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Posted on
July 19, 2011
by
Hafez Panju
The Bank of Canada held its trend-setting Bank Rate at 1.25 per cent on June 19th, 2011. This marks the seventh consecutive policy decision in which interest rates have been kept on hold.
The Bank has been warning for some time that interest rates will ultimately have to rise, but hinted more strongly in this most recent announcement that a hike was coming by removing the word “eventually” as to when that might happen.
The Bank said, “To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed, some of the considerable monetary...
Posted on
July 14, 2011
by
Hafez Panju
Simon Fraser University Market Update & Commentary
According to MLS data for the Simon Fraser University area, specifically UniverCity of Burnaby North, there have been a total of 55 sales year-to-date with an average sales price of $387,167 or $429.52 per sqft. So far this year it has taken on average 45 days for a sale to occur in the area.
Presently there are a total of 70 units for sale in both resale and pre-sale developments/complexes. The average list price of all available inventories sits at $436,896 or $473.04 per sqft. Month-to-date July is tied with May for the...
Posted on
July 14, 2011
by
Hafez Panju
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 2.4 per cent to 7,904 units in June compared to the same month last year. The average MLS® residential price climbed 14.4 per cent to $571,837 last month compared to June 2010.
"Home sales were relatively unchanged in June compared to last year," said Cameron Muir, BCREA Chief Economist. "However, low mortgage interest rates and an overdue pick-up in BC employment growth are expected to provide some incentive to consumers over the summer months."...
Posted on
July 5, 2011
by
Hafez Panju
Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase...
Posted on
July 3, 2011
by
Hafez Panju
The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.
"Home sales will post some modest gains over the next two years," said Cameron Muir, BCREA Chief Economist. "However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the...
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
