VANCOUVER, BC August 5, 2009  - The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices. The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Buyer Activity Brings Greater Stability to Housing Market

 

VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

 

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.

 

“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.

 

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”

 

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

 

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

 

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

 

Bright spots in Greater Vancouver in April 2009 compared to April 2008:

 

Detached:

Vancouver West        up 59.5 per cent (193 units sold from 121)

 

Attached:

Port Coquitlam          up 69.6 per cent (39 units sold from 23)

Richmond                  up 17.9 per cent (132 units sold from 112)

Vancouver West        up 46.3 per cent (98 units sold from 67)

 

Apartments:

North Vancouver      up 29.2 per cent (84 units sold from 65)

 

To read the entire news release, or to find more interesting articles and statistics, visit http://www.rebgv.org.

 

 

 

1) Housing Starts Drop 70%!
http://www.vancouversun.com/Business/story.html?id=1369898

According to the Real Estate Board of Greater Vancouver (REBGV), residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.

At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6 per cent in February compared to the previous year; 20 per cent in January; 8.6 per cent in December; and 10 per cent in November.

Mandatory Licensing of Home Inspectors Coming

• the Canadian Association of Home & Property Inspectors – BC branch;
• the Applied Science Technologists and Technicians of British Columbia; or
• the National Certification Program for Home and Property Inspectors.Licensing will be under the Business Practices and Consumer Protection Act. Home inspectors must complete examinations and field experience, undergo a criminal records check and pay a $100 licensing fee. 
   

January 20, 2009 - Nothing but GREAT news today! The Bank of Canada has dropped their rate by .5% to the lowest rate in history, and the Banks are passing on the drop. Prime rate is now at 3%...Keep Floating!

Welcome to a new year of possibilities! Interest rates on mortgages have been edging down and should continue this trend for many months as the economy works the bugs out. The Bank of Canada meets on January 20th and should lower rates by .25%-.50%.