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the rossetti real estate review

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April 2010

Times are changing! Over the past few months the number of active listings has begun to steadily rise, jumping 22% from March. Some of this increase can be attributed to seasonal factors, however, there also appears to be a number of sellers trying to time the market. This influx of sellers is relaxing the pressure on pricing and resulting in a more balanced market. Although we still have multiple offer situations, the frenzy has been reduced, and in most cases there is more time to make decisions and complete ones due diligence. We anticipate activity will remain strong for the next few months before buyer’s current low preapprovals terminate. Although the Bank of Canada has held rates at historical lows, and is expected to for a couple months yet, fixed rates have been on the rise, moving up three times this past month. This, combined with the new mortgage rules which took effect April 19th, will likely take some buyers out of the market. With the increase in “Supply” and the impending decrease in “Demand” we are recommending sellers to be more strategic with pricing to lead the market rather than follow. Now is an opportune time to complete a market consultation and update. We would be pleased to show you how to prepare your home for sale, what homes are selling for in your neighbourhood, and what properties are available for purchase. Market Highlights: April 2010 vs. April 2009 ● Detached Sales . . . . . . up 11% (121 units sold up from 109) ● Townhome Sales . . . . .up 18% (51 units sold up from 43) ● Apartment Sales . . . . . up 23% (104 units sold up from 84) We look forward to hearing from you. Sincerely,

Tony Rossetti P.S. To get updates on listings, local real estate news, and more follow us on Facebook, Twitter, Youtube, or by our RSS feed. Data Source: Real Estate Board of Greater Vancouver Multiple Listing Service This message not intended to cause or induce breach of existing agency relationship

www.RealEstateNorthShore.com

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the rossetti real estate review

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north vancouver sales vs. new & total listings

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the rossetti real estate review April 2010

Bought and Sold in April: Below are a few select North Vancouver April sales. 817 Whitchurch Street | Calverhall | North Vancouver Type: 3-bed, 2-bath, 2 storey home 1,915 sq. ft., 50’ x 140’ lot B.C. Assesment, July 2009: $676,900 Listed for: $849,000 Sold for: $830,000 Days on market: 16

2-238 East 5th Street | Lower Lonsdale | North Vancouver Type: 3-bed, 2.5-bath, half-duplex 1,574 sq. ft., 2 car garage B.C. Assesment, July 2009: $601,000 Listed for: $689,000 Sold for: $689,000 Days on market: 4

410-332 Lonsdale Avenue | Lower Lonsdale | North Vancouver Type: 1 bdrm, 1 bath, with city views 635 sq. ft. B.C. Assesment, July 2009: $294,000 Listed for: $339,000 Sold for: $324,000 Days on market: 34

www.RealEstateNorthShore.com

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the rossetti real estate review

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April 2010

Real Estate in the News: Click on the article name below to link to the story. “March B.C. Real Estate Sales Up Over a Year Ago, But Down From December”: by Derrick Penner, The Vancouver Sun, April 13, 2010 “Mortgage Rates on the Rise Again”: by Garry Marr, Financial Post, April 26, 2010 “Are Big Banks Jumping The Gun?”: by Rob Carrick, The Globe and Mail, April 29, 2010 “Bank of Canada – A Little Less Talk, A Little More Action Please”: by Andrew Pyle, Yahoo Finance, April 20, 2010 “Houseing Market Cooling, Interest Rate Hikes Coming: Carney”: by The Canadian Press, CTV.ca, April 28, 2010

For more information on the current market and to discuss your property call us at 604.983.2518. or visit: www.RealEstateNorthShore.com

www.RealEstateNorthShore.com

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* Median selling prices are not reported for areas with less than 20 sales

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Rossetti Real Estate Review | April 2010