BC’s First time home buyers shrinking, prices too high
Share Ipsos Reid release – Gradually being pushed back out by climbing housing prices, the wave of first-time buyers which characterized the market in the first half of 2009 is dwindling. Currently among home buyers, three-in-ten (29%) are first-time buyers, gradually trending down from nearly four-in-ten (38%) at the same time in 2009. Compared to late 2008 when only 17% were first-time buyers, the current number is still higher however. According... [Read More...]
Housing affordability continues to melt, especially in BC
Share RBC Economies release – British Columbia once again posted some of the country’s largest increases in homeownership costs in the fourth quarter of 2009, according to the latest housing report released today by RBC Economics. (full report) The RBC Housing Affordability measures for B.C. rose 1.0 percentage point for detached bungalows and 0.8 percentage points for standard townhouses. The measures eased slightly by 0.2 percentage... [Read More...]
BC house prices jump 15.5% in Dec 2009
Share BCREA release – The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 132 per cent to 5,703 units in December compared to the same month last year. More homes were sold last month than in any December on record except 1989 when 6,014 units were sold. (full report) “2009 came in like a lamb and went out like a lion,” said Cameron Muir, BCREA Chief... [Read More...]
Red hot housing market in Vancouver Nov 2009
Share November Home Sales Continue at Torrid Pace BCREA release – The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 165% to 7,182 units in November compared to the same month last year. Last month posted the highest number of MLS® residential sales for the month of November since 2005, when 7,721 units changed hands. Triple-digit gains in province-wide... [Read More...]
Forecast: BC housing sales to jump 20% in 2009; 8% in 2010
Share Market Strength Extends Through 2010 BCREA Fall 2009 Housing Forecast BCREA release – The British Columbia Real Estate Association (BCREA) has just released its Fall 2009 Housing Forecast. BC Multiple Listing Service® (MLS®) residential sales are estimated to increase 20% to 82,900 units this year from 68,923 units in 2008. Residential sales in 2010 are forecast to increase a further 8% to 89,600 units. The ten-year average is 82,800... [Read More...]
Vancouver home prices keep rising in Oct 2009
Share REBGV release – 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% 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... [Read More...]
Vancouver Aug 2009 real estate sales skyrocket 120% over last year
Share A bit late this month… here you go. REBGV release – The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5% in August 2009 to 3,441 from the 1,568 sales recorded in August... [Read More...]
New home price index June 2009
Share STATCAN – Contractors selling prices in Canada decreased 0.2% in June compared with a 0.1% decline in May. Between May and June, prices declined the most in Vancouver (-0.9%) followed by Edmonton (-0.8%) and Victoria (-0.5%). In Vancouver, some builders lowered their prices to stimulate sales and sell off their houses in inventory while others offered free upgrades and cash incentives. A small number of builders did increase their prices... [Read More...]
’000s will be added to new homes after HST
Share whao….. according to the following story from The Province, after the HST: A new home with price tag $800,00 + $56,000 (currently PST not applied on new homes) - $20,000 (rebate) - $8000 (builders’ “input tax credit”) ——————————————————- + $28,000 You thought that’s the end of it? No! Realtors’ commissions... [Read More...]
July 2009 home sales better than pre-recession
Share REBGV release – 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... [Read More...]
