Blog by Kevin Wong

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U.S. Home Prices Down 3.3% In 20 U.S. Cities

April 26th, 2011

Residential real estate prices dropped in February by the most in more than a year, a sign the U.S. housing market is struggling to stabilize.

The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decrease since November 2009, the group said today in New York. The decline matched the median forecast in a Bloomberg N ...

Affordable Rental Housing In The U.S. Hard To Find: Study

April 26th, 2011

The share of renters who spend more than half their income on housing is at its highest level in half a century and it’s no longer just low-income tenants who are feeling the pain, according to a Harvard University study scheduled for release Tuesday.

About 26 percent of renters — or 10.1 million people — spent more than half their pre-tax household income on rent and utilities in 200 ...

Jobs Not Incentives Will Solve U.S. Housing Downturn: TD Economist

April 24th, 2011
The U.S. government’s attempts to shore up the country’s real estate market after the financial crisis with first-time homebuyer tax credits and other incentives really didn’t do anything to put the American housing market on a more sustainable path, according to a TD economist.

Instead, government inducements just borrowed demand from the future, allowing the housing market to ...

Chinese Buyers Good For Canadian Real Estate: Realtor

April 24th, 2011
Cam Good, who made national headlines earlier this spring for his helicopter real estate tours of Vancouver to Chinese visitors, said the latest protectionist criticism is misguided.

Good, president of the real estate company, wrote a editorial piece for the Vancouver Sun advocating that Canadians should be grateful for the recent surge in Chinese buying activity in ma ...

Houses Under BC Hydro Lines Sell Faster Than Expected

April 23rd, 2011

BC Hydro has managed to sell almost its entire inventory of homes on the Tsawwassen right-of-way.

As of this week, the Crown corporation has sold 102 of the 104 houses that first hit the market in September of 2009.

Marketing the properties as Tsawwassen Heights, BC Hydro anticipated it would take three years to sell all the homes, although it has taken less than two.

The Crown cor ...

Vancouver's Office Space Third Most Expensive In North America: Colliers

April 21st, 2011
Vancouver's office spaces are the third most expensive in North America as of last December, according to a report released by Colliers International.

Vancouver, with a cost of US$52.99 per square foot, placed 23rd in the global rankings, behind only New York's Midtown Manhattan at $65.04 and Washington, D.C., at $53.59.

Hong Kong again finished first in the rankings with the pric ...

U.S. Existing Home Sales Rise; Prices Fall

April 20th, 2011

Sales of previously owned U.S. homes rose more than expected in March, a trade group said on Wednesday, suggesting the housing market's downward trend may be close to hitting a bottom.

The National Association of Realtors said sales rose 3.7 per cent month over month to an annual rate of 5.10 million units after an upwardly revised 4.92 million unit pace in February.

Economists ...

Two Speed Market Continues For BC Home Sales

April 18th, 2011
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5
per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year. “We continue to obser ...

National Home Sales Hold Steady in March

April 15th, 2011
According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity held steady in March 2011 compared to February.

Seasonally adjusted national home sales activity in March came in one tenth of a percentage point above levels for the previous month, with stable demand in most large urban centres.

With national sales in each of the fi ...

Spring Season Will Better Q1 Housing Prices:Brokers

April 12th, 2011
A new survey suggesting Canadian home prices rose no more than 4.3% in the first quarter won’t be the final word on this year’s growth, said brokers Tuesday, anticipating significant gains courtesy of a busy spring season.

“The sun has yet to shine literally and figuratively in Newfoundland this year,” Mark Norman, a residential specialist with Verico Acme Financial Inc., told Mortga ...
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