n innovative way to promote local Real estate Properties worldwide is being launched in the regional Cariboo Real Estate market. John Lovelace Corporation of Vancouver and local Realtor Freddy Marks of Landquest Realty Corporation has reached an agreement to bring Canadian Real-Estate TV to the region.
“When we analyzed buyer trends in ranches, farmland and waterfront in the Williams lake area, we found that buyers were coming from all over Canada and the USA” said Lovelace Corporation spokesperson Tiffany Chesley.
“So the Internet is the logical place to reach buyers who would find it virtually impossible to come up here and tour all the properties in region,” she added. “In fact, recent statistics have shown that up to 75 per cent of real estate transactions now involve the internet.”
Tuesday, September 30, 2008
Saturday, September 20, 2008
Canada's `boom in the housing markets is definitely over'
The average price of a residential property sold through the Multiple Listing Service was $316,052 last month, a year over year drop of 5.1 per cent and the most since 1996, according to figures released by the Canadian Real Estate Association yesterday. Sales across the country were also down a deep 19 per cent.
"The report underscores the current shift in the Canadian housing market, as the tone of activity moves slightly closer to a buyer's market," said Millan Mulraine, economics strategist for TD Securities in an economic note yesterday.
In August, the city of Toronto also recorded a slight 1 per cent decrease in housing prices – the first negative number in more than a decade.
Canada's housing market continues to face strong headwinds from declining confidence, low affordability and an upward trend in new listings, said BMO Capital Markets economist Robert Kavic.
"The report underscores the current shift in the Canadian housing market, as the tone of activity moves slightly closer to a buyer's market," said Millan Mulraine, economics strategist for TD Securities in an economic note yesterday.
In August, the city of Toronto also recorded a slight 1 per cent decrease in housing prices – the first negative number in more than a decade.
Canada's housing market continues to face strong headwinds from declining confidence, low affordability and an upward trend in new listings, said BMO Capital Markets economist Robert Kavic.
Wednesday, September 10, 2008
Real estate prices set to drop in many Canadian cities
Is the real estate bubble about to burst? A new study from UBC's Sauder School of Business predicts home values in many Canadian cities are about to plunge. This comes on the heels of a report last week which indicated home sales in B.C. were already in decline.
The report says homes in most urban centres except Toronto and Edmonton are overvalued. However, Vancouver is not the most overpriced according to the study, with the Vancouver market being 11% overpriced. Winnipeg, Regina, Montreal and Ottawa are priced up to 25% higher than they should be to balance with rents--given interest rates, holding costs and historical rates of price appreciation.
Study author Tsur Somerville says the decade-long boom in Canadian markets is over and homeowners should brace for anything from a rapid price drop to a long, flat market. He also says the effect will be most pronounced in cities that have a large supply of unsold inventory, such as Vancouver.
The report says homes in most urban centres except Toronto and Edmonton are overvalued. However, Vancouver is not the most overpriced according to the study, with the Vancouver market being 11% overpriced. Winnipeg, Regina, Montreal and Ottawa are priced up to 25% higher than they should be to balance with rents--given interest rates, holding costs and historical rates of price appreciation.
Study author Tsur Somerville says the decade-long boom in Canadian markets is over and homeowners should brace for anything from a rapid price drop to a long, flat market. He also says the effect will be most pronounced in cities that have a large supply of unsold inventory, such as Vancouver.
Friday, September 5, 2008
Housing market resilient in Ottawa
In Ottawa this weekend for Century 21 Canada's annual national conference, Mr. Lawby intends to tell the 600 or more real estate brokers and sales representatives who will be attending that he expects a reduction in housing sales as affordability becomes an issue.
"Right now, local economy is what is driving consumer confidence," Mr. Lawby notes.
More than half of 69 Century 21 brokers surveyed last week suggested that consumer confidence in their area markets was weaker compared to six months ago and more than two-thirds said it was weaker than a year ago. More than three-quarters of brokers interviewed report that the number of home listings in their markets has increased, while 85 per cent say homes are taking longer to sell and 57 per cent say asking prices have decreased.
Yet while the numbers slump in general, the housing market in Ottawa has done very well over the past four years and is expected to continue to do so.
"Right now, local economy is what is driving consumer confidence," Mr. Lawby notes.
More than half of 69 Century 21 brokers surveyed last week suggested that consumer confidence in their area markets was weaker compared to six months ago and more than two-thirds said it was weaker than a year ago. More than three-quarters of brokers interviewed report that the number of home listings in their markets has increased, while 85 per cent say homes are taking longer to sell and 57 per cent say asking prices have decreased.
Yet while the numbers slump in general, the housing market in Ottawa has done very well over the past four years and is expected to continue to do so.
Tuesday, September 2, 2008
Is Toronto’s Real Estate Market on Shaky Ground?
Many of our readers have been a bit concerned about the rise in inventory (homes available for sale) in Toronto’s real estate market. The principal question on most people’s minds is; with supply on the rise and demand on the decline, is Toronto’s real estate market on shaky ground?
A couple of weeks ago I wrote a post that cautioned readers against comparing current inventory levels to the levels we saw in 2007. Inventory levels in 2007 were significantly lower than levels we’ve seen in recent years making it a bad year to use as a benchmark. (See Toronto's Real Estate Market - Are Things as Bad as They Seem?)
Total inventory alone is an important measure, but if we are to gain any insight into the overall health of our market we need to consider the total inventory (or supply) in the market relative to the existing demand for houses. Is demand keeping up with the changes in supply? Does the demand still outweigh the supply in the market? At what point is demand and supply balanced?
A couple of weeks ago I wrote a post that cautioned readers against comparing current inventory levels to the levels we saw in 2007. Inventory levels in 2007 were significantly lower than levels we’ve seen in recent years making it a bad year to use as a benchmark. (See Toronto's Real Estate Market - Are Things as Bad as They Seem?)
Total inventory alone is an important measure, but if we are to gain any insight into the overall health of our market we need to consider the total inventory (or supply) in the market relative to the existing demand for houses. Is demand keeping up with the changes in supply? Does the demand still outweigh the supply in the market? At what point is demand and supply balanced?
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