Canada’s Economic Action Plan – Budget 2009

January 30, 2009

The Government is proposing to provide up to $7.8 billion in tax relief and funding to help stimulate the housing sector and improve housing across Canada.

 Support for Home Ownership and the Housing Sector

  • Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations for an estimated 4.6 million Canadian families, and provide needed stimulus to the economy.
  • Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support an estimated 200,000 additional home retrofits.
  • Read more

Greater Vancouver Housing Market Recovering Soon?

January 26, 2009

 The Sunday January 25, 2009 Vancouver Sun reported:

Current property decline won’t last long: Rennie

The city’s most famous realtor is predicting that the current property slowdown in home sales won’t last long, and that now is the time to buy undervalued property.

Bob Rennie told The Province Friday that low mortgage rates, which have dipped below five per cent, make it a great time to buy. Read more

Richmond Onni’s Liquidation Sale

January 20, 2009

Successful marketing campaign by Onni

The campaign to sell off all the remaining units on the book of Onni Development can be seen to be wildly successful. There was a big crowd of eager buyers lining up to buy the units on Friday evening when the sale process commenced at 5.00 pm on Monday, January 19, 2009.

One thing for sure is that there are still a lot of buyers in the market interested to buy when the prices are right. With the 25% discount from the developer’s list prices, the response from home buyers and the frenzy created goes to show the buying strength that exist in the market.

What’s next after Onni’s liquidation sale? Read more

Update: Onni’s Condo Liquidation

January 19, 2009

Update: Onni’s Condo Liquidation – Richmond & New Westminster

The sale to the public organized by MAC Marketing according to the sales offices in Richmond and New Westminster  is on first-come-first-serve basis for buyers who registered to buy the 375 Onni condos and townhouses.

Discounted is at 25% only

The publicity on 20% to 40% discount as reported in the media the past few days according to the sales staffs was only at 25% of the list prices. Over the weekend, January 17 and 18, interested buyers were required to register and indicate the type of units they were interested to buy. Read more

Richomd Onni Flo Condo Liquidation

January 17, 2009

The media and blogs are buzzing with news on the liquidating of 375 condo and townhouse units at 20% – 40% ‘off’.These units were purchased by condo buyers as presale, paid their deposits with with the balance of the purchase price to be paid upon completion. For whatever reason thees buyers did not complete, lost their deposits and Onni retains ownership of these properties.

Available for sale – 55 units

The specifications for the Flo units are:

  • 1 bedroom 595 – 715 sq feet
  • 2 bedroom 804 – 919 sq feet
  • PH 1600 sq feet 3 bedroom
  • Townhouses 1455 sq feet, 3 bedrooms

The liquidation pricing is expected to be as low as $400/sq foot. Read more

Greater Vancouver Home Prices Heading For 2006 Level

January 15, 2009

 Greater Vancouver home prices are heading for 2006 level.

Home prices in Greater Vancouver had experienced an unprecedented run up in prices since 2001. The hot housing market finally peaked around May, 2008 and a reversal in fortune is now being played out in the market.

richmond-house.jpgWe are heading towards 2006 prices!

The housing trend in the Greater Vancouver area is heading for the 2006 pricing levels for detached homes, townhomes and condos/apartments. The housing price charts here by Brain Ripley showing the pricing trend is clearly coming down from the peak recorded around May and June of 2008.

The current economic outlook and uncertainties in Canada have resulted in consumers holding back on making major financial commitments like buying their homes now.

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Richmond Housing Report – List Vs Sold December, 2008

January 10, 2009

Richmond Housing Report – List Vs Sold December, 2008
Source: RealtyLink Online, Listings versus Sales

Housing Type Active Listings December sales Av. 3 mth No. Months Average Price
Detached 775 38 38 20.39 $770,000
Townhouse 425 26 28 15.18 $435,000
Condominiums 880 56 60 14.66 $265,000

Richmond detached homes sale

Richmond townhomes sale

Richmond condos sale
The Richmond total unit sales for December, 2008 registered an improvement in sales of 120 homes as compared to 84 units in December. But, on a year-over-year basis, this is a drop of 57% as compared with the December 2007 sales of 277 units. The average price for detached homes in December was skewed and registered a higher value of $770,000 as compared to $735,000 in November. Similarly, townhouse average price also showed and increase in value from $425,000 to $435,000 in December. Average apartment price declined from $305,000 to $275,000 level.

The total active listings dropped significantly from 2,495 units the previous month to around 2,080 units as many homes were taken off the market by the end of month. The supply / demand ratio or list to sale ratio for the month registered a change from 15.21 t0 16.51 months of supply .

The Big Picture

Overall, the low sale figures and high inventory showed the market has over 16 months supply of inventory. The significant drop in supply helped to improve the list/sale ratio which is still very high at 16.51 months supply. Home buyers are expecting further price decline from current prices.

Follow this link to view the latest Greater Vancouver and Canadian housing reports and news. You are welcomed to contact me for information on homes available for sale in Richmond, BC. I can be contacted reached at 604-721-4817, or you can send me an email.

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Falling Real Estate Prices Continue In December

January 6, 2009

Below is the December/2008 Greater Vancouver residential property sales report. View the full report here.

2008 brought improved housing affordability to Greater Vancouver

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. Read more