6030 MCCONNELL Road, Harrop

This unique property in Harrop is not in the ALR and zoning allows for subdivision and many other possibilities. Beautiful open spaces for multiple RVs or cabins. There is an existing cabin, plus a prime building site for a new home. Walk to the lake, a boat launch is across the road, golf 10 minutes away, backwoods wilderness trails for hiking, biking, horseback riding, x-country skiing or atv-ing. The new 1150 sq. ft. off-grid wood-heated building can be used as a summer/winter cabin, a workshop/studio, for storage or convert to a conventional home. Open concept and very versatile. The property and buildings are well set up for part time summer or winter use, with little maintenance required. Local services include a year round general store with liquor and gas and a bakery cafe.  MLS #2394185  $199,900

listing information courtesy of Fair Realty

Best Rate Mortgages

BC Home Sales Edge Lower in November

The British Columbia Real Estate Association (BCREA) reports that a total of 5,490 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during November, up 17.3 per cent from November 2012. Total sales dollar volume was 36 per cent higher than a year ago at $3.06 billion. The average MLS® residential price in the province was $557,586, up 15.9 per cent from November 2012.

"While home sales were up year-over-year, they eased back from October as slow economic growth and anemic job creation negatively impacted consumer demand,” said Cameron Muir, BCREA Chief Economist. “Low mortgage rates, however, continue to remain accommodative to housing demand."

"Average prices were skewed higher last month as the composition of sales in Vancouver and the Fraser Valley tilted toward single-detached homes,” added Muir. “The MLS® Home Price Index points to relatively stable prices, with the year-over-year change up 1 per cent in Vancouver and down 0.4 per cent in the Fraser Valley."

Year-to-date, BC residential sales dollar volume was up 10.1 per cent to $36.7 billion, compared to the same period last year. Residential unit sales were up 6 per cent to 68,510 units, while the average MLS® residential price was up 3.8 per cent at $535,411.

Copyright BCREA - reprinted with permission 

Canadian Housing Starts

Canadian housing starts fell 3 per cent in November to 192,235 units at a seasonally adjusted annual rate (SAAR).  The trend in Canadian new home construction declined slightly to 194,014 units SAAR over the past six months, a rate that is slightly higher than demographic demand suggests is needed.  On a year-over-year basis, housing starts were down 5.5 per cent.

New home construction in BC urban centres increased in November by 12.5 per cent to 26,954 units SAAR . On a year-over-year basis, total starts were 23 per cent higher than November 2012. Single-detached starts were up 47 per cent over last November, while multiple starts rose 15 per cent. Year-to-date, total BC housing starts are down 3 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA rebounded from some weakness in October, rising 19 per cent year-over-year at 1,477 units.  Single family starts increased 62 per cent while multiples were up 10 per cent. In the Victoria CMA, total starts fell 15 per cent year-over-year as a sharp drop in multiple unit starts offset a rise in single detached units. New home construction in the Kelowna CMA continues to post marked improvement. Total starts doubled year-over-year in November on strength in both single detached and multiple unit starts.  In the Abbotsford-MIssion CMA, starts increased 50 per cent from November 2012.

Copyright BCREA – reprinted with permission 

Canadian and US Employment

The Canadian economy gained 22,000 jobs in November, while the unemployment rate held steady at 6.9 per cent. For all of 2013, employment growth has averaged 13,400 jobs per month.

In BC, employment declined once gain, falling by 8,200 in November as both part-time and full-time work saw job losses. The provincial unemployment rate rose by 0.2 points to 6.7 per cent. Year-to-date, the total level of employment has decreased 0.2 per cent.

In the United States, the economy seems to be gathering significant momentum. Not only was third quarter Real GDP growth revised higher to 3.6 per cent, but non-farm payrolls grew by 203,000 jobs while the unemployment rate ticked lower to 7 per cent.

Copyright BCREA - reprinted with permission 

Canadian Building Permits

Canadian building permits increased 7.4 per cent in October to 7.2 billion, the second consecutive monthly increase. The rise in building permits was led by stronger permitting activity in the Ontario residential and non-residential sectors.

Construction intentions in BC were close to 1 per cent higher in October, following a decline of 6 per cent in September. The value of building permits, however, was down 2.5 per cent compared to October 2012. Residential permits were up 6 per cent from September and 14.5 per cent higher year-over year while non-residential permits fell 7 per cent on a monthly basis and 23 per cent year-over-year.

Building permit activity across BC's four major census metropolitan areas (CMA) was mixed in October. In the Abbotsford-Mission CMA, permits fell sharply from strong permit activity in September, declining 55 per cent on a monthly basis. However, permits were 10.7 per cent higher year-over-year.  Construction intentions in the Victoria CMA declined for the third consecutive month, falling 24 per cent from September and 25 per cent year-over-year. In the Kelowna CMA, permits rebounded in October, rising 57 per from September and 19 per cent year-over-year.  Finally, in the Vancouver CMA  building permits rose 6.1 per cent month-over-month and 19 per cent year-over-year.

Copyright BCREA –reprinted with permission 

Nelson BC Rental

Modern 2 Bedroom available January 1st

Located in upper Fairview, just one block from the Selkirk College 10^th Street Campus, this 2 bedroom basement suite was recently renovated and features a bright sunny kitchen and your own private patio. Other features include:

·         Private ground level entry

·         4 piece bathroom

·         in suite laundry

·         modern kitchen with glass top stove

·         small storage area

·         off street parking

·         quiet dead end street

·         will consider a small friendly pet

Close to the Rails to Trails pathway for bike rides,, cross country skiing and walks, this suit is located within a family home and suits a quiet, clean and respectful single person or couple. It is a Non Smoking property. References are required. $850 per month plus utilities ($100/m).  Call Robert at 250-354-8500   robert@valhallapathrealty.com

Dominion Lending Best Rates

Bank of Canada Interest Rate Announcement

The Bank of Canada once again opted to maintain its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank highlighted that inflation continues to move below the Bank's 2 per cent target due to significant excess supply in the Canadian economy. It also noted that the risks to inflation appear to be to the downside, meaning it sees the risk of continued below target inflation as a more likely outcome than a rise in inflation. This, along with the Bank's expectation of a "soft landing" in the Canadian housing market, suggest that monetary policy will remain highly accommodative.

The Bank of Canada is currently projecting that excess supply in the Canadian economy will be eliminated sometime in mid-2015. Keeping in mind that the Bank has spent the past several years pushing that date back, if the Canadian economy does accelerate as most expect in 2014, a gradual rise in short-term interest rates will follow. Importantly, an uptick in Canadian economic growth next year will most likely be the result of stronger external demand, particularly from a resurgent United States.  However, stronger growth in the US economy will also put upward pressure on long-term yields, lessening some of the urgency for monetary tightening. For that reason, we expect that eventual Bank of Canada tightening will occur very slowly, beginning with a 25 to 50 basis point increase in the overnight rate in 2015.

Copyright BCREA -reprinted with permission 

Canadian Third Quarter Real GDP Growth

The Canadian economy grew 2.7 per cent at an annual rate in the third quarter, the fastest pace of growth in almost two years.  The economy was given a boost by an uptick in business investment which helped to offset a slight deceleration in household spending and a dip in exports. Moreover, while third quarter growth was strong, a significant portion of that growth came from accumulation of inventories and therefore we do not expect a repeat performance in the fourth quarter. 

Although today's GDP report was welcome news for the Canadian economy, It is unlikely to influence the Bank of Canada's interest rate decision next week. It will take several quarters of similar growth and a concomitant rise in inflation before the Bank of Canada moves on interest rates, an outcome we do not see until 2015.

Copyright BCREA - reprinted with permission