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Vancouver Real Estate Market in 2010

10-07-09
Richard Morrison

Hey Folks! We have just attended the annual Real Estate Outlook 2010 with Ozzie Jurock.

We heard many cautiously optimistic quotes ranging from Ozzie and Cameron McNeill from MAC Marketing Solutions. Majority of the commentaries, while bullish in some aspects, focused mainly on the long run investing. This came as no surprise given the market as we still have many obstacles to overcome.

Ozzie mentioned that our net population will grow double in the next

remax

15-25 years, the largest growing city in Canada. Vancouver City is also found economic stability in turbulent times has a limited land supply and is geographically beautiful. One interesting fact, which even surprised me, is that Vancouver is now the second most dense city in North America after Manhattan.

Cameron McNeill spoke with a very confident tone when he quoted that “Vancouver is the Swiss Bank account of International Real Estate”. Because of international investment is so perverse in our Vancouver real estate, namely from Asia Pacific, Middle East, India and Iran! The international wave of the late ’80s was the first set of international buyers.

The Vancouver Real Estate Market: He also mentioned that Pundits and analysts are clamoring all over the media these days with the assurance that the real estate downturn is over and the good times are back. A recent report from Re/Max says: “The bounce-back that began in early spring has made this recession one of the shortest on record for real estate,” in its Bricks and Mortar Report. MLS sales have increased in more than half of the 11 Canadian markets surveyed for the report, and residential values have surpassed 2008 levels in seven of the markets. Sales in Vancouver rose 14% from January to August, while sales were up 7.4% in Victoria over that period, 6.2% higher in Edmonton and up 5% in Regina. In Ottawa, sales were up 2.4%.

Nationally, the average price of a home is about $312,585, up 1% from January to August, but there was a much larger jump in St. John’s, N.L., where the average price rose 18% to $203,584. There have also been substantial increases in Regina (6.4%), Halifax-Dartmouth (3.5%), Winnipeg (3.5%) and Ottawa (3.3%).

However, it is not all rosy out there. If you can pick up a good buy and long term perspective where your goals are also aligned, go for it. But bear in mind that unemployment in B.C. is 7.8% now compared to 4.6% a year ago and Alberta remains relatively high, commodity prices are still low, and many buyers are in the market right now because of the very attractive low mortgage rates.

Keep safe and ensure you match cashflow to your mortgage payments at all times. The fact is that there will be a lot more inflation coming around especially as we keep our dollar artificially low (so Eastern Canada can be able to export to US) again by lowering interest rates. There is also a significant amount of cash sitting on around - unused. This is because it is scared cash. Only when confidence fully restores, we will see the effects of when it is unleashed. Until then, keep some cash safe and buy positive cash flow Vancouver real estate.

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Vancouver Real Estate Market - Hot!

07-14-09
Richard Morrison

Vancouver Real Estate Market - July 2009

Richard Morrison and team here. We just thought we would update you on our very hot Vancouver real estate market.

Did you know that the Vancouver real estate market has completely turned around in the past 2 months, and now is in the midst of a boom market condition?

During our client meetings we always referred to the Vancouver real estate market as having changed, that is was not dead, and that 2009 was showing signs of recovery. The Fall of 2008 was one of the most depressed and inactive markets in Vancouver real estate for decades but, since that time, our Vancouver real estate market has experienced the most remarkable turnaround we have ever seen in our combined experience of over 40 years in Vancouver Real Estate!

Vancouver real estate now is actually seeing a classic Seller’s market conditions! As of the end of May 2009, the number of properties for sale in Vancouver real estate now are extremely low - we have just over 3 months of supply of listings - and we are seeing multiple offers, with sale prices in excess of list price.

For Vancouver real estate Sellers whose properties were on the market in earlier months, and who were disappointed at the lack of satisfactory results, today’s market offers a great opportunity to sell their Vancouver real estate property.

For Vancouver real estate Buyers who did not wish to buy right away or at the low point of the market, are now rushing to ‘catch’ the market before it slips away. Some of our own Vancouver real estate clients have actually paid $30,000 more on some listings because they waited too long and now had to purchase at a higher price point.

Why Is The Vancouver Real Estate Market Hot Again?

It isn’t just in Vancouver real estate, but Calgary, Edmonton, Toronto - all report dramatic increases in sales. We also hear that London is coming back and this excerpt from New Zealand’s Bernard Hickey tells of similar happenings there: “Real estate agents report multiple offers on properties and contested auctions. Buyers are worried they might miss out and sellers are worried they might not sell high enough. House sellers are being ‘mojo’ back. Listings in Vancouver real estate are in short supply.”

This Vancouver real estate comeback - in the middle of the “deepest recession?” Ahem…
 One explanation is that with the printing of money, by means of Government bailouts, we are seeing inflationary pressures in Vancouver real estate and worldwide real estate (which tend to rise the price of hard assets). There are many local factors in the Vancouver real estate market that also are leading to increased demand.

Vancouver Real Estate Numbers (Sales volume):
Vancouver Real Estate: East up 71.2 per cent (238 units sold from 139)
Vancouver Real Estate: West up 85.2 per cent (200 units sold from 108)
West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Vancouver real estate: Take Action TODAY!
 We have over 40 years of combined Vancouver real estate market experience, and have helped many, many clients maximize their returns from Vancouver Real Estate, and assisted them along their path to wealth and prosperity.

Contact us TODAY whether you are looking to buy or to sell Vancouver real estate: Call 604-767-3703 or simply email us. We are looking forward to being part of your success in 2009! Let’s get started.

Kind Regards,
The Richard Morrison Team.

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