According to a report by the CBC, there may be a future mould problem festering in the condos being built at the Olympic Village.  The issue has been raised by the International Association of Heat and Frost Insulators and Allied Workers who claim that some construction shortcuts will lead to mould and mildew behind the drywall where pipes are not being insulated properly.  The City of Vancouver is looking into the matter and assures the public that regular inspections are being held on site to ensure that all building codes are being adhered to.  The developer claims this is an isolated issue.

 

If you have any concerns or would like to discuss any real estate matters, please feel free to contact me.  Here is a link to the CBC report:  http://www.cbc.ca/canada/british-columbia/story/2009/06/29/bc-olympic-village-pipe-insulation.html

If you aren't convinced that Vancouver Real Estate has become more affordable over the past year, you may be part of a minority opinion.  A new report released by the Canadian Mortgage and Housing Corporation today shows that there is an increase in confidence among Canadian homeowners these days.  The report which polled recent Canadian homebuyers reveals that 90% of these home owners believe that real estate is a good investment.  70% of them feel that now is a good time to buy.  These opinions shouldn't come as a surprise since most house prices in Canada have come down in the past year and a half, and mortgage interest rates are hovering around record lows.  This is creating an environment of increased affordability across all Canadian housing markets, including Vancouver.  If you are looking to get into the real estate market in vancouver, please contact me and I will be happy to discuss any concerns you may have.

 

The Real Estate Board of Greater Vancouver has just released the statistics package for May 2009 and it looks like the Spring market in 2009 is much busier than it was in 2008.  Total Real Estate sales transactions in Vancouver were up 17% from a year ago and total inventory of homes for sale is down 16%.  This means more demand and less supply which explains the competition that we've been seeing in the market between Buyers as people scramble for desirable properties.  Their goal is to take advantage of low prices and low interest rates.  Home prices in Vancouver are up since December 2008 but still down 11% from this time last year.  You may download a copy of the May Stats package here: May Stats Package

 

Please contact me if you would like to discuss this issue or any other Vancouver Real Estate issue. It will be my pleasure.