I attended Bob Rennie's talk Wednesday evening with The Pacific Club, hosted by the The Vancouver Club at 915 W Hastings. Bob Rennie spoke about his life's trail to success and his outlook on the Vancouver Real Estate Market. He made very insightful points as to the importance of Hard Assets in light of foreseeable rapid depreciation of global currencies due to irresponsible cash printing and spending. He predicts Hard Assets such as art, precious metals and jewels, and real estate will continue to appreciate. Bob continued on how strong our fundamentals are.
Vancouver has the #1 Banking system in the World relative to the USA, #40; demand and immigration outlook is very strong; mortgage rates are extremely low 3.49 % vs 5.5% a year ago; Vancouver also has a limited supply, as new housing starts have decreased. For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 % to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed.
The Real Estate Board of Greater Vancouver (REBGV) reports that Residential Property sales in Greater Vancouver were 2,963 in April 2009, an increase of 31 % compared March 2009. Residential property sales in Greater Vancouver totalled 2,963 in April 2009, an increase of 31 % compared to March 2009. Sales of detached properties totaled 1,190, the average price is $675,268. Sales of Apartment Properties in April 2009 1,179 with an average price of $431,759. Attached property sales in April 2009 totalled 594, with an average price of $431,759.
Detached Vancouver West up 59.5 %, Attached Vancouver West up 46.3%, and North Vancouver Apartments up 29.2 %.
Bob concluded that the only fundamental the Vancouver Housing Market lacks is the Confidence Factor. Bob stated that he senses an emergence with positive action such as the recent $90 million sale of The Grovesnor Building, and announced May 21st would be his major return to our local marketing media. Dr Rennie predicted a 6-12 month period for savvy buyers to enter the market at fantastic prices for premium properties at very low interest rates.
With any questions or concerns I invite you to contact me at any time.
Best Regards,
Stu Bell
Prudential Sussex Realty
Call 604-562-0632
Fax 604-925-3002
Write stu@stubell.com
