Last time the Bank of Canada (BOC) was expected to drop the overnight interest rate they did not. This time they were expected to leave it where it was at, and they did. Siting
Three major developments are affecting the Canadian economy: the protracted weakness in the U.S. economy; ongoing turbulence in global financial markets; and sharp increases in many commodity prices. The first two developments are evolving roughly in line with expectations in the April Monetary Policy Report. However, commodity prices are continuing to outstrip earlier expectations. This has led to further increases in Canada's terms of trade and real national income, and has altered the outlook for global and domestic inflation.
Go and read the whole report from the Bank of Canada, Bank of Canada keeps overnight rate target at 3 percent.
Matthew Collinge: Vancouver REALTOR®
Looking for something to do on these nice warm days we've been having in Vancouver lately (one might say "FINALLY!")? Well Vancouver has some great outdoor swimming pools. Second Beach Pool is a good one for all ages. The pool is huge and right on the edge of the ocean, right beside Second Beach itself and the area also offers a Parks Board snack bar, pic-nic tables and a couple of children's playgrounds. All the makings for a great day out enjoying the best of life in Vancouver.
We headed down just before 5pm yesterday and picked up take out from Stepho's on the way. Normally Stepho's is great, but yesterday the chicken souvlaki was dry and the prawn souvaki was only so-so. I've never had the prawn souvlaki, but the chicken one is usually great. See reviews on UrbanSpoon.com. We headed into the park and managed to find a parking spot relatively quickly and even a table to eat at.
After a few moments of panic before our 2 year old, "the wanderer", was retrieved from the playground he had wondered over to on his own we headed into the pool itself. It is a great pool for kids with a large "beach-entry" area and 3 different slides. The aforementioned 2 year old immediately headed for the "intermediate" slide and my dear wife had to jump in quickly to catch at the bottom. It was quite fast and the water was pretty chilly, he was no too happy with his choice. There was also a "baby slide" and a mini water-slide-style slide. As well as the slide there lots of pool for general play and another 50m. area for laps.
By 7:00pm it was getting a bit cool and the kids were wrapped up in everything they could find so by 7:30 headed out. Here is the photo I took on the way out.
Matthew Collinge: Vancouver REALTOR®
Over the weekend the crane at the 61 story Shangri-la condo and hotel tower came down. Personally I am suprised how little an impact it has had on the city skyline. What do you think of it?
Matthew Collinge: Vancouver REALTOR®
I was pretty busy last week and didn't get the posts out about the big news that the 40 year mortgages and 0% down option will be eliminated on October 15th, 2008. I don't have too much to add to the discou 
rse on this. I have not worked with many buyers using either of these options. I am sure it will keep some buyers out of the market who should not have been in the market and may protect those people from future financial woes.
I actually learn about this news from fellow Vancouver real estate agent and blogger Larry Yatkowsky when we met for a drink last week. There have been lots of opinions out there on this. Agent Will, Will Wertheim, had a post about it too.
And here is a Globe and Mail story. Do you have one of these mortgages? Why did you choose it? Do you plan to take 40 years to pay it off or will you make additional payment over the years?
Matthew Collinge: Vancouver REALTOR®
That last post was no fun at all and don't think I am going to get to the other Vancouver real estate news so I have these two items for you.
Vancouver Grow-op
Lets start with this "grow-op". After showing my listing in Marpole I was driving throught he neighbourhood I noticed something odd about it, there appeared to be plants growing inside. I don't mean the owners had recently been to the garden centre and the thing was full of pots. No, there were plants (bamboo it turned out) growing out of the floor of the garage.
Bocce by the Beach
Bocce by the Beach is an annual event that takes place at Spanish Banks (West) tomorrow, Saturday, July 12th from 1-5pm. Put on by bocce.ca this event will help raise money for The Ray-Cam Cooperative Centre and Kids Up Front through the sales of bocce balls, bocce ball rentals, merchandise and tournament entry fees.
Bocce.ca sounds like some kind of national organization of professional bocce players, but you could not be more wrong. According their website:
Bocce.ca is run by a rag tag group of Vancouverites who have nothing better to do than promote the oldest game known to mankind…AND raise money for local children’s charities in the process
These sound like some VERY fun people with a great weather forecast for the weekend what could be better than a few rounds of bocce of the shores of English Bay, and raising moeny for a good cause to boot.
Matthew Collinge:
Vancouver REALTOR®
The following is a letter to the editor by Real Estate Board of Greater Vancouver president Dave Watt that was published in the Vancouver Sun today:
Letter to the Editor:
We’re deeply concerned that The Vancouver Sun’s view, expressed in the June 25 editorial ‘Rising real estate fraud makes title insurance essential’, is causing unnecessary panic among B.C. homeowners.
The Land Title and Survey Authority (LTSA) reported that over the past 18 years they processed 15 million transactions. In that time, two claims related to land ownership fraud were resolved and only 14 claims related to mortgage fraud were filed.
Contrary to the paper’s assertions, LTSA says there’s been no increase in the number of fraud cases, and that cases of attempted fraud are rare.
We’re not aware of any cases in B.C. that required an innocent owner to pay off a fraudulently obtained mortgage. Typically, when a homeowner is asked to pay for title insurance on a mortgage, that insurance protects the lending institution, not the homeowner.
REALTORS® have a high level of confidence in our land title system. As such, we believe the wholesale promotion of title insurance adds unnecessarily to the cost of homes in B.C.
Yours truly,
W. Dave Watt
President
Real Estate Board of Greater Vancouver
2433 Spruce Street
Vancouver, B.C. V6H 4C8
tel. 604.730.3000
Well said Dave. Remember when you read the paper and watch the news that these companies want to make "good news" and sensationalizing the truth is a big part of that.
Matthew Collinge: Vancouver REALTOR®
• 822 sq. ft., 2 bath, 2 bdrm apartment "Great layout!" - 
MLS® $559,000 CAD
Fairview, Vancouver - Calling all those looking for a big outdoor space! Need a big balcony, patio or deck? Well, you've found it here in this newer (2006) concrete building. At over 340sf this balcony has room for barbequing, dining AND a sitting/lounging area. Inside the mod, bright & well laid out, S/S & granite kit offers lots of counter & cupboard space. And the bright open concept living area is surrounded by windows. There are 2, well separated bdrms & baths. The master has a 4 piece ensuite & the 2nd bdrm has the mn bath right next door. The SKYLINE bldng offers great finishes, a gym, the remainder of the 2-5-10 warranty, & a great central loc. Have a coffee across the street. Walk to the False Creek seawall. Walk to the S Granville shops.
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Huge 342 square foot balcony
The Real Estate Board of Greater Vancouver released the June 2008 statistics yesterday and the media are having a hay-day with them. No question the market has changed. Listings are way up (18.3 per cent to 6,546 in June 2008 compared to June 2007, when 5,533 new units were listed), inventory is way up, sales are way down (42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007). The REBGV still managed to come up with ONE hot spot, New Westminster, where apartment unit sales were up 42% from 13 to 19 units sold.
The Vancuover Sun's Business BC section proclaimed "It's a Buyer's Market". Is it? Just 3 months ago it was a seller's market. I don't think you can say it is a buyer's market yet. Does anyone even remember what a buyer's market is? Don't get me know wrong it is possible it will go there, but I don't think we are there.
Also in the Vancouver Sun today the less exciting headline "Greater Vancouver house prices drop slightly"
The South Delta Leader asked "Buyer's Market?
The stats report is attached below. What do you think about the market?
Matthew Collinge: Vancouver REALTOR®
No time to write much about it (I'll update this later), but realtor.ca is now live. Go check it out!
Matthew Collinge: Vancouver REALTOR®
Mountain Equipment Co-op is hosting Paddlefest this Sunday at Ambleside Park in West Vancouver. As a lifelong kayaker this event caught my eye. Assuming the weather is nice, and what big assumptoin that is these days, this sounds like a great day at the beach for all ages from singles to families with kids. MEC says:
This is a family-friendly event. It offers opportunities to test boats and equipment from various watersports manufacturers, and has something for every paddler, from beginner to expert.
They will even have classes that you can take on the water and on dry land covering everything from beginner paddling, intermediate paddling, rescues, rolls, to trip planning and packing protecting the environment while you are out in it.
They will have boats, pfds and safety equipment there, but if you think you might get wet (figure on yes) then bring a change of clothes. You can register for the workshops by calling 604-876-6221 or 1-800-663-2667.
If you haven't kayaked before and are thinking of trying it this is a great opportunity to try some boats and even get some instruction before you invest the kayak of your own. The pictures in this post are from two trips I've taken to the Broken Island Group on the west coast of Vancouver Island. There are so many great places you go in a kayak. There is even a couple of Vancouver kayaking groups on meetup.com, the Lower Mainland Kayaking Meetup and the Vancouver "Oh thats a canoe" Kayaking and Adventure Group. I haven't been to any of the paddles yet, but they are pretty active.
Matthew Collinge: Vancouver REALTOR®
The Zip Trek experience in Whistler has been very popular since it opened some years ago and now you can try a zipline adventure right in Metro Vancouver with the opening tomorrow of Grouse Mountain's Air Grouse ziplines.
They are starting with 3 and will be expanding the operation in the Fall of 2008. The weather is supposed to be great this weekend so check this out and then report back here.
Of course there is also the Vancouver International Jazz Festival on right now.
photo credit to bez_uk on flickr.
Matthew Collinge: Vancouver REALTOR®
Walking back from an appointment today I looked down the alley and saw this red building that oddly jutted out into the alley. So, on my way back I walked down the alley. It was a very nice alley by the way, there was even a Slurpee in the middle of the alley. The slope of the "Slopes" there is quite steep so this may be only a 1 or 2 story building at street level, but at the back it was huge. Take a look:
Matthew Collinge: Vancouver REALTOR®
Homeowners can save significant money by conserving water in their bathrooms with these easy, energy-saving tips:
Take shorter showers. By cutting shower time from ten minutes to five, based on one shower a day, BC Hydro predicts an average saving of 34,675 litres of water annually. The hot water from showers can account for as much as 25 per cent of a household’s energy costs.
Adjust the showerhead. A five-minute shower can use up to 80 litres of hot water with a conventional showerhead. A low-flow showerhead can reduce this by half or even more without sacrificing water pressure.
Invest in a high-efficiency toilet. Metro Vancouver says high-efficiency toilets can reduce household water use by 60 per cent a year.
Turn off the water when brushing teeth or shaving. If every person in BC reduced the time they left the water running while brushing their teeth, shaving or washing their face by three minutes per day, they would save enough water to fill 23,000 Olympic-sized swimming pools.
To learn more about ways to conserve energy in everyday life, as well as BC Hydro’s Power Smart residential programs such as mail-in rebates, the refrigerator buy-back program, ENERGY STAR® windows, PST exemptions and Power Smart New Homes, visit www.bchydro.com/powersmart
Matthew Collinge: Vancouver REALTOR®
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SW Marine, Vancouver - We invite everyone to visit our open house at 303-1503 W. 65th Ave on June 21 from 2:00 PM to 4:00 PM.
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• 433 sq. ft., 1 bath, 1 bdrm apartment - MLS® $210,000 CAD - Can You Believe It?
SW Marine, Vancouver - Enjoy Westside living in this practical junior 1 bdrm (den w/ glass wall separator to maximize natural light). Features includes open kitchen & floor plan with built-in shelving & cabinets, black appliances & insuite laundry. Perfect for first-time buyers. This rainscreened building is located in prime South Granville, steps to shopping, restaurants & all the amenities you desire! An easy bus ride to UBC, Downtown, Richmond & YVR.
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