Joseph's Blog - Victoria BC Real Estate, In the Zone

UPDATE ON LOCAL REAL ESTATE, 2011

UPDATE ON LOCAL REAL ESTATE, 2011

GREATER VICTORIA HOMES MAINTAIN THEIR VALUE:

2012 assessment ranges from 2 percent drop to 5 percent rise.

Greater Victoria homes are maintaining their value but after years of increases, signs of price slippage are showing up, the latest report from B.C. Assessment shows.

“I think it’s definitely good news if you are a property owner because essentially the value of your real estate is sustaining, especially now in the midst of a global economic situation,” Reuben Danakody, Greater Victoria area assessor, said Tuesday.

Typical homes, except in Oak Bay and North Saanich, are assessed in the $500,000 to $600,000 range, similar to last year, he said.

The local market is “very stable” and marginal decreases are “basically market corrections,” he said.

            (Times-Colonist, Wednesday January 4, 2012, page A1)

2011 REAL ESTATE: HOME SALES TUMBLE TO 11-YEAR LOW,

Economic uncertainty, weakened consumer confidence behind fall.

The Greater Victoria real estate market hit the brakes in 2011, recording the lowest total number of unit sales in 11 years.

According to year-end figures from the Victoria Real Estate Board, there were 5,266 sales in the region last year, the lowest number since 4, 467 sales in 2000. And while the number of sales was only slightly off the previous year’s 5,666, it is well off the 7,124 transactions in 2009.

Last year’s 3,069 single-family home sales is the lowest since 1990, and the 1,581 condos and 618 townhomes sold were the lowest totals since 2002.

According to board president Carol Crabb, there are a slew of reasons behind the slow year – from global economic uncertainty to people waiting and hoping to see prices fall.

“The whole feel of the market has shifted a little,” she said. “It has slowed down. People are taking longer to make decisions, though I’m not sure why when interest rates are so goo. But there is some uncertainty out there.”…

The impact on sales is obvious in terms of units changing hands, but it seems to also have had an impact on selling price with both the average and median selling prices for single family homes and townhouses having dropped from 2010, while condo prices remained flat.

The average selling price of a single family home last year was $613,839 down from $629,925 while the median dropped to $555,000 from $562,000. The average selling price of a condo last year was $326,570 up slightly from $323,827 while the median remained virtually unchanged at $292,750….

            (Times-Colonist, Wednesday January 4, 2012, page B1)

BCREA ECONOMICS NOW

Canadian Building Permits - January 9, 2012

Canadian building permits declined 3.6 per cent in November, following an 11.6 per cent jump in October. A sharp decline in non-residential permits, particularly in Ontario, overshadowed an 8.2 per cent gain in residential activity. 

BC lead all provinces with construction intentions rising 31.5 cent in November. Both residential and non-residential permits were up significantly in November with residential permits rising 29.5 per cent and non-residential permits up 36 per cent. Permits for multi-family housing in Vancouver was largely responsible for the increase in residential activity, with total permits rising 71 per cent from October to November. Other major metropolitan centres saw mixed results with Kelowna and Victoria up 5.9 and 2 per cent respectively while Abbotsford construction intentions tumbled 76.1 per cent. November building permits data suggests that the strong trend in residential, particularly multi-family, housing construction will continue through the early months of 2012. However we do anticipate a moderate slowing of overall starts this year.

         Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.

Posted by Joseph Martin Monday Jan 09, 2012 20:15
Categories: Dream Homes, Finding a Home, Healthy Living, Home Buying, Home Selling, Life Value Real Estate, Quality of Living Real Estate, Real Estae in Canada, Real Estate, Real Estate - Anthropology, Real Estate History, Real Estate in Canada, Real Estate Victoria BC, Recession, Downturn | Tags: bc commercial real estate, bc realty, buy house, buying home, downturn, economy, finding a home, lifestyle, profits, quality of life real estate, quotes by the great, quotes for life, real estate, real estate in bc, real estate market, real estate psychology, real estate report, real estate satisfaction, real estate victoria bc, realtors bc, recession, sell house, selling home

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