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Vancouver Real Estate Market Outlook 2010 and beyond

October 6, 2009

Filed under: Real Estate Market,Vancouver — Richard Morrison @ 9:53 am
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Hey Folks! We have just attended the annual real estate Outlook 2010 with Ozzie Jurock.

We heard many cautiously optimistic quotes ranging from Ozzie and Cameron McNeill from MAC Marketing Solutions. Majority of the commentaries, while bullish in some aspects, focused mainly on the long run investing. This came as no surprise given the market as we still have many obstacles to overcome.

Ozzie mentioned that our net population will grow double in the next

remax15-25 years, the largest growing city in Canada. Vancouver City is also found economic stability in turbulent times has a limited land supply and is geographically beautiful. One interesting fact, which even surprised me, is that vancouver is now the second most dense city in North America  after Manhattan.

Cameron McNeill spoke with a very confident tone when he quoted that “vancouver is the Swiss Bank account of International real estate”. Because of international investment is so perverse in our vancouver real estate and vancouver condos, namely from Asia Pacific, Middle East, India and Iran! The international wave of the late ’80s was the first set of international buyers.

The vancouver real estate Market: He also mentioned that Pundits and analysts are clamoring all over the media these days with the assurance that the real estate downturn is over and the good times are back. A recent report from Re/Max says: “The bounce-back that began in early spring has made this recession one of the shortest on record for real estate,” in its Bricks and Mortar Report. MLS sales have increased in more than half of the 11 Canadian markets surveyed for the report, and residential values have surpassed 2008 levels in seven of the markets. Sales in vancouver rose 14% from January to August, while sales were up 7.4% in Victoria over that period, 6.2% higher in Edmonton and up 5% in Regina. In Ottawa, sales were up 2.4%.

Nationally, the average price of a home is about $312,585, up 1% from January to August, but there was a much larger jump in St. John’s, N.L., where the average price rose 18% to $203,584. There have also been substantial increases in Regina (6.4%), Halifax-Dartmouth (3.5%), Winnipeg (3.5%) and Ottawa (3.3%).

However, it is not all rosy out there. If you can pick up a good buy and long term perspective where your goals are also aligned, go for it. But bear in mind that unemployment in B.C. is 7.8% now compared to 4.6% a year ago and Alberta remains relatively high, commodity prices are still low, and many buyers are in the market right now because of the very attractive low mortgage rates.

Keep safe and ensure you match cashflow to your mortgage payments at all times.  The fact is that there will be a lot more inflation coming around especially as we keep our dollar artificially low (so Eastern Canada can be able to export to US) again by lowering interest rates. There is also a significant amount of cash sitting on around – unused. This is because it is scared cash. Only when confidence fully restores, we will see the effects of when it is unleashed. Until then, keep some cash safe and buy positive cash flow vancouver investment properties.

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