VANCOUVER, B.C. - The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled
2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

 

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February
2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

 

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in
Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

 

“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that
 activity remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell,
REBGV president said.

 

“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and 
slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s
an Olympic effect,” Russell said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totaled 4,606 in February 2010. This
 represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.

 

At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

 

“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but
less frenzied than we saw in the latter part of 2009,” Russell said.

 

Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.

 

Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009.
The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.

 

Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The
benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

 

Winter Olympics host, Vancouver, ranked world's most liveable city:

Vancouver City Council is expected to approve Laneway Housing this week.  This will allow the construction of a laneway house in the back yard of a single detatched lot with a minimum width of 33 feet. An area of 16 feet between the back of the existing house and the laneway house will be required to maintain a backyard open space.  There are also parking spot requirements.

 

The purpose of this initiative is to help Vancouverite's deal with the high prices of real estate and the shortage of living areas in Vancouver's single detached housing areas.  Although there has been some resistance to laneway housing in Vancouver, it is a foregone conclusion that it will be approved.  If you would like to discuss Laneway Housing in Vancouver please contact me for more information.

 

Here is a link to a city hall policy report on laneway housing with diagrams and requirements: _media/Documents/laneway_housing.pdf

 

According to a report by the CBC, there may be a future mould problem festering in the condos being built at the Olympic Village.  The issue has been raised by the International Association of Heat and Frost Insulators and Allied Workers who claim that some construction shortcuts will lead to mould and mildew behind the drywall where pipes are not being insulated properly.  The City of Vancouver is looking into the matter and assures the public that regular inspections are being held on site to ensure that all building codes are being adhered to.  The developer claims this is an isolated issue.

 

If you have any concerns or would like to discuss any real estate matters, please feel free to contact me.  Here is a link to the CBC report:  http://www.cbc.ca/canada/british-columbia/story/2009/06/29/bc-olympic-village-pipe-insulation.html

If you aren't convinced that Vancouver Real Estate has become more affordable over the past year, you may be part of a minority opinion.  A new report released by the Canadian Mortgage and Housing Corporation today shows that there is an increase in confidence among Canadian homeowners these days.  The report which polled recent Canadian homebuyers reveals that 90% of these home owners believe that real estate is a good investment.  70% of them feel that now is a good time to buy.  These opinions shouldn't come as a surprise since most house prices in Canada have come down in the past year and a half, and mortgage interest rates are hovering around record lows.  This is creating an environment of increased affordability across all Canadian housing markets, including Vancouver.  If you are looking to get into the real estate market in vancouver, please contact me and I will be happy to discuss any concerns you may have.

 

The Real Estate Board of Greater Vancouver has just released the statistics package for May 2009 and it looks like the Spring market in 2009 is much busier than it was in 2008.  Total Real Estate sales transactions in Vancouver were up 17% from a year ago and total inventory of homes for sale is down 16%.  This means more demand and less supply which explains the competition that we've been seeing in the market between Buyers as people scramble for desirable properties.  Their goal is to take advantage of low prices and low interest rates.  Home prices in Vancouver are up since December 2008 but still down 11% from this time last year.  You may download a copy of the May Stats package here: May Stats Package

 

Please contact me if you would like to discuss this issue or any other Vancouver Real Estate issue. It will be my pleasure.

The British Columbia Real Estate Association released their Spring 2009 Housing Forecast today and the news is good for Vancouver Real Estate! 

 

“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”

 

Increased affordability have brought first time buyers back into the market this year, a profile of buyers that were largely absent from the market in the last 6 months of 2008.

 

The Canadian Mortgage and Housing Corp. is now forecasting that in 2009 Greater Vancouver will see a 44% drop in the inventory of new home construction compared with 2008 levels.  CMHC also sees average resale home prices dropping 13% this year and another 2.3% for 2010.  Contrast this with the actual data that shows rising sales over the past few months and it becomes clear to me that the basic economics of supply and demand will provide for a fairly stable Vancouver housing market in the near future.  Low interest rates and relatively low inventories of properties on the market will slow any future price declines.  Please contact me to discuss this blog post or any other Vancouver real estate issues.  I'd love to hear your opinion.

 

Here is a link to a Vancouver Su article about CHMC's forecasts: http://www.vancouversun.com/Business/housing+starts+decline+from+2008+CMHC/1609497/story.html

 

 

Spring came in like a lion!  April real estate sales in Canadian cities like Vancouver showed the highest monthly jump since 2004.  Low interest rates and low prices signaled a return to affordability and Canadian buyers reacted by writing offers.  The market has been so strong that the Canadian Real Estate Association has revised its sales and price forcasts for 2009 upward.  Don't hesitate to contact me if you  want to discuss the Vancouver Real Estate market in greater detail.  It will be my pleasure.

 

Click the following link for a related Financial Post article:

Developers in the Greater Vancouver area have dropped their prices on a variety of new construction real estate.  This translates into great buying opportunites for buyers looking for new homes.  However, don't think the deals are sitting around getting dusty.  Many new developments are selling quickliy as the market reacts to lower prices for new homes in Vancouver.  Feel free to contact me if you are interested in buying a home in Vancouver or if you would like to discuss this blog post with me.

 

Scotiabank has released a report on the Canadian Housing Market that indicates there are signs that the real estate market may be stregthening as demand is up and listing inventory is down.  The recovery may be moderate and slow but the signs are positive.  Here's a link to a CBC News article about the report:  http://www.cbc.ca/consumer/story/2009/05/05/housing-market.html