After a turbulent year, the real estate market in Greater Vancouver seems to have hit its sweet spot.
The Real Estate Board of Greater Vancouver reported August home sales reached 3,441 units across the Lower Mainland, an increase of 119.5 per cent over August 2008.
REBGV president-elect Jake Moldowan told 24 hours the staggering increase is due largely to the abysmal home sales in 2008, and that last month's figures are more in line with historical numbers.
With the market recovering and affordability still high, Moldowan says the region currently has a balanced market.
"It really is a good news story," he said. "You ask whether it's a buyer's market or a seller's market and it's both right now."
Overall, home prices were 1.1 per cent lower last month over August 2008.
Historically low interest rates are a big incentive to many first-time buyers.
Matt Kieltyka reports for Vancouver 24 hours.
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morechatter
2 years ago
Homes sales rise in June
And its good as homeowners pick up the loses instead of banks. I know my sister sold her home and lost a couple hundred thousand and so have others.
Also many put buying a home on hold as some move into bigger homes while seniors move into smaller ones.
Low interest rates are also a big incentive to buyers along with lower house prices. Increased immigration also helps in moving real estate.
Does it mean the recession is over? Hardly as BC can't compete in its own country, and China is in the red and American is still feeling the recessionary blues. Unless BC continues to pact in immigrants in hoping to bring up real estate prices and sales. Only problem is there are no jobs as BC unemployment still remains high as compared to the rest of the country.
dave49
2 years ago
The artificiality of it all
While I heard the pronouncement a few days ago on the radio that the 'recession was over', I have grave doubts. We have not had a REAL correction in real estate and Gulf Islanders tell me there has been NO correction in recreational property.
Based on what I hear from my network, lots of people are hurting and out of work. If we have then recovered, then we are looking at a significantly smaller economy, which means a lot of pain for many people. And I'm not even talking about the budget and deficit.
monty
2 years ago
What is the source of all this money?
Could it be money laundering? Some of these guys getting shot at seem to live in pretty fancy quarters. Just had to ask.
Check out the source of all this good news: financial planners who want to earn commissions by selling you more stock; greedy realtors who peddle leaky condos with no concern. This is just another example of the virulent social disease that's so contagious. It's called greed. Cheers.
NicS
2 years ago
Why home sales are up
Simple, interest rates are at all time lows and people are afraid if they don't get in now, they'll never get into the real estate market.
This site is on top of what is happening. First off here's what Red Robinson thinks. Next we have a slightly more in depth explanation. Last but not least we have Mish and an american explanation.
The best advice I have been given is to sit back, save my pennies and wait for this bubble to burst, then pick up the pieces cheap like borscht. Many of us can't see this bubble lasting more than a year.
realisticman
2 years ago
more, or less, chatter
"...there are no jobs as BC unemployment still remains high as compared to the rest of the country." What?
"Ottawa — The Canadian Press Last updated on Friday, Sep. 04, 2009 08:26AM EDT
The national unemployment rate was 8.7 per cent in August. Here's what happened provincially (previous month in brackets):
* — Newfoundland 15.6 (17.1)
* — Prince Edward Island 13.7 (12.2)
* — Nova Scotia 9.5 (9.2)
* — New Brunswick 9.3 (9.4)
* — Quebec 9.1 (9.0)
* — Ontario 9.4 (9.3)
* — Manitoba 5.7 (5.2)
* — Saskatchewan 5.0 (4.7)
* — Alberta 7.4 (7.2)
* — British Columbia 7.8 (7.8)"
China is in the red? Err, I don't think so.
"Globe and Mail Last updated on Wednesday, Sep. 02, 2009
On paper, China's economy is blowing the doors off the West. Despite sharply falling exports, it grew at an impressive 7.9-per-cent annual clip in the second quarter from a year earlier, according to government data, and a stunning 15 per cent from the first quarter of 2009. There are predictions China will overtake Japan to become the world's second-largest economy by 2010. Five years ago, that didn't seem likely until 2020 at the earliest."
OilbertaRedTory
2 years ago
realistically, the manufactured news ...
... misses the point. Yet again.
http://www.greaterfool.ca/2009/09/03/on-ethics-2/
Still, the Captains aren't going down with the ships;
http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93
crh
2 years ago
China
has one major problem. It owns a ton of good 'ol USA debt. It owns debt on a country that is near bankruptcy. They couldn't even collect on this debt if they wanted to! Ya, they are doing great allright.
NicS
2 years ago
China's US Debt
China is rather desperate to get rid of this US debt and is willing to loan their money to the IMF to affect the US $ standing as well, as the Village Whisperer explains.
More on China's US $ problem from this Link.
I think it also has to said that China's financial system is not the most open and when the Japanese and US economies are down, China can try and hide (not very successfully) their own problems. But anyone that thinks that with China's biggest customers having major problems, that China can avoid the financial disaster we are all experiencing, well, pigs might fly one day too.