PRESSURE OFF PRICES

May 5, 2010

The market stats are out (see link below) and while sales remain strong,
the selection of homes for buyers to choose from appears to be increasing each month.

During April, sales of condos in Greater Vancouver increased 21% compared to the previous month & Vancouver Westside condo sales grew 38% during the same period.

As I predicted in my April Update, much of the increased activity was attributed to; rising interest rates, changes to bank lending standards, which were implemented in April and the soon to be implemented H.S.T (Harmonized Sales Tax) which will add thousands to the cost of a New Home. *This tax does not apply to re-sale homes although many buyers believe otherwise.

During April, there were 1,163 Condo listings (Westside) on our MLS, coincidentally the same as the previous month. However, listing inventory is up 61% (3,747 condos) during Jan-April 2010 vs. the same period last year.

Evidently, many sellers feel that it's a good time to take advantage of this brisk market with its historically high prices. However, with the dramatic increase in supply of condos in many areas, pricing competitively is much more important now than it was over the past year.

"Testing the market", is no longer an option for those that are serious about selling. Buyers may be hesitant to offer on properties that are over-priced, however they can still find themselves in bidding wars on well priced homes!

* * * *

BANK OF CANADA MOVES TO COOL MARKET

Recent B of C moves indicate that they will take all and any necessary steps to avoid a US. - Style real estate bubble.

See my BLOG's for March 17, April 19 & 20th.






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

All information is approximate

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