Found 873 blog entries published by Ron Neal.
The increasing trend of improved Buyer Optimism carried over from April’s increases sales activity with even more sales in May totalling 659 exactly the same as the sales reported in May 2012. The other side of the numbers is that the volume of 1,428 new listings reported in May was substantially down from the 1,740 new listings reported in May of 2012. The result is that we’ve had a slight decline in the overall number for sale as of June 1, 2013 to 4,783 now down from over 5,000 June 1, 2012. This combination of increased sales and optimism together with decreased listings available suggests that we’re in a trend towards a more balanced market. With interest rates still extremely low, although it’s challenging to get approved to borrow, particularly as
…Goodbye HST, hello Sales! With last month’s numbers we saw a change in the direction with now fewer listings on the market than at this time last year and increased sales. While it’s early to recognize the increase in activity over the last few weeks as a “trend”, it’s encouraging to say the least! By my personal observations the scales appear to be tipping back towards balance with an increasing number of buyers expressing positive sentiments about this being a good time to buy. It’s historically normal for us to see an increase in both listings and sales as the weather warms up in Spring. We experienced declines in sales and prices over the past few years when many other Canadian and even some BC markets continued to increase, I think we may have
…Ron’s Candid Comments on the Victoria Real Estate Market - April 2013 "Our Spring Market has Sprung with the warm weather and flowers and while sales did pick up over the previous month as they have done consistently in history, the volume of sales is still substantially below last and prior years’ levels. The bottom line is that “The Buyers’ Market Continues” with great selection, continuing low interest rates (to those who qualify which has become increasingly challenging for many) and downward pressure on prices from sellers in distress who don’t have the liberty to wait for better times and who are competing for reluctant buyers. There really are some great opportunities arising and it’s a particularly good time to “move up” in the market."
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Average House Prices by City |
Jan 2013 |
Jan 2012 |
Jan 2011 |
Yellowknife |
$405,483 |
$429,429 |
$324,598 |
Vancouver |
$748,651 |
$752,380 |
$762,562 |
Victoria |
$421,939 |
$454,905 |
$486,384 |
Edmonton |
$323,541 |
$317,995 |
$315,483 |
Calgary |
$418,938 |
$394,655 |
$394,655 |
Saskatoon |
$320,812 |
$309,828 |
$300,353 |
Regina |
$299,700 |
$284,744 |
$260,133 |
Toronto |
$482,648 |
$463,534 |
$427,159 |
Hamilton-Burlington |
$349,943 |
$334,106 |
$325,732 |
Ottawa-Carleton |
$343,382 |
$349,525 |
$329,640 |
Quebec City |
$266,692 |
$247,326 |
$240,646 |
Montreal |
Current Discount Mortgage Rates |
Mar 2013 |
|||
Variable Rate |
2.65% |
|||
1 Year |
2.74% |
|||
2 Year |
2.69% |
|||
3 Year |
2.65% |
|||
4 Year |
2.99% |
|||
5 Year |
2.89% |
|||
7 Year |
3.59% |
|||
10 Year |
3.69% |
|||
Prime Rate |
3.00% |
|||
* Rates subject to change and OAC. | ||||
Current Posted Mortgage Rates |
Mar 2013 |
Mar 2012 |
Mar 2011 |
|
1 Year |
3.00% |
3.20% |
3.50% |
|
3 Year |
3.55% |
3.95% |
4.35% |
|
5 Year |
5.14% |
5.24% |
5.34% |
Ron’s Candid Comments on the Victoria Real Estate Market - March 2013
Our real estate board reports “Spring Perks Up Greater Victoria Real Estate”. In reality while yes we have seen our typical seasonal activity increase in activity, sales are lagging far behind last year’s numbers and the number of listings offered for sale is up marginally. There are bargains to be had for home buyers and those who “price their homes right” are selling them, even in some cases with competing offers. Those home sellers in need of last year’s prices are, however, finding themselves out of luck as the market dropped sharply in sales volume and price especially since the latest mortgage rule changes introduced in July 2012. My personal crystal ball sees prices
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