Market update from wesellvancouver

 

 

Conditions continue to favour buyers in the Greater Vancouver housing market


The summer of 2012 drew to a close in September with home sale activity well below historical averages in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.


September sales were 41.6 per cent below the 10-year September sales average of 2,597.


wesellvancouver wants to inform people that there has been a clear reduction in the demand the past three months since the federal government made the decision to eliminate the availability of a 30-year amortization on government-insured mortgages which is now making homes less affordable for the people in the region.


New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September. This represents a 6.3 per cent decline compared to September 2011 when 5,680 properties were listed for sale on the MLS® and a 31.6 per cent increase compared to the 4,044 new listings in August 2012.


At 18,350, the total number of residential property listings on the MLS® increased 14.1 per cent from this time last year and increased 4.5 per cent compared to August 2012.


Since March our sales-to-active listing ratio was 19 percent because this ratio has been declining and now our current ratio sits at 8 percent which puts us into a buyer’s market.


The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last three months.


Sales of detached properties on the MLS® in September 2012 reached 594, a decrease of 37.9 per cent from the 957 detached sales recorded in September 2011, and a 31.4 per cent decrease from the 866 units sold in September 2010. The benchmark price for detached properties decreased 0.5 per cent from September 2011 to $935,600.


Sales of apartment properties reached 676 in September 2012, a 26.7 per cent decrease compared to the 922 sales in September 2011, and a decrease of 30.4 per cent compared to the 971 sales in September 2010. The benchmark price of an apartment property decreased 0.7 per cent from September 2011 to $368,600.


Attached property sales in September 2012 totalled 246, a 33 per cent decrease compared to the 367 sales in September 2011, and a 35.8 per cent decrease from the 383 attached properties sold in September 2010. The benchmark price of an attached unit decreased 2.7 per cent between September 2011 and 2012 to $458,600.


Amalia Liapis states, “While I expect the market to remain slow, I do believe we will see a slight increase in activity mid to late October, lasting until sometime in November. From there, I anticipate the market to remain quiet until the end of February. Now is a great opportunity for Buyers looking to upgrade, as prices have trended downwards and interest rates remain low”.


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For the fourth time in as many years, the Federal Government has announced action to restrict mortgage credit. The new measures include:

•The maximum amortization on a prime mortgage will be reduced from 30 to 25 years.
•Mortgage insurance will not be provided for properties valued over $1 million.
•Refinancing has been lowered from a maximum of 85% loan-to-value to a maximum of 80% loan-to-value.
•The maximum gross debt service (GDS) and total debt service (TDS) will be limited to a maximum of 39% and 44% respectively. Currently, GDS does not apply to qualified borrowers with credit scores over 680.


These measures will take effect July 9, 2012.

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FOR IMMEDIATE RELEASE - from the desk of AMALIA LIAPIS

The political elections in Europe went as expected, the parties who promised MORE won but it is doubtful they will be able to keep most of their promises as they are so far in debt that there is simply no more to give. Markets worldwide went down as the reality of the results sunk in, more instability & market volatility over the next few months. Hollande, the new President of France, is already making his presence felt & could put the Franco-German relationship under threat. The last socialist president of France, Mitterand, nationalized the Banks & imposed a wealth tax. Hollande has already stated he will introduce a 75% tax on the wealthy, so maybe the banks are next. The wealthy are usually the wealth makers so they will leave France like they have done previously & like they have done in other countries when overtaxed. I seem to remember the Beatles leaving England after they were given an award in the Queen’s Honors list for bringing in so much foreign money in from their records sales etc. Then the Government introduced a wealth tax that sent the Beatles & most other high earning entertainers overseas; some never to return.

Greece appears to be in total confusion with no clear winner & this could result in further decline of Greek prospects of recovery.  It was hopeless anyway.  Rating agencies are still closely looking at the sovereign & bank risks in Europe. I believe we should expect further downgrades in Spain, France & Greece.

So what about our Vancouver Real Estate market?! Well to begin with we are still awaiting the Finance Minister to introduce an incentive package for First Time Buyers of New Condos.  Developers screamed loud enough with the HST issue that this package looks like it might just become reality.  It is expected to get voted around June 2012 and is only available until March/April 2013.  This will help the new condo market.

I’ve been saying it for a couple of years now…Gastown is the favourite neighbourhood to live in…not a lot of product and what comes up for sale is usually gone quickly.  The downtown condo market will remain steady though out the summer with an emphasis on the entry level purchases. Westside homes continue to be active with steady activity in the $5million and up market.  Price and location will bring immediate results but the general market is still price sensitive...off by $10,000 or $20,000 and there will be little interest from Buyers.  It’s still a buyer’s market overall but have to say the available inventory is rather average.

As always I am available for any questions.

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FOR IMMEDIATE RELEASE - From the desk of AMALIA LIAPIS

 About 3 weeks ago I noticed a change in the Vancouver market – things went relatively quiet.

Looking forward into the summer I predict the general market will continue that trend.  What that means is that there will continue to be moderate activity overall.  The properties that are receiving the most amount of attention are homes on the East Side of Vancouver in the $1,000,000 range (and yes this is considered good value). Any property; house, townhome or apartment that is on waterfront (or with a great view) and priced well is getting immediate attention.  Vancouver West homes from $3,000,000 and up are selling steadily.  But it all comes down to price so if the property has any shortcomings then an adjustment in price will be needed to gain a buyers interest.

World activities have had an effect on the real estate markets as well. Recent manufacturing data out of China indicates that the economy is still contracting, however at a slower rate than previously expected.  The political problems in Europe continue to surface as seen in the resignation of the Dutch cabinet over night & the weekend’s French election result. These events together with some weaker economic data saw the European markets tumble & Bond rates rose. The sovereignty risk rose in Greece, Spain & Italy when government control was weakened through political unrest. The Dutch problem arose last week when Fitch said it would put Holland (AAA) on ratings review if the government failed to take action to cut their budget deficit & stop their debt from rising. Now Holland will head to elections, earlier than expected, after 7 weeks of negotiations among the ruling coalition parties on budget cuts of Euro 14billion collapsed on Saturday. The Dutch economy is feeling the pinch including a housing market slump. Sounds familiar. Greece, Ireland & Spain revisited? Italy & Portugal?

Most European countries are living well above their means, especially those with pensions, welfare & unemployment benefits. Those earning incomes don’t want earn less through paying more tax in order to help keep these benefit payments at the same level. Who is going to pay? There is no short term fix & so far the decisions made amount to just kicking a can down the road. The debt remains as long as the will to reduce it to manageable levels falls into the political too hard basket. One step at a time, Europe will unravel. The first step could come from the French as they desert their president Nicolsas Sarkozy for a socialist government who would not cooperate with German Chancellor Angela Merkel in keeping Europe afloat. Sarkozy & Merkel have been the glue to keep the Euro together as most other leaders have only been interested in their own problems.

US reporting season continues & this is going well but not standout unless you are one of the favored Tech companies like Apple & Microsoft. GE & McDonalds were also better than expected. Investors have been disappointed with some of the Banks & some of the guidance given for future quarters. Despite its debt worries, the US market has outperformed the ASX thanks to QE1 & QE2.

Overall it’s the worry about Europe that keeps the US market on its toes. Everybody seems to be watching someone in today’s market & just shows what a small world we live in.

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FOR IMMEDIATE RELEASE – From the desk of Amalia Liapis

2012 MARKET FORECAST

As we move forward into 2012, the year of the Dragon, I thought it helpful to review some global activity that will have a measurable effect on our local real estate market.

China’s fourth quarter gross domestic product (GDP) rose 8.9% from a year earlier, beating analysts’ expectations of 8.6% growth. For the full year of 2011, China’s GDP rose by 9.2% compared to a 10.4% rise in 2010. It always amazes me how China can produce statistics so quickly but market analysts are always skeptical on how accurate the data is out of China as there is no way to reliably check the accuracy.

USA reporting season is in full swing for the December quarter and results here will direct US and world markets over the next few weeks. The US still has the world’s largest economy and, while it has slowed, guidance from the corporate world during reporting season will give a better idea of future recovery.  Again the next two weeks will be vital here, but so far so good. Economic data has been better than expected and this has been reflected in the US equities market now at five month highs. This is the year for the Presidential elections, so we can expect to see lots of big promises from both parties that should also help equity markets and real estate activity.

Europe’s financial problems will be with us all during 2012 as there appears no easy fix. The International Monetary Fund (IMF) is hoping to raise $500 billion US to help with the European crisis. The US Treasury and some non-euro zone European countries, such as Britain, are reluctant to contribute and this could leave Asian and other developing countries to make up the shortfall.

Greece is trying to work out with its creditors how much they will write off. An agreement of sorts was reached last year as a part of the Greek bailout fund that bond holders would take a “hair cut” of 50%. Now, Greece wants that to be taken out to 68% and could be close to an agreement; however Greek Banks don’t want to be included. No one does, but most will agree if everyone else will. The European Central Bank (ECB) is the largest holder of Greek bonds with a total of around €50 billion ($61.5 billion US). Hedge funds are threatening to sue the Greek Government to make good on bond payments so this issue could hang over any deal made. We could then expect Portugal to be the next to stand up for Portuguese bond holders to also take a “cut,” perhaps then followed by Ireland. If Spain and Italy start looking for a deal then the world economy will be in turmoil for a long time which will have an effect on the stock markets.  During these economic times people start to move their money into other investments and so real estate is an obvious choice. Demand for investment properties will create a momentum in our local market. 

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Wesellvancouver.ca is pleased to annouce the addition of a new employee to its team. Catherine Shaffer will be joining in the role of executive assistant to Amalia Liapis and will be working out of the Yaletown office. 

Any general inquiries and non-urgent requests for Amalia can now be directed to Catherine at catherine@wesellvancouver.ca.

Please join us in welcoming her on board!

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FOR IMMEDIATE RELEASE – From the Desk of AMALIA LIAPIS

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

We’re seeing less multiple offer situations in the market today compared to the last few months, but homes priced competitively continue to sell at a relatively swift pace.  It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July. At 15,226, the total number of residential property listings on the MLS increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions. The MLSLink Housing Price Index benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

Sales of detached properties on the MLS in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and a 31.9 percent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.
Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.
 

Moving forward to our Fall market, I expect an increase in housing/land prices and a stable condo/townhome market. The exception will be view properties, which will see a significant spike in demand and pricing in an increasingly competitive market.

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Canadian markets didn’t get much of a summer vacation this week, as negotiations on the Greek bailout package took centre stage globally, while the Bank of Canada’s interest rate decision was the main event at home. On balance, an agreement on a second Greece bailout, combined with some positive corporate earnings reports, improved market sentiment and helped equity markets rally. A more hawkish-than-expected statement from the Bank of Canada (BoC) added fuel, initially taking bond yields higher, and the Canadian dollar along with them. After a benign inflation report for June on Friday, however, these moves were partially unwound.

As expected, the BoC left interest rates unchanged, but the accompanying statement was more hawkish than anticipated. The Bank dropped the word “eventually” from the statement “some of the considerable monetary policy stimulus currently in place will be [eventually] withdrawn”, leading markets to move up their timetable on rate hikes. However, Wednesday’s Monetary Policy Report (MPR), included two technical boxes that emphasized the case for leaving rates lower for longer. One explained how interest rates can remain stimulative even after inflation has reached its target and the output gap is closed. This occurs if the economy is facing significant headwinds, such as a persistent reduction in foreign demand for exports. Governor Carney reiterated that monetary policy is not some mechanical process whereby you input expected inflation and the output gap, and out comes a rate decision (in fact if that were the case, he wouldn’t have a job). Rather, the Bank takes into account what he characterized as “the very real headwinds from the dollar, the U.S., from Europe”. This is likely in response to some critics who argue the bank is at risk of getting behind the curve on inflation.
 
The other technical box in the MPR underscored the damaging effects of a strong Canadian dollar on some sectors of the economy, expanding on the responses in last week’s Business Outlook Survey. Nearly half of firms surveyed reported adverse impacts from a stronger dollar, and these firms tended to be less optimistic about their future prospects. Adverse effects were more common among manufacturers, and firms based in Central or Eastern Canada. In sum, the survey showed that headwinds from a strong C$, and continued softness in U.S. demand are constraining sales prospects over the next 12 months for firms not benefitting from high commodity prices.
 
The Bank is clearly focused on the danger of hiking prematurely, and then having one of these risks worsen. It would be very difficult to raise rates before January, because in all probability they would want data on how Q3 evolved, and confirmation of firmer U.S. demand. Friday’s release of Canadian CPI and retail sales reports showed there is little urgency for the Bank to restart rate hikes. June inflation came in softer-than-expected, and retail sales were flat in real terms, confirming that there is little scope for retailers to raise prices with debt-fatigued consumers reining in spending. All told, our expectation for the Bank to delay resuming rate hikes until January remains in tact.
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On July 13, Economics issued a report predicting a 10.2% decrease in the housing market over the next two years.

The economists specifically focused on Vancouver and Toronto saying that they will experience an even larger decrease ...with a whopping  drop of 14.8 % for Vancouver.
 
Among the twelve major markets profiled in this report, Vancouver and Toronto look poised for larger-than-average declines over the next few years, reflecting in part their exposure to the condominium segment, which appears particularly ripe for a correction.
 
The rationale for this prediction is ...

 
A combination of more subdued job and household income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time home buyers are expected to be the chief culprits behind the slowdown. With most of these drivers expected to remain supportive to housing demand in the very near term, we anticipate that the brunt of this adjustment will take place in 2012 and into 2013.
 
A section of the report focused specifically on Vancouver with the title reading:
 

VANCOUVER - THE HOUSING MARKET THAT HAS ALL EYES WATCHING


 
With Vancouver consistently making all the Top 10 best city lists, it is little wonder that our housing prices are amongst the highest in Canada.
 
The predictions focus on the higher than average housing prices, condos and foreign investment factors that have driven the prices up.
 
Vancouver has been the poster child for those individuals worried about a real estate bubble here in Canada. We expect that Vancouver will post modest economic growth accompanied by subdued job and income gains. Interest rate hikes will be felt in Vancouver likely more than other places due to the fact that household debt levels are the highest across the country.
 
With this economic climate, we foresee a 25.4% peak to- trough decline in sales and 14.8% in prices over 2012-13, by far the worst fate of any urban centre. Still, the path to correction will likely transpire over seven to eight quarters. What's more, just as some of the recent increase has reflected a shift in the composition in sales towards higher priced homes, normalization in the sales mix going forward will disproportionately weigh on average prices. At the expected through in 2013, the average resale price is expected to sit at $675,000 - nearly double the national number and that of most other urban centres.
 
I hope you find this information beneficial! Please feel free to call me any time.
 
Regards
 
Amalia Liapis
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VANCOUVER, B.C. – July 5, 2011 - Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.

Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June. “With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.” At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010. “The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.” Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.
Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.
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Exterior Renovations:


If you’re thinking of selling your home, or you simply want to spruce it up, exterior renovations can significantly increase its value and curb appeal. Aside from more expensive undertakings such as new roofing and siding, there are some projects you can take on yourself, such as creating attractive flower beds or purchasing a new front door. With each project completion, you will be happier with your home, and increase its appeal to buyers when it comes time to sell!
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April 29, 2011 
 
Dear Amalia,
 
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of September.
 
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
 
Wishing you continued success for 2011.
 
Yours sincerely,
 
RE/MAX of Western Canada (1998), LLC
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VANCOUVER, B.C. – April 4, 2011
 
Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.
 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

 
Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”
 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

 
At 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year. “Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010. Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.
 
Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885. Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.
 
--source: REBGV
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October 22, 2010
 
 
Dear Amalia,
 
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of September.
 
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
 
Wishing you continued success for 2010.
 
Yours sincerely,
 
RE/MAX of Western Canada (1998), LLC
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FOR IMMEDIATE RELEASE - From the desk of Amalia Liapis 
 
 

BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011. Residential unit sales through the Multiple Listing Service in BC are forecast to decrease 7 per cent to 79,500 units in 2010, before climbing 5 per cent to 83,400 units in 2011.

 

A slower than expected normalization of interest rates will temper erosion of affordability as economic output posts more moderate growth for the balance of this year and through 2011. Stronger corporate profits are triggering employment growth and a reduction in the unemployment rate is now underway.

 

A larger inventory of homes for sale has created the most favourable supply conditions for home buyers in more than a year. While tighter mortgage qualifications for low equity home buyers has negatively impacted demand, more borrowers are now channelling into 5-year fixed mortgages where discounted rates increase purchasing power.

 

The average residential price is forecast to increase 6 per cent to $492,800 this year and edge down 1 per cent to $489,500 in 2011. Some softness in home prices is expected through the summer months in most regional markets. However, inventory levels peaked in May and will likely edge lower in the coming months, leading to more balanced conditions in the fall with a commensurate firming of home prices.

 

After a sharp pull back in new home construction last year, home builders are gradually increasing production to meet demand.  BC led the country in population growth over the last three quarters and with the inventory of complete and unoccupied units expected to decline, builders are adjusting production to match supply with household formation.

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September 20th, 2010
 
 
Dear Amalia,
 
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of August.
 
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
 
Wishing you continued success for 2010.
 
Yours sincerely,
 
RE/MAX of Western Canada (1998), LLC
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August 10, 2010 – Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.

The Real Estate Board of Greater Vancouver reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010. Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.

With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability. Activity in today’s marketplace is clearly trending in favour of purchaser in most areas of buying. The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.

At 16,431, the total number of property listings in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009. It’s currently taking home sellers who work with a Realtor on average, 45 days to sell their property, which is a historically healthy timeframe. Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the Housing Price Index benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.

Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193. Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008. The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.

Attached (town home) property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.

Even within the slowest times in the market I continue to observe properties that show well, are priced on the mark continue to command top dollar and yes, multi offers!!

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July 20th, 2010
 
 
Dear Amalia,
 
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding individual performance on completed transactions for the month of June.
 
We appreciate the hard work and dedication to your clients. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents. Outstanding Results".
 
Wishing you continued success for 2010.
 
Yours sincerely,
 
RE/MAX of Western Canada (1998), LLC
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