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Housing market factors indicate stability in recent months PDF Print E-mail
Category: Market Update
Monday, 04 October 2010

September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.

In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.

“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said. Read more...

 
Home Buyers in the Driver's Seat PDF Print E-mail
Category: Real Estate News
Monday, 06 September 2010

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 42 per cent to 5,784 units in July compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 19 per cent in July from June 2010. The average MLS® residential price climbed 6 per cent to $491,832 in July compared to the same month last year.Home_Buyers_In_The_Drivers_Seat_2010-08-12

"A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year," said Cameron Muir, BCREA Chief Economist. MLS® active residential listings were 21 per cent higher in July than at the start of the year on a seasonally adjusted basis. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.

Year-to-date, BC residential sales dollar volume increased 16 per cent to $24.2 billion, compared to the same period last year. Residential unit sales rose 4 per cent to 48,127 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

Source: British Columbia Real Estate Association

 

 
Buyer’s market conditions continue in Greater Vancouver PDF Print E-mail
Category: Market Update
Saturday, 04 September 2010

Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010. Read more...

 
BC home sales expected to rise in 2011 PDF Print E-mail
Category: Real Estate News
Saturday, 14 August 2010

BCREA Housing Forecast Update - Third Quarter 2010

BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011. Residential unit sales through the Multiple Listing Service® (MLS®) in BC are forecast to decrease 7 per cent to 79,500 units in 2010, before climbing 5 per cent to 83,400 units in 2011.

MLS_Sales_Chart_2010-08-13A slower than expected normalization of interest rates will temper erosion of affordability as economic output posts more moderate growth for the balance of this year and through 2011. Stronger corporate profits are triggering employment growth and a reduction in the unemployment rate is now underway.

A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channeling into 5-year fixed mortgages where discounted rates increase purchasing power.

The average MLS® residential price is forecast to increase 6 per cent to $492,800 this year and edge down 1 per cent to $489,500 in 2011. Some softness in home prices is expected through the summer months in most regional markets. However, inventory levels peaked in May and will likely edge lower in the coming months, leading to more balanced conditions in the fall with a commensurate firming of home prices.

“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months. Read more...

 
An enduring challenge is now complete PDF Print E-mail
Category: Events
Monday, 01 March 2010

After three years of planning, training and racing, Dakar 2010: Argentina - Chile has now come and gone. Rick Hatswell  is one of very few Canadians to have ever attempted Dakar. Please join me in congratulating Rick on a successful race! Read more...

 
Mark Stephenson named to the 2009 Medallion Club PDF Print E-mail
Category: Awards
Wednesday, 31 March 2010
For 45 years, the Real Estate Board of Greater Vancouver (REBGV) has celebrated the distinguished achievement of its top-producing members on the Multiple Listing Service (MLS) with the Medallion and Presidents Club Awards. The 2009 Medallion Club qualifiers are selected from the top 10 per cent of Greater Vancouver REALTORS participating on the MLS. The Presidents Club qualifiers are selected from the top one per cent of 2009s top-producers. The REBGV would like to congratulate all of the 2009 Medallion and Presidents Club qualifiers.  We salute their success and remarkable achievements within the real estate profession.
 
Housing supply and demand reach closer alignment in January PDF Print E-mail
Category: Real Estate News
Thursday, 04 February 2010

Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009. Read more...

 
Government of Canada takes action to strengthen housing financing PDF Print E-mail
Category: Mortgages & Real Estate Financing
Tuesday, 16 February 2010

The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing." Read more...

 
Mark Stephenson named to Prudential Real Estate Network's President's Circle PDF Print E-mail
Category: Awards
Tuesday, 12 January 2010

Mark Stephenson of Prudential Sussex Realty has been named to the prestigious President’s Circle for 2009 by Prudential Real Estate and Relocation Services, Inc., a Prudential Financial, Inc. [NYSE:PRU] company. The award recognizes residential sales professionals who exemplified great sales measures in closed residential gross commission income for the year.

“We are so proud of Mark Stephenson and his performance achievement in 2009,” said Gordon Harmon, Broker/Owner of Prudential Sussex Realty. “As a President’s Circle recipient, Mark Stephenson is among the top 3 percent of the Prudential Real Estate Network, which has approximately 62,000 sales professionals across North America. Mark Stephenson serves as an example of the success that can be achieved by having a high standard of integrity and professionalism.” Read more...

 
Slow start, strong finish for housing market in 2009 PDF Print E-mail
Category: Market Update
Tuesday, 05 January 2010

After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009. Read more...

 
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* Top 3% in North America based on gross commission income, Prudential Real Estate Affiliates