Team Aragon

Join Team Aragon for an Open House this Saturday, January 29th from 2-4pm at #68 - 2000 Panorama Drive. This beautiful 2 bedroom home is located in Heritage Woods, Port Moody. Just follow the Team Aragon signs. See you there!

VANCOUVER, B.C. – January 29, 2009 –Yesterday’s federal budget offered a number of initiatives to benefit homebuyers and homeowners in our communities.

“The housing measures tabled in yesterday’s budget will go a long way to addressing local economic uncertainties, consumer confidence and the quality of life in our neighbourhoods,” said REBGV president Dave Watt. “Home sales are so important to our economy. Each time a home changes hands, the transaction generates significant spin-offs and jobs because homebuyers also purchase furniture, appliances, carpeting, and numerous other goods and services related to their homes.”

The federal budget announced a new First-Time Home Buyers' Tax Credit of up to $750 to help homebuyers with closing costs such as land transfer taxes and legal fees, a new Home Renovation Tax Credit of up to $1,350 for homeowners who renovate, a new funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements and a new social housing program.

The federal budget also announced an increase to the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000. The Plan was first introduced in 1992 to help first-time homebuyers by allowing them to withdraw from their RRSPs to buy a home. The withdrawal limit had not been increased since then. Eligible couples can now withdraw up to $50,000.

Courtesy of: REBGV

http://heritagemtnhomes.ca/ has neighborhood home and school information for Heritage Mountain in Port Moody. 

“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.

“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households."

*Courtesy of the BCREA

These are questions asked in a changing real estate market. The answer depends more on your own situation than market conditions.

The real estate market today is moderating after five record-setting years. That means greater affordability for buyers. It could also mean lower than expected prices for sellers. But if you’re selling one home to buy another, chances are you won’t lose because you will not have to pay as much for your new home.

Is the Canadian housing market heading towards the same crisis as in the United States? The experts say no, because of several fundamental differences. Canada has more conservative mortgage lending practices. Fewer speculative buyers. And not the same glut of housing supply.

Today’s real estate market cycle is trending towards fewer homes sold and slightly lower prices. As with all cycles, this will eventually change.

There are lots of references to the real estate market in the media today. Our real estate market is feeling the impact of the global economic slowdown, and the effects of the credit crunch that began in the United States in 2007. Your local REALTOR® can help you cut through that media clutter.