top Global Performer

June 13th, 2011
Canada’s inflation-adjusted home prices were up 5% in the first quarter of this year compared to the same time last year, ranking as one of the biggest gains internationally, according to a global real estate report.

Canada’s gains were behind only France in the first quarter of 2011 among 12 countries studied by Scotiabank Group’s Global Real Estate Trends report. (China was not ...

RBC Touts Lower Loan Rates To Combat Lending Slump

June 13th, 2011

Royal Bank of Canada, the country’s largest lender, is starting a nationwide marketing campaign touting lower home-equity loan rates than most rivals to gain customers as it combats a slowdown in Canadian consumer lending.

The Toronto-based firm is putting its home-equity message on about 270 billboards in Ontario, the most populous province, and in more than 85 newspapers and on ...

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