Archive for the 'Real Estate News' Category
Vancouver Property Graphs August 2008
September 10th, 2008 Categories: Real Estate News, Vancouver Real Estate
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Vancouver Market Analysis August 2008
September 5th, 2008 Categories: Real Estate News, Vancouver Real Estate
VANCOUVER WEST STATISTICS for August 2008 are not as gloomy as the media is reporting. Yes, sales are down (but after the last five years this is to be expected, as the market catches its breath), but so are listings down and the average price is flat for condos and up for townhomes and homes. Average days on market is up. Rather than lump Greater Vancouver stats into one package, check the individual municipality.
Aug2008 Aug2007 Jul2008 YTD2008 YTD2007
Units Sold 317 746 437 4088 6004
Median Selling Price
Condos: $425,000 $438,000 $425,000 $443,000 $412,000
Attached: $767,000 $713,000 $725,000 $725,000 $668,000
Det’d: $1,495,500 $1,480,000 $1,328,000 $1,495,000 $1,338,00
Active Listings
Aug2008 Jul2008 Aug2007
Condos: 2659 2767 1314
Detached: 964 996 422
Average Days on Market :
Condos - 50, up from 41 in July, 31 in June.
Houses - 59, up from 51 in July, 41 in June
Townhomes and Duplexes 35, down from 36 in July and 29 in June
Prices Vancouver West detached price increased 1.4% from a year ago, attached increased 2.5% and condos decreased 0.1%
Over the past 5 years, Vancouver West detached prices have increased 98.1%, attached 100.4% and condos 75.4%.
Greater Vancouver
The best appreciation for detached, over the last year, in the Greater Vancouver area is Squamish at 12.7%. The best value is on the Sunshine Coast.
The best appreciation for attached over the last year, in the Greater Vancouver area, is South Delta at 18.4%. Best value is Maple Ridge
The best appreciation for condos over the last year, in the Greater Vancouver area, is Vancouver East at 13.2%. Best value Port Coquitlam.
Reflections - we are selling fewer properties, they are taking longer to sell, the listings are dropping and the prices are flat or up. This is a good buyer’s market.
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Three Global Developments Effecting the Bank of Canada’s Rate
September 4th, 2008 Categories: Real Estate News, Vancouver Real Estate
Bank of Canada keeps overnight rate target at 3 per cent
OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent.
The three global developments highlighted in the July Monetary Policy Report Update continue to have a major influence on the Canadian economy. Two of them - the course of the U.S. economy and the ongoing turbulence in global financial markets - have evolved broadly in line with the Bank’s expectations. However, there is an increased risk of a more pronounced interplay between weakness in the U.S. economy and tightness in credit conditions that could affect the U.S. outlook for 2009.
With respect to the third highlighted development, the sharp increases in commodity prices, the risk identified in July that these prices could be weaker than assumed has materialized. This has been largely due to the impact of slower global growth on the demand for energy. Given tight inventories, commodity prices can be expected to remain volatile. The reduction in commodity prices has been a significant factor in the decline of the Canadian dollar against the U.S. dollar. The weaker global growth and the decline of the Canadian dollar will have opposing effects on the demand for Canadian goods and services. Read the rest of this entry »
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My Recent Post “Is Vancouver Condo Market Bottoming?”
September 2nd, 2008 Categories: Real Estate News
A recent post I published entitled “Is Vancouver Condo Market Bottoming” received an inordinate number of comments.
Normally, the willingness of people to engage in a conversation within a blog is encouraged and welcomed. They are welcomed with the proviso that they must not be derogatory or a personal attack towards another individual, are not anonymous, and most importantly do not contain sexual reference of any kind.
Amongst the many, some who participated wrongly assumed that I wait in anticipation of their comments or that they would be approved and published carte blanche without administrative approval. Such, is not the case!
A number of comments fell within the guidelines noted above and will not be published.
As the administrator of “Vancouverreflections”, I maintain sole jurisdiction. If your comment qualified in any of the above categories, it has been deleted.
Thank you for your continued interest.
Maggie
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Vancouver’s Builders Facing Continued Cost Hikes
September 1st, 2008 Categories: Real Estate News, Vancouver Real Estate
So says the President of the Vancouver Regional Construction Association. Developers expect higher costs for concrete, steel and all petroleum based products for the foreseeable future.
Keith Sashaw says projected annual increases of 8% to 10%pr year in the cost of construction for the coming years. Perhaps this is part of the reason some of Vancouver’s developers revert to the buyers, asking for more money in order to finish the project, after it has pre-sold.
Based on this information, expect construction costs to keep new home prices higher every year. Read the rest of this entry »
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Is Vancouver’s Condo Market Bottoming?
August 29th, 2008 Categories: Real Estate News, Vancouver Real Estate
It’s no secret that Vancouver’s condo market prices have soften and overall the media news is negative but I have a different opinion based on my experiences in the market over the last two months, which have kept me hopping and left less time to blog!
Whilst housing sales have dropped, new construction picked up slightly in July, according to CMHC’s latest report. Starts in metropolitan Vancouver last month were up 24% above July 2007, boosting starts for the first 7 months of the year to a gain over same period last year. The largest gains were in Vancouver, Surrey and Delta. Are the developers turning positive again?
CMHC note that British Columbia is still experiencing population and job growth, though the economy has slowed a bit, and new home starts will move back to their long term average by 2009. A tight labour market and robust income growth will partially offset the dampening effect of rising mortgage carrying costs (though some analysts are anticipating the Bank of Canada to drop rates by year end) . They project 31,500 new housing starts in 2009, down from 39,195 in 2007.
CMHC also predict the average MLS price in B.C. will grow by 7.6% in 2008 and 3.5% in 2009. Are they right? Leave a comment. Read the rest of this entry »
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Consumers Re-evaluate Risk
August 28th, 2008 Categories: Real Estate News, Vancouver Real Estate
Considering everything, would you say that your family is better or worse off financially than six months ago? This is the first question the Conference Board of Canada asks in its survey of consumer confidence. With gas prices at $1.50 a litre in many communities, who could provide a positive response? Rising fuel prices hit home fast. They have an immediate and negative impact on household finances. This report was published by BCREA’s Chief Economist - Cameron Muir
More than 2000 Canadian households participate in the monthly survey, which forms the foundation of the Consumer Confidence Index. In late June the index for British Columbia fell below 100 for the first time in five years, to 94.3. The index for Canada was worse, falling to a 13 year low of 79.6. Just 32.6% of those surveyed said now was a good time to make a major purchase, more than half (54.9%) said now is not a good time to make a major purchase. Read the rest of this entry »
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Vancouver Property Graphs July 2008
August 21st, 2008 Categories: Real Estate News, Vancouver Real Estate
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Vancouver Condo Neighbourhood Sales for 2008
August 18th, 2008 Categories: Real Estate News
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Vancouver Market Analysis July 2008
August 8th, 2008 Categories: Real Estate News, Vancouver Real Estate
The REBGV reports that Greater Vancouver prices have drawn back, the last two months, from the record highs experienced in early 2008.
Since May 2008 housing prices have declined. Detached properties in the GVA declined 2.1% since the end of May 2008 from $568,411 to $556,605 in July.
We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008.
Residential property sales in GVA declined 43.9% in July to 2,174 from the 3,873 sales recorded a year prior. The decline is equal to June 2008 versus June 2007. Read the rest of this entry »
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