Lately, there has been a lot of doom and gloom in the press that has been getting people down and causing fear.  We know for experience that fear is a bad things for real estate, even when it is unrealistic fear.  As they say, perception is reality! 

But, maybe the facts can help swing some of that opinion in the right direction. The facts are that Canada's economy and consumer confidence are moving in the right direction.  We are in a very good position in the world!  

Click here for a great article on consumer confidence from the CBC.

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I just received word from one of the mortgage brokers that we work with, Mortgage Architects, that some mortgage rates have dropped.  Five year terms are now available from 3.19% for those with good credit.  Variable rate mortgages start at 2.75%.  

With home prices lower now than they were last year, is it time to make a purchase?

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What a great response we are seeing from home buyers when they see the exceptional value that we offer them at The Summit at Thetis - a gorgeous, quiet, new home development near Thetis Lake.  Some buy because of the quiet, cul de sac location surrounded by parkland.  Others chose The Summit at Thetis because of its close proximity to town.  There are so many reasons to move to this quality, Limona development.

With several more sales in the last week, some of the best lots are going fast.  I hope that you visit us this Saturday or Sunday from 1-3pm so we can show you why The Summit at Thetis is one of the hottest new single family home developments in Victoria.

We are so happy that buyers continue to see the great value that we offer at Homes At Hazelwood.  Even though we are getting closer to being sold out, there are still eight different house plans available on a variety of lots.  We'll be open again this Saturday & Sunday from 1-4pm and hope to see you there!

The trend that we have been seeing over the last few months is continuing and strengthening.  That trend is that entry level houses are selling very well, while higher priced homes over 600k are having a tough time finding a buyer.  This is because first time buyers continue to be a much larger portion of the market than they normally would be. 

If you have your home on the market, and you priced over 600k, you will need to work hard to find a buyer.  Working hard means offering exceptional value and ensuring that your home shows very well.  Do that, and you will be successful!  Miss the mark by even a little bit and you will find that your property gets lost in the greatly increasing inventory in your price range.  Over the last 30 days, 358 single family houses were sold, up by 15 houses from last week.  The median price is down $5,000 to $550,000 – the fifth week in a row that this indicator has fallen. The average house was on the...

The first pictures have been released showing the inside of what is believed to be the world's most expensive house.

Built by India's richest man Mukesh Ambani, the 27-storey building towers over swanky Altamount Road in Mumbai.

Click here for pictures and the full article:

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Our newest project, The Summit at Thetis, is off to a great start.  With several more sales this week, families and couples are finding that the peace and quite cul de sac location, surrounded by park land, is just where they want to live!  

Our show home will be open both days this weekend from 1-4pm.   We hope to see you there.

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The last remaining homes are selling fast at http://www.homesathazelwood.ca.  Three more families chose our wonderful neighbourhood this week and they will soon be moving into their new homes!  Our show home will be open both days this weekend from 1-4pm.  We hope to see you there.

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If you have an entry level home to sell you are in the best position of all home sellers.  Those with higher end homes, over 600k, are having a much tougher time.  It seems that the continued low interest rates and the $10,000 first time buyers tax credit are driving large numbers of first time buyers into the market.  Normally, many of these first time buyers would buy resale homes which creates 2^nd time buyers, 3^rd times buyers, etc.  In other words, when a first time buyer buys a resale home, that would be expected to create 2-3 other sales as the sellers buy other homes.  But, because the $10,000 credit for first timers only applies to newly built homes, we are not seeing the spin-off sales that we normally see.  That is why we believe that the 600-900k range is selling poorly.

Over the last 30 days, 343 single family houses were sold, up by 17 houses from last week.  The median price is down $5,000 to $555,000 – the fourth weekly median...

As the Spring market continues to evolve, some interesting trends are developing.  In short, we have a very fractured market with some segments strong, while others are very weak.  For example, we know from anecdotal evidence, and can see from the statistics, that the first time buyer market and the market for homes around 500k is very strong! 

In fact, the massive strength of this very specific market segment is going a long way to mask the weakness of sales in the higher price ranges.  For example, if two houses of equally great relative value were listed today, one at 500k and one at 700k, the 500k home would see strong interest and could even experience multiple offers.  However, the 700k home would expected to see very few showings and may sit on market much longer than expected – to the frustration of the sellers.  Homes in the higher price ranges are still selling, but at a much slower rate which means that the competition in 600-800k range...

It looks like the Royal Bay gravel pit is finally going to be developed.  This will definitely change the face of Colwood over the long term.  As well, it provides an added incentive to our region to get on the same page and finally develop a consolidated transportation strategy.  

What do you think about this massive new project?

Click to Learn More:

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The Preferred Homes Team would like to give one of our team members, Mark Roozendaal, a pat on the back for his achievement as one of the top 100 Realtors in RE/MAX Western Canada for the first quarter of 2012.  

Congratulations on the hard work for your clients, Mark.  No wonder you are aging so fast!

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Financial Post - Finance Minister Jim Flaherty would consider taking Canada Mortgage Housing Corp.out of the mortgage default insurance business he told the National Post’s editorial board.

“Over time, I don’t think it’s essential that a government financial institution provide mortgage insurance in Canada. I think what’s key is that mortgage insurance is available at a reasonable cost in Canada. I think there is a role to regulate but whether we, the Canadian people, have to be the owners and shareholders of a financial institution to do this is a question. I don’t think it’s essential in the long run.”

He offered no timetable on when the government could get out of mortgage default insurance business, just offering it up as a possibility. “We have a list of Crowns, Crown...

As we move deeper into the Spring market, we can see some trends emerging. 

Single family home sales are relatively strong in terms of the volume of sales when compared to the last couple of years.  But, much softer compared to pre-2008 levels.  This is most likely the new normal – lower sales volume as the decreased level of real estate speculation continues.  Even though volume is now similar to last years levels, prices are down about 5%.  We are definitely seeing this play out as homes that sold last year, and which are on the market again now, are usually selling for less.  Inventory is not quite as high as last year, but it is still climbing and could definitely touch those levels.

The condo market is facing a similar set of challenges.  Volume is just fine, but to sell those units, sellers need to be more aggressive with their pricing than they had to be just a year ago.

One very interesting statistic to point out is that...

Things are still cooking right along with over 65% of this great little neighbourhood now sold out.  Although we still have a number of great lots left, if you are considering having us build you the popular Bridlewood design, we are down to only two lots for that plan!

As always, we will be open Saturday & Sunday from 1-4pm.  Come on down and see why Homes at Hazelwood is one of the most sought after new neighbourhoods in Langford with 3 bedroom homes starting at only $359,900!

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Congratulations to Mark Roozendaal and Karl Leong for each individually making into the RE/MAX Camosun top 20 for the month of March 2012!  

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As we move deeper into the Spring market, we are still seeing positive growth in the sales volume of both houses and condos.  Prices do seem to be creeping upwards very slowly, but that growth is so slow that I would tend to characterize it more as stable pricing.  We often see prices grow very slightly in the Spring, no matter the market conditions, simply because there is a little more competition among buyers.  Compared to last year, it does look like the volume this April may end up slightly ahead of April 2011.

Inventory is growing quite steadily.  In fact, there are more properties on the market than we would like to see.  Total inventory is at 4,307 units, almost as high as last Spring which was considered very high!  High inventory levels mean lots of choices for buyers, keeping sellers competitive, and keeping prices in check.

Over the last 30 days, 297 single family houses were sold, up by 4 houses from last week.  The median price...

MASHABLE TECH - Imagine having a pool for a balcony. That's the promise of this spectacular residential building designed by James Law Cybertecture for Parinee Developers, featuring cantilevered pools hanging out on the edge of the wild blue yonder.

Sure, this is a design concept that might have to wait a few years for building technology to catch up, but I'm loving that fanciful design, letting you float in a cool pool as you gaze out on a magnificent view. Maybe someday soon this Mumbai-based design firm might actually build this lovely apartment building.

At the recent Victoria Real Estate Board's award night, Karl Leong of the Preferred Homes Team was award a special recognition for his gold level (top 10%) performance for at least 10 of the last 13 years.  Congratulations from all of us on the team to Karl for his outstanding, long term dedication to his clients!

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