Wes Smith RE/MAX Ocean Pointe

250-758-3700
Blogs
Posts By Date
Categories
 

Home sales in BC were up 6.6 per cent in March compared to February, on a seasonally adjusted basis. However, this statistic belies the fact that the housing market is in the midst of a cyclical low.On a per capita basis, consumer demand currently mirrors the low level experienced in the late 1990s. Only during the height of the financial crisis were home sales lower. 


A little over a year ago consumer demand began to trend lower. This trend became a full scale downshift last summer as tighter credit regulations on high-ratio mortgages eroded affordability and reduced the purchasing power of many first-timeand early move-up buyers. Reducing the maximum amortization from 30 years down to 25 years had a much larger impact than any of the previous changes. This downward shift in consumer demand has bled into 2013. However, the current pace of sales is likely to be short-lived as market fundamentals suggest that some pent-up demand is latent. 

 

2013 can be characterized as a transition year. The global economy is expected to post much stronger growth in 2014/2015, with more robust domestic demand emanating from both China and the US. The resulting spin-offs of employment and wage gains will underpin housing demand. 

 

- Cameron Muir, British Columbia Real Estate Association Chirf Economist


Post CommentComments: 0Read Full Story
Categories: b | BUYERS | buying | buying a home | cashflow | Commercial, Cashflow, Income, Investment | CREA, stats | diy, renovations | FIRST TIMERS | grass, lawn, real estate | investing | investment, cashflow | Kennedy House, Nanaimo, B&B, bed and breakfast, heritage | Land Banking | listings | market | market conditions, mortgage | mls, vireb, | mls® | mortg | mortgae | mortgage | mortgage, cmhc | mortgage, genworth, CMHC | mortgage, rental, real estate | most expensive | Nanaimo | Nanaimo, | nanaimo, cheapest homes | new listing, bullrush, nanaimo | news | news, mortgage, nanaimo | offers | op | Open | Open H | open house | OPEN HOUSE, VIREB | patio home | re/max, advertising, | re/max, advertising, video, | RE/MAX. market, spring, 2014 | real estate | real estate, ladysmith, hotel, TV | remax | rental | sales | sales, nanaimo, ladysmith, parksville, qualicum beach, victoria, cedar, real estate, wes smith | seller | selling a home | selling your home | selling, | Sidney Real Estate | SOLD, Real Estate, Victoria, Lantzville, Nanaimo | stats | stats, bcrea | stats, bcrea, market | stats, real estate, nanaimo, blog | strata | tips | trade, nanaimo, | trade, nanaimo, garage | UPDATES | Victoria Real Estate | video | videos, youtube, | vireb, | VIREB, sales | vireb,stats, | Z2 Comox Peninsula, Zone 2 - Comox Valley Real Estate | Z3 Duncan, Zone 3 - Duncan Real Estate | Z3 East Duncan, Zone 3 - Cowichan Valley Real Estate | Z3 East Duncan, Zone 3 - Duncan Real Estate | Z3 Ladysmith, Zone 3 - Cowichan Valley Real Estate | Z3 Ladysmith, Zone 3 - Duncan Real Estate | Z3 Lake Cowichan, Zone 3 - Cowichan Valley Real Estate | Z4 Brechin Hill, Zone 4 - Nanaimo Real Estate | Z4 Cedar, Zone 4 - Nanaimo Real Estate | Z4 Central Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 Chase River, Zone 4 - Nanaimo Real Estate | Z4 Departure Bay, Zone 4 - Nanaimo Real Estate | Z4 Diver Lake, Zone 4 - Nanaimo Real Estate | Z4 Extension, Zone 4 - Nanaimo Real Estate | Z4 Lower Lantzville, Zone 4 - Nanaimo Real Estate | Z4 North Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 Old City, Zone 4 - Nanaimo Real Estate | Z4 South Jingle Pot, Zone 4 - Nanaimo Real Estate | Z4 South Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 University District, Zone 4 - Nanaimo Real Estate | Z4 Uplands, Zone 4 - Nanaimo Real Estate | Z4 Upper Lantzville, Zone 4 - Nanaimo Real Estate | Z5 Errington/Coombs/Hilliers, Zone 5 - Parksville/Qualicum Real Estate | Z5 Fairwinds, Zone 5 - Parksville/Qualicum Real Estate | Z5 Nanoose, Zone 5 - Parksville/Qualicum Real Estate | Z5 Parksville, Zone 5 - Parksville/Qualicum Real Estate | Z5 Qualicum North, Zone 5 - Parksville/Qualicum Real Estate | Z6 Port Alberni, Zone 6 - Port Alberni Real Estate