The 2009 Vancouver Real Estate Forecast - Growing Trends in Vancouver Property Market Outlook, Credit Crunch - First Time Homebuyers Seminar

The 7th Annual Spring Parade of New Homes in Greater Vancouver Real Estate Market

It’s a great time to buy a new home! Can you believe that it’s the 7th Annual Spring Parade of New Vancouver Homes already? With the doom and gloom surrounding the Vancouver real estate market just a year ago in 2008, 2009 brings a air of optimism and some bright future outlooks for certain developments and communities in the Lower Mainland. With continued low mortgage rates, declining asking/listing prices and new home inventory coming onto the market, the 7th Annual Spring Parade of New Vancouver Homes comes at an excellent time for home buyers and investors. Brought to you by the Greater Vancouver Home Builders’ Association, also knwn as GVHBA, the 7th Annual Spring Parade of New Homes in Greater Vancouver will be happening from April 18th through 26th at various locations across the Lower Mainland. For more information, you can visit www.paradeofhomes.ca today. This year, the 7th Annual Spring Parade of New Homes in VAncovuer presents thirteen builders with 57 show homes in six cities and one presentation centre. From $209,900 to over $869,900, the wide range of homes presented at the 7th Annual Spring Parade of New Vancouver homes will have something for everyone. Here is the list of new developments featured this year.

2009 7th Annual Spring Parde of New Coquitlam Homes
1. Burke Mountain Heights single family Coquitlam homes at 3398 Don Moore Drive
2. Belmont at the Foothills single family detached Coquitlam homes at 1456 Avondale Street
3. Whitetail Lane Coquitlam townhomes for sale at 1357 Purcell Drive
4. Birchwood Estates single family detached Coquitlam houses at 3372 Scotchpine Avenue

Delta Parade of Homes
1. Radiance at Sunstone Delta at 8385 Delsom Way

7th Annual Spring Parade 2009 of Langley Homes
1. High Point Equestrian Estates at 20048 Second Avenue with single family homes
2. Milner Heights including single family Langley homes, fee simple rowhomes and four plex manor homes for sale at 20843 – 69B Avenue

Maple Ridge Parade of Homes
1. The Crest at Silver Ridge Mapel Ridge single family homes at 22845 – 137 Street
2. The Meadows at Verigins Ridge townhomes in Maple Ridge at 11282 Cottonwood Drive

The 2009 Spring Parade of New North Vancouver Homes
1. Branches low rise North Vancouver condominiums at 1111 East 27th Street

Surrey 2009 Spring Parade of Homes
1. The Brownstones Townhomes at 25 – 15833 – 26th Avenue
2. Salus townhomes and low-rise Surrey condominiums at 1-6671-121st Street
3. Springfield Village Surrey townhomes at 8676 – 158 Street
4. Lotus Townhomes at 16355 – 82nd Avenue
5. Panorama Hills single family Surrey detached homes at 15038 – 59th Avenue
6. Vista’s West Surrey single family houses for sale at 6093 – 164th Street
7. The Estates at Vista’s West single family Surrey homes for sale at 16327 – 60th Avenue
8. Glenmore at Morgan Heights South Surrey townhomes at 2450 – 161A Street
9. Kaleden townhomes at 2729 – 158th Street
10. NUVO live work Surrey townhomes at 10- 15454 – 32nd Avenue
11. Morgan Heights South Surrey single family homes for sale at 16363 – 26th Avenue
12. Clayton Heights single family Surrey homes at 7001 – 194B Street
13. Hazelwood Estates Surrey homes at 7880 – 164th Street

First Time Vancouver Homebuyers Seminar 2009 - 15th Annual First Time Homebuyers Seminar

Get out the red pen and calendar. Fire up your electronic day-timer. If you’re a first time Vancouver homebuyer, you’ll want to be sure to reserve the evening of Tuesady, March 24th, because that’s the date for the 15th Annual First Time Homebuyers Seminar in Vancouver. Brought to you by the Greater Vancouver Home Builders’ Association (GVHBA), this springtime tradition is a Must Attend Event for anyone considering home ownership. “Our experts will help first-time hom buyers de-mystify the home buying process,” says Peter Simpson, GVHBA’s CEO for the 15th Annual First Time Homebuyers Seminar. This year’s panel of experts for the 15th Annual First Time Homebuyers Seminar Vancouver will discuss which location and type of home best suits your needs to legal considerations, how the new federal tax credits impacts first time Vancouver homebuyers, and the benefits of builder licensiving and mandatory home warranties. The 15th Annual First Time Homebuyers Seminar takes place in the newly renovated Sheraton Vancouver Guildford Hotel (15269 – 104th Avenue) in Surrey on Tuesday, March 24th, 2009. Doors open at 6:00 pm giving you time to browse the displays and chat with industry experts. The seminar runs from 7:00 to 9:00 pm. As always, this exceptional resource is free thanks to generous sponsorship, but pre-registration is required for the Vancouver 15th Annual First Time Homebuyers Seminar. Call GVHBA at 604.588.5036 or get more information online at gvhba.org today.

The 15th Annual FREE Seminar for First Time Home Buyers – Tuesday, March 24th, 2009

Brought to you by the Greater Vancouver Home Builders’ Association, the 15th Annual Free Seminar for Vancouver First Time Home Buyers is happening on March 24th, 2009 from 7-9pm with doors opening right at 6pm. Located at 15269 – 104 Avenue in Surrey, or at the ballroom of the Sheraton Vancouver Guildford Hotel, this is an incredible event for tips and advice for Vancouver first time homebuyers to attend a free seminar with great professionals to speak with. You are ready to purchase your first Vancouver home, but you need a little help to understand what is involved, especially during these days of attractive sales prices. What location is best? What type of home is best suited to your current needs and financial resources? What are the Vancouver mortgage options right now? What are the legal considerations for buying your first Vancouver first time home buyer? How do the new federal tax credits benefit first time Vancouver home buyers? What is the value of builder licensing and mandatory home warranties? To help you make informed decision, the Greater Vancouver Home Builders’ Association, in partnership with its sponsors, is hosting the 15th annual FREE seminar for Vancouver first time home buyers. Plus, you can ask the expert question period, affordable home displays, financial options exhibitors and a wealth of housing information here at the 15th Annual FREE Seminar for First Time Vancouver Home Buyers. More than 40 valuable door prizes and free parking. Pre-registration for the 15th Annual FREE Seminar for First time Vancouver home buyers is required. Call 604.588.5036 from 8:30am to 5pm Monday to Friday. Registrations will also be taken by answering machine at the same number on weekends. The 15th Annual First Time Vancouver Home Buyers Seminar is a free event, however, the Greater Vancouver Home Builders’ Association is asking all attendees to bring a non-perishable food donation to support the Surrey Food Bank. Shopping for a new Vancouver home after the seminar? You are invited to tour the latest new home projects during the Greater Vancouver Home Builders’ Assocaition’s 7th Annual Spring Parade of New Homes, April 18 – 26, 2009. Information about the 7th Annual Spring Parade of New Homes will be available at the seminar or visit www.paradeofhomes.ca today.

More About the Vancouver First Time Homebuyers Seminar March 2009
With real estate, there is much to be aware of during these days of economic uncertainty, but the current Vancouver home buyers’ market presents outstanding opportunities, particularly for first-time homebuyers. Today’s young homebuyers in Vancouver real estate market need help dy-mystifying the home buying process. Is buyins a home now a produent decision? What location is best? What type of Greater Vancouver home is best matched to current needs and financial resources? What are the mortgage options? What are the legal considerations of your Vancouver real estate purchase? How do the new federal tax credits affect first-time Vancouver home buyers? What is involved with purchasing a pre-construction Vancouver condo? What are the benefits of builder licensing and mandatory home warranties? These and other key questions will be answered by a panel of Vancouver housing experts at the 15th Annual Seminar for First Time Vancouver Home Buyers, presented by the Greater Vancouver Home Builders’ Association (GVHBA) on Tuesday, March 24, from 7 to 9 p.m. in the newly renovated Shearton Vancouver Guildford Hotel at 15269 104 Avenue in Surrey, BC. Admission to the popular 15th Annual Seminar for Vancouver First Time Homebuyers is free. Speakers include real estate experts from Canada Mortgage and Housing Corporation, Homeowner Protection Office, Genworth Financial Canada, residential mortgages from TD Bank, Real Estate Board of Greater Vancouver, National Home Warranty, GVHBA and otheres. More than 800 people attended last year’s Annual Vancouver Seminar for First Time Home Buyers and because real estate seems to dominate the news these days, turnout should be even greater this year. Pre-registration for th 15th Annual Seminar for Vancouver First Time Home Buyers is required by calling 604.588.5036 Monday to Friday.

Greater Vancouver and BC Home Prices Expected to Fall 13% in 2009 – Vancouver Real Estate Forecast 2009

Realty Section of MetroNews Vancouver newspaper. The average price of a home in British Columbia is expected to decline 13 per cent this year, according to the B.C. Real Estate Association 2009 forecast released yesterday. “the global financial crisis and worldwide recession will continue to take their toll on the B.C. economy this year,” said Cameron Muir, BCREA chief economist. The average BC home price is forecast to drop to $396,600 as nine per cent fewer residences are expected to sell in 2009 according to the latest 2009 Vancouver real estate forecast. According to Muir regarding the Vancouver real estate forecast 2009, prices and sales are expected to stabilize in 2010. At the same time, 24Hours Vancouver published an article on Look Out for a Home Buyers’ Market. Homebuyers looking for a good deal may hit the jackpot in 2009. Amid the global recession, job security fears and a cooling real estate market, the British Columbia Real Estate Association is predicting average home prices to drop 13 per cent this year according to their 2009 Vancouver real estate forecast. That’s bad news for sellers, but good news for home buyers across the province. “It should be a good year for potential home buyers,” said BCREA chief economist Cameron Muir. “Affordability is as good as it’s been in two years.” Muir said a high supply of available homes and low demand for them will drive down prices and eliminate competion for home buyers. And as real estate developers get desperate to sell off inventory, Muir expects several more Onni like liquidations in 2009. The property developer offerd 25 to 40 per cent off condos earlier this month as it tried to liquidate 375 condo suites across Greater Vancouver real estate market forecast 2009. It could make for a wild year before the market is expected to stabilize again in 2010 according to Matt of 24 Hours.

First Time Homebuyers in Canada Need More Info According to New Survey

As published in 24Hours Vancouver, A recently released survey of first time home buyers in Canada real estate market discovered some surprising results: Three out of four first time homebuyers in Canada property market would benefit from additional education about the buying process. The new report was conducted by Genworth Financial Canada from October 17th to November 2nd, 2008. Respondents qualified if they planned to purchase a new or resale Canada home or other property in the next 24 months and if the property they planned to purchase was to be their first home. Questions included which payment frequency pays down a mortgage fastest (bi-weekly accelerated), how much making just one extra mortgage payment each year will shorten the life of a 30 year amortization (approximately five years), and how much a first time homebuyer in Canada real estate market may withdraw from their RRSP to put toward a down payment (up to $20,000). The majority of Canadians surveyed (86 per cent) of first time homebuyers were aware the reducing the amortization period saves money on interest. However, only 38 epr cent knew monthly payments should not exceed 40 per cent of their gross income, and more than two thirds at 68 per cent incorrectly thought the term of the mortgage is the length of time it takes to pay the amount lent. Opinions were virtually split down the middle when came to variable interest with 54 per cent of respondents indicating they believe historically consumers pay less interest with a variable rate mortgage over the life of the loan and 46 per cent believing this strategy to be false.

Participants in this first time Canada homebuyer survey were also asked to identify their level of understanding of 10 common mortgage terms: Credit rating, mortgage term, variable/fixed interest rates, bi-weekly accelerated payments, mortgage amortization, mortgage default insurance, refinance loan payments, closed/open mortgages, conventional versus high ratio down payments, and debt service ratio. Only 25 per cent correctly answered more than seven out of the 10 questions and less than one per cent correctly answered all 10. Most misunderstood were conventional versus high-ratio down payments and debt service ratio, with only one in 10 respnodents claiming they understood what the terms means. A useful exercise that qualifies the need for more financial education in the school system today. Susan B.

Vancouver Real Estate Home Sales Drop Significantly – 2009 Vancouver property forecast not looking good.

According to Metro Vancouver newspaper: Homes sales dropped dramatically in Greater Vancouver last month, falling 69 per cent compared to last year, the Real Estate Board of Greater Vancouver (REBGV) announced yesterday. Dave Watt, REBGV president, said 874 homes were sold across Gerater Vancouver in November 2008, compared to 2,883 sales during the same period last year. “Residential benchmark prices across all properties declined 12 per cent between May and November of this year,” Watt said in a podcast yesterday. He added that across the Lower Mainland real estate market, it’s taking longer for homes to sell compared to previous months. “In Greater Vancouver, the days on market average for November was 64 days,” Watt said. That’s 20 more days than November 2007.

Vancouver City Skyline Nearly as Bleak as Real Estate Markets

A great article by Derek for InTransit section of MetroVancouver News. The chaos on Wall Street continues to pummel the economy in the new year and is going to be felt locally. In metro Vancouver, a signature of the economic boom years – so called starchitecture – is about to take a major hit. Construction financing is harder to get and uncertainty and confusion are prevalent in the real estate business in greater Vancouver. Which means some inspired Vancouver condo buildings designs are on the verge of going down before ever getting the chance to go up. What a shame. Historically, many folks in the Lower Mainland real estate market have grumbled about the vanilla look of condominium towers. The harshest critics maintain that Vancouver’s skyline is less breathtaking than it is boring. Internationally renowned architect Arthur Erickson once referred to it as “blah.” That reputation changed, to some extent, with several sleek condominium projects slated for the region – including one created by Erickson himself. Dubbed “Vancouver’s Turn,” the Residences at Ritz-Carlton condo tower was designed by the locally based architect. But the downtown Vancouver condo project is not suspended pending “design changes.” The economic meltdown can’t take all the blame. Last year, Vancouver-based Henriquez Partners Architects put forth plans for a sleek 120 metre tower for the North Vancouver real estate market waterfront. But instead of embracing it, a group of area NIMBYs made enough noise to quash the real estate project. When it comes to inspired architecture in metro Vancouver real estate, it seems, if nervous accountants can’t kill a project, neighbourhood activists most certainly will.

Credit Tight and Sentiment Low

This according to Reuters – MetroNews Vancouver report. Lending conditions in Canada worsened considerably in the fourth quarter and overall business sentiment is at its lowest level in at least a decade, two Bank of Canada surveys showed yesterday. The central bank surveyed senior loan officers at 11 major banks and senior management at about 100 businesses during the quarter in two separate studies. “Business sentiment has deteriorated markedly since the autumn survey as the effects of the international financial crisis and the weak global economy intensified and spread to domestic demand,” the banks said. The pessimism had some bankers predicting the Bank of Canada will opt for a half point rate cut in its key lending rate rather than a less aggressive move on January 20th, 2009. Charmaine Buskas, senior economics strategist at TD securities, predicting the bank could trim 50 basis points. The loan officers reported two thirds of companies felt tighter credit conditions, compared with 44 per cent in the third quarter, both in terms of price and in terms and standards. They attributed it to the worsening economic outlook. Business owners were pessimistic as well: Three quarters of those surveyed think inflation will stay below the central bank’s two per cent target in the next two years.

Correction in Toronto Condo Market is Coming, says Chief Economist

According to MetroNews Vancouver, a prominent Toronto housing economist, Will Dunning is warning of a substantial correction in Toronto real estate’s overheated condominium market. The impact will be felt particularly in the condominium market of Toronto real estate, says Dunning. By the end of September, the economist estimates there were a looming 33,919 condos under construction in the Toronto census metropolitan area. “This very large pending inventory is setting the stage for a substantial correctin,” he said in a sobering report looking at the rental and condo market in Toronto rela estate market. Pre-sale Toronto condominium starts are normally in the 10,000 to 12,000 range annually, but a bottleneck in construction from record sales in prior years has a significant number of units still to be completed, according to the analyst. Finicky condo investors are already beginning to sell in central Toronto real estate, up by 75 per cent in November compared to a year earlier, he says.

Canadians 11% of U.S. Foreign Home Buyers

According to REW article this fall, Figures from the U.S. National Association of Realtors indicate that 11 per cent of all foreign buyers of homes in the United States last year were Canadian. In Florida, the U.S. state with the highest foreign home ownership, Canadians made up nine per cent of home buyers in 2007, up from 7.1 per cent in 2005. Tannis Dawson, a senior tax and financial expert with Investors Group, noted that “the Canadian dollar has been on par or nearly at par with the U.S. dollar for some time now and that has many thinking that it has leveled off and probably isn’t going any higher,” she said. Many Canadians also have concluded it is more expensive to try to buy a second home in Canada than in the U.S. real estate market when looking for the same square footage, she says. In the U.S., she says, in 2002, a house cost about CAN $519,000. In 2008, a U.S. house now goes for about C$325,500. Dawson has some tips for people wishing to buy a property in the United States real estate market. “It is best to have the funds to pay for a U.S. property up front especially when the currencies are at or near par” so as to take advantage of the strong Canadian dollar, she says. If people have enough equity on their house in Canada, “they can take out a mortgage on that… or do a line of credit or some personal debt,” she says.

About 53 per cent of Canadian home buyers take out mortgages and 47 per cent pay cash, according to figures compiled by the Investors Group. Dawson says it is more expensive to get a U.S. mortgage. “In the U.S., if you’re a non-resident they require you to put down 30 to 40 per cent of the property value. Plus have to put six months of your mortgage payments, insurance payments and your property taxes in an escrow account… looked after by an escrow agent,” she says. If you take out a Canadian mortgage on a U.S. home or property, you can go to the bank first and see how much you can raise, and then go shopping in the U.s. As well, you don’t have to put down as much. A seminar in investing in U.S. homes and real estate is held this Saturday, September 6 at the Marriott Pinnacle Hotel in downtown Vancouver, from 9am to 3pm. The event is presented by real estate consultant Ozzie Jurock and will feature experts discussing where to buy, what markets to avoid and tips on buying U.S. foreclosures. For more information, call Marc Jurock at 604.683.1111.

Whether you are a homebuyer or investor, is this the right time to buy a new Vancouver home? The latest on the falling Vancouver real estate prices..

Greater Vancouver Home Prices Still Dropping

According to MetroNews Maria C, The average price of a home in Greater Vancouver has dropped eight per cent compared to last year, according to the B.C. Real Estate Association. The average price now of a Greater Vancouver home sits at $535,598 down from $582,354 last September. “Weaker consumer demand and a large number of greater Vancouver homes for sale are having an impact on home prices in the province,” said the association’s chief economist, Cameron Muir. With the economic crisis on the minds of many, people don’t seem to be spending as much, nor are they as willing to make major purchases compared to a year ago. Residential home sales in Greater Vancouver real estate market dropped a whopping 43.2 per cent this month compared to last year – that’s well above the provincial average of 30 per cent.

Canadian Housing Starts Rise 13 Per Cent

According to MetroNews, Canadian Housing Starts rebounded in August, beating expectations, but some economists cautioned against reading too much into the number since it followed a weak reading for Canadian housing starts in July. Housing starts in Canada rose 13 per cent in August to a seasonally adjusted annualized rate of 211,000 units from 186,500 units in July, the Canada Mortgage and Housing Corp said. The bulk of the gain, which topped the consensus analysts’ expectation for 195,000 starts, was in Ontario real estate housing starts, where there was an 81 per cent jump. The government owned CMHC attributed the surge in multiple-unit starts in Canada which shot up 25.2 per cent to 114,700 units following a 20.2 per cent slide in July. But some real estate Canadian experts said since the bounce back in housing starts in Canada followed weakness, it doesn’t mean that Canadian housing activity is buoyant. REUTERS.

Greater Vancouver Housing Sales in Area Drop by 43 Per Cent

REAL ESTATE UPDATE from the MetroNews Vancouver Monica M. Homes ales in Greater Vancouver real estate fell 42.9 per cent last month, according to a report released yesterday by the Real Estate Board of Greater Vancouver (REGBV). Home sales dropped by 1,585 units this September compared to 2,776 in September 2007. The president of the REBGV, Dave Watt, said the Greater Vancouver real estate market is simply adjusting itself. “Affordability played a role,” he said. “Prices rose to the highest levels in February and March and now they’ve declined by five per cent.” Watt also said the U.S. subprime mortgage crisis is affecting consumer confidence.

Ritzy Vancouver Real Estate Under Price Pressure

New report says multi-million dollar Vancouver real estate properties may have passed peak prices. This according to the North Shore Outlook’s Jeff N for the Black Press. A new report predicts the prices of tony homes in West Vancouver real estate and across the Lower Mainland may sag from their stratospheric heights. The starting price point for upper end homes in Metro Vancouver real estate market has climbed to around $2 million, according to the RE/MAX market survey of ritzy real estate in Vancouver. On Vancouver’s west side, the starting price is closer to $4 million. The most expensive Canadian home sold so far in 2008 (through MLS listings) went for $11.5 million in Metro Vancouver, the report said. But home buyers will have to open their wallets wider yet to buy the priciest properties available in the metro Vancouver real estate market today. A Burnaby mansion is on the real estate market for $25 million and a “world class” country manor in Richmond real estate with its own bowling alley, tennis court and equestrian riding fields can be had for $24 million. Two more single detached houses in Kitsilano and West Vancouver’s Caufield area are on the West Vancouver real estate market for $19 million. Metro Vancouver property is also home to Canada’s priciest condo now for sale – for $14.9 million. If that sounds expensive, consider that it’s already been marked down from the original list price of $18 million. Nearly 400 high-end homes sold in Metro Vancouver real estate market in the first seven months of the year, up five per cent from the same period last year. “Affluent baby boomers, Generation X and Y, and an influx of international home buyers from Mainland China and Europe are behind the push for luxury real estate,” the report says. “Money mad in oil and gas sector in Alberta has also made its way into Vancouver’s residential housing market.” What do well-heeled home buyers want? Large lots with more privacy – often traditional character homes in exclusive neighbourhoods – with more square footage and either views or waterfront. The luxury Vancouver home threshold is lower - $1.2 million – in White Rock – South Surrey real estate, where the report says some would be buyers are waiting for a correction while sellers “are still trying to cash in at peak levels.” The report says 218 high-end Vancouver homes are listed now in that area. The luxury home market is usually the first place pressure cracks appear in a downturn, but RE/MAX executive vice-president Michael P. said the reverse has so far been true. However, the Wall Street financial meltdown has cooled the ardour of some buyers and Polzler said that “will give purchasers cause for concern in the immediate future.” The firms’ report notes some rich real estate investors are instead trolling U.S. housing markets to scoop West Coast properties at rock bottom prices.

Canada Housing Prices Slow For Sixth Month in a Row

According to MetroNews, The increase in the price of a new Canadian house slowed in July for the sixth month in a row, mostly because of a softening market in western Canada real estate market. Statistics Canada says selling prices for new houses in Canada were up 2.7 per cent year over year in July slower than the 3.5 per cent June increase. Prices roses fastest in Regina real estate market, where the cost of a new house skyrocketed 29.6 per cent, though that was down from a 34 per cent April record increase. Meanwhile, buyers in Newfoundland and Labrador faced a fourth consecutive price increase in 24.3 per cent. By Torstar News Service.

Party On in Local Vancouver Real Estate

On The Market by Carly K for 24 Hours. Wayne’s World has nothing on Vancouver real estate agent Tom Everitt, who’s launched his own homemade show. Instead of his parents’ basement, a la Wayne and Garth, Everitt films his daily two to four minute web show, Vancouver Market Watch (www.think-tom.com) in his newly turned studio (to the tune of $25,000) garage. And instead of “babes,” he discusses another “hot” topic: Vancouver real estate. “In the stock market, you can go to the TSX and check out Google,” says Everitt, “but it’s very, very hard to figure out what’s going on in the real estate market.” Everitt shares insider knowledge as well as hot sheet statistics, daily reports in which Vancouver realtors are given an up-to-the-minute snapshot of Vancouver real estate market activity. For instance, Monday’s Vancouver Market Watch show dealt with open houses on the weekend. “There were 383 opens on the West Side… 202 opens on the East Side… 80 opens above $1.4 million.” What does that mean? There’s a lot of competition, says Everitt. Likewise, yesterday’s Vancouver Market Watch show shared the scoop that the day netted 100 new listings, 65 price reductions and only nine Vancouver home sales. Which Everitt interprets to mean “definitely a slow down in the Vancouver real estate market.” Other topics include negotiation skills and legalities of contracts. And like his zany SNL predecessors, Everitt of Vancouver Real Estate Market Watch tries to infuse some fun into the often stressful subject of shopping for or selling a home. Humorous pokes include “I’d like to move it… move it (the importance of pricing in today’s Vancouver real estate market) and a homestaging episode in which he digs himself out from behind a clutter of décor no-no’s such as ahigh school grad photos, trophies and decaying plants. While you won’t see any air guitar riffs or extreme close-ups on the Vancouver Market Watch show, Everitt does promise to answer the question on everyone’s mind: Will Vancouver’s real estate bubble ever burst? Yep, just as soon as he equips his new studio with a crystal ball.

Good Time To Buy Vancouver Property

According to Ryan D. of HouseLeague written for MetroNews: With the U.S. economy in continuing decline, many are wondering if our American counterparts have enough economic sway on Canada to lead our housing market to the same fate. In a word, no. Let’s put it in perspective. The “subprime” mortgages offered in the U.S. were mortgages granted to people who would not normally qualify for such loans, primarily due to lower credit scores. As housing prices in the U.S. began to soar in 2005 and 2006, banks began supplying subprime loans, believing that the real estate market would continue to rise. In 2007, as the U.S. market softened and interest rates went up, refinancing these loans became increasingly difficult, with more and more people defaulting and going into foreclosure. As this happened, interest rates continued to climb, forcing homeowners who could barely afford their payments to foreclose on their homes. Mortgage insurance companies were unable to continue reimbursing banks, causing huge financial losses for many mortgage lenders. This inevitably led to the U.S. real estate market crash. It is important to note that while property values plummeted, it was due to a mortgage-lending crisis, not a real estate crisis. In Canada, mortgages are regulated by stricter guidelines with fewer lenders and much harsher credit checks. Financial institutions in Canada examine applicants’ total debt service ratio: the ratio between the applicant’s total debts for housing, car loans etc. versus their total income. Most lenders will not consider you for a loan if your total debt is more than 40 per cent of your income. It ensures that if interest rates rise, or other financial hurdles are encountered, homeowners will still be able to afford their property and will not lose their homes to foreclosure. The Bank of Canada is adding additional precautions by abolishing the “zero down” mortgage (in favour of a minimum of 5 per cent down) and will no longer allow mortgages to be amortized beyond 35 years. With low interest rates and a large selection of properties, it continues to be a great time to buy that dream house or condo.

Vancouver Real Estate Market Glut A Good Time To Take Stock

If you’re one of those who are kicking themselves for not selling their condo or townhouse a year ago, take a deep breath. Then take a good look around according to the UrbanDweller Carlyn Y. for the Metro Newspaper. You’ll notice there’s a record glut of “units” all looking for home buyers at the moment, and many of those home owners don’t have a chance of getting close to their asking price. You might want to view this as a sign. This could be a good time to hang tight and work on making the most of your home instead of worrying about what might have beeen. If you are determined to sell, it’s clear that the days of simply straightening up the joint are over. The slightest imperfection – a cracked bathroom mirror, a broken bi-fold door – could be a deal-breaker. And even if everything is in good running order, landing a home buyer may come down to something as elusive as a feeling. You know the feeling; its’ that I could live here non quantifiable that hits us every once in a while. It’s less likely to be the result of stagin tricks, like the bubble bath, the Sunday New York Times spread out on the bed, the jazz filtering in the background, the aroma of resh baked cookies or coffee. That good feeling is more likely to come from the same things that have you bent on selling; space to entertain, in suite storage, more natural light, a kitchen two can work in, or a usable balcony. You can’t grow more square footage for these perks, but you can clear the decks. Consider that when apartment hunters come to an open house, they’re already slightly disoriented from the walk through the unfamiliar common areas. The last thing they need upon entering your unit are more visual barriers like side tables, bookcases and shoeracks. Those tables and racks might be useful to you, but they’re impediments to viewers, so plan accordingly. Also be aware that your Tuscany or urban street décor style may be off putting to others, so dial the décor down to clean and versatile. Stay away from fussy tile patterns or fad wallpaper. They may speak to you, but they may scream at others. If you’re unsure where to begin, bring in an impartial third party to help identify the problem areas. It’s amazing how blind we become to the detractions of our own homes, like popcorn ceilngs or shabby lino in the bathroom. Check out more from Carlyn at Home Reworks at www.homereworks.com.

Vancouver Real Estate Decline To Bottom Out Next Year According to Economist

Prices predicted to drop another five per sent according to Black Press Jeff N for the North Shore Outlook. A slide in Lower Mainland real estate prices that began in March is likely only half way to a bottom that will likely come sometime next year, one economist predicts. Helmut Pastrick of Central 1 Credit Union (formerly Credit Union Central of B.C.) says Greater Vancouver home prices are down roughly four to five per cent from their peak earlier this year. “I’m saying a 10 per cent decline from top to bottom, from peak to trough,” he said. “It could be more. I’m not ruling that out at this point.” Pastrick said he therefore expects a similar drop of at least five per cent on top of what has occurred so far before prices stabilize some time in 2009. “I tink it will continue for another six months and potentially 12 months,” he said of the declines. Within the Greater Vancouver zone (Metro Vancouver excluding North Delta, Surrey, White Rock and Langley), the sale prices of detached houses dropped two per cent in August to $738,000. Townhouses and duplexes fell 2.2 per cent to $463,400 while condos slid 1.9 per cent to $374,400 for a benchmark property. The numbers show Greater Vancouver home prices in most of the region are no longer at levels double what they were five years ago. Detached houses in the Greater Vancouver real estate market are up 84 per cent over five years in Greater Vancouver, and 70 per cent in the valley. Only condos in Surrey, Port Coquitlam, Richmond, East Vancouver and Abbotsford are significantly more than double their value of August 2003 (up 110 to 135 per cent). While home prices changes vary from month to month and city to city, Pastrick says data shows this year’s drop is a broad based decline. “It’s market-wide,” he said. “It’s hitting detached homes, townhouses, apartments all roughly the same.” Pastrick says it’s a different type of Vancouver real estate downturn form what’s been seen before. Past triggers – like dramatic spikes in mortgage interest rates or high unemployment –aren’t present now. Instead he attributes the drop to prices that have risen too high – beyond the affordability issues for first time buyers – coupled with consumer angst about everything from high oil prices to the U.S. economy and the real estate market meltdown there. “These kinds of things affect consumer confidence,” Pastrick said. Falling Greater Vancouver home prices will deter potential sellers he said, who will opt to postpone selling unless they’re forced to sell. Real estate investors owners sitting on empty units will likely begin renting more of them, he added. The price decline will translate into less new home construction in Greater Vancouver, Pastrick predicts, and that drop in activity will shake out in fewer construction jobs and less money buoying the Metro Vancouver economy. He says the signs of an mpending drop were present a year ago when realtors first began to report declining sales in the Greater Vancouver real estate market. “That always raises a red flag that housing prices will be responding,” he said. Going back even further, he added, sales began to plateau in 2005, an early signal the hot real estate market in Vancouver would not be climbing indefinitely. Home sales in August were down 53 per cent in Greater Vancouver and 48 per cent in the Fraser Valley region from a year earlier. Fraser Valley Real Estate Board president Kelvin Neufeld said potential home buyers “took a wait and see approach this summer.” When the Vancouver real estate market was soaring, home buyers often had to make snap decisions on properties and could still end up paying more than asking price. Now home buyers are in the driver’s seat. “Selection is at record levels,” Neufeld said. “interest rates remain competitive while prices have moderated.” August 2008, one year % change: North Vancouver detached house - $868,200 (+ 2.6%) and West Vancouver detached house $1,512,900 (+7.2%) Benchmark or median sales prices from Greater Vancouver and Fraser Valley real estate boards.

Latest Trends and Numbers from the Vancouver Housing Market - July to September 2008 Vancouver Real Estate State of the Union

Vancouver Home Prices to Fall Almost 18% by 2010, says analysis

According to the Vancouver Sun and MetroNews Vancouver by Maria C. Credit Crunch. The average price of a home in Greater Vancouver is expected to drop more than $100,000 by 2010, according to an economic analysis by Central 1 Credit Union released yesterday. The report suggests that Greater Vancouver homes in the area will cost an average of $460,000 compared to the average going rate of $570,795 for a home last year. The roughly 18 per cent devaluation over the next two years is being blamed on the world wide credit crisis. “The downturn is widespread and affects most real estate markets and most housing types,” Centrals’ chief economist Helmut told Metro. “The markets are weak and prices are heading lower fo the next several months.” The forecast takes into account the higher demand for homes expected ahead of the 2010 Olympic Games in Vancouver. “For the year as a whole, I do expect that market conditions will imrpove during the course of the year 2010 and even potentially later in 2009,” he added. “But the year-over-year will still be negative.” Provincially, the study anticipates median housing prices will fall 13 per cent in 2009 to $310,000 compared to March 2008 rates.

Vancouver Housing Prices Drop One Per Cent

According to Metro News: Economy – Canadian average home prices have fallen for the second straight month in a row, raising concerns by economists that the Canadian housing market may have been caught in the undertow of a U.S. based recession. Home prices nationally fell by a significant 3.6 per cent to $327,020, from year ago levels in July, according to figures released by the Canadian Real Estate Association yesterday. In June, prices fell by 0.4 per cent, the first time decrease in nearly a decade. “We had a small drop the month before, but this looks like the real thing. We hope it’s not the beginning of an accelerating trend,” said TD Securities Economics Strategist Millan Mulraine. The bulk of the declines were in the western provinces, with cities such as Calgary down by 7.8 per cent and Edmonton by 5.3 per cent. The previously unassailable Vancouver real estate market saw a one per cent drop, all helping to bring the national average down. A drop in prices is typically preceded by a fall in sales. In this case, sales volume in cities such as Vancouver were down by a mammoth 44 per cent and Calgary by 13 per cent.

Housing: Canadian Foreclosure Info Takes Some Digging According to Georgia Straight – How the BC Foreclosure Process Works

Media reports from the United States routinely lists a litany of horrors about the number of foreclosures. According to the August 4 New York Times report, 8.41 per cent of subprime-mortgage loans from 2005 were in arrears by 90 days or more or in foreclosure in the month of June. Of subprime-mortgage loans from 2007, 16.6 per cent were delinquent, according to the report. This is creating huge problems for US real estate lenders, who have to put properties in foreclosure and then find a buyer in a property market that is already glutted with distress sales. Fortunately, in B.C. there haven’t been nearly as many foreclosures, which are loegal processes in court to extinguish all rights, title, and interest in an owner’s property so that it can be sold to pay a lien against it. According to the Canadian Bankers Association, just 0.15 per cent of B.C. residential mortgages were in arrears in April, the latest month for which figures are available. This is quite low when compared with other months dating back to 1990. The percentage of B.C. mortgages in arrears peaked in May 1999 at 0.66 per cent – more than four times the most recent figure.

Vancouver real-estate educator and foreclosure researcher Kap Hiroti told the Georgia Straight in a phone interview that he expects the number of B.C. foreclosures in real estate to increase – but only because the numbers are so low. He noted that some high-risk borrowers who’ve previously relied on alternative financing companies are finding themselves in trouble because those lenders have abandoned the real estate market. “What that means is that you’ve got people who’ve got a mortgage one or two years ago,” Hiroti said. “They’re coming up for renewal, and that company cannot renew because they pulled out of the real estate market. Usually, they’re very highly leveraged loans.” Those cases, however, are the exception to the current B.C. real estate market norm here. Hiroti pointed out another difference between the U.S. and Canada when it comes to B.C. foreclosure properties: south of the border, information is readily available. In Canada, it’s much more difficult to find data on foreclosure properties that are about to enter foreclosure proceedings.

ForeclosureList.ca a Web site owned by Hiroti, does the legwork in digging up information on B.C. foreclosures. He explained that a foreclosure typically beings when a bank lender issues a demand letter to a property owner seeking repayment of a debt. If the borrower doesn’t respond appropriately, the next step is for the bank lender to file a legal document called a petition to the B.C. Supreme Court. The foreclosure petition lays out the particulars, and normally asks for a court order quashing the owner’s rights, title and interest in a B.C. property. At this point, the owner of the property has a chance to file a response, which sets the legal wheels in motion. Prior to judicial ruldings, the home owner still has control over the property and can usually sell it without obtaining permission from the lender.

Hiroti said his company at ForeclosureList.ca web site compiles information form these petitions and distributes it for $99 per month to subscribers, most of whom are real estate investors in B.C. foreclosure properties. He estimated that there are approximately 20 foreclosure petitions filed in B.C. Supreme Court each week. Doing this research isn’t cheap. In B.C. it costs $8 to research a court file and $1 per page to photocopy documents about petitions and potential B.C. foreclosure properties. Ordinarily, a judge or a master of the B.C. Supreme Court will issue a decree nisi, which may require home owners to pay down the debt within six months. Hiroti said the next step is for a judge or a master to issue an order for the conduct of sale. “That’s where they actually bring a realtor onboard,” he commented. The agent has to list the property for market value on the Multiple Listing Service. Once an offer is made on the BC foreclosure property, the court must approve the sale. It can be a time consuming process, which is why Hiroti thinks it’s useful for real estate investors in BC foreclosure properties to find out about foreclosures much earlier in the process. So can a buyer get a better deal by approaching a property owner who has just received a petition? “It’s a good question,” Hiroti responded. “There is the potential,”

Local Housing Market Plummets

According to MetroNews, Vancouver’s housing market is slowing with sales down by 54 per cent from the same month a year ago. According to the Greater Vancouver Real Estate Board, 1568 units were sold in the region this August compared to 3,348 units the previous year. Sabine Boersch was going to sell her condo in Burnaby, but decided to rent it out after seeing the signs. “We have four units in our complex and five across the street that have been for sale since spring,” she said. Boersch said the fact that neighbours rented their apartment after just two showings made her confident it wouldn’t be an issue.

Redefining Greater Vancouver Homeowners

According to New Canada and republished in the West Coast Homes and Design Magazine by the Vancouver Sun, the girl next-door is more likely to own that home, as research shows women are anticipated to keep driving the Vancouver real estate market. To better understand emerging demographics in the Vancouver real estate market, Royal LePage has commissioned research on various home buyer segments. A recent Canada nationwide consumer poll examined the growing trend of female homebuyers in the Canada real estate market. The Royal LePage Female Buyers Report found that just over one third (37 per cent) of single never before married women own their own home and that another 28 per cent plan to purchase their next home in the next three years. A regional Vancouver real estate market analysis also showed a surge in female home buyers over the past five to ten years across the country. “Today, women are driven by independence and a growing desire to set up their own place. They are more real estate savvy than in the past and they are financially stable,” said Lisa da Rocha, vice president of Marketing and sales for Royal LePage Real Estate Services. “an active and healthy real estate market with affordable interest rates and properties targeted specifically to womens’ needs are also in their favour,” added da Rocha. Related industries have also identified women as an emerging influential group and are empowering and educating them through specialty stores and tools designed specifically for female homeowners. As the number of Vancouver single female home buyers continues to show significant year to year growth, women are anticipated to keep driving the Vancouver real estate market. More on trends in your neighbourhood is available online at www.royallepage.ca.

Federal Canadian Government Takes $2 Billion GST on New Homes in Canada Real Estate

The federal government is raking in more money than it ever intended from the GST on new home sales, study shows. Ottawa takes in about $2 billion a year in GST on new Canadian home construction. The GST on the average priced new home in Canada is fast approaching $20,000 almost double what it was in 1991. New home prices higher than $450,000 were not elgible for a rebate. Resale homes are exempt from the GST. The Greater Vancouver Home Builders’ Association notes tha the vast majority of local new home buyers have paid more for the GST than other Canadians for many years.

Vancouver Real Estate Builders Start on $2.9 Billion in New Work

According to Real Estate Weekly of Greater Vancouver: The total value of building permits increased for the second straight month in May, despite a decline in the overall residential Vancouver building sector. Contractors in the Vancouver real estate building industry took out $6.6 billion in permits in May, up 1.1 per cent from April and the highest value for permits since October 2007. The total was 6.7 per cent above the monthly average for 2007 and it marked the first back to back increase in construction intentions since November 2006. Statistics Canada reports municipalities issued $2.9 billion in non-residential permits in greater Vancouver real estate building, up 12.8 per cent. Residential intentions fell 6.6 per cent to $3.7 billion in May, the result of a considerable decrease in the value of multi-family permits. The value of Greater Vancouver real estate building permits in the residential sector has been on a downward trend since September 2007.

Vancouver Home Buyers Jump Back into the Drivers’ Seat

Higher property listings and easing Vancouver home prices have put buyers back in control of the MetroVancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that housing sales declined 42.9 per cent in June to 2,425 from the 4,244 sales recorded in June 2007 according to REW magazine. New listings, meanwhile, increased 18.3 per cent to 6,546 compared to June 2007, when 5,533 new units were listed. For home buyers in Vancouver’s real estate market, this may represent a great opportunity to search out that dream house or condominium which would have been hard to find just months ago. “We are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt, though he noted that prices are generally still higher than a year ago. “Home prices at a competitive level continue to sell quickly, but it is important for people to accurately identified their home’s value when putting it on the market.” Sales of Vancouver detached properties in June declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the Board’s housing price index for Vancouver real estate for single detached houses rose 7 per cent from June 2007 to $765,654. Sales of Vancouver condominium declined 42.7 per cent last month to 1,057 compared to 1,846 sales in June 2007. The benchmark price of a Vancouver apartment condo increased 7.8 per cent from June 2007 to $388,722. Attached Vancouver property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The Vancouver benchmark price of a attached unit increased 7.6 per cent between June 2007 and 2008, to $476,585. Ask your local Vancouver Realtor for specific market details.

Vancouver Home Prices Drop as Listings Rise

According to the Real Estate Weekly newspaper, the change is moderate, but Vancouver housing price reductions of all types of residential property are now being seen for the first time in nearly a decade, reports the Real Estate Board of Greater Vancouver. The overall benchmark price in Greater Vancouver housing real estate market dipped 2.1 per cent since the end of May 2008, to $556,605 as of July, the Real estate Board of Greater Vancouver said. “We’re seeing price reductions on properties listed on the real estate Vancovuer housing market, which is having a leveling impact on housing price increase,” explained Real Estate Board president Dave Watt. Watt noted that there has been also been a decline in the total active listings on the real estate Vancouver housing market “Which is a welcome departure from recent trends.” The Vancouver housing price reductions reflect a general softening of the housing market. Total sales through MLS were down 43.9 per cent in July to 2,174 units, compared to July of 2008. Still, Greater Vancouver housing and real estate values reamin the highest in Canada. As of July, the benchmark price for a Vancouver detached house was $753,165, while a typical townhome sold for $473,953, and the benchmark price for a condominium apartment was $381,687. On the West Side of Vancouver housing real estate, the average detached house now sells for $1.3 million which is up 5.3 per cent from a year ago. East Vancouver real estate housing has the lowest priced condominiums, on average, in the city with a benchmark price of $326,324, up 7.2 per cent from a year earlier. On the West Side of Vancouver real estate, the benchmark price for a condo apartment is now $482,080, which is up a modest 3.5 per cent from last year.

Less New Vancouver Homes Being Started as Construction Slow

According to REW Newspaper: The Vancouver residential and non-residential building sector both dropped as the total value of building permits in June fell 5.3 per cent from May to $6.3 billion, according to Stats Canada. The decline hit most provinces and was 5.5 per cent in constant dollars. The value of Vancouver housing building permits fell 4.4 per cent in the residential real estate sector to $3.6 billion driven by lower values in multi-family permits in all provinces except Saskatchewan. The value of building permits dropped 6.6 per cent to $2.8 billion in the non residential sector due to declines in commercial and industrial intentions. Municipalities issues $1.3 billion worth of housing permits for multi-family real estate developments in June, down 13.8 per cent, with most of the declines occurring in Ontario and Alberta. Single family housing permits edged up 1.8 per cent to $2.3 billiong, StatsCan reports.

Vancouver Realtors Raise $1.2 Million for Charities

Greater Vancouver Realtors and their companies donated more than $1.2 million to 60 local charitable organizations last year, according tot a recent examination. This revelation is the result of the Real Estate Board of Greater Vancouver (REGBV) efforts to aggregate the annual monetary contributions its members give the charity each year. This is the first time a real estate board in the country has embarked on such a program said REGBV president, Dave Watt. “We know this figure likely only touches the surface, since many Realtors wanted their giving practices to remain quietly low key and anonymous,” Watt says. “As well, our members give a tremendous amount of time volunteering in their communities, doing everything rom coordinating the annual Realtor’s Care Blanket drive to coaching kids’ sports.

Vancouver Realtors Recycle Electronics

In a recent recycling effort, Greater Vancouver Realtors recently donated over 2,000 used electronics items to the Electronic Recycling Association (ERA), a non-profit organization that collects computers and electronics and recylces or refurbishes them for charities and community groups. All of the items received were given to the ERA and will be recycle for local schools, charities, non profit groups, libraries, elderly homes and other Greater Vancouver community organizations. “this event garnered an incredible response. Nearly 400 Vancouver realtors made drop-offs during the five days we offered the service,” said Dave Watt, president of the Real Estate Board of Greater Vancouver. Hard-drives, printers, and monitors wer the three most collected items, followed by mobile phones, VCRs and old stereo equipment. Four trips were a full-sized moving truck were required to pick-up all the accumulated items. Environment Canada estimates that computers phones, AV equipment and small household appliances account for more than 140,000 tonnes of waste in Canadian landfills each year.

Vancouver Realtor to lead Real Estate Institute

According to REW Newspaper, Vancouver Realtor Peter Remillong has been elected president of the Real Estate Institute of British Columbia’s board of governors for the 2008-2010 term. Remillong is a licensed Realtor and a director with the Real estate Board of Greater Vancouver. Other newly elected officers of the Real Estate Institute of British Columbia board include: vice president Peter Bretherton (BC Assessment), secretary/treasurer Don Ellis, and past president Scott Ullrich. New to the board of governors are Bonnie Knight with BC Assessment and Richard Wood of the Fraser Valey Real Estate Board. Both will represent the Fraser Valley District. The mission fo the REIBC or Real Estate Institute of British Columbia is to advance the highest standards in education , knowledge, professional development and business practises in all sectors of the Vancouver real estate industry. Professional members are accredited by the RI designation which recognizes their experience education and commitment to professional and leadership development in the real estate industry. For more information about the Real estate Institute of British Columbia or REIBC, and its members, visit the website www.reibc.org.

Real Estate Market Blamed for Housing Slowdown

New housing prices increased at their slowest pace in more than six years, with Vancouver’s year-over-year prices up only about half the rate of the national increase according to Metro Vancouver’s Andrea W. According to Statistics Canada report released yesterday, national contractors’ selling prices rose 3.5 per cent between June 2007 and June 2008, compared with the 4.1 per cent year-over-year real estate increase in May. Vancouver was up only 1.8 per cent. Neil Killips, economist for Stats Canada, attributed the slowing to a softening Vancouver real estate housing market. “We try to ask the builders why they increase or decrease their prices and they’ve been saying that there’s an increase in competition and the real estate Vancouver property market in general is slowing down,” he said. While Vancouver property price increases have been relatively slower, however, the Canada Mortgage and Housing Corporation (CMHC) reported yesterday that housing Vancouver property starts took a big jump last month. There was a 25 per cent increase in Vancouver homes going up than in July 2007, attributed heavily to higher density, multiple-family projects.

Choosing a Vancouver Home of Lasting Value requires Due Diligence

Buy smart and over time your Vancouver real estate investment will almost certainly appreciate. Whether you’re thinking of buying your first home or planning to move from one to another, your Vancouver home purchase is more than a place to live, it will probably be your biggest investment ever. And like any real estate investment in Vancouver, you want it to appreciate in value. Whether it does, and to what degree, depends a great deal on your own pre-purchase due diligence. Once you’ve considered the needs of yourself and family and know what you’re looking for, now is the time to consider the factors that will maximize the Vancouver home investment value of your home in the future – the day when you sell your home and move on. “I know people have heard this before, but it bears repeating: location is the single most important component in home value,” sayd Gary Marshall, VP Sales and Marketing of ParkLane Homes Vancouver real estate developers. “ParkLane pays meticulous attention to siting. That’s why we feel a well-lcoated community will appreciate in value over the ong term, especially as our products are matched to the neighbourhood and what home buyers want in a home.” ParkLane Homes will, for example, select a prime location close to services, shopping, schools, and transit that’s perfect for singles, young families and empty nesters, then build residential options to suit these demographics. Alternatively, ParkLane Homes may choose a premium Vancouver real estate site for an enclave of luxury presales homes where the location’s value is enhanced by prestigious amenities within the community or nearby. Either way, purchases of new homes are buying into the ideal fit for their needs and resources – homes that will have al asting appeal to them, as well as for future home buyers when the time comes to resell. To Gary Marshall, buying Vancouver homes smartly, also means buying now. “Timing is Everything. There’s a real window of opportunity that makes this the perfect time to make a move. Mortgage rates remain low and there’s lots of choice available.” But Marshall sounds anote of auction to these looking to buy build and finished products: The Lower Mainland’s real estate market has temporariliy slowed with fewer new home starts, which means existing Vancouver real estate inventory is going to get snapped up pretty quickly.” He adds, “So my advice is to get out there and start looking at what’s available. You shouldn’t rush into buying a new home, but don’t wait so long that the best is gone.” Once you’ve bought your home, Marshall says not to be concerned about small real estate Vancouver fluctuations. “The real estate market goes up, the market goes down… it’s a market. But when you’ve done your homeowkr, you mitigate th risk over the long term. If you’ve purchase a Vancouver residence in a master planned architecturally controlled community such as ParkLane’s Bedford Landing, Southport or Heritage Woods, values will most certainly increase over time.”

By seizing this window of opportunity to buy a new Vancouver home in a master planned community built with ParkLane’s legendary quality, you’ll not only enjoy and appreciate the wonderful neighbourhoods, but you’ll have the peace of mind of knowing that the lasting value is assured in your real estate investment. One of the largest and most recognized home builders in Western Canada, ParkLane Homes has built over 5,500 homes in beautiful master planned communities throughout the Greater Vancouver area and has won more then 250 provincial and national awards for their efforts. For more information, please visit www.parklane.com.

The Latest Vancouver Real Estate Stats - Will Prices Keep Going Up or are we expecting a time of Balanced and Sustainable Growth in the Lower Mainland

Experts Remain Confident in Vancouver Real Estate Housing Market

Credit Union of B.C. remains confident in the B.C. housing real estate market, and the respected group is not alone. CUCBC chief economist Helmut Pastrick anticipates B.C. house prices rising up to 12 per cent in 2008 and moving up again in 2009 by 12 per cent to 14 per cent. Pastrick, however, also cautions that poor affordability is the main constraint on the current new B.C. housing real estate market. Yet, housing starts in January and February were up 47 per cent over the first two months of 2007 in the Vancouver metropolitan real estate area, an indication that others also remain bullish. Meanwhile, Royal LePage survey has found that healthy year-over-year house price gains in Vancouver real estate were recorded during the first three months of 2008. While more modest price increases were observed when compared to previous quarters in the new Vancourer real estate property market, the solid appreciations are largely due to the shared effects of resilient local economies , high migration levels, and relatively low interest rates. This all points to enduring home buyer demand in Vancouver property, according to Royal LePage. While almost all real estate Vancouver markets surveyed experienced price increase in housing, it was the smaller cities, with relatively affordable housing and strong economies based on resources industries that emerged with the most significant gains. Thriving Saskatoon saw appreciation as high as 66 per cent, while areas in Newfoundland posted increases above 20 per cent for the first time since Royal LePage started tracking Canadian house prices.

Of the housing types in Canada surveyed nationally, detached bungalows increased to $336,834 (up 8.3 percent), followed by standard two storey properties, which rose to $400,647 (up 7.1 per cent) and standard condominiums, which increased in price to $240,423 (up 6.9 per cent), year over year. House prices in Vancouver real estate and Victoria property continued to climb during the first quarter of 2008 due to strong local and international home buyer demand. In Vancouver, the upcoming 2010 Olympic Games have added extra fervor to the already strong economy. The city’s high employment levels and relatively low cost of borrowing money conteinues to attract an in flux of new homebuyers to the Vancouver real estate market. While affordability in Vancouver appears to be decreasing, current rising wages and relatively low interest rates enable homebuyers to enter the housing market.

Vancouver Home Foreclosures Rising: Real Estate Expert

According to Sam Cooper, a Staff Reporter for the North Shore Outlook newspaper: Real estate foreclosures on the North Shore and across the Lower Mainland are on the rise and the trend is expected to accelerate in the next few years, according to an expert. Kap Hiroti, a real estate investor in Vancouver who started a business gathering and selling data on B.C. foreclosures in 2006, says foreclosure listings have jumped in the past year. Back in 2006 an average week would see about 10 Lower Mainland foreclosure Vancouver listings, but now it’s clower to 20, Hiroti said. The reasons behind rising foreclosures is unprecendted lack of affordability and borrowers over-extending themselves to purchase homes, Hiroti explained. “We have people drawn to (purchase homes in) North Vancouver and West Vancouver, and find they can’t afford it,” Hiroti said in an interview Monday. So far in 2008 there have been three foreclosures in North Vancouver and three in West Van. There have been six in the Squamish Valley and three in nearby Whistler. “We are expecting to see (Vancouver foreclosure listings) go up in the next couple years,” Hiroti said. “I’m expecting some real movement as we get into 2010 and beyond.”

Hiroti said about 80 per cent of provincial B.C. foreclosures come from the Lower Mainland real estate market, with Vancouver and Surrey accounting for almost 40 per cent. Hiroti said most of the current Vancouver foreclosures listings result from loans taken out int eh past six to twelve months – as financially over-extended home buyers default or walk out of high-raio (little money down) loans with amortization periods up to 40 years. Hiroti said the new long-period loans allowed home buyers into a pricey Vancouver real estate market, but as they discovered they couldn’t keep pace with interest and payments, they hit the finanical wall. While Hiroti is predicting a big rise in Lower Mainland Vancouver foreclosures in the next few years, he doesn’t believe it will approach the tsunami of foreclosure listings hitting the United States now. In the wake of an excessive real estate market of “sub-prime” loans given to borrowers with questionable credit, the American housing market has collapsed as buyers eject out of huge loans and rapidly devaluing homes. At the same time, tightened lending resulting form the crisis has choked off real estate market entry for many prospective buyers.

Hiroti said American lenders were far more agreessive than their Canadian counter parts and thus the Canadian real estate market should be insulated from the debacle taking place in the United States. “Canada has some sub-prime lenders but not to the same extent as the U.S.,” Hiroti said. “Our credit is clamping down here (but) itn’s not a crunch.” Hiroti said he believes “fairly low” interest rates and continued popularity of 35 to 40 year loan products will mean stabilization of prices in Canada’s “softening” real estate market and lead to a stable Vancouver foreclosure property market. “We’re not going to see anything like (the dip) in the U.S. (real estate market or foreclosure listings.” In a series of reports this month, Cameron Muir, chief economist for the British Columbia Real Estate Association, signaled a shift to a more buyer friendly real estate market in Vancouver. “Some weakness on the export side of the economy and eroding affordability will have an impact on housing demand over the next two years,” Muir said. B.C. home sales were down 14 per cent in the first quarter of 2008, while active listings were up 24 per cent, according to Muir. “more balance between demand and supply means less upward pressure on home prices. It also reduces the chance of multiple bids on the same (Vancouver home), giving homebuyers more time to investigate properites thoroughly before purchasing.” Home buyers in Vancouver who want to access the Vancouver foreclosure real estate market can sometimes negotiate deals below market value, depending on the financial situation of the owner, Hiroti said. DealSpeak Inc.

Vancouver Housing Market Cools

According to Jeff Nagel for the Black Press and published in the North Shore Outlook newspaper: The once-hot Lower Mainland housing real estate market has cooled significantly, new stats show. Real estate stats for May in Vancouver show home prices have posted only small gains so far in 2008. Detached house prices are up about 5.5 per cent so far in 2008 in both the Greater Vancouver and Fraser Valley realty areas ito $771,250 and $549,610 respectively. Greater Vancouver townhouses sold for 4.8 per cent more in May ($479,000) while condos were up 3.1 per cent to $390,000. Fraser Valley townhomes and condos are both up less than one per cent for the year so far to $341,000 and $229,700. Both those average selling prices marked a slight drop from April. Both real estate boards reported a sharp drop in sales and many more new housing listings from prospective sellers compared to a year ago – continuing evidence of a softening Vancouver and Fraser Valley real estate market. “Prices are not increasing as rapidly – now down to single digits overall – which is good news from an affordability standpoint,” said Dave Watt, president of the Real Estate Board of Greater Vancouver. Greater Vancouver real estate sales were down 33 per cent in May from a year earlier. Fraser Valley sales in housing real estate were off 26 per cent and active listings surged 33 per cent in May. “We’re experiencing a return to more normal market conditions,” said Kelvin Neufeld, the Fraser Valley Real Estate Board president. CMHC has predicted residential price gains in housing in Vancouver of eight per cent this year and five per cent in 2009. That would end four straight years of double digit growth. Analysts say a US style housing market real estate collapse here is unlikely, thanks to Vancouver’s job and population growth trends and its constrained geography up against mountains, ocean and the U.S. border. The Greater Vancouver real estate stats count Metro Vancouver except Surrey, Langley, and North Delta, which are tallied in the Fraser Valley real estate numbers.

Greater Vancouver Home Sales Inched Higher in January

According to the REW weekly for Greater Vancouver, Housing sales across Greater Vanocuver inched slightly higher in January compared to a year earlier, while listings of homes for sale also increased. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales totalled 1,819 in January 2008, an increase of 0.7 per cent over January 2007, and a 5.5 per cent decline form January 2006. New listings also climbed 14.9 per cent compared to January 2007. In contrast January 2006, new listings from this January rose more dramatically up 34.7 percent. “with new listings outpacing sales increases to start the year, it appears the real estate market is heading toward more balance,” says REBGV president. “the result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.” Sales of apartment properties in Greater Vancouver in january 2008 rose 11.7 percent to 860. The benchmark price, as calculated by REBGV’s price index, of an apartment property increased 13.8 per cent to $378,336. “It was clearly on the strength of the apartment sales that overall residential sales figures increased in January,” says Naphtali. “there’s clearly been a trend over the past decade toward growth in the high density condo market. More and more consumers are purchasing apartments.” Attached property sales declined 6.7 per cent to 318, compared with January 2007. The benchmark price of an attached unit increased 12.4 per cent to $462,627. January 2008 sales for detached houses decreased 7.8 per cent to 641 from the same period in 2007. The January benchmark price for detached properties in Greater Vancouver’s real estate market rose 15.7 perc ent to $742,490.

BC Construction Leading in Canada

52,000 jobs created in the field, census shows and written by Kristen for Metro Vancouver magazine in March 2008. British Columbia’s booming construction real estate industry helped make the trade one of the fastest growing labout fields in Canada, a study released yesterday found. Nearly 52,000 construction jobs in BC were created between 2001 and 2006, making up one quarter of the province’s job growth according to Statistics Canada’s report on labour mobility. In Alberta, real estate construction sector increased by 39,700 jobs during the same period. The expansion in BC is attritubted in part to the buildup to the 2010 Olympic Games. Mak Kader, who works for Graham construction, moved to Vancouver in September after two fruitless years searching for a real estate construction related job in Toronto. “It’s better wather, better pay and benefits, and better hours,” he said in Vancouver.

Real Estate Market Forces, not Olympic Games, To Drive Vancouver Property Demand

Published in the Real Estate Edge on February 23, 2007 and written by Monte Stewart. Forum looks to future of housing growth in the Greater Vancouver region. The 2010 Vancouver Winter Olympics will not be a big driver of new housing demand, predicts a leading residential real estate market analyst. Traditional market forces – not the Games – will still be dictating demand around 2010, says Jennifer Podmore, managing partner of MPC Intelligence. MPC Intelligence updates companies monthly on residential real estate projects in Vancouver, Victoria, the Interior and Calgary through its website (www.mpcintelligence.ca). Clients include real estate developers, builders, lawyers, architects, and municipalities. Podmore recently spoke at a panel discussion at the Buildex 2007 conference on the future of the Greater Vancouver real estate property market.

She noted that today’s prices will go up only slightly between now and the Olympic Games. “But the big message that we’re giving our clients is that they have to plan in today’s dollars for tomorrow’s market,” she said in an interview. “By the time the Olympics hit, that’s going to be our eighth consecutive year of real estate market growth, if we keep going in that way,” she added. “No market – no matter how healthy and sustainable you are, and how great your economic indicators are – can handle that sort of sustained long-term growth.” Real estate developers in Vancouver recognized long ago that the Olympic Games would not be a huge source of residential demand. And this year, Podmore predicted, the Greater Vancouver residential market won’t see the same rapid escalation in prices that it has in the past couple of years, purely as a result of reduced affordability and because most home buyers are “end users” – people who will actually live in the homes – rather than real estate investors.

MPC is monitoring 2,100 residential projects, which contain more than 71,000 units, that are now in the planning and construction stages. High-rise condos make up the bulk (4,335) of 8,674 new units expected to come on the real estate market in the near future, while low-rise (1,691) and townhomes (767) rank second and third, respectively. In the future, Podmore expects real estate developers to build more woodframe condos, which cost less than concrete structures. The high cost of concrete has repeatedly been cited as a prime cause of construction-cost increases in the past few years. Podmore forecasts that the downtown Vancouver sub-market will have the highest unit cost this year - $825 per square feet, compared with $775 in 2006. Surrey and Langley will have the lowest at $390. Although the Olympic Games won’t affect housing demand, they will have a big impact on the industrial market, according to Russ Bougie, an industrial-property sales specialist with Colliers International. Bougie is expecting a sizable decline in industrial demand following the Games.

Now, however, industrial vacancy is at only 1.4 per cent. In other words, for every one million sq ft of industrial land, only 14,000 sq ft of warehouse space is available for lease in Greater Vancouver. “You don’t know how many calls I get from tenants looking for X amount of square feet with a dock or a loading door, and it doesn’t exist,” said Bougie. As a result, many companies are opting to operate several small locations rather than one large one, and firms are moving their operations further east toward the Fraser Valley. Home Depot opted to acquire property in Port Coquitlam for a 20,000 sq ft warehouse, he said, because it could not find a site closer to West Vancouver and Vancouver stores that the new facility will service. Bougie predicted an average lease rate of $110 - $120 per square feet. “Our real estate market has changed a lot,” said Bougie, referring to higher industrial-property prices. “I’m not complaining.”

The Olympic Games will also have an impact on demand for office space, said Andrea Walburn, research director for Cushman Wakefield LePage. “There are going to be a lot of short-term leases and a lot of companies (opening new offices) related to the Winter Olympics,” said Welburn. But this year, demand for office space, which has been extremely high the past few years, will start to ease. Approximately 12 to 15 floors worth of office space downtown may stabilize rental rates that have reached $40 per square foot recently. “Downtown, we’re about five per cent vacant – which is nothing,” said Welburn.

Burnaby and Surrey are poised to add more supply while New Westminster, which has a 16 per cent vacancy rate and is not an overly attractive sub-market is making slow steady improvements. Meanwhile, strong demand is also expected to continue in the retail sector. But Curtis Redel, a retail specialist with Avison Young, indicated that real estate market will still experience some significant changes. Some planned real estate projects will be postponed as consumer spending slows down and a labour shortage continues beyond 2010. Today, the drivers of retail real estate demand are the strong North American economy, U.S. consumer spending and investment, downtown Vancouver’s population growth, street-front locations, the labour shortage and rising land prices. As a result, of these factors, local tenants have been pushed out by international chains.

Based on the number of people who sought out Podmore for one-on-one questions afterward, most Buildex conference delegates were interested in residential demand. “It was quite interesting,” said Rich Zalaudek, a realtor with Royal LePage. “They all wanted her to forecast what was going on. They all wanted the answers. People are relying on somebody else to get the answers and then go ahead and that, instead of trying to figure it out themselves.” He said the Olympic Games will have more of a long-term effect on residential demand. “We’re going to be on a world stage,” he said. “They’re going to go, ‘Wow, what a fantastic place.’ But I don’t think they’re all going to rush here and buy homes right away.”

The relocation of industrial properties and real estate to the Fraser Valley and elsewhere will help to balance the Greater Vancouver market as jobs and homeowners move with them, he added. “Since the prices of homes are so high, there is relief in the valley,” said Zalaudek. “(The average home price) is slightly less. I think (movement of industrial sites) is good. It’s spreading things out and making the whole Lower Mainland more liveable. It just makes more sense.” James Ko, project manager with Kozy Development Inc., a Vancouver-based multi-family home and commercial builder, said he was glad to hear expert speakers confirm real estate trends that he has already noticed. “The forecast, I think, is good,” said Ko. “They’ve got reasons behind what they’re saying. It’s a growing city. There’s a cycle.”