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Blog by Mario Felicella - Sutton Group Westcoast Realty

Is Vancouver's condo market deflating?

January 31st, 2012

Canada's housing market is not a bubble, it's a balloon. And unlike the catastrophic decline the U.S. housing market experienced in 2008, the market in Canada will deflate slowly rather than pop, according to a report by BMO Capital Markets.

The sole possible exception is Vancouver, where the number of unoccupied condominiums is high due to building the Olympic Village, economists ...

402 2130 12TH Ave W, Vancouver West, British Columbia

January 26th, 2012

I just finished uploading this Condo for sale, 402 2130 12TH Ave W, Vancouver West, British Columbia

Amazing top floor condo with over height ceiling! The home has it all; nice entry that leads into beautiful living area. The kitchen is large with a bright skylight that is open to generous dining & living room arrangement with gas fireplace. The bedroom is huge with lots of closets & big semi- ...

Canadian house prices fell in November

January 26th, 2012
Canadian house prices dropped in November for the first time in nearly a year, according to the monthly Teranet-National Bank house price index released Wednesday.

The 0.2 per cent drop followed two months of flat prices, and was the first decline in the index since a "brief correction during the three months ending November 2010," said National Bank senior economist Marc Pinsonneaul ...

Vancouver is the second most-expensive housing market in the world

January 24th, 2012

Vancouver displaced Sydney as the least-affordable housing market after Hong Kong among large English-speaking cities, as home prices rose faster than incomes, a study of 325 metropolitan areas worldwide showed.

Vancouver’s median home price of $678,000 in the third quarter was 10.6 times its median pretax household income of $63,800, making the city “severely unaffordable,” Demog ...

Average Metro Vancouver home price to jump 2.3%

January 16th, 2012

Canada's housing market will continue to be strong this year, with rising property values expected in all major markets, real estate brokerage firm Royal LePage said Thursday.

The company's forecast called for prices across to country to rise 2.8 per cent by the end of 2012, after stronger gains last year.

Even pricey housing markets in Metro Vancouver and Toronto - where standard ...

Canadian homeowners and buyers enjoy the lowest interest rates ever!

January 13th, 2012

Canadians thinking about locking in their mortgage just got a compelling reason to do so — the lowest interest rate in history.

The Bank of Montreal cut the rate on its closed five-year fixed mortgage to 2.99%, a half a percentage point drop that is expected to set up a wave of competition among the banks as they fight for market share in a shrinking real estate market.

“That’s the lo ...

Real Estate Board of Greater Vancouver's December Stats

January 11th, 2012
The Real Estate Board of Greater Vancouver Housing Market Year End Update for December 2011 with REBGV president Rosario Setticasi.


There are some interesting facts and figures here that detail the highs of June with the more balanced market that we saw towards the end of the year.

Why a real estate bubble is unlikely in Canada

January 9th, 2012

As global housing markets coughed and sputtered in 2011, Canada's barrelled ahead, even turning a few nervous heads along the way.

In fact, recently the Economist branded Canada one of the nine countries where “home prices are overvalued by about 25 per cent or more,” and among the four where prices are in line with those in the United States "at the peak of its bubble."

I ...

Vancouver home sales grew 6% in 2011

January 4th, 2012

Total sales of detached, attached and apartment properties in Greater Vancouver climbed nearly 6% last year, although missed the 2009 high by over 9%, according to the Real Estate Board of Greater Vancouver (REBGV).

In a report released earlier this week, the board pointed to 32,390 properties that changed hands in 2011, or a 5.9% increase from the 30,595 sales recorded in 20 ...

Canada's home sales rise but listings decline in November

January 3rd, 2012
Canada’s resale housing market tightened slightly in November, as sales rose in more than 50% of markets while the number of listings declined, the Conference Board of Canada said Tuesday.

Sales rose in 16 of the 28 markets the board tracks for its metro resale index, with seven of those markets posing a gain of more than five per cent over October’s number. Year-over-year sales rose i ...