Terry Chenier

We pretty much started the year going gang-busters.

The market was hot, everything was selling...then stagnation.

Here in the Fraser Valley we have a buyers market. Too many listings

(about 6 months of inventory) and lots of new homes to choose from.

Prices, predictably are falling again. Lots of buyers got into a flurry of

activity because of the new taxes coming into effect in July. If people don't

need to sell, they need to take their place off the market and wait it out.

If you absolutely need to sell, pricing becomes paramount. Get under the

competition. (I have one like this now. It's a must-sell, so we need to play

hardball on price. It's all relative when buying back into the same market.

It's just a matter of making them understand the value isn't the same

as when they bought the place at the peak of the market a few years ago.

The US State Department has issued a travel advisory to their citizens

advising them NOT to travel to the center of the universe, (AKA Toronto)

during the upcoming G8/G20 Summits. This is actually, not bad advice. Every

crazy and their dog will be there protesting everything on the planet. They must

be positively frothing at the mouth at the prospect of having such a big audience.

Never fear though. Dudley Do-right and the other

constabulary will be there to keep everyone safe. The last figure I got was that each

delegate had the equivalent of 15 police each. All of this, (meant as a side-benefit to

showcase Ontario), has had the reverse effect with the States issuing a bulletin to

stay home. I know, I know. I'll have some bleeding hearts complaining that it's

their "right" to protest. Throw in a $2.1 million dollar "fake lake" for the

press and the cost for this fiasco is over a $BILLION dollars.

What ever happened to teleconferencing?

The little town of Chemainus, B.C., once a forest town,

needed something to generate new revenue, so they got creative.

They invited artists from around the world to generate art on the sides

of buildings. Located on the east side of Vancouver Island between

Victoria and Nanaimo, this is a MUST stop for any tourist.

The project started in 1982 with five murals; today there are

41 murals and 13 sculptures which attract 400,000 visitors a year.

A TOUR OF THE MURALS

No visit to Chemainus is complete without sampling

one of their legendary ice cream cones. Buy one and walk around

looking at all the art work which is now world famous.

The last weekend in June is the "Festival of the Murals".

This celebration continues though the summer with outdoor theatre,

puppetry, clowning, food booths, street music, folk dancing and an

annual giant swap meet. It's a neat place and worth a visit.

In July of 2010, a new tax will hit British Columbia.

This tax, the HST, (Harmonized Sales Tax), will affect NEW homes over $525,000.

Originally, the ceiling proposed by the government was $400,000, but efforts

by Realtors and other industry advocates got the ceiling raised.

In my area, which includes Mission, Abbotsford and Chilliwack,

this limit of $525,000 covers almost ALL townhomes and

apartments and many, many houses. For people working

in larger urban areas and wanting afforability, there are

freeways on both sides of the river as well as a commute

train called the West Coast Express.

Unlike some of the larger urban areas such as

Vancouver, where housing prices have gone through the roof, and multiple

offers are almost a daily occurance, pricing in the Fraser Valley, especially

in Mission B.C. are relatively sane. First time buyers can still find inventory

under $300,000, and there are lots of nice homes in the $300K-$500K range.

Right now, we are experiencing a "buyers market". Listings are way up,

and as a result, there's lots of inventory to choose from.