LOOKING BACK AT 2010

its been a bit of a roller-coaster ride"

During 2010, our market entered three distinctive phases. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and throughout the fall, a sustained period of stability.

In Greater Vancouver, sales of all types of homes during 2010 reached 30,595, a 14.2% decrease from 2009 while at the same time, the number of homes listed for sale increased 9.7%. The end result was a drop in the benchmark price of 2.6% after peaking in April 2010.

It's been a bit of a roller-coaster ride this year with prices down in some areas while others areas experienced price increases!


GOING FORWARD...

Over the last few months of 2010 we experienced steadily improving sales plus a decrease in the number listings and this is trend is likely to continue throughout 2011.

HST (Harmonized Sales Tax) should be defeated by referendum in September (if not sooner), which will boost NEW home sales.

Flush with cash, Mainland Chinese & South American buyers will continue to move into our market. Already snapping-up luxury houses in the Westside, North & West Vancouver, these buyers will likely become more active in the luxury condo market which has been lagging.

B.C.'s economy will continue to improve and the employment picture will brighten. This will result in a resurgence of first-time home buyers entering into the market, essential for any sustainable market recovery.

In short, a more stable, balanced market resulting in modest price increases in many areas...good news for both buyers and sellers.


Planning to make a move in real estate during 2011? Let me help you.

Have a great 2011.

Wayne

"FULL MARKET UPDATE"- (REBGV)
Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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