Ten Tips for First Time Home Buyers
Soaring property prices have made it difficult for first-time buyers to get onto the property ladder. But a slower market could provide new opportunities: find out how to make the most of your money.
1. First-time buyers are in a very strong position right now. Low interest Rates and heavily reduced prices need to be taken advantage of sooner rather than later.
2. Think long-term. Be prepared to hold on to your property for a few years. Think of it as an investment that will make you money down the road versus inthe short term.
3. Know your market. Pick the areas you would like to live in and do some thorough research as trends can vary dramatically from area to area.
4. Sort out your finances. You will be in an even stronger bargaining position if you have your deposit and mortgage ready. Speaking to a lender first will also give you an idea of how much you have to spend. Stick to your budget.
5. Remember the extras. As well as a deposit, you will need to pay for the legal costs, a home inspection and a property transfer tax if your spending over $425000. Then there are the moving costs to consider and new furniture to buy.
6. The asking price is not the sale price! It is rare for properties to sell for their full asking price unless it is a screaming deal.
7. Look out for a distressed seller or someone who needs to move fast. Death, divorce and growing families are the main reasons why home owners might be keen to sell quickly. But in the current climate you may also find struggling buy-to-let investors who want out.
8. Consider new build. The sluggish property market is not kind to developers either. Many are having a tough time selling two bedroom flats in overbuilt locations. You may get a good price for a home or at least persuade the builder to include a bunch of extras.
9. Be Flexible and understand that "the perfect property" rarely exists. If you can find something that you love that is 85% of what you are looking for and in your budget, don't wait.
10. Get Help. Two People you should meet with before you ever look at a home:
1. A Real Estate Professional. When we meet for the first time we go over your list of wants and needs, talk about neighbourhoods, schools, and economic factors that affect the market today and could affect the market in the future.
2. A Mortgage Broker. Being pre-qualified for a mortgage serves a couple of purposes, first of all it assures you that the bank is willing to finance your purchase of a new home and secondly it gives us an idea of the maximum you can afford. For some great local Mortgage Brokers pls email me at stu@stubell.com for contact information.
Monday, March 15, 2010
The Athletes Village by Millenium Market Update March 2010
In the aftermath of the Olympic Games come to a close I am hearing more and more inquiries about the Olympic Village and what its future holds? Is it for sale now? Is it going for sale soon? And if so, for how much??
I am in the process of answering all of these questions and am currently in regular contact with Millenium Developments and the Sales Team releasing these units in May... I will update you with details as I get them... but are these units going to be a steal of a deal or worth waiting for? I'm not so sure.. As described in the article below, unless the developers take a major loss on every single unit the properties are going to be overpriced at $1000 plus/square foot and that is huge money for the area...
~ The man responsible for salvaging any profit from Vancouver's financially troubled Olympic athletes village – and saving local taxpayers from potential losses – is euphoric these days.
“Those opening ceremonies – that should add $25 a square foot to what I can get at the village,” Bob Rennie says gleefully over lunch on the third day of the Games, as the street below the restaurant ran thick with thousands of 2010 Olympic Games tourists. Mr. Rennie, officially known as the city's best-known condo marketer but unofficially as one of the city's major power brokers, is kidding, as he often does. Well, sort of.
The reality is that many are hoping there's an element of truth in Mr. Rennie's humour.
Among them are brothers Peter and Shahram Malek who run Millennium Developments and who pledged $70-million of their assets to keep the athletes village project going when their financing started to collapse at the beginning of the recession. Another group is the City of Vancouver, which is owed almost $200-million for the land and was forced to loan the Maleks $800-million for their construction refinancing.
Both are depending on a healthy real-estate market to recoup the village's $1-billion cost. It would be a relief if the reflected glory from the Olympics would make a difference once the athletes go home.
Certainly the village, after a year of rocky news coverage, has been basking in the Olympic glow. A recent New York Times Magazine essay on the Games by Liberal Leader Michael Ignatieff was accompanied by a picture worthy of an architecture magazine. The site looked like a modernist marvel on the water. Television shots frequently highlight it. Media outlets report that athletes love it.
And, amid the frenzy of the Games, the village, as part of the city's Southeast False Creek district, received LEED Platinum certification, making it the greenest neighbourhood in North America.
The question is: Will that make a difference? And will it be enough given the circumstances of the village's finances and the current state of the market?
Many are dubious.
“The problem with Millennium is their costs,” says Cameron McNeill, another major development marketer who points out that the village was built at the peak of prices for labour and materials. “Will the market bear the $1,100 a square foot they need? I think that's stretching it. I think it's going to be extremely difficult for them to recoup their costs.”
Mr. McNeill, the head of MAC Marketing Solutions, is selling a building across the street from the village, the James. He's pricing it in the $700-a-square-foot range. That's the average price Mr. Rennie got for the first 250 village condos before the crash.
It means the remaining 500 condos have to sell for much more on average for the project to break even. Although Mr. McNeill believes in the long-term benefit of the Games and agrees the city made the right move by taking over the village's finances to make sure it was completed, he can't see how the remaining condos will fetch those prices.
Development consultant Michael Geller, who recently oversaw the planning of Simon Fraser University's UniverCity project, said the athletes village project will likely sell at prices high enough to recover the $800-million in construction costs. “But I am worried about the city recovering the $193-million it was supposed to get for its land.”
University of British Columbia business professor Tsur Somerville said that extensive research has provided zero evidence that Games cities experience real-estate booms after the tourists go home.
“I don't deny that there are going to be some purchasers who like the Olympics and say, ‘I want to buy something in Vancouver.' That exists but it's not enough to move the whole market,” Mr. Somerville says. Like many, he doubts the developers will do any better than break even on the project.
Now the city, which reverted back to a centre-left council in 2008 under Mayor Gregor Robertson, finds itself in the same position as any caught-by-the-crash speculator, hoping that market prices will rise enough to make the real-estate bet pay off.
City politicians are also hoping that both the Olympics and Mr. Rennie can work some magic. “Go, Bob, go,” Mr. Robertson urged as he presided over the turnover of the first village building to the Vancouver Organizing Committee last fall.
Mr. Rennie says there won't be any real magic to it. He believes what will ultimately work in the village's favour are the fundamentals of real estate: supply and demand.
(Although the developers will have to add some financial sweeteners to make the math work over all. They're expected to sell off the retail spaces that occupy the lower parts of some buildings, rather than continuing to lease them out. And they'll also likely have to sell another 110 rental apartments, on top of the 750 condos.)
Realistically, Mr. Rennie doesn't expect demand to shoot up because of the Olympics. But he does expect it to be strong for the same reasons it always has been in Vancouver. People do want to move here. And, among those already living here, the market is back to giving them good prices if they want to sell their high-end houses and downsize to waterfront condos.
The supply-side picture is strong, too. “Any oversupply from the hype of the Games is gone. Thousands of developments went on hold or were shelved,” he says.
Although developers are now starting to put themselves in gear again, the village has one advantage. In a city where buyers are often forced to buy units by looking only at plans and model suites, which often don't match reality, the village is built.
“We haven't seen ‘build it and they will come' for a long time,” Mr. Rennie says.
As for the Olympic glow? Will it help him sell the unit where gold-medal snowboarder Alexandre Bilodeau once slept?
“We are a brand society and Vancouver doesn't have a lot of legendary addresses,” Mr. Rennie says. “It doesn't necessarily add value, but it makes choosing between here and down the block easier.”
Portions of this blog courtesy of Frances Bula, The Globe and Mail.
For all your Vancouver Apartment and Real Estate needs visit StuBell.com and VanApartments.com!
Thursday, March 4, 2010
Is Now the Right Time to Buy Real Estate in Greater Vancouver?
Is now a good time to Buy Real Estate in BC?
My answer is a definite Yes.
The main fundamental driving today’s strong real estate economy is Demand, which is exceeding Supply. Demand derived from low interest rates, pent up demand from a recovering recession, and general desire to live in BC: climate, beauty, location, opportunity, beliefs, ect. The supply is very limited, especially in Geographically constrained areas like The Northshore, Downtown, and the West Side. As 2010 goes by and 2011 and 2012 quickly come, I believe Demand will continue to grow, especially after billions of people were exposed to BC’s beauty, charm, and excellence during the extremely successful Winter Olympics including Canada taking down 14 Gold Medals, an Olympic Record.
Canada has tolerant immigration laws and the flow of new citizens coming from Asia, Europe, The Middle East, South America, Africa, Australia, and New Zealand is growing steadily. The Canadian Banking system is a winner, widely touted as the best in the World, providing buyers with security and peace of mind that a collapse like we have seen in The United States will not occur.
Real Estate as a primary residence is an amazing purchase because it produces rewarding pride in ownership, it creates a rock solid investment rather than paying your landlords mortgage, and a valuable asset to draw funds from for other ventures.
Real Estate as an investment is very intelligent as it capitalizes on Leverage. With mortgages and the ability to put as little as 5% down, $20,000 on a $400,000 purchase, then have a tenant provide positive cash flow, the future return on investment is often 100-300% or $40,000 - $80,000 when you sell your investment property. Many people will hold a solid investment property for decades, enjoying the positive cash flows and paying down the mortgage creating a massive savings account to draw upon or let grow. The Province has passed a new law that investors must put a minimum 20% down after mid April, so if you are like me, the next 6 weeks presents a great opportunity to pick up an investment property. Brand New Luxury 1200 sq ft 2 bedroom condos in New West, Port Moody, and Port Coquitlam can be bought for $300,000 with $1500/month tenants in place.
Interest Rates are projected in increase in 2010, but I do not foresee a large spike in interest rates as most of Canada and all of the US is still in a recessionary period that the Federal Reserve monetarily monitors by keeping interest rates low. 5 year fixed mortgages can be had right now for 3.69% and 3 year variables can be had for 1.95%, unbelievable all time lows, making Real Estate as affordable as ever to high debt ratio purchases, compared to past times when prices were much lower but lenders were strict.
So if you are an investor and wondering about RRSP’s, stock market, or Real Estate I would suggest do all three, but start with real estate because the sooner you get in, the more your going to make and the most use you will get out of your investment. The solid brick, concrete, and lumber of real estate that you can touch, live in, and improve through renovation, will surely be a cherished and valuable asset.
If you have any questions about Vancouver and BC Real Estate, please feel free to call me at 604.562.0532 or email me at stu@stubell.com.
My answer is a definite Yes.
The main fundamental driving today’s strong real estate economy is Demand, which is exceeding Supply. Demand derived from low interest rates, pent up demand from a recovering recession, and general desire to live in BC: climate, beauty, location, opportunity, beliefs, ect. The supply is very limited, especially in Geographically constrained areas like The Northshore, Downtown, and the West Side. As 2010 goes by and 2011 and 2012 quickly come, I believe Demand will continue to grow, especially after billions of people were exposed to BC’s beauty, charm, and excellence during the extremely successful Winter Olympics including Canada taking down 14 Gold Medals, an Olympic Record.
Canada has tolerant immigration laws and the flow of new citizens coming from Asia, Europe, The Middle East, South America, Africa, Australia, and New Zealand is growing steadily. The Canadian Banking system is a winner, widely touted as the best in the World, providing buyers with security and peace of mind that a collapse like we have seen in The United States will not occur.
Real Estate as a primary residence is an amazing purchase because it produces rewarding pride in ownership, it creates a rock solid investment rather than paying your landlords mortgage, and a valuable asset to draw funds from for other ventures.
Real Estate as an investment is very intelligent as it capitalizes on Leverage. With mortgages and the ability to put as little as 5% down, $20,000 on a $400,000 purchase, then have a tenant provide positive cash flow, the future return on investment is often 100-300% or $40,000 - $80,000 when you sell your investment property. Many people will hold a solid investment property for decades, enjoying the positive cash flows and paying down the mortgage creating a massive savings account to draw upon or let grow. The Province has passed a new law that investors must put a minimum 20% down after mid April, so if you are like me, the next 6 weeks presents a great opportunity to pick up an investment property. Brand New Luxury 1200 sq ft 2 bedroom condos in New West, Port Moody, and Port Coquitlam can be bought for $300,000 with $1500/month tenants in place.
Interest Rates are projected in increase in 2010, but I do not foresee a large spike in interest rates as most of Canada and all of the US is still in a recessionary period that the Federal Reserve monetarily monitors by keeping interest rates low. 5 year fixed mortgages can be had right now for 3.69% and 3 year variables can be had for 1.95%, unbelievable all time lows, making Real Estate as affordable as ever to high debt ratio purchases, compared to past times when prices were much lower but lenders were strict.
So if you are an investor and wondering about RRSP’s, stock market, or Real Estate I would suggest do all three, but start with real estate because the sooner you get in, the more your going to make and the most use you will get out of your investment. The solid brick, concrete, and lumber of real estate that you can touch, live in, and improve through renovation, will surely be a cherished and valuable asset.
If you have any questions about Vancouver and BC Real Estate, please feel free to call me at 604.562.0532 or email me at stu@stubell.com.
February 2010 Greater Vancouver Real Estate Stats
March 2, 2010
REBGV Stats
Home sales activity strong through Olympic period
The 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.
The 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.
More 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.
Over 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.
“We 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.
“In 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.
New 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.
At 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.
“Two 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.
Sales 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 $800,796.
Sales 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 $390,899.
Attached 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 $495,496.
Click here to download the complete stats package.
Click here to listen to REBGV President Scott Russell's podcast.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Stu Bell
Prudential Sussex Realty
West Vancouver
604.562.0532
copyright© real estate board of greater vancouver. all rights reserved.
REBGV Stats
Home sales activity strong through Olympic period
The 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.
The 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.
More 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.
Over 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.
“We 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.
“In 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.
New 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.
At 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.
“Two 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.
Sales 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 $800,796.
Sales 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 $390,899.
Attached 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 $495,496.
Click here to download the complete stats package.
Click here to listen to REBGV President Scott Russell's podcast.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Stu Bell
Prudential Sussex Realty
West Vancouver
604.562.0532
copyright© real estate board of greater vancouver. all rights reserved.
January 2010 Greater Vancouver Real Estate Stats
February 2, 2010
REBGV Stats
Housing supply and demand reach closer alignment in January
Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.
In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.
“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.
“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.
In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.
Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.
Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.
Click here to download complete stats package.
Listen to REBGV President-Elect Jake Moldowan's Market Update.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146
cmunn@rebgv.org
copyright© real estate board of greater vancouver. all rights reserved.
REBGV Stats
Housing supply and demand reach closer alignment in January
Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.
In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.
“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.
“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.
In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.
Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.
Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.
Click here to download complete stats package.
Listen to REBGV President-Elect Jake Moldowan's Market Update.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146
cmunn@rebgv.org
copyright© real estate board of greater vancouver. all rights reserved.
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