1) Below is an article from The Vancouver Sun newspaper dated Friday, January 23, 2009:
BANK OF CANADA PREDICTS QUICK RECOVERY
Canada's economy is set to post healthy growth in the second half of 2009 and recover at a quicker pace than previous downturns on the basis of, among other things, "substantial" fiscal stimuli from the federal government, the Bank of Canada said in its updated outlook Thursday.
2) An article from the Vancouver Sun newspaper dated Wednesday, June 4, 2008
"NORMAL MARKET CONDITIONS'' RETURNING TO REAL ESTATE SALES
Higher number of homes on the market means buyers can take more time, realtor says. Real estate sales in Greater Vancouver and in the Fraser Valley dipped more than 25 percent in May compared to the same month a year ago while the number of new listings climbed.
The increase in listings combined with the slowing sales has cooled price increases which are now mostly in the single digit range across the two real estate boards. Abbotsford is the exception, where the average price for single-family detached homes rose more than 11 percent in May compared to May 2007.
In the greater Vancouver area sales in May dropped more than 30 percent to 3,002 from May 2007 when they totaled 4,331.
New listings for greater Vancouver were up 20.2 percent in May to 7,390 compared to last year at the same time when there were 6,149 new listings for detached, attached and apartment properties.
The Real Estate Board of Greater Vancouver says price increases now are in the single digit range.
"With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint," REBGV president Dave Watt said in a release. "The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from."
Detached property sales dropped more than 33 percent in May of this year, down to 1,203 from 1,805 in May, 2008.
Despite the decline, the benchmark price for detached homes in greater Vancouver was up 8.4 percent over the same period last year to $771,250.
Apartment sales dropped more than 30 percent last month from the same period a year ago with the benchmark price climbing 8.7 percent to $389,668 compared to May of 2007.
Two areas bucked the trend in May, with attached home sales in Coquitlam up 45 percent and apartment sales in New Westminster up almost 14 percent.
In the Fraser Valley, sellers are also facing more competition with sales down 26 percent in May to 1,599 compared to 2,1512 sales in May 2007.
New listings jumped 33 percent in the valley to 3,941, up from 8,381 in May 2007.
"We're experiencing a return to normal market conditions," Kelvin Neufeld, president of the Fraser Valley Real Estate Board said in a release. "In a balanced market, we can generally advise our clients to take a little longer, look at a wider variety of properties and negotiate harder when it comes to price."
Neufeld said there are some areas though where buyers are facing more competition for available properties. Abbotsford single home prices were up more than other areas.
What it costs
From Multiple Listing Sales in May:
Benchmark detached home price in Greater Vancouver: $771,250
Benchmark apartment price for Greater Vancouver": $389,668
Average price for detached home in the Fraser Valley: $549,612
Average apartment price in the Fraser Valley: $229,727
Source: Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board