Canada's Housing Bubble

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Sizzling Dec 2009 Vancouver Sale/List Record May be a Bubble Milestone in Canada’s Housing History Print E-mail

Jan 05, 2009

Sizzling Dec 2009 Vancouver Sale/List Record May be a Bubble Milestone in Canada’s Housing History.  There is huge demand for real estate and prices seem to be climbing continuously.  However it is important to remember a lot of things that go up must sometime also come down.  Real estate is sometimes like a yoyo.

It has been an unbelievable and perhaps an unprecedented ending to 2009. The local real estate market has been absolutely sizzling. The interest rates, of course remain at their ultimate lowest and ....well the rest will forever be history!  Prices are high.

I understand that what is happening is that many, many people are concerned that they may never get into the housing market. They may even believe that this might be their only chance, their last chance, to get into the game. I do not think this is actually true. Better opportunities may be just around the corner.

For most people real estate is the biggest investment of their lifetimes.  It is important to remember that good investing is all about good timing.  If the current Sale/List Record represent a bubble investing in real estate, to rush into buying home now may not make good sense.

Look at the following information. These statistics talk about end of year 2009:

Week 2009
11/8-11/14 11/15-11/21 11/22-11/28 11/29-12/5 12/6-12/12 12/13-12/19 12/20-12/26 12/27-1/2
Total Listings 8430 8322 8186 7817 7583 7149 6790 5630
New Listings 672 920 646 653 551 379 208 164
Att Listings 450 442 375 271 134 96
Det Listings 196 211 176 108 74 68
Sold 558 714 577 609 550 513 378 250
Att Sales 370 422 374 336 256 159
Det Sales 207 187 176 177 122 91
Removed 249 325 221 427 247 304 217 1088
Sale/List 83% 78% 89% 93% 100% 135% 182% 152%
 
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