Tags: Cameron Muir

16 Jun 2009, Comments Off

Vancouver real estate prices will drop less than expected

Author: admin

Reviewed and recommended by Moishe Alexander, CFC CEO

A recent surge in real estate sales has caused the Canadian Real Estate Association to sharply revise its expectations for price drops in British Columbia.
CREA, in its forecast released on Thursday, estimated that B.C.’s average house price will drop less than seven per cent over 2009, more than 3 percentage points less than the 10.6 per cent drop forecast in February.
CREA’s forecast that B.C.’s average price will drop to $423,300, instead of the $406,300 average it forecast earlier.
Going forward to 2010, CREA is now predicting that B.C. prices will start edging up again by almost two per cent compared with a 2010 drop of 0.6 per cent forecasted in February.
B.C. sales rose in April from the previous month, the B.C. Real Estate Association said Thursday in a news release, as buyers were drawn back into the market by lower prices and rock-bottom mortgage rates. And the inventory of unsold homes across the province dropped to the lowest level in 12 months, the association said, edging the ratio of sales to active listings close to the zone housing economists consider balanced between buyers and sellers.
“An increase in consumer demand combined with fewer homes for sale has trended the market near balanced conditions,” Cameron Muir, chief economist for the B.C. Real Estate Association said in an interview.
April was the third straight month that sales were higher than the previous month.

Peter Raab

http://www.peterraab.ca/vancouver-real-estate-market-updates/2009/05/vancouver-real-estate-prices-will-drop.html

16 Jun 2009, Comments Off

Vancouver BC Canada Housing Market and Real Estate – Still Viable

Author: admin

There are four main reasons for this assessment.

The first of these is that British Columbia is enjoying period of unprecedented growth and prosperity. This period of economic prosperity forms the bedrock upon which the Vancouver housing market can consolidate its position.

In the February 20,2007 Budget and Fiscal Plan for 2007/08-2009/10 which was released by the Ministry of Finance , the outlook for the BC economy in general and the Real Estate Market in particular, is exceptionally bright.

The second item to consider is the influx of immigration that is expected to flood into British Columbia the years leading up to the BC Olympic Games. The Council projected that total net migration to British Columbia would continue to rise to unprecedented levels. In 2007 alone, projections averaged from a low of 35,423 people to a high of 55,000 people. The general expectation is that this trend will continue in to increase in the coming years with the anticipation that total net migration to average about 47,000 people in 2008, rising to over 50,000 through the 2009 to 2011 period.

The third area of consideration is the inflation of the Canadian Dollar and its effects on interest rates and the Real Estate Market. The expectation is that Bank of Canada will raise interest rates an average of 4.08 per cent in 2007. Over the long term the rates should hold fairly steady or even come down slightly. The Council’s forecasts for the Bank of Canada’s overnight target rate averaged 4.13 per cent in 2008, falling to 4.01 per cent over the 2009 to 2011 period.

The last piece of information needed to navigate in the complex Real Estate Market, is the forecast for Real Estate Market movement in British Columbia and its implications for you as a home-buyer. The news is good, according to the bi-annual press release published by The British Columbia Real Estate Association (BCREA). In the Housing Forecast Report, Cameron Muir, BCREA Chief Economist gives us this insight, The market has shifted away from strong sellers conditions and is expected to operate in a band between a strong balanced and weak sellers market over the forecast horizon.

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Reviewed by Moishe Alexander, CFC CEO

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