A harris/Decima Poll conducted at the end of February shows Canadian consumer confidence at 67% for the period from December to February, the highest it has been since August last year but below the highs seen in recent years. “The roller-coaster ride may not be over yet, but the data suggest many feel that we have hit bottom and will gradually move upward from here,” said Jeff Walker, senior vice president of Harris/Decima. Currently 41% of Canadians feel it is a good time to make a major purchase, compared to 35% in December. Do you agree?
Secondly, yesterday the Bank of Canada dropped interest rates by .50 points and the Banks followed suit. Prime rate is now 2.5%. You can get as low as 4% on a 5 year term mortgage with monthly payments of $526. Calculate your payments.
Thirdly, Vancouver received 37,000 (net)new immigrants last year and is expected to see the same this year. For 2007 top source countries were China, India, The Philipines, USA, Pakistan, UK, Iran, Korea, France and Colombia. Since 1996 immigration from China & India are down 36% and 21% respectively and immigration from UK is up 38% and the numbers from USA and France are also up.
Fourthly, Vancouver rental vacancy rate is 0.5% and could double due to the number of condo owners that are unable to sell and have opted to rent instead.
According to the recently released Ipsos Reid BC Home Buyers report, four-in-ten (42%) British Columbians expect housing prices to be lower in twelve months, down from 57% in November. Overall, British Columbians are forecasting a 3.0 percent average drop in home prices in their community, an improvement from the end of 2008 when a 6.7 percent decline was projected. Three-in-ten (32%) predict prices will remain the same while two-in-ten (20%) predict prices will be higher. Residents of the Lower Mainland foresee an average decrease of 2.3 percent while those in the rest of BC expect a decrease of 3.8%. Consumers forecasting a bottom?
Share your views on the above topics?
this site is updated regularly, subscribe via RSS or email. when you’re ready to take advantage of Vancouver’s lower prices and lower interest rates, call Maggie Chandler, an experienced realtor marketing Vancouver homes since 1981
{ 1 comment… read it below or add one }
Hi Maggie,
Nope, not a good time to buy yet. Sure you can get free money right now (crazy low mortgage rates), but that doesn’t mean tha tyou wont be underwater in 9 months after purchase. In the next couple months there are going to be more unemployment news appearing which will shock people.
Not sure if anyone has noticed but that 2009 Stimulus Bill for BC was based on an unemployment rate just above 6%, we are at 6% in January, what about by June? Anyone thinking that the stimulus will have enough cash to create a 8% unemployment rate is off their rocker. We are in for some hard times to come.
There is far too much spin out there (‘opportunities might not last long’ – sound familiar) and people are getting confused from the experts saying these things. Yes we need to be positive, but blatant lies will not help the first time home buyer which is the majority of buyers right now (wonder why…?) become less in debt when they have negative equity in their home.
Please, do your homework, dont just blindly follow advice from people who have something to gain from it.
You must log in to post a comment.