Greater Vancouver housing market continued to experience strong demand
from homebuyers and an increase in total property listings in a month
where the eyes of the world were focused on the region.
Real Estate Board of Greater Vancouver (REBGV) reports that residential
property sales in Greater Vancouver totalled 2,473 in February 2010, an
increase of 67.1 per cent compared to February 2009 when 1,480 sales
were recorded and a 28.6 per cent increase compared to the 1,923 sales
recorded in January 2010.
broadly, last month’s sales totals marked a 7.6 per cent decline
compared to the 2,676 sales recorded in February 2008 and were 13.5 per
cent behind February 2007 when 2,859 residential sales were recorded on
the Multiple Listing Service (MLS®) in Greater Vancouver.
the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark
price for all residential properties in Greater Vancouver increased
19.7 per cent to $581,911 from $486,054 in February 2009. This price is
2.4 per cent above the previous high point in the market in May 2008
when the residential benchmark price sat at $568,411.
don’t know at this point what long-term impact the Olympics will have
on our housing market, but we do know that activity in our market
remained steady through all of the excitement and distraction of the
last few weeks,” Scott Russell, REBGV president said.
February, for example, 110 sales were recorded on the MLS® in downtown
Vancouver. That’s higher than 2009 and slightly lower than the
mid-2000s, which is consistent with data from the overall market. It’s
too soon to say whether that’s an Olympic effect,” Russell said.
listings for detached, attached and apartment properties in Greater
Vancouver totalled 4,606 in February 2010. This represents a 17.6 per
cent increase compared to February 2009 when 3,916 new units were
listed, and a 10.5 per cent decrease compared to January 2010 when
5,147 properties were listed on the MLS® in Greater Vancouver.
11,346, the total number of property listings on the MLS® increased 11
per cent in February compared to last month and declined 21 per cent
from this time last year.
months into 2010, we see the total number of homes listed for sale on
the rise and demand in the market strong, but less frenzied than we saw
in the latter part of 2009,” Russell said.
of detached properties increased 67.5 per cent in February 2010 to 983
from the 587 detached sales recorded during the same period in 2009.
The benchmark price, as calculated by the MLSLink Housing Price Index®,
for detached properties increased 22.5 per cent from February 2009 to
of apartment properties in February 2010 increased 65.2 per cent to
1,074 compared to 650 sales in February 2009. The benchmark price of an
apartment property increased 17.3 per cent from February 2009 to
property sales in February 2010 are up 71.2 per cent to 416, compared
with the 243 sales in February 2009. The benchmark price of an attached
unit increased 16.2 per cent between Februarys 2009 and 2010 to
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