A Chilliwack Real Estate Perspective 
Our new 20 unit Townhouse development The Kensington on Broadway!
Thursday, April 19th, 2012 at 10:25am.
60 Views, 0 Comments.
Canadian Housing Starts
Wednesday, April 11th, 2012 at 1:24pm.
30 Views, 0 Comments.
Canadian housing starts jumped
5 per cent in March to a seasonally adjusted annual rate (SAAR) of 215,600
units. The increase in starts primarily resulted from strong growth in multiple
starts in Ontario and the Prairies. New home construction in BC urban centres
fell 28 per cent from February 2012, registering 20,900 starts (SAAR)
in March. However, housing starts were 13 per cent higher than March
2011. For the first quarter 2012, housing starts are 14 per cent higher than at
the same time last year, with balanced growth between single and multiple
starts.
Looking at major metropolitan centres in BC, housing
starts increased 26 per cent year-over- year in Vancouver.
Single family starts declined slightly by 2 per
cent while …
Bank of Canada Interest Rate Decision - March 8, 2012
Thursday, March 8th, 2012 at 12:46pm.
47 Views, 0 Comments.
The Bank of Canada left its
overnight rate unchanged at 1 per cent for the twelfth consecutive
meeting. In the statement accompanying the decision the Bank noted
that while heightened uncertainty in the global economy has decreased in recent
weeks, global economic growth is likely to remain below trend. The Bank also
noted that it expects Canadian households to add to their debt burden in 2012,
which in the Bank's judgement is the biggest domestic risk to the Canadian
economy. Finally, the Bank is forecasting slightly firmer inflation than
previously anticipated as a result of reduced economic slack and higher oiler
prices.
The Bank of Canada has lately been stressing the word “flexibility”
in reference to its inflation target which…
BC Commercial Leading Indicator Points to a Strong 2012
Tuesday, February 28th, 2012 at 10:50am.
45 Views, 0 Comments.
Vancouver,
BC – February 28, 2012.The BCREA Commercial Leading Indicator (CLI) rose for the
second consecutive quarter, advancing 1.1 points to an index level of 111. On a
fourth-quarter over fourth-quarter basis, the CLI moved 1.6 per cent higher in
2011. While this is a marked slowing from the 5.2 per cent surge in 2010, the
index picked up considerable momentum in the third and fourth quarter of the
year, more than making up for a weak first half of 2011.
The trend in the CLI turned up slightly as
early softness in economic activity was smoothed out by a stronger second half
of the year. This change in trend indicates a positive economic
environment for the BC commercial real estate sector in 2012.
“Improving
economic data…
Housing tax credits aid first-time buyers and seniors
Friday, February 24th, 2012 at 10:53am.
58 Views, 0 Comments.
Housing tax credits aid first-time buyers and seniors
Hoping to shore up the foundation of the province’s housing sector,
the B.C. government used its budget to unveil a pair of home tax
credits.
The B.C. First-Time New Home Buyers’ Bonus will offer a
temporary, one-time refundable income tax credit of up to $10,000 for
first-tie buyers who purchase a newly constructed home.
The B.C. Seniors’ Home Renovation Tax Credit will offer a refundable
personal income tax credit to assist people age 65 and over with the
cost of permanent home renovations. The maximum credit will be $1,000
annually.
The credits come less than a week after the Liberal
government announced measures to support…
Buyer's Due Diligence Obligations
Thursday, February 23rd, 2012 at 11:11am.
58 Views, 0 Comments.
There have been a number of
recent articles on a seller's obligation to make full and complete disclosure
of all issues respecting property offered for sale. What about a buyer's
obligation when purchasing property?
Most
licensees are familiar with the doctrine of caveat emptor or 'buyer beware.'
That maxim holds that a seller has no obligation to disclose patent defects:
those discoverable upon a reasonable inspection. However, a seller does have
an obligation to disclose latent defects – those not discoverable upon a
reasonable inspection – which make the premises dangerous or unfit for
habitation. Courts have balanced a seller's duty to disclose certain facts
and to avoid misrepresentation with the…
BC Budget
Wednesday, February 22nd, 2012 at 4:44pm.
55 Views, 0 Comments.
BC Budget
On February 21, BC Minister of Finance Kevin Falcon released the 2012-2013
provincial budget.
With a theme of fiscal discipline, this budget doesn’t offer a lot of new
spending. In addition to some hikes in fees for MSP and ICBC, the government
plans to raise more than $700 million in the next three years by selling
government-owned properties that aren’t needed now or in the foreseeable
future. Minister Falcon projects budget surpluses for 2013-2014 ($154 million)
and 2014-2015 ($250 million)—government forecasts continue to be conservative,
with growth forecasts coming in below the consensus of the independent economic
forecast council, of which BCREA Chief Economist Cameron Muir is a member.
Jobs, health and education…
Home Sales Rise Outside Lower Mainland
Wednesday, February 15th, 2012 at 11:26am.
50 Views, 0 Comments.
Vancouver,
BC – February 15, 2012. The British Columbia Real Estate Association
(BCREA) reports that the dollar volume of homes sold through Multiple Listing
Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared
to the same month last year. A total of 3,976 homes traded hands on the MLS®
over the same period, down 3.9 per cent. The average MLS® residential price was
3.8 per cent lower at $527,219 compared to January 2011.
"Increased
market activity outside the Lower Mainland in January was offset by fewer sales
in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist.
MLS® Residential sales rose 7 per cent to 1,620 units outside the Lower
Mainland, while declining 10 per cent to 2,356…
‘The warmest city in Canada’
Thursday, February 9th, 2012 at 1:26pm.
61 Views, 0 Comments.
It seems that the city of Chilliwack has suffered from an identity crisis over the years.
It has been called the “Green Heart of the Fraser Valley” and it has also been called Rainbow Country.
According to Environment Canada, 10 of the 11 warmest cities in Canada are in British Columbia.
Five cities with the highest annual average temperature in Canada are (in Celsius): Chilliwack – 10.5, Vancouver – 10.1, Abbotsford – 10, Nanaimo – 9.7, and Victoria – 9.7.
The city of Chilliwack does not need to suffer from an identity crisis any more because it is the warmest city in Canada!
I can envision the billboards when entering Chilliwack: “Welcome to Chilliwack, the warmest city in Canada.”
Canadian Building Permits - February 7, 2012
Tuesday, February 7th, 2012 at 11:01am.
62 Views, 0 Comments.
Canadian building permits ended
the year up 11.1 per cent from November and reached their highest level since
June 2007. Permitting activity was driven by a 16.1 per cent increase in
residential permits, though non-residential permits were also higher in
December.
Construction intentions in BC did not follow the strong National trend, posting
a decline of 16 per cent following a November that saw permits rise 31.5 per
cent. On a year-over-year basis, construction intentions were 27 per cent
higher in December. December permit activity was lower in all four of BC
major metropolitan areas with Victoria posting the largest monthly decline.
Notably, permit volume was lower on a year-over-year basis in all markets
except Vancouver which was…
A Chilliwack Real Estate Perspective
Our new 20 unit Townhouse development The Kensington on Broadway!
Thursday, April 19th, 2012 at 10:25am. 60 Views, 0 Comments.
Canadian Housing Starts
Wednesday, April 11th, 2012 at 1:24pm. 30 Views, 0 Comments.
Canadian housing starts jumped
5 per cent in March to a seasonally adjusted annual rate (SAAR) of 215,600
units. The increase in starts primarily resulted from strong growth in multiple
starts in Ontario and the Prairies. New home construction in BC urban centres
fell 28 per cent from February 2012, registering 20,900 starts (SAAR)
in March. However, housing starts were 13 per cent higher than March
2011. For the first quarter 2012, housing starts are 14 per cent higher than at
the same time last year, with balanced growth between single and multiple
starts.
Looking at major metropolitan centres in BC, housing
starts increased 26 per cent year-over- year in Vancouver.
Single family starts declined slightly by 2 per
cent while …
Bank of Canada Interest Rate Decision - March 8, 2012
Thursday, March 8th, 2012 at 12:46pm. 47 Views, 0 Comments.
The Bank of Canada left its
overnight rate unchanged at 1 per cent for the twelfth consecutive
meeting. In the statement accompanying the decision the Bank noted
that while heightened uncertainty in the global economy has decreased in recent
weeks, global economic growth is likely to remain below trend. The Bank also
noted that it expects Canadian households to add to their debt burden in 2012,
which in the Bank's judgement is the biggest domestic risk to the Canadian
economy. Finally, the Bank is forecasting slightly firmer inflation than
previously anticipated as a result of reduced economic slack and higher oiler
prices.
The Bank of Canada has lately been stressing the word “flexibility”
in reference to its inflation target which…
BC Commercial Leading Indicator Points to a Strong 2012
Tuesday, February 28th, 2012 at 10:50am. 45 Views, 0 Comments.
Vancouver, BC – February 28, 2012.The BCREA Commercial Leading Indicator (CLI) rose for the second consecutive quarter, advancing 1.1 points to an index level of 111. On a fourth-quarter over fourth-quarter basis, the CLI moved 1.6 per cent higher in 2011. While this is a marked slowing from the 5.2 per cent surge in 2010, the index picked up considerable momentum in the third and fourth quarter of the year, more than making up for a weak first half of 2011.
The trend in the CLI turned up slightly as early softness in economic activity was smoothed out by a stronger second half of the year. This change in trend indicates a positive economic environment for the BC commercial real estate sector in 2012.
“Improving economic data…
Housing tax credits aid first-time buyers and seniors
Friday, February 24th, 2012 at 10:53am. 58 Views, 0 Comments.
Housing tax credits aid first-time buyers and seniors
Hoping to shore up the foundation of the province’s housing sector, the B.C. government used its budget to unveil a pair of home tax credits.
The B.C. First-Time New Home Buyers’ Bonus will offer a temporary, one-time refundable income tax credit of up to $10,000 for first-tie buyers who purchase a newly constructed home.
The B.C. Seniors’ Home Renovation Tax Credit will offer a refundable personal income tax credit to assist people age 65 and over with the cost of permanent home renovations. The maximum credit will be $1,000 annually.
The credits come less than a week after the Liberal government announced measures to support…
Buyer's Due Diligence Obligations
Thursday, February 23rd, 2012 at 11:11am. 58 Views, 0 Comments.
|
There have been a number of recent articles on a seller's obligation to make full and complete disclosure of all issues respecting property offered for sale. What about a buyer's obligation when purchasing property? Most licensees are familiar with the doctrine of caveat emptor or 'buyer beware.' That maxim holds that a seller has no obligation to disclose patent defects: those discoverable upon a reasonable inspection. However, a seller does have an obligation to disclose latent defects – those not discoverable upon a reasonable inspection – which make the premises dangerous or unfit for habitation. Courts have balanced a seller's duty to disclose certain facts and to avoid misrepresentation with the… |
BC Budget
Wednesday, February 22nd, 2012 at 4:44pm. 55 Views, 0 Comments.
BC Budget
On February 21, BC Minister of Finance Kevin Falcon released the 2012-2013
provincial budget.
With a theme of fiscal discipline, this budget doesn’t offer a lot of new
spending. In addition to some hikes in fees for MSP and ICBC, the government
plans to raise more than $700 million in the next three years by selling
government-owned properties that aren’t needed now or in the foreseeable
future. Minister Falcon projects budget surpluses for 2013-2014 ($154 million)
and 2014-2015 ($250 million)—government forecasts continue to be conservative,
with growth forecasts coming in below the consensus of the independent economic
forecast council, of which BCREA Chief Economist Cameron Muir is a member.
Jobs, health and education…
Home Sales Rise Outside Lower Mainland
Wednesday, February 15th, 2012 at 11:26am. 50 Views, 0 Comments.
Vancouver, BC – February 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared to the same month last year. A total of 3,976 homes traded hands on the MLS® over the same period, down 3.9 per cent. The average MLS® residential price was 3.8 per cent lower at $527,219 compared to January 2011.
"Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist. MLS® Residential sales rose 7 per cent to 1,620 units outside the Lower Mainland, while declining 10 per cent to 2,356…
‘The warmest city in Canada’
Thursday, February 9th, 2012 at 1:26pm. 61 Views, 0 Comments.
It seems that the city of Chilliwack has suffered from an identity crisis over the years.
It has been called the “Green Heart of the Fraser Valley” and it has also been called Rainbow Country.
According to Environment Canada, 10 of the 11 warmest cities in Canada are in British Columbia.
Five cities with the highest annual average temperature in Canada are (in Celsius): Chilliwack – 10.5, Vancouver – 10.1, Abbotsford – 10, Nanaimo – 9.7, and Victoria – 9.7.
The city of Chilliwack does not need to suffer from an identity crisis any more because it is the warmest city in Canada!
I can envision the billboards when entering Chilliwack: “Welcome to Chilliwack, the warmest city in Canada.”
Canadian Building Permits - February 7, 2012
Tuesday, February 7th, 2012 at 11:01am. 62 Views, 0 Comments.
Canadian building permits ended
the year up 11.1 per cent from November and reached their highest level since
June 2007. Permitting activity was driven by a 16.1 per cent increase in
residential permits, though non-residential permits were also higher in
December.
Construction intentions in BC did not follow the strong National trend, posting
a decline of 16 per cent following a November that saw permits rise 31.5 per
cent. On a year-over-year basis, construction intentions were 27 per cent
higher in December. December permit activity was lower in all four of BC
major metropolitan areas with Victoria posting the largest monthly decline.
Notably, permit volume was lower on a year-over-year basis in all markets
except Vancouver which was…