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Wednesday, April 16, 2014

State Funeral



Today was the state funeral for former finance Minister Jim Flaherty who passed away suddenly last week.


Flaherty's policies receive significant attention on the real estate front, but we will save commentary for now.  Tomorrow we return with several posts that will focus on our biggest story from last year.

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Thursday, April 10, 2014

Jim Flaherty 1949 - 2014



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Tuesday, April 8, 2014

So CMHC changed the rules and you are require to put 5% down? Ummm… Vancity says nope.



We get it: saving for your first home can be a serious challenge -- especially here in BC. Even a 5% down payment can sometimes feel like an unattainable financial goal.

This video will give you a basic overview of how the Down Payment Helper Mortgage will match the amount you've currently saved for your down payment, up to a maximum of $12,500.
Who says you need 5% down in Vancouver?

(hat tip b5baxter)

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Thursday, April 3, 2014

Median Price Data for April 2014



It was just over a a year ago that real estate agent Larry Yatkowsky replied to a blogosphere desire for median price data.

And once again Larry provides the numbers.

This month the stats reveal that the median price has dropped in all four major market areas of of the Vancouver Real Estate Market.

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Tuesday, April 1, 2014

Vancouver's Average House Price Drops From Last Month's High



As always, Larry Yatkowsky is out with the latest monthly real estate numbers and the average detached house price has withdrawn from last month's record high.

Vancouver’s Detached home average price has dropped to $1,209,542 from $1,361,023.

We thank Larry, again, for the prompt date he provides every month.

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Wednesday, March 26, 2014

An update on a property in Richmond: House that sold for 33% below assessed value in 2012 now in foreclosure.



Faithful reader will recall 6691 Gibbons Drive in Richmond.

Back in Oct/Nov 2012 we made a couple of posts about this property. The hook?  The property was listed - and sold - for 33% less than it's assessed value. Assessed at $1,258,600, it went for $845,000.

Pretty good deal, eh? Well… apparently it wasn't for that particular buyer.

Word comes from Richmond realtor Arnold Shuchat that the property is now a foreclosure sale.  From Shuchat's blog:
Another Court ordered sale (foreclosure sale) hit the market today at 6691 Gibbons-see MLS# V1054760. This property was listed back in March 2012 for $1,258,000 and eventually sold for under $850k in November of 2012. It is just listed for sale at $1,049,000 and is assessed for property tax purposes at $1,112,000.

Foreclosures usually mean that mortgage commitments are not being honoured. Often the owner stands to lose some equity in this process as well as costs for legal fees. Many times the lender will also lose depending upon the loan to value of the property

The listing says: "Excellent building lot or investment property in a prime location surrounded by new Million Dollar homes. Wide 84' frontage with a total of 7834 sq ft allows you to build a 3600 sq ft home plus a 3 car garage. Solid 2 level 2550 sq ft 4 bedroom + den home. Excellent location within walking distance to Thompson Elementary, Burnett Secondary & Terra Nova Shopping Mall"
Ya gotta love how it's being listed at the current assessed value and not for what it sold for.  It will be interesting to see what it sells for this time.

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Friday, March 21, 2014

More Concerns Out Of China?



The bad news continues to flow out of China. The Telegraph reports that: Tumbling Chinese yuan sets off 'carry trade' rout, triggers derivatives contract
China’s yuan has suffered its biggest one-week fall in 20 years, nearing key trigger levels that threaten a wave of forced selling and mounting stress for those with dollar debts.
The jitters come amid reports of fire-sales of Hong Kong property by Chinese investors desperate to raise cash, some slashing their prices by 20pc for a quick sale. A liquidity squeeze in mainland China has already led to the collapse of Zhejiang Xingrun real estate this week with $570m of debts, the biggest property failure so far.
Meanwhile Hong Kong's The Standard, in an article titled Bankruptcy Looms, reports that in addition to the solar, coal and real-estate developer companies that are on everyone's radar as potential future bankruptcy candidates, one can also add steel makers to the list, with its report that Highsee Group, the largest private steel makers in Shanxi province has defaulted on CNY3 billion of debt, unable to repay its bonds on time.

Finally, a South China Futures Brokerage shuts down on "significant business risks"

Will the ripples be felt here?

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