Real Estate News

Real Estate News · 15. August 2020
In an August 13, 2020 BCREA Release they reported a strong recovery in terms of residential real estate sales (homes and condos). The graph to the right demonstrates the reduction and recovery in terms of sales with COVID-19. Some specific province wide stats noted in the release include: Unit sales were 10,090 for July 2020, a 26.6% increase over July 2019. Average residential price was $770,810, an increase of 12.9% over the previous year. Total sales volume in July was $7.8 billion, a 43%...

Real Estate News · 13. June 2020
If this blog does not show well in your email, you may click on the title to view it in a browser. I use MailChimp to mail this out, they are good, but not perfect.

Real Estate News · 10. June 2020
In their June 4, 2020 release CMHC announced, effective July 1st, changes to their underwriting criteria, what buyers must meet in order to qualify for mortgage insurance. This affects buyers with less than 20% down. Mortgage qualification levels are being increase as well as credit score requirements. Please understand that I am not a mortgage professional, if you have questions please talk to your mortgage professional. To that end, I would like to thank Fernando Zilli, Tribeca Mortgages for...

Real Estate News · 19. February 2020
In a Release on February 18, 2020 the Mortgage Professionals of Canada (MPC) reported on a Release by the Minister of Finance regarding changes to the stress test. I will review the MPC's Release first, then add my own comments. The MPC Release reports that the Minister of Finance has announced that the benchmark qualifying rate for insured mortgages will change effective April 6, 2020. The new benchmark qualifying rate for a 5-year fixed insured mortgages "will be the weekly median 5-year...
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...

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     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?

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® Realtor and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Blue illustration of Gerry Chwelos, Realtor, Pemberton Holmes.

Gerry Chwelos, REALTOR®


Tel: 250-8975465

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