The Canadian Real Estate Association Recently provided updated statistics for the average MLS price in Vancouver, showing selling prices decreased from an average of $778,000 to $725,000 from August of 2011 to August 0f 2012. There is a general feeling that has been around that this is doom and gloom time and that there is a housing bubble that is bursting and soon there will be mass foreclosures and horror will spread across the land. The feeling that its a bad time to sell your house from people who own one, and for those who are considering buying, the feeling is fear of buying because prices might go down even more. (more…)
Home Prices Expected To Remain Stable Due To Strong Demand
With all the doom and gloom I have been hearing over the last few months about housing prices going down and there being a bubble in the Vancouver housing market, I have stated on a number of occasions that while the market may be a bit quiet currently, it is normal for the summer months to be quieter, and it is compounded by the fact that the market is adjusting to the mortgage rule changes from the beginning of July. It is also a pattern that I have noticed that in the past 4 years, whenever the government has instituted tighter lending rules, that the market goes quieter for a period of 2-3 months before adjusting and returning to “normal” for lack of a better term. (more…)
An Unusual Day As A Mortgage Broker
The Bankers Strike Back!
Those who may read a fair bit of my website would tend to know I don’t tend to hold a whole lot back to be diplomatic about my thoughts and feelings. Well, a few weeks ago I wrote an article titled “Do You Trust Your Banker?” Now, it seems someone in a bank read the headline and took offense to it, apparently without reading the whole article. I believe that anyone who DID read the article would understand that the point that I was making was that just because the bank is a large institution that you should not just trust every word they say without questioning or thinking about it. (more…)
Variable mortgage rates to stay low until next year
According to the FINANCIAL POST, on Thursday, the chief economist of CIBC, Avery Shenfeld, has estimated that the Bank of Canada prime rate will continue to remain low into 2011 due to lower productivity and a strong Canadian dollar. This has been in line with my previous thoughts on what will happen with low variable mortgage rates going forward. (more…)