FACE TO FACE: Is the Agricultural Land Reserve to blame for our house prices?
Rising house prices is a classic “good-news, bad-news” story. But it’s also a tale of unintended consequences.
A few weeks ago, the Canadian Real Estate Association reported that the Vancouver area led the country in the rebound of its residential real estate market, with a 22% increase compared with the same month a year before.
It’s good news for owners and sellers alike but also bad news for buyers, especially first-timers. The picture’s even more daunting considering that the Vancouver area already has the priciest residential real estate in the country.
Thursday, January 14, 2010
Wednesday, January 13, 2010
B.C. real estate market carried higher by wave of sales
ANCOUVER — A strong wave of property sales through British Columbia's southern and coastal property markets in December helped lift the province to a strong finish in 2009, the B.C. Real Estate Association reported Tuesday.
And the sales boost should give markets enough momentum to push sales growth into the first part of 2010, or until rising prices again start pushing more buyers out of the market, according to association chief economist Cameron Muir.
The province saw 5,703 homes sold through the Multiple Listing Service in December, a 132-per-cent increase from the same month in 2008, the second highest number ever.
For the year, B.C. recorded 85,028 sales through MLS, a 23-per-cent increase from all of 2008 and the annualized average price of a home hit $465,725 in 2009, a two-per-cent increase from 2008.
And the sales boost should give markets enough momentum to push sales growth into the first part of 2010, or until rising prices again start pushing more buyers out of the market, according to association chief economist Cameron Muir.
The province saw 5,703 homes sold through the Multiple Listing Service in December, a 132-per-cent increase from the same month in 2008, the second highest number ever.
For the year, B.C. recorded 85,028 sales through MLS, a 23-per-cent increase from all of 2008 and the annualized average price of a home hit $465,725 in 2009, a two-per-cent increase from 2008.
Saturday, January 9, 2010
Seller's market' for real estate: report
Victoria is a seller's market where home prices will stay strong -- particularly in the first two quarters of the year -- thanks to low interest rates, tight inventories and rising consumer confidence, says one of Canada's leading real estate companies.
According to Royal LePage's market survey forecast, released yesterday, Vancouver's average price for an existing home is predicted to rise 7.2 per cent this year over last year. Victoria was not included in the forecast of major metropolitan centres, but price increases aren't expected to be as high here as in Vancouver, said Carol Geurts, president of Royal LePage Coast Capital Realty.
According to Royal LePage's market survey forecast, released yesterday, Vancouver's average price for an existing home is predicted to rise 7.2 per cent this year over last year. Victoria was not included in the forecast of major metropolitan centres, but price increases aren't expected to be as high here as in Vancouver, said Carol Geurts, president of Royal LePage Coast Capital Realty.
Thursday, January 7, 2010
Vancouver real estate rebounds in 2009
The Vancouver housing market showed a sharp rebound in 2009 after starting the year with near record low sales.
More than 35,600 homes were sold – a 44.8-per-cent jump from 2008, but a 6.3 per cent dip from 2007, the Real Estate Board of Greater Vancouver said in a news release Tuesday.
Low interest rates and a recovering economy helped push home sales near or past monthly records in the last part of 2009, board president Scott Russell said.
"December's home sales rank as the third highest selling December in the 90-year history of our organization," said Russell.
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008.. A shrinking inventory helped boost residential prices.
More than 35,600 homes were sold – a 44.8-per-cent jump from 2008, but a 6.3 per cent dip from 2007, the Real Estate Board of Greater Vancouver said in a news release Tuesday.
Low interest rates and a recovering economy helped push home sales near or past monthly records in the last part of 2009, board president Scott Russell said.
"December's home sales rank as the third highest selling December in the 90-year history of our organization," said Russell.
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008.. A shrinking inventory helped boost residential prices.
Tuesday, January 5, 2010
Supply, demand, and a real estate rebound
Alittle over a year ago Greater Vancouver's real estate market threatened to grind to a halt, gripped by panic and confusion. After a seven-year boom, many believed the global economic and credit crises were enough to kill our market and that recovery from them was years away. Even after interest rates dropped dramatically, many chose to sidestep the market and wait to ''see what happens.''
Many did not contemplate the rate at which our population grows, and the resulting pressure on real estate. They may not have realized it, but people who wait out the market typically find themselves competing against almost 1,000 more people every week in need of a home in Greater Vancouver.
In early 2009 I advised prospective buyers to beware the peril of waiting for news of the market bottom before buying a home because such statistical feedback tends to materialize too late to be useful.
Many did not contemplate the rate at which our population grows, and the resulting pressure on real estate. They may not have realized it, but people who wait out the market typically find themselves competing against almost 1,000 more people every week in need of a home in Greater Vancouver.
In early 2009 I advised prospective buyers to beware the peril of waiting for news of the market bottom before buying a home because such statistical feedback tends to materialize too late to be useful.
Sunday, January 3, 2010
Real estate claws itself out of a hole
VANCOUVER - When condo marketer Cameron McNeill stood to make a speech at his company’s Christmas party, he presided over an upbeat crowd of developers, realtors and industry insiders.
Dressed casually in a Hawaiian shirt, wearing a lei for the Polynesian-themed soiree at Chill Winston in Gastown, McNeill remarked that the brisk sales and project launches that have marked the end of this year are a long way from the dark days of last December.
A year ago, developers were putting projects on ice, and sales in Metro Vancouver’s resale housing market dropped to 924 transactions in December, half of what they were in December 2007.
Dressed casually in a Hawaiian shirt, wearing a lei for the Polynesian-themed soiree at Chill Winston in Gastown, McNeill remarked that the brisk sales and project launches that have marked the end of this year are a long way from the dark days of last December.
A year ago, developers were putting projects on ice, and sales in Metro Vancouver’s resale housing market dropped to 924 transactions in December, half of what they were in December 2007.
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