Rossetti Real Estate Review | January 2011
The North Shore real estate market has gotten off to a busy start. Current low inventories, increasing consumer confidence, and soon to be implemented tighter mortgage rules have made for busy open houses and good sales activity. That said, sales trail 2010 levels when we saw increased pre-Olympic activity.
In response to rising consumer debt, the Federal government announced new mortgage lending rules to take affect March 18th. These new rules limit the maximum amortization to 30 years (from 35) and limit the amount of equity you can take out of your home when refinancing (max 85%). One of the affects of these changes will be to reduce the overall purchasing power of entry level buyers, which in the long term should dampen the market.
In early January BC Assessment distributed 2010 property assessments. These assessed values are a reflection of value as of July 2010. The market for the first half of 2010 was much stronger than the market in the later part of the year making current assessed values in many cases higher than current market value. If you have applied to appeal your assessment and require sales information to support your appeal, we will be pleased to assist you.
If you are thinking of making a move, either now or in the coming months, start planning early. Our team would be pleased to offer suggestions for preparing your home for the market and offer tips on renovations that offer the best return at resale.
Sincerely,
Aaron | Jordan | and Tony Rossetti
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