Vancouver real estates
By ebizniz on October 14, 2007 - 11:12am
A posting by James Wong at RE/MAX Westcoast.
According to the Greater Vancouver Real Estate Board's August 2007 report on house prices and sale activities, the demand for housing continue to be positive. The average sale prices for apartments, townhouses and detached homes are:
Detach homes: $726,067
With the average Greater Vancouver household income at $63,300, home buyers are squeezed out of the home ownership market. Or, they are forced to buy the most affordable apartments as shelters for their families.
While Vancouver house prices are consistent with pricing trends for the above types of dwelling, there is a market disconnect with "affordability" and "average prices" in other major Canadian Cities. If you take a look at the various charts as presented by Brian Ripley here, you'll find that Vancouver home owners are bearing a much heavier cost in home ownership.
Our average detached home prices are twice as much as that in Calgary and Edmonton and Toronto detached home prices are only around 40% of that in Vancouver. Ottawa and Montreal prices are at about one-third the price in Vancouver, have the most affordable detached homes in the country.
By ebizniz on July 31, 2007 - 3:06pm
A posting by Vancouver Home Mortgage:
The real estate frenzy especially for Western Canadian cities like Vancouver, Victoria, Calgary and Edmonton is all consuming. Canadian home owners are happy with the huge price gains in their house values over the past 5 years. Many more people are encouraged to jump in for fear of loosing out as housing reports from real estate experts and economists are predicting another 7% to 8% price gain for the next 2 years?
The Canadian housing cycle will take its course and unwind itself to a level when rental return and housing affordability are in balance. There is a disconnect between the average Canadian household income and average housing cost. As it is now, there is a "madness of crowd" mentality that if one is not jumping in to buy a home, or 2 or 3 (for speculation), they will miss the boat.
We, in Canada are faced with the following problems:
1) over-valued house prices - similar to the U.S.
2) major problem with housing affordability - maybe worse than the U.S.
3) over-supply of housing inventory (not apparent now)
4) bullish crowd mentality on real estate - people think we are different from U.S.
5) an economy exporting 80% to the U.S. - danger of economy contraction
By ebizniz on July 7, 2007 - 9:13am
An article by :Vancouver Home Mortgage
Will the strong housing market last?
Today, Financial Post’s article "Canadians' appetite for real estate confounds experts" high-lighted the strength and consumers’ demand for housing in Canada.
Other than the expected moderate interest rate increase in Canada from now to the end of the year, there is little adverse news that will dampen the confidence of house buyers.
The US housing slump and the increase in foreclosures have little or no effect in the Canadian housing market so far. With house prices more than double over the past few years, there are concerns that we are already at the market top.
While the number of new listings may have increased slightly over the past 2 months, there is no softening in the median selling price of houses month-over-month. Many analysts are projecting a strong housing market for Canada well into 2011.
By ebizniz on June 16, 2007 - 5:00pm
On the housing market front, higher house prices are reported across Canada. In today's Financial Post article,
"INCOMES LAG BEHIND RISING HOUSE PRICES" investors are reported to be cashing on the hot housing market in places like Saskatoon.
You can follow and track the housing market for 6 Canadian cities by following
Brian Ripley's housing price charts.
The chart showed that Edmonton house prices have increased significantly since early 2006. The charts showed that Vancouver, Calgary and Edmonton are way ahead of the other Canadian cities in housing price increase for the past 18 months.
There are signs of pricing gains in Toronto and Montreal lately. Ottawa will likely attract buying interest as house prices are still low compared with other major Canadian centers. The housing markets in Toronto, Montreal and Ottawa could experience some catching up on real estate prices.
In addition to the above major cities, real estate investors will have to search out other Canadian towns that have good attributes for real estate value appreciation.