Vancouver Real Estate Forecast 2010 - Prediction about Greater Vancouver House Prices, Home Pricing w/ 12% HST, Interest Rates, Olympics, Fundamentals

Vancouver Real Estate Forecast 2010 – A Prediction About House Prices, Home Values and Housing Sales Volume

Being an enthusiast about this subject for over a decade, there are some thoughts about a 2010 Vancouver real estate forecast. With sales volume and prices increasing through 2009, many homebuyers are wondering if average selling prices and property values will continue to increase in the latter stages of 2009 into and through 2010. Here is a prediction about the 2010 Vancouver real estate resale market as well as presale condo developments in the area.

7 Major Factors Will Affect 2010 Vancouver Housing Prices

There are many factors that affect Vancouver housing prices, but in late 2009 and into 2010, there are several very unique circumstances that will influence sales volume of all housing types in addition to property values and sales prices throughout the region. It is often hard to predict 2010 Vancouver housing prices simply because a lot can change. Some important factors the affect 2010 Vancouver housing prices now may end up not influencing the resale or presale markets, while other new factors may creep up to affect homebuyers. Here are the seven factors that will likely affect the 2010 Vancouver Housing Prices in no particular order:

1. mortgage rates (financing)
2. BC Harmonized Sales Tax (12% HST on new property)
3. supply and demand in 2010 Vancouver presale real estate market
4. supply and demand in 2010 Vancouver resale real estate market
5. consumer confidence and emotions
6. Vancouver population growth and projections
7. Vancouver economic fundamentals in 2010 and beyond

A Quick Summary of Our 2010 Vancouver Real Estate Forecast Based on These Factors

A 2010 Vancouver real estate forecast based on the above factors will determine where the property market will likely head in the future. As part of our prediction for the 2010 Vancouver real estate forecast, we have put together a quick summary explaining each of the 7 factors and if they will positively of negatively influence the Vancouver real estate forecast 2010. Firstly, mortgage rates have been at all time lows for over a year. The Bank of Canada lending rate has been at 0.25% and they have promised to keep it there until at least the third quarter of 2010 barring upward pressure from inflation. Therefore, after June 2010, it is likely that the BoC lending rate will increase, thereafter the banks will also increase their prime rates, increasing the mortgage variable rates across the board. The fixed rates, which are based on the US bond market, will also likely see a spike too. As inflation starts to creep in, more investors will head towards buying US bonds, and therefore, demand will increase, increasing the borrowing fixed mortgage rates in Canada. With both fixed and variable rates in Vancouver increasing in the future, this will have a negative impact on the 2010 Vancouver real estate forecast, as cashflow and affordability will again become a bigger issue. A big effect on the 2010 Vancouver new real estate market including presales condos and pre-construction homes will be the BC Harmonized Sales Tax. A new 12% BC HST will be applied to any new construction property, which will have a huge influence on the presale 2010 Vancouver real estate forecast. With less demand for presales and pre-constuction Vancouver real estate, developers and builders of new property will feel the hit come 2010 and into 2011, as less Vancouver homebuyers and condo purchasers will pay the extra 12% hit on a new home. Demand for presale Vancouver real estate in 2010 will go down, putting upwards pressure on resales property. What this means is that many homebuyers will opt for resale listings. With more demand, the resale 2010 Vancouver real estate forecast is brighter, and will likely see a bigger price increase as demand grows for these non HST taxable homes. As the global economic crisis is becoming better managed and the end is in sight, consumer confidence in the 2010 Vancouver real estate forecast and predictions is gaining. As many Vancouver homebuyers purchase homes based on emotion, this boost in confidence will also boost the local Vancouver real estate forecast in 2010. As fall and winter 2008 was a brutal year for not only Vancouver real estate sales volume but also housing prices, 2009 will see a huge increase in both areas. As numbers are published in late 2009 and early 2010, we will likely see the above 100% increase sales volume and increase of 1 – 3% per month in Vancouver housing prices until next summer. This will have a positive impact on consumer confidence in the 2010 Vancouver real estate forecast and predictions. In addition, the Greater Vancouver population continues to grow at one of the fastest rates in Canada. This will continue and put pressure on the Vancouver property market as inventory has stalled during the past 2 years due to the global economic crisis. With many new condo projects delayed or cancelled, this has pushed back a lot of housing inventory, thereby reducing the Vancouver real estate inventory during this hot market time. Lastly, the Vancouver economic fundamentals remain strong. With new transportation routes completed, better accessibility and an influx in business and retail, the Vancouver real estate forecast 2010 is likely headed upwards. Notice that we didn’t even mention the 2010 Olympics, which we believe is a non-factor in the 2010 Vancouver real estate forecast.

Conclusion about 2010 Vancouver Home Prices

So a quick conclusion on where the Vancouver home prices are headed in late 2009 into 2010: sales volumes and home prices will see huge jumps compared to last year as 2008 was a bad year. Mortgage rates are likely headed upwards and even spiking by mid-2010. The addition of the 12% BC HST on new homes will adversely affect the presales and new Vancouver home market, causing presales 2010 Vancouver home prices to dip as demand drops. With less homebuyers in the market to purchase new homes, the resales 2010 Vancouver home prices will likely go up a lot, as more homebuyers look for completed homes. The worst of the economic crisis in Canada is over, and with job creation looming and stricter lending practises from the bank, consumer confidence in the Vancouver real estate market place will go up. Based on emotions felt from the headline news proclaiming a global recovery and above 100% gaines in sales volumes and staggering increase in housing prices, the 2010 Vancouver home prices will likely be buffered by homebuyers purchasing based on emotion. With the economic fundamentals stronger than ever and with population growth and migration into the city increasing, 2010 Vancouver home prices will go up as demand will grow. With new housing inventory stalled and increased demand, the re-balancing of the Vancouver real estate market (especially resales homes) will likely tip in the favour of homeowners by mid to late 2010.

The Other Intagibles Affecting The Vancouver House Prices 2010

There are a few other intangible factors that may or may not affect the 2010 Vancouver House Prices beginning with the 2010 Vancouver Whistler Winter Olympics. The hot market in 2009 started back in April and has continued through into October, but none of the price increases or staggering jump in sales volume had to do with the 2010 Olympics. On the contrary, the fundamentals behind the 2009 Vancouve house prices include 2 factors: record low mortgage rates and affordability which go hand in hand. These 2 factors will likely drive the 2010 Vancouver house prices upwards in the first half of the year. Therefore, the 2010 Olympics are a mute point. Most of the amateur investors who had flipped property or renovated homes and flipped them afterwards no longer are in the Vancouver real estate market. The Vancouver house prices 2010 will be much more stable the the boom years between 2005 – 2007. A second intangible factors that will affect 2010 Vancouver house prices are transportation nodes. With the completion of the Canada Line SkyTrain from Richmond to YVR to downtown Vancouver, this creates many new neighbourhoods in which we will see huge growth and demand in real estate. These areas will likely see the best increases in 2010 Vancouver house prices and demand will increase with limited new supply coming onto the market.

The Future of Vancouver Real Estate In a Nutshell

So our prediction for the next year is that the Vancouver real estate forecast for 2010 continues to be bright buoyed by low interest rates and the outlook of the dreaded HST on new homes. So the combination of the two factors will likely increase Vancouver property prices in 2010 (even if the interest rates remain low, as there are always forecastings saying a mortgage rate spike is in order in 2010 through 2010) and the HST which have negatively impact the new presale Vancouver housing market. Therefore, the presale Vancouver home prices will stabilize and possibly decrease as a result of the 12% HST added on to the purchase price, which will make resale Vancouver real estate more attractive, and therefore bumping and increasing the price of the resale Vancouver home prices 2010. With that in mind, overall, the Vancouver 2010 real estate forecast is good, as property values, home prices and housing prices should increase. Housing inventory for 2010 will remain steady as many projects will again start, but will not be completed until 2011 or beyond. The 2010 Vancouver real estate forecast will see Vancouver home prices increase through the first half of 2010, and then become more steady from the presale housing market value standpoint through the latter half of 2010. For the resale Vancouver home prices in 2010, they will increase throughout the year due to pent up demand as well as the forecast of increased interest rates.

2009 GVHBA Open House - Greater Vancouver Home Builders' Association Presents the 2009 Showcase of New Homes with 57 Open Houses across Lower Mainland

GVHBA Open House – Greater Vancouver Home Builders’ Association Presents the Fall 2009 Open House – A Showcase of New Homes!

Come and tour the latest new home developments and Greater Vancouver real estate projects brought to you by the GVHBA Fall 2009 Open House. The Greater Vancovuer Home Builders’ Association has put together an incredible line up of new Vancouver homes for sale from some of the best builders in the Lower Mainland property market for the Fall 2009 GVHBA Open House. Come and check out the latest hot trends in home design, decorator ideas and house ‘bling’… prepare to be inspired by this year’s Greater Vancouver Home Builders’ Association Fall 2009 Open House Event. Watch for the full colour GVHBA Open House Fall 2009 brochre – A Showcase of New Homes magazine delivered in your Black Press community newspaper this week and/or check out the Fall 2009 Open House GVHBA New Homes Showcase on the website at www.newlocalhome.com for “open house” locations and previews. Starting Saturday, September 26th, 2009, the GVHBA 2009 Fall Open House presents condos and new homes by Greater Vancouver developers and builders including: Wallmark Homes, Vesta Properties, Sonoma Homes, Portrait Homes, Polygon Realty, Morningstar Homes and Intracorp. In addition, other Greater Vancouver Home Builders’ Association Fall 2009 Open House developer showcased by the GVHBA include Foxridge Homes, Domani Homes, Cressey Development Corp, Clay Construction, Boffo Developments, Ambros Developments and Adera Development Corp. Visit the 57 (fifty seven!) different GVHBA Open Houses in the Fall 2009 showcase of new homes starting Saturday September 26th to Sunday, October 4th.

More details coming this weekend!

Greater Vancouver Home Builders’ Association Coquitlam Open Houses 2009

Ledgeview Coquitlam Lowrise Condos for Sale
A new lowrise condominium development is taking shape at 3132 Dayanee Springs Boulevard in the Coquitlam real estate market place. Showcased at the Greater Vancouver Home Builders’ Association Fall 2009 Open House, the Coquitlam Ledgeview condos are brought to the market by Polygon Ledgeview Homes Ltd. and Polygon Dayanee Springs Development Ltd. These lowrise Coquitlam condos for sale feature two and three bedroom floorplans with two bathrooms. The Ledgeview condos at the GVHBA Fall 2009 Open House showcase of new Vancouver homes are actually part of the master planned Polygon Dayanee Springs Coquitlam real estate community and is close to many cultural activities, recreational options, shopping, dining and award winning top rated schools for your children. Another great incentive for checking out the 2009 Fall Open House by GVHBA is the exclusive membership to the Dayanee Springs Timbers Club, a seventy five hundred square foot resident only amenity clubhouse. Best of all, these new Coquitlam Ledgeview condos for sale are priced from less than $300,000 and there are currently two display suites for prospective buyers. Visit www.dayaneesprings.com for more information.

The Birchwood Estates Single Family Coquitlam Homes for Sale
Brought to the Coquitlam real estate market by Wallmark Homes, the Greater Vancouver Home Builder’s Association showcase Fall 2009 Open House features these large three to five bedroom and 3-6 bathroom single family detached Coquitlam homes for sale at the master planned and very beautiful Birchwood Estates by Wallmark Homes located at 3372 Scotch Pine Avenue, Coquitlam BC. Here, Coquitlam homebuyers will find custom homes that are located at the peak of the Foothills community where there are only thirty seven one of a kind Coquitlam single family detached homesf or sale on large estate lots that range from eight to thirty four thousand square feet in size. Impressively large, luxurious and spacious homes are still available at the Birchwood Estates Coquitlam homes for sale that are priced from $914,900 and there are two display homes now available for viewing during the Fall 2009 GVHBA Open House event. Check out www.birchwoodestates.ca for more details.

Burke Mountain Heights Coquitlam Homes for Sale
Built by award winning Foxridge Homes, these single family detached homes for sale at Coquitlam Burke Mountain Heights are located at 3396 Don Moore Drive, Coquitlam BC. Featuring home plans that have three to four bedrooms and 2.5 baths, the special features here at the new Coquitlam Burke Mountain Heights homes for sale as featured in the Fall 2009 GVHBA Open House and Showcase of new Vancouver Homes 2009 features large open concept floor plans that range from twenty one hundred and twenty three hundred square feet in size plus unfinished basements. The views are amazing and there are lots of choices for the homebuyers when it comes to both interior and exterior palettes. The pricing for these new Burke Mountain Heights Coquitlam homes for sale start from the mid six hundred thousand range and there are currently two show homes available for viewing during the Greater Vancouver Home Builders’ Association Open House Fall 2009. Visit www.foxridgeliving.ca.

GVHBA Fall 2009 Open House in Anmore Real Estate Market

Crystal Creek Anmore Single Family Homes for Sale
Brought to the Anmore real estate market place by Sonoma Homes, the Crystal Creek Anmore single family detached homes for sale are located at 312 Forestview Lane, Anmore BC and is the only entry into this years’ GVHBA Fall 2009 Open House from this district. The Anmore homes for sale features four bedrooms and 4.5 bathrooms and some of the special features include very large fllor plans that are up to four thousand nine hundred and fifty square feet in size. These very luxurious custom executive homes for sale at the Crystal Creek Anmore real estate development have high end finishing and there is lots to choose from when it comes to building your own home on spacious one third acre lots and homesites still available. The new Crystal Creek Anmore single family homes are priced from $1,288,000 and there is one show home available for viewing during the Greater Vancouver Home Builders’ Association Showcase of New Vancouver Homes. Visit www.sonoma-homes.com for more information.

Richmond, Burnaby and New Westminster Showcase of New Homes by GVHBA 2009 Fall Open House

Meridian Gate Richmond Lowrise Condos for Sale
The low rise Richmond condos for sale at Meridian Gate are featuring the last of the two bedroom and two bathroom floor plans during the GVHBA 2009 Fall Open House brought to the Richmond BC real estate market place by Polygon Meridian Gate Homes Ltd. The lowrise Richmond condominiums are part of the Alexandra Gardens neighbourhood located at 9288 Odlin Road, Richmond BC and you will be seconds away from the top rated restaurants, shopping, schools, transportation routes, community amenities and much more. The Meridian Club at the Meridian Gate Richmond lowrise condos for sale features over seven thousand square feet of five star resort amenities and the GVHBA Fall 2009 Open House features these condominiums priced from only $339,000. There are three display suites open and visit www.polyhomes.com for additional details.

Burnaby GREEN Apartments Featured at GVHBA 2009 Fall Open House
Adera Development Corp features the new GREEN Burnaby apartment homes located at 105 - 7488 Byrnepark Walk, Burnaby BC, featuring one to three bedroom suites (although one bedroom floor plans are now sold out) as well as 1-2 bathrooms in this low rise built green environmentally friendly neighbourhood. Nestled between both the forest and park space, GREEN Burnaby apartments for sale are located in a well established community already that is close to the SkyTrain station, tonnes of shopping and dining options and are affordably priced from just $284,900 and completing soon. There are two show homes for the Fall 2009 GVHBA Open House and you can visit www.adera.com for more info.

Via New Westminster Real Estate Development Showcase
Built by Boffo Developments Ltd., the new New Westminster Via condominiums include low rise condos with two to three bedroom layouts and 2 bathrooms. Located at 1032 Ewen Avenue, New Westminster BC, the GVHBA Fall 2009 Open House features one display suite and plenty of spacious floor plans for New Westminster homebuyers to choose from include ones between 1144 and 1240 square feet in size. Amenity rich and great features (includes nine foot ceilings, while the top floor New West penthouse Via suites have ten foot ceilings with vaulted ceilings up to thirteen feet), in addition to large outdoor living spaces up to 667 square feet and premium appointments. The Via New West condos start from the mid three hundred thousand range and you can visit www.viahomes.ca for all the details.

Maple Ridge Real Estate Developments Showcased at the Fall 2009 GVHBA Open House

Stoneleigh at Silver Ridge Maple Ridge Homes for Sale
The only Maple Ridge real estate development entry into this year’s 2009 Greater Vancouver Home Builders’ Association Fall Open House is at the Portrait Homes Stoneleight at Silver Ridge single family home community. Located at 13610 - 229A Street, Maple Ridge BC, these Silver Ridge Stoneleigh homes are three plus bedrooms and 2.5 bathroom floor plans that have great room designs, vaulted ceilings with skybridges and very spacious master ensuite bathrooms. Award winning Portrait Homes also features the Garibaldi floorplan design that has awesome finishes and spectacular views. The Stoneleigh at Silver Ridge single family Maple Ridge homes for sale at this years 2009 Greater Vancouver Home Builders’ Association Fall Open House start from a great pricepoint of only the mid $500k range and there is one home available for viewings. Visit www.portraithomes.ca for more details.

GVHBA Fall 2009 Open House in Langley and Fort Langley Real Estate Market

Bedford Langing Fort Langley Homes by ParkLane
There three and four bedroom single family Fort Langley homes for sale at Bedford Landing waterfront community features 3-4 bathrooms and perfect family sized houses and floor plans in the heart of the city. These great room designs and contemporary homes have open plan kitchens and even private yards and the Fort Langley Bedford Landing homes are located at 23015 Billy Brown Road, Fort Langley BC. The GVHBA Fall 2009 Open House features this development that is close to lots of parks, golf courses and the river and are priced affordably from $594,900. There are three show homes available for the GVHBA Fall 2009 Open House and you can visit www.bedfordlanding.com for more details.

Milner Heights GREEN Street Langley Real Estate Community
A master planned GREEN Street Langley community at Milner Heights by Vesta Properties Ltd. is now featured at the GVHBA Fall 2009 Open House in Langley. With a wide variety of housing types to choose from (they offer four plex manor homes, fee simple rowhomes and single family Langley Milner Heights homes for sale), the floor plans are also varied between two to four bedrooms with 2-4 baths. Built GREEN along a Langley GREEN Street, the award winning Milner Heights community is located at 20843 - 69B Avenue, Langley BC which is next to a protected environmental reserve with a greenway and lots of pathways. Spacious floor plans and fully landscaped yards are other features of the Langley Milner Heights real estate development featured at the Greater Vancouver Home Builders’ Association Fall 2009 Open House and the condos start from $489,000 with five show homes now available. Check out www.milnerheights.ca for more details.

High Point Equestrian Estates Langley Custom Homes
A Cressey real estate development, the Langley High Point Equestrian Estates is a unique opportunity for homebuyers to build their dream custom home on an estate lot. Purchase a spectacular Cressey built Langley home at the High Point Equestrian Estates and you can live in a community of rolling hills and tonnes of space for you and your family to grow. Generational country style living comes to the city of South Langley here at the High Point Equestrian Estates featured at this years’ 2009 GVHBA Open House and showcase of new homes. The estate lots are priced from just below $500k and there is one display home open. They are located at 20048 - 2 Avenue, Langley BC and be sure to visit www.highpointestates.ca for more details.