GOOD NEWS

Next year we will see the rate of GST reduce to 5%. If you are buying a brand new home, which completes in 2008 or beyond, then you will be paying at the new lower rate. A nice bonus for those who have already bought off plan.

The reduction might tempt a few more buyers into the market, though GST is a one-off cost. Mortgage rates are the more important factor for many buyers. However as noted later on, there are longer amortization periods available now. This means the monthly costs reduce and can make those first years more affordable. As finances improve, as is often the case for first time buyers, then the amortization period can be reduced. I would advise anyone looking at financing their purchase to contact a mortgage broker, like Keith Baker. He works for you, not for one lender, and can find you a mortgage that suits your needs now and in the future.

Keith Baker
e-mail: kpbaker@shaw.ca
tel: +1 604 723 5363
Web site: http://www.mortgagecentre.com/keithbaker

REAL ESTATE MARKET

OCTOBER - ANOTHER RECORD MONTH

It is also worth considering that our rising prices are a factor in this. This means that first time buyers are keen to get into the market before prices rise beyond their grasp. One factor helping them in this is our building boom - lots of new condos being built in the burbs. The other factor is the fact that Canadian lenders are now lending with amortization periods extending up to as much as 40 years. And Canada Mortgage and Housing insures such mortgages. The net effect is reduced mortgage payments and the chance to get on the property ladder.

BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises and [in square brackets] the price rises over the last three years.

DETACHED BENCHMARK PRICES

• Greater Vancouver $730,022 (12.2%), [3yr: 51.5%]
• Burnaby $711,074 (8.6%), [3yr: 49.1%]
• Coquitlam $631,616 (8.5%), [3yr: 52.4%]
• South Delta $640,445 (10.9%), [3yr: 45%]
• Maple Ridge $446,135 (9%), [3yr: 39.2%]
• New Westminster $579,741 (12.2%), [3yr: 63.4%]
• North Vancouver $857,147 (16.1%), [3yr: 47.6%]
• Pitt Meadows $476,498 (10.6%), [3yr: 31.9%]
• Port Coquitlam $525,385 (11.4%), [3yr: 44.2%]
• Port Moody $711,420 (12.4%), [3yr: 39%]
• Richmond $728,814 (11.1%), [3yr: 51%]
• Squamish $562,455 (28.8%), [3yr: 42.3%]
• Sunshine Coast $426,908 (15.5%), [3yr: 44.4%]
• Vancouver East $658,897 (9%), [3yr: 53.3%]
• Vancouver West $1370,560 (21.3%), [3yr: 69.7%]
• West Vancouver $1455,975 (14%), [3yr: 59.4%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $454,645 (10.8%), [3yr: 47.2%]
• Burnaby $441,038 (13%), [3yr: 47.3%]
• Coquitlam $408,937 (7.5%), [3yr: 47.1%]
• South Delta $453,228 (19.3%), [3yr: 65.1%]
• Maple Ridge & Pitt Meadows $310,111 (8.2%), [3yr: 47.4%]
• North Vancouver $581,160 (10%), [3yr: 42%]
• Port Coquitlam $376,339 (8.9%), [3yr: 42.9%]
• Port Moody $393,013 (11.2%), [3yr: 48.5%]
• Richmond $436,293 (9%), [3yr: 43.6%]
• Vancouver East $508,428 (20%), [3yr: 53%]
• Vancouver West $697,396 (10.9%), [3yr: 52.3%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $371,418 (11.4%), [3yr: 59.4%]
• Burnaby $334,475 (14.4%), [3yr: 62.4%]
• Coquitlam $277,084 (6.4%), [3yr: 58.8%]
• South Delta $343,096 (15.5%), [3yr: 45.8%]
• Maple Ridge & Pitt Meadows $248,151 (5.7%), [3yr: 60.1%]
• New Westminster $290,975 (11.9%), [3yr: 69.5%]
• North Vancouver $377,074 (9.4%), [3yr: 54.3%]
• Port Coquitlam $251,430 (11.6%), [3yr: 70.2%]
• Port Moody $296,136 (8.3%), [3yr: 58.2%]
• Richmond $301,807 (8%), [3yr: 54.9%]
• Vancouver East $314,900 (13.2%), [3yr: 73.5%]
• Vancouver West $474,545 (12.2%), [3yr: 56%]
• West Vancouver $664,951 (17.1%), [3yr: 58.8%]

TIME TO BUY OR SELL

If you are looking to buy or sell property then we can help you. We work for you either as a buyer’s agent, to help you find your next property, or as a listing agent. If we cannot help you personally we have excellent partners in most areas within B.C. We and our partners are licensed realtors with the experience and knowledge to help you make your next move a success. Call us to find out how we can help you now.