New Listing in Fairfield NOW SOLD
#105-1710 Fort Street

913 sq foot 2 bedroom, 2 bath unit
Remodeled & immaculate
Hardwood floors
Updated cupboards & vanities
In suite laundry
Quiet location at back of building

$289,900
Lorne Tuplin RE/MAX Camosun

250-478-9600 or toll free 1-877-478-9600

Bank of Canada holds rates unchanged
DAVID PARKINSON Globe and Mail Update

The Bank of Canada held its overnight rate target steady Wednesday, a non-move widely expected by the markets, and indicated it expects to remain on hold for the foreseeable future.
The central bank maintained its benchmark rate at 4.25 per cent. It was the second straight rate announcement in which the bank held the rate steady, following seven consecutive 25-basis-point increases that began in September 2005. (A basis point is one-hundredth of a percentage point.)

“Looking forward, the bank continues to expect the Canadian economy to operate at about its production potential, with total CPI inflation returning to the 2-per-cent inflation target in the second half of 2007,” the bank said in its statement accompanying the rate announcement. “In line with this outlook, the current level of the target for the overnight rate is judged at this time to be consistent with achieving the inflation target over the medium term.”

Analysts took the rate-setting statement as evidence that the bank will probably keep rates steady for at least the rest of this year.
Source http://www.theglobeandmail.com/servlet/story/RTGAM.20060906.wbankrate0906/BNStory/Business

Sales Solid in August Prices Remain Stable

The number of homes and other properties sold through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) increased modestly last month compared to July. There were 694 sales in August, up from 677 sales in July. There were 753 sales in August of last year.
Victoria Real Estate Board President, Scott Kendrew, says the solid sales in August show that the market continues to be strong and stable. "It’s usual for sales to soften somewhat in July and August as many people are on vacation, so the slight increase in sales last month compared to July is evidence of the market’s continued strength." Kendrew noted that the number of properties available for sale continues to rise. "Last month a total of total of 3,345 properties of all kinds were available for sale compared to 2,379 properties in August of last year."

Kendrew added that prices remain very stable showing little overall change from the previous month. "Homes are selling in every price range with over a third of all single family home sales last month selling for under $400,000; at the top end of the market there were 13 single family homes that sold for over $1 million."

The average price for single family homes in Greater Victoria last month was $510,059; the average for the last six-months was $526,926. The median was lower at $462,900. The average price for all condominiums sold in August was $295,770; the average for the last six months was $284,611. The median was again lower at $263,450. The average price for townhomes last month was $354,269; the average for the last six months was $365,002. The median was $341,500.

MLS® sales last month included 378 single family homes, 180 condominiums, 66 townhomes and 20 manufactured homes.