According to the first quarter Housing Market Outlook, Canada Edition, which is issued by the Canada Mortgage and Housing Corporation (CMHC), demographic fundamentals will be critical to new home construction starts in 2011 and 2012. The CMHC believes that new home starts will stabilize after lower numbers in the second half of 2010.
The Olympic Village condos have been a troubled investment for some years now. Vancouver officials spent about $740 million of taxpayers’ money to develop the lot, but the project lost its financial backup from New York-based financial institutions in early 2010. Millennium Waters, as the developers named the project, was a major failure with only 30 per cent of the condos sold by late 2010, when Ernst & Young came in.
How did Canadian banks respond to the reduction of mortgage amortization rates from 35 to 30 years? What are the outlooks for the housing market in the country?
The CMHC came with some good news for the Canadian real estate market – there were more housing starts in January 2011 than in December 2010.
Many construction firms are beginning to offer Energy Star and Greenhouse rated homes to keep up with demand.
Even in a city like Vancouver with its beautiful surroundings and many recreational possibilities ranging from a vast array of entertainment venues in the city, through many parks to water sports, hiking or skiing in the mountains, many families own a recreational home out of the city, where they escape from everyday life and enjoy the lovely nature and the vicinity of a well-maintained golf course. Maybe you are one of many who consider buying such a property, but still think whether it’s a good time.
According to the RE/MAX Housing Barometer Report which measured the Canadian housing market from January 2000 to December 2010, stable inventory levels turned the last decade into one of the most healthiest periods in the history of Canadian real estate. The Report measured the monthly ratios of sales to new listings in 18 major Canadian centres and found that mainly balanced and stronger seller’s conditions continued throughout the decade, which resulted in gradual increases in housing prices. The recessionary period from later 2008 to early 2009 proved to be an exception with a fall towards buyer’s territory, but less supply made up for the lower demand and provided high stability with low volatility.
The past 6 to 8 months have been very intense, with increased inflow of foreign home buyers, driving real estate prices up to a 50% rise in the past 2 years.
Preditction – the economies of both Canada and USA are crucial to the stabilization of the housing markets, not vice versa.
The post-recession year 2010 saw a big boost in British Columbia’s housing sales activity, a rising economy and the Winter Olympics bringing first-time buyers.
One of the most spectacular modern concert halls in the world designed by one of the most influential Canadian architects, this imaginative structure shines with grandeur, literally. Frank Gehry designed this building as a tribute to Walt Disney, who was famous for his love for music, arts and the city of Los Angeles, where the hall is located.
Many of the investment-hungry businessmen will attend the upcoming Global Chinese Financial Forum’s (GCFF) Vancouver Conference 2011, held in the Plaza Hotel.
All of these events are parts of the official Vancouver’s 125 years birthday celebrations which will last throughout the whole year 2011.
The Canada Statistics released data on the November new home prices in Canada which have been rising since July 2009 with only a one month exception.
City Council discussed and preliminarily allowed a new mega-casino construction that’s being proposed for a newly renovated site in downtown Vancouver.