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The Bank of Canada announced on January 23rd, 2013 that it is keeping its key policy interest rate at 1 per cent, where it has been held for more than two years. In providing guidance on where interest rates are heading, the Bank said interest rate hikes are “less imminent than previously anticipated.”


The Bank acknowledged that Canadian economic growth slowed more abruptly in the second half of 2012 than it had previously anticipated. It also recognized a marked deceleration in the growth of household debt, moderation in the housing sector, and softer than expected inflation.


The Bank now expects inflation to return to its 2 per cent target sometime in the second half of 2014. That represents a significant weakening in the Bank’s outlook for inflation; in October, the Bank expected inflation to return to target by the end of 2013. Consumer Price Inflation rose by 0.8 per cent in November 2012.


The Bank said it still expects the Canadian economy to gain strength this year, but it lowered its forecast for economic growth to just 2 per cent in 2013. By contrast, its growth forecast for 2014 was raised to 2.7 per cent versus its previous forecast reading of 2.4 per cent contained in its previous Monetary Policy Report (MPR) published in October 2012.


The bottom line is that economic growth is expected to remain modest but positive, consistent with low inflation and low interest rates. At the same time, growth in household debt burdens, which the Bank has repeatedly flagged as a major risk in this low interest rate environment, is showing positive signs of topping out as housing market activity continues to stabilize at a more sustainable levels. Combined with extremely well anchored expectations for inflation, that means the Bank is in no hurry to raise interest rates anytime soon, with the first such move in that direction unlikely to be for at least another year.


As of January 23rd, 2012, the advertised five-year lending rate stood at 5.24 per cent. It has been unchanged at this level since the beginning of June 2012.

Created: 01/23/2013 Modified: 01/23/2013
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Nanaimo's toilet replacement rebate program returns! DOWNLOAD PDF HERE!

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Please visit our Open House at 198 BIRD SANCTUARY DRIVE in NANAIMO.
Open House from Sunday, January 27, 2013 to Sunday, January 27, 2013 02:00 PM - 04:00 PM 3 bay garage. Quiet area near VIU! Rancher!
*** Reduced by $6000. This well maintained rancher has plenty of unique features and updates: New counter tops accent a large bright kitchen area with breakfast bar; a covered rear patio for lazy summer afternoons, a fully fenced private yard, a newer roof, a feature gas fireplace in a large living room, a 3 bay garage (perfect for using as a workshop for weekend projects), and ample room for R/V and boat parking. Located on a quiet residential road. Down the street from access paths into Buttertubs Marsh (great for nature lovers or dog walkers!). Walking distance to Vancouver Island University, the Aquatic Centre, the Ice Arena, all range of schools, and 2 fitness centres! Several bus routes nearby. Easy to convert into a wheelchair accessible home. Call to view today!
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Please visit our Open House at 426 LAMBERT AVE in NANAIMO.
Open House from Sunday, January 27, 2013 to Sunday, January 27, 2013 11:30 AM - 01:30 PM Reno'd house (upstairs) with suite potential down, large yard, alley access.
This home, located just 2 blocks from VIU, has a lot going for it: The upstairs area has just been renovated with new flooring, paint, baseboards, and bathroom fixtures. Buyers will immediately be attracted to the over-sized living room and generous open kitchen. The basement is large and high enough to put in an authorized suite with some reconfiguration - but otherwise is unfinished with a 3 make-shift bedrooms and a laundry area. A massive fenced yard (with alley access) includes a stately pear tree and privacy from the neighbours. The rear deck has been reno'd. A newer roof and (older) double-pane windows make this a great choice for first-time buyers, investors, or families. See this value-priced home today!
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Please visit our Open House at 124 HERITAGE DRIVE in NANAIMO.
Open House from Saturday, January 19, 2013 to Saturday, January 19, 2013 02:00 PM - 04:30 PM Spotless rancher in North Nanaimo.
This mint-condition North Nanaimo rancher , located in a premium neighbourhood of North Nanaimo, is only a block from the ocean. Tons of features include: large open living room with pitched ceilings and a newer wood-burning fireplace insert; holiday-sized dining room; open kitchen with lots of cabinet space and newer appliances; pull down ceiling access to attic (from garage) for extra storage; freestanding gas stove/heater in family room; ductless heat pump; large open yard with pear trees and garden; oversized master bedroom with ensuite (incl. sit down shower). Quiet area. Perfect for retirees looking for a reasonably priced no-stairs home. Minutes to all North Nanaimo shopping. Quick possession possible.
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Vancouver Island Real Estate Board

 

Multiple Listing Service® (MLS®) sales summary data for December released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island dropped 17 percent compared to last year, while average sale prices climbed four percent.

 
The average price of a single family home sold within the VIREB region in December was $326,541 up from the December 2011 average price of $315,239.
 
The number of reported unit sales was down last month when compared to a year ago. In December 2011 there were 182 single family homes sold, in comparison 151 sales were recorded in December 2012.
 
Cumulatively during 2012 a total of 3,585 single family homes were sold across the VIREB coverage area – down approximately six percent from 2011 when 3,807 homes were sold.
 
The Nanaimo region reported the largest number of sales last year with 1,017 units sold in 2012.
 
The average sale price of a home sold during 2012 in the VIREB area was $332,347, down three percent from the 2011 board wide average price of $341,537.

The year’s end statistics shows prices in the Port Alberni / West Coast region recorded the largest drop (eight percent) for a median price of $197,000.

As of the end of December 2012 there were 2,010 single family homes available on the Multiple Listing Service® within VIREB’s coverage area, almost identical from the 2,016 homes in the system at the end of December 2011. Comparing December 2012 to December 2011, the average sale prices across VIREB's six zones saw:

Campbell River dip one percent to $267,960, the Comox Valley edged downward an identical one percent to $360,030, Nanaimo’s average sales price increased five percent to $350,458 from the December 2011 average price of $332,400, Parksville/Qualicum prices were up eight percent to $370,924, Port Alberni/West Coast climbed 14 percent to $201,987 while the Cowichan Valley was virtually unchanged at $363,893.

In terms of unit sales year to year there continued to be large differences between the individual zones last month. Port Alberni / West Coast recorded a 42 percent drop in unit sales while the Comox Valley region’s unit sales increased 11 percent compared to December 2011. Cowichan Valley unit sales were off 35 percent, Nanaimo’s sales were down 25 percent while unit sales in the Parksville/Qualicum area were down eight percent. Finally, housing sales activity in the Campbell River region was down four percent last month as compared to December 2011.
 
As always it is recommended that interested individuals contact a local REALTOR® to receive an accurate picture of regional sales trends as localized factors dramatically alter the monthly statistical picture.
 
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Please visit our Open House at 1332 CARMEL PLACE in NANOOSE BAY.
Open House from Wednesday, January 2, 2013 to Wednesday, January 2, 2013 08:00 AM - 08:00 PM Great vacant lot on Beachcomber area of Nanoose Bay. 1 block from beach!

*** REDUCED BY $5000 ***

Absolutely the best lot deal on a lot in the Nanoose area offered in the past few years. This flat, easy to build lot is on the Nanoose water system and has been pre-approved for it's septic system. Easy to build on. Located on a quiet road. Some ocean views if house with 2nd floor built.

One minute walk to the beach and ocean-front park. 10 minute walk or one minute driving to marina. Tenminutes drive to Parksville, Fairwinds Marina, Fairwinds Golf Course, or Red Gap Centre. Build your dream home here (builders can be introduced) OR build a spec home for an easy re-sale. Call today for full information!

++++ Please view the Youtube video on the 'Multimedia' button at the top of this page. ++++

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Please visit our Open House at 1332 CARMEL PLACE in NANOOSE BAY.
Open House from Tuesday, January 1, 2013 to Tuesday, January 1, 2013 08:00 AM - 08:00 PM Great vacant lot on Beachcomber area of Nanoose Bay. 1 block from beach!

*** REDUCED BY $5000 ***

Absolutely the best lot deal on a lot in the Nanoose area offered in the past few years. This flat, easy to build lot is on the Nanoose water system and has been pre-approved for it's septic system. Easy to build on. Located on a quiet road. Some ocean views if house with 2nd floor built.

One minute walk to the beach and ocean-front park. 10 minute walk or one minute driving to marina. Tenminutes drive to Parksville, Fairwinds Marina, Fairwinds Golf Course, or Red Gap Centre. Build your dream home here (builders can be introduced) OR build a spec home for an easy re-sale. Call today for full information!

++++ Please view the Youtube video on the 'Multimedia' button at the top of this page. ++++

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