Conference Board sees perfect stability
The Conference Board of Canada is predicting perfect stability in the local real estate market for the year ahead. They see the Metro Vancouver real estate market as currently hot, but not overheating and predict that it ‘likely won’t overheat as 2010 progresses’.
While Metro Vancouver home sales in December tracked a pace that was nearly three times higher than sales last January, board senior economist Robin Wiebe said new listings also rose keeping the overall market in balance.
“Though [the market] is closing on the top of the balanced range, buyers are provided with a reasonable choice as the go out searching for homes,” Wiebe said in an interview.
However, Wiebe added that “it wouldn’t take much to tip [the market] over into seller’s territory.”
That is one factor that has the Conference Board putting Metro Vancouver on the list of cities it expects will see property prices rise between five and just under seven per cent along with Victoria, the Fraser Valley, Calgary, Regina, Ottawa and Halifax.
Edmonton, Saskatoon and Montreal are among the cities that the Conference Board expects will see price increases over seven per cent, with Winnipeg Toronto and Hamilton among cities that should see price increases between three and five per cent.
The Conference Board is estimating that no Canadian cities will see price decreases in 2010.
The full article can be read in the Vancouver Sun.
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January 27th, 2010 at 9:15 am
87 – Maybe true for your specific case. If its just a family with a basement suite, its actually in their interest to report the suite income because they can file expenses as well. If they aren’t reporting it, then they are probably just plain ignorant (not surprising).
I turned my former landlord into CRA. In this case a whole house with two suites was being rented out for over 24K/year. The guy earned a lot of money through various sources but still tried to swindle me out of my damage deposit (there were no opening or closing inspections). I had to threaten to take him the RTO (where I’d get double back) for him to finally cough it up.
For guys like that, I’m sure the CRA has a “where there’s smoke, there’s fire” rule. Who knows what other rental properties he owns? Or any other little side businesses? Our city is full of sleazy shitheads like this, and they are often worst abusers of tenants.
Anyhow, no harm in picking up phone and letting them know. They’ll figure it out from there.
January 27th, 2010 at 7:53 am
@scullboy:
Right.
I wasn’t trying to be “picky”, though, the point is that the owner of an asset always has two choices: sell it at the current market price, or hold on to it and receive the earnings. Likewise, a non-owner of an asset who needs to use it has the choice of buying at the current market price or paying the earnings to the owner, i.e. renting it.
Deciding which choice is the right one is the key to successful investing. In anything.
January 27th, 2010 at 7:37 am
@Patriotz:
Geez, man! Ok, your property’s resale value is worth the amount on the cheque the buyer writes the day it’s sold, Captain Picky.
January 27th, 2010 at 5:08 am
@scullboy:
No it’s not. It’s also worth what you can rent it out for, if you don’t sell it. If you buy a property for less than this value, you make money from it without ever selling it. That also applies if you’re living in it, because the rent you don’t have to pay is a return to you.
What a concept.
January 27th, 2010 at 4:05 am
@Dave:
No thanks, I like the top floor a lot better. But I’m renting you (and other debtors) my capital at over twice the yield.
January 27th, 2010 at 12:05 am
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nuff said
January 27th, 2010 at 12:03 am
@Informer 10:
And Real estate prices in Winterpeg develop from what exactly? Saskatoon? Regina? Rest of Canada?
Is it association? Same Federal government as the best place on earth? Help me out here!!
January 26th, 2010 at 11:38 pm
These promotional videos have me so confused.
Ok, I’m convinced now, Dubai is the Best Place On Earth.
And their real estate never goes down because wealthy Asians all want to move there.
Ozzie?