LiveCity Yaletown (Vancouver: David Lam Park)
This site will offer Vancouver residents and visitors the complete Olympic Winter Games experience: the best in Vancouver and Canadian live arts and entertainment as well as Olympic sponsor pavilions, Vancouver House, refreshments and sport highlights on giant screens. LiveCity Yaletown is the place to be for free, fun, family Games-time memories. The site will be open and programmed throughout the Olympic period commencing the day after the Opening Ceremony and concluding right before the Closing Ceremony (February 13-February 28). It is anticipated that the Site will be open daily from 11am through to 11pm. Several well-known corporate sponsors will have their public pavilions onsite including Coca Cola, Samsung, Acer and Panasonic.
LiveCity Downtown (Vancouver: Georgia and Beatty)
This site will open during both the Olympic and Paralympic Games and will be Vancouver’s version of a downtown “piazza” with a large outdoor screen, daytime interactive school programming, engaging street entertainment, and late-night entertainment. Additional partners and governmental agencies will bring programs and pavilions to complement the site. The site will be open and programmed throughout the Olympic period commencing the day after the Opening Ceremony and concluding right before the Closing Ceremony (February 13-February 28). During that period it is anticipated that LiveCity Downtown will be open daily from 11am through to midnight. The site will reopen during the Paralympic period (March 12 through March 21) with a mix of on-screen programming, demonstration sport events and entertainment. Both the Canada and Manitoba pavilions will be on-site.
Ozone (Richmond: Canada Line Brighouse Station)
17 days and nights. Exhilarating. Amazing. Once in a lifetime. The O Zone is where you can be part of a real Olympic Games experience, with thousands of your closest friends, cheering on Canada’s athletes, exploring cool stuff, and rocking to some of the hottest young bands in Canada. The O Zone is also the biggest celebration of the 2010 Olympic Winter Games, amassed over 60 acres in the heart of Richmond City Centre, just minutes from the new Canada Line, from Richmond City Hall into Minoru Park.
You’ve never seen Richmond like this: mammoth ice art, massive high-definition screen, outdoor skating on real ice, entertainment from around the region and around the world, art, athletes, exhibits, virtual reality (bobsleigh ride anyone?), food and fireworks. Bands like Our lady Peace, Hawksley Workman, Bedouin Soundclash, Toyko Police Club and Wintersleep headline. Theme nights saluting Canada’s diverse cultures and regions from World Beat rhythms and South Asian dance and music to Pan Northern sounds from above the Arctic Circle. There’s something for everyone, and for all ages. Did we mention it’s free?
The site is located just a few kilometres south of downtown Vancouver and a short hop on the Canada Line, starting Friday, February 12 through Sunday, February 28, 2010. Every day. Every night. Check back closer to the dates for a complete line-up of what’s happening and who’s on stage.
Canada Pavilion (Vancouver: LiveCity Downtown)
Centrally located at Vancouver's LiveCity Downtown Celebration Site, the Canada Pavilion will demonstrate Canada's commitment to creative excellence, sustainable development and fostering diversity with informative and innovative content that is sure to make Canadian's proud. The 2010 Games will inspire Canada's young people to get active in sports and live a healthy lifestyle. The Pavilion will provide an opportunity to learn more about Olympic and Paralympic sports and help them to choose the activity that's right for them.
"Streets to Watch"
There will basically be four main thoroughfares in the downtown core which will have festive programming on a daily basis. These include Robson Street, Hamilton, Street, Mainland Street and Granville Street. With the exception of Robson Street (which will be closed east of Jarvis street only) all the streets will be closed to vehicular traffic. Expect tens of thousands of people to be walking up and down here every night enjoying the atmosphere.
Granville Island “French Quarter” (Vancouver)
Located just south of the downtown, this popular tourist attraction will become the place to celebrate Canada’s French heritage. There will be two pavilions, a French bistro and pub, as well as a stage for concerts. They also intend on creating an "artists' alley" like Rue Sainte-Anne in Quebec City. You can get there by taking the free streetcar from the Olympic Canada Line Station to Granville Island. Vancouver's famous False Creek water taxis will also provide transportation across the water during the Games. Expect this site to be extremely popular so get there early and take transit if you can.
Bombardier Street Car (Vancouver)
This is a demonstration project between Granville Island "French Quarter" and the Olympic Village Canada Line station. A modern and "high-end" European streetcar will shuttle passengers by rail between the Canada Line and the “French Quarter” at Granville Island. It is free to ride, but they are expecting over 500,000 people will take the trip over the two month period when it will be in operation. The train is scheduled to start running in mid-January through the Olympics and Paralympics.
Heineken House (Richmond)
The highlight of the Holland Heineken House experience is the main hall, which can host thousands of people every night, and features celebratory medal ceremonies for successful Dutch athletes as well as nightly performances by renowned Dutch artists and DJ’s. The uniquely close relationship that Dutch sport fans have with their heroes - coupled with their penchant for the national colour of orange - makes for a vibrant and unforgettable atmosphere during celebrations and performances. More than 100,000 people visited the Holland Heineken House during Winter Games in Turin and 95,000 at the Beijing Olympics. At the last Summer Games, supporters were able to celebrate a total of 16 medals for the Dutch Olympic Team. There are plans for HH to serve beer to 4,000 people nightly at its Medal Ceremony Hall and stay open from 9 a.m. to 2 a.m. The Heineken House will be located at Minoru Arenas (MA) 7551 Minoru Gate in Richmond.
Alberta House (Vancouver: corner of Robson & Beatty)
Located on the corner of world famous Robson and Beatty Streets immediately west of BC Place, Alberta House and Alberta Plaza are a central location for Canadian and international guests to meet, gather, and learn about Alberta as a place to invest, work, live and visit. An architectural expression of Alberta’s identity, they combine function, sustainability and innovative design - offering a genuine Albertan experience in the heart of Vancouver with street level programming and multi-function space.
Alberta Plaza – open to the public, the plaza will highlight Alberta tourism and industry sectors during the day and showcase Alberta artists for national and international visitors in the evening. 60,000 Olympic guests, Vancouver locals and visiting Albertans will be enticed to stop and experience dynamic presentations, and Alberta’s new brand message: Freedom to Create, Spirit to Achieve. See more info here.
Saskatchewan Pavilion (Concord Pacific Property North East False Creek)
Located in between BC Place Stadium and Sochi House (Science World), this free pavilion will consist of two structures. One will house a business centre, the other an entertainment venue featuring Saskatchewan entertainment and food. There will also be a pavilion at Whistler during the Paralympics. Through these venues, people from Canada, and around the world, will be able to learn about Saskatchewan business opportunities, vacation destinations, immigration and quality of life.
See this promotional video for more information.
Ontario Pavilion (Concord Pacific Property North East False Creek)
Located in between BC Place Stadium and Sochi House (Science World), the Ontario Pavilion plans to set a new standard in creativity and innovation. It will be striking in its design; feature exciting and original exhibits, events and performances; showcase made-in-Ontario products and services; and be technologically state-of-the-art while being supported using environmentally sustainable systems and technologies. The Ontario Pavilion will offer visitors a unique, one-of-a-kind, inspirational experience that will live on in their memories for years to come and reinforce Ontario’s Olympic brand message — “There’s No Place Like This…”
Atlantic Canada House (Vancouver: Granville Island)
Atlantic Canada's best will hit the world stage during the Vancouver 2010 Olympic Winter Games. Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador along with the Atlantic Canada Opportunities Agency present Atlantic Canada House in Vancouver from February 13 to 28, 2010.
For two weeks, Canada's east coast will come alive on one of Vancouver's most historic sites, Granville Island. A popular local venue, Granville Island is expecting over 35,000 visitors daily. It is easily accessible by water taxis, bus, bicycle, street tram and foot. It is highly recommended you leave your car at home as there will be limited parking available.
Once at Atlantic Canada House, guests will find an authentic and inspiring setting. It's here you'll be treated to East Coast culinary delights, discover the region's culture and spirit, and share in Atlantic Canadian hospitality.Within the pavilion space, you'll find the Granville Island Stage, the Revue Stage and the Backstage Lounge. Atlantic Canadian artists will be featured nightly, and daily performances on the Revue Stage will celebrate the region and welcome guests to the Atlantic Canadian way of life.
Laser Waterworks Shows (Vancouver: LiveCity Downtown -David Lam Park)
Bring the family along to see the nightly laser light shows which will take place at the LiveCity Yaletown location. A large pipe in False Creek will stream water high into the air providing the backdrop for what will become a must see event. Across False Creek you will be able to see the Olympic Athlete’s Village. Details of the laser light show are still unknown, so tune back here to get more details once they become available.
Nightly Medal Award Ceremonies (BC Place Stadium)
This is the most inexpensive way to participate in an official Olympic event. Tickets costs as little as $22 dollars per person and this provides you access to some of North America’s best entertainers as well as the medal winning athletes. Some of the confirmed bands include Barenaked Ladies, INXS, Nelly Furtado, Headley, Theory of a Dead Man and many more. The warm confines of the newly renovated BC Place Stadium will play home to this nightly event which is sure to be a crowd pleaser. If you are taking the Expo Line SkyTrain, get off at the "Stadium" station. You will have to walk about 5 minutes to get there. A note for out-of-town visitors, BC Place will undergo a massive renovation after the Games and will have a brand new retractable roof installed (see illustration).
Vectorial Elevation Light Display (English Bay)
More than two million people are expected toview the installation in person in Metro Vancouver, as well as internationally. The event runs regardless of the weather until February 28, 2010. Visitors to this website can design how the lights will move, their angles and how they are clustered in timed sequences to create their own patterns for the world to see. A personalized webpage will be automatically created for each participant to document their design. Organizers estimate 130,000 different patterns will be created in the 24 days the project operates from dusk to dawn. Why not design your own light show in the sky today!
Robson Square/GE Plaza (Vancouver Robson and Hornby)
This is the official site for the International Media Centre during the Games. It is also home to the new GE outdoor skating rink. Thanks to the generous contribution of the Province of BC and General Electric, the skating is free, but skate rentals are $3 a pair. The rink is open daily from 12:00 pm to 9:00 pm. This will be an extremely popular attraction. If you'd like to see a few photos and video of GE Plaza and Robson Square, please click here.
Vancouver Art Gallery (Corner of Georgia and Howe)
This historic site was once home to the British Columbia courthouse. During the Games it will transform into the BC/Canada Pavilion (located on the 4th floor). You can expect to see a number of interactive displays that will highlight the rich cultural fabric of both British Columbia and Canada.
A series of displays highlighting BC industry will also be onsite. Visitors will get complete access to the Art Gallery for free during the Games and the venue is anticipated to be open between 9:00 am – 9:00 pm daily. Word is there will also be a special Leonardo DiVinci exhibit available for public viewing. Located in the heart of downtown across from the largest Canadian flag in the world and right beside the GE outdoor skating rink, this will become a popular gathering place. The north lawn is also home to the official Omega Olympic and Paralympic Countdown Clock.
Bell Ice Cube (Vancouver: corner of Robson & Beatty)
The Bell Ice Cube will be a 3,000 square-foot temporary building located at Robson & Beatty street in downtown Vancouver and will open to the public on February 11th. It will be open February 11th to 28th from 11am to 11pm and will feature entertainment, Olympic ticket giveaways and interactive product demonstrations. The unique high-tech design of Bell Ice Cube will provide visitors an opportunity to view ceremonies and competitions on multiple plasma screens in high definition Bell TV. During the Opening and Closing Ceremonies and during major sporting events, visitors will be able to watch the magic on a large projection screen.
Every day at 3 pm, there will be a live show called Ice Talk, where Olympians will be interviewed by five-time Olympian and Bell Champion Charmaine Crooks. Athletes will share their own Olympic stories and sign autographs for Games fans. Bell Ice Cube will also feature guest performances by internationally acclaimed vocal play group, Naturally 7. In addition to brilliant harmonies, every instrument sound is created by the human voice. From musical styles that range from pop to R&B, Naturally 7 has charmed fans around the world.
Four Host Nations Pavilion (Vancouver: Georgia and Hamilton)
Located on the plaza of the Queen Elizabeth Theatre in downtown Vancouver, within easy walking distance of BC Place (venue for opening ceremonies) and GM Place (venue for men's ice hockey), the 8,000 square-foot2010 Aboriginal Pavilion will be right in the heart of Olympic activity, with Vancouver’s Celebration Site located immediately across Cambie Street. The pavilion features a high-tech 3,000 square-foot sphere, surrounded by a Coast Salish Longhouse. The Longhouse, which features a 1,500 square-foot Trading Post, will be relocated after the Games as a permanent legacy. As well, the adjacent 2,000 square-foot QE restaurant will be converted into a reception hall, featuring an Aboriginal showcase and cuisine. Special “theme” days will showcase Aboriginal groups from all regions of Canada. Live events will include Inuit throat singing, Métis jigging, hoop dancing, as well as spotlighting contemporary Aboriginal performances and other fields of achievement. Check out this photo of the building under construction.
Sochi House at Science World (Vancouver)
The Russians are known for putting on a real show when it comes to their pavilions. They did so in Torino, and you can expect their pavilion at Science World will knock everyone’s socks off. There are no details yet regarding either their official plans or how much public access there will be, but you can expect the pavilion will be spectacular.
Vancouver City Hall (453 W.12th)
You can expect that Vancouver City Hall will become a hub of activity during the 2010 Games. A parade of dignitaries will be making their way in and out of the Mayor’s office. This is also the site of the 1952 Oslo Flag which is encased in glass on the main floor of the building just as you enter. Once the Games are over, the flag will be placed back in its special case and delivered to the Mayor of Sochi, Russia, host of the 2014 Winter Games. There will also be nightly light shows on the outside of City Hall which should prove to be quite interesting.
Surrey 2010 Celebration Zone (Surrey: Holland Park)
This celebration zone is promising two fun filled weeks of excitement and activity for the whole family! The Sliding Zone, Skating Rink and Curling Zone will be a great way to take in some classic Olympic sports and winter activities. Step into the future with Simon Fraser University’s cutting edge Interactive Digital Media display, explore your creativity in their Kids World craft tent or cozy up in the Storytelling tent brought to you by Surrey Libraries. The RCMP Musical Ride will be performing shows daily, as well as other classic Canadian entertainment. The activities are abundant so bring your energy and enthusiasm to the Festival Activity Zone and prepare for an experience of Olympic proportions!
Olympic Torch Relay
On February 7th the Olympic Torch will make its way back to Metro Vancouver on its final leg toward the opening ceremonies. The Torch will be making multiple stops in communities such as New Westminster, Langley, Pitt Meadows, Surrey, White Rock, Richmond and West Vancouver to name but a few locations. Along the way the torch bearers will run or walk through the community and help to boost the Olympic spirit along the route. You can expect there will be thousands of people lining the streets and the torch winds its way through Metro Vancouver. A complete listing of locations and dates can be found here.
West Vancouver Spirit Square (West Vancouver)
Over the course of the 17 days of the Olympics West Vancouver, a venue city, will activate their Spirit Square. Discover your inner explorer and soar into the cosmos with the Canadian Space Agency. This rare experience provides a fun and interactive learning experience for everyone. Enjoy your self–guided tour of a scale model of the International Space Station and gain a sense of what it’s like to live, work and play sports in space. Models of Canadarm2 and Dextre will be there for all ages to enjoy. Evenings will come alive with an array of national and local talent, from rock to pop to classical performances in the Atrium. Celebrations at West Vancouver’s Spirit Square will showcase the unique character of the West Vancouver community featuring live performances, visual artistry, traditional and contemporary music. There will be a lot to see so check here for more programming details.
Quebec Pavilion/Maison Quebec (Vancouver: Concord Pacific Site)
Located at the Concord Pacific site between Sochi House (Science World) and BC Place, this is anticipated to be one ultra cool venue. Check out this site to see what it will look like. Expect it to become a centre piece of Quebec culture and food over the course of the Games. The fact it is situated next to Hockey House and the Ontario Pavilion will help to make it a premiere destination. What follows is a blurb (en Francais) for our French readers. Ce lieu démontrera aux milliers de visiteurs étrangers sur place le caractère distinctif du Québec soit par notre culture, notre savoir-faire et nos attraits touristiques. La Maison permettra également d'accueillir les athlètes, avec leurs familles, et leur apporter notre soutien. Plusieurs artistes s'y produiront et auront ainsi l'occasion de rayonner sur le plan international. Un bistrot offrira des produits agroalimentaires du Québec.
CentrePlace Manitoba (Vancouver: LiveCity Downtown)
CentrePlace Manitoba is a 2,560 sq ft, pre-fabricated, sustainable building featuring Manitoba products and technology. Multi-media exhibits, developed in Manitoba, will showcase tourism, business, immigration and sport and highlight our province’s prosperity, opportunity and potential. The Canadian Museum for Human Rights will be a partner and have a feature exhibit in the pavilion.
CentrePlace Manitoba will be located at the LiveCity Vancouver – Downtown site (on Georgia Street at Cambie)
Keep the Dream Alive (New Westminster: Queensborough Community Centre)
Historic New Westminster (Western Canada's oldest incorporated city) is hosting something they are calling Keep the Dream Alive. Join the excitement of the Olympics! Watch Canada bring home the gold at the Queensborough Community Centre. Learn about local Olympic athletes that will be competing in the 2010 Winter Olympics. Catch the Olympic spirit in New Westminster. For more information on hours of operation, call 604-525-7388.
Abbotsford Live Site (Abbotsford)
Abbotsford Recreation Centre will transform into an Olympic Hub February 12-28, 2010. The Live Sites program was created to help residents share in the Spirit of 2010 as well as to help B.C. communities, in all regions of the Province, find a way to develop a lasting legacy from the 2010 Winter Games. Abbotsford residents will have a place to go to share the Olympic spirit. Olympic themed public skates, swims, and programs will welcome Abbotsford residents. There will also be a free night market and inflatable fun zone Thursdays & Fridays 5:00pm – 9:00pm, Saturdays 9:00am – 9:00pm and Sundays 12:00pm – 9:00pm. The Russian figure skaters will be practicing as well. Check here to get the latest information. Lots going on at ARC during Feb 12 -28! Go Canada Go!
Canada Line Ride to YVR (Vancouver/Richmond)
For about the price of a cappuccino coffee, you can jump aboard the new Canada Line Skytrain and head from the downtown waterfront location to the Vancouver International Airport. Along the way, you will cross the mighty Fraser River and have the opportunity to stop at trendy Oakridge Mall and Cambie Village. When you arrive at the airport, take the kids to one of the most beautiful airport observatories found anywhere on the planet. A number of interactive displays are available for the kids, not to mention all the jumbo 747s that provide "live" entertainment.
BC Hydro Power Smart Village (Vancouver)
This winter during the 2010 Games, BC Hydrowill be opening the doors to the BC Hydro Power Smart Village, another free attraction. Visitors are welcomed to come celebrate the spirit of the games in a theme of conservation and sustainability. Members of your entire family will enjoy a wide range of activities like dancing on a sustainable dance floor, creating an inspirational message on the digital expression wall or even taking a break from cheering on athletes to check out First Nation carvings or our "the future is now" home exhibit. You'll even have a chance to win Olympic tickets by taking part in one of their many events. The venue is about one-block from the LiveCity Downtown site and the Canada Pavilion.
This is just a start in terms of all the community activities and venues that will be active prior to and during the Games. We're also aware that CTV News (official Olympic broadcast network) will be broadcasting their newscasts every day from Robson Square. Hosts Bill Good and Pamela Martin will be on-hand nightly. In addition, Global TV will be broadcasting their newscasts from the rooftop of the Concord Pacific presentation centre.
Wednesday, January 20, 2010
Tuesday, January 19, 2010
Fixed or Variable Mortgage Rates in BC?
Fixed or floating mortgage rates?
Bank of Canada sticks to low interest rates - http://bit.ly/5UVLAQ
My advice: go with Variable rates on your primary residence & save $$ today, stick with fixed rates for your investment property and sleep easy:)
If the market/economy booms rates will go up, if it doesn't rates will stay the same, hedge your bets with a floating rate, or even split your mortgage 50/50: half fixed. half variable. It'll be nice one day to tell your kids when you bought a place with 2% mortgage rates!
As for your investment: any CEO will tell you fixing costs is optimal for making $$, so fix your costs, be your own CEO, find a property with a positive cash flow, sit back, and watch your equity grow!
Contact Stu Bell at stu@stubell.com or 604.562.0532 and get it straight.
Bank of Canada sticks to low interest rates - http://bit.ly/5UVLAQ
My advice: go with Variable rates on your primary residence & save $$ today, stick with fixed rates for your investment property and sleep easy:)
If the market/economy booms rates will go up, if it doesn't rates will stay the same, hedge your bets with a floating rate, or even split your mortgage 50/50: half fixed. half variable. It'll be nice one day to tell your kids when you bought a place with 2% mortgage rates!
As for your investment: any CEO will tell you fixing costs is optimal for making $$, so fix your costs, be your own CEO, find a property with a positive cash flow, sit back, and watch your equity grow!
Contact Stu Bell at stu@stubell.com or 604.562.0532 and get it straight.
Monday, January 18, 2010
December 2009 REBGV Statistics
5 January 2010
REBGV Stats
Slow start, strong finish for housing market in 2009
After beginning the year at near record low sales levels, buyers' confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
"Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009," Scott Russell, REBGV president said. "Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month's home sales rank as the third highest selling December in the 90-year history of our organization."
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.
"The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from," Russell said.
Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).
Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.
Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.
Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.
Download complete stats package by clicking here.
Listen to Scott Russell's December 2009 Market Summary by clicking here
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR®
copyright© real estate board of greater vancouver. all rights reserved.
REBGV Stats
Slow start, strong finish for housing market in 2009
After beginning the year at near record low sales levels, buyers' confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
"Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009," Scott Russell, REBGV president said. "Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month's home sales rank as the third highest selling December in the 90-year history of our organization."
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.
"The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from," Russell said.
Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).
Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.
Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.
Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.
Download complete stats package by clicking here.
Listen to Scott Russell's December 2009 Market Summary by clicking here
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR®
copyright© real estate board of greater vancouver. all rights reserved.
Saturday, January 9, 2010
Buying Tips for West Vancouver Real Estate
You have decided West Vancouver is the community you want to live in and raise your family. West Van is safe, beautiful, and has excellent schools, recreation facilities, and amenities. Now you need to decide what area of West Van to live in. Dundarave, Ambleside, Caulfield, West Bay, Horseshoe Bay, Park Royal, or Lions Bay? Some key factors to your decision should be your utility for proximity to work, amenities, and schools, and your utility for easy access to the freeway, beaches, Lions Gate Bridge, BC Ferries, Sea to Sky Highway, and Marinas. Buyers must also consider the school they want their children to attend as some schools offer different programs such as French Immersion, Super Achievers for exceptional athletes to train more, and IB for advanced studies. Lastly, buyers should consider their tolerance to snowfall and what type of view they want as vertical proximity in West Van greatly affects your views and lifestyle as the snow fall typically hits a lot harder above Highway 1. In 2009 the hottest regions in West Van were Dundarave and Ambleside largely due to the community feeling of these quaint communities and the easy proximity to Marine Drive, transit, schools, and amenities. Also very popular sub-communities in West Van are The British Properties and Altamont for the Estate-size lots and panoramic Southern City and Ocean views, as well as Caulfield for new development, stunning views, and often lighter, brighter weather. West Vancouver Waterfront continues to be the landmark property in West Van with privacy, tranquility, recreation, and priceless views in very limited supply. There is a lot of choice in West Van, every sub-community has special charm and character, and I would strongly advise chatting with friends, researching on the internet, or consulting your real estate professional to guide you into the right location for you and your family. If you have any questions regarding West Vancouver real estate please feel free to call Stu at 604.562.0532 or email me at Stu@StuBell.com
Friday, January 8, 2010
Just SOLD! Mira on The Park, North Vancouver
#106-683 W Victoria park, North Vancouver for $579,900.
See pictures and details at http://www.StuBell.com!
See pictures and details at http://www.StuBell.com!
Vancouver 2009 Real Estate Market Review and 2010 Economic Outlook for Canada and Vancouver
National consumer confidence ended the year 2009 on a stronger footing compared to pre-recession levels, despite having edged down slightly the fourth quarter compared to the third quarter. According to the Conference Board of Canada’s index of consumer confidence, confidence eased slightly in the fourth quarter for the first time in three quarterly periods. The decrease in confidence reflects weakening sentiment about making major purchases.
The balance of sentiment about making major purchases, such as a home or a car, dipped slightly into negative territory in the fourth quarter. It had turned positive in the third quarter for the first time since the first quarter of 2008.
A negative balance of sentiment means more survey respondents said it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.
The balance of sentiment about job growth prospects continued improving in the fourth quarter of 2008, staying positive for the second consecutive quarter. More survey respondents expect employment to pick up over the next six months, and fewer expect more layoffs.
The balance of sentiment about households’ budgetary outlook softened marginally in the fourth quarter, but remains upbeat. A positive balance of opinion means more households said they expect their household budget to improve in the next six months than said they think it will worsen.
British Columbia
Consumer confidence in British Columbia eased slightly in the fourth quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence. Moderating confidence in the fourth quarter reflects softening sentiment about households’ budgetary outlooks, job prospects, and major purchases.
The balance of sentiment about making a major purchase, such as a home or a car, fell sharply and again turned negative in the fourth quarter. It had turned positive in the third quarter for the first time in two years.
A negative balance of opinion means more survey respondents said that it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects deteriorated in the fourth quarter. Although the balance of sentiment about near term job growth remained negative for the seventh consecutive quarter, it remained significantly less negative compared to where it stood at the height of the economic recession.
The balance of sentiment about households’ budgetary outlook stayed upbeat for the third consecutive quarter.
Prairie region
Consumer sentiment in the Prairie region improved for the third consecutive quarter in the fourth quarter of 2009, returning to the pre-recession level recorded in the second quarter of 2008.
Sentiment about making major purchases, such as a home or a car, improved for the fourth consecutive quarter. The balance of sentiment about making major purchases has stayed positive for two consecutive quarters, returning to levels on par with the third quarter of 2007.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects continued improving, building on significant increases recorded in the previous two quarters. The balance of opinion about job growth has stayed positive for three consecutive quarters, and is also back on par with pre-recession levels.
The balance of sentiment about the outlook for household budgets edged down only marginally in the fourth quarter on 2009 compared to the previous quarter.
Ontario
Consumer confidence in Ontario dipped slightly in the fourth quarter of 2009 after having risen in each of the three previous quarters, according to the Conference Board of Canada’s index of consumer confidence. The slight decline in confidence reflects weakened sentiment about households’ budgetary outlooks and about making major purchases.
The balance of sentiment about making major purchases, such as a home or a car, turned negative in the fourth quarter. In the third quarter, it had turned positive for the first time since the fourth quarter of 2007.
A negative balance of opinion means more households said it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This is an important factor underlying the housing market.
The balance of sentiment about job growth prospects improved compared to the previous quarter, turning positive for the first time since the second quarter of 2006.
The balance of sentiment about the outlook for household budgets stayed positive for the third consecutive quarter in the fourth quarter of 2009, despite having softened slightly.
Quebec
Consumer confidence in Quebec eased in the fourth quarter of 2009 but remains well above levels recorded at the height of the economic recession, according to the Conference Board of Canada’s index of consumer confidence. The decrease in confidence reflects weaker sentiment about household budgets and about making major purchases.
Despite having softened compared to the previous quarter, the balance of sentiment about making major purchases, such as a home or a car, remained positive in the fourth quarter. This represents the third consecutive quarter in which the balance of sentiment about making major purchases stayed positive.
A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
The balance of sentiment about job growth prospects turned positive for the first time since the beginning of 2008.
The balance of sentiment about the outlook for household budgets for the next six months eased in the fourth quarter, but nevertheless remained positive.
Atlantic region
Consumer sentiment improved significantly in the fourth quarter of 2009, continuing its rise above pre-recession levels according to the Conference Board of Canada’s index of consumer confidence for the region. This marked the fourth consecutive increase in confidence.
Sentiment about making major purchases, such as a home or a car, held steady. The balance of sentiment about big-ticket purchases remained positive for the second consecutive quarter.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
After improving for a fourth consecutive quarter, the balance of sentiment about job growth became positive in the fourth quarter of 2009. This is its first positive reading since the second quarter of 2008.
The balance of sentiment about the outlook for household budgets over the next six months also improved in the fourth quarter. This marks the fourth consecutive quarter in which the balance of sentiment about the outlook for household budgets stayed upbeat.
(CREA 11/22/09)
Existing home sales activity remains strong in November
According to statistics released by The Canadian Real Estate Association, existing home sales activity remained upbeat in November 2009. The current strength of housing demand stands in sharp contrast to weak activity recorded one year ago.
A total of 36,383 residential properties traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in November 2009. Up 73 per cent from year-ago levels, activity was down just four tenths of a per cent from the highest level of activity for the month posted in November 2007. Home sales set new records for the month of November in Ontario and Quebec.
“National home sales activity last month shows how strongly the housing market has rebounded since the beginning of the year,’ said CREA President Dale Ripplinger. “As we predicted last April, the rebound in resale housing activity led the overall Canadian economy out of recession.”
The unprecedented year-over-year gain in activity underscores the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence. Year-over-year gains were biggest in British Columbia (165 per cent) and Ontario (77 per cent).
Since the beginning of 2009, some 437,507 homes have been sold through Canadian MLS® Systems. This is up five per cent from activity in the first 11 months of 2008, but below levels for the period in each of the previous three years.
The national residential average price was $337,231 in November, a gain of 19 per cent compared to one year ago. For the year-to-date, the average price is up 4.4 per cent compared to the same period last year. The year-over-year increase in November continues to reflect the high degree to which the average was skewed downward last year by plummeting activity in Canada’s priciest markets, and then upward by rebounding activity. Average price in November edged back from the peak reached in October.
The price trend is similar but less dramatic for the national MLS® weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted average price climbed 13 per cent on a year-over-year basis in November. This is a smaller increase compared to the year-over-year gain of 14 per cent recorded the previous month.
The residential average price in Canada’s major markets was up 20 per cent year-over-year to $368,665. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price which rose 11 per cent from last November.
The return of strong demand and headline average price gains is beginning to draw more sellers back to the market. Seasonally adjusted new listings coming onto Boards’ MLS® Systems across Canada rose five per cent on a month-over-month basis in November to 69,110 units. This is the biggest monthly increase since January 2008.
Despite the uptick in new listings, the sharp rise in resale housing demand continues to draw down inventories. There were 183,710 homes listed for sale on Boards’ MLS® Systems in Canada at the end of November 2009. This is down 23 per cent from levels reported one year ago, and the seventh month in a row in which inventories have declined from year-ago levels.
Nationally, there were four months of inventory in November 2009 on a seasonally adjusted basis, the lowest level in more than two years. The actual (not seasonally adjusted) number of months of inventory in November 2009 stood at five months, up slightly from the previous month (4.6 months). An increase is normal at this time of year, since demand tends to ease relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
“The latest batch of seasonally adjusted statistics may reflect distortions in the seasonal adjustment procedure due to an extraordinarily weak housing market one year ago,” said CREA Chief Economist Gregory Klump. “Deteriorating housing affordability will reign in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks.”
http://www.crea.ca/public/news_stats/pdfs/Nov09_e.pdf
(CREA 11/15/09)
Bank of Canada maintains interest rates
Reiterates commitment to hold until end of second quarter of 2010
As was widely expected, the Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on December 8th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent.
The Bank acknowledged that global economic developments have been slightly more positive, and that the global outlook had improved modestly since its October announcement, but noted “significant fragilities remain.”
As the Bank predicted in October, recent growth in Canada has been coming more from the domestic side and less from exports, the result of the persistent strength in the Canadian dollar. On balance, this shift resulted in weaker than expected growth in the third quarter.
The Bank noted that the risks to the inflation outlook remain unchanged from those outlined in the October Monetary Policy Report. Inflation could climb faster if global and domestic demand ends up being stronger than currently expected. By contrast, inflationary pressures would be held in check by a more protracted global recovery and persistent strength in the Canadian dollar.
While the Bank said it judged these risks to be roughly balanced, it noted that, since it cannot lower rates any further, the overall risk to the projection are tilted slightly to the downside.
The Bank said that the profile for the recovery in Canada was still consistent with its October Monetary Policy Report, saying inflation would return to the 2 per cent target by the second half of 2011. However, in its October announcement, the Bank had said inflation was projected to get back to 2 per cent by the third quarter of 2011.
This subtle change hints at the possibility that the Bank could leave rates unchanged even longer than expected, and may be intended to quiet speculation that the Bank would hike rates before its repeated pledge of July 2010 at the earliest. The Bank’s commitment to keep interest rates on hold until the second half of next year is conditional on the outlook for inflation.
“Repeating its concern voiced in October, the Bank reiterated the risk that the strong Canadian dollar poses to economic growth,” said CREA Chief Economist Gregory Klump. “They also opened the door to keeping interest rates on hold longer than expected. Low interest rates are likely to continue to fuel home price increases.”
As of December 8th, the advertised five-year conventional mortgage rate stood at 5.59 per cent. This is down 1.36 per cent from one year earlier, and stands 0.25 per cent below where it stood when the Bank made its previous interest rate announcement on October 20th.
Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of up to a percentage point can be negotiated, depending on lender-client relationship.
http://http://creastats.crea.ca/natl/interest_rate_trends.htm
The balance of sentiment about making major purchases, such as a home or a car, dipped slightly into negative territory in the fourth quarter. It had turned positive in the third quarter for the first time since the first quarter of 2008.
A negative balance of sentiment means more survey respondents said it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.
The balance of sentiment about job growth prospects continued improving in the fourth quarter of 2008, staying positive for the second consecutive quarter. More survey respondents expect employment to pick up over the next six months, and fewer expect more layoffs.
The balance of sentiment about households’ budgetary outlook softened marginally in the fourth quarter, but remains upbeat. A positive balance of opinion means more households said they expect their household budget to improve in the next six months than said they think it will worsen.
British Columbia
Consumer confidence in British Columbia eased slightly in the fourth quarter of 2009, according to the Conference Board of Canada’s index of consumer confidence. Moderating confidence in the fourth quarter reflects softening sentiment about households’ budgetary outlooks, job prospects, and major purchases.
The balance of sentiment about making a major purchase, such as a home or a car, fell sharply and again turned negative in the fourth quarter. It had turned positive in the third quarter for the first time in two years.
A negative balance of opinion means more survey respondents said that it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects deteriorated in the fourth quarter. Although the balance of sentiment about near term job growth remained negative for the seventh consecutive quarter, it remained significantly less negative compared to where it stood at the height of the economic recession.
The balance of sentiment about households’ budgetary outlook stayed upbeat for the third consecutive quarter.
Prairie region
Consumer sentiment in the Prairie region improved for the third consecutive quarter in the fourth quarter of 2009, returning to the pre-recession level recorded in the second quarter of 2008.
Sentiment about making major purchases, such as a home or a car, improved for the fourth consecutive quarter. The balance of sentiment about making major purchases has stayed positive for two consecutive quarters, returning to levels on par with the third quarter of 2007.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
Sentiment about job growth prospects continued improving, building on significant increases recorded in the previous two quarters. The balance of opinion about job growth has stayed positive for three consecutive quarters, and is also back on par with pre-recession levels.
The balance of sentiment about the outlook for household budgets edged down only marginally in the fourth quarter on 2009 compared to the previous quarter.
Ontario
Consumer confidence in Ontario dipped slightly in the fourth quarter of 2009 after having risen in each of the three previous quarters, according to the Conference Board of Canada’s index of consumer confidence. The slight decline in confidence reflects weakened sentiment about households’ budgetary outlooks and about making major purchases.
The balance of sentiment about making major purchases, such as a home or a car, turned negative in the fourth quarter. In the third quarter, it had turned positive for the first time since the fourth quarter of 2007.
A negative balance of opinion means more households said it was a bad time to buy a big-ticket item, such as a home or car, than said it was a good time to do so. This is an important factor underlying the housing market.
The balance of sentiment about job growth prospects improved compared to the previous quarter, turning positive for the first time since the second quarter of 2006.
The balance of sentiment about the outlook for household budgets stayed positive for the third consecutive quarter in the fourth quarter of 2009, despite having softened slightly.
Quebec
Consumer confidence in Quebec eased in the fourth quarter of 2009 but remains well above levels recorded at the height of the economic recession, according to the Conference Board of Canada’s index of consumer confidence. The decrease in confidence reflects weaker sentiment about household budgets and about making major purchases.
Despite having softened compared to the previous quarter, the balance of sentiment about making major purchases, such as a home or a car, remained positive in the fourth quarter. This represents the third consecutive quarter in which the balance of sentiment about making major purchases stayed positive.
A positive balance of opinion means more households said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
The balance of sentiment about job growth prospects turned positive for the first time since the beginning of 2008.
The balance of sentiment about the outlook for household budgets for the next six months eased in the fourth quarter, but nevertheless remained positive.
Atlantic region
Consumer sentiment improved significantly in the fourth quarter of 2009, continuing its rise above pre-recession levels according to the Conference Board of Canada’s index of consumer confidence for the region. This marked the fourth consecutive increase in confidence.
Sentiment about making major purchases, such as a home or a car, held steady. The balance of sentiment about big-ticket purchases remained positive for the second consecutive quarter.
A positive balance of sentiment means more survey respondents said it was a good time to buy a big-ticket item, such as a home or car, than said it was a bad time to do so. This indicator is an important factor underlying the housing market.
After improving for a fourth consecutive quarter, the balance of sentiment about job growth became positive in the fourth quarter of 2009. This is its first positive reading since the second quarter of 2008.
The balance of sentiment about the outlook for household budgets over the next six months also improved in the fourth quarter. This marks the fourth consecutive quarter in which the balance of sentiment about the outlook for household budgets stayed upbeat.
(CREA 11/22/09)
Existing home sales activity remains strong in November
According to statistics released by The Canadian Real Estate Association, existing home sales activity remained upbeat in November 2009. The current strength of housing demand stands in sharp contrast to weak activity recorded one year ago.
A total of 36,383 residential properties traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in November 2009. Up 73 per cent from year-ago levels, activity was down just four tenths of a per cent from the highest level of activity for the month posted in November 2007. Home sales set new records for the month of November in Ontario and Quebec.
“National home sales activity last month shows how strongly the housing market has rebounded since the beginning of the year,’ said CREA President Dale Ripplinger. “As we predicted last April, the rebound in resale housing activity led the overall Canadian economy out of recession.”
The unprecedented year-over-year gain in activity underscores the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence. Year-over-year gains were biggest in British Columbia (165 per cent) and Ontario (77 per cent).
Since the beginning of 2009, some 437,507 homes have been sold through Canadian MLS® Systems. This is up five per cent from activity in the first 11 months of 2008, but below levels for the period in each of the previous three years.
The national residential average price was $337,231 in November, a gain of 19 per cent compared to one year ago. For the year-to-date, the average price is up 4.4 per cent compared to the same period last year. The year-over-year increase in November continues to reflect the high degree to which the average was skewed downward last year by plummeting activity in Canada’s priciest markets, and then upward by rebounding activity. Average price in November edged back from the peak reached in October.
The price trend is similar but less dramatic for the national MLS® weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted average price climbed 13 per cent on a year-over-year basis in November. This is a smaller increase compared to the year-over-year gain of 14 per cent recorded the previous month.
The residential average price in Canada’s major markets was up 20 per cent year-over-year to $368,665. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price which rose 11 per cent from last November.
The return of strong demand and headline average price gains is beginning to draw more sellers back to the market. Seasonally adjusted new listings coming onto Boards’ MLS® Systems across Canada rose five per cent on a month-over-month basis in November to 69,110 units. This is the biggest monthly increase since January 2008.
Despite the uptick in new listings, the sharp rise in resale housing demand continues to draw down inventories. There were 183,710 homes listed for sale on Boards’ MLS® Systems in Canada at the end of November 2009. This is down 23 per cent from levels reported one year ago, and the seventh month in a row in which inventories have declined from year-ago levels.
Nationally, there were four months of inventory in November 2009 on a seasonally adjusted basis, the lowest level in more than two years. The actual (not seasonally adjusted) number of months of inventory in November 2009 stood at five months, up slightly from the previous month (4.6 months). An increase is normal at this time of year, since demand tends to ease relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
“The latest batch of seasonally adjusted statistics may reflect distortions in the seasonal adjustment procedure due to an extraordinarily weak housing market one year ago,” said CREA Chief Economist Gregory Klump. “Deteriorating housing affordability will reign in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks.”
http://www.crea.ca/public/news_stats/pdfs/Nov09_e.pdf
(CREA 11/15/09)
Bank of Canada maintains interest rates
Reiterates commitment to hold until end of second quarter of 2010
As was widely expected, the Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on December 8th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent.
The Bank acknowledged that global economic developments have been slightly more positive, and that the global outlook had improved modestly since its October announcement, but noted “significant fragilities remain.”
As the Bank predicted in October, recent growth in Canada has been coming more from the domestic side and less from exports, the result of the persistent strength in the Canadian dollar. On balance, this shift resulted in weaker than expected growth in the third quarter.
The Bank noted that the risks to the inflation outlook remain unchanged from those outlined in the October Monetary Policy Report. Inflation could climb faster if global and domestic demand ends up being stronger than currently expected. By contrast, inflationary pressures would be held in check by a more protracted global recovery and persistent strength in the Canadian dollar.
While the Bank said it judged these risks to be roughly balanced, it noted that, since it cannot lower rates any further, the overall risk to the projection are tilted slightly to the downside.
The Bank said that the profile for the recovery in Canada was still consistent with its October Monetary Policy Report, saying inflation would return to the 2 per cent target by the second half of 2011. However, in its October announcement, the Bank had said inflation was projected to get back to 2 per cent by the third quarter of 2011.
This subtle change hints at the possibility that the Bank could leave rates unchanged even longer than expected, and may be intended to quiet speculation that the Bank would hike rates before its repeated pledge of July 2010 at the earliest. The Bank’s commitment to keep interest rates on hold until the second half of next year is conditional on the outlook for inflation.
“Repeating its concern voiced in October, the Bank reiterated the risk that the strong Canadian dollar poses to economic growth,” said CREA Chief Economist Gregory Klump. “They also opened the door to keeping interest rates on hold longer than expected. Low interest rates are likely to continue to fuel home price increases.”
As of December 8th, the advertised five-year conventional mortgage rate stood at 5.59 per cent. This is down 1.36 per cent from one year earlier, and stands 0.25 per cent below where it stood when the Bank made its previous interest rate announcement on October 20th.
Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of up to a percentage point can be negotiated, depending on lender-client relationship.
http://http://creastats.crea.ca/natl/interest_rate_trends.htm
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