CMHC bubble is 100% made in Canada

October 22, 2009

Below is a timely article by Financial Post columnist, Diane Francis,  published on Thursday, October 22, 2009.

Ottawa has been creating a housing bubble in Canada with taxpayer money, which is why residential real estate prices rise in defiance of high unemployment and recession.

Ottawa’s low interest rate policy and Crown agency Canada Mortgage and Housing Corporation’s dramatic increase in mortgage backstopping, for people who put only 5% down, have pushed up activity and prices.

Read the full article here.

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Agricultural Land Reserve and it’s effect on BC Housing Prices

October 22, 2009

The goal of the Agricultural Land Reserve may have been to protect farmland, but instead it has “unduly taxed citizens and lowered the standard of living across the province,” the author of a new Fraser Institute study claims.

In the report BC Agricultural Land Reserve: A Critical Assessment, author and Fraser Institute director of environment Diane Katz contends that the ALR has failed to sustain family farms as it intended and has instead made Vancouver’s housing market one of the most expensive in North America. The Fraser Institute is an independent research and educational organization.

Read the report here.

Home prices could hit new highs in 2010

October 22, 2009

As reported by By Derrick Penner, Vancouver Sun, October 21, 2009:

The rebound in B.C. housing sales from the recession is the strongest on record, Central 1 Credit Union said Tuesday, predicting that property prices will regain all of their downturn losses by the end of this year.

Central 1 chief economist Helmut Pastrick said the housing sales rebound has already surpassed the strength of the recovery from the 1991 recession. Read more

Housing market may see another good year

October 8, 2009

Below is an article by JAY BRYAN, The Gazette October 7, 2009:

“Cost of paying off a typical home has fallen to less than 28 per cent of an average income.”

Homes in Canada are near their most affordable in nearly four years, setting the stage for a continuation of today’s perky real-estate market through the coming year. Read more

Richmond Housing Report - List Vs Sold September, 2009

October 6, 2009

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

Housing Type Active Listings September Sales Av. 3 mth No. Months Average Price
Detached 515 192 194 2.65 $800,000
Townhouse 310 148 151 2.05 $430,000
Condominiums 610 230 214 2.85 $335,000

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The Richmond total home sale for September, 2009 at 570 units gained 19% over the previous month sale of 479 homes. The supply of detached homes and townhomes were at around the same level, while condo listings grew slightly.

The total active listings at the end of September at 1,435 units were around the sale level as for the previous month of 1,410 units. The supply / demand (list to sale) ratio remained tight around 2.56 months as compared with the previous month at 2.50 months. The past 8 months re-bounce in home sales, and lack of new inventory coming onto the market, helped to maintain home prices at current levels.

The market continued to be very active with many first time home buyers checking on homes listed for sale on the MLS system.

Will current bullish market continue?

There are many home buyers still looking for the right homes to buy. Sales activities remain strong. The fall season and the lack of inventory is expected to dampen sales. While seasonal reduction in sales for the autumn and winter months can be expected, home prices are expected to remain at current level.

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.

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B.C. real estate returning to ‘seller’s market’

October 4, 2009

 An article by Brian Morton, Vancouver Sun dated October 1, 2009:

Vancouver - Rising sales and limited listings have returned Canada to a “seller’s market,” with total B.C. home sales this year up nearly seven per cent compared to 2008, according to a Global Real Estate Trends report released Thursday by Scotia Economics.

“In terms of trends, sales in B.C. have been picking up since January,” Adrienne Warren, senior economist at Scotia Economics, said in an interview. “And it’s been increasing steadily since. For prices the low point was in April.”

Read the full article here.

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Buyer demand remains strong while home listings increase

October 2, 2009

chart.jpgReal Estate Board of Greater Vancouver Housing Report - read full report here. Read more