This Week In Real Estate and The Economy - Media Watch Oct. 5 edition

Our team has sifted through this weeks information about real estate and the ecomony -and here are links to articles that may be of value to you as you consider your real estate path. Please feel free to contact us with your questions and comments about real estate - locally, nationally or globally.

Okanagan Real Estate Market News

North Okanagan Real Estate Market Activity (TheOkanaganRealEstateHub.com)
A look at the housing sector in September 2009 for  new listings, solds, inventory on hand, median prices, days to sell and range of time and money spent on sales of single family homes, townhomes, apartments and building lots in Vernon BC and the surrounding areas.

Central Okanagan Real Estate for September 2009 (Jason Neumann – Century 21 Assurance)
An overview of the Kelowna BC and area real estate market.

Okanagan Shuswap Real Estate Inventory Watch (OkanaganMarketStats.com)
What a change a week makes – chart of inventory changes for homes, townhomes & Lots and Acreage. 

What SOLD: September 28 – October 4, 2009 in North Okanagan Real Estate (TheOkanaganRealEstateHub.com)
A report on what sold – how much sellers accepted on the list price, median and price ranges for homes, apartments, townhomes and condos, lots and acreages and manufactured homes. If it’s status went to sold last week it will be in here... with a link to see more details about individual properties.

Other Canadian Market News

Canmore Real Estate News – September 2009 (Richard Greaves)
The Canmore Real Estate sales stats are in for the month of September and show that we continued our journey to a more balanced market.

B.C. real estate returning to ‘seller’s market’: report (The Vancouver Sun
Record-low interest prices, homebuyer tax incentives and lower housing prices are spurring a revitalized demand, a Scotia Economics report released Thursday says, but there are still obstacles to a more solid recovery.

Canadian Real Estate News

Residential Real Estate News - September 26 - October 1, 2009  (RENX)
A collection of links on the Real Estate Exchange Network.

Home ownership holds up as survivor of major downturns (Toronto Star)
A bounce that began in the spring has buoyed markets, with sales and prices in many Canadian markets above what they were last year.

Real estate markets on the mend (Globe and Mail)
Aspiring U.S. homebuyers rushed to take advantage of a tax credit for first-time owners that expires in November, driving up the number of signed sales contracts for the seventh straight month in August. The Associated Press

 

Global real estate stabilizing: Scotiabank (CBC)
U.S. sales and spending numbers show housing rebounding as Scotiabank report cites tentative but growing signs of stability in many countries

Canadian home prices remain in reach (Canada.com)
Fort McMurray tops out Alberta's prices for a 2,200-square foot four-bedroom home at an average price of $638,000.

Moving up: ‘Aspirational homes' still affordable (Globe and Mail)
The cost of “moving up,” by city – including Kelowna.

Canada's anemic first-time home buyers' credit (Globe and Mail)
Our program pales next to American one, which has had a tremendously positive impact, says our personal finance blogger Chaya Cooperberg

Canadian Home Prices Rise for Third Consecutive Month in July (Bloomberg)
“The trend reversal is consistent with improving market conditions for the country as a whole in recent months,”

Haggling over your first mortgage (Globe and Mail) 
You've been to the open houses, explored various neighbourhoods and perhaps even checked out local schools before settling on the home of your dreams. Now it's time to negotiate your first mortgage, a process which done right, could save you tens of thousands of dollars.  

Economic News on both sides of the 49th Parallel

'There’s no spark in our economy’ (Globe and Mail)
The Canadian economy was unexpectedly flat in July, a reading that throws into question the strength of the country’s recovery.

Canada's flat growth in July dampens optimism (Globe and Mail)
“The economy is picking up – but it will be choppy,” said Andrew Gretzinger, senior economist and portfolio manager of MFC Global
Investment Management , who correctly predicted July's GDP would be unchanged.

IMF predicts Canada to outpace rest of G7 (Globe and Mail)
Canada is on track to lead the world's wealthiest countries out of recession next year, a testament to sound economic policy and weak competition

 

Q&A: IMF Chief Economist Sees ‘Strong Case’ for Weak Recovery (Wall Street Journal)
International Monetary Fund chief economist Olivier Blanchard was a prominent macroeconomist at the Massachusetts Institute of Technology before he took the IMF post in 2008. The dapper French citizen wrote about monetary policy, the nature of asset bubbles and how labor policy affects unemployment, especially in Europe — all of which have come in handy at the IMF during the worst global recession since the Great Depression. Blanchard sat down with The Wall Street Journal’s Bob Davis in Istanbul, where the IMF is holding its annual meetings, shortly after the IMF forecast a modest, 3.1% global expansion next year.

Questioning a Chastened Priesthood (IMF)
FOR Daniel Kahneman, one of the most moving episodes in the current global economic crisis took place when a humbled Alan Greenspan, the former chairman of the U.S. Federal Reserve, confessed before a congressional committee that he had put too much faith in the self-correcting power of free markets.

Q&A: Shiller Sees 5 Years of Stagnant Home Prices (Wall Street Journal)
Robert Shiller, the Yale University economist who famously predicted the housing bust, was awarded the Deutsche Bank Prize in Financial Economics today. In this interview, he talks about the state of the housing market and the implications of low interest rates.

Another crash is all too possible (Financial Times)
The rules of the global financial game have not really changed.

Yours in real estate,

Bill

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

 

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