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vancouver 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)

vancouver housing market: Warnings about risky mortgages ignored - 12/21/08 05:29 PM
The Globe And Mail published an article today "Federal officials told CMHC it could burden borrowers" that may have more far reaching consequences on home owners.
"Canada Mortgage and Housing Corp. officials ignored warnings from senior Finance Department and Bank of Canada officials during the past two years that its active business in high-risk mortgage insurance could overburden consumers.
According to sources familiar with the discussions, CMHC executives did not heed the warnings and continued to underwrite larger volumes of insurance policies for risky home loans with 40-year amortizations and minimal down payments.
The sources said the federal agency's executives disagreed … (4 comments)

vancouver 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.
… (3 comments)

vancouver housing market: Buy Now, Or wait A Little Longer? - 12/07/08 11:18 PM
Should you buy now or wait a little longer? Home prices in Greater Vancouver are now down 12% to 15% from the peak towards the end of 2007.
People are asking what is happeing to the housing market: - Sellers want to know how much lower their home values will go down. - Buyers want to know if they should wait for further price reductions. - Homeowners want to understand the impact on their equity. - Investors are asking whether it is a good time to buy, renovate, and re-sell for a profit. - First-time buyers want to know if they can get financing in these … (0 comments)

vancouver housing market: CMHC Fall Report - 2008 - 10/31/08 12:38 PM
CMHC predicts shallow real estate correction
The correction in Greater Vancouver and British Columbia real estate markets should be shallow, according to Canada Mortgage and Housing Corp., provided the province maintains projections for weaker economic growth and doesn't go into a full recession.
CMHC released its fall market forecasts Thursday, which predict lower housing sales to the end of 2008 and on through 2009, with price declines to the end of 2009 in the range of seven per cent provincially and nine per cent in Metro Vancouver.
Read the full article here.
What I think:
Month-over-month housing price trend
Recent month's … (0 comments)

 

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