Vancouver Sun March 12, 2011

2028 Mahon Avenue
North Vancouver

Type: 4-bedroom, 4-bathroom detached
Size: 2,973 sq. ft.
B.C. Assessment, 2011: $1.195 million
Listed for: $1.088 million
Sold for: $1.088 million
Sold on: Jan. 22
Days on market: 2
Listing agent: Mark Ballard at RE/MAX Masters Realty
Buyers agent: Christopher Rivers and Fioretta Wilinofsky at Sutton Group – West Coast Realty

The big sell: A double bonus for the buyers of this Craftsman-style property in the Central Lonsdale district is that they get a one-year old house without the additional cost of the HST. Built by Noort Homes, it has an idyllic setting, backing on to Wagg Creek Park. The home has been beautifully finished with hardwood flooring, extensive moulding detail and a gourmet kitchen. It also has a fully finished basement, which has a recreation room and games room, as well as a fenced, landscaped yard. According to listing agent Mark Ballard, there were six scheduled showings before the first open house; it was at one of these that the buyers offered the asking price to avoid a potential multiple-offer situation.

764 East 56th Avenue
Vancouver

Type: 6-bedroom, 5-bathroom detached
Size: 2,220 sq. ft.
B.C. Assessment, 2011: $846,000
Listed for: $974,800
Sold for: $972,000
Sold on: Jan. 23
Days on market: 6
isting agent: Charan Kamal Pannu at RS Westside Realty
Buyers agent: Andrew Ngai at Amex Broadway West Realty

The big sell: To say that the floor plan has been well utilized in this eightyear-old Fraser Street-area property is an understatement: the upper floor contains three bedrooms, a 20-by-11foot living room and a 17-by-11-foot kitchen. Because the property has a 37-foot frontage, there is also space for a family room and nook. The main floor has three bedrooms, a recreation room, two kitchens, and a living room that could double as a seventh bedroom -all of which equals opportunities for rental income. Other features include energy efficient windows -perfect for a budget-conscious owner -three skylights, a heated garage, views of Richmond from the covered patio, and a fully fenced, south-facing backyard. It sold in under a week, trouncing its B.C. Assessment value by more than $125,000.

3399 Puget Drive
Vancouver

Type: 6-bedroom, 5-bathroom detached
Size: 3,659 sq. ft.
B.C. Assessment, 2011: $2.064 million
Listed for: $2.699 million
Sold for: $2.699 million
Sold on: Jan. 19
Days on market: 7
Listing agent: Caroline Hong at RE/ MAX Select Properties
Buyers agent: Sue Johnson and Sarah Thompson at Dexter Associates Realty

The big sell: The Real Estate Board of Greater Vancouver reported that February saw the average benchmark price of Vancouver westside detached homes shoot up by $222,000 to $1.85 million. Surpassing that figure is this newly renovated 1993 property in the Arbutus/ Mackenzie Heights neighbourhood. Adding further attraction are the city and mountain views, an open floor plan with 10-foot ceilings, a doubleheight foyer, a family room with custom cabinetry, a kitchen with central island containing an additional sink and a master bedroom with gas fireplace and private balcony. There is also a basement with two bedrooms, a living room, laundry and sauna. Topping it off is the 50-by-122-foot lot -it’s a gardener’s dream, with a southwest-exposed rear garden and built-in sprinkler system -and the triple-car garage.

103 -47 Rivermount Place
Fernie

Type: 3-bedroom, 3-bathroom townhouse
Size: 2,322 sq. ft.
B.C. Assessment, 2011: $576,000
Listed for: $599,000
Sold for: $590,000
Sold on: Jan. 16
Days on market: 246
Listing agent: Marilyn Brock at Century 21 Maximum Realty
Buyers agent: Marilyn Brock at Century 21 Maximum Realty

The big sell: According to agent Marilyn Brock, this three-storey chalet is one of the largest and most luxurious of the properties currently for sale at Pinnacle Ridge Resort. The homes include an open-plan great room, slate radiant floor heating, a gourmet kitchen, granite countertops, cherry wood cabinetry and stainless steel appliances. Leading off the dining room is a deck with room for a hot tub from which to enjoy the views of Fernie’s mountains and ski runs. The master bedroom suite has a spa-like ensuite and jetted bathtub, and a loft/seating area complete with fireplace. The buyers of this property have the option to purchase a designer furniture, hot tub and household package.

For the full story, please click on Real estate sales in North Vancouver, Vancouver and Fernie.

Vancouver Sun February 26, 2011

Surrey
64 14655 32nd Avenue

Type: townhouse
Size: 2,727 sq. ft., 4 bed, 4 bath
BC Assessment,: $661,000
Listed for: $789,900
Sold for: $779,000
Sold on: Jan. 8
Days on market: 10
Listing agent: Brian Dopson at Homelife Benchmark Realty Walnut Grove
Buyers agent: Jim Titus at Homelife Benchmark Titus Realty

The big sell: One of the advantages of buying a home during the construction phase is the ability to customize the property. This is exactly what the original owners of this 2006 townhouse did by adding an additional $85,000 in upgrades. The result? A house complete with hardwood and slate flooring, top-of-the-line Viking appliances including a built-in fridge, gas stove and warming drawer, a two-level kitchen island, a custom buffet in the dining room, a media room with a theatre-style 92-inch screen and overhead projection, a built-in credenza, a bar area with wine fridge, a seven-zone NuVo sound system, and a stamped concrete parking area. This unit is in the gated community of Elgin Pointe which includes a clubhouse and has walking trails, shops, services and golf courses close by.

Vancouver
6718 Gladstone Street

Type: detached
Size: 2,400 sq. ft., 5 bed, 2 bath
BC Assessment: $711,600
Listed for: $808,000
Sold for: $852,800
Sold on: Jan 9
Days on market: 13
Listing agent: Alan Mah at Park Georgia Realty Ltd.
Buyers agent: Craig Newsholme at Sutton Group – West Coast Realty

The big sell: Once derided for the esthetics of their design, Vancouver Specials have recently seen a resurgence in popularity mainly due to their generous-sized rooms and the ability to easily install a secondary suite on the lower floor. This particular property was built in 1967 and has a large living area with separate dining room, a kitchen with additional eating area, a 19-by-11-square-foot recreation room, and hardwood floors in excellent condition. It attracted more than 70 prospective purchasers in the first hour of the open house. Seven offers ensued who, according to listing agent Mah, were attracted by the choice location near Victoria Street and the potential to update the home from its original condition.

Vancouver
2 – 3838 Cypress Street

Type: half duplex
Size: 7,530 sq. ft., 5 bed, 7 bath
BC Assessment: $ 6.344 million
Listed for: $7.588 million
Sold for: $7.138 million
Sold on: Jan 7
Days on market: 24
Listing agent: Julia Lau at Sutton Group – West Coast Realty
Buyers agent: Amy Lau at Multiple Realty Ltd.

The big sell: This property forms one half of Greencroft, the home of a former lieutenant-governor, Eric Hamber (1879 – 1960). Its history is rich: photographs depict Hamber with the Queen, President Roosevelt and other dignitaries. In 2009, the home was completely restored and while the infrastructure is new, the property is resplendent with period features that include oak flooring, antique stained glass windows, five fireplaces, original plasterwork, and intricately carved walnut panelling. The luxurious property occupies more than 7,500 square feet and consists of formal reception rooms, two wine cellars, an oak panelled elevator and an art deco parkade. The attention to detail continues outside with landscaped grounds, a fountain and Corinthian columns.

Quesnel
2009 Eberg Road

Type: detached
Size: 1,890 sq. ft., 4 bed, 2 bath
BC Assessment: $206,500
Listed for: $249,900
Sold for: $235,000
Sold on: Jan 6
Days on market: 59
Listing agent: Leslie Johnson at RE/MAX Quesnel Realty
Buyers agent: Leslie Johnson at RE/MAX Quesnel Realty

The big sell: Country life beckons for the buyers of this Cariboo family home. The property sits on almost seven acres and is located south of the town of Quesnel in the Red Bluff community. It is all set up for horses with a barn, stalls and watering system specifically for the animals. The house itself has four spacious bedrooms, a four-piece bathroom on each floor, a cosy country kitchen complete with dining area, a new roof, a reverse osmosis water system and a sundeck. The property offers privacy and acreage and comes with covered parking.

Read more: Recent property sales in Surrey, Vancouver, and Quesnel

Vancouver Sun February 19, 2011

Vancouver
3903 West 22nd Avenue

Type: detached
Size: 2,400 sq. ft, 4 bed, 1 bath
BC Assessment, 2011: $1.4436 million
Listed for: $1.86 million
Sold for: $1.85 million
Sold on: Dec 8
Days on market: 0
Listing agent: Walter Wells at Sutton Group -West Coast Realty
Buyers’ agent: Juliana Qu at Sutton Group -West Coast Realty

The big sell: How does a home sell on the day that it is listed with no sign and no showings? When it is being sold for land value only, that’s how. (The 49 ½-foot-wide, 122-foot-deep lot is big enough for a 4,000-square-foot residence.) According to listing agent Wells, this address reaped the benefit from its location in the desirable school catchment of Lord Kitchener – one of the highest rated schools in the city for which buyers are prepared to pay a premium – and current low levels of inventory. This particular home was built in 1927 and has had the same owner for the past 50 years who retained its original features. It is situated on a corner lot, close to UBC and Pacific Spirit Park.

Surrey
18993 68B Avenue

Type: detached
Size: 3,625 sq. ft, 7 bed, 4 bath
BC Assessment, 2011: $592,000
Listed for: $609,700
Sold for: $602,500
Sold on: Dec 20
Days on market: 119
Listing agent: Ben Gauer at Royal LePage Ben Gauer & Associates
Buyers agent: Ralph Janzen at Homelife Benchmark Realty Walnut Grove

The big sell: Corner lots are popular as they provide extra parking and, for the most part, additional light. This two-storey home with a basement is no exception -all occupants of the seven bedrooms, if necessary, could have space for their vehicles. This home is situated in Clayton Village and features high ceilings, upgraded appliances, quality laminate flooring, built-in speakers, maple wood stairs, three fireplaces, and a large 22-by-14-squarefoot master bedroom with sitting area and a five-piece ensuite. On the lower level there are more bedrooms, a den, a large kitchen island and roughed-in plumbing for a second laundry facility Adding to the convenience factor, all shopping, schools and parks are within a three-block radius.

Vancouver
2676 West Fifth Ave

Type: half duplex
Size: 2,142 sq. ft, 4 bed, 4 bath
BC Assessment, 2011: $1.359 million
Listed for: $1.395 million
Sold for: $1.37 million
Sold on: Dec 21
Days on market: 25
Listing agent: Tom Gradecak at Westside Tom Gradecak Realty
Buyers agent: Allyson Brooke at Macdonald Realty Ltd.

The big sell: Sometimes half duplexes present the opportunity to purchase a property in a sought-after location that is the same size as many detached family houses, but for a more affordable price. This four-year-old Kitsilano home offers more than 2,000 square feet with a main floor that features a living space that incorporates a kitchen, dining and eating area, and a family room that opens on to a south-facing deck and yard. The top floor has three bedrooms and two full bathrooms including the master ensuite, and the lower level contains a recreation room, a guest bedroom, a laundry room and another full bathroom. This property offers proximity to Fourth Avenue’s shops and restaurants.

Fernie
192 4A Avenue

Type: detached
Size: 3,068 sq. ft, 4 bed, 2 bath
BC Assessment, 2011: $608,000
Listed for: $599,900
Sold for: $590,000
Sold on: Jan 4
Days on market: 57
Listing agent: Todd Fyfe at Fernie Real Estate Company
Buyers agent: Sharon Taylor at RE/MAX Elk Valley Realty

The big sell: As one of the few properties that survived the fire that swept through the town more than 100 years ago, this property was touted as a piece of historic Fernie. The large family home is situated on a corner lot with views of the Elk River, Mount Fernie, Lizard Range and Three Sisters from two covered porches and a private lush back garden. The interior boasts compelling original features such as softwood flooring, a claw foot bathtub, cast iron radiators, bay windows, wood panelling in the dining room. Rooms are spacious, with a 10-foot-by-25-foot living room and a nine-by-19 kitchen.

Read more: Recent property sales in Vancouver, Surrey and Fernie

Vancouver Sun February 5, 2011

Vancouver
704 – 1139 West Cordova Street

Type: 2-bedroom, 3-bathroom apartment
Size: 2,550 sq. ft.
B.C. Assessment, 2011: $2.29 million
Listed for: $2.75 million
Sold for: $2.6 million
Sold on: Nov. 11
Days on market: 38
Listing agent: Mark and Stacy Raymond at RE/MAX Select Properties
Buyers agent: Rebecca Ng at Regent Park Fairchild Realty Inc.

The big sell: To some people, this split-level condo represents the best of two worlds. It has features similar to those of a house (it has both bedrooms on the upper level, entertainment-sized principal rooms and a private two-car garage) but it is located within the Two Harbour Green apartment building, which has a 24-hour concierge, an indoor swimming pool with a sauna and steam room, a fitness facility, and something a little different: a golf simulator in the form of a virtual driving range. As you would expect from the price tag, the interior is elegant and tasteful. It has 20-foot ceilings, expansive southwest-facing windows that fill the suite with light, wood cabinets made by Snaidero of Italy, an over-sized kitchen island, spa-like ensuite bathrooms, and balconies with views of Coal Harbour.

North Vancouver
4723 Hoskins Road

Type: 3-bedroom, 2-bathroom townhouse
Size: 1,831 sq. ft.
B.C. Assessment, 2011: $546,000
Listed for: $579,900
Sold for: $575,000
Sold on: Nov. 23
Days on market: 7
Listing agent: David Thon at Macdonald Realty Ltd.
Buyers agent: Darcy McClary at Sutton Group – West Coast Realty

The big sell: This three-level townhouse is well proportioned, with approximately the same square footage on each floor. There are updates in abundance to both the unit and the Yorkwood Hills complex. (The siding has been replaced, the flashing has been upgraded and a new roof and chimney have been installed.) The interior has a new kitchen, bathrooms, lighting, flooring, paintwork, energy-efficient furnace, hot water heater and double-paned windows. There is a recreation room in the basement, a large open-plan main floor with a gas fireplace that is enjoyed by both the living and dining rooms, two large skylights, a fenced patio and garden, and a single-vehicle carport. This is a family-oriented complex with an outdoor swimming pool. It is in the catchment area for Upper Lynn elementary and Argyle secondary schools.

Vancouver
229 East 23rd Avenue

Type: 5-bedroom, 3-bathroom detached
Size: 2,171 sq. ft.
B.C. Assessment, 2011: $721,800
Listed for: $799,000
Sold for: $825,500
Sold on: Nov. 22
Days on market: 10
Listing agent: Lailey Wallace at One Percent Realty Ltd.
Buyers agent: Raquel Green at RE/MAX Home Advantage

The big sell: Judging by the fact that this home sold over the asking price after the first open house, the Main Street corridor is as popular as ever. The selling points of this property, other than its location next to shops and restaurants? It is an updated three-bedroom character house that still retains many of its original 1910 features, with a two-bedroom basement suite that has new laminate floors and a separate laundry room. The home has double-glazed windows, new gutters, fresh paintwork, refurbished hardwood floors, an upgraded family-style kitchen, a large 17-by-11-foot living room, an entrance hall, a master bedroom with full bathroom, a fenced back yard and mountain views.

Courtenay
6421 Rennie Road

Type: 3-bedroom, 1-bathroom detached
Size: 2,640 sq. ft.
B.C. Assessment, 2011: $363,000
Listed for: $409,000
Sold for: $390,000
Sold on: Dec. 22
Days on market: 74
Listing agent: James Smith at Royal LePage Comox Valley
Buyers agent: James Smith at Royal LePage Comox Valley

The big sell: Recreation enthusiasts take note: Courtenay is a mini haven for water sports and mountain activities. This property is in a prime position, just 1.5 kilometres from the ocean and 30 minutes from the ski hill at Mount Washington. The main level of the house features all the primary rooms, including a 17-square-foot living room, new windows, flooring, kitchen, and a large deck from which to survey the property’s 2.2 acres. Additionally, there is an unfinished basement that could be completed to double the size of the living space. Situated in a semi-rural setting, the house is just 15 minutes from town and is set well back from the road, with a large detached shop.

The federal government’s efforts to get tough on borrowing are now focused on the condominium sector, with new rules in the works to make it more difficult to qualify for a loan on a high-rise apartment, the National Post newspaper has learned.

Sources say rules now being discussed would add 100 per cent of condominium fees to the list of expenses that is measured against income to decide whether a buyer can afford a mortgage. Currently, only 50 per cent of the fee is considered. The move has the potential to squeeze thousands of consumers out of the market.

“I know for a fact they are talking about it,” said one source close to finance officials who asked not to be identified, about the proposal which is part of series of a new rules that the government is described as “seriously considering.”

It is almost a guarantee that the government will once again lower the maximum length of amortizations for a mortgage, down to 30 years from 35. Longer amortizations and lower monthly mortgage fees are making it easier for consumers to borrow more.

The Canadian Association of Accredited Mortgage Professionals says 30 per cent of new mortgages last year were for amortizations of 35 years, so a considerable percentage of Canadians are taking advantage of the current rules.

About three years ago, amidst a battle for customers between federal Crown agency Canada and Mortgage and Housing Corp and private mortgage default insurers, amortizations lengths rose almost overnight from 25 years to 40 years before Ottawa cracked down. “Going from 35 years to 30 does almost nothing,” said the source, adding that’s why the government is looking at the changes to condominium qualifications.

Ottawa is also still considering a far more controversial proposal to increase the minimum downpayment required to buy a home but it is unlikely to go from the current 5 per cent to 10 per cent, as some have speculated. A 6 per cent to 7 per cent range seems more likely, said the source.

In April, 2010 new mortgage rules went into affect that forced consumers to qualify based on a higher interest rate than was on their actual contract. It also required all housing investors, as opposed to people who use a home as principle residence, to have a 20 per cent down payment which mostly affected the condo industry.

The condominium proposal would have an immediate impact because the average condominium fee on an existing home is 55¢ a square foot in Toronto, according to research firm Urbanation Inc. which says the average condominium apartment in Toronto is 900 square feet.

Currently only half that approximate $500 in monthly condo fees counts toward monthly expenses for qualifying purposes. To qualify for a mortgage only 32 per cent of gross income can go towards housing, which also includes mortgage payments including principle and interest, taxes and utilities.

Read more: http://www.financialpost.com/personal-finance/Tougher+condo+mortgage+laws/4105580/story.html#ixzz1B2rkbXdQ

Canadian house prices will continue a “moderate and steady climb” in 2011, helped along by an improving economy and low interest rates, according to a report released Thursday.

Real estate services firm Royal LePage said the average price of a home in Canada will rise three per cent to $348,600, even as the number of transactions falls two per cent.

For house prices in Vancouver, the average price of a two-storey home is now more than $1 million, Royal LePage said, up 9.8 per cent over the last year. The report predicts an increase of 3.7 per cent for Vancouver house prices in 2011. The report says inventory is expected to grow 8 per cent, while interest rates will continue to be the most important factor, followed by employment levels.

It said that after a “lacklustre” third quarter in 2010, home prices were up between 3.9 and 4.6 per cent, year over year, in the year’s fourth quarter. This marked a return to growth more typical of trends since the end of the recession, Royal LePage said.

The report said, similar to last year, sales will be more robust in the first half of the year as homebuyers take advantage of low interest rates that could be on the rise in the near future.

“Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels,” said Phil Soper, CEO of Royal LePage Real Estate Services. “We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.”

The report said the strongest price gains will happen in mid-sized cities where homes are priced below the national average. It noted places like Winnipeg, St. John’s and Fredericton, where single two-storey homes are still widely available for less than $300,000.

Alberta’s housing market is also expected to be strong in the coming year, as the energy sector helps fuel a strong hiring climate.

However, cities such as Calgary and Edmonton were among the few major centres showing price declines, year to year, as of the end of last year. Edmonton now has lower-priced homes than Saskatoon, according to the Royal LePage report. The average price for a two-storey home in Edmonton was $334,286 in last year’s fourth quarter, down 2.3 per cent from a year earlier. It was $359,250 in Saskatoon, up 6.1 per cent.

Average prices for two-story homes as of Q4 2010 (change from year earlier):

Halifax $291,000 (9.7%)

St. John’s $327,627 (9.6%)

Montreal $375,222 (8.7%)

Ottawa $354,083 (6.7%)

Toronto $594,231 (5.6%)

Winnipeg $296,750 (6.4%)

Regina $282,500 (9.1%)

Saskatoon $359,250 (6.1%)

Calgary $404,622 (-5.3%)

Edmonton $334,286 (-2.3%)

Vancouver $1 million (9.8%)

Victoria $480,000 (6.9%)

Source: Royal LePage
© The Financial Post
Derek Abma

http://www.vancouversun.com/business/Average+Vancouver+house+price+hits+million+expected+rise+further+Report/4068694/story.html

If you’re tired of renting and have always wanted a home you could call your own, but thought the opportunity was just beyond your reach because of economic factors, here are some things to consider if you are thinking about taking the home ownership plunge.

In a recent report put out by the British Columbia Real Estate Association (BCREA) it was suggested that perhaps Home Buyers were in the driver’s seat.

Cameron Muir, BCREA Chief Economist said, “A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year”.

The silver-lining in the lacklustre economic outlook is that the normalization of both short-term and long-term interest rates will be deferred. BC households with variable rate mortgages will therefore be facing lower payments than we would have originally predicted at the beginning of the year.

Moreover, new homebuyers or homeowners set to renew their mortgages will be offered a second chance at securing rates at levels last seen at the depths of the financial crisis.

The BCREA mortgage rate forecast is for a continuation of the current low-rate environment into early 2011, when prompted by a new round of tightening by the Bank of Canada and (hopefully) brighter economic prospects, interest rates will renew their ascendency to historical norms but at a measured pace.

The one-year fixed mortgage rate is forecast to finish 2010 at around 3.20 per cent and to reach 4.05 per cent by the end of 2011. The five-year fixed mortgage rate is forecast to end the year at 5.35 per cent and to reach 6.10 per cent by the end of 2011.

So with a good supply of homes to choose from and continued historically low interest rates this could be as good a time as any buy a home.

(This article was prepared on behalf of the REALTORS® of the Vancouver Island Real Estate Board for the information and benefit of consumers. Visit www.vireb.com for more information.)

© Copyright (c) Postmedia News

Read more: http://www.canada.com/good+time+home/3877387/story.html#ixzz16nDCbJAE

Condominiums have become a hot sector of the Canadian real estate market, particularly as an option for first-time home buyers spooked by high prices for single-family homes, says a report released Monday.

Real estate services firm RE/MAX says affordability, lifestyle, investment opportunities and urban renewal efforts are among the reasons condo sales have spiked over the last year in some Canadian markets.

“As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come,” Michael Polzler, executive vice-president for RE/MAX’s Ontario-Atlantic Canada operations, said in a statement.

RE/MAX said condo sales in the Greater Toronto Area are up 10.4 per cent, year-to-date, as of September, and now represent one out of every three homes sold there. In Ottawa, condo sales are up 11.9 per cent.

“The lifestyle has also gained a foothold with younger, hipper audiences as the definition of home ownership evolves with the changing demographic,” Polzler added. “Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment.”

Price comparisons provided by RE/MAX for Ottawa showed the average price for condominiums had risen 12.9 per cent to $252,641 over the last year, but was still more than $100,000 cheaper than the average price of $366,587 for a single-family home.

While the RE/MAX report focused specifically on Ontario and Eastern Canada, Gregory Klump, chief economist for the Canadian Real Estate Association, said condo sales are becoming a bigger share of more expensive housing markets across the country, such as the Toronto and Vancouver real estate markets.

“(Condos) have been accounting for a greater percentage over time of all sales activity,” Klump said. “Condo units are an affordable alternative to single-detached home ownership.”

The RE/MAX report said other factors driving the condo market include urban redevelopment that favours intensification over urban sprawl, empty-nesters seeking low-maintenance retirement properties and investors hoping to sell when prices appreciate, the report said.

RE/MAX said the “vast majority” of newly built condominiums in Toronto are purchased by long-term investors from Asia and the Middle East, who will often rent them out until they find their desired sales price.

Read more: http://www.canada.com/business/Condominium+market+Canada+heating/3757559/story.html#ixzz16GysmzBG

Written by: Derek Abma, The Vancouver Sun (c)

According to a report in yesterday’s Globe and Mail, low interest rates and a lack of houses on the market should create an equilibrium in the Canadian real estate market by Spring of next year. The Canadian Real Estate Association announced on Monday that although prices had been flat in October and sales slid more than 20 per cent compared with a year earlier, the market still posted its third straight month of increased sales.

In a sign of stabilization after two years of wild fluctuations, CREA said October sales were halfway between the lows of December, 2008, and the record high of December, 2009. Economists said October’s data likely means the market bottomed out in July; while prices won’t rocket to previous highs any time soon, it’s unlikely they have much farther to fall.

After slowing in the recession of 2008, sales activity reached a fevered peak in December, 2009, as buyers rushed back into the market. Average resale prices for a Canadian home peaked at an all-time high $346,881 last May, causing concern that cheap money was driving prices to unsustainable levels. The average resale price in October was $337,842, CREA said.

The housing market came to an abrupt halt last July, with major regions such as Vancouver and Calgary posting sales drops of nearly 45 per cent and prices pulling back from May’s high. Several factors were cited for the decline: The federal government introduced rules that made it more difficult to qualify for a mortgage, and Ontario, Quebec and British Columbia introduced harmonized sales taxes that made the services associated with buying a home more expensive.

With the number of houses currently listed for sale significantly lower than in July, prices are expected to stay firm as buyers compete for the few homes available. The months of inventory – the amount of time it would take to sell everything that is for sale, at the current rate of sales – sat at 6.2 months in October, down a full month compared with the July figure.

That doesn’t mean prices are likely to catch fire again in the spring, when activity traditionally accelerates, but it should help keep prices from dropping as buyers and sellers hit the market in equal numbers.

For the full report, please access Canadian housing market looks forward to Spring.

According to October’s real estate stats, Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.

More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.

For the full report, please click here, Real Estate Board of Greater Vancouver October sales report.