August 2007 Housing Index for Greater Vancouver

According to the Greater Vancouver Real Estate Board's August 2007 report on house prices and sale activities, the demand for housing continue to be positive. The average sale prices for apartments, townhouses and detached homes are:

Apartments: $367,944
Townhouses: $446,577
Detach homes: $726,067

With the average Greater Vancouver household income at $63,300, home buyers are squeezed out of the home ownership market. Or, they are forced to buy the most affordable apartments as shelters for their families.

While Vancouver house prices are consistent with pricing trends for the above types of dwelling, there is a market disconnect with "affordability" and "average prices" in other major Canadian Cities. If you take a look at the various charts as presented by Brian Ripley here, you'll find that Vancouver home owners are bearing a much heavier cost in home ownership.

Our average detached home prices are twice as much as that in Calgary and Edmonton and Toronto detached home prices are only around 40% of that in Vancouver. Ottawa and Montreal prices are at about one-third the price in Vancouver, have the most affordable detached homes in the country.

House prices are subjected to the economic law of supply and demand. We have a high housing prices situation in Vancouver for a long time.

We must find out why there are such disparity in home prices, and what can be done about it. The provincial Government in BC should be the first to be questioned on their housing policy for limiting the supply of "land" for housing.

Is the Agriculture Land Reserve that control vast urban land parcels still relevant in serving the well being of British Colombians? Urban town planners are urging for better utilization of land resources. Farming for agriculture lands bordering the city centers is not the best and highest use of these land parcels.

Until there are urgency and agreement by the Governments taking action to ease the land supply problem, the critical housing affordability problem in Vancouver will not be solved.

ROYAL LEPAGE HOUSING REPORT

Another collection of housing market report by Vancouver
Home Mortgage:

Click on this link to read the full report by Royal Lepage 
Real Estate Services.

Unlike the U.S. housing market, the housing sentiment in
Canada is strong and there are no signs of any slowing
down in the demand for housing and price gain across the
country.

Articles submitted - September 09, 2007

Welcome to the September 9, 2007 edition of real estate investment.

Matt Hanson presents Credit Card Fraud - How to Protect Yourself posted at The Credit & Credit Card Blog, saying, "As technology has increased, so has credit card fraud. There are some simple steps that you can take to help protect yourself from credit card fraud."

Chris Russell presents Working Hard Does Not Produce Success posted at Productivity Planner, saying, "Yes, we work hard to be successful, but we also have to choose to be successful. It is a decision. It is a conscious effort. It takes mental discipline. It is a deliberate mindset."

Home Financing

Matthew Paulson presents 7 Ways to Avoid a Foreclosure posted at Getting Green.

Sagar Satapathy presents The Broke Handyman’s Box of Blueprints: 100 Free Plans to Build Home Furniture posted at Credit Card Lowdown.

Pushpa Sathish presents Top 10 Movies to Watch Before Remodeling Your Home posted at Homeowners Insurance Lowdown.

Ryan Russell presents Finding A Fix: 10 Tips For Resolving Financial Disputes posted at My Money Thinks, saying, "Over the past 20 years I have learned a lot about disputing issues with creditors and banks. Learn from my experiences, and start getting what you deserve when financial institutions cross the line."

Steve Faber presents - How to Sell Your House Fast and Keep More Money in Your Pocket posted at DebtBlog.

Millionaire Mommy Next Door presents 14 Ways To Improve Your Credit Score posted at Millionaire Mommy Next Door, saying, "Over the course of a 30 year mortgage term, I'd pay a whopping $357,873 less than you might, simply because I've established a good credit score."

Investment

Pam Johnson presents Renting Tips posted at Roofable, saying, "With the Buyer’s market we’re currently working through, there are many homeowners who can’t sell their houses and for one reason or another are forced to become landlords."

Dax Desai presents The Power of Self-Directed IRA’s posted at Dax Desai, saying, "Explains the power of self-directed IRA's and how to set one up."

Real estate investment

Laura presents 10 Home Selling Alternatives to Hiring a Real Estate Agent posted at Mortgage Lowdown.

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