“One of the things I tell people who are buying (homes) is you are playing both offence and defense,” says Real Estate Investment Network president Don Campbell. ›› p.2
July 22, 2010
Summer time, and homebuying is easy
likely find it helpful to educate themselves about what is available in the Metro Vancouver area. The Real Estate Investment Network, one of Canada’s leading real estate research, education, and consulting organizations, does in-depth research based on the latest statistics, economic and social trends. Its latest report is an analysis of key
It’s a great time to house-hunt for a new home in B.C. According to the B.C. Real Estate Association, residential sales in the province declined by 23 per cent to 7,722 units in June compared to the same month last year. On a seasonally adjusted basis, residential sales posted to the industry’s listing service declined by five per cent from May to June this year, but the average Multiple Listing Service price climbed by eight per cent to $499,908 in June compared to June 2009, says the BCREA. But slower sales can be good news for homebuyers. “Market conditions Cameron Muir have shifted from balanced conditions at the start of the year to a buyers’ market this summer,” says BCREA chief economist Cameron Muir. In June, there was 9.3 months of supply on the market given current Gregory Klump sales activity, up from 5.6 months in January 2010. “Tighter credit conditions for homes with secondary suites and low-equity homebuyers have moderated consumer demand,” Muir notes. Year-to-date, B.C. residential sales dollar volume increased 31 per cent to $21.4 billion, compared to the same time last year. Residential unit sales rose 17 per cent to 42,343 year-to-date, while the average MLS residential price climbed 13 per cent to $504,281 over the same period. Residential sales declined across Canada
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Maple Ridge Mayor Ernie Daykin welcomes homebuyers to his city, which is a fantastic place to invest in real estate, according to recent reports. Martin Knowles photo
Invest in the best: beautiful B.C. Metro Vancouver houses hot spots for real estate investment MAGGIE CALLOWAY A family home is always a good investment. A home provides a focus for the family, it provides security of place for the children and, equally important, it grounds the family in the community.
For years, many homeowners have treated the family home as a cash cow. Buoyant real estate markets over the past decade, coupled with low mortgage interest rates, made real estate gurus of many Metro Vancouverites. What some of these ‘gurus’ lost sight of was what the family home should represent: a family dwelling, a refuge, a shelter from the ups and downs of daily life. However, those who are in the market for a family home that they will live in, will