A steady influx of new listings
has helped create a balanced ‘typical spring’ housing market in the
Greater Vancouver region.
Estate Board of Greater Vancouver (REBGV) reports that new listings for
detached, attached and apartment properties in Greater Vancouver
totalled 7,004 in March 2010. This represents a 60 per cent increase
compared to March 2009 when 4,385 new units were listed, and a 52.1 per
cent increase compared to February 2010 when 4,606 properties were
listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the
Multiple Listing Service (MLS®) increased 19 per cent in March compared
to last month, but remains 7.6 per cent below this time last year.
“The total number of homes listed for sale on our
MLS® is at its highest level in 10 months, which translates into more
options and variety for those looking to buy during the traditionally
busy spring period,” Jake Moldowan, REBGV president said.
Residential property sales in Greater Vancouver reached
3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a
4.7 per cent increase over March 2008, and a 12.4 per cent decrease
compared to March 2007. The current figure also represents a 26.8 per
cent increase compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 per cent, we
see a healthy balance between buyer demand and seller supply in the
marketplace,” Moldowan said.
last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price
for all residential properties in Greater Vancouver increased 20.3 per
cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent
above the previous high point in the market in May 2008 when the
residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336,
an increase of 49 per cent from the 897 detached sales recorded in March
2009 and a 19.7 per cent increase from the 1,116 units sold in March
2008. The benchmark price for detached properties increased 23.3 per
cent from March 2009 to $800,341, but declined 0.6 per cent compared to
last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252,
an increase of 28.3 per cent compared to the 976 sales in March 2009 and
a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The
benchmark price of an apartment property increased 17.3 per cent from
March 2009 to $395,507 and is up 1.2 per cent compared to last month
when the benchmark price was $390,899.
property sales in March 2010 totalled 549, an increase of 40.1 per cent
compared to the 392 sales in March 2009 and a 7.4 per cent increase
from the 511 attached properties sold in March 2008. The benchmark price
of an attached unit increased 17.3 per cent between March 2009 and 2010
to $493,263, but declined 0.5 per cent compared to last month when the
benchmark price was $495,496.