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May 21, 2010 HOUSING MARKET UPDATE Today at 13:50 May 21, 2010 HOUSING MARKET UPDATE Balanced increases create stable marketplace The Greater Vancouver housing market has enjoyed four consecutive months of balanced market conditions. This comes on the heels of a frenetic “seller’s” market period to close 2009, which saw inventory consumed at a near record pace. Activity is strong in today’s market, but increases are occurring evenly between listings and sales, which has kept the market in a balanced state. A housing market enters “balanced” territory when demand, represented by sales activity, reaches an equilibrium range with the supply of homes for sale. Most analysts believe the market reaches this equilibrium range when the sales-to-active listings ratio is between 18 and 22 per cent for a sustained period. The Greater Vancouver market entered this range in January 2010 and has maintained this balance to present day. “We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, Board president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.” The strength of demand in the market since the economic downturn has resulted in rising home prices. In the last 12 months, increases in home values have eliminated the approximately 15 per cent decline seen during the recession and propelled home prices in the region to new heights. The MLSLink® Housing Price Index (HPI) benchmark price for a residential property in Greater Vancouver today is $593,419, an increase of 4.4 per cent from the pre-recession peak of $568,411in May 2008. Last month, the average price of a detached home in Greater Vancouver surpassed $1 million for the first time in the Board’s history. This created significant discussion about affordability in the region. “While home values have now eclipsed the previous peaks, a diverse range of available properties and low interest rates continue to present opportunities for first-time and move-up buyers,” Moldowan said. “The product mix today is as varied as it has ever been in our market.” The graph pictured here shows the distribution of recent home sales in the region by price point. Of all residential properties purchased in Greater Vancouver in the first quarter of 2010, 48 per cent sold for less than $500,000 and just 14 per cent exceeded the $1 million mark. Today’s market, at all price points, is operating at a rapid pace. In April, it took members, on average, 31 days to sell a home in Greater Vancouver, which is one day less than the March 2010 average, but 29 days faster than the 60-day average in April 2009.
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I just finished uploading this House & Land for sale, 278 North Cove Road, Thetis Island, BC

Large custom built home on 2.5+ acres of Thetis Island, offering vaulted ceilings and big windows to take in the peaceful views and the tranquility of the island lifestyle. Get some real value for your money here, built by the seller, this home has a great floor plan with extensive decking planned on several levels. The top floor master suite has gleaming floors complete with en-suite and outdoor space. A small office space or walk-in closet complete the living space in this top floor master bedroom. Enjoy the main floor living this home allows and bring your ideas for the full height, walk out basement. Plenty of upside here for the savvy buyer or handyman. The property also features a detached workshop/ garage for projects and parking. Follow the trail down to the beach access on Rupert Lane or just stay cosy in this home and enjoy yourself! 3 bedrooms, 2 bathrooms, 2400sq.ft. on 3 levels, highspeed internet and a detached garage, this property offers its owner much to do! 3 flights daily to Vancouver and 11 ferries to Chemainus on the big island, call or email Joe and come over for a look.

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REBGV Stats

Home buyer and seller activity increases in busy spring market


The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month. “We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.” New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®). At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009. “It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said. Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403. Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779. Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399.
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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.