Interest Rates Going Up

March 30, 2010

RBC hiked interest rates by a little over half a point. Others will surely follow. Tick tock.

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North Vancouver Condo/Apartment Property Statistics (2-Br)

March 11, 2010

North Vancouver
In North Vancouver there are currently 193 active two-bedroom properties for sale, ranging in price from $249,500. to $1,749,900., with the average asking price being $575,401. There have been 99 sales since December, with the average selling price being $474,583. and the average cost per square foot being $478. The least expensive sale price last year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 193 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.

Lower Lonsdale
In Lower Lonsdale there are currently 59 active two-bedroom properties for sale, ranging in price from $279,000. to $1,749,000., with the average asking price being $651,364. There have been 32 sales since December, with the average selling price being $510,756. and the average cost per square foot being $514. The least expensive sale price last year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 59 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 5 month supply of homes.

The Pier
In The Pier there are currently 18 active two-bedroom properties for sale, ranging in price from $529,000. to $1,749,000., with the average asking price being $964,394. There have been 3 sales since December, with the average selling price being $597,633. and the average cost per square foot being $621. The least expensive sale price last year was for $470,000. in May and the most expensive was for $820,000. in April. With 18 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently an 18 month supply of homes.


February Home Sales Strong

March 11, 2010

Vancouver, BC – March 11, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 63 per cent to 5,955 units in February compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 13 per cent compared to January 2010.

Read the rest of the article here.


North Vancouver Condo/Apartment Property Statistics (1-Br)

March 10, 2010

North Vancouver
In North Vancouver there are currently 122 active one-bedroom properties for sale, ranging in price from $209,900. to $699,000., with the average asking price being $360,103. There have been 61 sales since December, with the average selling price being $330,580. and the average cost per square foot being $484. The least expensive sale price last year was for $149,000. in June and the most expensive was for $710,000. in July. With 122 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.

Lower Lonsdale
In Lower Lonsdale there are currently 50 active one-bedroom properties for sale, ranging in price from $209,900. to $688,000., with the average asking price being $368,095. There have been 24 sales since December, with the average selling price being $349,454. and the average cost per square foot being $532. The least expensive sale price last year was for $160,000. in June and the most expensive so far this year was for $480,000. in January. With 50 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 6 month supply of homes.

The Pier
In The Pier there are currently 12 active one-bedroom properties for sale, ranging in price from $349,000. to $688,000., with the average asking price being $444,033. There have been 5 sales since December, with the average selling price being $416,600. and the average cost per square foot being $635. The least expensive sale price last year was for $346,000. in May and the most expensive so far this year was for $480,000. in January. With 12 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 7 month supply of homes.


West Vancouver Condo/Apartment Property Statistics (2-Br)

March 7, 2010

WEST VANCOUVER
In West Vancouver there are currently 69 active two-bedroom properties for sale, ranging in price from $519,000. to $6,250,000., with the average asking price being $1,210,621. There have been 19 sales since December of last year, with the average selling price being $802,852. and the average cost per square foot being $606. The least expensive sale price last year was for $290,000. in August and the most expensive was for $2,572,500. in November. With 69 properties currently for sale and with 5 sales last month, there is currently a large supply of homes.

AMBLESIDE
In Ambleside there are currently 23 active two-bedroom properties for sale, ranging in price from $519,000. to $2,295,000., with the average asking price being $1,000,278. There have been 7 sales since December of last year, with the average selling price being $543,200. and the average cost per square foot being $531. The least expensive sale price last year was for $290,000. in August and the most expensive was for $1,417,000. in November. With 23 properties currently for sale and with 3 sales last month, there is currently an 8 month supply of homes.

DUNDARAVE
In Dundarave there are currently 26 active two-bedroom properties for sale, ranging in price from $525,000. to $5,250,000., with the average asking price being $1,278,958. There have been 5 sales since December of last year, with the average selling price being $1,021,200. and the average cost per square foot being $831. The least expensive sale price last year was for $416,000. in July and the most expensive so far this year was for $1,995,000. in February. With 26 properties currently for sale and with 1 sale in February, there is currently large supply of homes.


Home Sales Activity Strong Through Olympics

March 2, 2010

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.

– from REBGV