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Wednesday, 13 June 2007 |
Wall Financial Corporation - News Release VANCOUVER, June 12 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the first quarter ended April 30, 2007 and 2006. The Company recorded net earnings of $4,440,914 or $0.14 per share and earnings before interest, income tax and depreciation and amortization (EBITDA) and non-controlling interest of $12,396,315. Earnings were significantly higher for the three months ended April 30, 2007 due to the sale of properties under development which included condominium unit sales at Ten Ten Howe Street and Yaletown Park (Towers I and II) and lot sales at Eagle Mountain. Hotel revenues for the quarter increased $864,998 or 8% compared to the same quarter in April 2006. << April 30, 2007 April 30, 2006 -------------- -------------- Net earnings per share $0.14 $0.04 Net earnings $4,440,914 $1,319,495 Revenue & Other Income $57,244,239 $15,111,703 Total Assets $379,199,227 $455,976,077 >> The above financial information is expressed in Canadian dollars and is prepared in accordance with Canadian generally accepted accounting principles, using the same accounting policies and methods of application as described in note 2 of the Company's audited consolidated financial statements for the years ended January 31, 2007 and 2006. Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties. The Toronto Stock Exchange does not accept responsibility for the adequacy and accuracy of this release. The Toronto Stock Exchange has neither approved nor disapproved of the contents of this release. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00002080E For further information: Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX:WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia, V6Z 2R9, (604) 893-7131 |
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Tuesday, 15 May 2007 |
  | Monday » May 14 » 2007 | | | Vancouver market stays strong | | | Gerald Vander Pyl | | For the Calgary Herald |
Saturday, May 12, 2007
The real estate market in the Greater Vancouver area, which kicked into high gear starting in 2002, is showing no signs of weakening anytime soon, according to the latest MLS figures released by the Real Estate Board of Greater Vancouver (REBGV). Total residential sales for April 2007 reached 3,387 units, an increase of 1.3 per cent compared to April 2006, while the benchmark price climbed to $514,492, up 13.3 per cent from a year ago and up 98.4 per cent in the past five years. "So far, the constants our market has experienced over the past five years are holding strong in 2007. We're still in one of the best markets real estate has ever had in Greater Vancouver," says REBGV president Brian Naphtali. "Sales are higher than historical norms and homes are selling very quickly, usually with multiple-offers. Last month, the average days a property spent on market dropped again, down to 39 days, compared to 43 days in March, 49 days in February, and 56 days in January. "There were a couple of surprises in April's market, particularly in attached housing sales throughout Greater Vancouver. Consumers buying townhomes in Richmond and Burnaby are clearly finding great value for their dollar as sales activity in those two cities came within a few units of breaking records," says Naphtali. "We also saw a significant increase in both new listings and active listings inventory." Arlene Butler, manager of RE/MAX Select Properties in Vancouver's West Side, says any suggestion that the market might slow down in 2007 have not come true in her area of the city. "It's a very vibrant and active market with a nice selection of listings, and they're selling quickly. In our office, we are running neck and neck with last year." Butler says any property on the West Side that is priced correctly will usually receive multiple offers and be off the market in a relatively short period of time. She says demand continues to be driven by both move up buyers from within Vancouver along with buyers from other areas of the country, including a growing number from Calgary and Alberta. Butler says with the popularity of condominium living in Vancouver, people from around the world are buying property to hold for investment purposes or as a second home or vacation property. The maintenance-free aspect of a condominium means they can use it for several months of the year, and then just lock it and leave. © The Calgary Herald 2007 |
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Sunday, 29 April 2007 |
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Housing market gears up for busy spring cycle Vancouver, B.C. April 3, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,582 units in March 2007, a decrease of 11.2 per cent when compared to the 4,033 units sold in March 2006 and a decrease of 9.0 per cent when compared to the 3,938 sales in March 2005. New listings for detached, attached and apartment properties decreased by 5.4 per cent to 5,456 units compared to the 5,767 units listed in March 2006. The total number of active listings increased by 19.5 per cent to 10,356 units when compared to March 2006's 8,664 units. "Last month we saw a relatively fast turnaround on the majority of properties listed on the MLS® system. The average days on market dropped to 43 days in March 2007, compared to 49 days in February 2007," says REBGV president Brian Naphtali. "Consumer demand for property in the Greater Vancouver area is still very, very high and the market is heating up as a result. "With year-over-year double-digit price increases pushing the average price for a single-family home to near record levels, sellers are continuing to get excellent value for their homes throughout Greater Vancouver. Despite these price increases, buyers are still not shying away from this market either," says Naphtali. "New listings are still very tight, but the increase in total listing inventory is opening new opportunity for people to make that long awaited move to their new home." According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 13.9 per cent to 1,532 sales in March 2007 compared to 1,779 sales in March 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $349,373, up 14.5 per cent from one year ago. Sales of attached properties decreased by 10.8 per cent in March 2007 to 651 sales, compared to 730 sales in March 2006. The benchmark price of an attached unit is $428,299, up 13.9 per cent from a year ago. Sales of detached properties decreased by 8.2 per cent in March 2007 to 1,399 sales, compared to 1,524 sales in March 2006. The benchmark price of a detached unit is $682,173, up 11.8 per cent from last year. "To get a better picture of what's happening in your community, consult your local REALTOR®," suggests Naphtali. Bright spots in Greater Vancouver in March 2007 compared to March 2006: | Detached: | | Delta South | up 8.9% (61 units sold, up from 56) |
| Attached: | | Vancouver East | up 19.1% (56 units sold, up from 47) | | Burnaby | up 8.2% (106 units sold, up from 98) |
| Apartments: | | Burnaby | up 9.6% (194 units sold, up from 177) | | Port Coquitlam | up 13.6% (50 units sold, up from 44) | | Port Moody/Belcarra | up 26.7% (38 units sold, up from 30) | | Squamish | up 150% (20 units sold, up from 8) |
The Real Estate industry is a key economic driver in British Columbia. In 2006, dollar volume sales of homes in Greater Vancouver set a new record at more than $18.2 billion. Based on this figure, Greater Vancouver home sales in 2006 generated over $922 million in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 8,900 REALTORS® The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org. |
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Sunday, 11 February 2007 |
Homes worth a castle to those owning since 1981
Vancouverites who bought homes in 1981, weathered the market cycles, and managed to pay their mortgages down, have made what looks like a decent return by 2006, realty firm Re/Max reported Wednesday.
The average price of a Greater Vancouver home increased 242 per cent over the past 25 years to hit $509,876 in 2006, compared with $148,861 in 1981, the Re/Max study on residential real estate values showed.
That's five per cent per year, compounded.
In other markets, prices rose more, compounding between five and six per cent, with total price appreciation exceeding 240 per cent in more than half of the 17 housing markets that the company looked at.
Annualized returns of five or six per cent represent "good, strong performance that we should be expecting," according to Elton Ash, Re/Max's western executive vice-president, said in an interview. "And you have to look at real estate as a long-term investment."
Nationally, the average house price increased 264 per cent to $276,824 between 1981 and 2006. And while Vancouver was the most expensive market, Barrie, Ont., saw the biggest increase in housing prices with the average $244,000 representing a 372-per-cent gain.
However, inflation topped 128 per cent over the same period, Tsur Somerville, director of the centre for urban economics and real estate at the Sauder School of Business at the University of B.C., said in an interview.
"When you scratch out inflation, the increase isn't as great," Somerville said.
He added that, even without accounting for inflation, the increases pale in comparison with the TSX/S&P Composite Index, which gained 457 per cent over the same period.
Somerville added that a comparison of average sale prices also doesn't account for the changing characteristics of average houses, which by 2006, were bigger and fancier, boasting granite countertops and stainless steel appliances that weren't built into houses in 1981.
"I think because [Re/Max] is looking at average sale prices instead of controlling for the character and location of houses, they're grossly overstating the increase," Somerville said.
Ash said Re/Max did the analysis to look at the last 25 years and see if the period gives any indication of what might happen to real estate over the next 25 years.
And Michael Polzler, Re/Max executive vice-president for Ontario, noted "you can't raise your family in a mutual fund. Because of that, there's always going to be that demand for housing, and traditionally real estate has always appreciated."
(prepared by Derrick Penner/Vancouver Sun) |
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Monday, 08 January 2007 |
House millionaires double in BC
The number of real-estate millionaires in B.C.'s real estate market nearly doubled in 2006.
Data from the 2007 property assessments, crunched by Landcor Data Corp., shows that B.C. is home to 51,059 residential properties valued at more than $1 million.
That figure was 26,557 in 2006.
Most new paper millionaires own single-family houses. There are 38,027 such homes worth more than $1 million according to 2007 property assessments -- 18,459 more than a year ago.
And the number of condominiums assessed at more than $1 million increased by almost three quarters to 3,260 properties.
The B.C. Assessment Authority released its 2007 assessments earlier this week, based on property values as of July 1, 2006.
Provincewide, the data extracted by Landcor showed that single-family-home assessments increased just over 20 per cent on average, with many communities seeing increases that were much larger.
The average house in Tumbler Ridge in B.C.'s northeast shot up almost 73 per cent to $158,384.
Since Vancouver's average house assessment was up 23 per cent to $896,979, Cameron Muir, chief economist for the B.C. Real Estate Association, said people shouldn't be surprised by the dramatic increase in million-dollar homes.
The run-up in real estate prices over the past few years had pushed many homes into the $800,000 to $900,000 range already, which "all bumped up over the year into the million-dollar range," Muir said.
As well, Muir said, BC Assessment's valuations cover the period between July 1, 2005 and July 1, 2006, which was "one of the strongest 12-month periods" as there has been in the current real estate market cycle.
Muir added that assessment increases are only "paper profits."
"It's the equity in your home. Today it may be high, [but] the market may change and it may not be so high in a few years," he said.
However, Muir added that home-equity gains do help fuel the economy in so far as homeowners feel wealthier and are willing to spend some of that perceived wealth.
That notion is called the wealth effect, Muir said: Typically, people are likely to spend five cents of every dollar that their net worth increases.
Muir added that there is no reason for that wealth effect to drop off. Though real estate sales over the last half of 2006 slowed and price gains have slowed, they haven't stopped.
And Muir believes the economy is still performing well enough with enough job and income growth to support real estate markets through 2007.
Landcor president Rudy Nielsen said there are also significant outside influences in B.C. real estate. Albertans, he said, bought about $1.5 billion worth of second homes in the province making B.C. "Alberta's playground."
Nielsen, who also heads the recreational-real-estate firm NIHO Land and Cattle Co., said he has also seen a big increase in the number of Americans from the San Francisco and Los Angeles areas buying recreational homes for more than recreational purposes.
"They're buying secondary homes, what I call safe houses," Nielsen added. They see B.C. as a safe haven from their fears over global terrorism.
Andrey Pavlov, a Simon Fraser University business professor currently a visiting scholar at the Wharton School of Business at the University of Pennsylvania, said expensive real estate has shot up in value the world over and Vancouver is no exception.
"Within Vancouver, the expensive areas have increased mort than proportionally," Pavlov said.
He added that real-estate gains "reflect the increasingly skewed distribution of income."
The rich are getting richer faster than incomes of the less wealthy are rising.
"There is income inequality in the U.S., around the world and in Canada," Pavlov said. "And [the inequality] is increasing. Because of that, there is increased demand for [real estate], especially in those very desirable areas."
(prepared by Derrick Penner/Vancouver Sun)
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Thursday, 21 December 2006 |
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New November listings decrease, increase in active listings balance market Vancouver, B.C. December 4, 2006 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,358 units in November 2006, a decrease of 19.7 per cent when compared to the 2,938 units sold in November 2005 and a decrease of 5.1 per cent when compared to the 2,486 sales in November 2004. New listings for detached, attached and apartment properties decreased by 3.1 per cent to 3,168 units compared to the 3,271 units listed in November 2005. The total number of active listings increased by 30.6 per cent to 11,308 units when compared to November 2005's 8,659 units. "This is the first time since April 2006 that we've seen new listings tighten in comparison to the same period in 2005," says REBGV president Rick Valouche. "However this decrease was balanced by our higher year-to-date inventory of active listings and the fact that the average days-on-market for homes selling in Vancouver has remained unchanged at 43 days when compared to November 2005. "The combination of all these factors may continue to relieve the pressure we've seen on home prices throughout 2006," notes Valouche. "This is a good market for both buyers and sellers. Use a REALTOR® to find the best value for your dollar." According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 11.5 per cent to 1,050 sales in November 2006 compared to 1,187 sales in November 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,537, up 17 per cent from one year ago. Sales of attached properties decreased by 22.2 per cent in November 2006 to 404 sales, compared to 519 sales in November 2005. The benchmark price of an attached unit is $410,085, up 17.9 per cent from a year ago. Sales of detached properties decreased by 26.6 per cent in November 2006 to 904 sales, compared to 1,232 sales in November 2006. The benchmark price of a detached unit is $647,562, up 14.3 per cent from last year. Bright spots in Greater Vancouver in November 2006 compared to November 2005: | Apartments: | | Burnaby | up 8.2% (144 units sold, up from 133) | | Delta South | up 114.3% (15 units sold, up from 7) |
The Real Estate industry is a key economic driver in British Columbia. In 2004, dollar volume sales of homes in Greater Vancouver set a new record at more than $13.8 billion. Based on this figure, Greater Vancouver home sales in 2004 generated over $1 billion in related sales. The Real Estate Board of Greater Vancouver is an association representing more than 8,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org. *In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS® systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS® upgrade and improve the legacy HPI product. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org. For more information please contact: Eileen Day, Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3028 Fax: (604) 730-3102
E-mail:
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