71% BCers think it’s a good time to buy a home: poll
ShareIpsos Reid poll – According to the recently released Ipsos Reid BC Home Buyers report, four-in-ten (42%) British Columbians expect housing prices to be lower in twelve months, down from 57% in November. Overall, British Columbians are forecasting a 3.0% average drop in home prices in their community, an improvement from the end of 2008 when a 6.7 percent decline was projected. Three-in-ten (32%) predict prices will remain the same while... [Read More...]
Canada home sales expected to fall back to 2000 level
Share CREA release – National MLS® home sales activity is expected to decline in 2009 before rebounding in 2010, according to a new residential housing forecast prepared by The Canadian Real Estate Association. National MLS® home sales activity declined 17.1% in 2008, and MLS® sales activity is forecast to fall an additional 16.9% to 360,900 units in 2009. This would be the lowest level for national sales activity since the year 2000. Sales... [Read More...]
Vancouver sees lowest home sales since early 1980s
ShareREBGV release – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1% in January 2009 to 762 from the 1,819 sales recorded in January 2008. New listings for detached, attached... [Read More...]
Forecast: Vancouver home prices to fall 13% in 2009
ShareBCREA forecast – The global financial crisis and resulting world-wide recession will continue to take their toll on BC housing markets this year. Multiple Listing Service® (MLS®) residential unit sales in the province are forecast to decline 9% to 62,650 units this year. With BC and Canada now in the midst of a recession, concern for job security and declining net worth are major factors keeping potential homebuyers on the sidelines.... [Read More...]
Building permits and construction employment down
ShareEmployment numbers and permits values reflect overarching economic conditions VRCA release – Building permit values fell in November and construction employment edged down in December, according to the Vancouver Regional Construction Association’s analysis of today’s Statistics Canada Labour Force Survey and building permit report. Continued change and volatility in the numbers is expected by the construction industry in the coming months... [Read More...]
Vancouver home sales dive 35% in 2008
ShareREBGV release – The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached... [Read More...]
BC home prices hit 26-month low
Share BCREA release – British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 67% to $1.07 billion in November, compared to November 2007. Residential unit sales were down 62% to 2,707 units during the same period. The average MLS® residential price in the province was $395,687, down 12.5% from November 2007. The average sale price of a home in the province... [Read More...]
B.C. housing market in full-blown correction mode, RBC says
ShareRBC release – According to the latest housing report released today by RBC Economics, British Columbia’s housing affordability conditions have started to improve in that last two quarters but home ownership costs are still the most inflated of all provinces. “The situation is unraveling fast in British Columbia,” said Robert Hogue, senior economist, RBC. “After extremely tight conditions built up during the boom... [Read More...]
Vancouver area home sales dive 70% in Nov 2008
Share REBGV release – 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% in November 2008 to 874 from the 2,883 sales recorded... [Read More...]
House sales fall 54%
Share BCREA release – British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 54% to $1.69 billion in October, compared to October 2007. Residential unit sales were down 51% to 4,018 units during the same period. The average MLS® residential price in the province was $420,259, down 6.5% from October 2007. “Housing demand was negatively affected by the... [Read More...]
