June's Presidents Report
After 40 patient years of being part of the NHL, Vancouverites, (actually ALL of BC) await the arrival of hockey’s ‘Holy-Grail’ to
With the May numbers now in, I can see that the Province is still waiting on buying or selling until this hockey season is over. Residential home sales continue to be soft as we see approximately a 20% dip in sales volume verses May 2010. We also see our average home cost drop to the $307,000 range versus $322,000 for the same period last year.
In the latest budget rolled out by the Conservatives, we see that our, (CREA), continued lobbying efforts on behalf of our Profession and our clients at the Federal level have been noticed. A few of our initiatives have been reintroduced to the budget as presented below:
- $400 million in 2011-2012 for the eco-ENERGY Retrofit – Homes program designed to help homeowners improve the energy efficiency of their homes.
- A temporary Hiring Credit for Small Business of up to $1,000 against a small firms increase in its 2011 Employment Insurance (EI) premiums over those paid in 2010.
- A commitment to move ahead with financial literacy to improve Canadians’ understanding of their personal finances.
- A one-year extension of the Working While on Claim EI pilot program, which allows REALTORS® who participate in the EI program for the self-employed to earn extra money while collecting EI benefits.
- Legislation to strengthen the government’s oversight of the mortgage insurance industry through a framework to formalize existing mortgage insurance arrangements with private mortgage insurers and Canada Mortgage and Housing Corporation (CMHC). There are no further details in the Budget.
There are few details in the budget documents; however CREA will continue to monitor developments on these issues. The Conservatives hold a majority in both the House of Commons and Senate and have indicated they intend to pass the budget before the summer break.
As we move into June, we need to work hard to help drive our businesses forward. We can make a difference in the market place. Continue to educate those who we come across on a daily basis that the market is stable, as shown in our numbers; we are not experiencing the ‘highs and lows’ that have hit the past few years. Also, as I have mentioned before, the lending rates are very good, and we have plenty of inventory to choose from.
Be sure to take some time to educate yourself with regards to the HST. As Professionals our clients, friends and family will seek our input as to how they should vote come the referendum. So take time to understand it as best as you can. This will be an important decision for our Province.
As Real Estate Agents we learn the importance of working smart; we often put in crazy hours to get our job done; we must be diligent and thorough in all we do; we continually put others before ourselves; and most importantly we strive to be professional in ALL that we do.
Wishing you and your family a great June, be patient the sun will come out, and when it does, remember not to complain about the heat!