BC Housing sales have doubled.....Friday, August 28,2009

since the january bottom.

That's according to Cameron Muir of the BC Real Eastate Association.

Buyers are coming back in droves causing multiple offer situation for many properties, but luckily for purchasers there hasn't been a jump in overall prices.

Good news is that the Real Estate board expects only a 1 percent increase in prices until well into 2010. You add the lack of inflation threat and Bank of Canada keeping interest rates low and we have a great opportunity to get that first home, upgrade(or downsize), or add an investment property, or second home.

read more at
http://www.vancouversun.com/business/real+estate+upward+climb+rest/1935829/story.html

RATE UPDATE::

Variable Rate 5 YR .................2.55% (Custom maturities at prime plus 0.15%)

3YR Fixed.................................3.59%

5YR Fixed.................................4.15%

5YR Fixed SPECIAL...............3.99%

http://www.peterlmckinnon.com/

peter_mckinnon@centum.ca

Mortgage Rate Update August 25th

Lenders are starting to lower rates!


Featured Rates for August 24, 2009

5 Year Quick Close 3.99%
5 Year Standard 4.15%
3 Year Standard 3.59%
5 Year Variable Prime + .30%

Current Bank Prime =2.25%

peter_mckinnon@centum.ca

http://www.peterlmckinnon.com

#2208 - 550 Pacific Blvd Yaletown Open house

I will be working with Nick Nikjou this Sunday 2 - 4 pm at the fabulous AZURA by Concord Pacific #2208 - 550 Pacific Blvd, 1brdm and den with amazing amenities!
Check it out at

http://www.mikestewart.ca/listings.php

and for Nick http://www.century21.ca/nick.nikjou

Check out the latest rates at http://www.peterlmckinnon.com or call 604-506-6789!

AZURA OPEN HOUSE SUN 2-4pm #2208 - 550 Pacific Blvd. Check out this 1 bdrm and den in Yaletown http://ping.fm/Lrp45

Inflation lowest in 56 years! Means interest rates will hold.....
http://ping.fm/ntNf6

Inflation NOT a concern, bond yields slip

The latest report from Stats Can says inflation is at its lowest in 56 years!
prices actually declined by 0.9% last month. Much of this decline is attributable to lower gas prices off 40 cents a litre on avergage since last July's high of $1.37/litre, but the core inflation rate is staill at a very comfortable 1.8%.

Read more: http://www.globeinvestor.com/servlet/story/RTGAM.20090819.wcpi0819/GIStory/

What does this mean for mortgage interest rates?

Well the BoC uses a 2.0% core inflation rate, so 1.8% indicates that Mr. Carney will be sticking to his no increase policy. There has also been a drop in the 5 year bond yields on this news to 2.49%, which means that some lenders may look at easing their fixed rates from the current 4.29% to maybe the 4% or lower range. These will most likely be the non-bank lenders so you'll want to make sure your mortgage broker is on the ball for you!

http://www.peterlmckinnon.com

peter_mckinnon@centum.ca

Vancouver housing resales up 90% from July 2008
http://mckinnonmortgages.blogspot.com/

Mortgage Rate Update Friday, August 14th

Interest rates holding at lows! Check it out...


Variable 5yr closed bank prime 2.25 + .35%

Fixed 5yr Closed 3.99% Special 30 day closing

Standard 5yr fixed 4.29%

Our friends at MCAP are offering a 2.40% variable maturity for May 2012. Very cheap and interesting product for those who want to ride the variable but keep their options open for renewal in approx. 2years and 10 months! http://www.mcap.com/Home.aspx

Big news for the week July home sales for Vancouver saw a 90% increase over 2008! So if you are in he market for property in Vancouver get approved and get ready to make an offer the first look. Listings are scarce and you need to move fast to get in.
Check out the details at the Globe and Mail:
http://www.globeinvestor.com/servlet/story/RTGAM.20090814.whousing0814/GIStory/

Have a great weekend!

VRM SPECIAL Bank Prime plus 0.15%!!! Maturing May 2012 That's 2.40% 604-506-6789

Rate Update Monday, August 10,2009

Current mortgage interest rates:

5 year Fixed Closed 3.99%
5 yr VRM Closed 2.50%



Average MLS resale price for local markets
City June 2008 June 2009
Halifax $235,312 $240,093
Saint John, NB $170,199 $172,731
Montréal $269,257 $275,578
Ottawa $298,336 $307,793
Toronto $395,918 $403,918
Hamilton/Burlington $287,249 $297,117
Winnipeg $206,327 $212,542
Saskatoon $310,386 $276,867
Calgary $418,866 $392,601
Edmonton $341,376 $328,285
Vancouver $611,613 $575,949
Victoria $476,639 $476,686

Source: Canadian Real Estate Association

Mortgage rate update 3.99% 5YR Fixed 2.50% Variable.

Open house this Sun 2-4 at 1111 Alberni "Shangri La check out this place! http://ping.fm/gXTUd
http://ping.fm/uBDhT