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Two Speed Market Continues for BC Home Sales

April 26, 2011 Leave a comment

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5 per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year.



“We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions,” said Cameron Muir, BCREA Chief Economist. “Vigorous consumer demand drove Greater Vancouver to its most active March since 2004, while the Fraser Valley had its strongest March in four years. Conversely, sales activity in other BC markets is expanding at a pace more inline with overall economic growth.”


Year-to-date, BC residential sales dollar volume increased 21 per cent to $11.14 billion, compared to the same period last year. Residential unit sales increased 4.7 per cent to 19,147 units. The average MLS® residential price rose 15.4 per cent to $582,021 over the same period.

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Record Home Prices for 2010

January 15, 2011 Leave a comment

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010.

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“Tighter credit conditions and expanded pent-up demand curbed home sales during the first half of 2010,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.” MLS® residential unit sales declined 40 per cent January through July before climbing 43 per cent by the end of the year, on a seasonally adjusted basis.

“The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas.”

MLS® residential sales declined 25 per cent to 4,258 units in December from a near record level of 5,703 units in December 2009. After a 15 per cent increase in unit sales between October and November, a further 1 per cent increase was recorded in December on a seasonally adjusted basis. The average MLS® residential sales price was a record $523,990 in December, up 6 per cent from December 2009.

Categories: Uncategorized

Home sales remain steady in Greater Vancouver

November 3, 2010 Leave a comment

Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyer’s market, properties appropriately priced are selling.

According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.

More broadly, last mont’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.

“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”

Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.

Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.

Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.

Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.

Download complete stats package by clicking here.

Categories: Uncategorized

October 22, 2010 Leave a comment

Can’t believe that internet’s “most valuable” domain name sex.com is going for $13 million USD… Wow

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October 19, 2010 Leave a comment

Another sunny day, bank of Canada kept the interest rates at 1% which is great news and looking forward to White Sensation in Copenhagen…

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October 18, 2010 Leave a comment

Would like to extend my thanks and regards to lawyers at Lando, especially Robyn Miles for all the legal work done on my deals… Thank you!

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Want to know what is selling and sold in your building every month?

October 16, 2010 Leave a comment

Building Snapshot report

Building Snapshot report

Sign up for a FREE Building Snapshot report. See a demo report here.

Building Snapshot is a FREE monthly report on real estate activity in your condominium building.
It is emailed to you every month, with option to unsubscribe, and it lists all the current active listings for sale and the recent sales for the previous month.

Part of the report is also your unit basic information, such as: assessment, tax info, size, sold price and date, etc, and building statistical data. Building stats data shows the average asking and sold price for all active and sold listings, also average price per square foot for both active and solds. Furthemore, this data is broken down by number of bedrooms.

Future reports will incorporate graphs for both active and sold units for the past 6 months, which will give you a visaul representation of the activity your in building.

Building Snapshot is still in the beta phase and improving daily. It is brought to you by Sanjin Cvetkovic, a Realtor with Century 21 In Town Realty office in downtown Vancouver, and also http://www.vancouver-proeprties.ca.

You can check a demo report here, and also sign up for FREE report here.

Your comments are appreciated and welcome!
If you would like to see some other features in this report please do not hesitate to contact Sanjin Cvetkovic at 604-771-6415 or by email at sanjin.cvetkovic@century21.ca.

Categories: Uncategorized
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