Bob Sethi, B.Comm | 604.273.2828

 

RE/MAX Housing Barometer Report 2000-2010

for the Greater Vancouver area of British Columbia

 

Over the past decade, Greater Vancouver saw one of the most heated housing markets in the country, with conditions fi rmly in favour of the seller during the vast majority (55 per cent) of the 11-year period. The stretch running from 2001 to 2007 was even tighter, when purchasers vied for properties 76 per cent of the time, with little relief from the supply crunch. Buyers took the helm in only 13 per cent of the decade, while balance characterized the remainder. In fact, all but three of the last 11 years measured up as seller’s markets. It took a full-scale recession to ease conditions signifi cantly; with 2008 the only year buyer’s ruled Vancouver real estate. As a result, it comes as little surprise that returns from 2000 to 2010 in this housing hot spot exceeded the national average. Values rose from $295,978 in 2000 to $675,853 in 2010—for a compounded rate of return of 7.8 per cent. Canada earned a 6.8 per cent return over the same duration.  Its price growth helped position the city in the top tier, out-performing two-thirds of Canadian markets, ranking six nationally and fi fth in Western Canada for return on investment.

 

While balanced conditions provided some relief for purchasers in Greater Vancouver in 2010, the market was relatively short-lived. Seller’s conditions began to take shape once again in the latter months of 2010, with the sales-to-new listings ratio reaching 82 per cent in November and 110 per cent in December. The demand for single-familyhomes, in particular, picked up steam in early January.  Builders and new immigrants are snapping up properties two at a time, in cash purchases, for future development. Most of these homes are older, on larger lots, and will be torn down to make way for custom-built homes. With competition underway once again, multiple offers have reemerged, especially for homes that represent land value in well-established neighbourhoods. Activity was solid out of the gate in Vancouver West, East Vancouver, Burnaby, Richmond and the North Shore. Most sought after are single-family homes, priced between $1 million and $2 million. Days on market has been falling steadily, as move-up purchasers re-enter the market en masse. In Canada’s priciest market, affordability remains top of mind, with reasonably-priced units in good neighbourhoods snapped up quickly. Momentum continues unabated in the upper end, although confidence is building at all price points, setting the stage for a solid 2011.

 

For a full copy of this report including other areas/provinces email me at info@bobsethi.com

Post CommentComments: 0Read Full Story
Property Photo: 513 13728 108TH AVE in Surrey
I have listed a new property at 513 13728 108TH AVE in Surrey.
Quattro 3 in Surrey City Centre- home to new City Hail, Civic Plaza, 3 Sky train stations, bus transit, Surrey Memorial expansion, new/updated parks. Your new home incl. 7 pc appl pkg (Whirlpool kitch + front load Samsung W/D), 9' ceiling (or higher), granite counters, storage locker, fully equipped gym, landscaped grounds, kid's playground + car Co-op. Walk to shops (T&T, Best Buy, Shoppers Drug Mart + more) or Simon Fraser University. Locked in TD Mortgage held until completion. Call today.
Read Full Story
I have listed a new property at 519 13728 108TH AVE in Surrey.
Quattro 3 in Surrey City Centre- home to new City Hail, Civic Plaza, 3 Sky train stations, bus transit, Surrey Memorial expansion, new/updated parks. Your new home incl. 7 pc appl pkg (Whirlpool kitch + front load Samsung W/D), 9' ceiling (or higher), granite counters, storage locker, fully equipped gym, landscaped grounds, kid's playground + car Co-op. Walk to shops (T&T, Best Buy, Shoppers Drug Mart + more) or Simon Fraser University. Locked in TD Mortgage held until completion. Call today.
Read Full Story
Property Photo: 505 13728 108TH AVE in Surrey
I have listed a new property at 505 13728 108TH AVE in Surrey.
Quattro 3 in Surrey City Centre-home to new City Hall, Civic Plaza, 3 sky train station, bus transit, Surrey Memorial expansion, new/updated parks. Your new home incl: 7 pce appl pkg (Whirlpool kitch. + front-load Samsung w/d), 9' ceiling (or higher), granite counters, storage locker, fully-equipped gym, landscaped grounds, kid's playground + car co-op. Walk to shops (T&T, Best Buy, Shoppers Drug Mart + more) or Simon Fraser University. Locked-in TD Mortgage held until completion. Call today!
Read Full Story
Property Photo: 305 13728 108TH AVE in Surrey
I have listed a new property at 305 13728 108TH AVE in Surrey.
Quattro 3 in Surrey City Centre - home to new City Hall, Civic Plazza, 3 skytrain stations, bus transit, Surrey Memorial expansion, new/updated parks. Your new home incl: 7 pce appl package (Whirlpool kitch+ front-load Samsung W/D). 9'ceiling (or higher), granite counters, storage locker, fully equipped gym, landscaped grounds, kids' playground + Car co-op. Walk to shops (T&T, Best Buy, Shoppers Drug Mart + more) or Simon Fraser University. Locked-in TD Morgage held until completion. Call today!
Read Full Story
Property Photo: 218 13728 108TH AVE in Surrey
I have listed a new property at 218 13728 108TH AVE in Surrey.
Quattro 3 in Surrey City Centre - home to new City Hall, Civic Plaza, 3 Skytrain stations, bus transits, Surrey memorial expansion, new/updated parks. Your new home incl: 7pc appl pkg (Whirlpool kitch + front-load Samsung w/d), 9' ceiling(or higher), granite counters, storage locker, fully-equipped gym, landscaped grounds, kids' playground + Car Co-op. Walk to shops (T&T, Best Buy, Shoppers Drug Mart + more) or Simon Fraser University. Locked-in TD mortgage held until completion. Call today!
Read Full Story
Property Photo: 204 13728 108TH AVE in Surrey
I have sold a property at 204 13728 108TH AVE in Surrey.
Quattro3- NEW HOME OWNERSHIP opportunity! 7 PC APPLIANCES PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front-loading W/D. STANDARD 9 CEILING. FULLY EQUIPPED GYM in building. Walk to SHOPPING. (T&T, Best Buy, Shoppers + more). SIMON FRASER UNIVERSITY, one of three SKY TRAIN STATION. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars inc. 2 at Quattro3! BUY NEW and save: LOCKED IN MORTGAGE RATES! Call today!
Read Full Story
Property Photo: 7981 17TH AVE in Burnaby
I have listed a new property at 7981 17TH AVE in Burnaby.
Attention Builders!! Cute rancher on level, fenced and landscaped lot with lane access in great location close to Robert Burnaby Park. Solid home has been partially updated and well maintained. Being sold for lot value. A new home will offer views of the North Shore mountains from the 2nd floor. Call Bob Sethi for details.
Read Full Story

January Stats

Stability and regional ‘hot spots’ characterize January housing market

The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.
 
The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.
 
“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”
 
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.
 
“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said.
 
Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.
 
From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.
 
At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.
 
Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.
 
Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.
 
Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.
 
  
 

Post CommentComments: 0Read Full Story
Categories:  | 2011 | AB | agricultural land reserve | Alberta | ALR | apartment | apartments | April | attached | August | Bank of Canada | BC | bc hydro | BC Real Estate | BC Real Estate Association | BCREA | benchmark | benchmark price | Brendon Ogmundson | Bridgeport RI | Bridgeport RI, Richmond Real Estate | Brighouse | Brighouse South | Brighouse South, Richmond Real Estate | Brighouse, Richmond | Brighouse, Richmond Real Estate | British Columbia | Broadmoor | Broadmoor, Richmond Real Estate | bubble | Burnaby East Real Estate | bursuries | buyers | buying selling investing mortgage home equity loan loan to value ratio | Cameron Muir | Canada | Central Interior | change | chba | cmhc | CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan | condominium | Conserative | detached | Downtown VW | Downtown VW, Vancouver West | East Burnaby | East Burnaby, Burnaby East Real Estate | East Cambie | East Cambie, Richmond Real Estate | East Vancouver Burnaby | economy | energy | Eugen Klein | families | first time homebuyer | First Time Homebuyers Tax Credit | Flaherty | fortis bc | Garden City | Garden City, Richmond Real Estate | GDP | Genworth | Government | grade 12 | grants | Granville, Richmond Real Estate | Greater | Greater Vancouver | Greater Vancover | gst | gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo | Hamilton RI | Hamilton RI, Richmond | harmonized tax | Harper | high density housing | home owner grant | house prices | housing | Housing Price Index | HPI | hst | Immigration | insurance | Interior | investment | Ironwood | Ironwood, Richmond | Ironwood, Richmond Real Estate | Kamloops | Kevin Falcon | Liberal | Lower Mainland | Mainland China | market share | May | McLennan | McLennan North | McLennan North, Richmond | McLennan North, Richmond Real Estate | McLennan, Richmond | McNair | McNair, Richmond | McNair, Richmond Real Estate | Metro Vancouver | Minister | minister of finance | MLS | mortgage | mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing | MV RGS | N. Delta Real Estate | NDP | new home taxes | New Westminster | New Westminster Real Estate | North | North Shore | North Surrey | North Surrey Real Estate | owners | problem solvers | property | Province | Provincial Government | PST | PTT | Queen Mary Park Surrey | Queen Mary Park Surrey, Surrey | Queensborough | Queensborough, New Westminster | Queensborough, New Westminster Real Estate | rates | RE/MAX | RE/MAX Housing Barometer Report 2010 | Real Estate | Real Estate Board of Greater Vancouver | Realtors | rebates | REBGV | reduce | referendum | Regional Growth Strategy | rental | residential property | Richmond | Richmond condo strata development project six storey wood frame | Richmond Real Estate | Riverdale RI | Riverdale RI, Richmond Real Estate | rules | sales | Sauder School of Business | Saunders | Saunders, Richmond | Saunders, Richmond Real Estate | scholarship | Schools | Sea Island, Richmond Real Estate | sell through rates | September | solar | South Arm | South Arm, Richmond | South Arm, Richmond Real Estate | statistics | stats | Steveston North | Steveston North, Richmond | Steveston North, Richmond Real Estate | Steveston South | Steveston South, Richmond | Steveston South, Richmond Real Estate | Sunshine Hills Woods | Sunshine Hills Woods, N. Delta Real Estate | Surrey | Surrey City Centre | Surrey Real Estate | tax deferment | taxes | terasen | threshold | towhomes | townhome | transition | Tsur Somerville | UBC | vancouver | vancouver real estate rebgv statistics buying selling average prices market conditions | Vancouver West | water meter | West Cambie | West Cambie, Richmond Real Estate | West Coast | West Newton | West Newton, Surrey | West Newton, Surrey Real Estate | Western Canada | Westwind, Richmond Real Estate | Whalley | Whalley, North Surrey | Whalley, North Surrey Real Estate | WHL hockey RE/MAX
Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

Why Sign Up?

  • Save your Listing Searches
  • Email Alerts on new Listings
  • See new listings sooner
  • Tag your Favourites for later

Already a Member?