Feels like a vacation home! Wonderful 4 bedroom, 4 bath 2600+ sq. ft. split level located on a quiet cul-de-sac in Sunshine Hills. This home boasts slate tile in entry and family room, vaulted ceilings & skylights & beautiful hardwood in the living and dining rooms. Gas cooktop in the kitchen with lots of cupboard space. Tons of natural light, including floor to ceiling windows in the living and dining rooms. Home theatre/media room in basement! Storage galore including crawl space with easy access. Large backyard with in-ground pool and great deck for entertaining backs on to Cougar Canyon ravine. One of the best neighbourhoods in North Delta - close to great schools.

The fall-off in transactions has affected developers’ cash flows and, in some cases, their ability to repay bank loans. Rising defaults after a lending surge in 2009 and 2010, much of which ended up in the property sector, were cited by the International Monetary Fund this month as one of the Chinese financial sector’s biggest risks.

The CBRC has not released the results and declined to comment. But one analyst who reviewed the stress-test documents said they did not take into account the impact that fewer transactions and lower property prices would have on bank collateral.

“If developers can’t sell property and local governments can’t sell land, it’s hard to see why banks would be any better at either task under such conditions,” the analyst said.

The fear is that the impact of a bursting of the Chinese property bubble could yield a crisis just as dramatic as the one now unfolding in Europe. Rising defaults after a lending surge in 2009 and 2010, much of which ended up in the property sector, were flagged by the International Monetary Fund this month as one of the major risks hanging over the Chinese financial sector.

Spacious open-concept in the famous Esprit Towers by BOSA. Great view of Mount Baker and with nothing blocking your view. Close to metro and transit. Top appliances, insuite laundry, 1 parking, 1 storage. Tenanted for $1,306/month.

In British Columbia, October's seasonally adjusted annual rate of urban housing starts moved slightly higher to 27,800 units from 27,400 units in the previous month according to the latest data from the Canada Mortgage and Housing Corporation, Canada's national housing agency.

"So far this year, housing starts have been strong, higher than the same period last year," said Robyn Adamache, CMHC's senior market analyst, in a press release. "Multifamily construction, including purpose-built rental projects, led the way during the first ten months of the year. Most construction during the first ten months of the year was in the cities of Vancouver, Richmond, and Surrey."

Countrywide, the seasonally adjusted annual rate of total housing starts decreased to 207,600 units in October, from 208,800 units in September.

Seasonally adjusted annual rates are monthly housing starts figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

The CMHC says this adjustment facilitates the comparison of the current pace of activity to annual forecasts as well as to historic annual levels.

Better housing forecast

B.C.'s Multiple Listing Service has forecasted a 3.2 per cent rise in residential real estate sales this year compared to last.

The B.C. MLS projects 77,000 units will be sold this year, up from 74,640 units sold in 2010. It also projects a further 3.9 per cent increase next year to 80,000 residential units sold.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,“ said Cameron Muir, BCREA Chief Economist, in a press release. “However, headwinds on the economic front will constrain consumer demand over the next year to below the ten-year average of 87,600 units.”

A record 106,300 residential sales were recorded by the MLS in 2005.

“Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012,”  Muir said.

"The average MLS residential price in the province is estimated to rise 11.8 per cent to $564,600 this year, and is forecast to decline 2.5 per cent to $550,500 in 2012."

© Copyright (c) The Vancouver Sun

Please come with any questions you may have. In the meantime you can take a virtual tour of this Highgate Condo for sale.

As always please do not hesitate to give me a call at Brad 778.869.8778 if I can answer any questions before the open house, or if you would like to book a private showing.

Brad & Theo Gannon
RE/MAX Central

One owner 2 storey & bsmt home in Royal Heights. Very spacious & open plan w/sunken living room w/bay windows, F/C rock fireplace, lrg dinrm suitable for lrg family diners. Oak kitchen w/eating area, family rm w/F/C gas fireplace, glass slider to lrg deck. Upstairs has 4 lrg bdrms, mstr bdrm w/sitting room & 3 pce bathroom. Bsmt w/RI bathroom & rec room. Very private backyard. All this on a 7200 sqft cul de sac lot.

Excellent 2 bdrm ground level townhome in Glendale Village. Gated 45+ community close to transit, shopping and recreation. Appliances just 2 years old including washer/dryer. New paint throughout. Lots of extras including kitchen garden window, roller drawers, lazy susan, W/I closet, ensuite with shower.

One owner 2 storey & bsmt home in Royal Heights. Very spacious & open plan w/sunken living room w/bay windows, F/C rock fireplace, lrg dinrm suitable for lrg family diners. Oak kitchen w/eating area, family rm w/F/C gas fireplace, glass slider to lrg deck. Upstairs has 4 lrg bdrms, mstr bdrm w/sitting room & 3 pce bathroom. Bsmt w/RI bathroom & rec room. Very private backyard. All this on a 7200 sqft cul de sac lot.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Highgate Condo for sale.

As always please do not hesitate to give me a call at Brad 778.869.8778 if I can answer any questions before the open house, or if you would like to book a private showing.

Brad & Theo Gannon
RE/MAX Central

Excellent 2 bdrm ground level townhome in Glendale Village. Gated 45+ community close to transit, shopping and recreation. Appliances just 2 years old including washer/dryer. New paint throughout. Lots of extras including kitchen garden window, roller drawers, lazy susan, W/I closet, ensuite with shower.

The Royal LePage House Price Survey released Wednesday found that the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011 compared to the same period last year.

The average price of a detached bungalow was $349,974, a standard two-storey home was $388,218 and a standard condominium was $239,300, according to the survey.

Royal LePage said that the rise in price defied expectations and suggested that record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence.

However, the third quarter of 2010 was a relatively weak period for housing prices, which makes the increase this year appear rosier than they are and may mask a decline in prices in the months ahead, it said.

"The strength in Canada's national housing market conceals signs of predictable softening in some regions," Phil Soper, president and chief executive of Royal LePage Real Estate Services, said in a statement.

"A broader slowdown is expected in the months ahead, but fears of a U.S.-style correction are completely unfounded."

Vancouver had the highest priced homes in the country during the third quarter of 2011 and was the only city in the survey where the average bungalow or two-storey home cost more than $1 million.

Halifax, Montreal, Toronto, Saint John, N.B., and Ottawa all saw prices increase between 4.4 and 10.4 per cent.

In Alberta, the volume of homes trading hands increased, but prices stayed soft, the survey found: Detached bungalows in Calgary fell one per cent in the third quarter.

Victoria was similarly weak, with detached bungalows and standard two-storey homes falling two and 1.1 per cent respectively.

© Copyright (c) Postmedia News 

The credit union's economist Bryan Yu said in a news release today: “People looking at new homes priced over $525,000 may very well wait until the tax changes lower the 12 per cent hit they face.”�

The credit union forecasts that by the end of the year, home sales in British Columbia will have declined less than one per cent from their 2010 mark.

But while resale home transactions are forecast to end the year 4.7 per cent ahead of 2010, new home transactions will lag by 26 per cent.  

Total home sales are forecast to reach 88,200 units by the end of this year.

While sales will remain soft, the median price will rise 6.8 per cent to $417,000, Yu said.

“The real estate market will remain stable for the next couple years, weighed down by global economic issues, moderate employment and population growth and changes to mortgage insurance rules,” Yu said.

Central 1 forecasts that next year total home sales are expected to increase by about 3.4 per cent, driven by higher new home sales, while re-sales of existing homes will decline.

But home sales are unlikely to drop dramatically because mortgage rates remain at record lows, maintaining home affordability, the report says.

© Copyright (c) The Vancouver Sun 

According to the latest data, B.C. saw 6,504 MLS residential unit sales last month, up 16.4% from August 2010. The average price also climbed 10.7 per cent to $539,953.

When compared to July, sales were up 1 per cent in August.

“Low mortgage interest rates continued to underpin housing demand in the province last month," said BCREA economist Cameron Muir in a statement. “Most regional markets exhibited buyers’ market conditions, meaning little upward pressure on home prices."

To date, B.C. home sales value at $31.7 billion this year, up 17.7 per cent from 2010. The average price rose 14.7 per cent to $574,962 on the year.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Central Coquitlam Condo for sale.

As always please do not hesitate to give me a call at Brad 778.869.8778 if I can answer any questions before the open house, or if you would like to book a private showing.

Brad & Theo Gannon
RE/MAX Central

Something special in this COMPLETELY RENOVATED 2 bedroom nearly 1000 sq ft South facing TOP FLOOR condo across from Blue Mountain Park. Enjoy this move-in condition home with Southern views from every room, spacious living room & bedrooms, 2 covered balconies, a gas fireplace, insuite laundry & insuite storage all in a solid rainscreened building. Maintenance fees include heat, hot water and gas. Storage locker and 1 parking spot included (2nd spot can be rented). Steps to Vancouver Golf Club, buses, restaurants and shopping. Minutes to Lougheed Mall & Skytrain. First Open House Sat, Oct 8, 2-4 pm.

View this recently sold Townhouse or see all my home sales

Please come with any questions you may have. In the meantime you can take a virtual tour of this Highgate Condo for sale.

As always please do not hesitate to give me a call at Brad 778.869.8778 if I can answer any questions before the open house, or if you would like to book a private showing.

Brad & Theo Gannon
RE/MAX Central