Consumer Confidence Key to Housing Market Conditions.
BCREA Fall Housing Forecast
Vancouver, BC – October 29, 2008.
The British Columbia Real Estate Association (BCREA) released its fall 2008 Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 28 per cent from 102,805 units in 2007 to 73,700 units this year. A modest 4 per cent increase to 76,500 units is forecast for 2009.
“The erosion of consumer confidence that began with rising fuel prices earlier in the year is continuing, as BC MLS® Residential Sales the global financial crisis and volatile equity markets have BC households concerned about their own finances,” said Cameron Muir, Chief Economist.
A weaker provincial economy is expected to increase the jobless rate from 4.4 per cent this year to 4.9 per cent in 2009. “While some job losses will occur next year, BC households will remain on a relatively solid financial footing,” added Muir.
The average MLS® residential price is forecast to increase 3 per cent to $453,000 this year. However, home prices peaked in the first quarter and have been edging lower for several months. For 2009, the average price is forecast to decline 9 per cent to $413,000, with most of the decrease having already occurred by the end this year.
Downward pressure on home prices is expected to ease by the second quarter of 2009, as an increase in affordability and consumer confidence induces a modest growth in sales. The inventory of homes for sale is also expected to decline in the coming months as potential home sellers delay putting their homes on the market until conditions improve.
The full BCREA Housing Forecast is available here: www.bcrea.bc.ca/economics/HousingForecast.pdf.
I am pleased to announce the sale of # 802 - 4380 Halifax Street, Burnaby , B.C.
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Home Prices Down; Affordability Improves.
Vancouver, BC – October 15, 2008.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7 per cent from September 2007.
“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”
“However, affordability is improving,” added Muir. “The carrying cost of the average home in the province is now lower than at any time since the end of 2006.”
Year-to-date MLS® residential sales dollar volume in the province declined 24 per cent to $27.5 billion compared to the same period last year. Provincial MLS® sales declined 28 per cent to 59,742 units, while the average residential price increased 6 per cent to $460,621 over the same period.
RE/MAX is pleased to announce the Quest for Excellence Bursary program for 2009 program is now open for submissions!
Students are able to apply on-line at http://www.remax-western.ca/ and complete the on-line entry form from September 15, 2008 to March 6, 2009.
Winners will be posted on the RE/MAX website on May 4th, 2009. Grade 12 students in Western Canada, graduating in the 2008/2009 school year, are eligible to win one of 24 cash bursaries of $500. from RE/MAX of Western Canada.
Details can be found on http://www.remax-western.ca/ under the Quest logo or click here for the 2009 Quest for Excellence Bursary Program information flyer.
RE/MAX Global Balloon Day Marks
30 Years of Flight.
RE/MAX of Western Canada Joins Worldwide
Celebration of Anniversary.
(Kelowna, BC Oct. 6, 2008)
RE/MAX of Western Canada will join RE/MAX offices around the globe in commemorating the 30th anniversary of the renowned RE/MAX Hot Air Balloon. Eight RE/MAX hot air balloons are scheduled to fly in Edmonton, Calgary, the Fraser Valley (of Vancouver), Winnipeg, Saskatoon, Regina and Grande Prairie to commemorate the first flight of a RE/MAX balloon, in 1978.
“It’s an excellent opportunity to celebrate our company’s heritage,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “The RE/MAX brand, including the balloon, is a big part of what’s made our brand so successful – it’s a symbol of our commitment to rise above the crowd and provide the most professional real estate services to real estate customers and clients in Western Canada.”
These flights will be held in conjunction with RE/MAX Hot Air Balloon flights at locations around the world.
RE/MAX balloons will fly in a kaleidoscope of more than 700 colourful hot air balloons in the “Flight of the Nations Mass Ascension” during the Albuquerque International Balloon Fiesta, October 4-12, 2008. In Oregon, RE/MAX pilot Darren Kling, will attempt a crossing of the Cascade Mountains, taking off in the Willamette Valley, passing by Mt. Jefferson and landing near Bend.
The RE/MAX Hot Air Balloon Fleet is one of the largest in the world, with over 100 balloons located on six continents. The distinctive red, white and blue balloon, which represents the international real estate network, has become one of the most recognized corporate images in the world.
Because of the strong brand awareness it creates, the RE/MAX balloon has helped take the international franchisor to the top of several national and international brand rankings including Advertising Age’s Top 200 US Megabrands and Entrepreneur Magazine’s Franchise 500 Survey. In these two surveys, RE/MAX was the highest ranked real estate franchisor. In the Entrepreneur Franchise 500, RE/MAX has been the highest ranked real estate franchisor for eight of the last ten years.
Information about the RE/MAX Hot Air Balloon program can be found at www.remax.com.
About RE/MAX of Western Canada
RE/MAX is Canada's leading real estate organization with over 6,000 sales associates, situated throughout its more than 234 independently owned and operated offices across Western Canada. The RE/MAX franchise network, now in its 34th year, is a global real estate system with member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management. For more information, visit: www.remax-western.ca.
Home prices adapt to affordability demands.
Vancouver, B.C.
October 2, 2008
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.
New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.
“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.
Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.
Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.
Consumer Confidence Key to Housing Market Conditions.
