Friday, April 17, 2009

Affordability Drives Home Sales Higher

Affordability Drives Home Sales Higher
By 250 News

Wednesday, April 15, 2009 08:40 AM


Prince George, B.C. - The British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 35 per cent to $2.3 billion in March, compared to the same month last year. Residential unit sales declined 25 per cent to 5,464 units during the same period. The average MLS® residential price in the province was $424,122 in March, down 12 per cent from March 2008.
“While fewer MLS® residential sales were recorded last month compared to March 2008, home sales actually climbed 24 per cent from February to March on a seasonally adjusted basis, the second consecutive month of gains,” said Cameron Muir, BCREA Chief Economist.

A significant increase in affordability helped fuel housing demand last month. “Reduced mortgage interest rates have effectively doubled the impact of lower home prices on affordability,” added Muir. While the average sales price in BC declined 12 per cent from a year ago, the monthly payment on the average priced home was 24 per cent lower. “Housing is now more affordable than at any time in the last three years,” noted Muir.

posted by Colin @ 4:39 PM 0 Comments

Tuesday, April 14, 2009

Housing Starts Down in First Quarter

Housing Starts Down in First Quarter
By 250 News

Wednesday, April 08, 2009 04:00 PM


Prince George, B.C. - Housing starts were not only down in Prince George in the first quarter of 2009, they slowed right across the province.

From January to March in Prince George, only eight single detached homes were started in the first three months of the year. Last year, during the same period, 28 homes started. That makes for a decrease of 71.4%
Provincially, there were 2,517 homes started in the first quarter, just a fraction of the 8,532 that were started during the same period in 2008.

“Developers and homebuilders in BC are starting fewer new homes in response to a well supplied resale market and weaker housing demand” says Carol Frketich, CMHC BC Regional Economist.

CMHC predicts housing starts will decline in 2009 as the economy and job growth slow and an abundant supply of existing homes for sale reduces demand for new housing.

posted by Colin @ 8:02 AM 0 Comments