Vancouver Real Estate Blog

British Columbia's 3rd Quarter 2009 update for Residential Sales

A client of mine asked me "Where are we with regards to sales for this year" I replied by saying that we are doing very well, so much better than anyone could have predicted 6 months ago. Here is some of that conversation with stats and links for more information.

I went on to say that the BCREA (British Columbia Real Estate Association) says " BC home sales are the brightest lights in the economy.

1) MLS sales are forecasted to climb 15% from 68,923 units in 2008 to 79,400 in 2009. And a further prediction for sales to increase 6% to 84,200 units in 2010.

2) Chief Economist Cameron Muir said "Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria.

The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

According to the British Columbia Real Estate Association(BCREA), Real Estate Confidence is improving

Acording to The BCREA magazine called "The Bulletin" Home ownership perception has changed. This adjustment in optimism that this May report suggests, may possible be the reflection in home sales that we have been seeing over the last couple of months. This report conducted by Mustel Group Market Research discovered the following.

1) 4 out of 10 British Columbians plan or hope to purchase a home in the next 5 years.

2) 44% of Purchasers who are aware of the PTT (Property Transfer Tax) said that it played a role in their purchasing decisions.

3) 50% of home owners were more likely to "Green" their homes than last year at the same time.

These and other factors have caused home ownership perceptions to change. These changes in optimism that this report has uncovered may possible be the reflection in home sales that we have been experiencing over the last couple of months.

To Read more: www.qualityoflife.bcrea.bc.ca/research.htm.

Balanced Playing field for Buyers & Sellers in Vancouver & Victoria

We have been waiting for some great new that can be substantiated. From this graph the Listing to Sales Ratio has pushed it's way into the area of balance. I believe this is the best for all Buyers and Sellers alike. It is what I like to call a balanced playing field where the number of Sellers and Buyers are equally matched. This can also be looked at as a healthy representative in the Market Place. In the recent past (late 2008- early 2009) we experience a market where their were no buyers and prices fell. If you look at the years of 2005 - 2008 we saw a market where homes were selling faster, in multiply offers and prices were rising. Note: From what I see in the market place and projecting out into the future I see a further upswing in the market place with prices moving up and eroding our losses from the previous year.

The following are a few points of interest for everyone.

1) British Columbia Real Estate Association (BCREA) reports that MLS Residential Sales rose 53% to 10,051 in July 2009, compared to the same month last year.

2) Chief economist for BCREA Cameron Muir state "Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions".

3) Year to date MLS sales declined 10% to 21 billion over last year.

4) 46,380 homes were sold in the first 7 months 2009. That's down 6% from 2008 figures. The Average MLS price is still down 4% to $451,758

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2009-07.pdf.

Vancouver Real Estate shows record Sales in july 09

Record sales in july 2009 totalled 4,114. The best volume of sales ever recorded within REBGV.(Real Estate Board of Greater Vancouver). Out paced record sales held back in july of 2003 of 4,023. Since the beginning of 2009 the Housing Price Index's bench mark price for homes has risen by 9.2%, to $528,821 from $484,211. However home prices compared to July 2008 levels are down 5%.

To read more follow this link.

Download the complete stats package by clicking here.