Greater Vancouver Sees Steady Housing Market

The summer season opened with an air of optimism and high hopes for the Real Estate market of Greater Vancouver. There is steady activity being experienced with the Real Estate Board of Greater Vancouver (REBGV) reporting total residential property sales of 2,972 in Greater Vancouver for June 2010. Despite a drop of 30.2 percent from the 4,296 June 2009 sales, June 2010 sales reached 22.6 percent higher than 2,425 June 2008 sales.
REBGV president Jake Moldowan said that the 4,244 sales in June 2007 appears to be 30 percent higher than this year’s June sales which is 5.8 lower than May 2010 total sales. There was also no record-breaking activity experienced but generally there are signs of a stable property and real estate Property Characteristics Real Estate market this summer. There are also a number of new listings for properties up in the market but these are not as significant compared to the past three months. But because it is the traditionally quiet time of the year, it is worth noting that demand remains to be at a robust level.
New listings for properties reached 5,544 for attached, detached and apartment residential units showing an increase of 3.2 percent in comparison to 5,372 new units listed in June 2009. However, there is a decrease by 21 How Much Time Do You Need To Buy A House percent from that of the 7,014 properties added to the MLS for May 2010. The MLS property listing totaled to 17,564 showing an increase of 1.2 percent compared to May2010 and by 32 percent in comparison to June 2009.
According to Moldowan, “there has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April.” Actually, there has been an increase of 11.8 percent of the MLS LinkA� Housing Price Index (HPI) standard price for all Greater Vancouver housing properties for the past 12 months. From $518,855 in June 2009 it rose to $580,237 June this year.
Evidently, there is a healthy balance being established between the bullish real estate sales in 2009 and the slower pace of 2008. Trailing behind 2009 overall real estate sales, total sales and benchmark prices of 2010 have been showing optimistic and increasing growth in comparison to 2008. This is a good indicator that Greater Vancouver’s housing property market is going steady.

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