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
Detached Units Sold
Attached Units Sold
Apartment Condo Units Sold
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.
"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.