Vancouver Real Estate Market Update
Get ready for a robust spring market in Greater Vancouver. We are seeing a rise in the number of listings coming to the market and a continued demand from homebuyers, even with the distraction of the Olympics.
According to the Real Estate Board of Greater Vancouver (REBGV) residential property sales totaled 2,473 in February, 2010, which was an increase of 67.1% compared to February, 2009, when 1,480 sales were recorded. Comparing January, 2010, to February, 2010, residential property sales were 28.6% higher in February.
Over the last year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7% to $581,911 from $486,054 for February last year. Amazingly, this price is 2.4% above the previous
According to Scott Russell, the President of the REBGV, “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 in our market remained steady through all of the excitement and distraction of the last few weeks.” Furthermore, Russell stated that, “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 [what] we saw in the latter part of 2009.” This means there will be more balance to the market (which is good for buyers) and means less of an emphasis on a sellers market which was experienced prior to the Olympics.
Contact Greg Andruff with any questions by going to www.GregAndruff.Tel