This week in Real Estate and Economic News Sept. 20 2009

Okanagan Real Estate News

What SOLD in North Okanagan real estate – Sept 20 (The

Okanagan Shuswap Inventory Watch  (

Canadian Real Estate News

The Bidding War is Back (Globe and Mail National)
Low interest rates and one third less inventory has Vancouver buyers rushing for their chequebooks afraid to wait for “the perfect house.”

Mortgage Rate Forecast ( BCREA)
The BC Real Estate Associations (BCREA)expects a low interest rate environment to persist through 2009 and into 2010. Mortgage rates are forecast to fluctuate within a narrow range near current levels for the remainder of the year, before rising modestly through 2010 as the economy improves.

GTA home sales rise 27% (Toronto Star)
"Low interest rates and affordability continue to attract homebuyers to the housing market. Consumer confidence continues to rise, which bodes well for activity in the coming months," said CREA president Dale Ripplinger.

July breaks nine-month decline in home prices (Toronto Star)
Across Canada, contractors  selling prices increased in July, the first time since last September.

August sales heat up our housing market  (Toronto Star)
This article was written for the Toronto and Ontario audience... but guess which province  leads the annual percent of change at 65.4%?

Canadian home sales remain strong (Globe and Mail)
The market remains buoyant, “led by a powerhouse performance in Vancouver, up a cool 117 per cent year over year,” Mr. Porter said.

 With mortgage rate, it’s strategy time s dropping (Globe and Mail)
Can variable-rate mortgages fall back to their pre-crisis lows any time soon?  

Fall Real Estate Roundtable (National Post)
In a riotous ‘reply all’ e-mail exchange, Toronto experts reassess the market. Interesting to see the difference between projection and reality.

US Real Estate News

U.S. housing industry climbing out of its hole
Across the country, builders broke ground on homes and apartments at an annual rate of 598,000 in August, up 1.5 per cent from July to the highest level in nine months.

Economic News

Recession probably over: Bernanke (Globe and Mail)
Federal Reserve Chairman says U.S. economy likely growing now but unemployment still to rise

Dollar hits highest mark in 11 months (Globe and Mail)
Driven by a brighter economic outlook and gains in oil, loonie vaults above 94 cents

 Canadian household wealth rebounds (Globe and Mail)
For the first time in three quarters, Canadian household net worth grew, reflecting stock market gains; use of credit also increased, but this was more than offset by asset growth.

Yours in Real Estate,
Bill Hubbard

The Okanagan Real Estate Hub  - Century 21 Vernon, BC


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