BCREA Housing Forecast Update - Third Quarter 2010

The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the third quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 7 per cent from 85,028 units in 2009 to 79,500 units this year, before increasing 5 per cent to 83,400 units in 2011.

"The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011," said Cameron Muir, BCREA Chief Economist. "Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months."

"A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year," added Muir. "However, the buyer's market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall."

The average MLS® residential price is forecast to climb 6 per cent to $492,800 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $489,500.

For a PDF version of this news release, including data table, follow this link: www.bcrea.bc.ca/news_room/2010-07-30Forecast.pdf.

Singapore - SkyPark at Marina Bay Sands

You love it for its casinos, its beaches and, most of all, its Slings. But you’re about to get another immensely compelling reason.

Ladies and gentlemen, it’s time to go to that great swimming pool in the sky...

Introducing the SkyPark at Marina Bay Sands, home to a jaw-dropping rooftop pool 57 stories above Singapore, open now.

It’s a massive, watery park the size of a soccer field spread out across the tops of three skyscrapers—like a rooftop aircraft carrier entirely devoted to swimming. Gather your sun-baked Singapore cohorts, find your way to the daybeds on the private end of the SkyPark, and you’ll see it: an infinity pool floating far above downtown.

If you feel like a closer look, ditch the snow-white daybed for a snow-white pool float, or take an exploratory backstroke down the length of the pool—nearly 500 feet stretching along the edge of it all. (You’ve always lived life on the edge.)

If you fancy a dip in this pool, you'll need a head for heights - it's 55 storeys up.
But swimming to the edge won't be quite as risky as it looks. While the water in the infinity pool seems to end in a sheer drop, it actually spills into a catchment area where it is pumped back into the main pool. At three times the length of an Olympic pool and 650ft up, it is the largest outdoor pool in the world at that height.
It features in the impressive, boat-shaped 'SkyPark' perched atop the three towers that make up the world's most expensive hotel, the £4billion Marina Bay Sands development in Singapore.

I’d stay away from the observation deck in the name of tourist dodging, but when you’re ready for dry land, you’ll have a whole Vegas-style resort/casino waiting beneath you. That means a casino floor, two theaters and no fewer than 16 restaurants that don’t require changing out of your bathing suit.

The hotel, which has 2,560 rooms costing from £350 a night, was officially opened yesterday with a concert by Diana Ross.

The Emirates Palace Hotel in Abu Dhabi, estimated to have cost £2billion when it opened in 2004, was previously the world's most expensive hotel.

But with its indoor canal, opulent art, casino, outdoor plaza, convention centre, theatre, crystal pavilion and museum shaped like a lotus flower, the Marina Bay Sands has taken its crown.

The infinity pool on the roof is in the 'SkyPark' which spans the three towers of the hotel. The platform itself is longer than the Eiffel tower laid down and is one of the largest of its kind in the world.

Infinity pools give the effect that the water extends to the horizon. In reality, the water spills over the edge into a catchment below, and is then pumped back into the pool. The pools have two circulation systems. The first functions like that of a regular pool, filtering and heating the water in the main pool. The second filters the water in the catch basin and returns it to the upper pool.

The Marina Sands resort was designed by architect Moshe Safdie who based it on a deck of cards.

Inside shoppers can ride along an indoor canal in Sampan boats styled on traditional Chinese vessels from the 17th century.

The owners have also commissioned five well-known artists to create works of art to 'integrate' with the buildings. Among these is a 40m-long Antony Gormley sculpture made from 16,100 steel rods. The whole thing weighs 14.8 tons and it took 60 people to assemble it in the hotel.

Artist Chongbin Zheng created Rising Forest which is 83 three metre high pots with trees in them. The pots were so big the artist had to build a customised kiln the size of a small building to make them in.

The world's most expensive hotel was given a launch party befitting it. Singing legend Diana Ross performed for 2,500 VIPs in the resort's Grand Ballroom and pop singer Kelly Rowland headlined an outdoor concert.

The opening celebrations also featured a death-defying relay. Seven teams of three participants each scaled the three towers before sprinting across the 340-metre long Sands SkyPark, where the infinity pool is located, to the finish line.

The resort will employ 10,000 people directly and generate up to £48m each year. Entrance to the casino alone is nearly £50 a day - but an average of 25,000 people have visited the casino daily since its initial phased opening two months ago.

Thomas Arasi, president and chief executive officer of the resort, said he expects to attract an astonishing 70,000 visitors a day once it is fully open.

It was due to open in 2009, but was delayed thanks to labour and material shortages, and funding problems due to the global financial crisis.

Vancouver, BC July 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 23 per cent to 7,722 units in June compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 5 per cent in June from May 2010. The average MLS® residential price climbed 8 per cent to $499,908 in June compared to the same month last year.

Market conditions have shifted from balanced conditions at the start of the year to a buyers market this summer, said Cameron Muir, BCREA Chief Economist. In June, there was 9.3 months of supply on the market given current sales activity, up from 5.6 months in January 2010. Tighter credit conditions for homes with secondary suites and low equity home buyers have moderated consumer demand, added Muir.

Year-to-date, BC residential sales dollar volume increased 31 per cent to $21.4 billion, compared to the same period last year. Residential unit sales rose 17 per cent to 42,343 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

The Greater Vancouver housing market experienced steady activity to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

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