Welcome to our October newsletter. We hope that you enjoy our timely articles depending on the season and the real estate market conditions. The Harmonized Sales Tax (HST) that the BC Liberal government will legislate into effect on July 1,2010 continues to be the focus of the opposition parties and the real estate industry. The BC Real Estate Association is lobbying for changes to remove this additional barrier to affordable housing. Their recommendations are to reduce the additional 7% on the purchase of property or to reduce the impact of same by removing the property transfer tax that is currently in place ... stay tuned. You have probably heard in the national media that the real estate market is booming again. According to Phil Soper, CEO of Royal LePage, this is an illusion and here is his opinion. Whether you are selling your property or you are intending to buy recreational or retirement property here, we know that you are always interested in the latest real estate market statistics for "the Valley". We will also show you the trends for the average selling prices and the "days on market" since January 2007. We have some great concepts for future issues, but if you have any ideas that you feel would be a valuable contribution to our newsletter please forward them to us by email. If this newsletter was forwarded to you, you can receive your personal copy each month. Stay tuned and we will bring you all of the latest real estate news from the Columbia Valley. Sincerely,
Your Professional REALTORS®
Royal LePage Rockies West Realty
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Sales Statistics for 2009
Based on MLS® Sales Data
(information is deemed correct but not guaranteed)
Each month we will extract the sales data from the Multiple Listing Service® and compile it. We will provide you with charts showing the raw numbers, the percentage (%) change from previous years, and a graph showing the long term trend. These values will show the number of properties sold, the number of "days on market" and the average selling price.
Since we cannot properly display these in this newsletter (and to minimize the size of this email) you can click on the following links;
You may also request a more detailed breakdown of the numbers by a specific area and/or type of property** by email.
** property types are; attached (condos, townhomes, duplexes), detached (standalone houses), and vacant land.
** areas are; Invermere, Radium Hot Springs, Canal Flats, Invermere Rural (includes all rural, Panorama, Wilmer, Lakeview, Timber Ridge, Windermere, Fairmont Hot Springs, Columere Park)
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'Delayed Start' in Canadian Real Estate Market and Undersupply Lead to Perceived Housing Boom
Toronto - October 8, 2009.
Canada's housing market is on the road to recovery but is experiencing a
pronounced undersupply of homes for sale in southern Ontario and other regions
of the country, according to the Royal LePage House Price Survey. With the
recession retreating, the report found that home prices are stabilizing and unit
sales are increasingly driven by improved affordability.
The market's strong showing in the third quarter has led some commentators to
refer to the current conditions as the beginning of a real estate boom. Royal
LePage cautions that the increase in sales activity and firming of house prices
are the product of a normal market correction and not the beginning of another
aggressive expansionary cycle. Read more about the Royal LePage quarerly housing survey
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BC Housing Market Gains Momentum
Vancouver, BC - October 15, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.
"Upward momentum in consumer demand continued unabated in September," said Cameron Muir, BCREA Chief Economist. "Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years." September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September. "While Victoria and the Lower mainland are exhibiting strong sellers' market
conditions with rising prices, housing markets in the rest of the province are
experiencing a more gradual recovery," added Muir. " Read more about this month's market conditions ...
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No Guarantee Rates Will Stay Low
Bank of Canada Governor Warns
Ottawa - September 28, 2009. Governments will be required to undertake "concerted" and "sharp" efforts to restore fiscal sustainability once a market-led recovery is assured, Bank of Canada governor Mark Carney said Monday.
While Mr. Carney was speaking about the need of governments to get their fiscal houses in order in the post-crisis landscape, the central banker also went to some lengths to reiterate that the central bank's pledge to keep interest rates at 0.25% until the end of June 2010 is "conditional" on meeting inflation targets. He told reporters afterward it would be unwise to assume current rates are "normal." "It is an expectation, not a promise," Mr. Carney said in his remarks.
Read more about his speech to the Victoria Chamber of Commerce ...
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About Royal LePage Rockies West Realty
Rockies
West Realty is your professional real estate services company in the
Columbia Valley. Since 1996, our caring professional representatives
have helped people like you find a beautiful home, acreage, or condo
here in the towns and hamlets that make up the Columbia Valley. Call us
today and let us take care of your real estate needs ... "Helping YOU is what we do".
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| Featured Properties
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Check out the best values with
Our REALTORS® Top Picks |
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Cabin in the Woods
937 Copper Point Way
The Cottages At Copper Point
list price $419,900
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View the Real Estate Guide
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(Internet Explorer recommended)
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Delta Airlines now flies from
Salt Lake City to Cranbrook International Airport (YXC)
and Royal LePage
Rockies West Realty is a proud partner of FLYYXC
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