Daily Market Update

by REP04 Feb 2015
Book aims to break down property values
A new book —​ Zillow Talk: The New Rules of Real Estate — aims to analyze 20 years of data to bust myths and provide new insight into property values. Stan Humphries, author and chief economist at Zillow, a web-based real estate service, used data collected from the website to examine common assumptions about how to invest in property.
"Up to now, our real estate behaviour has been an area that's been driven by hunches and un-examined assumption as opposed to facts and data," said Humphries.  Find out more about the book on CBC.ca
 
Edmonton feeling oil crunch on home sales
Edmonton is starting to feel the crunch of Alberta's slowing economy. According to Global News, The Real Estate Board says oil prices and overall cautiousness have likely led to more listings and fewer sales in Edmonton in January. Local sales for the first month of 2015 were down 13.5 per cent month over month. They are down 25.9 per cent from last year.  Meanwhile, there are more homes staying on the market. Residential listings are up almost 30 per cent compared to January .
 
Vancouver prices continue to rise
The New Year started out with a bang for Metro Vancouver real estate, with a big jump in the price of detached homes.The Real Estate Board of Greater Vancouver released new figures Tuesday that showed the typical detached property in the area increased 8.4 per cent from January 2014 to $1,010,000. The benchmark price for all residential properties in Metro Vancouver is $641,600. Find out more on CTV News online.

It also showed the number of home sales in Greater Vancouver was higher last month than the average over the past decade. While the number of sales increased nearly 15 per cent for the month of January, there are fewer homes for sale.

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