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Blog by Kevin Wong

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Vancouver Remains Second Least-Affordable Market As Measure Improves Slightly

January 23rd, 2013

Vancouver has again ranked second in an international listing of the world’s most unaffordable markets, but the city’s affordability has improved while Toronto’s worsened.

The ranking comes from Demographia, a U.S.-based urban policy consulting firm that opposes government policies containing urban sprawl (such as smart growth and densification plans), and argues that they lead to ...

Home Prices Slip Again, First Four-Month Slide Since Recession

January 23rd, 2013
House prices in Canada slipped 0.4 per cent in December from a month earlier, according to a fresh reading today, marking the fourth decline in a row. But values remain "stretched" in some parts of the market, according to the Bank of Canada.

That four-month slide is the first since the recession, according to the Teranet-National Bank home price index.

Year over year, however, pric ...

Rate Hikes Delayed As Bank of Canada Cuts Forecast

January 23rd, 2013

The Bank of Canada trimmed its forecast for economic growth this year, and said eventual interest-rate increases likely will be delayed.

Policy makers said Canada’s gross domestic product would expand 2 per cent in 2013, compared with an October estimate of 2.3 per cent. GDP likely grew only 1.9 per cent last year, compared with the central bank’s autumn expectation of 2 per cent.

T ...

Is Canada Talking Itself into a Housing Crisis?

January 23rd, 2013

Little was heard of housing bubbles in Canada up to about a year ago. Now, predictions of crashes are on the front cover of Maclean’s and other publications. One might wonder if we are talking ourselves into a housing miasma, even though the fundamentals don’t point to one.

Consider affordability. The Bank of Canada’s housing affordability index shows that newly built standard houses ...

Apartment Building Market Remains Strong Throughout Region

January 22nd, 2013

Prices and total sales are up, but the number of transactions is falling. That’s the picture of Vancouver’s apartment building market, according to the Goodman Report, produced by David and Mark Goodman.

In 2012, both over-all dollar volume and the average price per suite hit record highs, David Goodman said in the report. The number of building sales is down 17 per cent in 2012 ...

8591 GARDEN CITY Road, Garden City, Richmond, British Columbia NEW LISTING!!

January 22nd, 2013

I just finished uploading this House for sale, 8591 GARDEN CITY Road, Garden City, Richmond, British Columbia

Spectacular!! 4577 SQ/FT, 8 year old home built on a 68*171=11,594 SQ/FT Lot. Includes 7 spacious bedrooms, 6 bathrooms (2en-suites), kitchen (stainless steel appliances/oak cabinets/granite counter tops), living room, dining room, family room, office, solarium, breakfast nook and la ...

Best Chinese Restaurants in Vancouver: 2013 Diners Choice Awards

January 15th, 2013

Bringing Metro Vancouver’s Chinese food lovers together with one dining guide, the 5th annual Chinese Restaurant Awards has announced the winners of 2013 Diners’ Choice Awards. This year, 34,273 votes were cast over a period of eight weeks with an average increase of 34%—the largest turnout in the history of Diners’ Choice Awards. No doubt these are the best Chinese restaurants in V ...

Jim Flaherty on Home Sales Dive: ‘I Don’t Mind Prices Coming Down a Bit, Too’

January 15th, 2013

The way Jim Flaherty sees it, his July changes to Canada’s mortgage rules are having the desired effect on the housing market.

“Well, yeah,” the finance minister told The Globe and Mail. “I don’t mind prices coming down a bit, too.”

Mr. Flaherty’s comments Tuesday followed new numbers showing Canadian home sales posted their fastest year-over-year decline in December since he tightene ...

Home Sales Plunge, Market 'Clearly in Correction Mode'

January 15th, 2013
Canada's housing market continues to cool markedly, with sales plunging 17.4 per cent in December from a year earlier. Prices, however, still held up, with a gain of 1.6 per cent from December, 2011.

On a month-over-month basis, sales were little changed from November, the Canadian Real Estate Association said today. New listings slipped 1.3 per cent from November as home sellers pul ...

BCREA Housing Market Update (January 2013)

January 15th, 2013
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