Metro Vancouver - The "Q" Report
Metro Vancouver October year-to-date real estate sales continued to trend downward, falling 31.3% from this time last year. The number of overall listings available for sale in October has increased slightly. With a wide range of homes available for sale and moderating prices, thereʼs been a definite shift to a buyersʼ market.
Detached
4.7% from October 2007, to an average benchmark price of $695,962. The number of detached homes sold October year-to-date fell by 34.2% from last year, while listings were up 5.9% over last October.
Prices of Metro Vancouver townhouses fell by 1.4% in the past twelve months, coming in at $448,152 in October 2008. The number of townhouses sold October year-todate fell by 31.0%. Inventory levels increased slightly this October over last.
Metro Vancouver condominium prices were down 3.5% from October of last year. With prices averaging $358,359, October year-to-date sales were down 28.8% from last year. The October inventory of ondominiums available for sale was down 3.8%.
We now have our new Canadian and American leaders elected. As Canadians, we ended up pretty much where we started. For Americans, there has been a total change of direction. Obama officially takes over in January amidst much optimism and anticipation. What Canadians and Americans need to understand is it will take time for Obama to achieve his goals. With the poor state of the economy in the U.S. a new President will require everyone's patience to move the country in the direction he has laid out, which will be no easy task.
www.AlphonseQ.com - The "Q" Report
Sales in Metro Vancouver including West Vancouver Homes and North Vancouver Homes have slowed considerably and prices have reversed. People are still planning on buying as indicated by Ipsos Reid. A new Ipsos Reid survey shows that the number of people who intend to buy is holding steady.
Sean Simpson of Ipsos Reid says "Home purchasing intentions in Canada are relatively stable. Nationally, they are down just one percentage point from when we asked the question in January and in British Columbia they are actually up one percentage point"
Ipsos Reid says 22% of Canadians are considering a move in the next two years, and that jumps to 27% in B.C.
VANCOUVER, B.C. www.AlphonseQ.com The "Q" Report
November 3, 2008 - Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.
"Home sales are not keeping pace with the positive economic conditions in BC," said REBGV president, Dave Watt. "That's a direct result of a loss of consumer confidence in the overall market. Accordingly, today's housing market is characterized by moderating home prices and wide selection. It's definitely a buyer's market."
Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.
Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.
Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.
Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.
Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.
Rapidly deteriorating credit conditions in Canada and around the globe, has motivated the Bank of Canada to join the U.S. Federal Reserve, European Central Bank and three other central banks Wednesday in cutting interest rates by 50 basis points.
As a result, the Bank of Canada's benchmark lending rate stands at 2.5%. I expect that the Canadian central bank is not finished with rate reductions, with more reductions to come.
TD Canada Trust today announced that it has lowered its prime lending rate by 25 basis points to 4.50 per cent, effective October 9, 2008. It is likely that the other Canadian banks will follow suit.
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