You’ve been warned!

December 21, 2009

Finance Minister Jim Flaherty said in a interview released late on Sunday:

“The likely action we will take is to increase the size of the down payment from 5 per cent to a higher number, reduce the amortization — bring it down from 35 years to something less.”

Flaherty’s remarks echoed concerns voiced last week by Bank of Canada Governor Mark Carney about households’ ability to pay down debt. Read the report here> Read more

Strong demand carries into late fall

December 3, 2009

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

Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.!–more–>

“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before.”

The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.

“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year.

In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.

Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.

Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.

Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.

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HOUSING TRENDS AND AFFORDABILITY

November 28, 2009

RBC Economics Research – November, 2009.

Affordability improvements halt in third quarter

“The string of significant improvements in housing affordability in Canada finally came to an end in the third quarter. RBC’s affordability measures rose at the national level for the first time in six quarters for all housing types: by 0.5 percentage points to 27.6% for a standard condominium; by 0.7 percentage points to 32.3% for a standard townhouse; Read more

Rapid rebound fuels fears of housing bubble

November 17, 2009

 Below is an article by Garry Marr, Financial Post – published: Monday, November 16, 2009:

Canadian existing home prices are now rising at a pace not seen in 20 years, fueling talk that a bubble may be forming in the market.

The average price of a home sold last month was $341,079, a 20.7% increase from a year ago, the Ottawa-based Canadian Real Estate Association said Monday. Sales also continued to climb with 42,288 units trading hands, a 41% jump from October, 2008. Read more

Real estate recovery will be weak in Canada due to limp demand

November 11, 2009

By THE CANADIAN PRESS, November 11, 2009.

Canada’s real estate market didn’t fall as hard or fast as in the U.S., but some spots did suffer steep losses and a recovery will be slow as buyers worry about another potential economic dip, a new report suggests.

Total losses in value across Canada will average between 10 to 20 per cent compared to the highs of two years ago, according to the study by PricewaterhouseCoopers and the Urban Land Institute.

But some areas saw a much deeper drop. The report released Wednesday predicts a slow recovery to begin by the end of next year.

Read the full article here.

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High sales levels spur rise in home values

November 3, 2009

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

VANCOUVER, B.C. – November 3, 2009 – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.

“While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. 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

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

CMHC predicts rebound in housing

September 9, 2009

 By BRENDA BOUW The Canadian Press – Sept 8, 2009

Canada’s national housing agency predicts home construction to make a comeback in the second half of this year and into 2010, however economists say it could be a long time before we see the same building frenzy that has dominated this decade.

Canada Mortgage and Housing Corp. says it believes housing starts will hit 141,900, of which 68,400 will be single-family detached homes and 73,500 multiple-housing units, such as condos. Read more

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