What the rate cut means for the housing market?

April 24, 2009

Good news, bad news for the housing market

“The latest rate cut means consumers buying a house can borrow for as little as 3% interest on their loan if they are willing to buy into the Bank of Canada’s statement Tuesday that it won’t be changing rates until June, 2010.”

Will low rates help to stop the slide in home prices? Read more

Richmond Housing Report - List Vs Sold March, 2009

April 4, 2009

Richmond Housing Report - List Vs Sold March, 2009
Source: RealtyLink Online, Listings v. Sales

Housing Type Active Listings March Sales Av. 3 mth No. Months Average Price
Detached 665 118 72 9.24 $780,000
Townhouse 360 89 50 7.20 $410,000
Condominiums 660 130 92 7.17 $275,000

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The total home sales for the month of March, 2009 in Richmond picked up further.  The total sales improved by 69% to 337 homes compared to the previous month sale of 199 homes.  On a year-over-year basis, this was a drop of 21% from the March 2008 sales of 427 units.

The total active listings decreased slightly from 1,820 the previous month to 1,685 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio greatly from 13.09 to around 8.97 months. At around 9 months supply of home, sellers are still under pressure to adjust their prices lower to sell their homes.

The Big Picture

Overall, home prices had dropped in the range of 12% to 15%, and the Spring season helps to spur more buyer activities.  The market remained fairly active with more buyers making inquiries and searching for homes.

Whether home prices will hold at the present level or subject to further price decline will depend on how the supply and demand activities for homes over the next few months. Although mortgage rates are at all time low, Canadian banks have tightened their lending, which will have an effect on the demand for homes from buyers.  You can read the latest news on Greater Vancouver and Canadian housing reports.

Use this link to view  Homes for Sale in Richmond.

For more information, please contact me at 604-721-4817 or email me.

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Property sales strengthen in current market cycle

April 3, 2009

News Release - read full report here.

FOR IMMEDIATE RELEASE:

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. Read more