Real Estate News

Real Estate News · 30. May 2019
This is one of two blogs on this topic. This one briefly reviews the Money Laundry report issued by Peter German and the provincial government. The second will look into some of the programs designed to tackle this issue. I have to say, when listing to the press conference and reviewing the report I had two reactions. First, it filled in the holes for me as to how you could buy real estate with "dirty" money. Finally I understand, and was sadden to see lawyers' trust accounts play a significant...
Real Estate News · 31. March 2019
BCREA released its Mortgage Forecast Update in March of 2019. They note a couple of factors that suggest mortgage rates will reverse course from recent increases and reduce a bit. Also, there is some ominous indications regarding the economy and the impact on the economy due to the mortgage stress test. In addition to the slowing economy (below) the Canadian Yield Curve is currently inverted. Normally, short term investments such as the 3 month Treasury bill have a lower rate of return than 10...
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...
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...
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%...
Real Estate News · 29. November 2017
BCREA’s 4th Quarter 2017 Housing Forecast is entitled Strong Economy Versus Housing Headwinds. They are forecasting that due to rising interest rates and the new mortgage stress test for mortgages with 20% or more down payment a return to pretty much balanced markets in 2018. This is augmented by an increase in new home construction and a pulling back of the economy from 3.8% increase in GDP projected this year to 2.8% for 2018. For the VIREB area (Malahat north) the forecast for single...
Real Estate News · 17. October 2017
October 17, 2017 the federal government announced a new stress test for home buyers seeking an uninsured mortgage with 20% or more down payment.

     About Gerry                                         Service and Integrity Above All

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, 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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Gerry Chwelos, REALTOR®


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