The CMHC (Canada Mortgage and Housing Corporation) released it’s Spring 2008 forecast for the Metro Vancouver region today. It’s a relatively positive forecast, predicting that the market will “moderate slightly” in 2008 and 2009.

 It points to strong economic and demographic fundamentals underpinning the market, including steady job growth, population growth and continued low mortgage rates. Meanwhile, softening consumer sentiment and “high mortgage carrying costs” (I think this is their way of saying high prices) will weaken homebuyer demand.

They predict that MLS sales will dip slightly, but remain at a historically high level through the remainder of this year and 2009. Home prices will also continue to rise, but at a slower pace than recent years (8% in 2008 and 5% in 2009), as buyers have more choice and are able to take more time in making their buying decisions.

Aside from what I already mentioned above, what I take away from this is that the CMHC doesn’t see the US housing meltdown affecting us other than in some near-term negative homebuyer sentiment. I am seeing much of what is referred to in the forecast on the ground in the market today. It’s important information to keep in mind that the market has certainly shifted…whether you are buying or selling today, you need to know where the market stands. 

Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside

The Real Esate Board of Greater Vancouver released the monthly stats package for the month of January 2008. The main piece of news is that listings are on the rise (as the news release was entitled “New Listings Rise to Start the New Year”), resulting in a more balanced market.

Over last January, we saw listings rise 14.9%. From two years ago (January 2006) listings rose 34.7%. This rise has been predicted by market watchers for some time now, including the CREA and CMHC. The forecast has been that we are expecting listings to rise and prices to continue to rise, but at a slower pace. Of course, can we really call an 8% annual price increase balanced?

Sales also rose slightly by 0.7%. However, if we break down the numbers we see that Attached homes were basically flat, Detached homes fell and Attached home sales rose significantly by 11.7% over last year. I suspect that we are seeing the effects of steady price increases. Consumers are purchasing what they can afford, and for many a $1.2M starter home is simply out of reach.

A more balanced market is in our future. We’ll be seeing more listings and buyers can therefore have greater selection and a little more leverage. That being said, prices are still rising. As Brian Naphtali REBGV President points out, “The result will be welcome for consumers looking for more time to undertake due diligence before making a buying or selling decision.”

Sebastian Albrecht, Vancouver Realtor with Royal LePage

Media Release

(Vancouver, BC. January 9th, 2008): A new method of real estate marketing is beginning to take root, enabling realtors, their clients, as well as the public to take full advantage of the internet. Traditionally, marketing methods have involved “push” techniques such as mail-outs and cold-calling but the shift is toward the “pull” of neighborhood or building specific websites.

Sebastian Albrecht of Royal LePage Westside currently markets his business on three separate websites, including two that are specific to a building or development in Vancouver, BC. His latest website, www.KingEdwardVillage.ca already features assignments and listings in Tri-Power Developments King Edward Village development located at 1402 Kingsway and 4078 Knight St.

Further expansion of this website is planned to include rental listings as well floorplans.

View each of Sebastian Albrecht’s niche websites: www.SebastianAlbrecht.com, www.KingEdwardVillage.ca, www.TheQubeCondos.com.

Media Contact:

Sebastian Albrecht
(604)831-4837
salbrecht(at)royallepage.ca

Sebastian Albrecht, Vancouver Realtor with Royal LePage