Toronto’s condo boom is heading for a bust
December 23, 2008
Tony Wong, Torstar News Service reported on December 16, 2008:
The record number of units set for completion in 2009 and beyond will drive down housing prices and cause vacancy rates to go up as some condos sit empty. Read more
House prices slip 10 per cent across Canada in Nov.
December 16, 2008
Canoe Money posted an article by Brenda Bouw published in The Canadian Press on Dec 12, 2008:
“House prices across Canada fell nearly 10 per cent and sales slipped 42 per cent in November compared with the same month last year, a drop the Canadian Real Estate Association says it hasn’t seen since the last housing recession nearly two decades ago.”What struck me, with the exception of a couple of markets, is that there has been a very sharp decline in sales activity over the last couple of months,” said Gregory Klump, chief economist at the Ottawa-based association also known as CREA”.
In another article, published in the Financial Times, ” Your home may be worth more than you thought: CREA” home owners, buyers and sellers will be wondering what is the real market situation in their local market. As real estate is local, and home prices may be distorted by motivated sellers who are selling for their own personal reasons.
If you are buying or selling, the best advice any one can get in today’s market is to work with an experienced local realtor. Whether you should buy now, or wait a little longer depends on your circumstances. There are now deals you can do at prices way lower than comparable sales done the past few weeks.
It’s Time To Get Ready
If you find the home you like, and you are comfortable with the price you want to pay, this may be your opportunity to buy the right home. If it is a home you enjoy staying with your family, it may not matter much if prices go down some more. Every home is unique and there is no telling that if your offer price is too low, the seller may not want to sell his home to you.
It is time to look around, and if you are looking to buy or sell a home in Richmond, South Vancouver and Burnaby, you are welcome to contact me at 604-721-4817 or email me.
Richmond Housing Report - List Vs Sold November, 2008
December 14, 2008
Richmond Housing Report - List Vs Sold November, 2008
Source: RealtyLink Online, Listings versus Sales
Housing Type Active Listings Nov. Sold Listings Av. 3 Months Sale No. Months Average Price Detached 915 27 45 20.33 $735,000 Townhouse 530 23 33 16.06 $415,000 Condominiums 1050 34 60 17.50 $305,000
The Richmond total unit sales for October, 2008 registered a further drop of 42% to 84 units as compared with the already dismal 144 units sold the previous month. The average price for townhomes continued to decline from around $420,000 to $415,000. The average price for detached single family homes came significantly from $790,000 the previous month to around $735,000. Average apartment price however, bounce back from $260,000 to around $305,000 level (influenced greatly by the mix of condos sold).The total active listings dropped slightly from 2,540 units the previous month to 2,495. The extremely low sales for the month resulted in the Absorption Rates (list to sale ratio) staying at around 15.21 months.
The Big Picture
Overall, the low sales and high inventory had resulted in the market being over supply with 15 months of home inventory. The lack of buyers interest will likely continue for a few more months. Buyers are expecting further housing price decline from current prices. So far, home prices may have already come down by 10% to 12%. Home buyers are staying on the sideline, and they are waiting for better bargains in 2009.
Click this link to view Richmond’s new condo projects and completed condos. You are welcomed to contact me for information on homes available for sale in Richmond, BC. I can be contacted reached at 604-721-4817, or you can send me an email.
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Slow home sales create window of opportunity
December 5, 2008
Below is the November Greater Vancouver residential property sales report. Click here to view the full report.
VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.
In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007. Read more
Greater Vancouver Housing Market Update - November, 2008
December 3, 2008
November continued to be a bad month for home sellers in Greater Vancouver and elsewhere in BC. The following news articles highlighted the poor housing market:
The Province; with News Services, Published: Wednesday, December 03, 2008.
Lower Mainland’s home sales figures drop into basement
November blew a deepening chill into the Lower Mainland real-estate market, figures released yesterday show. Read more
