Slow start, stellar finish in 2009

2010 Yearend Review

What a recovery! After the near record low sales levels we experienced in the first part of the year, Greater Vancouver sales ended up 44.8% vs. 2008 sales and the Housing Price Index benchmark increased 16.2%!

In addition to the surge in sales was the dwindling supply of homes on the market. Especially in December, where there was a 41% decline vs. November in the number of active listings and that trend seems to be continuing on into January. Sellers with well priced, quality homes in the low-mid price categories remain in a comfortable position.

What does 2010 hold?

We should keep an eye on; rising interest rates predicted later this year, unemployment rates which seem to be holding for now, consumer confidence which is reported to be improving and any post Olympic "hang-over" which remains to be seen.

Right now, there seems to be a lot of Buyers out there and things are moving!
However, to expect a repeat of 2009 prices increases may be a bit over-optimistic.
All things remaining equal, I would agree with CMHC's more moderate forecast of a 3-4% increase during 2010.

***
Savvy US. Buyers continue to benefit from "Canuck Buck" bounce.

Americans that bought properties in Canada over the past few years have done rather well as a result of the Canadian dollars rebound vs. the US. dollar. As an example, one of my American clients has realized exchange rate appreciation of about 25% in the Canadian dollar vs. the US. Greenback while at the same time experiencing a 30%+ increase in the market value of his Vancouver property! That's a great return and one that would be difficult to match from most other low-risk investments.

More good news is that the "Canuck Buck" is expected to increase to between $1.04 - $1.06 (US.) this year! If the experts are correct, those US. based owners can look forward to a further 10% appreciation in their investment based on the exchange rate alone.

for the full article, please see "Realtoraboutown". (left menu bar, "BLOG")




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