Raj Dhaliwal (MyAbbotsford.Com)

Greater Vancouver housing starts showed another substantial drop in April leaving new home construction at about one-third the level when compared to a year ago, according to figures released by CMHC (Canada Mortgage and Housing Corp). Province-wide, the national housing agency is forecasting that builders will start work on 19,725 new housing units, an almost 43-per-cent decline from 2008. The crown corporation expects the decline in sales will level out later in 2009 as first-time-buyers are attracted back into the market by lower prices and low mortgage rates.

BC-wide, CMHC is forecasting that builders will start 19,725 new housing units, an almost 43 percent decline from last year. Builders will remain on the sidelines until some of the existing new and resale inventory is absorbed.

Home sales rose for the third consecutive month in April according to the British Columbia Real Estate Association. This recent surge in real estate sales activity has made the Canadian Real Estate Association (CREA) to revise its expectations for price drops in BC housing Markets. Lower home prices and record low mortgage interest rates are the primary reasons, the British Columbia Real Estate association said in its news release. The inventory of unsold homes across the province dropped to the lowest level in 12 months.

Scotia Economics however has a different opinion. While BC real estate sales have lifted from lows of last fall, market oversupply and deteriorating economic conditions will still put pressure on prices to fall according to Scotia Economics report. The report said a rise in demand and drop in new listings has resulted in the housing market moving closer to being “balanced.”

One thing everyone seems to agree upon is that Bc houing market is showing sign of upward trend, at least for now.

Abbotsford Heat - The new AHL team in Fraser Valley.

The American Hockey League team that will be based in the new Abbotsford Entertainment and Sports Centre now has a name. The name of the new team coming to Abbotsford will be the Abbotsford Heat. Initially, four names were chosen as potential winners Out of more than 2,500 suggestions - Abbotsford Heat, Abbotsford Flames, Abbotsford Ice Hawks and Abbotsford Storm.

The team does not have a jersey with he team logo ready yet but we know its going to be red like the Calgary flames. The Abbotsford Heat will be the top development affiliate of the Calgary Flames.

Season tickets for Abbotsford Heat games will go on sale by the end of this month. You can pre-register for season tickets before they go on sale to the general public by visiting www.fraservalleyahl.com

Abbotsford Entertainment and Sports Centre just recently opened its doors to the public.

A leading Canadian real estate research, education and consulting group - the Real Estate Investment Network - named Abbotsford the third best place to invest in the Top B.C. Investment Towns report. First and second places for best investment towns were taken by Surrey and Maple Ridge/Pitt Meadows. The report notes that Abbotsford's continuing local job growth and economic diversity, expanding population and its position as a hub on transportation corridors will continue to make it attractive for manufacturing and distribution. Abbotsford was given very high marks for its economy by other reports previously as well.

Just SOLD this home in Mission.

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