March 2019

Found 8 blog entries for March 2019.

Vancouver-View-from-the-Water

Slowing of the Greater Vancouver real estate market is hitting pre-sale condos. Numbers from MLA Canada, a condo pre-sale marketing agency, show new projects are seeing slow absorption in February. The slowing of sales is sending relative demand to levels that could send prices lower.

Greater Vancouver New Condo Sales Are Plummeting

Greater Vancouver condo pre-sales of new projects are slowing down very quickly. There were an estimated 171 pre-sales picked up in February, down 9.41% from the month before. This represents an 88% decline compared to the same month last year. Fewer releases than last year meant a decline was expected, just not that large of a decline.

Greater Vancouver New Condo Releases Drop

The number of new units launched

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Prime Minister Justin Trudeau touted efforts by the Liberal government to help first-time homebuyers put more down on their mortgages during a visit to a region of the country Monday that is facing a housing squeeze.

In its budget last week the government introduced measures that would allow Ottawa to pick up a portion of new homebuyers’ mortgage costs and it increased the amount they can borrow from their retirement savings for a down payment.

Housing has emerged as a major issue for many Canadians, especially young people who are trying to get into the real-estate market at a time when prices are soaring in some major cities.

During a visit to Maple Ridge, Trudeau said the budget contains measures to help first-time buyers by allowing them to

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China-based realty portal, local agents say rush of foreign buyers looking to snap up a deal could mean this sub-market has already hit bottom

Fuelled by a sudden spike in China-based buyers, the West Vancouver luxury housing market is bouncing off the bottom, according to China’s largest real estate portal and West Vancouver agents.

This month a West Vancouver “cabin” sold for $3.4 million – $600,000 over its assessed value – to a Beijing buyer, and the largest Chinese real estate search engine for global properties has seen a surge in inquiries for West Vancouver homes. This, agents say, is indicative that after a 40 per cent price plunge from the peak, B.C.’s premiere luxury housing market could be coming back.

 

Carrie Law, CEO and

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Realtor says grant could benefit those looking to buy in suburbs

The federal government's attempt to help first-time home buyers enter the real estate market won't help many would-be homebuyers in the pricey Vancouver market, a realtor says.

"I think it's more window dressing than anything," said Steve Saretsky, realtor and author of real estate blog, Vancity Condo Guide.

The so-called shared equity mortgage plan was announced in this week's federal budget.

It would apply to first-time buyers whose household income is less than $120,000 per year. It works like an interest-free loan where a would-be buyer is able to pay a five-per-cent down payment, and the Canada Mortgage and Housing Corporation (CMHC) would kick in up to 10 per cent of

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V.I.A. sister publication Business In Vancouver is hosting one of their BIV Talks on “Surviving the Slump in Real Estate” this week.

An expert panel will guide an informative discussion this Tuesday, March 26 at the Vancity Theatre on Seymour Street. The panelists will guide the audience to opportunities in the housing market, and also what to avoid. Further, they will underscore how your investment plan can make the most of the challenging times.

Cynthia Jagger, Principal, Goodman, will be one of the panelists. As an appraiser, she’s consulted and analyzed tens of billions of dollars’ worth of commercial real estate in B.C. and hundreds of rental apartment buildings.

W. Scott Brown, President & CEO, Fifth Avenue Real Estate Marketing, will…
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2019 federal budget includes incentives for first-time home buyers

New federal home buyer rules could increase house prices, Sudbury real estate agent says Social Sharing

A Sudbury, Ont. real estate agent says federal changes to entice first-time home buyers could increase the price of housing.

On Tuesday, the 2019 federal budget was released. In it, a new program called The First Time Home Buyers.

The government is earmarking $1.25 billion over three years for something it's calling a "shared equity mortgage." That means the Canadian Mortgage and Housing Corporation would buy up to a 10 per cent stake in the purchased home, reducing the size of the mortgage.

Buyers would see their monthly mortgage payments reduced, and the government would get its stake back when the house is later sold.Home buyers would also be able to borrow a bigger

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Are you among the lucky few considering the purchase of a new home? Don’t worry, you’ve got time.

Homebuyers appear to be the ones with power in the current market, according to the latest figures from the Real Estate Board of Greater Vancouver.

February saw more supply from homesellers and below-average demand from homebuyers, meaning buyers are likely taking their time and considering their options.

Residential sales last month totalled 1,484, a 32.8-per-cent drop from the same month in 2018 (2,207 sales), but a 34.5-per-cent increase from January 2019 (1,103 sales). However, February remained 42.5-per-cent below the 10-year February sales average.

 

“For much of the past four years, we’ve been in a sellers’ market. Conditions have

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METRO VANCOUVER MARKET HIGHLIGHTS

Home listings increase while buyers remain in holding pattern

Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.

Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.

"REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to

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