Home sales activity strong through Olympic period
VANCOUVER, B.C. – March 2, 2010 –The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased to 67.1% compared to February 2009 and a 28.6% increase compared to January 2010.
More broadly, last month’s sales totals marked a 7.6% decline compared to February 2008 and were 13.5% behind February 2007. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7% from February 2009. This price is 2.4% above the previous high point in the market in May 2008.
“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said. “In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver represent a 17.6% increase compared to February 2009 and a 10.5% decrease compared to January 2010. The total number of property listings on the MLS® increased 11% in February compared to last month and declined 21% from this time last year.
“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.
Sales of detached properties increased 67.5% in February 2010 from detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5% from February 2009.
Sales of apartment properties in February 2010 increased 65.2% compared to sales in February 2009.
The benchmark price of an apartment property increased 17.3% from February 2009.
Attached property sales in February 2010 are up 71.2% compared with February 2009. The benchmark price of an attached unit increased 16.2% between Februarys 2009 and 2010.