Tag Archives: 2015

Drop in west side sales?

Reader Barb Rennie posted this in yesterdays thread, can any Realtors vouch for it’s accuracy?

Total number of Sales in West Vancouver for Detached Homes:

Month of January 2014 – 55
Month of January 2015 – 36

Total number of Sales in Vancouver Westside for Detached Homes:

Month of January 2014 – 147
Month of January 2015 – 77

Are all sales from January 2015 are tabulated yet or is this apparent drop in west side sales simply due to incomplete data?

Are you ready for higher interest rates?

That seems like a really weird question as rates continue to drop.

But over at the Vancouver Sun, Barbara Yaffe says ‘Prepare now for interest rate shock‘.

On top of the Bank of Canada recent surprise .25% rate cut there are a number of people predicting another cut coming this year, so why worry about interest rates at all?

The size of the average mortgage on a dwelling in Greater Vancouver is $400,000, reports Jeff Johnson, mortgage broker at Cloverdale-based Dominion Lending Centres Canadian Mortgage Experts, with offices in B.C. and Alberta.

That jumbo figure is based on the average 2014 value of a Vancouver property, $801,000, and a Canadian Association of Mortgage Professionals survey last year showing the average equity position assumed by borrowers is 50 per cent.

Johnson notes that if interest rates rise in 2015 by even just half a percentage point, monthly payments on a typical variable rate $400,000 mortgage could increase by $100 to $1,872.

“And this is the best case scenario, as rates could continue to slowly increase (thereafter).”

Elyea points out such increases would be coming on top of 2015 hikes imposed on B.C. residents for MSP premiums, car insurance and BC Hydro.

And it is worth remembering British Columbians have more modest employment earnings than elsewhere in Canada. The B.C. average weekly wage last year was about $890, compared to $940 across Canada.

Ok, sure. But we know all that already. How long have we been hearing the warnings about ‘being ready’ for rate increases while they just stay down at record lows or continue to drop?

It’s like that old story ‘The Boy who cried Wolf’.  Eventually the villagers get sick of hearing all the false warnings, learn to ignore them and live happily ever after.

Friday Free-for-all!

It’s the end of another week and that means it’s Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Assessments and sales
Canada in ‘serious trouble’?
Optimism Fading?
Rent vs. buy math
High debt a way of life
Oil brings doubt
Chinese investors not afraid of ghosts
Realtor Hunger Index at 68%
Prices down in Yuan

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Friday Free-For-All! 2015 is here!

It’s the beginning of a new year and the end of another week.

That means it’s Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

1988 flashback
Chinese bottom fishers in Russia
That’ll bump up the average
Chinese buyers eye Seattle
The pretending to pay buyers gambit

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!