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greater vancouver real estate market: Presale Buyers May Be Liable For Damages - 10/29/08 10:20 PM
Pre-sale buyers who are not able or willing to complete their contracts can be sued by the developers. Some of these buyers are leaving large deposits and walking away from sums as high as $40,000. There is no accurate figure as what proportion of these pre-sale buyers are speculators. Some people in the industry estimate that as high as 70% of these pre-sale condo buyers could be speculators. With banks tightening on lending, some buyers are not able to get financing, while others simply no longer want to complete the deals.
"There's a lot people there to make a quick profit, … (0 comments)
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greater vancouver real estate market: Are We Heading For Housing Down Turn in Vancouver? - 07/17/08 05:04 PM
Greater Vancouver List/Sale Data - June 2008
The June housing data for British Columbia, Canada was showing a dramatic change from what happened a year ago. Although the average prices reported by the various real estate boards (except Victoria, BC) were higher, the June 2008 listings and sales data were telling a different story. The market is not looking good!
Click here to view the June 2008 housing report released by the British Columbia Real Estate Association (BCREA) - "residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 34% to $3.31 billion in June, compared to June … (2 comments)
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greater vancouver real estate market: Are We In A "Balanced" Or "Buyer's Market"? - 07/12/08 04:17 PM
The latest June sale figures for Greater Vancouver showed that sales of resale and new homes were down sharply - a startling drop of 41% compared with the same period last year. The inventory of home listed for sale was up 53% compared with that of last year. Real estate prices have begun to slip in some parts of Greater Vancouver. Click here for Richmond's June figures.
The housing inventory chart by Paul Boenisch of North Vancouver below illustrated the steady increase in listings this year as compared with the past 3 years.
In the Fraser Valley, the typical single … (0 comments)
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greater vancouver real estate market: The Canadian Real Estate Debate Goes On - 06/30/08 05:03 PM
Canadian Columnists Linda Leatherdale on 2008-05-04 posted on Canoe Money a timely article on the Canadian Housing Market - "Opening door on market"
"Some feverishly argue there's no way Canada's real estate market will crash and burn like the U.S. market, where one prominent analyst warns that the meltdown is more fast and furious than during the Great Depression"."Others say, get real: Canada's largest trading partner is the United States, and if this one-time economic superstar is in a recession, we're going down, too". Read the full article here.
The Royal Bank of Scotland recently released an advisory to … (8 comments)
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greater vancouver real estate market: Homes market flooded by sellers - 05/20/08 11:08 PM
Globe and Mail reported on May 14, 2008:
Home sellers flooded the markets in Toronto and Saskatoon last month, causing listings to surge to a record level in Canada.
Unit sales dropped by 6.1 per cent from the year before, but edged up by 0.8 per cent compared with March, on a seasonally adjusted basis.
In 2007, the average price of a resale home in Saskatchewan rose by 32 per cent compared with the national average increase of 11 per cent, according to data from CREA. This year, the average home price in Saskatchewan is expected to rise by 19.5 per … (0 comments)
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greater vancouver real estate market: Housing market is cooling, but by how much? - 05/16/08 03:08 PM
Eric Beauchesne, Canwest News Service Published: Thursday, May 15, 2008"
Here is a quote from Scotiabank economist Adrienne Warren
"Unlike in the U.S., home prices in Canada are not substantially overvalued, the real estate market is not overbuilt, households are not over-leveraged and overall mortgage quality is still sound, she said."
Can this be true in major Greater Vancouver city centers like Vancouver, Burnaby, Richmond, Coquitlam, etc. that house prices will continue to move up?
At local level, the Greater Vancouver real estate market especially new condos may face serious selling and pricing pressure due to high prices, more inventory … (2 comments)
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