Will the housing boom last indefinitely?
Every time it seems the Canadian real estate market is about to be torpedoed by higher interest rates, events around the world conspire to keep a lid on increases and spur a new round of furious buying among house hunters. But does that mean the housing boom will last indefinitely? “The misfortunes of other nations prolonged the real estate boom here at home, but it is hardly a secret ...
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Hot market driven by Asian immigrants, not offshore investors
Metro Vancouver's hot real estate market is being largely driven by Chinese immigrants, not mainland Chinese investors, according to a survey released by a local real estate and marketing firm. The report by MAC Marketing Solutions is the latest indication that a growing belief that offshore Asian investors are the main force behind the region's surge in sales is largely a misconception...
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Immigrants with money to invest spend more time in B.C.
A lot of new immigrants to Canada don't stay very long in the province where they land. And when you add up the economic impact of the comings and goings of these immigrants once they've arrived, B.C. seems to be gaining quite a bit more than it loses. The short story is that economically active immigrants -- those with money to invest or, to a lesser extent, with skills that are in dem...
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27 January, 2012
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White Rock Market Stats: November 2011
Advantage buyers… in Fraser Valley’s housing market
SURREY, BC – Below average home sales combined with a regular influx of new listings continue to give buyers the upper hand in communities south of the Fraser River, including Mission. However, according to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when the property is competitively priced.
“It is not a quiet market. Priced‐right properties are selling thanks to the continuation of low interest rates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.” The Fraser Valley Real Estate Board processed 1,139 sales in October on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,014 sales during the same month last year and a decrease of 2 per cent compared to 1,165 sales in September.
In terms of listings, the board posted 2,511 new properties in October, an increase of 18 per cent compared to October of last year and a decrease of 5 per cent compared to September. The number of active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005. Sidhu says, “The good news for sellers is that although inventory is high, it’s not near record highs and sales remain steady. This is why the overall benchmark price for residential properties has remained unchanged for six months.” The benchmark price (the price of homes with characteristics typical to that area) of a single family detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to $505,759 in October 2010
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