October 22, 2010
 
 
Dear Amalia,
 
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of September.
 
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
 
Wishing you continued success for 2010.
 
Yours sincerely,
 
RE/MAX of Western Canada (1998), LLC
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Vancouver, BC – November 10, 2010. The British Columbia Real Estate Association (BCREA) released its Fall Housing Forecast 2010 today.
 
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 12 per cent from 85,028 units in 2009 to 74,950 units this year, before increasing 6 per cent to 79,700 units in 2011.
 
"Consumers are responding to a double-dip in mortgage interest rates," said Cameron Muir, BCREA Chief Economist. "While housing demand waned in the province through the spring and summer, the added purchasing power from low borrowing costs combined with gradual improvement in the BC economy has trended home sales higher in recent months."  Forecast chart
 
"A moderate increase in BC home sales is expected next year coinciding with employment and population growth," added Muir. "However, the 79,700 unit sales that are forecast for 2011 are well below the ten-year average of 85,500 units" A record 106,300 MLS® residential sales were recorded in 2005.
 

The average MLS® residential price is forecast to climb 7 per cent to $498,500 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $495,600.

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FOR IMMEDIATE RELEASE - From the desk of Amalia Liapis 
 
 

BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011. Residential unit sales through the Multiple Listing Service in BC are forecast to decrease 7 per cent to 79,500 units in 2010, before climbing 5 per cent to 83,400 units in 2011.

 

A slower than expected normalization of interest rates will temper erosion of affordability as economic output posts more moderate growth for the balance of this year and through 2011. Stronger corporate profits are triggering employment growth and a reduction in the unemployment rate is now underway.

 

A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channelling into 5-year fixed mortgages where discounted rates increase purchasing power.

 

The average residential price is forecast to increase 6 per cent to $492,800 this year and edge down 1 per cent to $489,500 in 2011. Some softness in home prices is expected through the summer months in most regional markets. However, inventory levels peaked in May and will likely edge lower in the coming months, leading to more balanced conditions in the fall with a commensurate firming of home prices.

 

After a sharp pull back in new home construction last year, home builders are gradually increasing production to meet demand.  BC led the country in population growth over the last three quarters and with the inventory of complete and unoccupied units expected to decline, builders are adjusting production to match supply with household formation.

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I have sold a property at 15 - 17 & 1 - 9 West Cordova in Vancouver.
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