The Pros and Cons of 5 Common Flooring Materials

January 24, 2012

Flooring plays a key but understated role in the look of your home. An unattractive floor can cheapen the entire appearance of a room, while excellent flooring can enhance a drab room’s beauty. But it’s not all about looks. When choosing flooring, it’s essential that you pick a material that can withstand the traffic demands and climate of the room in which it will be installed. Otherwise, you may as well throw your money out the window. If you’re not sure what flooring is best for your home, take a look at this primer featuring the pros and cons of five flooring materials. Read more

Richmond Home Sales Report - December, 2011

January 17, 2012

Richmond real estate > December home sales

Source: RealtyLink Online

Housing Type Active Listings Dec Sales Av. 3 mth No. Months Average Price
Detached 625 62 90 6.94 $1,100,000
Townhouse 330 41 60 5.50 $500,000
Condominiums 700 75 88 7.95 $350,000

Richmond detached homesRichmond townhomesRichmond condos
Richmond’s total homes sale for December, 2011 at 178 units was a 35% lower compared to the previous month total units sale at 272. The total number of detached homes, townhomes and condos/apartments listed for sale totaled 1,655 dropped another 16% compared to the previous month’s total listings at 1,975 units. Although the past 2 months dropped in active listings exceeded 590 units, the supply/demand ratio for home in Richmond is still in a buyer’s market with about 7 months supply of homes. View Richmond condos for sale here.

The supply of homes as recorded the past 3 months showed a slight easing in the listings from 7.31 the previous month and 8.43 months the month before. The housing market in Richmond is in favour of BUYERS. A surge in new listings can be expected in January and February. With expectation of moderate home sales in 2012, home sellers in Richmond may continue to experience pricing pressure.

Home sellers who were more aggressive in reducing their selling prices had better success in selling their homes. For home buyers, this is a good time to get into the market as there are more choices and prices are already some 5% to 7% compared to the peak some 7 months ago.

The condo market will be the most challenging for sellers and new housing developers. Resale condos are competing with new condos for home buyers. There are increasingly more new developments offering discounts, incentives and some developers are absorbing the HST to sell their inventory of homes. Many home sellers can be expected to list their homes in January and February. Home sales are expected to be much better in spring as March, April and May are the best months when home buyers and sellers are most active.

Low mortgage rates to continue 

The current ultra low mortgage rates are not expected to be raised for sometime. Projection for Canada’s growth rate for 2012 had been revised lower due to the uncertainties faced by the financial markets in Europe, USA and Asia.

You can use the link here to view homes available for sale in Richmond. For more information on Richmond real estate, you are welcome to contact James Wong at 604-721-4817 or send James an email.

months of inventory (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance” . A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go up.

 Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

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