Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.
Real Estate Board of Greater Vancouver (REBGV) reports that residential
property sales in Greater Vancouver totalled 1,923 in January 2010, an
increase of 152.4 per cent compared to January 2009 when 762 sales were
recorded and a 23.5 per cent decline compared to the 2,515 sales
recorded in December 2009.
In terms of
historical perspective, January ranked as an average month for number
of residential housing sales over the past decade, with higher sales in
January 2002, 2003, 2004, and 2006.
the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark
price for all residential properties in Greater Vancouver increased
17.2 per cent to $573,241 from $489,007 in January 2009. This price is
0.8 per cent above the previous high point in the market in May 2008
when the residential benchmark price sat at $568,411.
home prices in the region have largely returned to their previous
peaks, we still see a significant number of first-time and move-up
buyers in the market, thanks to low interest rates and the diverse
range of properties available today,” Jake Moldowan, REBGV
“There is also
closer alignment between supply and demand in today’s housing market.
At 18 per cent, the sales-to-active listings ratio in January is
approximately 10 per cent lower than we’ve seen in our market over the
last six months,” Moldowan said.
listings for detached, attached and apartment properties in Greater
Vancouver totalled 5,147 in January 2010. This represents a 39.1 per
cent increase compared to January 2009 when 3,700 new units were
listed, and a 139.1 per cent increase compared to December 2009 when
2,153 properties were listed on the Multiple Listing Service® (MLS®) in
At 10,218, the
total number of property listings on the MLS® increased 14 per cent in
January compared to last month and declined 26 per cent from this time
“Looking ahead, it’s
difficult to know exactly what the Olympic effect will be on our market
in February, although I think it’s fair to say it should be a quieter
period for home buyers and sellers and so, in fact, may be a good time
for motivated buyers to search for properties,” Moldowan said.
January, sales of detached properties increased 141.4 per cent to 705
from the 292 detached sales recorded during the same period in 2009.
The benchmark price, as calculated by the MLSLink® Housing Price Index,
for detached properties increased 19.5 per cent from January 2009 to
Sales of apartment
properties in January 2010 increased 146.8 per cent to 891 compared to
361 sales in January 2009. The benchmark price of an apartment property
increased 15.2 per cent from January 2009 to $385,487.
property sales in January 2010 are up 200 per cent to 327, compared
with the 109 sales in January 2009. The benchmark price of an attached
unit increased 13.4 per cent between January 2009 and 2010 to $482,478.
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Listen to REBGV President-Elect Jake Moldowan's Market Update.