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Sep 04, 2010 fvreb.bc.ca
The Fraser Valley Real Estate Board (FVREB) processed 997 sales on its MLS in August, a decrease of 44 per cent compared to the 1,786 sales during the same month last year and 9 per cent fewer than in July, however 10 per cent more than the 910 sales in August 2008...
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Sep 04, 2010 rebgv.org
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, and a 2.4 per cent decline compared to July 2010.....
Greater Vancouver Housing Price Index 2006 - 2010
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Sep 03, 2010 Bill Mah edmontonjournal.com
Edmonton — Cooling demand knocked prices down for the second straight month for single-family homes while condo prices continued their steady slide for the Edmonton-region resale market in August.
Multiple Listing Service data released Thursday by the Realtors Association of Edmonton showed the average single-detached dwelling sold for $372,253 in August, down 1.96 per cent from July.
Condominium prices dropped 2.99 per cent to $232,230 -- plunging from a high of $253,788 in April.
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Sep 03, 2010 Andrew Mayeda communities.canada.com
What have Canadians learned from the global financial crisis?
Not much, according to a new report by Scotiabank.
Scotiabank analysts Derek Holt and Gorica Djeric note that housing prices in Canada are at all-time highs, despite the fact that Canadian household finances "are more stretched than ever before." Within six months, Canadians will be more heavily indebted on average than Americans, who have been purging themselves of the debt that racked up before the recession. This leads Holt and Djeric to believe that the Canadian housing market will soften over the medium term.
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Aug 03, 2010 Ka Yan Ng foxbusiness.com
Totonto (Reuters) - Canada's rapidly cooling housing market is robbing the nation's economic recovery of one of its main drivers, but most industry watchers still think the once booming sector will avoid a U.S.-style crash.
Low mortgage rates, a healthy banking system and higher lending standards than in the United States are expected to support a market that saw double-digit price and sales gains in late 2009 and early 2010.
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Sep 02, 2010 Derrick Penner Vancouver Sun
Metro Vancouver - Lower Mainland home prices continued to edge lower in August in an environment of declining sales, regional real estate boards reported Thursday.
The benchmark price, an average for typical homes sold, was down almost three per cent in most of Metro Vancouver hitting $576,597 in August compared with a peak of $593,419 in April, the Real Estate Board of Greater Vancouver said.
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 BMO said in a statement that the move was an effort to provide potential home buyers an incentive as the fall season rolls around. Sep 02, 2010 John Greenwood Financial Post
Bank of Montreal has chopped its benchmark five-year mortgage rate, aggressively throwing its weight behind what many are calling an increasingly wobbly housing market.
“It’s a great time to buy a home,” Martin Nel, a senior BMO official, said in news release announcing the change. He added that people who take advantage of the offer will benefit.
“If ever there was a time to buy, it is now,” Mr. Nel said.
The move which takes effect Thursday brings the bank’s key five-year rate to 3.59%, down from 3.79%, making it one of the lowest five-year rates ever offered by a Canadian bank, says industry newsletter Canadian Mortgage Trends.
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Aug 31, 2010 Derrick Penner, Vancouver Sun
Vancouver — Canada Mortgage and Housing Corp. forecasts that Metro Vancouver housing markets will slow more than it initially expected owing to the rush of pre-HST sales and expectations that mortgage rates will rise, a report released today indicates.
Canada Mortgage and Housing predicts that Metro Vancouver will see 34,000 sales in the region's home-resale market by the end of 2010, a 6.2-per-cent decline from 2009. And that’s down from the forecast of 35,000 sales the national housing agency released in May.
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Reasons of region's expensive market obvious
Sep 02, 2010 Michael Goldberg Vancouver Sun
‘We did it: We are the least affordable city in North America.”
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 Sep 02, 2010 Jim Stanford theglobeandmail.com
The GDP numbers are in and it’s clear Canada’s private sector has been free-riding on household and government spending efforts
Tepid GDP numbers released Tuesday by Statistics Canada confirm that Canada’s economic recovery, such as it was, is sliding completely into the ditch. We’re clearly heading for stagnation at best, and quite possibly another “double dip” downturn.
The headline number was disappointing, to say the least. Real GDP grew only 2 per cent (annualized) in the spring quarter. That’s just a hair faster than the U.S. economy (which everyone knows is still deeply in the soup). Two per cent doesn’t keep up with population and productivity – implying higher unemployment ahead, not lower. Typically, at this stage of recovery, the economy should be growing three times faster.
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Sep 01, 2010 Bill Mah edmontonjournal.com
Edmonton — Expect a buyer's market for Edmonton-area resale homes in the remainder of 2010 with more balanced conditions next year, says a new report released Tuesday by Canada Mortgage and Housing Corp.
The average resale home price in the Edmonton census metropolitan area will still increase by 3.9 per cent this year compared with last year, but total MLS sales will fall by 11.2 per cent, said the report.
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Sep 01, 2010 John Pasalis movesmartly.com
Editor's Note: "Five Questions For" is a periodic series in which Move Smartly bloggers get answers to the questions we'd all like to ask about real estate.
TD Economics made headlines a few weeks ago when they released a report forecasting a 10% decline in Canadian home prices.
I invited TD Bank Senior Economist Pascal Gauthier to answer five questions about the report they recently published and about Toronto's real estate market overall:
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Sep 01, 2010 Bill Mann's blogs.marketwatch.com
Vancouver now has the least affordable housing in the world, says a recent report in the Vancouver Sun.
Sun business columnist Don Cayo says snarkily: ‘We did it: We are the least affordable city in North America.”
A Reuters piece by Michael Goldberg added this in the same tone: “Congratulations are in order. Vancouver is now the least affordable city among 272 in Australia, Canada, Ireland, New Zealand, the U.K. and the U.S., according to the 2010 Sixth Annual Demographia International Housing Affordability Survey.”
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Sep 01, 2010 Derrick Penner Vancouver Sun
National housing agency hedges May prediction
Canada Mortgage and Housing Corp. has reduced its expectations for Metro Vancouver's housing markets, a prediction that speaks as much to the mad rush of sales in late 2009 as it does to the slowing of sales in mid 2010.
The national housing agency predicts that Metro Vancouver will see 34,000 sales in the region's home-resale market by the end of 2010, a 6.2-per-cent decline from 2009. And that is down from the forecast of 35,000 sales the national housing agency released in May.
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Aug 31, 2010 theautomaticearth.blogspot.com
Stoneleigh: As I travel around and visit many different places, the disparity in the speed at which the credit crunch is unfolding in different places is readily apparent, and with it the attitudes of local people to warnings of hard times to come. In places where the bursting of the credit bubble is more advanced, such as Ireland, people are generally more interested in understanding what went wrong and what they can do for themselves and their communities. In such places, where homes may already only be worth 40% of the mortgage on them, there is more public recognition and discussion of the issues, even if there is still a great deal of collective denial.
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Aug 31, 2010 Sunny Freeman The Canadian Press
Toronto - Home sales may be slowing, but prices in six of Canada's largest housing markets are in bubble territory for the first time in 30 years — and a U.S.-style correction is still not out of the question, according to a report from an Ottawa-based think tank.
The report by the Canadian Centre for Policy Alternatives, to be released Tuesday, says home prices now sit at 4.7 to 11.3 times Canadians’ annual income — much higher than historical comfort levels of between three and four times income.
"To see all of the (major) markets outside of that comfort zone is very unique and concerning," said David Macdonald, a research associate who authored the report entitled "Canada's Housing Bubble: An Accident Waiting To Happen."
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August 31, 2010 Tony Wong yourhome.ca
Canada’s major metropolitan housing markets are looking awfully bubbly and are due to burst, says a report released Tuesday.
The report, entitled Canada’s Housing Bubble: An Accident Waiting to Happen, by the Canadian Centre for Policy Alternatives, looks at prices in Toronto, Vancouver, Calgary, Edmonton, Montreal and Ottawa.
It concludes that housing price appreciation is frothy in comparison to historic values.
“I think at best you will see stagnation in housing prices or some kind of correction, and at worst you will see the bubble bursting,” said David Macdonald, an economist and research associate at the centre.
Housing bubbles emerge when prices increase more rapidly than inflation, household incomes and economic growth. That has been the case for Canada over the last run-up in prices, according to the report.
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