Selling price of new homes drops in Metro Vancouver in August: Stats Can
Prices up across much of Canada
The selling price of new homes dropped by 0.4 per cent in Metro Vancouver in August, according to the monthly new housing price index, released today by Statistics Canada.
Victoria also experienced a decline of 0.3 per cent, month over month, but Vancouver experienced the most significant decline as builders recorded lower negotiated selling prices and relied more on promotional pricing to generate sales, according to the report.
Compared to August of last year, the selling price of new residential homes has dropped in Metro Vancouver by 0.3 per cent.
Prices were up across much of Canada as 16 of the 21 metropolitan areas surveyed experienced an increase, pulling the index up by 0.1 per cent overall in August, compared to July.
The metropolitan region of Toronto and Oshawa contributed the most to the national increase.
Regina also led other markets, posting the largest single metropolitan increase of 1.2 per cent, due primarily to more costly building materials.
Between August 2010 and August 2011 the NHPI was up by 2.3 per cent in Canada.
The NHPI measures negotiated selling prices of new residential houses between contractors and buyers over consecutive monthly periods.
C fu .. we are talking .. 0.4% ar ... so .. a Million dollar house, will sell for $996000 ..
So ..
And they are talking about the average selling price gei .. not mean house price is dropping wor .. just that sellers are selling some 0.4% cheaper homes ..
I think Lik is correct only for those luxury homes. For the general housing market in Canada, tax, interest rate and rent have a greater impact than those hot monies.
BTW, what's happening in China is nothing more than cash flow problems. Asset bubbles will burst, the sooner the better. One cannot help if the leverage of debt is too high. Personally I don't think your proposal is doing any good to the economy, it's only the transfer of risk from the irresponsible businesses to the bank. Who's going to pay at last?
The economy of your motherland is bogging down -- provincial and local governments are facing major ...
Lik 發表於 2011-10-12 11:34
Those "foreign experts' have been predicting the problems of the Chinese economy for decades.
The thing is that it is the western countries that are bankrupt now. With a collapsing US and Europe economy, the Canadian economy is now near bankrupt.
Most likely, the Chinese government will have major policy changes, like reduce lending interest rates and relax stringent mortgage requirements.
The economy here is slowing?
peter236 發表於 2011-10-12 11:22
The economy of your motherland is bogging down -- provincial and local governments are facing major loan and debt issues, and the different levels of government are trying to put a lid on it. My hunch is that the Wenzhou debt runaway incident is only the tip of an iceberg.
Because the money supply is tightening in China, Mainland folks are pulling back / holding back on their real estate purchases. Some might even have to channel funds back to China as part of a stablizing / rescue effort. Without the Chinese hot money, is it any surprise to see the housing market cooling down?
New home prices in Canada edged up 0.1 per cent in August for the second straight month, showing more moderate increases than in the second quarter, according to Statistics Canada data released on Wednesday.
發表於 2011-10-12 06:51
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