Wednesday, July 7, 2010
Chinese Come House Hunting in Vancouver
Mainland Chinese interest in Metro Vancouver property is so strong that it is fueling a market for real estate tourism, with groups of wealthy travelers scheduling visits to the city for the sole purpose of house hunting.
China-based internet sales company SouFun is organizing two tours with groups of about 20 each from Beijing and Shanghai...
Tuesday, July 6, 2010
Steady Market Market
Categories:June Vancouver Real Estate Market Update
After a brief lull, interest seems to be picking up at Open Houses - more people are out to see the healthy supply of new listings on the market. I hope to see some of you at my new listing, described above.
In the meantime, let's catch up with what the statistics are telling us about June:
The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2% compared to the 4,259 sales in June 2009, which was the second highest selling June on record.
"Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,"
--Jake Moldowan, REBGV president.
Compared to June 2008, last month's sales represent a 22.6% increase, but are still 30% less than sales in June 2007. June 2010 sales also represent a 5.8% decline compared to May.
"We didn't experience any record-breaking activity in June, but we did see a stable summer market," Moldowan said. "The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year."
New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2% increase compared to June 2009 but a 21% decline compared to May 2010 when 7,014 properties were added to the MLS®.
At 17,564, the total number of property listings on the MLS® is up 32% compared to this time last year.
"There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April," Moldowan said.
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