Condo market balanced...House market surges"

Buyers entered the market well in advance of the typically busy spring season. February's 3,097 homes sales outpaced the 2,742 home-sale average recorded in the region over the last ten years.

Demand for detached homes continue to lead the way and is particularly high in Richmond and the West Side of Vancouver, which remains the most sought after properties in our marketplace.

The price increases for houses in these areas since November 2010 have been staggering while houses in other areas in the lower mainland are also posting respectable gains.

It's no secret that the Mainland Chinese buyers are fueling much of this activity, for which there seems no immediate end in sight.

Some experts predict a bit of cooling after the first quarter of the year,
but that remains to be seen with February sales up 70% vs. January while the listing inventory climbed a mere 18% for the same time period.

Right now, there is better selection and opportunity for buyers in the Condo and Townhouse market with sales steady and prices flat or up slightly in some areas. However, those shopping for a house in some of the hotter neighbourhoods can be in for a bit more of a challenge.

Please feel free to contact me for your market specific information.

full details:

Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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