April 2019

Found 5 blog entries for April 2019.

Policy-induced downturn has eroded home values and led to fewer housing starts, reports economist

 

construction-apartments-spring

The policy-driven chill in the resale market, which has triggered declining home values and slowing pre-sale purchases, may finally be translating into curtailed new home construction.

The latest Teranet-National Bank House Price Index for March showed further price erosion in both Vancouver and Victoria, as well as declines in Kelowna and Abbotsford-Mission.

Housing starts slumped for a second straight month in March as fewer apartment units broke ground in the census metropolitan areas (CMAs) of Vancouver and Victoria. Total urban-area B.C. starts declined 10 per cent from February to a seasonally adjusted annualized rate (SAAR) of 32,493

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House front in Vancouver

Would you want to know if somebody was murdered in your potential new home? Died of natural causes? Died from suicide?

We recently published a story online about court case involving a Vancouver woman who was sued for not telling a home buyer someone had been murdered on her property. She won her appeal and didn’t have to pay damages.

Even though the story was not local to Vancouver Island, on the Citizen’s Facebook page people found it interesting enough to share their opinions, which were varied — and largely dependent on how the death occurred.

While some, like Sandra Vanderleek argued, “It has zero to do with the house,” others said they would want to know if there’d been a death in the house they were looking to purchase.

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After something of a winter cool-down, the busy spring season for Canadian real estate is almost here.

Open houses and for sale signs will be popping up, giving buyers more options to get into the market. It’s a good time for sellers too because they typically are able to charge more. But could this time be different?

Canada’s real estate market is coming off one the slowest Februarys in decades. According to a new national survey from Zoocasa, 58 per cent of Canadians surveyed say they think spring is the best time to sell a home. Less than half (42 per cent) say it’s the best time to be in the market as a buyer.

Among survey respondents, 11 per cent said they want to buy a home this spring. On the flip side only eight per cent plan to sell.

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Selling sign in Vancouver

A local realtor and real estate blogger has crunched the numbers and he says Greater Vancouver home sales just had their worst month of March since 1986.

According to Steve Saretsky, unreleased numbers from the Canadian Real Estate Association show just a little over 1,700 transactions last month.

Steve Saretsky said the slowdown is a result of a gap between what sellers and buyers are expecting from the market.

 “Primarily because buyers have a certain price they want to pay, particularly given the outlook of housing market, and sellers are still trying to adjust to reality, which ultimately the market isn’t willing to pay for what they are asking,” Saretsky said.

 

Saretsky said prices are in fact taking a dip, however the slide

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Residential transactions plunge to just over half the 10-year average for the month, as prices slide across all property types

flowers blooming in Vancouver

Falling home sales in Metro Vancouver are “largely policy induced” and policymakers are “using policy to delay housing demand and feeding disruptive cycles,” according to the new president of the Real Estate Board of Greater Vancouver (REBGV).

Issuing its monthly market statistics April 2, the REBGV reported that there were just 1,727 home sales in March 2019, which is 31.4 per cent year over year decline, and 46.3 per cent below the 10-year average for the month.

It’s also the lowest number of March home sales since 1986. 

However, the sales total is higher than one monthly previously, up 16.4 per cent from the

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