No seasonal flu for the Vancouver Market!

November 3, 2009

During October, Greater Vancouver sales ended up 171.6% vs. October 2008 and over the last 12 months the Housing Price Index benchmark price increased 6.8%! (CMHC is forecasting a 3-4% price increase during 2010). However, even with this activity, we are still not at the benchmark peak reached in early 2008. So for active, savvy Buyers, the opportunities are still out there.

In addition to the surge in sales was the quick absorption rate of homes on the market. Although listings were up 2.3% vs. October 2008, there was a 13.4% decline in the number of homes available compared to September 2009! Sellers with well priced, quality homes remain in a good position.

Most of the sales that I have been involved in during the last few months have been "Multiple offers", so a continued brisk market is likely right up to and during the Olympics. Although with all the security and road closures, I am not sure how Realtors are going to get around Downtown to show properties during this time!



Considering purchasing an extra parking stall in that new, luxury Condo development? Shrewd Developers (Downtown) are selling these extra spots for $25-$50K! But don’t expect to receive the same return for that extra parking when the time comes to sell your condo. That extra parking stall, in most instances, is simply a feature that "may help" you sell your property quicker. Unless you need the extra parking for your own use, you may want to opt for the storage locker (only one) or select a few "key" interior upgrades.

Full market update for specific neighborhoods, please click link below:

Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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