Activity in the Greater Vancouver housing market continued
to strengthen in March with both the number of homes sold and added to the
region’s Multiple Listing Service® (MLS®) reaching near record levels.
The Real Estate Board of Greater Vancouver (REBGV) reports
that residential property sales of detached, attached and apartment properties
in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per
cent increase compared to the 3,097 sales recorded in February 2011, an increase
of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent
increase from the 2,265 home sales in March 2009. The all-time sales record for
March occurred in 2004 when 4,371 transactions were recorded.
“Our market has had a very strong start to the spring
season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000
and nearly 7,000 home listings added to the MLS® in March, it’s clear that home
buyers and sellers view this as a good time to be active in their local housing
market.”
New listings for detached, attached and apartment properties
in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent
decline compared to March 2010 when 7,004 properties were listed for sale on the
MLS®, an all-time record for March. Compared to February 2011, last month’s new
listings total registered a 19.4 per cent increase.
At, 13,110, the total number of residential property
listings on the MLS® increased 9.9 per cent in March compared to last month and
declined 3 per cent from this time last year.
“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.
The MLSLink® Housing Price Index (HPI) benchmark price for
all residential properties in Greater Vancouver over the last 12 months has
increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.
Sales of detached properties on the MLS® in March 2011
reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales
recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in
March 2009. The benchmark price for detached properties increased 8.3 per cent
from March 2010 to $866,806.
Sales of apartment properties reached 1,622 in March 2011, a
29.6 per cent increase compared to the 1,252 sales in March 2010, and an
increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark
price of an apartment property increased 2.1 per cent from March 2010 to
$403,885.
Attached property sales in March 2011 totalled 663, a 20.8
per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent
increase from the 392 attached properties sold in March 2009. The benchmark
price of an attached unit increased 3.6 per cent between March 2010 and 2011 to
$511,039.
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