The Bank of Canada will keep rates on hold until the third quarter of next year amid slow global growth and the risk that Europe’s debt crisis will linger on, according to a Reuters survey released Tuesday. The poll of 40 economists and strategists showed the median forecast for the next interest-rate increase was pushed back by three months from the second quarter of 2012 projected in an August poll.

Analysts said the central bank need to raise borrowing costs is less than they previously thought because the domestic economy has not recovered strongly and the European debt crisis still dampens the global outlook. “There is slightly more slack left in the Canadian economy than where it was presumed a couple of months ago, based on how the second quarter panned out,” said Mark Chandler, head of Canadian fixed-income and currency strategy at Royal Bank of Canada.

Source: Financial Post

BC home sales rose nearly 9% in September compared to the same month last year, with the average price increasing 6% to $524,000, the B.C. Real Estate Association said Friday.

The BCREA reports that multiple listing service sales in the province rose 8.8% to 5,995 units and that sales edged up 3% in September compared to August on a seasonally adjusted basis. A total of 55,616 homes were listed on the multiple listing service at the end of September.

For individual markets, Metro Vancouver saw an average price increase of 10.5% to $751,000 in September compared to September 2010. That compares to Kamloops, which saw an increase of 11% over the same period to $286,000, and Okanagan Mainline, which saw the average price drop 6.6% to $376,000.

“Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment,” BCREA chief economist Cameron Muir said in a statement.

Source: Brian Morton, Vancouver Sun

Vancouver Sun October 1st, 2011

2801 – 1483 Homer Street, Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 1,106 sq. ft.
B.C. Assessment, 2011: $961,000
Listed for: $928,800
Sold for: $928,800
Sold on: July 29
Days on market: 9
Listing agent: Mario Felicella at Sutton Group – West Coast Realty
Buyers agent: Karin Smith at RE/MAX Select Properties

The big sell: The Waterford building was built by Concord Pacific in Yaletown’s Beach Crescent neighbourhood in 2003. As one of the first towers built in the area, it secured a prime position next to David Lam Park and the seawall and overlooking False Creek. This 28th-floor suite with two bedrooms and a den has views of all three, and has two full bathrooms, air conditioning, nine-foot ceilings, granite countertops, a breakfast bar and a built-in sound system. The dining area is opposite the kitchen and living area and looks onto the balcony. In-suite storage is enhanced by custom-made closet organizers. The unit also comes with a storage locker. The building has 24-hour concierge and the Club Viva fitness centre, with an 80-foot indoor swimming pool, squash courts, screening and theatre rooms, a billiards lounge, massage and spa rooms, a hobby and crafts workshop, and a guest suite.

8320 Osgoode Drive, Richmond

Type: 4-bedroom, 3-bathroom detached
Size: 1,848 sq. ft.
B.C. Assessment, 2011: $753,800
Listed for: $838,000
Sold for: $815,000
Sold on: Aug. 4
Days on market: 35
Listing agent: Patsy Hui at RE/MAX Westcoast
Buyers agent: Jesse Virk at Omax Realty Ltd.

The big sell: This three-level split home was built in 1975 in Richmond’s Rideau Park community on a lot of almost 7,000 square feet. The original owner had listed it, but not before ensuring some upgrades had been installed, including a high-efficiency furnace, a hot water tank, Bosch dishwasher, builtin microwave, and new sink and faucets in the master ensuite bathroom. In a prescient move around 15 years ago, the owner had also undertaken some substantial renovations to the property and installed an aggregate concrete patio, 10-person hot tub on the east-facing rear deck, detached workshop, central vacuum system, two gas fireplaces, security alarm system, new carpet and floor tiles, updated kitchen cabinets, and ample storage space. The property is close to No.3 Road, transit, parks and shopping.

1877 West 37th Avenue, Vancouver

Type: 4-bedroom, 1-bathroom detached
Size: 2,337 sq. ft.
B.C. Assessment, 2011: $1.631 million
Listed for: $1.398 million
Sold for: $1.5 million
Sold on: July 18
Days on market: 0
Listing agent: Karel Palla and Darryl Sjerven at RE/MAX Select Realty
Buyers agent: Josh Zheng at Royal Pacific Realty Corp.

The big sell: Proving the popularity of Vancouver’s westside homes is the sale of this Quilchena home the first day it appeared on the market. Four offers were received, with the winning bid coming in subject-free at $102,000 over the asking price. According to listing agent Karel Palla, the buyer was attracted by the location and the school catchment area, with Quilchena elementary and Point Grey secondary school easily accessible. Even the presence of an oil tank buried in the back yard did not deter the buyers, who will assume responsibility for any costs incurred by its removal. The house was built in 1913 and has original woodwork, a claw-foot bathtub, and separate family, living and formal dining rooms, with the latter two fitted with wood-burning fireplaces. As is stated in the property description, the home is livable, but the value is mostly in the land. With a level, 33-by-120-foot lot and RS5 zoning, there is the potential to increase the house to around 70 per cent of the lot size.

© Copyright (c) The Vancouver Sun

Resale home prices in Canada rose in July for the eighth consecutive month to a new record high, according to the Teranet-National Bank Composite House Price Index.

The index, which tracks price changes for repeat sales of single-family homes in six metropolitan areas, showed prices rising 1.3% in July from the previous month.

It was the fourth consecutive monthly increase exceeding one per cent and sent the index to a reading of 146.51.

Prices rose in five of the six metropolitan areas, advancing 2.3% in Calgary, 1.7% in Toronto, one per cent in Ottawa, 0.9% in Vancouver and 0.5 per cent in Montreal, while declining 0.9% in Halifax.

Five of the six areas hit all-time highs in July, with the exception being Calgary, where prices were still down 8.8% from the all-time high set in August 2007.

On an annual basis, prices were ahead 5.3%. The largest 12-month advance was in Vancouver, where prices were ahead 8.5%.

Source: Financial Post

Vancouver Sun September 17th, 2011

8878 165th Street, Surrey

Type: 7-bedroom, 5-bathroom detached
Size: 5,480 sq. ft.
B.C. Assessment, 2011: $900,000
Listed for: $1.175 million
Sold for: $1.1 million
Sold on: July 28
Days on market: 21
Listing agent: Mayur Arora at OneFlatFee.ca
Buyers agent: Jill Sinclair at Royal LePage Wolstencroft

The big sell: Many TV programs and magazine articles espouse the merits of decluttering a home in order to present it in the best possible light when it goes to market. According to listing agent Mayur Arora, the owners of this 1996 Fleetwood rancher did just that: presenting neat and spacious rooms that secured a sale in three weeks. Of course, there were a number of other factors that contributed to the sale, namely, a 17,000-square-foot lot, a central Surrey location with proximity to schools, the Guildford Mall and transit arteries. As well, the updated house has a games room, media room and play room, a walkout basement, a double and a triple-car garage, covered parking for an RV or boat, far-reaching views of mountains and farmland, and a backyard with a hot tub, 18-by-36-foot swimming pool and in-ground sprinkler system.

2508 — 788 Hamilton Street, Vancouver

Type: 3-bedroom, 2-bathroom apartment
Size: 1,047 sq. ft.
B.C. Assessment, 2011: $707,000
Listed for: $1.048 million
Sold for: $975,000
Sold on: June 29
Days on market: 61
Listing agent: Colette Gerber at RE/MAX Select Properties
Buyers agent: Tyler Barrs at RE/MAX Crest Realty Westside

The big sell: As the only unit in a development that has more than 1,000 square feet of living space — plus an 870-square-foot terrace — this sub-penthouse apartment in Yaletown’s TV Towers building is indeed distinct. With such substantial outdoor space, the 180-degree views span east to west, and according to agent Colette Gerber, that was the clincher for the buyers. There were also $100,000 of custom upgrades, including a $2,300 wine fridge and $10,000 wall-bed system with a pull-down desk, pullout bed and storage cupboards. As well, the home has upgraded appliances, custom cabinets, tile and hardwood floors, custom window coverings, black and white marble slabs lining the bathrooms walls — even a heated toilet seat. The furniture was also included in the package.

808 Millbank, Vancouver

Type: 2-bedroom, 2-bathroom townhouse
Size: 1,140 sq. ft.
B.C. Assessment, 2011: $501,000
Listed for: $645,000
Sold for: $645,000
Sold on: July 11
Days on market: 0
Listing agent: Peter Dixon at Sutton Group – West Coast Realty
Buyers agent: Adriaan Schipper at RE/MAX Crest Realty (Westside)

The big sell: This ground-level townhouse in south False Creek was snapped up for the asking price on the day it was listed. The property has a waterfront location with easy access to the seawall, Charleson Park and Granville Island. It sits on leased land that is prepaid until 2036 and has water and city skyline views. The interior has benefited from numerous updates since its construction in 1976, including a kitchen with new appliances, countertops, maple cabinetry and flooring. There are built-in closets and a new ensuite bathroom, together with a four-piece guest bathroom. The home has good-sized rooms that include an office and laundry space. There are two patios and underground parking, and the building was completely rain screened in 2008.

© Copyright (c) The Vancouver Sun

Vancouver Sun August 19th, 2011

389 Moyne Drive, West Vancouver

Type: 4-bedroom, 4-bathroom detached
Size: 4,577 sq. ft.
B.C. Assessment, 2011: $2.479 million
Listed for: $3.25 million
Sold for: $3.15 million
Sold on: June 6
Days on market: 118
Listing agent: Mark Stephenson at Prudential Sussex Realty
Buyers agent: Jason Soprovich at Prudential Sussex Realty — Jason Soprovich

The big sell: This British Properties home has an indoor/outdoor design that combines a fine balance of architecture with functional living. The house is on a flat, 14,000-square-foot lot with a single-level, open-concept layout that provides both convenience for families and ease of entertaining for guests. Sure to impress is the 18-foot atrium with palm trees, the dining room with a climate-controlled glass wine room, the private master wing with direct access to the pool and spa, the media room and the nanny suite with private entrance. The latest in energy-efficient heating and air systems has been installed, as well as top-of-the-line appliances, custom cabinetry, designer lighting and meticulous finishings.

1105 — 1455 Howe Street, Vancouver

Type: 2-bedroom, 2-bathroom apartment
Size: 1,285 sq. ft.
B.C. Assessment, 2011: $854,000
Listed for: $928,000
Sold for: $925,000
Sold on: June 7
Days on market: 53
Listing agent: Adriaan Schipper at RE/MAX Crest Realty (Westside)
Buyers agent: Debra Porteous at RE/MAX Masters Realty

The big sell: The Pomaria represents one of the first “green” residential buildings in downtown Vancouver that achieved LEED (Leadership in Energy and Environmental Design) certification through its organic interior environments, sustainability and building efficiency. This southwest corner home fronts a park and offers views from the balcony. Floor-to-ceiling windows, meantime, permit outlooks to English Bay, the North Shore mountains, False Creek, Granville Island and Point Grey. The interior has a gourmet kitchen, nine-foot ceilings and spa-like bathrooms. The floor plan incorporates separate dining and living rooms, a pantry, and a large 16-by-13-foot master bedroom.

117 – 8 Renaissance Square, New Westminster

Type: 2-bedroom, 2-bathroom townhouse
Size: 1,214 sq. ft.
B.C. Assessment, 2011: $463,000
Listed for: $499,900
Sold for: $488,000
Sold on: June 6
Days on market: 33
Listing agent: Shawn (Rexx) D. Rector at RE/MAX Advantage Realty
Buyers agent: Kathy Plante at Sutton Group – West Coast Realty

The big sell: The Murano building was constructed in 2006 by Aragon in New Westminster’s rejuvenated Quay district, providing easy access along the boardwalk to restaurants and shops. As well, it is positioned to allow residents to enjoy far-reaching Fraser River views. The interior of this three-storey loft-style townhouse is contemporary, and includes a slate backsplash, double-nose granite countertops, Kohler fixtures, reclaimed fir solid-planked flooring, a brick feature wall in the living room and a gas fireplace. As well, there’s plenty of outdoor space — a patio, balcony and rooftop deck with more than 400 square feet — on which to relax or entertain. Rentals and pets are allowed with some restrictions and Douglas College and the SkyTrain are close by.

© Copyright (c) The Vancouver Sun

July proved to be a another strong month for Canadian home sales with the Canadian Real Estate Association now predicting 2011 will see an increase in sales as opposed to a previous forecast for a drop.

Actual sales last month were up 12.3% from a year ago while year-to-date sales are 1.6% lower than the same period for 2010.

Prices also continue to have some upward movement, albeit some of the increase year over year being attributed to the introduction of the HST in British Columbia and Ontario, and tighter mortgage regulations in 2010.

The national average price for homes sold in July 2011 was $361,181 — the lowest level since January — but represented a 9.3% increase from a year ago.

Greg Klump, chief economist at CREA, cautioned not to read too much into the average price statistics.

“Changes in the national average home price are open to being misinterpreted,” Mr. Klump said. “They often signify changes in the mix of sales activity across and within local markets, rather than a rising or falling price trend for typical homes in a specific market.”

However, the Ottawa-based group, which represents 100 boards across the country, says the scales have now tipped modestly in favour of 2011 outpacing 2010.

CREA is predicting 450,800 sales in 2011, just under a 1% increase from a year ago. The group had been forecasting a decline of 1%. Sales are expected to drop less than 1% in 2012.

Prices in Vancouver continues to affect the country as they helped pushed CREA’s forecast for the average sale price in 2011 to $363,500, a 7.2% increase from a year ago. This was also an increase from a previous forecast. Next year prices are expected to be flat.

The group noted long-talked-about increases in interest rates have failed to materialize in the market.

“While there had been some talk of potential interest-rate increases, that hasn’t happened,” said Gary Morse, president of CREA. “In fact, rates have actually come down, and are now expected to remain low for the remainder of this year and into 2012.”

Doug Porter, deputy chief economist at Bank of Montreal, said the housing market just seems to keep surprising everybody.

“In a world seemingly awash in negative economic surprises in 2011, one positive surprise has been the resiliency of Canada’s housing market,” said Mr. Porter, adding few analysts were predicting the kind of price increases the market has seen.

“Canadian housing remains surprisingly robust, thanks to still low interest rates and solid job growth. While the recent financial market turmoil may temporarily weigh on activity, sales should ultimately find support from continued exceptionally low borrowing costs.”

Phil Soper, chief executive of Royal LePage Real Estate Services, said his company’s recent forecast was for a 2% decline in sales and 3% increase in price for 2011. He doesn’t anticipate that changing.

“I think we’re going to start to see it’s not so much the strength of the market but the weakness last year. The market had run out of steam at this point last year,” Mr. Soper said. “I think we are seeing a more normal curve to the market, with the exception of the Vancouver market.”

Source: Garry Marr, Financial Post

Metro Vancouver’s housing starts were up 25 per cent for the first seven months of 2011 compared to the same period in 2010, according to Canada Mortgage and Housing Corp.

Statistics released Tuesday show that the number of starts increased to 10,010, up from 8,005 to the end of July.

Starts for the month of July totalled 1,538 in Metro Vancouver, a 37-per-cent increase from 1,124 in July 2010.

Most of the starts were in Richmond, Burnaby, Surrey and the city of Vancouver.

“The focus of new residential starts remains on multi-family construction, especially apartment condominiums,” CMHC senior market analyst Robyn Adamache said in a statement.

“In the first seven months of this year, 5,903 apartment starts were recorded, compared to 3,882 during the same period last year. A pickup in condominium sales as well as stable economic conditions gave developers the impetus to undertake such projects.”

CMHC also said that July’s seasonally adjusted annual rate of urban starts increased by 33 per cent in B.C. in July, well above the national average of 4.7 per cent and just below the Atlantic region’s 36.1 per cent.

Urban B.C. showed a 4.4-per-cent increase in the first seven months, from 13,274 to 13,852.

While Metro Vancouver showed a 25-per-cent increase over the seven-month period, Vernon and Chilliwack recorded sharp decreases in starts.

Nationally, housing starts rose in July due to an increase in multiple starts in all regions except Quebec, said Mathieu Laberge, deputy chief economist at Canada Mortgage and Housing Corp.’s market analysis centre. “The multiples sector showed continued strength in Ontario and a significant increase in British Columbia and in the Atlantic region,” he added.

According to CMHC, the seasonally adjusted annual rate of all starts nationally was 205,100 units in July, up from 196,600 units in June 2011.

The 4.3-per-cent rise was unexpected, setting the third quarter off to a strong start in new home construction and maintaining its role as a key support to the economy.

That is up from a downwardly revised 196,600 units in June, which were originally reported at 197,400 units.

The number of starts in July was above the average forecast of analysts who had called for 196,000 starts.

“Today’s report and the recent resilience of both permits and sales suggest housing continues to be one of the economy’s strongest sectors, although sentiment among purchasers obviously remains vulnerable to recent market turmoil.”

The housing sector has long been a source of support for the Canadian economy, helping draw it out of the recession, while other global economies have suffered at the hands of a weak housing market, particularly in the U.S.

Source: Brian Morton, Vancouver Sun

Vancouver Sun August 6th, 2011

7383 Charlford Ave., Burnaby

Type: 3-bedroom, 1-bathroom detached
Size: 2,371 sq. ft.
B.C. Assessment, 2011: $717,700
Listed for: $849,000
Sold for: $1.01 million
Sold on: May 30
Days on market: 11
Listing agent: Brian Vidas at Sutton Centre Realty
Buyers’ agent: Charles Jiang at Royal Pacific Realty (Kingsway)

The big sell: There are some things that cannot be manufactured when it comes to selling homes — namely, lot size and location. When these are favourable, buyers tend to line up. Such was the case with this 1954 home in the Metrotown area of Burnaby that received nine offers and resulted in a sale price of more than $150,000 over the asking price. Those plus points? A 7,040-square-foot corner lot at the end of a block next to David Gray Park and a west-facing garden. According to listing agent Brian Vidas, the two-level house was solidly constructed with original hardwood floors under the carpet, a wine room, two wood-burning fireplaces, double-glazed windows, a new roof, updated electrical system, furnace, paintwork and drapes. An attached, 324-square-foot single-car garage provides plenty of room for additional storage.

4773 Ross St., Vancouver

Type: 4-bedroom, 3-bathroom detached
Size: 2,025 sq. ft.
B.C. Assessment, 2011: $560,700
Listed for: $899,000
Sold for: $978,000
Sold on: June 14
Days on market: Eight
Listing agent: Laurie MacDonell atRE/MAX Select Properties
Buyers’ agent: Robert Zwick atRE/MAX Crest Realty Westside

The big sell: This heritage home is on a quiet, tree-lined street between Fraser and Knight in the catchment area for Sir Richard McBride and Sir Charles Tupper schools. It had been carefully reconstructed inside and out with a list of meticulous updates that reads like a Mike Holmes’ renovation manual: New bamboo hardwood floors, a custom-built kitchen with a glass mosaic backsplash, CaesarStone countertops and stainless-steel appliances and modernized bathrooms on both floors finished with contemporary tiles and fixtures. As well, there have been numerous closets installed, as well as a new roof, a 97-per-cent high-efficiency furnace, windows, skylights, insulation and electrical system. There is a deck off the kitchen, a west-facing back yard and garage, and a mortgage-helping suite on the ground floor. It also came with a certificate showing that an oil tank had been removed.

3299 137A St., Surrey

Type: 6-bedroom, 5-bathroom detached
Size: 7,371 sq. ft.
B.C. Assessment, 2011: $1.538 million
Listed for: $1.998 million
Sold for: $1.928 million
Sold on: May 30
Days on market: Nine
Listing agent: Glenn Dennis at RE/MAX Colonial Pacific Realty
Buyers agent: Esther He at Sutton Group – Seafair Realty

The big sell: This Bayview Estates home was built in 1990 and has more than 7,000 square feet of quality construction. It sits on a private 46,875-square-foot lot that backs on to green space and contains a triple garage. Family and friends will be torn between watching movies in the media room, relaxing beside the heated outdoor swimming pool, lounging in the games and recreation rooms, working out in the gym or helping the chef in the open-plan gourmet kitchen. There have been extensive renovations carried out to provide modern touches with new bathrooms installed, and updates to the flooring, paintwork and lighting fixtures. The property is in the Chantrell Creek and Elgin Park school catchment areas.

For the full story, please click on Real estate sales in Burnaby, East Vancouver and Surrey.

Canada’s most expensive residential real estate listing is on the market in West Vancouver and it can be yours – if you’ve got $39.9 million to spare.

The hillside property at 2190 Camelot Ave. offers stunning views of downtown Vancouver and the Burrard Inlet, not to mention privacy and seclusion.

There are three buildings on the 5.44 acre site, including a 450 square metre house, a doll house, horse barn and tennis courts.

The $40 million price assumes a total redevelopment of the property, including a 1,900 square metre ranch-style main house, 630 square metre guest house and a 232 square metre combination maids’ quarters and office.

The new main house will feature six bedrooms, a negative edge pool, a hot tub, indoor and outdoor ponds, three waterfalls, a billiards room, a movie theatre, a wine cellar, a gym, a massage room and a 15-car garage.

If the buyer prefers to keep the existing buildings, the price drops to $25 million – but it would still be the second most-expensive listing in Vancouver.

According to the listing agent, there have already been several serious offers for the redeveloped property, mostly from buyers based in China.

A massive home under construction since 2007 in Vancouver’s Point Grey neighbourhood will likely eclipse the West Vancouver listing in price and opulence when it’s completed. The property will be 816 square metres on the main floor, 5333 square metres on the second floor and 946 square metres on the basement level with a level of finish never seen in Vancouver, according to local realtors.

The individual behind the Point Grey property is unknown, but the lot was purchased in 2005 by Pisonii Ltd., a company with a Geneva post office box and a British Virgin Islands address. The property was owned previously by Vancouver businessman Nelson Skalbania.

Source: Peter Meiszner, Postmedia News