I just finished uploading this Condo for sale, 202 20630 DOUGLAS Crescent, Langley, British Columbia

THE BLU! Great location in the heart of downtown Langley. Bright modern 2 bdrm + den corner unit with 2 full baths incl dble sink 5 pc ensuite, 9 ft ceilings, granite counter tops, laminate & tile flrs, walk in laundry room, seperate den and lrg balcony. Low $220 maint fee incl hot water.. HURRY!

"Improved housing demand" on the horizon

After six months of stability during the first half of 2012, property sales in the Fraser Valley dropped by 40 per cent in two months. Why the sudden change? How long will the slowdown continue? For answers, we turned to BCREA Senior Economist Cameron Muir.

Q: For six months, our sales to actives listings ratio in the Fraser Valley ranged from 13 to 15 per cent. It dropped to 8 per cent last month. What happened?

A: Home sales in the Fraser Valley began to trend lower at the beginning of the year, with a more significant downturn taking place in August and September. While there is no proverbial smoking gun, there are a number of factors at play in the market:

• The fourth round of high-ratio credit tightening that began in 2008 was implemented in July. All of the credit loosening by the federal government in 2006 has now been pulled back. The big change in July was reducing maximum amortizations from 30 to 25 years. This was the equivalent to a 100 basis point increase in the interest rate for a first time buyer. All four rounds of credit tightening have been followed by a marked decline in BC MLS® residential sales within three months. Sales declined by 11 per cent three months following first round, 25 per cent following the second, 12 per cent following the third, and 19 per cent two months after the most recent round.
  
  
• An unusual spike in high-end detached home sales in 2011 was not repeated this year, impacting both sales levels and average price statistics.
  
  
• Little gains in equity and real estate markets have stalled growth in household wealth, limiting some of the positive spinoffs of the wealth effect such as second home purchases.
  
  
• A negative spillover from an anemic 0.8 per cent employment growth in BC last year may also be exacerbating the lull in consumer demand.

A: To date, seasonally adjusted home sales look remarkably like 2008. However, the financial crisis was just beginning to bubble to the surface in September 2008; homes sales are unlikely to fall to levels recorded October 2008 through January 2009.

Q: How long do you project this slowdown to continue?

A: It's impossible to ascertain exactly when a market turning point will occur. However, per capita home sales are currently underperforming the economic fundamentals. I expect unit sales to rebound back to 10-year average levels over the next few quarters. There are three main reasons we can anticipate improved housing demand:

• BC employment growth was 1.9 per cent through August this year, double the 0.8 per cent growth rate in 2011. More importantly, full-time employment has increased by 3.2 per cent, while part-time employment has fallen 2.5 per cent. This means many part-time jobs are being rolled into full-time work, a strong indicator of business profits and confidence. In Metro Vancouver, full-time employment has increased at a 3.5 – 4.0 per cent pace so far this year, the largest growth rate since the middle of the last decade.
  
  
• Mortgage interest rates remain at or near historic lows.
  
  
• The population base is expanding. The latest migration figures indicate 11,500 international migrants landed in BC on a net basis during the second quarter, most of whom will reside in Metro Vancouver.

Q: What are you projecting the effect will be on home prices? Why?

A: Home prices are likely to remain flat over the medium term, with some relatively small declines (2 to 5 per cent in the Benchmark) in some markets and product types. Buyers to balanced market conditions are likely to be commonplace over the next 18 months. However, I do not expect any substantial price declines in the absence of a macro-economic shock. Large price declines are typically the result of household financial disaster writ large. The typical culprit is a deep recession. I do not know of any reputable economist in Canada that expects a deep recession ahead.

Cameron Muir is BCREA's Senior Economist. His next forecast will be released at the end of October

I just finished uploading this Townhouse for sale, 72 2905 NORMAN Ave, Coquitlam, British Columbia

PARKWOODS townhome for the price of a condo! 3 bdrms, 1.5 bath, 2 level + WALK OUT bsmt all within walking distance to bus exchange, Coquitlam Centre, West Coast express and coming Evergreen Line. Unit is in fairly ORIGINAL condition with updated bath up, new H/W tank, laminate floors and large deck off main, fully fin bsmt with 2 pc bath, wet bar and sliders to a newly fenced backyard with freshly painted cedar patio. Roof is 7 yrs old. Great price... HURRY!

I just sold this Townhouse at 4837 55B Street, Ladner, British Columbia .

View this recently sold Townhouse or see all my home sales

I just sold this House at 11503 125A Street, North Surrey, British Columbia Bridgeview.

View this recently sold House or see all my home sales

I just finished uploading this Townhouse for sale, 50 16388 85TH Ave, Surrey, British Columbia

CAMELOT VILLAGE END UNIT ideally located in the middle of the complex away from traffic on 164th St. Unit faces childrens play area and clubhouse and backs onto greenbelt. Lots of upgrades incl kitch cabinets, crown moldings, laminate flrs, B/I speaker system, ethernet in games room + kitchen. All lighting fixtures upgraded, thermostat controlled gas fireplace with fan. Open floor plans with bright kitchen/family area opening onto large deck. Within walking distance of Sports and Leisure complex, library, community center and Frost Road Elementary..... HURRY!

Please note the change for this upcoming openhouse.

We are proud to announce that this Sep 8th, 2:00 PM to 4:00 PM we will be hosting an Open House at 16388 85TH Ave in the Fleetwood neighborhood, Surrey. This is an opportunity to visit this excellent Townhouse for sale in beautiful Fleetwood .

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

As always please do not hesitate to give me a call at 604.595.2896 if I can answer any questions before the open house, or if you would like to book a private showing.

Scott Williams
Fair Realty

I just finished uploading this House for sale, 14952 82A Ave, Surrey, British Columbia

PRESTIGIOUS SHAUGNESSY EST! Mint 2 level home with over $100K in updates incl: ext & int prof painted, 3 yr old 35 yr roof and furnace, H/W tank, kit reno's incl: dbl granite counter tops & island, travertine backsplash, tile flrs, all new lighting, appls, base and crown moldings, famrm opened up with Mirage hardwood flrs that extend thru hallway to entry, updated baths incl kohler toilets, new ensuite with clawfoot tub, seamless glass shower, new cabs, tile & lighting, major 3 level deck reno's incl: full roof, frost proof tile, hot tub and stamped concrete patio all backing onto a private greenbelt...HURRY!

I just finished uploading this House for sale, 7056 195A Street, Cloverdale, British Columbia

Spacious 2 level + bsmt on lrg fully fenced corner lot with lane access. Unique sep living and dining room plus great room plan kit, eat area and family room. Home has been gently lived in and pride of ownership is evident. Beautiful kit wi th shaker cab, dbl granite countertops, S/S appls, walk-in pantry. 4 generous bdrms upstairs. Fully finished bsmt has games room for upstairs use and 2 bdrm suite with upgraded kit cabs (no appls) that has never been rented, why buy new?

I just finished uploading this House for sale, 8095 168A Street, Surrey, British Columbia

EMERALD CREST! Massive 2 level + bsmt with 5 large bdrms upstairs and 3 bdrms in the fully finished bsmt with sep laundry and entry on the side of the home. All the rooms are spacious in the bright open plan and features new real hardwood o ak floors from entry all the way into the kitchen, some fresh paint and updated light fixtures, large fenced south exp b/yard with new rebuilt sundeck and kids playhouse. Priced to sell.... HURRY!!!

Please note the change for this upcoming openhouse.

We are proud to announce that this Aug 25th, 2:00 PM to 4:00 PM we will be hosting an Open House at 10415 DELSOM Crescent in EQUINOX in the Nordel neighborhood, N. Delta. This is an opportunity to visit this excellent Townhouse for sale in beautiful Nordel.

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

As always please do not hesitate to give me a call at 604.595.2896 if I can answer any questions before the open house, or if you would like to book a private showing.

Scott Williams
Fair Realty

Numbers down for Langley Township

Langley Township’s economic indicators are out for July and things aren’t looking pretty.

The number of building permits issued by the Township is down 12.5 per cent for January to June 2012, compared to the same time last year. For industrial buildings, it’s down 46.6 per cent from last year.

Housing starts aren’t any better, except for in the townhouse market where there has been a 48 per cent increase. It all seems to all be happening in the Willoughby area. This year, 51 per cent fewer apartments were built compared to last year, and 23 per cent fewer single family homes.

Real estate sales in Langley are steady, however. More single family homes and apartments were sold this year than last. With townhouses, 1.7 per cent fewer were sold this year, compared to last.

Prices remain steady, despite a cooling market across Metro Vancouver.

On another note, residents actually make less now than in years earlier.

According to the Township, the average Langley Township resident made $42,482 in 2009 based on income tax returns. That same resident made $43,019 in 2008. The average B.C. resident made 2.4 per cent less in 2009 than they did in 2008. Unemployment rates remain high at 6.5 per cent in Vancouver in June 2012. It peaked at 7.3 per cent last June.