There's been a lot of media attention about the U.S. real estate market recently, leaving some Canadians uncertain about buying vacation or retirement property south of the border. While every transation is different, Canadians should be aware that overall prospects for long-term appreciation in U.S. property values are good, provided you're prepared to stay with the home for a while. In today's challenging market, this is generally not a good time for 'quick flip' strategies.
Some markets in the U.S. have experienced significant depreciation in home values in last few years. This market adjustment - combined with a strong Canadian dollar at near, or even surpassing par with the U.S. dollar - have resulted in prices not seen by Canadian homebuyers in many years.
'Snowbird' destinations such as Florida or Arizona represent huge markets, so every type of property, house style and price range is available to choose from. There are numerous expamples of 3 bedroom single family homes in sunshine destinations selling at close to $100,000. Here in Canada, people are paying 3 times that for a summer cottage.
Unlike the Canadian market, foreclosures are readily available in many U.S. markets. Foreclosures can offer great prices, but buyers should be caustious about these properties. Sales are typically 'as is' and not warranted against hidden defects and sometimes such homes have not been well maintained. Also, since property values have declined significantly in some markets, the fact that a property is a foreclosure does not necessarily translate into a blow market price.
If you're thinking of buying in the U.S. call us and we'll put you in touch with an experienced REALTOR south of the border who can work with you to find a home that fits all your personal needs.
Sales expected to rebound in 2012; prices continue to rise.
There are good things on the horizon for the Canadian real estate market.AT least, so say the latest industry forecasts, which have just been revised upward.The Canadian Real Estate Association (CREA) has just boosted its 2011 national forecast for MLS® sales.What’s more CREA has now also issued a very positive forecast for 2012.
The new forecast, represents an upward revision to CREA’s earlier national forecast for 2011.CREA sites recent improvements in economic outlook, along with further expected improvement in consumer confidence as reasons for the upward forecast.
There’s good news for homeowners and home sellers too, as property values are expected to continue their upward climb, although at a much more moderate pace.According to CREA, the national average home price is expected to rise 1.3% in both 2011 and 2012.The average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale.
Of course, this is just an overview of the national picture.Home prices vary dramatically between communities and within neighbourhoods.For a more detailed look at what home sales are doing in your neighbourhood call us any time at 604-467-9300.THE RALPH TELEP TEAM
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.