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• This week’s spate of U.S. economic news told the tale of a tepid U.S. recovery, still-benign inflation pressures and a Fed that is poised to stand pat for some time to come.
• U.S. retailers suffered an unexpected drop in sales in December of -0.3% and -0.2% excluding autos. Q4 results still point to a recovery in retail spending, but a relatively shallow one in light of the precipitous slump in sales during the recession.
• U.S. CPI headline and core inflation rose by a modest 0.1% M/M in December and the 12-month trend in core prices was stable at 1.8%.
• Bolstered by this week’s reports, the U.S. 10-year Treasury yield fell to a one-month low. What is good for bonds is often bad for the USD, which continued to shed ground against a number of major currencies.
• In Canada, housing developments moved to centre stage again, with evidence that new homebuilding activity continued to gear up and resale activity stayed strong in December.
• Remarks by a Bank of Canada Deputy Governor this week reinforced the view that regulatory changes, not rate hikes, would be used to address an overheated housing market if future conditions warrant.
• The Canadian trade balance worsened unexpectedly in November, moving back into deficit territory on the back of a 3.9% M/M surge in imports.
Summary:
This would indicate to me that we could see extended amortizations scaled back further in which case, a 35 year could be reduced to a 30 year, and this of course would affect the mortgage amount that one could qualify for. Down payments could be affected, and/or sources of down payment, and variable rate mortgages may have restrictions to those with little down payment.
The report is also an indicator that we might not see rates go up as early or by as much as originally speculated. However, for anyone about to get into the market and buy, or about to refinance an existing mortgage, now couldn’t be a better time to secure your options and make plans.
In 12 months, we went from the worst January in 20 years to the third best December. A significant portion of the 148% increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. An informal poll in December revealed 40% of home sales were by first-time buyers when it would normally be in the 25% range.
The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26%. However, it received 15% fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34% going from 9,960 properties in December 2008 to 6,534 in December 2009.
We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets.
The Housing Price Index (HPI) benchmark price for detached homes was $497,732 in December compared to $464,189 in December 2008, an increase of 7.2%. Although prices have gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.
The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4% increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.
The benchmark price of apartments decreased by 0.3 % year-over-year going from $237,786 in December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.
The Fraser Valley Real Estate Board (FVREB) processed 1,704 sales on its Multiple
Listing Service (MLS®) in October, an increase of 122 per cent compared to the 768 sales during the same month last year.
“We’ve had a reversal. Last October was unseasonably slow and now this past month was one of the strongest real estate markets we’ve had in the Fraser Valley in the last decade.”
“We continued to see resale buyers from Greater Vancouver and first-time buyers from all over the Lower Mainland taking advantage of competitive interest rates and lower prices in the Fraser Valley.”
Although the MLSLink® Housing Price Index (HPI) benchmark price of all three residential property
types combined has increased by 7.4 per cent in the last six months in the Fraser Valley, prices for each property type remain at or below what they were one year ago.
The benchmark price of a detached home in October was $491,128, an increase of 0.4 per cent compared to October 2008, when it was $488,983. The benchmark price of townhouses decreased 2.1 per cent from $319,160 in October 2008 to $312,339 last month. The benchmark price of apartments also decreased year-over-year by 2.3 per cent, going from $245,635 in October of last year to $240,048 in October 2009.
“We expect to see prices remain competitive in the Fraser Valley,” “Even during our
unusually busy summer, prices were sensitive to location and property type.”
Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in
September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.
(Surrey, BC) – Low interest rates continue to fuel a strong housing market in the Fraser Valley according to Paul Penner, President of the Fraser Valley Real Estate Board.
The Board processed 1,590 sales on its Multiple Listing Service (MLS®) in September, an increase of 62 per cent compared to the 980 sales during the same month last year, however, 11 per cent fewer sales compared to August’s 1,786 sales.
“Summer months are historically stronger for home sales in the Valley compared to the beginning of fall,” Penner explained. “However, as far as Septembers go, this one was solid, in fact the third strongest in the last decade.
“That pent-up demand we saw in the spring has carried forward, buoyed by low interest rates and housing prices that, despite inching up in some areas, remain more economical than they were a year ago.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in September was $491,404 a decrease of 1.5 per cent compared to September 2008, when it was $498,822. In the last three months, the HPI benchmark price of a detached home has increased by 4.2 per cent.
The HPI benchmark price of Fraser Valley townhouses decreased 4.2 per cent from $325,898 in September 2008 to $312,143 in September 2009, and in the last three months has increased by 3.7 per cent. The benchmark price of apartments also decreased year-over-year by 5.2 per cent, going from $253,489 in September of last year to $240,378 in September 2009, and has increased by 4.1 per cent in the last three months.
In September, the average number of days on market for a detached home in the Fraser Valley was 55 days, a decrease from the average of 60 days where it’s hovered for five months. Townhomes sold on average in 46 days in September and apartments, 54 days.
The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in September decreased 2 per cent from August, dropping to 8,799 listings. This represents a 29 per cent decrease from last year’s all-time high for actives, 12,379. The MLS® received 2,640 new listings in September, an increase of 7 per cent compared to August, yet 14 per cent fewer than September of last year.
The Fraser Valley Real Estate Board is an association of 2,944 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.
