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Canadian home prices decline in October, Vancouver prices steady

Postmedia News December 29, 2010 8:25 AM


OTTAWA — Home prices fell in October, the second straight monthly decline, led lower by Toronto and Calgary, according to a national survey released Wednesday. In Vancouver, however, prices were roughly unchanged.

The Teranet-National Bank Composite House Price Index eased 0.45 per cent during the month to a reading of 137.32. That followed a 1.07 per cent drop in September.

Year-over-year, the index was up 6.02 per cent —the smallest 12-month rise since the beginning of 2010.

“Despite the last two months’ declines, home prices are still five per cent above their pre-recession peak at the national level, a situation that contrasts sharply with the one prevailing in the U.S., where prices are down 29 per cent from their peak dating four years ago,” said Marc Pinsonneault, senior economist at National Bank Financial Group.

“We do not think that home prices are bound to a sharp fall” in Canada, he said.

“With a record home ownership rate in Canada and with heavily indebted households that are likely to take account of eventual higher interest rates, home prices are likely to decline five per cent over the next two years.”

Whereas in September prices were down uniformly across the six major markets covered, the October data were more mixed on a local basis. Calgary (-1.0% M/M) and Toronto (-0.9% M/M) led the decline. Meanwhile, on a monthly basis, the price index was roughly unchanged in Montreal and Vancouver and higher in Halifax (+0.7% M/M).

The Teranet-National Bank index tracks homes that have been sold at least twice.

© The Financial Post


Read more: http://www.vancouversun.com/business/Canadian+home+prices+continue+decline+October+Vancouver+prices+stay/4036647/story.html#ixzz19X3JclOg
 

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Metro Vancouver property values jump, especially in Richmond



B.C. property assessments online, see evaluations of your homes and others

By Scott Simpson and Brian Morton, Vancouver Sun January 4, 2011




Market values for residential property in Richmond jumped 17.14 per cent over the past year, largest of any B.C. municipality with a population greater than 5,000, according to B.C. Assessment estimates posted on its website.

Elsewhere in the region, B.C. Assessment estimates the residential market value increased 12.17 per cent in Vancouver, 7.58 per cent in Surrey, 6.02 per cent in White Rock, 9.22 per cent in Delta, 12.07 per cent in Burnaby, 9.12 per cent in Coquitlam, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver district, Langley township 6.55 per cent, and 13.03 per cent in West Vancouver.

Even the winter Olympics, however, couldn't stop residential values in Whistler from sliding an estimated 2.06 per cent.

If a property's assessment goes up, that does not always mean municipal taxes will increase. What typically makes the difference is if an assessment rises or falls beyond the average.

Re/Max Westcoast realtor Anne Marie Kirkpatrick, a lifelong Richmond resident, suggested Monday that the commencement of service of the Canada Line rapid transit route to downtown Vancouver was a factor -- along with the community's ongoing popularity with buyers from Asia.

"That has made some difference -- the transportation," Kirkpatrick said in a phone interview.

"It seems that there is a lot of mainland China buyers and a lot of immigration from Asia, and Richmond seems to be one of their favorite spots. Other than that, it's great place to live. It's close to Vancouver, and the airport is here."

Kirkpatrick said she noticed a jump in demand for property in Richmond that coincided with the opening of the Richmond-Airport-Vancouver transit line.

Lower-priced, "investment"-type condos in the Lansdowne Mall area "were normally lower than similar condos more over in the Brighouse- Richmond Centre area. As soon as that line came in they increased [in price] instantly and it became the hot area.

"I had people say, "Oh, that's where I want to be, I want to use the RAV line."

Kelowna Century 21 realtor Jason Neumann said it's no surprise that Kelowna's assessments remained flat -- barely an average of one per cent, based on the B.C. Assessment estimate of the residential market value.

"The Alberta market has dried up for us," said Neumann, who noted that the number of residential units sold in the central Okanagan are off six per cent so far this year to the end of November compared to last year, from 3,687 to 3,463.

"It's a lot slower than what we're used to. That [the latest assessments] doesn't surprise me in the least."

Neumann said unit sales in the month of November totaled 210, 36 per cent lower than the 326 units sold in November 2009.

He also noted that the average residential price in November was $440,123, compared to $451,311 in November 2009.

Owners of the 1.9 million properties in B.C. can check online for the latest figures. Notices with expanded information were given to Canada Post on Dec. 31 and will be arriving in the mail this week.

Online users can go to www.bcassessment.bc.ca and click on the box for "e-valueBC" to see the new figure for their own and neighbouring properties. B.C. Assessment's website will also show the value of sales in the surrounding area in 2010.

For most properties, B.C. Assessment shows the assessed value as of July 1 of the previous year. Their actual value depends on the market at a particular time.

B.C. Assessment appraisers takes into account criteria such as size, age, quality, condition and location of individual properties.

This year's deadline to appeal assessments is Jan. 31. If you don't agree with the assessment, B.C. Assessment encourages you to call or visit their office to try to resolve the matter.

The Crown corporation's office was closed Monday and reopens Tuesday.

While individual property values are now online, further details on regional and provincial statistics and graphs will be coming out Tuesday. That information will include the total value of the provincial assessment roll, year-over-year changes in assessment values in municipalities, and new construction.

Provincially, the assessment roll reached $969 billion in January 2010.

with files from the Victoria Times-Colonist



Read more: http://www.vancouversun.com/business/Metro+Vancouver+property+values+jump+especially+Richmond/4053541/story.html#ixzz1A8J0OFEK
 

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Average Vancouver house price hits $1 million, expected to rise further: Report

Average Vancouver house price hits $1 million, expected to rise further: Report


By Derek Abma, Financial Post January 6, 2011


OTTAWA — Home prices will continue a "moderate and steady climb" this year, helped along by an improving economy and low interest rates, according to a report released Thursday.

Real estate services firm Royal LePage said the average price of a home in Canada will rise three per cent to $348,600, even as the number of transactions falls two per cent.

In Vancouver, the average price of a two-storey home is now more than $1 million, Royal LePage said, up 9.8 per cent over the last year. The report predicts an increase of 3.7 per cent for Vancouver house prices in 2011. The report says inventory is expected to grow 8 per cent, while interest rates will continue to be the most important factor, followed by employment levels.

It said that after a "lacklustre" third quarter in 2010, home prices were up between 3.9 and 4.6 per cent, year over year, in the year's fourth quarter. This marked a return to growth more typical of trends since the end of the recession, Royal LePage said.

The report said, similar to last year, sales will be more robust in the first half of the year as homebuyers take advantage of low interest rates that could be on the rise in the near future.

"Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels," said Phil Soper, CEO of Royal LePage Real Estate Services. "We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs."

The report said the strongest price gains will happen in mid-sized cities where homes are priced below the national average. It noted places like Winnipeg, St. John's and Fredericton, where single two-storey homes are still widely available for less than $300,000.

Alberta's housing market is also expected to be strong in the coming year, as the energy sector helps fuel a strong hiring climate.

However, cities such as Calgary and Edmonton were among the few major centres showing price declines, year to year, as of the end of last year. Edmonton now has lower-priced homes than Saskatoon, according to the Royal LePage report. The average price for a two-storey home in Edmonton was $334,286 in last year's fourth quarter, down 2.3 per cent from a year earlier. It was $359,250 in Saskatoon, up 6.1 per cent.



Read more: http://www.vancouversun.com/business/Average+Vancouver+house+price+hits+million+expected+rise+further+Report/4068694/story.html#ixzz1AK5ehafJ
 

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Average prices for two-story homes as of Q4 2010 (change from year earlier):

Halifax $291,000 (9.7%)

St. John's $327,627 (9.6%)

Montreal $375,222 (8.7%)

Ottawa $354,083 (6.7%)

Toronto $594,231 (5.6%)

Winnipeg $296,750 (6.4%)

Regina $282,500 (9.1%)

Saskatoon $359,250 (6.1%)

Calgary $404,622 (-5.3%)

Edmonton $334,286 (-2.3%)

Vancouver $1 million (9.8%)

Victoria $480,000 (6.9%)

Source: Royal LePage

© The Financial Post


Read more: http://www.vancouversun.com/business/Average+Vancouver+house+price+hits+million+expected+rise+further+Report/4068694/story.html#ixzz1AK6HSdFP
 

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That's what you get for living in the world's biggest resort. It's always baffled me how a city with virtually no decernable economy, rain for 6 months of the year and the worst heroine problem in North America would have real estate anywhere near that price. Aside from that, it would be more appropriate to compare metro areas to metro areas. While the average two storey house price in the city of Vancouver is $1,000,000, the city of Vancouver itself is quite small so taking into account all house prices in the Greater Vancouver Area, you're looking at closer to $650K...still pretty ridiculous but not $1MM. This makes it look like Vancouver is more expensive than Tokyo, so it's a little decieving in my opinion.
 

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Wow, that is expensive :( I seem to remember seeing that BC doesn't have particularly high average incomes either compared to other Canadian provinces, higher than the Maritimes, similar or just above Quebec, below everywhere else I think.

What's the average for an apartment or rowhome (if you have them :dunno: ) in Vancouver city or metro?
 

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Wow, that is expensive :( I seem to remember seeing that BC doesn't have particularly high average incomes either compared to other Canadian provinces, higher than the Maritimes, similar or just above Quebec, below everywhere else I think.

What's the average for an apartment or rowhome (if you have them :dunno: ) in Vancouver city or metro?
Average row home in metro is about $500K and average condo about $370K. The city itself is about $675K for as row home and about $480K for a condo.
 

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What's the average for an apartment or rowhome (if you have them :dunno: ) in Vancouver city or metro?


one of the most expensive condo on market in Vancouver, 41st floor of Shaw Tower - #4101 - 1077 West Cordova Street,, being put up for sale for $12.88 million.


3702 -1111 Alberni. The apartment sold for $1.388 million, after 65 days on the market. The list price was $1.499 million.
 

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The most expensive homes on the market in Metro Vancouver

From just short of $40 million to a value price of $10 million, here are the most expensive homes for sale in Metro Vancouver, according to MLS.

January 6, 2011



$39,900,000: 2190 CAMELOT RD. West Vancouver, BC


$24,800,000: 5240 MARINE DR, West Vancouver


$16,980,000: 4778 DRUMMOND DR, Vancouver


$19,800,000: 2888 PANORAMA DR, North Vancouver


$16,800,000: 4798 DRUMMOND DR, Vancouver
 

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In the city maybe a studio/bachelor condo in the burbs about a 1 or maybe 2 bedroom condo. All around 400-750 sqft.
 

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So I looked up some prices and would like to refine my previous statement. $250K-350K CAD will get you a 1 bedroom condo in the city (starting at 400sqft) but still nothing Downtown. On the outskirts of the city you can get up to 2 bedrooms and up to 700 sqft. In the burbs you can get 2-3 bedrooms and there are a few rowhomes even up to 1200 sqft.
 

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You know what makes it even more obscene?...............very few houses in BC have basements. You get half the square footage for triple the price.
Yes, Vancouver is not a high income city. These prices are due, almost exclusively, due to Chinese money.
You can bet 99.9% of Vancouverites can afford a million dollar home or even half a million.
The Hong Kong money caused the soar in prices in the 1990s and this century it's money from the Chinese mainland.
Vancouver has Canada's lowest rate of home ownership and a huge gap between the rich and the poor. BC is Canada's resort province and the province and cities encourage it.
Look at BC's other cities and almost all the condos, especially on waterfronts, are time shares. In other words they are built for foreigners by the developers and real estate agents with the blessing of the province and cities who want the tax revenue.
Outside of Greater Vancouver and Victoria, 5% of the population live in mobile homes.
BC is Canada's have/have not province.
 

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are you on crack?

most houses in BC have basements - i have yet to go to a house in BC that doesn't have a basement

where I grew up you had to have a basement because of the frost level

people who bought in the 80's 90's are doing fine and can afford the prices they just sell and move up - i worked with someone who started out in the late 90's in a $200,000 townhouse and is now in a $700,000 house - moving up the property ladder - her income hasn't changed just you buy and move up

like i've used the example before of friends they bought a heritage house near commercial drive in the 80's for $125,000 - they sold it for just over $200,000 when they left BC around 1990 had they stayed the house today would sell for $900,000 or more - thats a pretty decent amount and more than enough to come up with a down payment on any house in the city and thats what people are able to do not just wealthy investors

another person i knew through work - he bought his condo in yaletown in the late 90's for $170,000 and sold it in the 2000's for about $290,000 thats a nice increase in about 5 years more than enought money to move up the property ladder
 

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That's what you get for living in the world's biggest resort. It's always baffled me how a city with virtually no decernable economy, rain for 6 months of the year and the worst heroine problem in North America would have real estate anywhere near that price. Aside from that, it would be more appropriate to compare metro areas to metro areas. While the average two storey house price in the city of Vancouver is $1,000,000, the city of Vancouver itself is quite small so taking into account all house prices in the Greater Vancouver Area, you're looking at closer to $650K...still pretty ridiculous but not $1MM. This makes it look like Vancouver is more expensive than Tokyo, so it's a little decieving in my opinion.
i don't know where you get your ideas of the city from but they are wrong
 

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Prices of single-family dwellings have increased in part due to the Chinese fixation on land, but the prices of condos have been driven up by out-of-town buyers from Alberta and the US who consider Vancouver a resort town or something.
 

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the people saying this is a bad thing dont make sence
acting like high house prising is a bad thing?!
cause they must also think its nicer to buy a house in Detroit or phoenix or something, it doesn't make sense
cause it would be better if the house prises were falling :lol:
 
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