. 2008 brought improved housing affordability to Greater Vancouver
Vancouver, B.C.- January 5, 2009 - 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 Dcember 2008.
. Making sense of today's housing market
In recent months, economists have had the unenviable task of trying to calculate the direction the housing market is likely to take, factoring in things like unemployment rates, population and immigration figures, economic growth, mortgage rates, and that most nebulous of criteria: consumer confidence.
. Residential housing price decline creates buying opportunities
Vancouver, B.C.-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.
. Home prices adapt to affordability demanda
Vancouver, B.C. - October 2, 2008 - The Real Estate Board of Greater Vancouver(REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.
. Summer Iull sees properties stay on market
Vancouver, B.C.- September 3, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006.
. Month-over-month housing prices retreat from record highs
Vancouver, B.C. - Aug 5, 2008 - As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008.
. A market shift = a shift in expectations
Market conditions have shifted. After five years of blockbuster activity and double-digit price growth, market conditions have slowed, and now favour buyers in many areas of the province.
. The new rules will take effect Oct. 15, 2008 to allow existing mortgage pre-approvals to be used or expire.
OTTAWA — The federal government says it will no longer guarantee 40-year mortgages, one of a handful of measures aimed at guarding against a U.S.-style housing bubble.
. Real Estate Board of Greater Vancouver Sales Summary as at June 30, 2008.
. MLS website rename delayed!
The public www.mls.ca web site will officially change its name to www.REALTOR.ca on Monday June 30th, 2008. The proposal to proceed with re-branding was approved at the Canadian Real Estate Association’s (CREA) Special Assembly last October. The original launch date, set for late-May, was recently delayed a month due to some concerns raised by various real estate Boards and Associations.
. U.S. Q1 GDP revised up from 0.6% to 0.9% ; Canadian economy contracts by 0.3% in Q1
To the consternation of central banks everywhere, the tug of war between economic growth and inflation continued to rage this week. While the estimate for
. Bank of
. 2008 May MLS Statistics
Growing supply helps stabilize market conditions
Vancouver, B.C.-June 3, 2008-The Vancouver housing market continued its re-balance between sales and listings last month. Tht REBGV reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007.