Real Estate News · 14. March 2019
In a release March 13, 2019 BCREA states that the B20 stress test (for buyers with 20% or more down payment) continues the be a drag on the housing market in BC. The release reports that for residential units (all types) sales were down 27% for February 2019 compared to February 2018. Further, the average price was down 9.3% compared to last year. For our Board area (Vancouver Island Real Estate Board - VIREB), which covers the Island from the Malahat northward, unit sales were down 27.9%....
Real Estate News · 15. January 2019
In a January 15, 2019 BCREA release (BC Real Estate Association) they noted that BC home sales declined 24.5% in 2018 across the province. Residential sales (all property types) were 103,758 units in 2017 and 78,345 units in 2018, which is below the 10 year average. Cameron Muir, BCREA Chief Economist sates, "The sharp decline in affordability caused by the B20 mortgage stress test (effective January 1, 2018 for mortgages with 20% or more down payment) is largely to blame for decline in...
Real Estate News · 14. January 2019
On June 15, 2018, the Office of the Superintendent or Real Estate (OSRE) implemented a new set of rules which Realtors must adhere to and new forms to use. These new forms replace the old Working With a Realtor (WWR, highlights added) form which was used in the past. After working with the new rules and forms for 6 months I decided to post this blog to explain things in more detail as the OSRE did little to educate the public. This is a long post as the changes fundamentally changed how we work...
Economy · 19. December 2018
After accurately forecasting the rise in mortgage rates since the summer of 2017, the BCREA Mortgage Forecast for December 2018 is suggesting there may be a pause in the increase of interest rates. BCREA states in the forecast: "Midway through 2018 everything seemed to be pointing to sharply higher mortgage rates. The Canadian economy was soaring, the Bank of Canada and its counterpart in the US were resoundingly hawkish and bond yields were testing multi-year highs. However, declining oil...
Economy · 07. December 2018
BCREA announced that the Bank of Canada elected to leave its overnight rate at 1.75% rather than continuing the Bank's objective to "normalizing" its policy rate to between 2.5% and 3.5%. Reasons cited for the decision included that the economy will be challenged by Alberta's cutbacks in oil production. Other factors include the announced shutdown of GM's Oshawa plant, slowing housing market across Canada and a potentially sharp slowdown in US economic growth next year. Given these factors and...
12. April 2018
I am preparing for my quarterly newsletter, which means pulling stats and looking at the numbers. Something odd, and unexpected came up, which is summarised nicely by this release from BCREA. Demand is down, as noted in this release. Here on the Island, compared to March of 2017, we are down about 18%, though March 2017 was a very strong year. Yet, and this is what surprised me, inventory levels have gone down further since December. In December, after the rush of sales getting in before the...
Real Estate News · 10. March 2018
BCREA released its Housing Forecast Update last week and they are continuing to forecast a slower pace in the housing market. . In it they note some competing factors and are forecasting a 10.8% drop in units sold for the Vancouver Island Real Estate Board area (Malahat northward). Prices are forecasted to increase 7.6% percent for 2018, which is more reasonable than the 2.4% forecasted in November. The major factors include: Strong economy: "The BC experienced four consecutive years of 3 per...
Economy · 22. February 2018
Within the 2018 Budget announced February 21st, is a section titled Homes for BC. This includes "a 30-point plan for housing affordability in B.C." Minister of Municipal Affairs and Housing, Selina Robinson, states; "Home prices didn't spike overnight, and our housing problems can't be fixed with a single budget. It will take years of sustained action to bring housing affordability home." In a release BCREA disagrees that these moves will bring stability to the markets. Here they note the...
Real Estate News · 20. February 2018
In a news release (highlights added) with this title the BC Real Estate Association (BCREA) reported that home sales in January were 10% lower than December on a seasonally adjusted basis. If you conclude, as I did, that this headline is suggesting the markets have slowed, that is not the case. The real story here is that December was a very strong month as buyers rushed in to beat the new mortgage stress test that took effect January 1, 2018. The release notes that January sales were up 18.3%...
02. February 2018
As of today I have been unable to find any truly analytical assessments or forecast of the impact of the new stress for the housing market, especially here on the Island. The new 2018 stress test applies to mortgages with 20% or more down payment. Reaction from industry experts was somewhat alarmist with opinions that this was not needed or has gone too far. This article in the Huffington Post reports an estimation from a mortgage professional that the new measure will reduce unit sales by...

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     About Gerry

Information and Interpretation
Selling or buying real estate is a major financial endeavour with many factors to consider. While you have a wealth of information available to you on the internet, interpreting that information is another matter.

This is where I come in. Not only do I research and provide you the information you need, I take it to the next level and analyze and interpret that  information for you. I will tell you what I think, what we do is up to you.


As a client, your Realtor works for you, and this is a principle I hold dear.  I see my job as providing you with information, interpretation, services and guidance, not to push you on a course of action.

Unparalleled Service
I have a simple code, I don't sell, I service. I assume my clients are perfectly able to make their own decision once they have the information they need. I spend my time providing information, guiding people through the process, and making sure all the bases are covered, not in high pressure sales.

Over the years I have received very complementary feedback from clients. See Client Feedback.

Integrity
Integrity, simply defined, is being honest and fair. This is further enhanced by one of a Realtor's prime duties, which is not to put anyone's interest above their clients, including their own.  This a duty I take very seriously. My personal outlook after over 30 years in business, is that whenever I experience high pressure sales I start to question the integrity of the person selling me.  Are they looking after my best interest or theirs?

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Blue illustration of Gerry Chwelos, Realtor, Pemberton Holmes.

Gerry Chwelos, REALTOR®

PEMBERTON HOLMES LTD.

Tel: 250-8975465

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