CONDO SALES STEADY AS SUPPLY SURGES!

April 8, 2010

During March 2010, sales of condos in Greater Vancouver increased 28% compared to March 2009 & Vancouver Westside condo sales grew 16% during the same period. Much of the increased activity can be attributed to; rising interest rates, as buyers scramble to use locked-in rates, the upcoming changes to bank lending standards to be implemented this month, which may force many investors out of the market and the proposed H.S.T (Harmonized Sales Tax) which will add thousands to the cost of a new home.

Although the sales numbers continue to impress, the number of Condo listings (Westside) on our MLS surged +94% in March 2010 vs. February 2010! The total number of all property types listed on MLS increased 19% during March 2010 vs. February 2010. This is the highest level in 10 months but still remains 7.6% below this time last year.

Is this a "Post Olympic Effect"? It appears that many of the new listings downtown are rental units (especially furnished) that investors are finding difficult to rent out since the games ended.

Market watchers should pay close attention to the "Sales to Listings"
ratio which best demonstrates the balance of supply and demand in the market. During March 2010, Westside condos experienced a 33% sales-listings ratio vs. 57% for March 2009.

This is great news for downtown condo buyers, as their options have expanded.

* * * *

FOUR(and a half) REASONS FOR INVESTORS TO SELL NOW!
The next 90 days may be the best time to sell!

See my BLOG, April 8, 2010







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

All information is approximate

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