This week in Real Estate and the Economy - Media Watch Oct. 18 2009 edition

Here is this weeks look at what we found out regarding real estate and the economy - our links to articles we found of interest and hope you will too.

Okangan Real Estate News

What Sold last week in North Okanagan Real Estate ( Twenty one properties changed from active to Sold status in north Okanagan real estate last week. See how sellers faired and where prices were.

Kelowna,BC and Central Okanagan Foreclosure Statistics for September 2009 (Century 21 Advantage Realtor Jason Neumann) There are a total of 57 foreclosures amongst the entire listing inventory.  That is an overall change of 1 listing to the total number of foreclosures from September,2009 to October,2009. 

Canadian Real Estate News

Real estate: Why new house prices lag old house prices (Globe and Mail)   Prices for new houses have fallen 3.1 per cent in the past year, while resale values have increased by per cent.

Mortgage rate hike could cool housing rebound (Globe and Mail)  The central bank has said it expects to keep its key short-term lending rate locked at 0.25 per cent until mid-2010 to spur an economic recovery. Chartered banks, however, are finding their borrowing costs increasing for longer-term money, as investors bet that improving economic conditions will eventually bring more inflation.

Fewer listings boost home prices (Globe and Mail) The Canadian Real Estate Association said Thursday 135,182 homes were sold from July to September, an increase of 18 per cent from last year and the most ever sold in the third quarter. Average prices gained 11 per cent to $327,736.

Home prices rise less than expected (Globe and Mail) Over the past year, the biggest annual price increase has been in St. John's, where houses are on average 7.5 per cent higher than last year. It's the 10th month in a row that this city has led the country in year-over-year increases.

Sales hot for condo at heart of Regent Park redevelopment (National Post) Regent Park was built in the 1950s as a social experiment, but became known for its crime and inter-generational poverty. It is being redeveloped into a mixed-income community that integrates stores and the city's regular street grid. "I think that reintegrating the street system and therefore the community into the surrounding community will really help Regent Park flourish," Mr. Blake said.

Toronto helps lead surge in existing home sales (Toronto Star) Existing home sales across Canada climbed to the highest level of any third quarter on record, according to figures released today by the Canadian Real Estate Association.

Economic News

‘Runaway' Canadian dollar puts Bank of Canada in spot (Globe and Mail) Bank of Canada will be under intense scrutiny when it meets next week, given the high level of the currency.

BoC chief in a quandary over interest rates (National Post) Signs of a recovery abound, most notably demonstrated by an "awe-inspiring" rebound in real estate. But the strengthening Canadian dollar has whacked the country's trade sector, which accounts for more than a third of economic output.

A Bounce? Indeed. A Boom? Not Yet. (New York Times) THE sudden rise in home prices suggests that the psychology of the market has shifted substantially. But what should we expect in the months ahead? Not necessarily that we’re entering a new housing boom. To a large extent, where we’re heading depends on what home buyers are thinking.

Work of 2009 Economics Nobel Laureates Sheds Light on Regulation (Wall Street Journal) The 2009 economics Nobel was awarded to Americans Elinor Ostrom of Indiana University, who became the first woman to win the award, and Oliver E. Williamson of the University of California, Berkeley for their work on economic governance.

FT video: Martin Wolf discusses the winners of the Nobel Prize for economics (Financial Times)

Yours in real estate,


Bill Hubbard
Broker, Owner of Century 21 Offices in the Okanagan.
The Okanagan Real Estate Hub
  - Century 21 Vernon, BC

Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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