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Blog by Kevin Wong

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Vancouver House Prices To Drop 14.8 Per Cent In 2 years: Report

July 14th, 2011

First, the bad news: Average house prices in Metro Vancouver will drop by 14.8 per cent from their peak by the end of 2013, according to a report released Wednesday by TD Economics.

The silver lining for Vancouver homeowners is that the average house will still be worth more, after the correction, than it was in 2010.

The national report -the latest in a string of bank dispatches ...

BC Home Sales Steady In June

July 14th, 2011
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 2.4 per cent to 7,904 units in June compared to the same month last year. The average MLS® residential
price climbed 14.4 per cent to $571,837 last month compared to June 2010.

“Home sales were relatively unchanged in June compared to last year,” said C ...

Toronto Trumps Vancouver As Country's Most Expensive City

July 12th, 2011

Toronto has topped Vancouver to become most expensive city in the country to live in.

Toronto surpassed pricey Vancouver due to its relatively high rental accommodation costs, Mercer’s global cost-of-living survey, to be released Tuesday, shows. Canada’s largest city moved up to 59th spot worldwide from the 76th position last year.

Vancouver climbed to 65th place from 75th ...

Condo Rebound Pushes New-Home Construction Higher

July 12th, 2011

Metro Vancouver builders have returned to building condominiums in a big enough way to push up the region’s overall housing starts this year while the number of single-family homes is declining, according to new numbers from Canada Mortgage and Housing Corp.

The pace of new-home construction in June declined from an unexpected frenzy of starts in May, according to Robyn Adamache, ...

June Market Update: Market Trends Towards Balance

July 9th, 2011

CIBC Follows Other Major Banks In Raising Mortgage Rates

July 5th, 2011
CIBC raised the rates on fixed-rate mortgages Tuesday, following other major Canadian banks that did so Monday.

CIBC raised rates on closed mortgages by 0.10 to 0.15 percentage points, with the popular five-year closed option rising 0.15 per cent to 5.54 per cent, in line with the new rates announced by Royal Bank, TD Canada Trust and Laurentian Bank on Monday.

CIBC's new rates beco ...

Summer Housing Market Trends Toward Balance After An Active Spring Season

July 5th, 2011

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

New listings for detached, attached and apartment properties in Greater Vancouver totalled ...

Title Office Swamped Over Fraud Concern

July 4th, 2011

Renewed concern over an old mortgage fraud problem has been in the news lately and that attention has people flooding the title office with calls from homeowners.  Last Friday the Vancouver Sun reported the story of a Retired Richmond man who discovered his house had been sold without his knowledge and a large mortgage taken out on the home:

It’s all part of an elaborate scheme that has su ...

Home Prices In B.C. To Rise 13 Per Cent This Year: Report

July 3rd, 2011

B.C. home prices will rise an average 13 per cent to $571,000 this year before edging back 2.5 per cent to $557,000 in 2012, the B.C. Real Estate Association said in its second quarter housing forecast released Thursday.

The BCREA also predicted a moderate increase in housing sales this year and next.

However, the 13-per-cent increase in housing costs this year is misleading, accord ...

Small Houses, Big Money

July 1st, 2011
You could run a marathon. Climb a mountain. Write a novel. But if it's a real challenge you're looking for, try making a real estate investment in Vancouver with positive cash flow. Vancouver real estate investors have long struggled to wring cash out of their properties.

With an average property value of about $810,000 for a modest two-story detached house in the Metro region, ...