#harrywang

The Greater Vancouver housing market maintained a consistent balance between demand and supply throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2013 reached 28,524, a 14% increase from the 25,032 sales recorded in 2012, and an 11.9% decrease from the 32,390 residential sales in 2011.

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.

Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years, according to the region’s MLS®.

The number of residential properties listed for sale on the MLS® in Metro Vancouver declined 6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.

“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”

This chic 3-level 1/2 duplex situated in the Trout Lake neighbourhood boasts stunning mountain views. This home will be built following the heritage guidelines, a definite west coast classic.

Walk onto the main floor where 10' ceilings and windows provide a crisp & bright atmosphere with an abundance of natural lighting. Here the kitchen boasts beautiful quartz countertops with SS appliances. Middle floor comprises 2 bed/2 baths including a master walk-in closet. Top floor has 1 bed with full bath as well attached balcony for a gorgeous view. Very conveniently located. This home is ideal for young families. You are a 10 minute walk to broadway skytrain station and 5 minutes walk to trout lake and the trout lake community centre which has a full gym with sauna as well as tennis courts for your enjoyment.

This is currently underconstruction, call Harry for more pre-sale details! 

You'll Simply Love this home!

  Harry Yonlin Wang

RE/MAX City Realty

3186 E 47th Avenue.

Putting in the tiles, cabinets, counters, fixtures, everything! It's really coming together now. Exterior Hardy Plank siding still unpainted, planning a maroon red with cream accents, what colour do you think we should paint the outside?

Let me know if you have a friend interested in moving into the beautiful Killarney neighbourhood, only a 5 minute walk to the community centre which has a gym and swimming pool!

Estimated completion date in mid to late August.

Sincerely your Friend,

Harry 

Remax City

5525 Trafalgar Street Open House!

Sunday April 21 from 2-4PM. Come by and have a look at this luxury west end home.

4 large bedrooms

6 full baths

2,600 Sq.Ft. built on 3 levels.

Brand new home, just completed in 2013. This luxurious west end home was built with quality in mind. Westcoast style with cedar shingles, cedar pillars, and sloped gables. As you enter, there is hand shaved engineered hard wood floors, warm marble fireplace. In the study there is wainscoting to really bring in the room. Each bedroom having their own private full bathroom. Windows all around the home brightens up the whole house, especially in the basement. You'll love this home!

Come by to 5525 Trafalgar and have a look this Sunday April. 21 from 2-4PM.

You can contact me at 778-882-8082 If you have any questions.

Sincerely,

Harry Yonlin Wang

Here's a quick glance at current manufacturing sales in Canada.

Canadian manufacturing sales rose 1.5 per cent in August, offsetting a similar sized decline in July.   Gains were lead by higher sales in the petroleum, coal, and motor vehicle industries. In total,  11 of 21 manufacturing sub-sectors reported higher sales. This morning's manufacturing data, along with other more positive releases in recent weeks, has pushed our tracking measure of 3rd quarter GDP growth up slightly to 2 per cent. 

  Hopefully we see some upward movement in home prices in the new year. Have a quick read!

The  British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 28.5 per cent to $2.2 billion in September compared to the same month last year. A total of 4,539 MLS® residential unit sales were recorded over the same period, down 24.3 per cent from September 2011. The average MLS® residential price was $494,213, down 5.6 per cent from a year ago.

"Stricter high-ratio mortgage regulation further exacerbated a moderating trend in consumer demand,” said Cameron Muir, BCREA Chief Economist. “Reducing the maximum amortization from 30 to 25 years had the equivalent impact to affordability as a 100 basis point increase in mortgage interest rates."

“An expanding population, strong full-time employment growth and persistent low mortgage interest rates are expected to bolster housing demand in the months ahead,” added Muir.

Quantitative easing in America to help keep interest rates low in hopes of increasing investment activity and giving some juice to the American real estate market. This will as well put further stress on the Bank of Canada to keep interests low.

In a widely anticipated move, the US Federal Reserve announced today that it will conduct a third round of quantitative easing (QE).  The primary difference between QE3 and the Fed’s previous two quantitative easing programs is that QE3 asset purchases (which will amount to $85 billion per month, including $45 billion in mortgage debt) are open-ended and, most importantly, will continue until there is a substantial improvement in US labour market conditions.  That is, the Fed has tied the duration of its latest program of asset purchases to an explicit macroeconomic objective. The Fed also extended its commitment to keep its target Federal Funds rate at near zero levels through at least mid-2015.

The theory underlying quantitative easing is that asset purchases will stimulate the economy by lowering long-term interest rates, including interest rates on mortgage debt, thus encouraging investment while giving a much needed jolt to the US housing market.  While the evidence for the impact on growth and employment from past QE programs is mixed, pairing open-ended asset purchases and a commitment to keep interest rates low for an extended period with a specific objective has much support in academic literature.

The implications of the Fed’s announcement for Canadian interest rates are two-fold. One, the commitment by the Fed to keep interest rates at near zero levels until mid-2015 further constrains the Bank of Canada’s ability to raise interest rates over the same period. Particularly as Canadian exports have already softened under the weight of an appreciating loonie. Second, already low long-term bond-yields will likely price-in a continuation of very low short-term rates and will therefore likely remain at historically low levels for an extended period which should keep Canadian mortgage rates well-anchored to current historically low levels.