Today's interest rate announcement will be Mark Carney's last as Governor of the Bank of Canada, however that is the only meaningful change as the Bank once again opted to leave its overnight target rate at 1 per cent.  The Bank expects first quarter growth to be stronger then its original projection of 1.5 per cent, and forecasts that the remainder of the year will remain in line with its April projection. The Bank expects inflation will remain subdued before rising to 2 per cent in mid-2015 when the economy returns to full capacity. The Bank once again stated that the considerable monetary policy stimulus currently in place will remain appropriate for an unspecified "period of time" after which some withdrawal will likely be required.

The Bank of Canada remains caught between the rock of a muddling economy and the hard place of elevated household debt burdens. If the second half of this year unfolds as most forecasters expect, economic growth should accelerate, helping inflation to get back on a path to the Bank's 2 per cent target. However, if that scenario does not unfold and the economy continues its slow growth trend, the "period of time" the Bank has noted may stretch out longer than the Bank currently has in mind. Our own analysis of the Canadian economy suggests there will not be any movement on interest rates until late 2014.

Information provided by www.bcrea.bc.ca

Use a yard sale to reduce the clutter in your home and get rid of items you don't want to move.

1.    Check with your municipality to see if you need a permit or license.

2.    See if neighbors want to participate and have a "block" sale to attract more visitors.

3.    Advertise. Put an ad in free classified papers, put up signs and balloons at major

       intersections and in stores near your home.

4.    Price items ahead and attach prices with removable stickers. Remember,  yard sales are

       supposed to be bargains, so don't try to sell anything of  significant value this way.

5.    Check items before the sale to be sure you haven't including something you want by

       mistake.

6.    Keep pets away from the sale.

7.    Display everything neatly and individually so customers don't have to dig through boxes.

8.    Have an electrical outlet so buyers can test appliances.

9.    Have plenty of bags and newspaper for wrapping fragile items.

10. Get enough change, and keep a close eye on your cash.

Thinking of buying or selling real estate? Call The Dion-Ivans Real Estate Group today!!

Property Type:
25.9% by First Time Buyers  (up from 16.2 in March)*
18.6% of purchases were by Move-Up Buyers  (down from 24.6% )
11.8% buying Revenue/Investment Property  (up from 10.6%)*
10.5% moving from Single Family Home to Strata Unit  (same as March – 10.6%)
5.5% moving into Retirement Home/Seniors Community  (down from 7.8%)
4.5% moving from Strata property to Single Family Home  (down from 6.1%)

* During the month of April, there was substantial increase in purchases by First-Time Buyers and a nominal bump-up in Revenue Property purchases by Investors, while other categories saw a drop or remained the same as the previous month.

Buyer Type (Family Dynamic):
24.8% Two Parent Family/Children (up from 23.1% in March)**
22.6% Empty Nesters/Retired (down from 27.5%)
21.7% Couple without Children (down from 25.8%) 
12.8% Single Male (up from 7.7%)**
10.6% Single Female (down from 12.6%)
5.3% Single Parent with Children (up from 2.2%)**

** In April, there was an increase in purchases by Two Parent Families with Children, and a significant rise in purchases by Single Males and Single Parents with Children, while other categories saw decreases.

Moving From: 
56.6% from Within OMREB Board Area  (down from 57.6% in March)
19.0% from Alberta (up from 17.9%)***
11.1% from Lower Mainland/Vancouver Island  (up from 8.7% )***
9.3% from Other Areas in BC  (down from 10.3% )
1.3% from Saskatchewan/Manitoba (down from 2.7%)
1.3% from NWT/Yukon (up from 0%)***
0.9% from Outside Canada  (down from 1.1%)
0.4% from Eastern Canada/Maritimes (down from 1.6%)

*** Compared to March, there was more movement from Alberta, Lower Mainland/Vancouver Island, and NWT/Yukon during April, and less migration from all other areas.

Information provided by www.omreb.com. 

Call The Dion-Ivans Real Estate Group for more information!!

Even if you’ve purchased a home before, you may still find the terms and acronyms used in the real estate industry a little baffling. What in the world does “4B/2B” mean anyway? Here’s a quick list that will help you get a handle on the most common lingo you’re likely to come across.

FP. Fireplace. It might also indicate type. For example, FP-gas.

DK. Deck.

4B/2B. The first number refers to bedrooms; the second, bathrooms. So, in this case, there are four bedrooms and two bathrooms. (Sometimes the letters are left out, so you might see “4/2” in a property description.)

HDW or HWF. Hardwood floors.

In-law potential. This refers to a basement or other section of the house that can be converted into a separate apartment. 

MLS. Multiple Listing Service. This is a service that provides its members, primarily REALTORS®, with detailed information on all the properties for sale in the area.

Closing costs. These are the additional costs that are due from the buyer upon closing and often include lawyer’s fees, land transfer tax, and other costs.

AC or A/C. Air conditioning.

WD or W/D. Washer/Dryer.

Fin W/O. Finished walkout.

Of course there are many other buzzwords and acronyms you’re bound to come across when you shop for a home. Don’t be afraid to ask what they mean.

Interested in more tips on how to make your home hunting experience go smoothly? Call the Dion-Ivans Group today!!

Canadian building permits rose 8.6 per cent in March to $6.5 billion, the third consecutive monthly advance. Much of the increase was a result of large increases in the Ontario and Alberta non-residential sector which pushed non-residential permits 19 per cent higher while residential permits posted a 1.7 per cent increase.

After a significant decline in February, BC building permits increases a modest 1.7 per cent in March, with balanced contributions to growth from the residential and non-residential sectors. However, on a year-over-year basis, total building permits were close to 7 per cent lower.

Looking at permit activity in BC's four major census metropolitan areas (CMA),  permits rose 43 per cent in the Kelowna CMA from February, but were 14 per cent lower year-over-year. In the Abbotsford-Mission CMA, permits jumped 70 per cent on a monthly basis but were 21 per cent lower than March 2012. In the Vancouver CMA, permits fell 12 per cent on both a monthly basis and year-over-year. Finally, in the Victoria CMA, permits more than doubled compared to February and were 9 per cent higher than March 2012.

Information provided by www.bcrea.bc.ca