No surprises from the Bank of Canada this morning. The Bank left its overnight rate at 1 per cent, where it has been since September 2010.  The statement released this morning in support of the interest rate decision noted that while global economic headwinds continue to restrain economic activity, the Canadian economy is growing roughly in line with its production potential.  On inflation, the Bank sees core inflation returning to its 2 per cent target over the next 12 months.

The Bank once again made clear that a gradual withdrawal of monetary stimulus may be become appropriate as excess supply in the Canadian economy is absorbed, but that such withdrawals would need to be weighed against domestic and global economic developments. Given ongoing uncertainty in the Euro-zone and the unresolved "fiscal cliff" in the United States, that caveat means that the Bank will likely hold off on raising rates until early 2013. We expect monetary tightening to proceed very cautiously, with perhaps a 25 to 50 basis points increase over 2013, bringing the Bank’s overnight rate to between 1.25 and 1.5 per cent by the end of next year.

Information provided by www.bcrea.bc.ca

Property Type:
22.8% of purchases were by Move-Up Buyers
19.9% by First Time Buyers
13.1% moving from Single Family Home to Strata Unit
10.7% buying Revenue/Investment Property (up from 6% in June)*
9.7% purchasing Recreation Property  (up from 7.6% in June)*
4.4% moving from Strata property to Single Family Home 
3.9% moving into Retirement Home/Seniors Community

* During the month of July there was a significant jump in sales to Buyers of Revenue/Investment Property (10.7% compared to 6%) and Recreation Property (9.7% compared to 7.6%)  over June.

Buyer Type (Family Dynamic):
26.4% Two Parent Family/Children
24.5% Empty Nesters/Retired  (up from 16.7% in June)**
19.9% Couple without Children 
16.7% Single Female (up from 13.5% in June)**
10.2% Single Male
4.6% Single Parent with Children

** In July, there was a significant increase in purchases by Empty Nesters (24.5% compared to 16.7%) and Single Females (16.7% compared to 13.5%) over June.

Moving From: 
47.2% from Within OMREB Board Area
19.4% from Alberta (up from 13% in June)***
13.4% from Lower Mainland/Vancouver Island 
9.7% from Other Areas in BC 
4.6% from Eastern Canada/Maritimes (up from 2.1% in June)***
2.3% from Saskatchewan/Manitoba 
1.9% from Outside Canada  
1.4% from NWT/Yukon (11th month reported – up from 0% in June)***

*** Compared to June, there was more migration from Alberta(19.4% of purchases compared to 13%),  Eastern Canada and the Maritimes (4.6% compared to 2.1%), and from the North West Territories and Yukon (1.4% compared to 0%) during the current reporting month (July).

When shopping for a new home, it's a good idea to try and see the potential of the property you're viewing. It may not be exactly what you're looking for "as is", but it may have the potential to become your dream home after some redecorating or renovating.

The challenge is, judging how much work is required. You don't want to buy a home with the expectation that it requires a $20,000 renovation, only to discover that it really needed three times that much!

That’s where a good REALTOR® can help.

He or she can help you get a realistic estimate of the cost of repairs, upgrades, and renovations, and even recommend some reputable interior designers or contractors.

That way, when you see a home with "potential", you'll be able to make a more informed decision.

Want more tips on finding and buying your next dream home? Call the Dion-Ivans Group today!!

Let's face it. Life can get complicated, complex and stressful very easily. Luckily, there are plenty of ways to simplify your life, especially at home. Here are some tips from the experts:

• Don't be ruled by the TV guide. Instead, select what you want to see and then record those shows. That way, you can watch them anytime.
• Prepare some meals in advance that can simply be heated up as needed. That reduces a lot of "after-work, gotta-get-dinner-ready" stress.
• Create a weekly dinner menu. It takes some time to prepare, but it allows you to shop effectively, and greatly reduces the stress of figuring out what to cook each day.
• Don't accumulate stuff you don't want or need. Give those things away.
• Simplify your cleaning by dividing tasks into ten minute chunks (such as vacuuming the living room.) Then fit those tasks in here and there whenever you have ten minutes.
• To avoid clutter, adopt the "touch it once" rule, which simply means putting things where they belong right away.
• Think of the home-related chore you hate doing most. Can you outsource that to a local company, or a neighbour looking for some work?
• Limit the time you and others in your family spend checking emails and text messages. Consider having an hour or two each evening that's "no screen" time.
• Develop healthy routines, such as evening walks and family board game night.

These are just a few ideas. If you want to simplify your home life, you can probably brainstorm several other strategies and habits you can try. The idea is to make your home an enjoyable place to be – for you and your family.

Like most things in life, shopping for a new home can either be time-consuming and stressful, or fun and satisfying. It just depends on how you go about it.

There are many things you can do to make the home shopping process go smoothly and accomplish what you want: finding the home of your dreams at a price you can afford.

Here are some ideas:

• Get pre-approved. Find out from your bank or lender how much you qualify to borrow. That will give you confidence when home shopping, because you’ll know that, should you find the right property, financing won‘t be a problem.
• Make a list. Write down everything you want in a new home.The obvious items include the number of bedrooms, size of backyard, location, etc. But also list not-so-obvious features, such as walking distance to public transit and the potential for a large recreation room in the basement.
• Take a camera. After seeing a few homes, you may not remember every important feature and characteristic. So be sure to take pictures (where allowed) of the properties you view as well as the neighbourhoods. They’ll be invaluable when shortlisting potential properties later on.
• Keep an open mind. There’s probably an ideal home available for you on the market. But it might not be exactly what you had originally envisioned. So try to be flexible when considering potential homes. If, for example, a property doesn’t have a big deck for entertaining, you can always have one built.
• Take care of yourself and your family. When you’re viewing properties, bring some healthy snacks and water with you.  Take regular breaks, especially when you’re seeing multiple homes. And don’t see too many properties at a time especially if you’re bringing young children with you.  

Also, find a good REALTOR® to help you. He or she can make the home shopping process go smoothly.

Looking for a good REALTOR®? Call the Dion-Ivans Real Estate Group today!!

You see a home on the market that you like. Should you buy it?  Before you make an offer, it’s a good idea to get a sense of the property’s long-term potential. After all, a property is not just a potential home, it’s also an important investment. 

Here are some things to look for when viewing homes on the market:

• Is the area’s average income increasing? The more affluent a neighborhood becomes, the higher the property values.
• Are employment opportunities growing nearby? If jobs are leaving the area, housing prices will likely decline.
• Are there any nearby housing or community developments that will enhance the quality of life in the area? If a park with a quiet walking trail, or a prestigious golf course, is being built nearby, the value of the neighbourhood will increase.
• Is the crime rate on the rise or decline? This can have a significant impact on future property values.
• Are there public transit lines located nearby? Studies show that housing prices increase in areas where public transit is close and convenient.
• Is the property located in a neighbourhood dominated by higher priced homes?
• Does the property have features that will always be valued by home buyers, such as a large kitchen, spacious backyard, and professionally finished basement?
• Are there short-term negatives about the area that will eventually disappear, such as loud construction projects?  Once those negatives are gone, house prices will often jump.

Need help finding the right home for you? Call the Dion-Ivans Group today!!

There’s nothing wrong with that.

In fact, you may have pictures on the fireplace mantle showcasing happy family memories over the years… or trophies and other awards in the kids’ bedrooms that represent achievements that make you proud… or a fridge door covered with notes, a calendar and other items that make it a de facto family bulletin board! 

These are all things that help make a house truly a place to call “home”.

But when it comes time to sell, all that personality can work against you. When buyers view your property, they want to visualize themselves living there, not you and your family. 

Have you ever noticed how model homes are often furnished and decorated? All the rooms look beautiful and enticing. They draw you in. Why? Because, although all the rooms in the model home look great, they’re also impersonal. There’s no uncomfortable sense that you’re in a stranger’s home. So you can easily see yourself living there.

And that’s exactly what you should strive for when preparing your house for sale.

You can’t get rid of every personal item. That would be impractical.  But there’s a lot you can do to depersonalize your home. For example, you can:

• Take down family pictures
• Clear items from the fridge door
• Store trophies in a box
• Remove personal knick knacks and similar items
• Keep only general titles on a bookshelf and store the rest.

The more easily buyers can see themselves living in your home, the more likely they are to become interested in it and make an offer. 

Want more ideas for making your property look even more appealing to potential buyers? Call the Dion-Ivans Group today!!