Vancouver Real Estate Economic Roundup
by Maggie Chandler on October 30, 2008
in Uncategorized
Here are some recent reports about the Canadian economy and Canada and Vancouver’s real estate market.
A new RBC study conducted during the market turmoil in October finds overall intentions to purchase a home in the next two years remain steady at 22 per cent and have not changed since January 2008. As well, renovation intentions are slightly higher than last year – up four percentage points as 70 per cent of respondents are planning to renovate or make home improvements in the next two years.
Bank of Canada dropped rates a quarter of a point on October 21st and reports the Canadian economy will be sluggish til Q2 next year and accelerate to above potential growth in 2010.
BCREA’s chief economist Cameron Muir’s latest report says downward pressure on home prices is expected to ease by the second quarter of 2009, as an increase in affordability and consumer confidence induces a modest growth in sales. The inventory of homes for sale is also expected to decline in the coming months as potential home sellers delay putting their homes on the market until conditions improve.
Merrilll Lynch negative on Canadian housing market.
Chief Economist Helmut Pastrick predicts construction will drive BC’s economy for next 5 years.
In the meantime, the stats for October 20th – 28th show new listings still outpacing sales.
Downtown had 53 new listings and 14 sales. False Creek North had 14 new listings and 5 sales. Coal Harbour had 12 new listings and 4 sales. West End had 42 new listings and 6 sales. 121 new listings and 29 sales.
Crunch the numbers and compare renting to buying.
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