Good news coming from Mark Carney and the Bank of Canada today - interest rates won't be changing soon. 

From the Financial Post article:

While the Bank of Canada acknowledges the economic outlook here and elsewhere “is slightly weaker” than thought, policymakers are also offering up some hope for the near future.

In a nutshell, Canada’s economy is growing at a slower pace than expected — although a pickup is likely later this year —and inflation remains weak at near recession levels, for now, while consumer debt and the housing market appear to be stabilizing, if not cooling. At the same time, the global outlook has also slowed, while fiscal and debt concerns in the United States and Europe have dissipated slightly.

The bottom line for Canada: Interest rates aren’t going anywhere soon.

Good news for people who were worrried about a change in interest rates and how that could affect what they can afford. 

Read the full article here: http://business.financialpost.com/2013/01/23/bank-of-canada-signals-no-rate-hikes-anytime-soon/

Here is a great article explaining where Canada's Central Bank stands regarding debt levels, interest rates and the general economy. This may help explain some of the new Mortgage rules that took affect earlier this year, which may be preventing some people from diving into the housing market. 

Here is an excerpt: 

“The bank wants to make absolutely clear that it is not contemplating rate cuts at this time,” Jimmy Jean, an economic strategist at Desjardins Capital Markets in Montreal, said in a note to clients. In April, policy makers first introduced language that reminded the public that rates would climb eventually, interpreted widely as a warning against taking on too much debt.

The statement suggests the central bank is resigned to leaving borrowing costs near record-low levels even though cheap money has caused Canadian households to pile on unprecedented levels of debt. The central bank’s decision to single out household “imbalances,” a first, suggests that policy makers could be moved to raise interest rates if Canadians fail to curb their appetites for credit on their own.

You can find the whole article here: 

Take a look at the latest housing statistics for attached homes in Kitsilano: 

Western Living's latest issue featured their picks for "Designers of the Year". They chose LWPAC as the Architects of the Year, a featured a project they have built in Kitsilano. Called Monad, this condo building is not typical - you may recognize it when you are near the corner of Dunbar and 4th Ave since it cannot be missed. 

The design of Monad focused on porosity - bringing in natural light and air circulation. It was built on a 33 foot lot, and aims to take full advantage of the space and the views. The building has many interior courtyards, light wells and lots of balcony space for each unit. The unit offers lots of dedicated storage space in the basement, thanks to a car elevator eliminating the need for a underground garage. On the front of the building you can see floor to ceiling "sliders" that the owners can move at their will, which are designed to protect against the sun and give the building an ever changing look. One really interesting pas of this building is that it was almost entirely constructed in a Prefab facility in Surrey, and then craned into place on the lot. This lead to decreased construction costs (since their are no weather worries, among other things) and a better use of all materials (leading to less excess waste). 

For more information, visit the building website MONAD, the architect's website LWPAC, and Western Living's article. 

As of July 9th, there will be some changes to Mortgage Insurance Rules in Canada.

The 4 changes include:

1. The maximum amortization period is now 25 years (down from 30 years)

2. The maximum amount of equity homeowners can take out of their homes when refinancing is 80% (down from 85%)

3. Insured Mortgages are now limited to homes purchased for less than $1 Million (to ensure taxpayer-backed mortgages are not going to wealthy Canadians)

4. The maximum Gross Debt Service Ratio will be fixed at 39% and the Maximum Total Debt Service Ratio will be fixed at 44%.

A further discussion of the new rules, why they were instated and how they can affect you: http://www.theglobeandmail.com/report-on-business/economy/housing/in-vancouver-the-sellers-market-recedes/article4389244/

Some frequently asked questions are answered by the Government: http://www.fin.gc.ca/n12/data/12-070_2-eng.asp

Briefly, these changes will decrease affordability for Buyers (especially first time buyers) in the Short Term. The market will correct itself eventually, and until then it will prevent people from jumping too deep, too quickly into homeownership. Some good news to come out of this is that Vancouver is now entering a Buyer's Market, meaning there is a lot of product to choose from and with less competition, the prices will be lower than recent months. Lower prices will mean your down payment will go further, and the new Mortgage rules might only have a small effect on your financing.

Here is an article detailing the end of the Seller's Market: http://www.theglobeandmail.com/report-on-business/economy/housing/mortgage-clampdown-will-save-canadians-thousands-flaherty/article4359232/

By Meagan Fitzpatrick, CBC News Posted: Sep 21, 2011 2:25 PM ET

The RCMP is now publishing online the addresses of homes where marijuana grow-ops and other drug production operations were found.

The new page on the RCMP's website is part of a stepped up effort by the Mounties to target marijuana grow-ops and the organized crime gangs behind them.

The Marijuana Grow Initiative was launched Wednesday and the RCMP says it complements its National Anti-Drug Strategy. Split up by province, the website lists the addresses where search warrants were executed and lists how many marijuana plants were discovered and when. The database also covers clandestine drug labs that were found in homes.

The page also includes links to the websites of local police services in Ottawa, London and Winnipeg. They also list addresses in their cities where search warrants were executed.

RCMP Commissioner William Elliott said publishing the addresses is part of the deterrence and awareness elements of the new strategy. He said the RCMP has worked hard on the law enforcement to combat grow-ops but that a broader strategy with more community engagement is needed to fight what he said is an increasing problem.

"Illicit marijuana grow operations in our neighbourhoods and the criminal organizations that run them are a danger to us all. Wherever there is a marijuana grow-op the surrounding community is at greater risk of fires, explosions and increased criminal activity, including violence," he said at an event in Ottawa to launch the new strategy.

The website will provide information to landlords and homeowners, he added, and inform neighbours about the risks posed by properties used for drug cultivation.

"Current and future homeowners will now have a tool that will lower their risk of being victimized by unknowingly buying a home that was used to grow marijuana or produce chemical drugs," he said.

Elliott said that if people have concerns about property values going down because of the published addresses, the concerns would be noted, but that the initiative is worthwhile.

"We think that if the public is better informed we will be able to more effectively combat the problem," he responded.

When pushed for more details about the list, Elliott said properties will remain on the list for a period of one year. Homeowners and landlords have no recourse to get off the list before that time, he said. Following the dismantling of a grow-op, if the homeowner makes all necessary repairs to ensure the property is safe, the address still remains on the list for 12 months.

Conservative MP Shelly Glover was on hand for the announcement and said publishing the locations will help public safety and homeowners.

"We are going to make sure that the public has access to information because information gives them the power to protect themselves," she said.

Click on the link to view the list for British Columbia on the RCMP’s website: http://www.rcmp-grc.gc.ca/drugs-drogues/mgi-ircm/bc-eng.htm

Rowans Roof Restaurant at 2340 W 4th Ave (Old Chiavana’s location next to Shoppers Drug Mart at W 4th & Vine) is a great place to go if you’re looking for a casual place to have a drink in Kits.  The patio’s open year round and there’s almost always something going on to keep you entertained.

$3.50 Drinks & Pints
All Day, Everyday.
Daily Food & Drink Specials
Exotic Martini & Cocktail List

Improv Comedy Mondays
Live music every Wednesday and Friday
Catch the game on our giant projector screen
Specializing in Private Functions & Holiday Events
Heated Patio

DRINK SPECIALS
Monday - Martinis $6
Tuesday - Cocktails $5
Wednesday - 2oz of Tequila $5
Thursday - Feature Wine $5
Friday - Pints of Guinness $5
Saturday - Long Island Iced Tea/Vodka Paralyzers $5
Sunday - Bloody Caesars $5

Check out their Facebook page at: http://www.facebook.com/pages/Rowans-Roof/154624467921254?sk=info

Posted on Kitsilano.ca September 6, 2011

Just listed at The Pulse building, 2528 Broadway, 1 bedroom plus den plus flex space.

Live in the heart of Kitsilano at PULSE, an architecturally designed, modern and contemporary, concrete & glass building built to a very high standard by Bastion Development. This extremely well thought out ONE BEDROOM and DEN with FLEX Space has fantastic views of Downtown & the North Shore mountains. Great features include an open floorplan with large,glass sliding doors between the living room & bedroom, large den, balcony with natural gas hook-up for the BBQ, overheight ceiling & doorways, granite counters & backsplash in the kitchen, Bosch & Leibherr appliances, & a large, stylish bathroom with Caesar stone counters & Nu-Heat floors. Large storage locker & 1 parking included.

Fore more info & pictures go to: http://livekitsilano.com/index.html/details-20413328

It’s the summer and time again for Vancouver’s Celebration of Light Summer event.  China was first to kick off the competition on Saturday, July 30, with a great show!  The next shows will be Spain on Aug 3rd and finally Vancouver Aug 6th.

Getting around during these days will be challenging as usual so here’s the map of where you can’t drive after a certain time:

For more information on the event check out http://www.vancouverfireworks.ca/