Comments were offered by the Richard Morrison Remax Team on reports in the Vancouver Sun composed by Andrey Pavlov concerning the Burnaby real estate marketplace.
FOR IMMEDIATE RELEASE (NEWSWIRE)
NOVEMBER 27ND, 2012
The volumes of sales in Metro Burnaby, Canada have dropped down dramatically while the inventories are rising.
Despite all of this, the SFD costs have just gone down somewhat.
This begs the question: Just what exactly is happening in the Burnaby real estate market?
According to an article posted on The Vancouver Sun which was written by Andrey Pavlov who is really a finance professor at Simon Fraser University, he highlighted the fact that he believed that the indices were "deceptive" though he felt this was unintentional. According to him, the indices are not accurate reflection of the attitude changes in the marketplace at the moment. According to him "In an up market, every thing sells, good or bad. In a down market, just the best properties sell. So it will take awhile for transaction based indices to reflect the real drop in prices."
People who are looking to sell should be more realistic. This really is particularly true when looking at high end markets like North Burnaby and South Burnaby real estate areas. It is about time they accepted that the peak has passed so if they are looking to sell, they have to do so with realistic prices. Dr Pavlov also noted on a separate article on a newspaper that this financial allowance is not a thing that can "happen over night." It will take around six months for the individuals who sell to make the required adjustments. There was no rebound out of this. It is time to cash out or only get out of the market with what you can, while you still can.
According to Dr. Pavlov, Metro Burnaby is one of the most effective three 'unaffordable' cities in the world and North America. Houses in Metro Burnaby have a greater value than similar houses in places such as for instance San Francisco and so they are practically on the same degree as the ones in New York. What makes the situation more interesting is the fact that rents are cheaper in Bay Area, wages are higher for similar occupations while the taxpayers are permitted to deduct the mortgage interest expenses. This is simply not the case up here.
The highly prized 'immigrant investor' class will be interested to see the United States Of America versus Canada differences. Any business-savvy outsider who has minimum net worth of $1.6 million and has deposited $800,000 towards Citizenship and Immigration Canada (CIC) over a five year period was able to have their permanent residence card fast tracked.
The CIC "briefly stopped" taking in new applications on 1st July 2012 choosing to concentrate their energy on processing present applications "while the software is reviewed." Nevertheless, the Quebec Immigrant Investor Program is still in operation. You may get in touch with the Parti Quebecois pro-separatist authorities.
The EB-5 visa program from the United States Of America which is more affordable (US$1million ante) and less restrictive is becoming more popular. Better value is wanted by people due to their money. There is certainly still some interest on Metro Burnaby originating from overseas most of it going to SFD buying replacements and renovations which appear to be largely a 'follow through' of previous sales and obligations.
All prospective buyers are now trying to ensure that they obtain the very best deals in Burnaby. A lot of them do their research looking to get the best price possible, and the Burnaby market is dropping.
The Richard Morrison Burnaby real estate team has operated for 10 years in Burnaby and offers real estate professional advice, hot news, marketing tips, and trend analysis.
Richard Morrison Vancouver Real Estate Team
208 - 789 Drake Street, Vancouver, BC, V6Z 2N7
http://www.realestatevancouver2010.com/homes/?rs=burnaby-north
rich@realestatevancouver2010.com
604-767-3703
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