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Flaherty Details New Mortgage Rules

Article from The Globe And Mail

Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada's mortgage rules.

Finance Minister Jim Flaherty announced Monday that new federal rules will reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan-to-value ratios of more than...

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We just finished the first week of the reno and all things considered, everything went quite well. The kitchen, both bathrooms, and the dining room are all down to the studs, and we're now getting a good idea of where we go from here. We wanted to remove the wall that formed a useless hallway inthe centre of the house, but weren't sure exactly if there was anything structural in that wall. When we pulled...

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Market Update

What's Going on with the market?

Happy New Year! I hope you had a fabulous holiday season filled with family, friends, and, for those lucky few, tropical climates.

As we enter into 2011, let's take a quick peek backwards before focusing our attention on what lies ahead. December is an often deceiving month statistics wise, as many listings are pulled off the market and most people are otherwise distracted. This is very evident in large decrease across the board in both active listings and sales. Reading anything into any of the price changes in December can be very mis-leading as well, with a relatively small sample size that is easily skewed. Overall though, for December, last month was about what we expected.

Now for the fun stuff... What lies ahead in 2011?

We all know that making predications is a fool's game... and while I don't consider myself a fool, I do know that everyone wants to hear my thoughts for what will happen in the coming months. So, with that in mind, here are a few trends that I expect to see in the first quarter of 2011:

(1) An increase in inventory

With the activity we have already seen in the first week of January, along with the collective buzz from fellow Realtors, it certainly seems like we are due for an increase in listing inventory. This should come as a welcome development for those buyers who have been bemoaning the lack of selection over the past few months.

(2) Stable house prices

I am not expecting a rise in inventory to push housing prices downwards at this stage for two reasons... the first is that there is still a healthy number of active buyers in the market at the moment waiting for that 'right fit' and second, with interest rates remaining low, I believe that buyer demand will remain strong in the early part of the year.

(3) Slow increase in mortgage rates

While I do believe the mortgage rates will climb this year, it appears that they will rise a lot more slowly than many fear. A multitude of factors can still change that, of course, but for the time being it seems that things will mostly stay the course.

If you have any questions, please feel free to fire away. And I hope your 2011 is off to a fabulous start!

Rob



Rob Zwick

Vancouver West - Attached Statistics

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Vancouver West - Detached Statistics

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Vancouver East - Attached Statistics

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Vancouver East - Detached Statistics

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North Vancouver - Attached Graph

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Vancouver Downtown Statistics

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Rob Zwick

LAKE LBJ RETREAT BY DICK CLARK ARCHITECTURE

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The site is located about an hour northwest of Austin. The retreat is sited on a peninsula that served as a private fish camp since during the second half of the 20th century. After spending some time in an existing house on the land our clients decided to create a new space that supported their evolving lifestyle. Wind patterns and the existing tree canopy were crucial influences on the project’s design development. Exterior circulation paths and separate living spaces encourage a connection with the outdoors. Project materials include cast in place concrete, ipe siding and Rheinzink metal siding.

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