Happy New Year!

As we get ready for what we expect to be another busy year in Real Estate, we want to take a moment to reflect on 2007. 2007 was a banner year, actually the best one ever. Anita achieved the prestigious Royal LePage Diamond Award and was actually #2 at Royal LePage Northshore. We know we owe our success to our clients, many of whom have become good friends over the years. Thank you all for your ongoing loyalty and we look forward to helping you, your friends and family realize your real estate dreams, today and in the future!

A Recap of 2007

This past April we launched the first phase of ParkLane Homes Ocean Crest at Furry Creek. Phase one SOLD OUT in just one weekend. We truly enjoy working with ParkLane Homes at Furry Creek. They build a quality home, stand behind their product, and we are proud to represent this perennial Georgie Award winning organization as they develop the Oceanside Community of Furry Creek. ParkLane Homes will launch phase two of the Ocean Crest project later this year with site prep work already started.

Additionally, Burrard International (GolfBC) dredged the Furry Creek basin this past fall in preparation for future bridge construction required to access their next development phase of up to 200 additional town homes at Oliver's Landing.

Development at Porteau Cove is underway, building the necessary infrastructure to support the planned 1,032 home development just south of Porteau Cove Provincial Park. Visit www.porteaucove.ca for regular updates as we learn more about the project in the coming months.

In West Vancouver 2007 brought both higher unit sales and price growth. Sales of detached homes rose marginally to 741 units with the average price of a home selling over $1.7M, an increase of 10.9%. Sales of town homes and apartments were consistent with 2006 unit sales with prices up 8.1%.

North Vancouver had a strong year with sales of 1132 detached homes, off 27 units from 2006, but with an average price over $884.K, up 13.6%. Sales of town homes and apartments were up 10.3% to 1579 units with prices up 15.6%. The strong performance of attached properties reflects both the number of new projects sold in 2007 as well as a shift to multi-family properties in response to the affordability challenges buyers face in today’s real estate marketplace. Sea To Sky

Highway improvements are moving ahead on schedule, and on budget. It's amazing to watch the daily transformation of this main artery connecting the North Shore and the Lower Mainland to Whistler Resort and beyond. Construction is planned to finish ahead of the 2010 Vancouver Winter Games and, once completed, will make short work of the commute from the various communities along the Sea To Sky corridor whether travelling south to Vancouver or North to Whistler!

We are starting to see some long anticipated construction activity at Britannia Beach. A multi-million dollar facelift of the BC Museum of Mining is underway and there are plans to make the museum and waterfront area a major tourist destination over the coming years.

Looking Ahead to 2008

Sales on the north shore have been strong with prices reaching new heights each month. Based on CMHC (Canada Mortgage and Housing Corporation) and BC Provincial Government data, the prospects are good for continued growth moderating somewhat from what we've experienced over the past five years as we start to feel the effects of a slowing US economy, some fallout from the credit crunch caused by the US sub-prime mortgage problems and the housing market downturn in certain parts of the states.

There are however many positives in the current mix, including low, by historical measure, mortgage interest rates, a steady influx of new immigrants both domestic and international, very low unemployment, provincial and federal budget surpluses, and a construction sector that is running full out between residential and commercial projects, yet not building any excess inventory. Vacancy rates hovering at or near 1% provides incentive for sustainable investor purchase activity.

We remain optimistic about 2008 and wish you all a Healthy, Happy New Year ahead. All the best from our home to yours!

Anita Schmitt, Realtor – Royal LePage Northshore 604.787.1456

Tom Davis, Realtor – Royal LePage Northshore 604.315.0172