Archives for October 2012

BC Home Sales Forecast to Grow in 2013

BC Home Sales Forecast to Grow in 2013 Source: BCREA 2012 Fourth Quarter Housing Forecast Vancouver, BC – October 26, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today. BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005. “Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population … [Read more...]

Good news for the Housing Market

"Canada has done enough to prevent real estate crash like the U.S., Spain" Jim Flaherty, Finance Minister Canada’s Finance Minister Jim Flaherty speaks during Question Period in the House of Commons on Parliament Hill in Ottawa October 18, 2012. TORONTO - Canada has done enough to slow its housing market and prevent a crash like that seen in the United States or Spain, Finance Minister Jim Flaherty said on Saturday. Speaking on CBC Radio, Flaherty said he had no plans to take further action to take froth out of the housing market, after a series of moves to tighten conditions for mortgage lending. The most recent change was in July. “We’ve done enough, I do not intend to do any more,” Flaherty said, adding that he was pleased at signs of a slowdown in key sectors of the market, like the condo market in the big cities of Toronto and Vancouver. Canada’s housing prices fell during the global recession, but the market bounced back stronger than before, with bidding … [Read more...]