Welcome Home to a light and bright, spacious, clean and updated, 2 bdrm, 2 bath, ground level condo with almost 950 SF of generous living space with an open, flowing floor plan with split bedrooms on either side of the living room. This lovely condominium home features a cozy gas fireplace, beautiful new laminate & tile floors, and a gleaming, modern kitchen with its own dinette plus an in suite laundry. Ground floor, wheel chair accessible, no need to deal with elevators or worry about the neighbors below. There is also a private patio and secure underground parking plus a huge storage locker. Kids & pets are welcome. College Park is a very well run and managed complex with reasonable, stable strata fees. It is a very convenient and popular complex within easy walking distance of all amenities including school, UCFV, the new entertainment & sports center, shopping, the theaters and Finnegan’/Phoenix. It is strategically located on a bus route and offers quick freeway access for easy commuting. This well priced condominium offers quality living in a top location with nothing to do but move in and enjoy. Immediate occupancy is possible. Check and compare the unbeatable value at only $175,000 and buy with total confidence. Your friends will be jealous for sure, but act fast because properties like this seldom come up and always go fast!
• This week’s spate of U.S. economic news told the tale of a tepid U.S. recovery, still-benign inflation pressures and a Fed that is poised to stand pat for some time to come.
• U.S. retailers suffered an unexpected drop in sales in December of -0.3% and -0.2% excluding autos. Q4 results still point to a recovery in retail spending, but a relatively shallow one in light of the precipitous slump in sales during the recession.
• U.S. CPI headline and core inflation rose by a modest 0.1% M/M in December and the 12-month trend in core prices was stable at 1.8%.
• Bolstered by this week’s reports, the U.S. 10-year Treasury yield fell to a one-month low. What is good for bonds is often bad for the USD, which continued to shed ground against a number of major currencies.
• In Canada, housing developments moved to centre stage again, with evidence that new homebuilding activity continued to gear up and resale activity stayed strong in December.
• Remarks by a Bank of Canada Deputy Governor this week reinforced the view that regulatory changes, not rate hikes, would be used to address an overheated housing market if future conditions warrant.
• The Canadian trade balance worsened unexpectedly in November, moving back into deficit territory on the back of a 3.9% M/M surge in imports.
Summary:
This would indicate to me that we could see extended amortizations scaled back further in which case, a 35 year could be reduced to a 30 year, and this of course would affect the mortgage amount that one could qualify for. Down payments could be affected, and/or sources of down payment, and variable rate mortgages may have restrictions to those with little down payment.
The report is also an indicator that we might not see rates go up as early or by as much as originally speculated. However, for anyone about to get into the market and buy, or about to refinance an existing mortgage, now couldn’t be a better time to secure your options and make plans.
In 12 months, we went from the worst January in 20 years to the third best December. A significant portion of the 148% increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. An informal poll in December revealed 40% of home sales were by first-time buyers when it would normally be in the 25% range.
The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26%. However, it received 15% fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34% going from 9,960 properties in December 2008 to 6,534 in December 2009.
We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets.
The Housing Price Index (HPI) benchmark price for detached homes was $497,732 in December compared to $464,189 in December 2008, an increase of 7.2%. Although prices have gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.
The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4% increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.
The benchmark price of apartments decreased by 0.3 % year-over-year going from $237,786 in December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.
