Mar 2010 17

Home sales activity strong through Olympic period

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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.

Residential property sales in Greater Vancouver totaled 2,473 in February 2010, an increase of 67.1% from the 1,480 sales recorded in February 2009 and a 28.6% increase compared to January 2010 when 1,923 sales were recorded.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 19.7% to $581,911 in February 2010 from $486,054 in February 2009. This price is 2.4% above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

New MLS? listings for detached, attached and apartment properties in Greater Vancouver totaled 4,606 in February 2010. An increase of 17.6% from February 2009 when 3,916 new units were listed and an decrease of 10.5% compared to January 2010 when 5,147 properties were listed.

Total active listings at 11,346 are up 11% compared to January 2010 and have declined 21% from February 2009.

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 the excitement and distraction of the last few weeks,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

“In February, for example, 110 sales were recorded on the MLS? in downtown Vancouver. That’s higher than 2009 and slightly lower that 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.

“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.

2010 02 REBGV Stats Package Click on the graph to see it in full size

You can also download the whole February 2010 REBGV statistics.

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