Locals bought most of 2010′s real estate in Victoria

"The majority of buyers are people moving up or down in the market to meet their changing needs," said board president Dennis Fimrite, adding he found it encouraging to see a quarter of the buyers were acquiring their first homes. "Despite concerns over affordability, we are pleased to see that many individuals and families are able to make the move to home ownership. This shows confidence in the market and a commitment to making this area their home."

Read more: http://www.timescolonist.com/business/Locals+bought+most+2010+real+estate+Victoria/4151300/story.html#ixzz1ByRM29Fv

Locals bought most of 2010′s real estate in Victoria

The end of Canadian real estate insanity

The Globe and Mail- A New York Times headline caught my eye the other week: Housing Fades as a Means to Build Wealth, Analysts Say. The article went on to report that, while most real-estate experts believe the U.S. housing market will recover from falling off the cliff, many also feel that home ownership will never again produce the rich rewards enjoyed in the second half of the 20th century.

There was something about the piece that made me think: Maybe this isn’t all bad. But is it true? And does it apply to Canada?…

The end of Canadian real estate insanity – The Globe and Mail

Report warns of housing bubble threat

The Globe and Mail- Canada’s housing market is looking increasingly like a bubble in the making, Edward Jones said today in a report.

“Canada’s housing market escaped the recent severe downturns in the US and other countries. However, today’s conditions in Canada share some characteristics of those countries prior to their downturns, leading us to take a cautious stance on housing investments,” wrote analysts Kate Warne and Craig Fehr, adding that Canadians should prepare for “the possible impact” of a housing downturn.

An asset bubble forms when cheap money causes speculators to flood into a market, driving prices higher despite weak underlying fundamentals. With unemployment high and the economic recovery on shaky ground, the rapid recovery of Canada’s real estate market has many economists concerned that prices could head lower. Prices have gained almost 20 per cent in the last year, as a lack of inventory and easy access to cheap money has propelled Canadians toward home ownership…

Report warns of housing bubble threat – The Globe and Mail

Canada’s hot housing market to continue through mid-2010

Montreal Gazette- "The Canadian real estate market enters 2010 with considerable momentum from an unusually strong finish to the previous year," Phil Soper, president and chief executive of Royal LePage Real Estate Services, wrote in a statement. "The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity levels to new highs. This demand, coupled with a typical seasonal undersupply of homes for sale, should cause home prices to continue to appreciate significantly during the early months of the year."

He said improving supply in late 2010 and easing demand as the cost of home ownership rises on higher interest rates should temper home price increases in the second half of 2010…

Canada’s hot housing market to continue through mid-2010

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