News: Vancouver Real Estate Market

The British Columbia Real Estate Association (BCREA) released its 2013 First Quarter Housing Forecast Update today. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5.6 per cent to 71,450 units this year, before increasing a further 6.1 per cent to 75,830 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.

"2013 is shaping up to be...

The US economy unexpectedly contracted by 0.1 per cent in the fourth quarter of 2012 as growth was pulled down by the largest decline in defense spending in four decades. The US economy expanded 2.2 per cent for all of 2012.

While the modest decline in GDP is likely to spur use of the "R" word (recession) in the media, it is worth noting that today's release is the advanced estimate for real GDP and is subject to revisions which can be substantial. Moreover the contraction in output was almost...

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Canadian House Prices Edge Up in Third Quarter While the Number of Home Sales Fall

First-time buyer activity drops as market adjusts to new mortgage regulations

TORONTO, January 8, 2013 The Royal LePage House Price Survey and Market Survey Forecast released today showed the average price of a home in Canada increased year-over-year between 2.0 and 4.0 per cent in the fourth quarter of 2012. Compared to 2012, fewer homes are expected to trade hands in the first half of 2013, which should slow the pace...

   On the heels of a surge in employment in November, Canadian employment posted a strong increase again in December, growing by 40,000 jobs. December's increase in jobs was entirely due to gains in full-time employment. The Canadian economy added just shy of 100,000 new jobs in the final two months of 2012, which pushed the national unemployment rate to 7.1 per cent, its lowest level in 4 years.

Job growth in the BC economy was essentially flat as an increase of 4,300 in full-time...

   The Greater Vancouver housing market experienced below average home sale totals, typical home listing activity and modest declines in home prices in 2012.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2012 reached 25,032, a 22.7 per cent decline from the 32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in 2010. Last year’s home sale total was 25.7...