Calgary, Vancouver have greater downside real estate risk: Report

March 5, 2009

Residential real estate activity should moderate further in 2009 alongside a general weakening in domestic economic conditions, says a research report released today by Scotia Economics.

The Real Estate Trends, authored by economist Adrienne Warren, said Canada can expect a 15-20 per cent decline in the volume of resales this year with a further 10 per cent drop in average prices.

“Centres with the largest supply-demand imbalance, including Vancouver, Sudbury and Calgary, have relatively greater downside risk.”

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Don Cambell: Edmonton still No. 1

March 5, 2009

Edmonton Still No 1 for real-estate investing, author says Economic slump seen as temporary setback

It was last August when real estate author and consultant Don Campbell crowned Edmonton the best place in North America to invest in residential real estate.

Since then, the price of oil has plunged, the Alberta government has predicted a billion-dollar deficit and the city’s housing market has seen starts, prices and sales fall.

So is Edmonton still the best place to invest in residential real estate?

“Absolutely, it is,” he said Monday during a visit to Edmonton from Vancouver. “There’s no way the world can continue to afford $30 and $40 oil. … Eventually, within 18 or 24 months, we’re going to see the market come back to something that’s more normal.”  Campbell is author of Real Estate Investing in Canada 2.0 and president of the Real Estate Investment Network (REIN), a business that offers training to its members on real estate investing.

Last summer, a REIN report ranked Edmonton as the best place to invest in residential real estate, followed by Calgary, Red Deer, St. Albert and Grande Prairie. Devon placed ninth and Sturgeon and Strathcona counties tied at 10th. The list was compiled from a survey of statistical and demographic data from Statistics Canada, Canada Mortgage and Housing Corp., Multiple Listing Service and other sources.

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News Release: Vancouver Property listings decrease, as February sales improve

March 5, 2009

VANCOUVER, B.C. – March 3, 2008 – Residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.

At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6 per cent in February compared to the previous year; 20 per cent in January; 8.6 per cent in December; and 10 per cent in November.

“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,” said Dave Watt, president of the Real Estate Board of Greater Vancouver (REBGV).
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