| Thursday, March 25, 2010 The Real Story Between CREA and the Competition Bureauby RE/MAX Select Properties on Thu, Mar, 25, 2010 06:23 PM For some inexplicable reason, the Competition Bureau has been on a witch hunt against the Canadian Real Estate Association for some time now. It may be that someone thought that this highly effective and progressive industry was an easy target. Certainly with the right spin, and with the media on side, it is easy to create an unsympathetic picture based on old charicatures of REALTORS(r).
It is unfortunate that they are attacking one of the truest free market sectors in the Canadian economy. The Real Estate Industry is one of the most competitive industries in North America. Each Brokerage competes aggressively with it's rivals because remuneration is based on performance. Even within an office, the agents compete against each other for Listings and Buyers. Despite this, the Competition Bureau is smearing CREA and it's almost 100,000 members. The media has been allowed to create untrue pictures of what the issues are surrounding the Competition Bureau's concerns.
Meanwhile, the Bureau does not acknowledge the important changes that CREA has made to address those concerns. Changes that the Bureau itself had recommended.
Wednesday, March 17, 2010 Unit Sales Down 13.3% in BC in Februaryby RE/MAX Select Properties on Wed, Mar, 17, 2010 12:10 PM The Canadian Real estate Association (CREA) posted recent statistics showing the change between January and February of this year. A total of 42,799 homes were traded last month, down 1.5% from January, as a gains in Toronto were offset by a decline in units sold in Vancouver.
The Winter Olympics were cited as a possible factor in lower sales in the province last month. Unit sales were down 13.3 %. Compared to Ontario's growth of 3.3% during the same period.
Continuing low interest rates could further prompt home resales this spring ahead of new mortgage rules set to take effect in April. The introduction of the harmonized sales tax will also add to the buying mood of the consumer this spring, as buyers seek to purchase before the tax change takes effect.
The average Canadian house price in February rose by 18.2 % from last year.
Currently the most affordable Canadian city for housing is Thunder Bay, Ontario with a February average house price of $142,280, up 23.6 % from a year ago.
The most unaffordable Canadian city for housing continues to be Vancouver, BC with a February average house price of $658,984. That is also an increase in price from a year ago of 22.4%
Most experts agree that the Canadian housing market will be moving to a more balanced market in the fall, while the spring will continue to heat up to answer demand. Monday, March 8, 2010 The reason your agent wants to see your ID...by RE/MAX Select Properties on Mon, Mar, 8, 2010 07:52 PM FINTRAC fines brokerage $27,000
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has assessed its first fine against a real estate brokerage. HomeLife Effect Realty in Hamilton was fined $27,000 for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
FINTRAC says the brokerage was fined for committing four violations:
- Failure of a person or entity to appoint a person to be responsible for the implementation of a compliance program;
- Failure of a person or entity to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officer;
- Failure of a person or entity to assess and document risk; and
- Failure of a person or entity that has employees, agents or other persons authorized to act on their behalf to develop and maintain a written ongoing compliance training program for those employees, agents or persons.
FINTRAC has had the authority to issue administrative monetary penalties in response to non-compliance with the act and related regulations since December 30, 2008. It says penalties are used as a last recourse after other measures to ensure compliance with the law have been exhausted.
“FINTRAC remains committed to working with reporting entities in ensuring compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and related regulations,” says the agency in a news release. “The new penalties are a tool to encourage compliance.”
FINTRAC is an independent federal government agency with a mandate to assist in the detection, deterrence and prevention of money laundering and the financing of terrorist activities. Friday, March 5, 2010 Hang Onto Your Seatbeats!by RE/MAX Select Properties on Fri, Mar, 5, 2010 11:42 AM The indications all point to a very active market for this fall in Vancouver. Following the excitement and energy of a successful hosting of the 2010 Olympic games, Vancouver is poised to experience a gold medal spring in terms of the real estate market in the lower mainland.
Several factors point to continued growth in development, sales activity, and price. Firstly, the market fundamental of supply and demand has never been stronger on the demand side. Vancouver is desirable as a world class city with it's amazing urban amenities. The city is in a natural setting that is second to none in the world. It is nestled between mountains and sea. The incredible landscape also provides for a mild temperature, something unusual for a Canadian city. The forests are lush, with moss and ferns under the canopy of giant spruce and cedar trees. Vancouver is a mountain metropolis surrounded by a rainforest. Following the exposure the area received during the games, inquiries from around the globe have increased, signalling continued demand for Vancouver real estate.
The price of land will continue to climb as long as there is more demand than available supply. Despite the fact that Vancouver is already categorized as "severely unaffordable" in comparision studies between average wage and average house price, the allure of living in this amazing city continues to drive the market.
In order to continue to keep up with the demand, developers seek out new locations for high density housing. Projects are fanning further and further away from the core of Greater Vancouver, ahead of mass transit infrastructure projects. This activity on the development side brings employment and opportunity, which continues to feed the demand for housing.
Sales activity remains strong as baby boomers seek to use the sale of their homes to leverage their retirement plans. Many long time Vancouverites are benefiting from the surge in prices and demand for property in Great Vancouver. This demand has created many new millionaires, who can now consider selling and retiring by downsizing and cashing in on their new found equity.
Tuesday, March 2, 2010 Real Estate Board Stats During the Olympicsby Ari Lahdekorpi on Tue, Mar, 2, 2010 04:57 PM
VANCOUVER, B.C. – March 2, 2010
–The Greater Vancouver housing market continued to experience strong demand
from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the
region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled
2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6
per cent increase compared to the 1,923 sales recorded in January 2010.
More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February
2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service
(MLS®) in Greater Vancouver.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in
Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the
previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that
activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell,
REBGV president said.
“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and
slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s
an Olympic effect,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This
represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease
compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.
At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month
and declined 21 per cent from this time last year.
“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but
less frenzied than we saw in the latter part of 2009,” Russell said.
Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during
the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties
increased 22.5 per cent from February 2009 to $800,796.
Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009.
The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.
Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The
benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.
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