Estate agents in Canada are worried that calls for measures to protect local sales markets from international investors could hurt international sales in markets such as Vancouver.

There have been some suggestions that Canada should impose similar restrictions to those implemented in Australia. However those opposed to this plan point out there is no firm data showing the true number of overseas buyers as many purchase through Canadian companies especially set up for this purpose.

The recently inaugurated mayor of Vancouver has already said he will set up a task force looking at housing costs which have spiralled out of control.

Gregor Robertson has announced the task force, which will include developers, architects, building owners and financiers, will look at housing affordability with the hope of discovering ways of increasing the supply of affordable homes both in the short and long-term. He has pointed out that young people in the city have enormous difficulty finding affordable accommodation.

In spite of these words many believe little will be done to stem the flow of international money towards Canada, and Chinese buyers will continue to purchase homes in Vancouver.

Local residents in Vancouver are not particularly happy about this situation as many of the homes remain vacant while young Canadian families are unable to afford such high prices. It's estimated that Chinese buyers account for 20% of all sales in the city, and a similar effect can also be seen in Toronto and Montréal, although more sales in the cities are due to European investors.

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According to data released by the Canadians Real Estate Association, more Canadians were able to purchase new homes in December 2011, with homeownership rates up by 1.8%. Meanwhile sales for 2011 reached a total of 456,749 which is an increase of 2.2%.

New listings increased by 3%, but property prices rose by just 0.9% year-on-year.

Most of Canada's housing market saw growth, and national sales in December grew by 4.6% compared to December 2010.

The president of CREA Gary Morse is predicting the housing market will continue to benefit from low interest rates and steady house price growth this year. He points to the momentum in sales activity providing clear evidence homebuyers are still active in the housing market.

Canada's housing market achieved a national balance ratio of 54.8% in December and inventory levels currently stand at 5.8 months, which is a slight decrease on the 5.9 months seen in November. What’s more, the number of houses on the market is shrinking, while median house prices improved only slightly, so homeownership is expected to remain affordable.

It still remains to be seen if Vancouver will remain a hotspot. The Chinese New Year is expected to bring an influx of businessman from mainland China, and although many will spend time with family, others will be anxious to peruse the property market.

According to estate agent this has been going on for over 25 years, but they expect this year to be especially busy. One reason for this is that the year of the Dragon is seen as being particularly auspicious for buying property, while another is the fact that the property market in China is slowing down.

Vancouver recently overtook Sydney as being the least affordable housing market after Hong Kong with property prices at 10.6 times the average household income.

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Why work with a Professional REALTOR? Realtors are professionals when it comes to home buying. They are trained to provide valuable assistance in the following areas.

• Locating desirable properties to view and consider. Professional Realtors work with buyers and sellers everyday, and often have the inside scoop.
• Preliminary investigation and information gathering. Helping you to make informed decisions.
• Viewing properties and providing guidance and advice. Giving you feedback and analysis on different options and courses of action.
• Selecting the right property to make an offer on. Based on your initial buyers’ interview.
• Preparing a legally binding contract of purchase and sale. Protecting your best interests.
• Negotiating favorable terms and conditions for you. Getting a professional Realtors’ help can make all the difference in whether you reach your goals.
• Assisting in arranging suitable financing if necessary. Pointing you towards the right people to make your purchase happen.
• Helping to set up inspections and other needed services. Insuring deadlines are met and everything proceeds smoothly.
• Assisting in the completion and possession process. Following through until you move into your new home.

With some professional help from your Powell River Realtor in these nine key areas you will have a much easier time of it.

Call now to find out how you can get started: 

Neil Frost 604.483.6345 - neil@prhomefinder.com

Aaron Mazurek 604.414.8699 - aaron@aaronmazurek.ca

We are your Powell River Real Estate Professionals, ready to help ... making your next move easy!

Visit our website at AaaronMazurek.ca for latest listing in Powell River, BC on the Sunshine Coast of Canada

The property market in Canada is still doing well, as prices continue to increase due to strong demand and low interest rates. According to the Teranet National Bank of Canada prices rose by 4.52% to the year ending June 2011, but the Canadian Real Estate Association puts price growth at 9.3% year-on-year.

The highest annual increases were seen in Prince Edward Islands at 13.1% and the Yukon at 11.7%, closely followed by Ontario at 10.4% and British Columbia at 10%.

Sales are also increasing, with a 12.3% year on year increase recorded in July. Meanwhile the number of newly listed homes increased by just 1% from the previous month to give a current housing inventory of 6.1 months. This suggests a relatively balanced market.

The past year or so has seen the addition of several market calming measures in response to continuing house price rises. A harmonised sales tax was introduced in British Columbia and Ontario, increasing the price of new houses by an additional 5%, and although a recent referendum in British Columbia overturned this measure it could be many months before it is rescinded.

The Canadian housing market is predicted to remain stable for the rest of the year, with modest price rises. The average house price is expected to reach C$367,500 by the end of the year, and to rise by 1.3% next year, while housing starts are predicted to fall by 3.5%. The most expensive homes are still in British Columbia with average prices of C$491,832.

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The Dollar gains against the majors

It looks like to Dollar did not take the day off for the Labor Day Holiday as it gained against the Euro, Pound and Canadian Dollar last week and has pushed through most resistance levels when it opened this morning. The Pound went from a high last week of 1.64 and opened up this morning at 1.60, the Euro fell from 1.45 to 1.41 and the Loonie from 1.02 to just over 1.00. It seems that even though the US economy is still in trouble, it is fairing a lot better than everyone else, the Swiss Franc is on everyone’s radar yet investors are still buying the Dollar, for want of a better alternative.

What does this mean for your clients? Well, if they have to make a transfer into USD, now is certainly the time to do it as the downward movement is expected to continue in the short term at least. For USD sellers, it’s a case of watching how low it will go. Taking advantage of Stop-Loss orders will help maximize any positions for sellers.

Contact Moneycorp today for more information about how we can help you and your clients on 407 352 5890

When the internet began breaking down many of the existing walls surrounding real estate information, many a real estate professional wondered if their days were numbered.  As sophisticated as the internet will get, and as empowered as consumers may become in their home shopping, there’s one thing home buyers really still need us for: negotiating.  So today, strong negotiating skills are more important than ever, especially with the current buyers market so many areas in North America are now experiencing.

Yet many real estate professionals haven’t recognized negotiating’s importance.  I know it because more real estate offers are still ending up in the garbage and not on office deal boards.  Here are three of the biggest reasons why real estate professionals are coming up short in their negotiating:

Using Threats And Intimidation

Most real estate professionals aren’t even aware they’re using threats and intimidation in trying to move the negotiation process to a conclusion.  When you make statements like the following, you are actually making subtle threats, even if they’re unintended:

-    This Is The Best Price You Will Get
-    These Buyers Will Not Pay More
-    If You Counter Offer This Contract, I Will Lost Them
-    If You Don’t Accept This Offer, How Long Are You Willing To Wait For The Next One?

Don’t kid yourself.  Making any of the above statements isn’t based on your expert knowledge.  All of the above statements indicate you’ve given up on negotiating.  When you do this, you’ll start trying to coerce get the buyer or seller to concede certain things to the other side they may not want to.  When you have given up on the negotiating, you have signaled defeat to the one thing the client really needs you for, so they may not want you after that.  Always persist during negotiations and keep them positive.  During negotiations, you’re always trying to motivate people to do something, and you can’t effectively motivate them using fear.

Showing Emotion

I have a saying: “When clients show their emotion, it shows their need.  When real estate professionals show their emotion, it shows their greed.”  When you negotiate, it should be done soberly and methodically.  When you show your emotions, you’re only demonstrating your weakness and insecurity.  Showing your emotions demonstrates you’re putting your own interests about the client’s.

Making Assumptions

This is another tell-tale sign you’ve given up.  By not ascertaining the facts and assuming what they are, it shows your unwillingness to keep trying.  For instance, you may assume the buyer won’t come up $10000 more and advise your seller of this and to not submit a counter offer.  But you can’t be certain of this unless you actually attempt to get the buyer to come up $10000.  You may not find they’ll come up $10000, but you’ll most likely find they’ll come up part way, and that’s better than not submitting a counter offer at all.

I teach many more mistakes real estate professionals make and how to overcome them in my credit course Power Negotiating.  This course has been approved by the Registrar, REBBA 2002 as a 6 credit course.

What are some negotiation mistakes you've made in the past?

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