richmond housing market: Greater Vancouver housing market outlook for 2010 - 12/24/09 08:24 PM
Can Greater Vancouver housing market go higher?
Market sustained by low interest rates
Longer amortization and low interest rates have a huge impact on home prices. With the introduction of mortgages with 35-year (from 25 years) amortization, home buyers are able to afford homes 16% higher in value. Coupled with interest rates drop from 5% range to around 3.55% for 3-year fixed rate now, home owners can afford homes 40% higher in values as compared to 10 years ago.
The above price chart for detached homes at $910,000 range shows a huge price gap between current average house value and … (0 comments)
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richmond housing market: How The Real Estate Market Will Affect You In 2009? - 12/10/08 12:42 PM
RE/MAX recently released report reported in The Vancouver Sun, "Threat of global recession to hinder home sales in major Canadian housing markets in 2008 and 2009" cited global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres.
"The first quarter of 2009 will certainly be a continuation of the trend we're seeing now, with reduced transactions and average prices coming down in Vancouver and throughout British Columbia."
According to the report, some 440,000 homes are expected to change hands in Canada by year's end - a decrease of 15 percent from record levels reached in 2007.
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richmond housing market: Buying Your Ideal Home - 11/24/08 05:45 PM
This could be the best time buying your ideal home. The current real market is adjusting to the uncertainty in the market place. The market has changed from the go go years to an unusually slow buyer's market. Seller expectations are now tempered, and more willing to look at your offer.In the two previous downturns, one in the 1980s and the second one in 1994 to 2000 the market factors affecting sales were different. We now have low interest rates, and reasonably positive economy and low unemployment rate. Home prices are now 10% to 12% lower than those at the end … (11 comments)
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