What's happening in the current market?  Are prices up or down?  Are sales up or down?  Read my monthly e-newsletter to answer all of these questions and more...and to stay on top of changes in the industry.  Enjoy!

November 2012 With rates still at an all time low (you can get a 5 year rate for 2.65% right now), this continues to be the perfect atmosphere for buyers.  Although prices are softening in most areas, we saw price increases last month on the westside for both detached houses and condos/townhouses.  November and December are typically the slowest months of the year for real estate, giving buyers another incentive to take the plunge before the typically busy spring market arrives.  With the increase in sales last month, I'd say buyers are starting to realize now is the time to make their move.  Ski season is around the corner, the excitement of Christmas not far behind that, so enjoy these next few weeks, and if I can help you with your real estate needs in any way, don't hesitate to contact me.       New Listing! I am selling this great house on the east side.  It has retained all of the character & charm, but has all the modern renovations where you want them.  If you haven't been in the Renfrew area, (south of Hastings and east of Nanaimo) you need to check it out.  Wide streets allow the sun  to shine in on the houses, giving you space between your neighbours, and an open, airy feel on the street and in the yards.  It was the second highest selling East Van neighbourhood in October.  And I can see why!  Walk just a few blocks to all of the great bakery's, delis, & cafes.  This neighbourhood used to be the Italian district, but is now know as the East Village (love the name), and young couples & families are flocking to this next-to-be-discovered neighbourhood.   View the listing details.  And it comes complete with a white picket fence!  Drop in to my open house this weekend and say hello...2467 E Georgia St. 2-4pm.  Market Statistics The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices (although the westside increased in price) in October compared to the summer months.  It seems buyer demand has increased slightly in October.  Buyers are still in a great position with crazy low interest rates, more choice, and less time pressure in terms of decision-making.  This translates to a calmer atmosphere for buyers.   Read More... Circle Craft Christmas Market & Eastside Culture Crawl Are you thinking about Christmas yet?  I've already seen a Christmas tree in a window display.  It seems early, but if you want to get a jump start on the prezzie buying, or just to get in the Christmas spirit, the Circle Craft Christmas Market  is a great start.  Showcasing BC and Canadian artisans, this market has been wowing visitors since 1973.  Pottery, glass blowing, jewelery, clothing designers, and much, much more.  Located at the Convention Centre, and only $10 to enter, it sounds like a good way to spend a few hours this weekend.  And don't miss the Eastside Culture Crawl this year, Nov 16-18.  You can do some Christmas shopping here too.  Or buy some art for your own home.  Stroll around the Gastown/Strathcona neighbourhoods and visit local artists in their studios.  See this neighbourhood like you've never seen it before.  It's not to be missed!  Eastside Culture Crawl

RE/MAX and I would love to help you win 24 tickets to a WHL game!  Watch this video for info on how to enter...

The good people (yes I mean lawyers) at Spagnuolo & Company have produced this video to make things a little easier to understand.  Information about the BC First-Time Home Buyers' Bonus.   Watch video...

If you prefer to get the October 2012 Greater Vancouver Real Estate Boards stats by video, click here...

I posted the general stats on Friday for Greater Vancouver.  Now, you can see the detailed stats for your neighbourhood.  View here...

Of course you should!

“Whether the suite is legal or illegal, having insurance coverage is vital,” says Chambers who notes there is a misconception among home owners that their existing policy will cover a suite. “It doesn’t,” says Chambers.

A home owner who doesn’t tell their insurer about a suite and that there are two households living in the home, opens themselves up to significant risk.

"An unreported and uninsured suite could potentially void the existing insurance contract on the primary residence if there is a flood or a fire,” explains Chambers.

Some home owners may not properly insure their property because of fear that their insurer will report the suite to the local municipality. “This isn’t true,” says Chambers. “However, we always advise our clients to comply with local bylaws and report and register the suite with the local municipality.”

How much will insurance cost? “About 10% of the cost of your total home insurance. So if you’re paying $1,200, it will cost you an additional $120,” says Chambers.

Home owners who rent their secondary suite can also buy separate comprehensive rental insurance. Depending on the insurer and on the policy, this can cover vandalism and damage by tenants, typically up to a payout maximum limit of $5,000. This insurance doesn’t cover the tenant’s belongings. The tenant has to buy their own insurance for their possessions.

Home owners with laneway homes, coach homes above garages and other authorized or unauthorized accommodation on their property should also let their insurer know and should buy appropriate coverage.

Generally speaking, October saw a few less listings, a few more sales, and a slight decrease in prices over the summer months.  Remember, Greater Vancouver spreads from Maple Ridge to Whistler and the Gulf Islands, so what is important for you is what is happening in your local neighbourhood.  Call me for details, or  Check out the detailed stats here...

People are always asking me if we are headed in the same direction as the US housing market.  I don't get this question as much as I used to, but I still get asked it.  I think people are seeing that we are standing on our own two feet up here in Canada.  By the way, my answer is always the same...no.  Our lending restrictions are much tighter so buyers who cannot aford to buy, won't be buying.  These restrictions are protecting everyone.  Benjamin Tal states "...any comparison to the American market of 2006 reflects deep misunderstanding of the credit landscapes of the pre-crash environment in the US and today's Canadian market."  Read his full report...