Vancouver Real Estate Market At Near Record Pace For March
Posted by Kerri Demski - PREC on Tuesday, April 5th, 2011 at 10:34am.
Vancouver is in the midst of a strong spring in real estate as home buyers continue to enter the housing market at near record levels. There have been 4,080 sales in March, 2011 which represents a 31.7% increase compared to February, 2011 and an increase of 30.1% compared to March, 2010. The all-time sales record for March was in 2004 when 4,371 real estate transactions occurred.
So, what's driving the high-end real estate market in Vancouver? Investment class immigrants from Mainland China looking to move here in the next 2-3 years. They are required to have a Canadian investment of at least 800K and need to show a net worth of 1.6 million dollars. With good schools and safe neighbourhoods these buyers are mainly focused on Westside homes.
Multiple offers continue in many Vancouver sub-divisions but at least there are more properties to choose from, but it's still a seller's market. New listings in March totalled 6,797 nearing the all-time record of 7,004 porperites from the same time last year and inventory is up by almost 20% over last month, giving buyers a little breathing room and more options.
Simply broken out, Vancouver home sales look like this:
| Greater Vancouver Area | March 2011 | March 2010 | March 2009 |
| Detached Units Sold | 1,795 | 1,336 | 897 |
| Attached Units Sold | 663 |
549 |
392 |
| Apartment Condo Units Sold | 1,622 |
1,252 |
976 |
The benchmark price for all residential properties (detached, attached and condos) in Greater Vancouver increased by 5.4% over the past 12 months from $584,435 in March 2010 to $615,810 in March 2011.Â
"Our market has had a very strong start to the spring season," Rosario Setticasi, REBGV president said. "It's clear that home buyers and sellers view this as a good time to be active in their local housing market."
"Conditions favour sellers at the moment but we're seeing differences in home-price trends and overall activity depending on the region and property type," Setticasi said. North Vancouver and West Vancouver home sales are no exception showing strong sales and inventory levels.
| Property Type | Area | Benchmark Price | Price Range | 3 Month Avg Benchmark Price | 1 Year Change | 3 Year Change | 5 Year Change |
| Detached | Greater Vancouver | $866,806 |
+0.9% |
$841,832 | +8.4% | +13.4% | +42.0% |
| Detached | North Vancouver | $922,764 | +2.2% | $907,736 | -0.5% | -0.6% | +24.6% |
| Detached | Vancouver West | $1,914,639 | +1.9% | $1,843,546 | +15.5% | +32.2% | +80.7% |
| Detached | West Vancouver | $1,526,596 | +3.0% | $1,478,867 | +6.0% | +2.8% | +24.9% |
| Property Type | Area | Benchmark Price | Price Range | 3 Month Avg Benchmark Price | 1 Year Change | 3 Year Change | 5 Year Change |
| Attached | Greater Vancouver | $511,039 |
+0.7% |
$504,432 | +3.6% | +7.9% | +35.9.0% |
| Attached | North Vancouver | $637,633 | +2.4% | $612,752 | +4.6% | -3.5% | +31.2% |
| Attached | Vancouver West | $782,842 | +2.5% | $771,100 | +1.6% | +10.0% | +41.5% |
| Attached | West Vancouver | n/a | n/a | n/a | n/a | n/a | n/a |
| Property Type | Area | Benchmark Price | Price Range | 3 Month Avg Benchmark Price | 1 Year Change | 3 Year Change | 5 Year Change |
| Condo | Greater Vancouver | $403,885 |
+0.5% |
$398,072 | +2.1% | +3.7% | +32.4% |
| Condo | North Vancouver | $388,304 | +1.8% | $385,927 | -4.9% | -3.4% | +22.7% |
| Condo | Vancouver West | $517,329 | +0.9% | $511,228 | +1.6% | +4.3% | +32.4% |
| Condo | West Vancouver | $635,010 | +7.1% | $648,045 | -2.6% | +1.3% | +24.1% |
Stats are provided by the Real Estate Board of Greater Vancouver; feel free to view the complete REBGV Stats Package for March 2011.
Attention Google Chrome users: right click on the link to download PDF files while Google and Adobe work things out ;)
| Attached | Greater Vancouver | $511,039 | +0.7% | $504,432 | +3.6% | +7.9% | +35.9% |
| Attached | North Vancouver | $637,633 | +2.4% | $612,752 | +4.6% | +2.5% | +31.2% |
| Attached | Vancouver West | $782,842 | +2.5% | $771,100 | +1.6% | +10.0% | +41.5% |
| Attached | West Vancouver | n/a | n/a | n/a | n/a | n/a | n/a |
Remax Crest Realty
Kerri Demski - Personal Real Estate Corporation
