posted by Dave on Jul 28

Vancouver, BC – July 15, 2009. A new survey of BC homeowners and renters on housing affordability and green housing issues suggests consumer confidence concerning real estate purchases may be improving.

Sponsored by the British Columbia Real Estate Association (BCREA), the May 2009 Mustel Group survey tracked several key measures asked in a January 2009 BCREA survey, including top affordability barriers and how provincial taxes impact BC homebuyers. It also uncovered new primary data on buyer intentions and energy-efficiency practices at home.

Findings revealed that four-in-ten British Columbians plan or hope to purchase homes or properties within the next five years, with about half of these potential buyers expecting to do so in the next two years. A higher proportion plan to purchase in Metro Vancouver (46 per cent) than elsewhere (35 per cent), which may indicate that consumer confidence is now higher in the urban area. In the January 2009 survey, findings did not vary by region.   

“We’ve had five consecutive months of increasing home sales, which may suggest that the optimism uncovered in this survey is being reflected in provincial home sales,” explains BCREA president John Tillie. “The May 2009 survey also revealed that people’s perception of the barriers to home ownership have also changed, which is good news for homebuyers, sellers and renters.”

Although affordability continues to be the key barrier to purchase, along with concerns about job security, lowering market values and general concerns about the economy, a slightly higher proportion of BC residents in the May 2009 measure indicated they did not have any purchase barriers at all. There was also a decrease in the number of people concerned about depreciating property values and less mention of general financial barriers.

The survey findings also revealed that making smart green choices at home is still top of mind for most British Columbians. When asked if they were more likely, less likely or about as likely to make green improvements to their homes compared to this time in 2008, one out of every two BC residents answered that they were more likely now to green their home than they were approximately one year ago.

“It’s important to remember that all of us can take part in reducing household greenhouse gas emissions by improving the overall energy efficiency of our homes,” says Tillie. “Green choices are smart choices, and they help improve the Quality of Life in our communities.”

Survey findings suggest the majority of British Columbians (65 per cent) would be willing to pay more for an energy efficient home.

“Because this survey immediately followed the provincial election, we also asked British Columbians whether they were happy with the attention paid to housing issues during the campaign,” says Tillie. “Only one in four were satisfied, which is something BCREA plans to address looking toward the next provincial election in 2013.”

To obtain a full copy of the survey results from the May 2009 and January 2009 surveys, please visit www.qualityoflife.bcrea.bc.ca/research.htm.

posted by Dave on Jul 28

Vancouver, BC – July 13, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province rose 40 per cent to 9,970 units in June 2009 compared to the same month last year. Activity in the month of June marked the fifth consecutive month of rising sales and the highest level of activity since January 2008, on a seasonally adjusted basis. 

“Housing markets around BC continued to post higher sales in June, fuelled by attractive mortgage rates and lower prices,” said Bryan Yu, BCREA Economist. “The larger urban regions of Greater Vancouver and Victoria exhibited balanced market conditions in June, while others have recorded improved market stability. Stronger demand and a decline in home listings are stabilizing home prices in many BC markets.”

Year-to-date, MLS® residential sales dollar volume was down 20 per cent to $16.3 billion over the same period last year. A total of 36,329 units were sold in the first six months of 2009, down 15 per cent from 2008, while the average MLS® price declined 5 per cent to $448,381.

posted by Dave on Jul 9

Buyers returned to the market in droves last month, as the total number of property sales in Greater Victoria hit the fifth-highest monthly level since 1991. June saw 946 sales through the Greater Victoria Real Estate Board’s Multiple Listing Service. The sales represented mostly capital region residential properties, but also included some out-of-town properties and a dozen commercial sales.

Everything from single-family homes to lots and manufactured homes is included.

“I was quite astounded,” Michael Holmes, Pemberton Holmes managing broker, said yesterday.

The robust market, where multiple offers are showing up again, likely reflects pent-up demand and low interest rates, Holmes said, adding strong sales in other parts of the country translate into sales in the capital region when people move to Greater Victoria.

In the capital region’s most recent real estate boom, in May 2007, sales hit 963, followed by June of that year at 949.

The previous high was set in May 1991 with 1,083 sales, while April 1991 saw 1,003 sales, said Chris Markham, Victoria Real Estate Board president.

“We’re on fire,” Markham said.

The total value of all June sales was $447.6 million.

“This takes me right back to 2006-2007,” he said, referring to years when the local market was hot.

June sales reflect a 31 per cent increase from 723 in June 2008, and are up by seven per cent from May 2009, when 879 properties changed hands.

Markham said the market has been growing stronger for the past couple of months as many people who were waiting to see which direction the market would move have decided it’s time to buy.

“Housing that we didn’t sell last year, we are seeing multiples [offers] at the same price level.”

This isn’t a market of speculators, Markham said. Normally, 75 per cent of buyers are from within the region, but he believes that number is higher now.

After a “brutal” January and February, sales numbers have been steadily climbing.

The strongest part of the market is in the $600,000-and-lower price range, Markham said.

Many condominium projects were built in the capital region and inventory is “clearing out nicely,” Markham said.

The average price of a single-family house sold through the board’s Multiple Listing Service increased to $588,186 last month, up from $573,442 in May. The median in June was $529,900.

Saanich East led the region in the number of total single-family sales, at 94, followed by Langford at 60, and Victoria at 42.

The average price for condominiums edged down to $298,200 in June. May’s average was $306,971. The median in June was $275,000.

Victoria had the highest number of condo sales, at 99, followed by Langford at 40.

Townhomes saw an average price increase, rising to $413,218 in June, up from $400,788 in May. The median remained the same month-over-month at $375,000.

Last month brought 26 sales of more than $1 million, including one Uplands home sold for more than $5 million, the board said.

Inventory has tightened up since June of last year, helping drive demand. Last month, there were 3,794 properties for sale, a decrease of 16 per cent from the 4,513 on the market in June 2008.

“The drop in available inventory is also reflected in the price increases for single-family homes and townhomes that we saw

last month,” Markham said.

cjwilson@tc.canwest.com

: Carla Wilson
Source: Times Colonist

posted by Dave on Jul 9

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