British Columbia home sales fell in February for the second consecutive month. Is it a trend? It is hard to say this early into the year: however, there is a general slow down in the market.
Does this mean price reduction? I do not think so. It means that houses are taking a little longer to sell, more possibilities for buyers to chose from unlike a few years ago when there were more buyers then sellers. We are heading toward a more balance market, and I feel a more stable market. Not everything goes up for ever. You may be asking yourself if this mean that we will see a sell-off like the US. This I do not see as the fundamentals in Canada are sound and the economy, particularly in BC is very strong. This in conjunction with lowering interest rates in Canada will help to maintain a healthy market for 2008.
For more information on the recent sales in BC please read the article below from the British Columbia Real Estate Association.
Vancouver, BC – March 17, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC rose 4.5 per cent to $3.26 billion in February, compared to the same month in 2007. Residential unit sales dipped 9.8 per cent to 6,822 units during the same period. The average MLS® residential price in the province reached $478,172 in January, up 15.8 per cent from February 2007.
“BC home sales fell for the second consecutive month, marking the slowest start to a year since 2003,” said Cameron Muir, BCREA Chief Economist. “While it’s still too early to call a trend, fewer home sales and an increase in active listings may be pulling the BC housing market toward balanced conditions.”
“Strong employment and wage gains over the last year continue to underpin housing demand,” said Muir. The number of unit sales recorded in the month was 13 per cent above the February average from 1998 to 2007. “However, continued erosion in housing affordability may be taking a toll on the ability-to-pay for some buyers.”
Additionally, a weak US economy and lower demand for BC lumber is negatively impacting BC’s forestry industries and local resource communities, while current economic volatility may also be impacting the confidence for some would-be buyers.
For more information, please contact:
Cameron MuirChief EconomistDirect: 604.742.2780Mobile: 778.229.1884Email: cmuir@bcrea.bc.ca
For more information on the market in Victoria feel free to contact us or long onto our website and click on the Victoria Real Estate Market Update.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Wednesday 19 March 2008
Monday 10 March 2008
Victoria Real Estate - Housing Starts Surprise
The latest housing starts were released last week and show a surprisingly strong performance that surprised more then a few. This along with the strong employment numbers that were released for February show a fairly resiliant Canadian economy.
On the surface it looks like Canada and the US are going in two different directions. The US heading down on poor economic numbers caused by the credit crunch, low consumer demand and some may say an unpopular war. Canada on the other hand, with the crippling high dollar taking its toll on the manfacture centre in central Canada is still adding more jobs to the work force, a fairly positive feeling from consumers, and strong demand for real estate. Will it last? That is the big question. Many say it can't maintain the pace without its largest trading partner buying up our commodities other than oil. Maybe Canada is just behind on the curve and all the gloom and doom that is out there will finally coming knocking on its door.
Our economy is definately on slow down and that may good. Allow a breather, but not a gasp before it ticks up again. I feel this may good for house prices in the long run. The slow down in rising prices may give a chance for real wages to catch up and that accompanied with low interest rates now and into the immediate future will definately keep the real estate market in Victoria ticking along as well as its economy. This will make it a more balanced market.
For more information on the latest housing starts feel free to contact us or read the latest article from the Globe and Mail by following this link
If you are looking for some hardworking and dedicated Real Estate Agents in Victoria BC, who put you first please do not hesitate to contact us.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
On the surface it looks like Canada and the US are going in two different directions. The US heading down on poor economic numbers caused by the credit crunch, low consumer demand and some may say an unpopular war. Canada on the other hand, with the crippling high dollar taking its toll on the manfacture centre in central Canada is still adding more jobs to the work force, a fairly positive feeling from consumers, and strong demand for real estate. Will it last? That is the big question. Many say it can't maintain the pace without its largest trading partner buying up our commodities other than oil. Maybe Canada is just behind on the curve and all the gloom and doom that is out there will finally coming knocking on its door.
Our economy is definately on slow down and that may good. Allow a breather, but not a gasp before it ticks up again. I feel this may good for house prices in the long run. The slow down in rising prices may give a chance for real wages to catch up and that accompanied with low interest rates now and into the immediate future will definately keep the real estate market in Victoria ticking along as well as its economy. This will make it a more balanced market.
For more information on the latest housing starts feel free to contact us or read the latest article from the Globe and Mail by following this link
If you are looking for some hardworking and dedicated Real Estate Agents in Victoria BC, who put you first please do not hesitate to contact us.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Tuesday 4 March 2008
Victoria Real Estate - Average House Prices Drop
The latest stats from the Victoria Real Estate Board have just been released and they point to a drop in the average house price from January ’s $606, 449. Does this mean we are on a down ward trend? Maybe the average price has dropped, but this is definitely not the best statistical measurement for house prices because of the skewing by some very expensive homes that can greatly affect the average price. The best indicator statistically is the median price - the middle number if you will, and this number has gone up from January’s 530,200. Maybe the very expensive homes are not selling as fast but the median price homes in Victoria are very hot right now. For more on last months statistics please see below.
The number of sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.
Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. “The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year,” noted Joe.
Last month over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.
The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.
MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.
If you have any questions or would like more information on these statistics please visit our website or the Victoria Real Estate Boards site for the latest stats and all the historical as well.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
The number of sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.
Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. “The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year,” noted Joe.
Last month over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.
The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.
MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.
If you have any questions or would like more information on these statistics please visit our website or the Victoria Real Estate Boards site for the latest stats and all the historical as well.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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