Saturday, December 10, 2011

Maria Mak -Burnaby Realtor -Latest November Real Estate News

Historically normal activity keeps the Greater Vancouver housing market in a balanced state


The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.
Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.

For all your premium real estate services, please contact Maria Mak and her team at Sutton Centre Realty @ 604-839-6368, or visit her website http://www.mariamak.com/, You'll be smiling too!

Saturday, November 12, 2011

Maria Mak - Burnaby Realtor - buying a home as little as 5% of the purchase price

It’s smart to start saving as soon as you start thinking about buying a home. The larger your down payment, the less you’ll have to borrow and the lower your interest costs will be.

You can buy a home with as little as 5% of the purchase price as a down payment from your own savings. On a home that costs $300,000, that would be $15,000.

If your down payment is 20% or more of the home price, you’ll qualify for a conventional or collateral mortgage. If it is less than 20%, it is a high-ratio conventional mortgage, and you’ll need to insure it with . This one-time insurance premium is usually added to your mortgage or it can be paid up front.
In addition, you must have enough cash to cover . For a high-ratio mortgage, you must have at least 1.5% of the purchase price from your own resources to cover or contribute to the closing costs in order to qualify for mortgage default insurance.

There are many sources you may be able to tap into, including:

Personal savings. Review your chequing and savings accounts and Tax-Free Savings Accounts.

Retirement Savings Plans (RSPs). Under the Canada Revenue Agency (CRA) Home Buyers’ Plan (HBP), you and your spouse or common-law partner may be allowed to withdraw up to $25,000 each from your RSP as a tax-free loan that you pay back in equal installments over 15 years. .

Gifts from family. This could be a one-time gift or accumulated cash gifts from special occasions.

Assets. Check for insurance dividends, Canada Savings Bonds (CSBs), Guaranteed Investment Certificates (GICs), term deposits, non-registered equities.

Unexpected income. An income tax refund, work bonus or the extra income from a raise are all potential sources.

For all your premium real estate services, please contact Maria Mak and her team at Sutton Centre Realty at 604-839-6368 or visit her website @ http://www.mariamak.com/, You'll be smiling too!

Friday, March 4, 2011

Maria Mak - Burnaby Realtors®/Vancouver Real Estate Agents- Artsy Real Estate Åsian



Sutton Centre Realty

3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368

Maria Mak - Burnaby Realtor® - Maria Mak has been serving her clients in Metro Vancouver for over 20 years with a big heart, with a big smile, most importantly with passion. Contact Maria Mak and her team at 604-839-6368 for all your premium real estate services, or visit her websites http://www.mariamak.com/, http://www.mariamak.ca/, You'll be smiling too.

Monday, February 14, 2011

Maria Mak - Burnaby Realtor -Sutton Centre Realty

                 Maria Mak - Burnaby Realtor -Vancouver Real Estate Agent - Sutton Centre Realty



Sutton Centre Realty

3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368



Maria Mak  604-839-6368

Maria Mak - Real Estate Agent -Sutton Centre Realty

Maria Mak - Burnaby Realtor -Vancouver Real Estate Agent -Sutton Centre Realty



Sutton Centre Realty
3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368


Maria Mak - Burnaby Real Estate Agent -Sutton Centre Realty

Maria Mak - Burnaby Realtor -Vancouver Real Estate Agent -Sutton Centre Realty

Maria Mak 604-839-6368


Maria Mak - Vancouver Realtors®- /Burnaby Real Estate Agent

Sutton Centre Realty
3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368




Maria Mak has been serving Metro Vancouver for her real estate clients for over 20 years with a big heart, with a big smile, most importantly with passion.


Maria Mak - Burnaby Real Estate Agent -Sutton Centre Realty

Maria Mak - Burnaby Realtor -Vancouver Real Estate Agent -Sutton Centre Realty


Sutton Centre Realty
3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368

Maria Mak has been serving her real estate clients in Metro Vancouver for over 20 years with a big heart, with a big smile, most importantly with passion.

Thursday, February 10, 2011

Maria Mak - Burnaby Realtors® - Federal government announces changes to mortgage financing requirements


Sutton Centre Realty
3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368



The federal government recently announced three changes to the rules for government-backed insured mortgages.

First, the government will reduce the maximum mortgage amortization period from 35 to 30 years. Second, the maximum amount of the value of a home that can be re-financed will drop from 90 per cent to 85 per cent. And finally, government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit.

“These are prudent measures that promote responsible lending practices and further strengthen our internationally recognized mortgage finance system,” Jake Moldowan, Board president said.

The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

For all your mortgage financing and quality real estate services, please contact Maria Mak at Sutton Centre Realty at 604-839-6368 or visit my websites at http://www.mariamak.com/, http://www.mariamak.ca/, You'll be smiling too!





Friday, January 14, 2011

Maria Mak - Burnaby Realtors® - Latest December 2010 Real Estate News...




Sutton Centre Realty

3010 Boundary Road
Burnaby BC V5M 4A1
(Office): 604-435-9477
(Cell): 604-839-6368


Real Estate Market stable at year end

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred.

More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.

“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

For all your real estate services, please contact Maria Mak at 604-839-6368 or visit her websites at http://www.mariamak.com/, http://www.mariamak.ca/, You'll be smiling too!