While recognizing that the outlook for the global economy had deteriorated and that uncertainty had increased since it released its October Monetary Policy Report (MPR), the Bank also made those same observations at its previous meeting on December 6^th.

Economic growth in Canada had more momentum in the second half of 2011 than the Bank projected in its October MPR, but it expects the pace going forward to slow by more modest than previously expected, due largely to factors outside Canadian borders. This reiterates statements made in December 2011. On the upside, the Bank said that “very favourable financing conditions are expected to buttress consumer spending and housing activity.”

The Bank releases its updated forecast for Canadian economic growth. It now estimates that the economy grew by 2.4 per cent in 2011 compared to the initial estimate of 2.1 per cent, owing to the better than expected end to the year.

The Bank projects growth of 2.0 per cent in 2012 compared to 1.9 per cent in the October MPR, and 2.8 per cent in 2013, down slightly from the previous 2013 forecast of 2.9 per cent, with the big picture being that past and current growth estimates have been revised upward at the expense of future economic growth.

“The Bank said it expects the pace of growth going forward to moderate by more than initially thought, but the forecast for growth this year has actually been raised slightly,” said CREA Chief Economist Gregory Klump. “That reflects a weaker than previously expected growth profile for the first half of 2012, followed by an acceleration in the second half of the year.”

“The Bank reiterated that its outlook remains subject to downside risks from the sovereign debt issue in Europe. Recent credit-rating downgrades to much of the euro zone point to potential contagion by way of a drop in financial market liquidity,” he added. “The bottom line is that the Bank rate is not going to be going up anytime soon, and we may see rates lowered should downside risks materialize.”

The Bank noted that “while the economy appears to be operating with less slack than previously assumed, it is only anticipated to return to full capacity by the third quarter of 2013, one quarter earlier than was expected in October.” Overall, inflation expectations remain “well-anchored.”

A number of financial institutions have recently dropped their five-year lending rates to a record low of 2.99 per cent. This is down considerably from the advertised five-year rate of 5.29 per cent when the Bank last met on December 6^th, 2011.

The Bank will make its next scheduled rate announcement on March 8^th, 2012.

Residential property sales of detached, attached and apartment properties totaled 1658 in December 2011, a 12.7% decline compared to the 1899 sales in December 2010 and a 29.7% decline compared to November 2011.

More broadly, last month’s residential sales represent a 34.1% decrease over the 2515 residential sales in December 2009, a 79.4% increase compared to December 2008’s 924 sales, and a 12.6% decrease compared to the 1897 sales in December 2007.

New listings for detached, attached and apartment properties in Great Vancouver totaled 1629 in December 2011 which represents a 4.1% decline compared to the 1699 units listed in December 2010 and a 49.4% decline compared to November 2011 when 3222 properties were listed for sale on MLS.

In West Vancouver, December 2011 recorded 38 detached home sales, down from 66 in November 2011. Attached home sales in West Vancouver decreased from 22 in November 2011 to 11 in December 2011.

West Vancouver new, detached listings for December 2011 fell from 93 in November 2011 to just 35 in December which is typical for the time of year. Attached listings fell to 13 in December 2011 from 22 in November 2011.

The benchmark price of a single family, detached home in West Vancouver increased 15.8% in 2011.

Thinking of making a move in 2012? Need more information regarding the market value of your home? Consider the benefits of using a Realtor with an unsurpassed track record in your neighbourhood. Over $200 million dollars in sales in 2011 alone.

Call me at 604.619.9131. Visit my website at www.brocksmeaton.com. E-mail me at brock@brocksmeaton.com

Brock Smeaton

Personal Real Estate Corporation

Prudential Sussex Realty

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3222 in November. This represents a 26.3% decline compared to the 4374 new listings reported in October 2011, but a 6.3% increase compared to November 2010 when 3,030 properties were listed for sale on MLS.

The total number of properties listed for sale on the Greater Vancouver MLS system currently sits at 14,090 which is 9% lower than October 2011, but an increase of 13% when compared to this time last year. 

In West Vancouver, November 2011 recorded 93 detached home sales compared to 149 last month. Attached home sales in West Vancouver increased from 17 in October to 22 in November.

West Vancouver new, detached listings for November 2011 reached 93, a decrease from 149 new listings in October 2011; attached listings fell to 22 in November 2011 from 35 in October 2011.

Thinking of selling? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Personal Real Estate Corporation, Prudential Sussex Realty

604.619.9131; brock@brocksmeaton.com; www.brocksmeaton.com

Residential property sales of detached, attached and apartment properties reached 2,317 in October which is a 1% decrease compared to the 2337 sales in October 2010 and a 3.2% increase compared to the previous month. Those sales also rank as the second lowest total for October over the last 10 years. 

New listings for detached, attached and apartment properties in Greater Vancouver totaled 4374 in October which is on par with the 10-year average. This represents an 18.3% increase compared to October 2010 when 3698 properties were listed for sale on the MLS and a 23% decrease compared to the 5680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS system currently sits at 15,377 which is 9.3% higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

In West Vancouver, October 2011 recorded 90 detached home sales compared to 71 last month. Attached home sales in West Vancouver increased slightly from 14 in September to 17 in October.

West Vancouver new detached  listings for October 2011 reached 149, a decrease from 189 new listings in September 2011; attached listings fell to 35 in October 2011 from 46 in September 2011.

Thinking of selling this Fall? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Personal Real Estate Corporation, Prudential Sussex Realty

604.619.9131; brock@brocksmeaton.com; www.brocksmeaton.com

Residential property sales of detached, attached and apartment properties reached 2,246 in September which is a 1.2% increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years. 

New listings for detached, attached and apartment properties in Greater Vancouver totaled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1% increase compared to September 2010 when 4,731 properties were listed for sale on the MLS and a 21.2% increase compared to the 4,685 new listings reported in August 2011.

At 16,085, the total number of residential property listings on MLS increased 4.6% in September compared to August 2011 and rose 4.4% compared to this time last year.

In West Vancouver, September 2011 recorded 71 detached home sales compared to 80 last month. Attached home sales in West Vancouver dipped slightly from 16 in August to 14 in September.

Thinking of selling this Fall? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Personal Real Estate Corporation, Prudential Sussex Realty

The Real Estate Board of Greater Vancouver reports that MLS statistics continue to indicate that we are in a balanced market. Our sales-to-actives listings ratio is currently 15% which is the lower end of a balanced market with the trend moving toward a buyer’s market over the past three months.

Residential property sales of detached, attached and apartment properties reached 2,378 in August which is an 8% increase compared to the 2,202 sales in August 2010 but also ranks as the third lowest total for August in the past 10 years.

Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months. Activity can differ significantly depending on the area and property type.

There are currently 15,437 residential property listings on MLS which is a 1.4% increase in August compared to the previous month and a 0.1% increase from this time last year.

In West Vancouver, August 2011 recorded 80 detached home sales compared to 86 last month. Attached home sales in West Vancouver decreased from 23 in July to 16 in August.

Thinking of selling this Fall? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Personal Real Estate Corporation, Prudential Sussex Realty

The Board is seeing less multiple offer situations in the market today compared to the last few months, however homes that are priced competitively continue to sell at a relatively swift pace; on average 41 days.

There are currently 15,226 residential property listings on MLS which is a 0.8% increase in July compared to the previous month and a 7.3% decline from this time last year. The number of homes listed for sale in the region has increased each month since the start of the year. The benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2% to $630,251 in July from $577,074 in July 2010.

In West Vancouver, July 2011 recorded 86 detached home sales compared to 134 last month. Attached home sales in West Vancouver decreased from 26 in June to 23 in July.

Thinking of selling this summer? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Personal Real Estate Corporation, Prudential Sussex Realty

The Real Estate Board of Greater Vancouver reports that residential property sales of detached, attached and aparment properties reached 3,262 in June, a 9.8% increased compared to the 2,972 sales in June 2010 and a 3.4% decline compared to the 3,377 sales in May 2011.

There are currently 15,106 residential property listings on MLS which is a 3.1% increase in June compared to last month and a 14% decline from this time last year. The benchmark price for all residential properties in Great Vancouver over the last 12 months has increased 8.7% to $630,921 in June 2011 from $580,237 in June 2010.

The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver. Since the end of May, the benchmark price of detached homes on the westside and in West Vancouver rose more than $147,000 and $80,000 respectively.

In West Vancouver, June 2011 recorded 134 detached home sales compared to 167 detached home sales last month. Attached home sales in West Vancouver decreased from 34 in May to 26 in June.

Thinking of selling this summer? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Personal Real Estate Corporation; www.brocksmeaton.com

There were 3377 homes sales in May, an 7% increase compared to the 3156 sales in May 2010 and a 4.7% increase compared to the 3225 sales in April 2011.

With a sales to listing ratio of 23%, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March.

On the list side, 5931 homes were listed in May 2011 which represents a 15.4% decline compared to May 2010 and a 1.4% % increase from April 2011. There are currently approximately 14,656 listings on MLS which is a 2% increase from last month and a 16% decline from this time last year.

The benchmark price over the last 12 months in Greater Vancouver has increased 6.2% or $36,906.

In West Vancouver, May 2011 recorded 167 detached home sales compared to 141 detached home sales last month.

Attached home sales in West Vancouver declined just slightly to 34 in May compared to 35 sales last month. 

Thinking of selling this summer? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Prudential Sussex Realty 604.619.9131

www.brocksmeaton.com

There were 3225 homes sales in April, an 8.2% decrease compared to the 3512 sales in April 2010 and a 21% decline compared to the 4,080 sales in March 2011.

On the list side, 5847 were listed in April, which represents a 23.5% decline compared to April 2010 and a 14% decline from March 2011. There are currently approximately 14,187 listings on MLS.

The benchmark price over the last 12 months in Greater Vancouver has increased 5% or $29,572.

In West Vancouver, April 2011 recorded 141 detached home sales compared to 152 detached home sales last month.

Attached home sales in West Vancouver recorded a decline to 35 sales in April compared to 37 sales last month. 

Thinking of selling this summer? Need more information regarding the value of your home? Please call me anytime; I would be pleased to provide you with a confidential market evaluation of your home.

Brock Smeaton, Prudential Sussex Realty 604.619.9131

www.brocksmeaton.com