News: Vancouver Real Estate Market

The slumping real estate market is illustrative of the effect it has on the economy as homeowners feel a negative 'wealth effect'

 

The slump in British Columbia's real estate market serves as a cautionary note for other provinces that are bracing for bumps in economic growth.

 

When homes slip in price, consumers rein in spending, producing a ripple effect on local merchants and slowing down the broader economy.

 

Jacques Marcil, senior economist at Toronto-Dominion Bank, points to...

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Sagging home sales and flat prices have prompted speculation that the “housing bubble” might be
about to burst — a prospect that immediately catches the attention of British Columbians.

 

But there is no housing bubble, according to Tsur Somerville, director of the University of B.C.’s Centre
for Urban Economics in the Sauder School of Business.

 

“You can’t burst a bubble that wasn’t there,” said Somerville. “But you can have prices...

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   Canadian job growth bounced back in August as employment expanded by 34,300. Just as last month's over 30,000 job losses were entirely due to part-time employment, this month's gains were the result of those jobs being added back.  Part-time employment grew by 46,700 while, full-time employment fell 12,500. The Canadian unemployment rate held steady at 7.3 per cent

BC employment followed the national trend, adding 14,900 new jobs in August. However, job growth was entirely based...

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Metro Vancouver realtors saw their second-slowest August for residential property sales since 1998,
but prices are relatively stable, the region’s main real estate board reported Wednesday.

 

“We’ve seen a slowdown in the market in terms of the number of transactions, but there’s relative price
stability,” Real Estate Board of Greater Vancouver president Eugen Klein said.

 

Detached housing prices were relatively flat in August compared with a year ago, while...

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Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.

August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent...

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