To Buy Or Not To Buy?

August 25, 2009

A real estate article by Jesse Spencer, published in the Vancouver Magazine, Sept 1 2009 is an interesting read:

“Vancouver’s response to the challenges of sustainability is one of the reasons our real-estate values have not followed similarly expensive American markets into the toilet, and probably won’t. And one of the reasons why, if you’re thinking of buying, now might well be a good time”.

Read more

Metro Vancouver new home prices show steepest drop nationwide

August 15, 2009

By Derrick Penner, Vancouver Sun, August 12, 2009

Despite a rebound in Metro Vancouver real estate resales, June new-home prices continued to slide as builders adjust to changes in the market.

Statistics Canada said Wednesday that Metro Vancouver new-home prices dipped 0.9 per cent from May to June, the biggest monthly decline among Canada’s major centres, and stood 9.1 per cent below prices in June of last year. Read more

The HST and home buyers

August 13, 2009

A recent release by the real estate board of Greater Vancouver helps to shade some light on the impact of HST on new homes.

The harmonized sales tax (HST) will combine the 7% provincial sales tax (PST) with the 5% federal GST into one 12% harmonized sales tax (HST) as of July 1, 2010.

Right now, a buyer of a new home pays a 5% GST. Qualifying home buyers can apply for a rebate of 36% of the GST paid on the first $350,000 of the new home price, and a partial rebate for a new home price of $350,000 to $450,000. Read more

Richmond Housing Report - List Vs Sold July, 2009

August 12, 2009

Richmond Housing Report - List Vs Sold July, 2009
Source: RealtyLink Online

Housing Type Active Listings July Sales Av. 3 mth No. Months Average Price
Detached 595 221 198 3.01 $780,000
Townhouse 305 179 154 1.98 $430,000
Condominiums 515 230 218 2.36 $330,000

det7.gif

att7.gif

apt7.gif
The Richmond total home sales for July, 2009 picked up further with total sales improvement of 8% to 630 homes compared to the previous month sale of 584 homes. On a year-over-year basis, last month’s sales showed an increase of 120% over the same month sale of 287 homes in 2008.

The total active listings at the end of June dropped slightly from 1,540 the previous month to 1,415 units. The improvement in sales helped to improve the supply / demand (list to sale) ratio further from 3.06 to around 2.48 months. The past 6 months re-bounce in home sales, and lack of new inventory coming onto the market, is now creating another round of buying resulting in homes regaining in prices. The current  seller’s market situation is expected to continue into the autumn months of 2009.

Will current bullish market continue?

So far, there are no signs of the market slowing down. Sales activities remain strong, and many homes were sold within days of being listed on the market. New inventory is not coming onto the market fast enough to fill the void left by homes depleted from the market. The strong momentum in buyer demand may continue until the end of 2009.

For now home sellers are holding on to their selling prices, and many homes were found to be selling at higher prices now. There are now more buyers willing to commit to buy when they find the homes they like.You can follow the monthly housing market up-date for Greater Vancouver here. Use this link to view homes available for sale in Richmond.

For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.

Return to Homepage.

Strong spring market carries into summer months

August 9, 2009

Real Estate Board of Greater Vancouver Housing Report - read full report here.

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark. Read more