Archive for June, 2012

New condo for sale in Vancouver’s Shaughnessy

Wednesday, June 6th, 2012

This lovely New York-style condo features inlaid hardwood floors, an arched doorway, a spacious kitchen and a lovingly restored clawfoot tub. The layout is superb, with a good-sized dining room off the kitchen, a huge living room offering lots of options and a generous-sized bedroom with a walk-in closet.

The home has one bedroom, one bathroom, 761 sq.ft., south facing and is listed at $344,898.

Lots of street parking close by and within walking distance to hospitals, Douglas Park and various shopping opportunities.

Call the listing agent Mike Giesbrecht of Prudential Sussex Realty today for a private viewing

Sales are falling in Metro Vancouver and supply is increasing

Tuesday, June 5th, 2012

Sales in the country’s most expensive housing market continue to fall, according to the latest data from the Real Estate Board of Greater Vancouver.

The group says there were 2,853 sales through the Multiple Listing Service in May, a 15.5% decline from a year earlier. May sales were the lowest for the month since 2001 and 21.1% below the 10-year May sales average.

The decline comes as supply continues to increase with 6,927 new listings in May, a 16.8% increase from a year earlier and a 14.4% jump from just a month ago. New listings for May were 15.3% above the 10-year average for the month.

Still, the board is preaching calm and says the sales to active listings ratio is 16% which is indicative of a balanced market. “Home sellers have outpaced buyers in recent months, however there continues to be an overall balance between supply and demand in the marketplace,” said Eugen Klein, president of REBGV.

The board’s benchmark price index for all residential properties in Greater Vancouver was $625,100 in May, a 3.3% increase from a year ago. Detached home prices jumped 5.1% from a year ago to $967,500, apartments increased 1.7% from a year ago to $379,700 and townhome property prices rose 0.9% in May from a year ago to $470,000.

However, using actual average prices instead of the index, average detached home prices are down 12.2% from a year ago, townhomes are down 0.2% and condominiums are off 1.1%.

Source: Garry Marr, Financial Post

Canadian interest rates stay at 1 per cent but beware European fallout

Tuesday, June 5th, 2012

The Bank of Canada on Tuesday said it was keeping its trend-setting interest rate on hold and acknowledged risks from the European crisis are leading to a “a sharp deterioration” in global financial conditions.

The central bank kept its lending rate at a near-historic low of 1% – where it has been since September 2010 – and pointed to weaker expectations for global economic growth.

“Some of the risks around the European crisis are materializing and risks remain skewed to the downside. This is leading to a sharp deterioration in global financial conditions,” the bank said in its statement accompanying the rate decision.

“The outlook for global economic growth has weakened in recent weeks.”

Many economists have pulled back on their forecasts for a rate increase before the end of the year, while others are now speculating rates could actually come down if global uncertainty continues.

Tuesday’s rate decision comes as Finance Minister Jim Flaherty is to join his Group of Seven counterparts on a conference call to discuss Europe’s debt crisis and the fallout within the region’s banking sector. Bank of Canada governor Mark Carney was also expected to take part in the talks, along with other G7 central bankers.

“The eurozone is slowing and has now affected Germany and France, the so-far more resilient economies in the eurozone,” Otto Waser, chief investment officer at Research & Asset Management AG in Zurich, told Bloomberg Television.

“We see some policy response emerging. We’re going to be talking more rescue measures in Europe. I don’t think that’s going to really stabilize the economies.”

On Wednesday, the European Central Bank will meet to decide on its key interest rate, ahead of critical meeting of European leaders on June 28 and 29 called to discuss the debt and banking crisis.

In Canada, economic growth in the first quarter of this year was just 1.9%, on an annualized basis, matching the fourth-quarter increase, as consumer spending slowed to a three-year low.

On a monthly basis, gross domestic product edged up 0.1% in March from February.

The Bank of Canada had forecast growth in the first three months of 2012 at 2.5%.

“While the U.S. economy continues to expand at a modest pace, economic activity in emerging-market economies is slowing a bit faster and a bit more broadly than had been expected,” the bank said Tuesday.

“More modest global momentum and heightened financial risk aversion have reduced commodity prices.”

The central bank acknowledged that growth was “slightly slower than expected” in the first quarter, “underlying economic momentum appears largely consistent with expectations.”

“In particular, housing activity has been stronger than expected, and households continue to add to their debt burden in an environment of modest income growth.”

However, the bank slightly rephrased its view of excess capacity in the economy, characterizing it as “a small degree,” rather than the “somewhat smaller” than anticipated wording in its previous rate statement.

“To the extent that the economic expansion continues and the current excess supply in the economy is gradually absorbed, some modest withdrawal of the present considerable monetary stimulus may become appropriate.”

Source: Gordon Isfeld, Financial Post

White Rock house for sale with ocean views $799,000

Friday, June 1st, 2012

This 2,441-square-foot 4-bedroom/3-bathroom home is just steps from White Rock’s prestigious East Beach.

Previously listed at $842,000, the property has now been reduced to $799,000.

The house allows you to enjoy wonderful ocean views all year round. The interior features a bright open floor plan, a spacious living area and floor-to-ceiling windows to maximize those views.

This immaculately-kept home has updates throughout including hardwood flooring, a gas fireplace in kitchen, vaulted ceilings, skylights, updated bathrooms, a huge kitchen with new counters and large island, a pantry and lots of storage. The kitchen opens out to large entertainment-sized sundeck with a sunny South West exposure.

The spacious master bedroom has a large walk-in closet, and the fully-finished basement offers 2 bedrooms, bathroom, kitchen, living room and kitchen with a separate entrance – perfect for summer guests!

Additional goodies include a fully-fenced back yard, a spacious patio, and a storage shed. Steps from beach, restaurants, schoolbus, boat launch, and USA border!

For further information and to contact the listing realtor, Joanne Taylor of Sutton Group – West Coast (White Rock) directly, please see

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