Michael Peterson's Blog: Real Estate Trends

Who's Buying In Nanaimo?

Authored by Michael Peterson 1 month ago

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The third annual real estate buyer profile report (for 2007) from the Vancouver Island Real Estate Board shows that B.C. residents remain the single largest group of buyers of Nanaimo real estate. Although, the Island-wide trend of retirees moving here from Alberta continues with Albertan buyers taking up 13.5% of the market here in Nanaimo in 2007. This information comes from an island wide voluntary buyer survey which received 587 responses from Nanaimo home buyers. The data also concludes that 38% of all residential buyers came from Nanaimo. Those buying in Nanaimo to retire made up 30% of all buyers which is good news for the Island since retirees come here with hefty bank balances and help make the Island economy one of the strongest in Canada.…

Mortgage “Make-over”

Authored by Michael Peterson 2 months ago

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The federal government has announced that 40-year mortgages and 100% financing options will be no longer as of October 15, 2008. This responsible and measured decision aims to ensure Canada’s housing market remains strong and will guard against a U.S. style housing bubble. Economic factors such as low interest rates, rising incomes, a growing population, and the demand for residential housing is keeping Canadian housing prices in line.  The government emphasized that Canada’s housing and mortgage markets are performing much better then in the U.S. with more the 200,000 housing starts a year. The historically prudent and cautious approach taken by the Canadian financial institutions to mortgage lending will continue.

The New Anit-Money Laudering Regulations

Authored by Michael Peterson 3 months ago

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Changes in Money Laundering and Terrorist Financing compliance requirements go into effect June 23rd, 2008. The changes will require brokers and sales representatives to collect more information than ever before. Support materials available below for more information.
 

Click here to view a powerpoint presentation explaining the changes.

More Homes For Sale—Welcome News For Homebuyers

Authored by Michael Peterson 4 months ago

Enjoyed by 241 readers, who have left 0 comments.

Vancouver, BC – May 14, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent to $4.1 billion in April, compared to April 2007. Residential unit sales declined 11 per cent to 8,623 units during the same period. The average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007.

“Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. Active MLS® residential listings in the province were up 37 per cent to 47,923 units in April. “The combination of a slower pace of home sales and some profit taking by investors is…

Rising Housing Values And Lack Of Inventory Challenge First-time Buyers

Authored by Michael Peterson 5 months ago

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“Homeownership continues to be primary objective”, says RE/MAX

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply…

March Bank Rate Cut: How It Affects Us?

Authored by Michael Peterson 5 months ago

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The Bank of Canada cut the lending rate to 3.75% on March 4th and signaled further cuts in the near future. March’s cut put the advertised five-year conventional mortgage rate at 7.29% and competition among mortgage lenders continues to remain stiff. This enables borrowers to negotiate discounts from advertised rates; however, the U.S sub-prime mortgage fiasco has tightened credit conditions in financial markets resulting in smaller discounts. Housing prices are forecast to continue rising and additional cuts to mortgage interest rates are good for new housing affordability and demand.

The Bank of Canada does caution that there are clear signs that the U.S. economy is likely to experience a deeper and more prolonged slowdown than had been projected.…

April 2008 Update: Nanaimo BC

Authored by Michael Peterson 5 months ago

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Now that the Easter holiday's and Spring break have come and gone, Spring is officially here! In Nanaimo, the Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for March 2008, shows a drop in unit sales with average sale price increases. The average sale price across the VIREB region for March 2008 was $338,846. This is an 8 per cent increase from the $313,560 posted at the end of March 2007. Unit sales volume increased slightly from the end of February 2008 to the end of March 2008, but dropped approximately 30% from March 2007. It’s a balanced market with plenty to choose from and we’re seeing more and more interest from elsewhere in Canada. As always, proper pricing continues to be key in this…

Client Appreciation A Success!

Authored by Michael Peterson 6 months ago

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 Michael hosted his 2008 Client Appreciation Evening on Friday, March 28th at Gallery 223 downtown Nanaimo where wine, art and jazz were enjoyed by all. The Gallery was a wonderful host with plenty of old and new artist’s work on display. The Wellington Jazz Trio played beautifully in the corner while clients mixed and mingled enjoying a glass of wine from a local brewery called Wine Works. Several door prizes were won by the attending guests including art from the Gallery, gift certificates, and wine with stem wear. A good time was had by all and we look forward to next year’s event.