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Posted in market, real estate, real estate market, real estate market report, Vancouver East Real Estate, Vancouver Real Estate blog, Vancouver real estate market

Greater Vancouver Housing Market Sees Typical Spring Activity in April

Courtesy of The Real Estate Board of Greater Vancouver
 
Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.
 
Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.
 
“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.
 
At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.
 
“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.
 
Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.
 
Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.
 
Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

 

The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010.



 
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Posted in BC Property Assessments, market, market value, real estate
Market Value vs. BC Assessment Value...
What's the Diff??
 
Your BC Property Assessment is the valuation on which your property taxes are based. You'll receive your local tax notice in June each year. The assessments are mailed out at year end and property owners must realize that annual assessments can only be appealed before January 31st.
 
Typically, there's a difference between the property value assessment on the assessment notice and the market value determined by a professional REALTOR®. Home owners often want to know what the difference is.
 
Your assessment notice is BCA’s estimate of a property’s market value as of July 1st of any given year. BCA has a database of 1.8 million properties. When a new property is created through zoning or construction, or an existing property changes, a BCA appraiser visits the site and reviews lot size, structure and other factors including whether the property is on a quiet street with backyard lanes or on a busy boulevard.
 
BCA appraisers don't visit each existing property annually to update the database. Instead, they use what is called a mass appraisal system, calculating values by evaluating prices for homes sold in each neighbourhood, or of similar units in a strata complex as of July 1st and then applying the information to arrive at an assessed value. BCA analyzes a range of factors for each property including house type, square footage, age, heating, and even outbuildings such as garages, sheds and gazebos, as well as pools and spas.
 
A REALTOR'S® market value assessment is typically current. In our active local market, six months can mean thousands or even tens of thousands of dollars difference!
 
I'll determine the value of your property by scrutinizing the most recent comparable data for homes sold in your neighbourhood on the MLS®. I'll also examine the exterior and interior of your property in detail, noting alterations and major renovations, such as new kitchens or bathrooms that affect the value of your home. I'll also take into account view lines, architectural styles and landscaping.
 
Where every lot and every home on the street are generally the same, both BCA’s value and a professional REALTOR’S® value will be similar, assuming a stable market. Differences will likely occur in neighbourhoods where every lot on every street is different, every home’s architecture is unique and every view is distinct. Differences also occur when property owners make changes such as renovations that BCA does not know about. For more information from BCA, visit www.bcassessment.bc.ca.
 
If you're considering selling your home, I'd be happy to give you a current Market Analysis for your property so you can expect the best price in today's real estate market. Call me at (604) 724-4278 to arrange a consultation.
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Posted in 2009 Real Estate Market, housing costs, market, real estate market, real estate market report, statistics, Vancouver real estate market

Slow Start/Strong Finish for Housing Market in 2009!

After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

 
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8% increase from the 24,626 unit sales recorded in 2008, but a 6.3% decline from the 38,050 residential sales in 2007.
 
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5% in 2009 to 52,869 compared to the 62,561 properties listed in 2008.
 
“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”
 
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2% from the 924 sales recorded in December 2008, and an 18.4% decline compared to November 2009 when 3,083 home sales occurred. 
 
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2% to $562,463 between Decembers 2008 and 2009.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9% increase compared to the 1,550 new units listed in December 2008 and a 41.1% decline compared to November 2009 when 3,653 properties were listed.
 

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41% from December 2008, and a decrease of 19% from November 2009.
 
Sales of detached properties in December 2009 increased 159.2% to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3% to $766,816 compared to December 2008.
 
Sales of apartment properties in December 2009 increased 176.7% to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8% since December 2008 to $382,573.
 
Attached property sales in December 2009 increased 188.7% to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9% between Decembers 2008 and 2009 to $478,093. 
 
To read the complete report from the REBGV, go to
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Posted in 2009 market, 2009 Real Estate Market, buying, condos, First-time buyers, houses, market, real estate market, real estate market report, reports, sales, statistics, Vancouver Real Estate blog, Vancouver real estate market

Property Sales Strengthen in Current Market Cycle

A news release from the Real Estate Board of Greater Vancouver
 
VANCOUVER, B.C. - April 2, 2009.
The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

 

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

 

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this

month-over-month comparison.

 
"There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is
levelling off," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).
 
New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to

March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent. Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008.

 
"REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to

low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years," Russell said.

 

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

 
Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.
 
Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.
 
To see the news release in its entirety, including graphs and charts, go to http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_April%202009.pdf
 
The Real Estate Board of Greater Vancouver is an association representing more than 9,400 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.
 
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Posted in 2009 market, market, mortgage rates, Vancouver Real Estate blog

Welcome to a new year of possibilities! Interest rates on mortgages have been edging down and should continue this trend for many months as the economy works the bugs out. The Bank of Canada meets on January 20th and should lower rates by .25%-.50%.

 
The Canadian Government is hammering on the banks to quit hoarding money by increasing their spreads they charge and so we should see more long term rate decreases as well.
 
Bank Prime Rate 3.50%
Term
Best
Bank Posted
1 year
4.00%
5.60%
3 year
4.69%
6.25%
5 year
4.75%
6.75%
10 year
6.10%
7.55%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates.     
 

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

              
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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 2009 market, housing forecast, market, real estate market, sales, statistics, Vancouver Real Estate blog
According to the most recent Real Estate Board of Greater Vancouver’s statistics, house prices have only dropped 12% from December last year. The average December 2008 sale price for a resale house in the east side is listed at $589,264.00, down from $672,056.00 last year. On the west side, the average price has risen slightly by 3%, up to $1,591,048.00 from $1,540,955.00 last year.

Considering the beating the market has taken in the last few months, it seems to me this is almost encouraging news! This long overdue market adjustment is reducing prices to a more affordable level. Lower pricing, combined with the lowest mortgage rates Canada has seen in awhile, is enticing qualified buyers to jump into the market again snapping up some very good deals.

Talk around the office water cooler is that realtors are noticing an increase in sales in December, up from the past few months, that makes the approaching spring market look promising. If it keeps up, the surplus of properties for sale will begin to be absorbed resulting in the market balancing out a little more and price drops levelling off. Sellers won’t feel so battered and buyers won’t feel so poor - in other words, a fair market!

If I had a crystal ball, I’d be the happiest realtor in Vancouver! But for now, all I can do is look at the statistics and keep my fingers crossed, just like you.
Wishing you a successful 2009!
To see the latest December 2008 stats, click on the link below.
_media/Documents/REBGV Dec Stats 2008.png
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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 in houses, Housing, market, real estate, real estate market, sales, Vancouver real estate market
 
 
A successful sale requires that you concentrate on six considerations: your asking price, your terms of sale, the condition of your house, its location, its accessibility, and the extent of marketing exposure your house receives. While some of these factors are beyond your control, you can compensate by taking advantage of others (like a new paint job) to make your property as attractive to prospective buyers as possible.
 
When is the best time to list a house for sale?

The "best" time to list your house is actually as soon as you decide to sell it. If you want to get the best price for your house, the key is to give yourself as much time as possible to sell it. More time means more potential buyers will probably see the house. This should result in more offers; it also gives you time to consider more options if the market is slow or initial interest is low.

Is there any seasonality to the market?

Peak selling seasons vary in different areas, and weather has a lot to do with it. Late spring and early fall are the prime listing seasons because houses tend to "show" better in those months than they do in the heat of summer or the cold of winter. And of course, people like to do their house shopping when the weather is pleasant.

But keep in mind that there are also more houses on the market during the prime seasons, so you'll have more competition. So while there is seasonality in the real estate market, it's not something that should dominate your decision on when to sell.

What about market conditions — price trends, interest rates, and the economy in general? Should they have any bearing on when I list? Probably not. Even if you're under no pressure to sell, waiting for better market conditions is not likely to increase your profit potential.

So how long should it take to sell?

Average selling times vary from 10 to 90 days, according to market conditions in a particular region or even neighbourhood, But if it hasn't sold within 30 days of being placed on the market at least one of the six considerations: price, terms, condition, location, accessibility or market exposure must be made more attractive to prospective buyers. Selling in any market is easier if you keep time on your side.
 
I´ve decided to sell my home...now what?
To list your home, call me and we´ll start with a Market Analysis of your property and your neighbourhood. I can advise you on any improvements that could help in the sale, I´ll develop a marketing strategy just for you and, together, we´ll determine the best price for your home in today´s market .
 
Once the fine points are decided upon, I´ll go over the listing contract details with you. Then leave the rest to me! I´ll make your home selling experience as easy and worry-free as possible. Call me today to get your home SOLD!

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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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