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Begin forwarded message:
From: The Mike and Will Team <info@mikeandwill.com>
Date: 8 June, 2012 3:50:35 PM PDT
To: jason_wang@shaw.ca
Subject: New Listing | Understanding the May Stats | How Long Is Your Mortgage?
Reply-To: info@mikeandwill.com
Dear Jason,
The May stats are out and the verdict is that we are still in "balanced" market conditions in Vancouver. Many of our readers are unsure as to the difference between Average, Median and Benchmark prices when reading the monthly stats. See below for a breakdown of what each of these means, and what it means for the market when they are all quite different from each other in the same month. This week Tony talks about interest- not interst rate, but how mortage term affects the amount of interest that you pay to your lender. You may be surprised by what he has to say. Finally check out our new listing at 1330 Hornby. It's a Penthouse condo for $329,500! Definitely worth checking out. We hope to see you at one of our open houses this weekend:Open Houses:
101 - 2626 Alberta Saturday June 9th 2 - 4 PM
321 - 678 W 7th Sunday June 10th 2 - 4 PM
1202 - 789 Drake Saturday June 9th 2 - 4 PM
401 - 789 Drake Saturday June 9th 2 - 4 PM
8 - 2188 W. 8th Saturday/Sunday June 9/10 2 - 4 PM
209 - 1169 Nelson Saturday/Sunday June 9/10th 2 - 4 PM
307-1477 W. Pender Saturday/Sunday June 9/10 2 - 4 PM
216-2628 Maple St Sunday June 10th 1 - 3pm
-Mike, Will and Kate
A Penthouse for This Price?
FALSE CREEK WATER VIEW PENTHOUSE with huge E facing bay window allowing for tones of light in well maintained concrete Hornby Court (not to be confused with Anchor Point!) has become available and is perfect for the investor (assume curren t great tenant) or person looking for a clean home they could improve over time. The great layout suite features newer dark laminate flooring throughout, newer stainless steel fridge, built in window seat & lots of in suite storage. Hornby Court is an exceptionally well maintained reputable concrete building with newer elevators, plumbing & roof. Practical bonuses include a gym, garden/courtyard area, excellent laundry facilities & secure Parking & Storage included.
Click Here To See Full Listing>>
Offered at $329,500
RARELY AVAILABLE Liberte 2 bdrm/2 bath 2 level townhome with city & mountain views. Set on the most desirable block in Fairview, this building was constructed with Rainscreen technology for piece of mind and security of investment. The reverse plan layout features 2 bedrooms and 2 full baths on the main level. Upstairs is an open living/dining area with gas fireplace overlooking the sparkling city lights at night. The kitchen is perfect for entertaining with ample counter space and breakfast bar. Gas for range & fireplace incl in maintenance fees. Plenty of cabinet space incl additional pantry. BONUS 2 secure parking. 1 locker & bike storage
Offered at $584,000
REBGV Stats May 2012- Activity Remains Balanced
The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.
May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been constant throughout the spring months, with 2,874 sales in March and 2,799 sales in April.
"Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace," Eugen Klein, REBGV president said.
Click Here To Read More>>
How Do You Read These Stats Anyways?
We send out the monthly REBGV stats every month in order to keep you up to date on what is happening in the market? We know that one of the most common questions Vancouverites have is "what is going on with the market?", and the monthly stats are a great resource to answer that question.
With that being said, we also realize that the stats package is filled with many figures and methods of measure and many people people find this overwhelming and difficult to understand.
We have included a breakdown of what the different types of measurements mean, ways that they can be misinterpreted, and how to best use them to understand the market:
Average, Median and Benchmark price explained
Prices are a great indicator of market behavior
- When the Average price is notably higher than the Benchmark and Median, a fewer higher priced sales are likely to have skewed the average price high
- When all three are within range, typical product is selling for expected pricing
- When the Benchmark price is noticeably higher than the Average and Median, it signifies that lower-end properties are selling. It could also be possible that smaller, fixer-uppers or sellers are just lowering their prices.
Term is the Most Important Factor When Determining How Much Interest Goes to the Bank
Let me explain why...
Looking for and comparing rates online is easy but what's not so easy is finding mortgage term comparisons. The term of a mortgage is often overlooked by focusing more on mortgage rates. It will truly pay to get the right advice from your mortgage advisor depending on your individual circumstances which term to take but more importantly how much interest and/or penalties you could possibly pay or avoid depending on what mortgage term you take. So to get the term right the first time is very important.
To paraphrase a recent article by Canadian Mortgage Trends; If you pick a closed mortgage with the wrong term you're stuck with that rate until maturity unless you pay a penalty to break it. If you choose a "no frills" mortgage to get the lowest possible rate but with more restrictions you're often barred from breaking that term for any reason except if you sell your property.
Mortgage rates fall into 1 of 2 groups: Long term and short term. Choosing between these terms is not about predicting rates. It's more about identifying risks and estimating the probabilities of these risks adversely impacting you.
If you are trying to decide which term is best for you, your mortgage advisor should conduct a discovery meeting. They should ask you lots of questions in order to help you make, not only, an honest assessment of your current financial position but also your future plans.
Here are some of the reasons you would want to consider 1 of the 2 groups...
Click Here To Find Out Which Group You Fall Into>>
Tony Marchigiano | Mortgage Specialist | Royal Bank of Canada | T. 604-505-7109
209 - 1169 Nelson
Open SAT/SUN 2 - 4
Offered at $329,900
105 - 1440 E. Broadway
New Price!
Offered at $275,000101 - 2626 Alberta
Open SAT 2 - 4
Offered at $415,000
307 - 1477 W. Pender
Open SAT/SUN 2 - 4
Offered at $529,000
8 - 2188 W. 8th
Open SAT/SUN 2 - 4
Offered at $1,050,000321 - 678 W. 7th
Open SUN 2 - 4
Offered at $584,000
108 - 2025 W. 2nd Ave
JUST SOLD!
409 - 1388 Nelson
Sale Pending
216 - 2628 Maple St
Open SUN 1 - 3
Offered at $329,000
Michael Wilcox Personal Real Estate Corporation Royal LePage City Centre
Mike and Will | 204- 345 Robson St. | Vancouver | BC | Canada
