Tighter Regulation Trims Home Sales
 

Vancouver, BC – October 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 28.5 per cent to $2.2 billion in September compared to the same month last year. A total of 4,539 MLS® residential unit sales were recorded over the same period, down 24.3 per cent from September 2011. The average MLS® residential price was $494,213, down 5.6 per cent from a year ago.

 

"Stricter high-ratio mortgage regulation further exacerbated a moderating trend in consumer demand,” said Cameron Muir, BCREA Chief Economist. “Reducing the maximum amortization from 30 to 25 years had the equivalent impact to affordability as a 100 basis point increase in mortgage interest rates."

 

“An expanding population, strong full-time employment growth and persistent low mortgage interest rates are expected to bolster housing demand in the months ahead,” added Muir.

 

Year-to-date, BC residential sales dollar volume declined 18.5 per cent to $28.4 billion, compared to the same period last year. Residential unit sales declined 10.6 per cent to 54,670 units, while the average MLS® residential price was 8.9 per cent lower at $519,289.

Read full post

Hello friends and clients,

What a beautiful summer we have had, weather wise that is.

From a real estate perspective the summer market was quieter than most anticipated. The reins the federal government put on the banking industry in the spring and the continued unease in Europe achieved what the government wanted, a cooling of our market. Sales dipped in most segments and prices followed. Our market is not in a major decline by any means but buyers have become very cautious with their money and there is more negotiation going on when offers come in on a property.

After a slow summer for sales we usually see a robust fall market, we are not anticipating prices to rise but we do see sales numbers picking up. And if the inventory levels start to diminish the gap between listing and selling prices will tighten again.

Interest rates remain steady with the prime rate holding firm at 3% and the five year closed mortgage dipping below 3% again and the 10 year fixed under 4%, it is a good time to reanalyze your mortgage. These rates have been relatively steady and the experts don’t see a change soon as long as the Federal government stays out of the picture. All in all it is still a great time to buy or sell.

Hoping everyone is healthy and happy,

Best regards

David

Read full post
Categories:   Annieville, N. Delta Real Estate | Beach Grove, Tsawwassen Real Estate | Bear Creek Green Timbers, Surrey Real Estate | Bolivar Heights, North Surrey Real Estate | Brighouse South, Richmond Real Estate | British Columbia Real Estate Association, Market Report, Dollar value of homes, MLS Residential Sales British Columbia, High-rat | Brookswood Langley, Langley Real Estate | Capitol Hill BN, Burnaby North Real Estate | Cedar Hills, North Surrey Real Estate | Clayton Village, Real Estate, Surrey townhomes, Melissa Lane, David Meyer, Meyer Lane and Associates, Clayton Heights | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Deer Lake Place, Burnaby South Real Estate | Downtown NW, New Westminster Real Estate | East Newton, Surrey Real Estate | Fairview VW, Vancouver West Real Estate | Fleetwood Tynehead, Surrey Real Estate | Fraser Heights, North Surrey Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Guildford, North Surrey Real Estate | Hamilton RI, Richmond Real Estate | Holly, Ladner Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Market stats | Mary Hill, Port Coquitlam Real Estate | Morningstar homes | Murrayville, Langley Real Estate | New homes for sale | Nordel, N. Delta Real Estate | North Delta | Pacific Douglas, South Surrey White Rock Real Estate | Panorama Ridge, Surrey Real Estate | Pomme Parcels, The Art of Gift Giving, Caldrea, Tack Woodwork and Design, 18karat, Meyer Lane and Associates, Melissa Lane, real | Queen Mary Park Surrey, Surrey Real Estate | Queensborough, New Westminster Real Estate | Royal Heights, North Surrey Real Estate | Scottsdale, N. Delta Real Estate | South Slope, Burnaby South Real Estate | Sullivan Station, Surrey Real Estate | summer market, fall market, David Meyer Realtor, Melissa Lane Realtor, Canadian Interest Rates, Mortgage Rates, Meyer Lane and A | Sunshine Hills Woods, N. Delta Real Estate | Sunstone | Tsawwassen East, Tsawwassen Real Estate | Tsawwassen North, Tsawwassen Real Estate | Uptown NW, New Westminster Real Estate | Walnut Grove, Langley Real Estate | West Newton, Surrey Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate
Blogs
Posts By Date
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.