Property Management in Vancouver

Here is some mortgage news that Alma Pasic, the mortgage consultant I prefer to work with, has passed along. This Survey of Canadian Mortgage Rates can also be found here, on the United Mortgage site.

Good News from Alma

She also tells me that Canada Mortgage and Housing Corp (CMHC) has now increased the Loan to Value (LTV) from 75% to 80%. This means that if buyers are putting 20% or more down, you pay no insurance premiums.

More good news:

Conventional financing is now 20% down instead of 25%. This is VERY helpful when using rental income to qualify, and when you have to bridge money in order to make that purchase.

Mortgage Consultant, Alma Pasic is always available to give mortgage advice, and can be contacted directly here: Tel: (604) 729-4611, Email: preferred@telus.net.

April 2007 saw 21 sales in the prestigious Coal Harbour area of Vancouver.Of these, 10 were under $500,000; 5 were between $500,000 and $1,000,000. Of the 5 that sold for over $1,000,000, the most expensive was $2,450,000. This home on the waterfront, with 1743 sq. ft. has 3 bdrooms, and went for $1405 per sq. ft. There were multiple offers for this luxury suite that was listed at $2,349,000, and which sold after 6 days on market.
Compare this with the least expensive: $306,000 for a 420 sq. ft. studio. In 2 bedroom suites, the least expensive 2 bedroom sold for $593,000 at 1333 W Georgia, at 940 sq. ft. ($630 per sq. ft.) The least expensive 1 bedroom was at 555 Jervis. This suite went at $323,000 for 527 sq. ft. (612 per sq. ft.)
Of all the April 2007, sales, 2 sold at list and 1 at over list. The average days on market was 31.

This past month, there was 1 presale and all others were resales. Comparing with April of 2006, we saw 49 sales, last year, with 16 of those as presales.