Here is a good example of how the media downplays the idea that some sectors are doing well while others are not. They desperately attempt to tie the whole real estate industry into one big ball and ignore that each segment of the market is it's own eco-system that relies very little on the surrounding sectors for influence.
Like I've said in the past - someone buying a $300,000 condo in Burnaby cares very little about what someone is paying for a ½ acre property in West Van or even a Penthouse at the Shagralai. So I am always amused when I see articles that say, simply, the Real Estate market in Vancouver is this or that when each segment is moving in totally different directions for totally different reasons.
Right now we are seeing the entry level properties doing well (sometimes very well, due in large part to first time buyers scooping up low priced inventory with very cheap money) and the high end properties not selling well at all. When averaged together the high priced houses that are not selling and taking a beating in price make the whole market look down. The truth is very different if you are in the market for a $400,000 condo in Kitslano. Chances are if you see something in that price range in a nice area - you will be in a competing bid situation. This is just another example of how you really need to do your own research and not rely on what is selling newspapers.
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OTTAWA, April 15 (UPI) -- Sales of existing Canadian homes rose 7 percent in March to 31,135 units, but the numbers were down 13.7 percent on an annual basis, the trade said Wednesday.
The Canadian Real Estate Association said in a release March's increase was the second consecutive monthly gain following a 10.3 increase in February.
"The number of transactions in March stands 18 percent above levels reported in January 2009 when activity sank to the lowest level in a decade," the association said in a news release.
"Housing markets are starting to show signs of buyer interest because of lower prices and interest rates," association President Dale Ripplinger said in the release.
The association said the average residential price for homes sold in March was $288,641, down 7.7 percent from March 2008.
"The national average price continues to be skewed downward by lower activity in some of Canada's more expensive housing markets and by fewer transactions at the higher end of the price spectrum," the release said.
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