Sales surprise but market shows signs of life

many buyers just can't resist the adjusted prices combined with great mortgage rates"

August, 2010
Homes sales activity in Greater Vancouver was quieter last month than most Julys over the past decade. Compared with July 2009, total sales for last month were down 45%! However, putting things in perspective, July 2009 was the one of the busiest months on record.

It seems as though prices peaked in May and then the market was flooded with new listings. But the number of new listings has been trending downward since then with 4,138 new listings last month compared with 5,041 properties listed for sale in July 2009. This trend will likely continue as many sellers (especially investors) choose to hold-off on listing while speculating that things will improve in the next few years.

However, we still see 33% more listings on the market now compared with this time last year and sellers should be prepared for a longer time frame to sell. On average, "market priced" MLS listings are taking 45 days to sell.

As expected, the implementation of HST (Harmonized Sales Tax) on July 1st, sent shockwaves through the market. Even today, many buyers still believe that HST is applicable on re-sale homes also, which is simply not the case. It seems that the Government was unable to effectively communicate to home buyers that only new homes are subject to HST.

But there is life in the market, especially in the all important "entry level" market.
Some downtown condo's that have been sitting for the past 30-60 days, are being "snapped-up" as many buyers just can't resist the adjusted prices combined with great mortgage rates.

Just yesterday, my buyer client became involved in a "multiple-bid" on a Condo that had been sitting for 45 days!

Unfortunately their other two choices also sold last week.


"FULL MARKET UPDATE"- (REBGV)
Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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