Monday, January 30, 2012 BCREA Housing ForecastCategories:BC Economics,BC Real estate market,Lance Brown,Vancityishome,Vancouver East Real Estate,Vancouver Market Update,Vancouver Real,Vancouver Real Estate,Vancouver Real Estate market,Vancouver West Real Estate,West End VW Average Performance for Housing Market in 2012 Vancouver, BC – January 27, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 First Quarter Housing Forecast Update today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent from 76,817 units in 2011 to 78,400 units this year, increasing a further 2.7 per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A record 106,310 MLS® residential sales were recorded in 2005. "While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012,” added Muir. Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. The average MLS® residential price in the province is forecast to edge down 2.2 per cent to $548,500 this year and remain relatively unchanged in 2013, albeit increasing 0.8 per cent to $553,000. Tuesday, January 24, 2012 Canadian Retail Sales IncreaseCategories:BC Economics BCREA ECONOMICS NOW
Canadian Retail Sales - January 24, 2012 Canadian retail sales rose for the fourth consecutive month in November, posting an increase of 0.3 per cent. The increase in sales was broad based with 7 out of 11 sectors reporting higher sales. In volume terms, retail sales rose 0.5 per cent, higher than the increase in nominal sales due to price discounts and incentives offered by retailers in the holiday shopping season. Today's retail sales report puts our tracking estimate of fourth quarter Canadian GDP growth at about 2 per cent. Friday, January 6, 2012 CMHC 2012 OutlookCategories:BC Real estate market,Vancityishome,Vancouver Market Update,Vancouver Real Estate,Vancouver Real Estate market CMHC 2011 Housing Outlook Conference: Expect more of the same in 2012
BC has experienced balanced housing market conditions for over a year, and can expect to see more of the same in 2012, according to CMHC’s BC regional economist Carol Frketich and senior market analyst Robyn Adamache. Frketich and Adamache spoke at the CMHC Housing Outlook Conference in Vancouver, November 16. One of the interesting things right now, Frketich said, is that we’ve continued to see price increases despite the fact we’re in a balanced market. In terms of market shifts, however, there’s usually a five to seven month lag time before prices change.
According to CMHC, BC home sales are forecast to hit 77,200 in 2011 and 81,900 in 2012, with BC housing starts expected to be 28,500 next year. In our Board area, sales are expected to increase by nine percent from a forecast of 33,000 sales in 2011 to 36,000 sales in 2012. CMHC also expects housing prices to increase next year at the rate of inflation. In terms of factors affecting the housing market, here are CMHC’s predictions for 2012:
• Interest rates will remain stable and low: 5.2 to 5.7 per cent expected long-term rates, and 3.4 to 3.8 per cent expected short-term rates. • China’s economic growth is expected to slow down, BC’s economic growth to slightly increase, and Canada’s to slightly slow down in 2012.
• CMHC sees slower growth in the US next year, but they’re not predicting a recession. • BC is well-positioned to benefit from global trade, with trade patterns having shifted considerably away from the US since 2001, and much more trade with China, Korea and other Asian countries. • Consumer pull-back slows growth this year, but comes back in 2012. Consumer spending isexpected to improve. Retail sales are up marginally, by about one percent in BC, but lower in Vancouver. • More stability and more jobs expected for northern BC resource centres. In Vancouver, employment is up four per cent over the last peak. The rest of the province is much lower or declining. • The province saw 40,000 new jobs in September, and held on to those gains in October. • BC businesses are seeing an increase in corporate profits. Expect planned investment to increase. • Alberta is leading the country in job growth, but will slow more in line with BC going forward. The West will lead in GDP growth in Canada next year: BC at 2.7 per cent and Alberta at 3.5 per cent.
• Vancouver will account for the lion’s share of new home construction in the province in 2012. Multiple-family construction will account for the largest share. Migration continues to affect growth in the province. Household formation – which includes children growing up and forming their own households and people moving to BC – is forecast to pick up slightly in 2012.
Typically, 34,000 new households form in the province each year. According to CMHC research, within six months of arrival 17 percent of new immigrants are homeowners. At four years, more than half of new Canadians are homeowners. Immigrant investors bring $1.6 million in personal wealth, and make an $800,000 initial investment. Of investor immigrants, 70 per cent come here from China and 14 percent from Taiwan. Just under half of all investor immigrants in Canada land in BC. Vancouver attracts younger people, with the majority of immigrants in the 18 to 24 year-old and 25 to 44 year-old groups. Younger people are likely to create demand for a stronger rental market. BC also tends to gain from Ontario and Alberta in migration, with people from Ontario showing a preference to live in Vancouver Wednesday, January 4, 2012 December UpdateCategories:BC Real estate market,Vancityishome,Vancouver Market Update,Vancouver Real Estate,Vancouver Real Estate market Balanced real estate market prevailed through much of 2011The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.
“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.
More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.
Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.
Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.
Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499. Categories: | B | Bank Rates | Bank Rates, Canadian Interest Rates | BC | bc e | BC Economics | BC Market U | BC Market Update | BC Market Update, Vancouver Real Estate | BC Real | BC Real estate market | BCREA | Brighouse South, Richmond Real Estate | Buyers | Cambie | Cambie, Vancouver West Real Estate | Canadian Inflation | Canadian Interest Rates | Downtown VE | Downtown VE, Vancouver East Real Estate | Downtown VW | Downtown VW, Vancouver West Real Estate | Fairview VW | Fairview VW, Vancouver West Real Estate | False Creek | False Creek North | False Creek North, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | Fraser VE | Fraser VE, Vancouver East Real Estate | Fraserview VE, Vancouver East Real Estate | Grandview VE | Grandview VE, Vancouver East Real Estate | Housing Forecast | Interest Rates | Kitsilano | Kitsilano, Vancouver West Real Estate | Lance Brown | m | Main | Main, Vancouver East Real Estate | Marpole | Marpole, Vancouver West Real Estate | Mount Pleasant VE | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW | Mount Pleasant VW, Vancouver West Real Estate | Out of Town | Out of Town Real Estate | Out of Town, Out of Town Real Estate | Port Moody Centre | Port Moody Centre, Port Moody Real Estate | Port Moody Real Estate | rate | The Crest, Burnaby East Real Estate | University VW | University VW, Vancouver West Real Estate | Vancityis | Vancityishome | Vancouver East Real Estate | Vancouver Market Update | Vancouver Market Update. 1st Time home Buyers | Vancouver Real | Vancouver Real Estate | Vancouver Real Estate Bubble | Vancouver Real Estate market | Vancouver West Real Estate | West End VW | West End VW, Vancouver West Real Estate | Yaletown | Yaletown, Vancouver West Real Estate |
“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.Simple Searches
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