Posted on November 02, 2009 at 01:28:00 PM by Audrey

The Vancouver Sun

OTTAWA — Home construction is expected to continue rebounding in the second half this year and into 2010 as demand increases and inventories decline, according to Canada Mortgage and Housing Corp.

Housing starts are forecast to reach 141,900 in 2009 and rise to 164,900 next year, the federal agency said Monday in its quarterly outlook.

“We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve,” said CMHC chief economist Bob Dugan.

“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010,” Dugan said.

 Existing home sales are expected to reach 441,300 units this year and increase to 445,150 units in 2010, CMHC said in its report.

 The average price is forecasts to be $312,950 in 2009 and $324,500 next year, it said.

 © Copyright (c) Canwest News Service

Link  E-mail, Share, Print

Posted on October 29, 2009 at 04:48:00 PM by Audrey

Audrey

Kamloops Home Team has been busy this week in the Kamloops Real Estate market. Kamloops Realtor Brian Ledoux and Kamloops Realtor Tyler Becker have been busy with lots of new Kamloops Real Estate listings.

Currently we are working on a listing of a brand new two bedroom townhouse with an amazing view in Aberdeen. If you want more information email us today.

The Kamloops Real Estate market has been picking up as many buyers and sellers are hoping to make it to their new destination before Christmas. Sign up today to receive all the MLS listing for Kamloops.

E-mail, Share, Print

Posted on October 28, 2009 at 02:40:00 PM by Audrey

By Kim Covert, Financial Post

Canadian home prices are on the road to recovery, but still haven’t rebounded to pre-recession levels, according to a survey that shows while housing prices rose in August they are still down 3.4% from their peak in August 2008.

The Teranet-National Bank house price index, which measures resale prices in six urban markets across Canada, shows that housing prices nationally rose by 2% in August, the fourth straight month-over-month increase.

It was also the second month in a row that prices were up in all of the six markets.

 “This turnaround is consistent with an improvement in market conditions in the first half of 2009 -- more homes have been selling and fewer have been coming on the market,” said Marc Pinsonneault, a senior economist with National Bank Financial Group.

 For the ninth month in a row, national housing prices have declined on a year-over-year basis, but Pinsonneault notes that “the 12-month decline has been diminishing steadily since it peaked at 6.9% in May.”

 In the three housing markets that were the least battered in the economic downturn, Montreal, Halifax and Ottawa, resale prices are actually higher now than their pre-recession peak a year ago.

 The hardest-hit cities in the index still have a long way to go to return to pre-recession levels: Calgary’s prices remain 12.9% below peak, while Vancouver’s are 7.7% lower.

 The Teranet-National Bank index tracks prices of homes sold at least twice from data supplied to public land registries.

 Canwest News Service

 Housing price changes for August 2008

 Percentage change m/m y/y

 Calgary 2.0 -8.3. Halifax 0.6 0.9. Montreal 1.2 3.6. Ottawa 1.5 2.8. Toronto 2.7 -3.0. Vancouver 1.7 -7.7.

 National Composite 2.0 -3.4.

 Source: Teranet-National Bank

 © Copyright (c) The Vancouver Sun

Link  E-mail, Share, Print

Posted on October 23, 2009 at 10:49:00 AM by Audrey

Audrey

Kamloops Home Team has a new listing coming shortly in Aberdeen. Beautiful rancher with an in-law suite in an area of new homes in Kamloops.

For more information on this home and other new listings coming up contact Kamloops Home Team for all your Kamloops Real Estate needs.

E-mail, Share, Print

Posted on October 23, 2009 at 10:35:54 AM by Audrey

Kevin Carmichael, Globe and Mail Update

Ottawa — Bank of Canada Governor Mark Carney says he has “some concern” that the surge in the housing market is unsustainable, although for now the boom in home buying remains a significant factor in Canada's economic rebound.

 “We do have some concerns about it,” Mr. Carney said at a press conference Thursday. “Obviously, consumer borrowing cannot not grow faster than the economy forever.”

 Most Canadian housing indicators are much stronger than most economists imagined they would be so early into the rebound from Canada's first recession since the early 1990s. For example, the average price of an existing home was $331,602 in September, a 13.6 per cent increase from the same month a year ago, according to the Canadian Real Estate Association.

 In some ways, that's exactly what the central bank and economists hoped would happen when policy makers dropped the benchmark lending rate to a record low of 0.25 per cent in April to fight the recession. Still, the boom comes with echoes of the housing bubble in the United States, which triggered the financial crisis when it burst.

 Mr. Carney was careful not to overstate the risk.

 The current demand for houses is explained by purchases that were put off during the worst of the recession and radically improved affordability. The central bank expects the housing market to remain strong through next year, and cool off in 2011.

 Nevertheless, Mr. Carney said the central bank is studying the issue, and will have more to say when it releases its review of the financial system in December. In particular, policy makers will break down the home buying by income groups to see if people might be taking out loans they won't be able to afford as interest rates rise.

 “We are watching the growth in consumer credit in Canada,” Mr. Carney said. “We expect prudence from lenders. We expect, and we have confidence in, prudence from Canadians. We remind people that borrowing is for the period you are going to borrow, not just for the moment you take out the loan.”

For More Information Click Here

Link  E-mail, Share, Print

Posted on October 19, 2009 at 09:04:00 AM by Audrey

BCREA

Vancouver, BC – October 15, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.

"Upward momentum in consumer demand continued unabated in September,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years.” September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September.

"While Victoria and the Lower mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery,” added Muir.

Year-to-date, MLS® residential sales dollar volume increased 6 per cent to $29 billion over the same period last year. A total of 63,521 units were sold in the first nine months of 2009, up 6 per cent from 2008, while the average MLS® price declined 1 per cent to $457,389.

E-mail, Share, Print

Posted on October 16, 2009 at 09:13:00 AM by Audrey

 Are you looking to buy your first home in Kamloops? Whether you want to buy a condo, townhouse, house or mobile in Kamloops, Kamloops Home Team is here to help.

There are many questions that Buyer’s have along the process, even more so if they have never bought a house. What is a home inspection? How much does a home inspection cost? What is the property transfer tax? Where do I get a mortgage? How do I write an offer? What are subjects? These are just a few of the questions that we can sit down and answer for you before, during and after the purchase of your home in Kamloops.

If you are thinking of a buying a house in the future it’s never too early to start preparing. By talking to Kamloops Home Team in the beginning you can get started on the right path and be more educated on the market by the time you write your first offer. You will feel more confidant in your decision to buy if you have taken the time to learn the process and learn about the Kamloops Real Estate market.

Contact us today so we can go over the steps and get you pointed in the right direction for buying your first home in Kamloops from the Kamloops Home Team!!!

E-mail, Share, Print

Posted on October 15, 2009 at 11:58:00 AM by Audrey

Vancouver Sun

METRO VANCOUVER — Another strong month in September put British Columbia real-estate sales for the first nine months of 2009 ahead of the same period in 2008, the B.C. Real Estate Association reported Thursday.

To the end of September, realtors recorded 63,521 sales through the realtor-controlled Multiple Listing Service, which was 6.3 per cent higher than the first nine months of 2008.

The average property price, of $457,389 was a mere 0.7 per cent lower than the provincial average of 2008 by the end of September.

"Low mortgage interest rates and renewed confidence in real estate assets has propelled B.C. home sales to a level not seen in two years," Cameron Muir, the B.C. Real Estate Association's chief economist, said in a news release.

September alone saw 8,576 sales through MLS across the province, some 68 per cent more than the 5,107 sales in September of 2008.

September of 2008 was within the period that real estate sales virtually collapsed as world financial markets reeled with news of the U.S. financial meltdown.

September 2009 sales, however, were the highest for that month since 2005, BCREA said, and the third highest ever recorded for September.

© Copyright (c) The Vancouver Sun

Click here for More Information

E-mail, Share, Print

Posted on October 15, 2009 at 09:26:00 AM by Audrey

BCREA

Vancouver, BC – August 27, 2009. The British Columbia Real Estate Association (BCREA) released its Forecast Update for the third quarter of 2009 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 per cent from 68,923 units in 2008 to 79,400 units this year, just below the ten-year average of 82,800 units. Residential sales in 2010 are forecast to rise an additional 6 per cent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.

“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.”

“Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria in recent months,” said Muir. The average annual MLS® residential price in the province is forecast to reach $451,200 in this year, down 1 per cent from a record $454,599 in 2008.

“Market conditions vary depending on the region of the province,” added Muir. “While the Metro Vancouver and Victoria markets have rebounded sharply, interior markets are demonstrating a more gradual trend toward balance between supply and demand.”

BC housing starts are forecast to increase 25 per cent 18,500 units next year after a dismal 2009. Housing starts are forecast to decline 57 per cent to 14,800 units this year, the lowest level of activity since 2000.

E-mail, Share, Print

Posted on October 14, 2009 at 09:05:00 AM by Audrey

Kamloops Foreclosures

Foreclosures in Kamloops are becoming a much sought after item. The process of buying a foreclosure is much different than that of a resale or new house in Kamloops. Talk to us today about the process of buying a foreclosure and what different steps you need to take.

Click on the Kamloops Foreclosures link on the left hand side to have Kamloops Foreclosure listings emailed right to you.

E-mail, Share, Print