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Posted in 2008 vancouver, housing forecast, market, real estate market, real estate market report, statistics, Vancouver Real Estate blog, Vancouver real estate market
Improved Housing Affordability
to Greater Vancouver in 2008

 
VANCOUVER, B.C. – January 5, 2009 –
The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt. “It’s also important to note that our December statistics show a third consecutive month of a decrease in active

property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

 

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

 
“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.
 
In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007. New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008. Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007.
 
The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent. Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007.
 
The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent. Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008.
 
Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.
 
The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
 
To read the REBGV latest news release in its entirety, including the latest statistics, click here!
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Posted in 2008 vancouver, mortgage rates, real estate, real estate market
Rates are down!
The bond market is moving and creating room for lenders to bring down the longer term rates. This trend should continue for the next while and the Bank of Canada will step up and lower their rate on December 9th. Most think that a .5% drop is in the works. Keep floating while the long term rates come down further and then you can lock in, perhaps in the spring.
 
Term
Best
Bank Posted
1 year
4.35%
6.35%
3 year
5.15%
6.75%
5 year
5.10%
7.20%
10 year
6.10%
7.80%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
                 Bank Prime Rate 4.00%
 
Some lenders have reduced their variable mortgage rates slightly. This is a direct response to the government stimulus that as been injected into the credit markets. The credit freeze appears to be starting to thaw!
 
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, market, real estate market, reports, sales, statistics, Vancouver real estate market

Residential Housing Price Decline

Creates Buying Opportunities

 
Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

 

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

 

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

 

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

 

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

 

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

 

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.
 
Click here to see Listing and Sales Activity Summary for October 2008.
 
Click here to see Greater Vancouver Average Price Graph for October 2008.
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Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, listings, market, outlook, real estate, real estate market, statistics, Vancouver real estate market

Home Prices Adapt to Affordability Demands

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to1,585 from the 2,776 sales recorded in September 2007.

 
New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.
  
“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
 
Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.
  
Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.
  
Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.
  
Click here to see Listing & Sales Activity Summary for September 2008
 
Click here to see Greater Vancouver Average Price Graph September 2008
  
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Posted on by
Posted in 2008 vancouver, condos, east side condos, First-time buyers, houses, Housing, housing forecast, market, real estate market, reports, statistics, Vancouver real estate market
As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back the last two months from the record highs experienced in early 2008 according to the Real Estate Board of Greater Vancouver.

Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period.

The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008.
 “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,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.”
 
Residential property sales in Greater Vancouver declined 43.9 per cent in July 2008 to 2,174 from the 3,873 sales recorded in July 2007. New listings for detached, attached and apartment properties increased 24 per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed. 
Sales of detached properties in July 2008 declined 44.2 per cent to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4 per cent from July 2007 to $753,165.
 
Sales of apartment properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687.
Attached property sales in July 2008 decreased 46.8 per cent to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7 per cent between July 2007 and 2008 to $473,953.
 
The Real Estate industry is a key economic driver in British Columbia. The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.
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Posted in 2008 vancouver, Housing, housing forecast, market, outlook, real estate market, Vancouver real estate market
U.S. Housing Market Shows No Relief.
 
The U.S. housing market recession continues in full swing, with home sales running at least 20% slower than a year earlier, prices posting significant yearover-year declines and the stock of homes for sale holding well above historical norms. Residential investment fell at a 24.6% annual rate in the first quarter after plummeting 25.2% in the fourth quarter of 2007 and subtracted a sizeable 1.1 percentage points from economic growth in the first quarter of 2008.
 
Foreclosures were up in April and delinquencies are continuing to rise. RBCs forecast assumes that the recession in this sector will continue through 2008. In 2009, the combination of lower interest rates and lower house prices is expected to reduce the inventory of homes for sale to more normal levels, which should put a floor beneath new home construction after three years of significant declines.
  

The Canadian Housing market is losing its edge but not headed for a crash.

 
Canada's resale housing market showed signs of slowing early in the second quarter with sales off 1% from the first quarter of 2008 following three consecutive quarterly declines. However, sales continue to run well above the average pace of the past 20 years. While strong demand boosted prices, with gains of at least 10% in the past six years, the pace slowed to 3.2% in April. In contrast, new listings picked up in the first quarter and this trend continued into April, with listings in the major markets up 17.7% compared to a year earlier. Slowing in the housing market was expected and, to some degree, desired because affordability had been increasingly strained through 2007, with most major markets seeing affordability deteriorate to its worst levels since the early 1990s.

 

On the supply side, the high level of demand continues to support construction activity with housing starts running at an historically fast rate. The structural backdrop to Canada's housing market remains solid, with very limited sub-prime mortgage activity, a relatively small speculative sector and no significant supply overhang despite robust construction activity.
 
Affordability is also forecast to improve this year, with the Bank of Canada having cut the overnight rate by 150 basis points since last December, mortgage rate spreads showing some signs of narrowing and the pace of house price gains slowing.
 
Exerpts from Royal Bank of Canada Economic & Financial Market Outlook, July 2008. To read the complete report, visit http://www.rbc.com/economics/market/pdf/fcst.pdf.
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Posted in 2008 vancouver, Housing, housing forecast, market, outlook, real estate market, real estate market report, reports, statistics, Vancouver real estate market
BC will outperform most other provinces in economic and job growth during the next two years.
 
Existing home sales will decline slightly as mortgage carrying costs rise in response to higher home prices and mortgage rates. Income and population growth stemming from tight labour markets will put upward pressure on existing home sales, lessening the decline.
 

BC will outperform most other provinces in economic and job growth during the next two years. This relative strength will translate into a high level of existing home sales, housing starts and house

prices.

 
Move-up buyers and people downsizing their residences will keep the number of resale transactions above the ten-year average. Existing home sales will decline during the next two years in response to high home prices, a rise in mortgage rates in 2009, and slower job growth.
 

High home prices will result in more homes being listed for sale. This increase in supply will slow growth in the provincial average MLS® price from the double-digit pace of the past four years. Centres where the local economy is more diversified and homeownership demand remains strong will record double-digit price gains again in 2008.

 
Fewer homes will be started as tight resale market conditions ease and potential homebuyers are more able to satisfy their housing needs in established neighbourhoods. Single-detached home starts will trend lower, as builders balance the high cost of land and building materials with what price conscious homebuyers will pay. Multiple-unit starts will account for the lion’s share of new home construction. With demand shifting to denser housing forms, more than sixty per cent of starts will be in multiple-unit housing developments. The large number of projects already in the construction pipeline in Vancouver and Kelowna will ensure multiple-unit starts will be at high levels.
 
Mortgage rates are expected to trend marginally lower throughout 2008, but will be  within 25-50 basis points of their current levels. For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50-7.50 per cent range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50 per cent range.
 
Exerpts from CMHCs Housing Market Outlook - British Columbia Region Highlights - Second Quarter 2008. For complete report, visit http://www.cmhc-schl.gc.ca/odpub/esub/65442/65442_2008_Q02.pdf.

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Posted in 2008 vancouver, book illustrator, childrens books, condos, east side condos, First-time buyers, houses, Housing, Kip and Zara, listings, Lyn Hart, sales, Vancouver real estate market
I bet you didn't know your favourite Vancouver Realtor is a published childrens book illustrator!

 
Kip and Zara's Money Adventure introduces money management concepts to children ages 4 to 8 through its fun and colourful alien characters, Kip and Zara. Author Bill Roche published it in 2006 but it's only available in a limited number of bookstores in eastern Canada or through our local warehouse    

We've been distributing it through corporate sponsorship from companies like TD Bank and New Westminster Savings. It's also a major component of Bill's educational workshops that his company, PowerPlay Strategies, puts on for parents and kids through their schools.
 
I also give autographed copies to my clients who are expecting or have families. It's my way of saying Thank You for their business!

If you're interested in becoming a corporate sponsor or would like to puchase a copy for $11.95 plus tax, please contact me for more information.
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Posted in 2008 vancouver, Housing, outlook
VANCOUVER, November 2, 2007

Demand for homeownership will keep housing starts and existing home sales at above-average levels in BC and Vancouver, and push new and existing home prices higher in 2008.
Housing starts in BC will top 33,250 next year down slightly from this years level but still above average levels noted Carol Frketich, BC Regional Economist. Factors behind this demand include: unemployment near record lows, strong employment growth, rising wages, relatively low mortgage rates and growing migration. Recent financial market turmoil in the United States will keep interest rates relatively flat in Canada despite upward inflationary pressures.

In Vancouver, housing demand will be supported through 2008 by ongoing job growth and a steady flow of people moving to the region said Robyn Adamache, CMHCs Vancouver Senior Market Analyst. Solid home price gains will continue to attract investors and live-in homeowners alike. These factors, combined with Vancouvers growing international reputation as a clean, liveable city, will keep demand for new and resale housing robust. Both new home starts and existing home sales will stay near record highs, but edge down slightly in the year ahead. Look for new and resale home prices in Metro Vancouver communities to increase, but at a slower pace than in recent years.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.
 
Housing Market Outlook
Total Housing Starts 2006 Actual 2007 Forecast 2008 Forecast
British Columbia 36,443 36,200 33,250
       
Abbotsford CMA1 1,207 1,150 1,200
Kelowna CMA 2,692 2,750 2,700
Vancouver CMA 18,705 19,000 18,500
Victoria CMA 2,739 2,445 2,275
 
Total M® Sales2 2006 Actual 2007 Forecast 2008 Forecast
British Columbia 96,671 100,500 93,750
       
Abbotsford CMA 3,853 3,700 3,650
Kelowna CMA 4,158 5,500 5,200
Vancouver CMA 36,479 38,300 37,200
Victoria CMA 7,500 8,300 7,600
 
Average MLS® Price ($) 2006 Actual 2007 Forecast 2008 Forecast
British Columbia 390,963 438,200 464,500
       
Abbotsford CMA 303,959 361,700 398,000
Kelowna CMA 349,805 415,000 448,000
Vancouver CMA 509,876 571,000 623,000
Victoria CMA 427,154 465,000 485,000
 
SOURCE: CMHC Housing Market Outlook, British Columbia Region Highlights, Fourth Quarter 2007.

1 Census Metropolitan Area (CMA).

2 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA).
 
For more information about the Canadian Housing Market, visit http://cmhc.ca/en/co/index.cfm
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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.