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Blog by Mario Felicella - Sutton Group Westcoast Realty

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Metro Vancouver housing forecasts for 2012

December 29th, 2011

Tsur Somerville may be the director of UBC’s Centre for Urban Economics and Real Estate, but he gave a rather surprising answer when asked about the prospects for Metro Vancouver’s housing market in 2012.

“We start off by saying I have no idea,” Somerville told the Georgia Straight in a phone interview. For him, forecasting is a risky business because “you’re wrong more often, even i ...

Will Canada experience a housing correction in 2012?

December 22nd, 2011

The Canadian housing market is at risk of a price correction and remains the chief domestic vulnerability to the country’s economy in the new year, according to two new reports.

They warn of an overvaluation of Canadian housing by 10% to 15%, aggravated by rising levels of household debt. Entering a year laden with potential global economic shocks, Canadian authorities need to beware o ...

Canada's home prices drop slightly

December 21st, 2011
Home prices edged down in October from the month before, according Wednesday's release of the Teranet-National Bank House Price Index.

It was the second straight month that the index — which lost 0.04 per cent — stalled after nine consecutive months of gains.

Prices were still 6.98 per cent higher than a year ago, according to the Teranet report, which measures price changes for repea ...

Canadian home prices could drop 5% in the first half of 2012

December 19th, 2011

Canadian home prices are likely to drop 5% in the first half of 2012 as the economy slows and could slide as much as 10% if the unemployment rate rises above 8%, economists at Bank of America Merrill Lynch said.

Ryan Bohren and Sheryl King warn the market is overvalued and flooded with supply.

The economists have taken a bearish stance on the real estate market before, warning of a po ...

November housing sales remain unchanged from last year

December 15th, 2011
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to ...

BC housing market moves towards equilibrium

December 14th, 2011

The B.C. real estate market may finally have reached the equilibrium brokers and others have long hoped for, with Multiple Listing sales in November falling only marginally from the previous year and price growth restricting itself to a one per cent gain.

“After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing ho ...

2801 1483 Homer Street, Vancouver, BC

December 12th, 2011

I just sold this Apartment Unit at 2801 1483 Homer Street, Vancouver, BC Yaletown.

View this recently sold Apartment Unit or see all my home sales

3757 37TH Ave W, Vancouver West, British Columbia

December 12th, 2011

I just sold this House at 3757 37TH Ave W, Vancouver West, British Columbia Dunbar.

View this recently sold House or see all my home sales

532 Windermere St, Vancouver, BC

December 12th, 2011

I just sold this House at 532 Windermere St, Vancouver, BC .

View this recently sold House or see all my home sales

Multi-family housing starts increase in Greater Vancouver

December 9th, 2011

Multi-family housing starts were up in Greater Vancouver in November over last year, while single family starts were down, Canada Mortgage and Housing Corp. reported Thursday.

“We have seen a reduction in single-family housing starts so far this year, and sort of a resurgence in the multi-family sector,” said Robyn Adamache, CMHC’s senior market analyst. “We’re starting to see some ...

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