housing bubble

The Scourge of Negativity Equity

Submitted by RA on Tue, 08/31/2010 - 03:13

Reading about the mortgage modification marathons in the States, what's striking is how much individuals trying to save their homes have lost and how little their homes are now worth. A drop from $160,000 to $60,000 says one, and $115,000 in 2004, to $42,000 now says another.

In Vancouver, $42,000 wouldn't buy you anything worth striving to save - maybe a cardboard box under a road bridge.

Vancouver's house prices "more affordable" but still "exorbitant"

Submitted by RA on Fri, 04/17/2009 - 02:08

Low interest rates are beginning to have an impact on the cooling housing market. That and the growing threat of unemployment in the plummeting global economy, says a report from Canada's biggest bank, Royal Bank of Canada.

BCREA Now Sees 14% Drop in Vancouver House Prices in 2009

Submitted by RA on Mon, 02/02/2009 - 13:05

The British Columbia Real Estate Association (BCREA) has, again, revised downwards its predictions for Vancouver House prices in 2009. BCREA now sees Greater Vancouver home prices falling 14% and BC house prices falling 13% in 2009.

Housing Market Going South in 2009

Submitted by RA on Sun, 01/18/2009 - 03:07

The British Columbia Real Estate Association came out with stats for the BC housing market in 2008 last week showing that the downward momentum continues to build.

Vancouver Property Down Again In November

Submitted by RA on Wed, 12/03/2008 - 17:37

The Real Estate Board of Greater Vancouver (REBGV) reported yesterday that property sales slumped from 2,883 in November 2007 to 874 sales last month, a year-on-year decline of 69.7 per cent.

The spectre of negative equity for a greater number of recent home buyers is rising as prices continue to fall: almost 13 per cent has been wiped off the REBGV's benchmark residential property between May and November 2008. In price terms that's a fall from $568,411 to $495,704 in November 2008.

Vancouver makes $100M bailout to Olympic Village developer

Submitted by RA on Thu, 11/06/2008 - 20:10

Vancouver taxpayers are on the hook for an additional $100 million to help cover the costs of completing the Olympic village now that Millennium Development Corp., the U.S. company that (over)bid to build the 1,100 unit village was hit by the credit crunch.

BCREA Sees 10% Drop In Vancouver House Prices In 2009

Submitted by RA on Wed, 10/29/2008 - 17:45

The BC Real Estate Association has released its Fall 2008 forecast for the Greater Vancouver and British Columbia residential real estate market. BCREA is predicting Vancouver house prices will drop 10 per cent in 2009 and BC house prices will drop 9 per cent.

BC Housing Market in recession

Submitted by RA on Thu, 10/23/2008 - 17:25

Central 1 Credit Union is forecasting more drops for BC's housing market. It says that the provincial median sales price will drop 13 per cent to $310,000 in 2009 and by a further five per cent in 2010 when it expect prices to turn.

Vancouver House Prices Predicted To Drop

Submitted by RA on Sun, 10/05/2008 - 00:20

A report looking at house prices in Canada's nine major cities has found that property markets are overpriced. Using data from the second quarter 2008, researchers at the UBC Centre for Urban Economics and Real Estate predicts Vancouver house prices are likely to fall by 11%.

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