Vancouver site breaks record for condo development land
A plot of land in Vancouver is believed to have broken records for the most expensive condo development site. The 8,250 square foot (766 square metre) land at Cold Harbour has sold for $13.1 million, or $1,587 per square foot. A spokesman for Colliers International says that makes it a staggering five times the previous record. The density that has been approved for the land will still make for a profitable development though; a 14 storey tower with 25 condos and 3,500 square feet of office space. The condos will be on sale for the top end of Vancouver’s market; not at all unusual for Cold Harbour. Read the full story.
Housing bubble talk shifts to autos
Credit ratings agency Moody’s is warning of a bubble in Canada, but it’s not home loans this time. The firm’s report raises concern over auto loans suggesting that it could become a big issue for consumers and banks. Moody’s says that the total value of car loans was 4 times higher last year than in 2007, worth a whopping $64 billion. The report notes that at 20 per cent growth it’s more than double the growth in mortgages in that same period. With easier-to-get auto loans, Canadians have been buying more expensive vehicles but Moody’s warns that defaults are already higher and a rise in unemployment or home loan rates could push more into problems. Read the full story
US housing market continues to grow; but it’s still early days
The latest figures show that new single-family home sales south of the border have seen growth in September; hitting a 6 year high. However there is still concern after the figures for August were revised downwards. The seasonally adjusted annual rate hit 467,000 units in September but the August figures were revised down to 466,000 from 504,000 units. September’s sales were 17 per cent greater than the same month last year. Economists expect the US market to see steady but gradual growth in the coming year. Read the full story.