Greater Vancouver Real Estate Statistics 2007

The 2007 Landcor report summarizes Greater Vancouver Real Estate statistics for 2007;

• A record number of apartments were sold during 2007, pushing a record high of 27,793. This has pushed the median price higher by 14.9% to 310,300 from $270,000 in 2006.

• Detached property rose 15.1% with median prices reaching $605,000, a record high, and more than double 2001 prices.

• Attached prices increased 10.9% and reached $380,000.

• Sales of vacant land increased by a massive 65.8%.

Vancouver Property Market Statistics - The Sky is Not Falling In

Records Set for Volume and Price, Province Wide

The recently published Landcor report for 2008 states that in 2007 new record highs were set for the total dollar value of sales, a total of $62 billion of property was sold, a 15% gain from the previous year, and three times higher than the 2001 value. ($18.9 billion)

In spite of media reports indicating a slower market due to affordability issues in the Fraser Valley and Metro Vancouver areas doller values and home sales remained strong, with the average sales price of residential property in BC increasing for the sixth consecutive year, rising from $392,684 to $339,694 a $15.6% increase

The biggest gains in median prices were seen in vacant land, the median price rising to $150,000 from $100,000 a fantastic 50% increase!

Median prices for detached property, province-wide rose 17.7% to $412,000 from $349,900.

Attached property in BC also saw substantial gains of 12.5% with median prices rising to $337,500 from $300,000.

The Landcor cites several drivers for the continued growth in BC:

Job Growth above 3%,
Net Migration of around 56,000 persons,
Personal Income Growth of above 7%,
Favourable Mortgage Rates,
BC’s high quality of living and,
An overall healthy lifestyle and environment.

Landcor indicate that economic fundamentals and market conditions remain strong, which is conducive to high sales volumes and rising prices, so the outlook for 2008 is definitely promising, the sky is certainly NOT falling in!

A recent article in the Ottawa Citizen highlights the a new generation of investment-savvy 20-30 yr olds who are developing creative ways to get their foot on the property ladder.
Some purchase with a friend, sibling or with help from parents, whilst others become landlords, renting extra bedrooms and suites to help pay the mortgage.

The article highlights the fact that children see that their parents home is a great investment, and feel pressured to get into the market in any way they can. According to the Canadian Association of Accredited Mortgage Professionals (CAAMP) one-quarter of 18-34 year old’s are homeowners; Realtors also report that some young investors have been successful at flipping properties, and using the proceeds to pay down their student loans.

In Summary;

• People are buying property at a younger age
• Buy with a friend or family member to increase your leverage
• Get Creative – Flip properties to pay down student loans
• Don’t get left behind! You CAN BUY today, speak to us to find out how!

Call the Richard Morrison Real Estate team today to get your investment portfolio started! (604) 767 3703

Good Morning first time buyers!,

You have something else to celebrate now! The Government has issued amended First Time Home Buyers requirements.The qualifications for the exemption of first times buyers have changed. A first time home buyer can now qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00).A first time buyer partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00.

Also, there is no longer a requirement for any financing. First time buyers are now much more inclined to finance creatively!

For more information on the first time buyer exemption, please see: More Information Here

This is only one of the many unique approaches we study about everyday.
We have unique solutions for the first time buyer including RRSP eligibility and more…

Contact us at 604-767-3703 and let’s get started! Regards,
Richard.

New CMHC Rental Property Program - 100% financing and 95% refinaning has just been introduced by CMHC. For the first time in many years, CMHC is now insuring rental properties.

While present at the REAG monthly meeting with Ozzie Jurock on Monday November 5th, 2007 to update investors in the Real Estate Market, and we were updated by Meridian Canadian Mortgages on a new CMHC program that just launched. This program has us very excited as it provides a way to use CHMC to purchase revenue properties with as little as 0% down!

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Have you ever thought of owning real estate but with very little money down, with less of the risks involved, hassle free, with the research done for you?
Well Joint Ventures may be the answer you are looking for.

We were approached by a few successful companies as of late that led us to believe Joint Ventures may be a great way to put your money to work in some cases. They are not for everyone, but it may fit the bill depending on what you are looking for. Read on!

Joint Ventures have been widely used in real estate for ages now from small investors to even large real estate corporations like Bentall and McDonalds™.

So, why have these big firms engaged in joint ventures? How have they benefited and how does this relate to you, the investor?
Well, we have put our heads together and gathered a number of reasons and here is what we have found:

• Joint Ventures minimize your risk. So you can joint venture with partners and share the risk and benefits, just like a partnership!
• Joint Ventures diversify your portfolio. Rather than placing in your entire down payment on one property, you can diversify and place your money in many properties.
• Joint Ventures are mainly hassle free. With a reputable firm that does all of the research and due diligence for you, manage the property for you, and dispose it for you, your investment is hassle free. The joint venture firm/group is fully responsible for doing all the work that is necessary to make your real estate grow (for a fee of course).
  If you set it up right, all the research is done on your behalf and the risk further minimizes.
• Joint Ventures allow you to invest NOW. Even if you dont have enough money at your disposal to buy one property, you will be able to get a percentage of one TODAY!
• Joint Ventures allow you to buy property under someone else’s name. Even if you have BAD CREDIT, or simply bought too many properties in your name (and those banks don’t want to qualify you anymore), you can now buy property under someone else’s or company’s name.
• Joint Ventures increase your capacity. With all of these benefits, joint ventures increase your leverage and potential with real estate so you can continue to expand.
• Joint Ventures increase the cash flow! With a larger down payment achieved through a joint venture, even properties in
  Vancouver can cashflow! So this got me thinking, a lot actually, why didnt I think about this before? I know a lot of investors that fit the bill for this kind of venture.
  So, why not let them know about it and bring them together?

What’s in it for me? I get to sell more properties.
What’s in it for you? You get all of those benefits I just described.So I got to thinking: why dont I make it worth your while and invite you and your friends to a free seminar on Joint Ventures?
I can certainly connect a few people together and make it happen? Right?

So, here is the deal. I have setup small group seminars and if you would like to attend simply fill out this form and we will book you in for the event. It will be a very cozy board room, so space is VERY limited. First come, first serve.You probably already know people who are very much like yourself and are looking for the strategies to get out of the Rat Race and on to owning multiple streams of income. Well, this will fast track you.

And that is exactly what this event is all about! Its about getting ahead sooner rather than later.

I look forward to meeting you and your guests at the small seminar, and helping you on your path to success!

Click here: Joint Venture Seminar Form and sign up for our seminars/opportunities.

The Benefits of Vancouver Real Estate

Vancouver is the name of both a city in British Columbia, Canada, and the surrounding metropolis area. Vancouver city has a population of over 500,000 and offers some of the most incredible scenery in Canada. Because of the views and a wonderful mix of cultures and nationalities within the city, Vancouver real estate has proven particularly popular in recent years. The trend has further escalated with the Winter Olympics due to be held throughout Vancouver and nearby Whistler in 2010. As cities develop in readiness of the Olympics, real estate can often be snapped up almost as soon as it is placed on the market.

The Beauty Of Vancouver
Fortunately, because the Vancouver metropolis is the third largest metropolis in the country, there is still enough Vancouver real estate to go around. If you get in on the act now, and purchase Vancouver real estate before the Winter Olympics arrives, then you could stand to make a hefty profit on your investment too. If you’re looking for a house or apartment in one of the most incredible cities in the world then you may still be in luck.

The City Of Neighborhoods
There is a great variety of different types of Vancouver real estate. Sprawling suburban neighborhoods are equally as common as inner city high rise apartments and all offer luxurious living at its very finest. It is this mix that has led to Vancouver real estate attracting a whole range of residents from individual professionals through to large families and retired couples.

Vancouver itself is surrounded by stunning countryside, incredible seaside living, and some magnificent lakes. Business is booming, especially in the areas of tourism and high technology industries, especially video game development. It is also cited as being the third biggest movie producing region in North America. Further employment will undoubtedly become available between now and 2010.

One Of The Finest Cities In The World
Having been consistently voted one of the three best cities in the world to live in, it is not surprising that Vancouver real estate also features as one of the most expensive real estate industries. In fact, Vancouver real estate has proven to be nearly twice as expensive as the equivalent housing in other Canadian cities such as Toronto. It is worth noting, though, that while Vancouver may be the third nicest city to live in it is well below the 100^th most expensive city in the world.

Education In Vancouver
In terms of education, Vancouver is truly blessed. It has the third largest School District in British Columbia and is also serviced by a large number of independent schools in the region. There is also access to several college and university campuses, making Vancouver real estate an excellent choice for professional families with school age children.

Why Choose Vancouver Real Estate?
Vancouver real estate is certainly not the cheapest in Canada, but the city has many benefits to offer residents, having been voted one of the top three cities in the world for several years running. Vibrant and developing industries, such as the film industry and software industry, make it an area that is perfect for the individual or professional family looking for a beautiful city with great opportunities.

Start your search for Vancouver Real Estate today! Simply click here and fill out our contact form. Our Vancouver Real Estate Team will be in touch within 24 hours no matter where you are located!Regards,
Richard.