(Newswire.net — February 15,2013) West Vancouver, British Columbia — It has a lot to do with the pride of being at the top and then losing out your footing when you make it too big. Much like Oprah Winfrey’s new network disastrous start and long sluggish wooing, Vancouver real estate markets in Canada have come to their knees.
The Vancouver realty market has undergone a marginal decrease in the number of sales, this in turn brought down the city’s standard price for houses. Overall sales for detached homes had the biggest drop, peeling off 30% of January 2012’s overall trade. Meanwhile, apartments though were able to manage a slightly close number as with last year’s. Despite this, the realty market in Vancouver is on its all time low compared to its previous years’ January performance.
Eugene Klein, President of REBGV has said: “It appears that a lot investors and home sellers alike are opting to have their homes removed from the market, especiallt condo listings in vancouver. Nobody wants to settle for a price that won’t give them a good amount of ROI, or at least a price that could break things even for them”. It cannot be denied that the realty market is the least unpredictable type of investment available. Nonetheless, Vancouver’s real estate market shifted to a an unpleasant path, making a lot of eyebrows to rise. Some are surprised that it happened while some are surprised why it happened just recently it should have been sooner. The days when a property’s value in Vancouver continues to shoot up are already over, making the prices unfavorable for property owners, sellers or investors.
In a span of four months, the active listings to be sold have drastically decreased. Home owners and sellers view their properties as an investment, so it is hard for them to give in to the value that the current market is enforcing. Then again, as the calendar sets its foot on January of 2013, the new listings has bubbled to at least 18.9% more than the listing 10 years ago. This definitely turned the tables around for majority of investors who were optimistic about the market. This is also the 2nd lowest Vancouver home sales for a January since 2001. The increase of number on the list, the more it signifies that less houses are getting sold or are being sold.
“Whatever goes up will eventually come back down”. This basic law of gravity does not exempt even real estate and financial markets, pointed out by some real estate brokers, financial planners and economic experts. Basically, as shallow as it may seem, but it’s one of the causes why the real estate price is Vancouver has fallen over the past months. Market correction, that’s what this phenomenon is better known for, and this phase is actually expected, most especially in real estate. So basically, this declining period has to come sooner or later, and apparently now is its time to happen. On top of that, the government of Vancouver has set its limits for mortgage insurance only to properties with a value not more than 1 million dollars. Also, mortgage loans today can no longer be stretched beyond 25 years, making it tougher for buyers to stretch their budgets.
Despite the flaws and drawbacks that Vancouver is undergoing recently, the upside is still promising. Canada still holds the top spot in terms of banking system, aside from the fact that it still belongs to the G20’s top economy. Also, Vancouver still is the most favored city for intra-provincial immigrants and even to foreign immigrants. This basically comprises majority of the activities that strengthen the economy not just in Vancouver, but in Canada as a whole. As the population continues to prosper the employment growth also skyrockets and this in turn will build up the economy.
Similarly, dispite the sluggish network’s performance, Oprah Winfrey is a warrior and we know just what she is capable of achieving. This great media giant will muddle through and it may yet become the greatest network that North America may witness.
Oprah Winfrey’s Oprah.com averages 71 million page views and 7.5 million unique visitors per month and receives an average of 20,000 e-mails each week.
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