Sales active during Olympics

March 8, 2010

During February, residential sales in Greater Vancouver increased 67% compared to February 2009 and 28% from January 2010. That's very impressive considering all of the distractions and excitement during the Olympic break.

Prices continued to march forward with the Benchmark price for all residential properties in Greater Vancouver up 19.7 % over the past 12 months. Overall prices have recovered fully (and then some) from the drop of early 2009.

The number of new listings was 17% higher than new listings to the market during February 2009 but 10% less than January 2010. Total number of property listings on MLS increased 11% during February compared to the previous month.

It's too soon to say what will be the outcome of the "Olympic effect" but
there is a cautious optimism out there. A recent national survey indicated that B.C. residents reported at 10% increase vs. last year, in their intent to purchase a home in the next two years.

Respondents in their low-mid 20's (first-time buyers) were most enthusiastic and B.C. residents boasted having plans to put down the largest down payment (with help from the parents?) vs. residents in other parts of the country. More details -

"B.C. home hunters feeling more motivated"
"News Articles" on this site.

HUNTING FOR A HOUSE? BE PREPARED BEFORE YOU START!

The hottest segment of the market continues to be the house market.
It has continued to heat-up without abatement. Just remember that clean, reasonably priced houses in good locations will sell within the first week, often with a handful of offers and usually over the asking price. Finding a home and loosing out in a bidding war can be disappointing, but don't despair. To be competitive, buyers must be prepared financially, emotionally and even physically for this endeavor.

Before you start the search, sit down with your realtor and plan a strategy to make things flow as smoothly as possible.

How hot is this market?
See my BLOG - March 10




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

All information is approximate

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