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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patriotz
10 years ago

@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.

scullboy
10 years ago

:

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. 🙂

patriotz
10 years ago

@scullboy:

Your property is not worth what you believe. It’s worth the amount on the cheque the buyer writes the day it’s sold. It’s as simple as that.

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.

patriotz
10 years ago

@Dave:

:

Wanna rent my basement?

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.

the truth
the truth
10 years ago

informer is a fuckwit

nuff said

DoDo1975
DoDo1975
10 years ago

@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!!

bestplaceonmeth
bestplaceonmeth
10 years ago

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?

Dick
Dick
10 years ago

So is it time to buy or not?

nonymouse
nonymouse
10 years ago
Informer 10
Informer 10
10 years ago

@Sofia:You are shocked at stability of real estate,Stop accusing Harper.

If Harper is behind the rise how come Bernanke and Green Span failed?

Now i know why did you leave your pink underwear and sandles on the door step,You are fucked Sofia.You don't know that Real eastate prices develop through Gouge of Economy and from desire to live in the best place on earth. or else USA real estate should have quadruplet first as Nanke lowered down interest rates FIRST. If you ever wanted to accuse someone accuse your Banker friend who advised you not to buy when you actually should have done it.

@The reason why VRENGD: Beautiful video,Beautiful Vancouver,Nice.

Anonymous
Anonymous
10 years ago

"There is nothing false or fake about monetary policy. Low interest rates are a natural part of our economy. It is what it is."

This is funny.

There is nothing natural about central banking and monetary policy. It is central planning at its worst. Eliminating central banks (what are they really for anyway?) and letting the market set interest rates would be "natural", but we can't have that now, can we?

bestplaceonmeth
bestplaceonmeth
10 years ago

My god, that was awesome!

It makes me want to go out and bid $200K over asking for an 800K house on Knight St.

Did you see all those 10 foot tall blue/green Na'vi people flying around Stanley Park? If not, try putting on your 3-D glasses.

Geez, I love Pandora. It's the Best Place On……

scullboy
10 years ago

:

Ok…. low interest rates are a natural part of our economy…. NOW.

I can easily recall a time when HIGH interest rates were a natural part of our economy. I can also easily foresee a time in the not so distant future (within the next 24 months) when high interest rates will return.

Will you agree that's a natural part of our economy as well?

The reason why VRENG
The reason why VRENG
10 years ago
Dave
10 years ago

@patriotz:

Wanna rent my basement?

rp
rp
10 years ago

#48 @Krazy Kanuk: "How can everyone save (without saving of course….that’s too hard) multi-millions of dollars?"

Hyperinflation?

patriotz
10 years ago

@Dave:

A difference of valuation does not a greater fool make, one way or the other

Wanna buy a Beanie Baby?

Drachen
Drachen
10 years ago

@Dave:

Low interest rates maybe, but the CMHC is completely artificial and the current trend towards throwing a policy at any drooling half-wit capable of signing the mortgage agreement is most certainly an attempt by the government to 'prop up' housing.

Dave
10 years ago

@scullboy:

There is nothing false or fake about monetary policy. Low interest rates are a natural part of our economy. It is what it is.

I agree with you on relevant fundamentals. Every market participant places a value on the home they are buying or selling. That is the natural economic relationship of supply and demand. A difference of valuation does not a greater fool make, one way or the other.