Consumers can register up to three different telephone numbers on the list free of charge. Your list of numbers must be renewed every three years. The telemarketers will have to subscribe to receive the list and pay a subscription fee. Penalties are in place for telemarketers who break the DNCL rules. The maximum fine for an individual violation is $1500 and $15,000 for corporations.

Consumers will be able to sign up for the National DNCL after September 30th, 2008 by telephone (1-866-580-3625), fax, or email. For more information, instructions or contact information, go to www.LNNTE-DNCL.gc.ca.

The Breakdown

Within the same area

38%

Elsewhere on Island

14%

Alberta

13.5%

Other B.C.

7.7%

Vancouver

6.0%

Ontario

5.1%

Victoria

4.4%

Rest of World

2.7%

Fraser Valley

2.7%

Sask./Manitoba

2.6%

Other Canada

2.2%

Gulf Islands

1.0%

587 responses

Source: Vancouver Island Real Estate Board

Click here to view a powerpoint presentation explaining the changes.

“Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. Active MLS residential listings in the province were up 37 per cent to 47,923 units in April. “The combination of a slower pace of home sales and some profit taking by investors is contributing to a balance between housing demand and the supply of homes for sale.”

“While homebuyers now face less competition for the homes available for sale,” added Muir, “competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale.”

In the first four months of the year, MLS residential sales volume in the province fell 1.8 per cent to $13.2 billion compared to the same period in 2007. Residential unit sales declined 13 per cent to 27,730 units, while the average MLS residential price increased 13 per cent to $474,993.

For the complete news release, including detailed statistics follow this link: http://www.bcrea.bc.ca/news_room/2008-04.pdf.

For more information, please contact:

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

The annual RE/MAX Quest for Excellence program encourages graduating students from British Columbia, Alberta, Saskatchewan, Manitoba, and the North West and Yukon Territories to write an essay based on their personal experience in one of six topics Leadership, Sports, Technology & Trades, Performing Arts, Fine Arts and Community Service.

“A record breaking 1568 entries were received from students across Western Canada,” says Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada. “Each year, the caliber of essays we receive far exceed our expectations. These young adults are sure to succeed in their chosen field and we are pleased that we can help fuel their achievements.”

“In the spirit of giving back to our communities, we take pride in knowing that RE/MAX can help students reach their education goals”, says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “We hope that the bursary program encourages the applicants to continue to strive in their Quest for Excellence”

RE/MAX is Canadas leading real estate organization with over 17,800 sales associates situated throughout its more than 638 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 35th year, is a global real estate system operating in over 65 countries. More than 7,000 independently owned offices engage over 110,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management. For more information, visit: www.remax.ca

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues. Innovative financing has become key to homeownership in todays environment with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.

First-time purchasers continue to play a pivotal role at both a local and national level. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable.

Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report, including St. Johns, Moncton, Fredericton, Halifax-Dartmouth, Ottawa, Greater Toronto Area, Hamilton-Burlington, Niagara Falls, Winnipeg, Regina, Saskatoon, Greater Vancouver, Victoria and Kelowna.

Doom and gloom reports coming from south of the border have yet to hinder overall momentum. First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership. Theyre determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game.

Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability. Starting prices can be substantially lower than the market average. For example, average price has surpassed the $600,000 benchmark in Greater Vancouver, while the starting price for a detached home can hover as low as $237,500 in the peripheral areas.

The best value for the dollar continues to be found in the suburbs. For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the countrys major centres can be picked up as low as $150,000 to $175,000.

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RE/MAX of Western Canada (1998) Inc. Affordability report, issued April 22, 2008.

The Bank of Canada does caution that there are clear signs that the U.S. economy is likely to experience a deeper and more prolonged slowdown than had been projected. This will likely have significant spillover effects on the global economy. The bank also states that the domestic economy remains strong. The high Canadian dollar is keeping inflation in check; although, with the weakening U.S. economic growth it is hurting exports. Recent cuts aim to boost economic growth and the bank says they will continue to lower interest rates.