Metro Vancouver condo sales rebound sharply
Anyone who has been following the downtown real estate market won't be surprised, that the BC Real Estate Assoc. says we have rebounded sharply. I personally have been in 10 multiple offer situations, on downtown Vancouver condos in the last few weeks. Some we got, others we didn't. In my experience of the market anything under the $600,000.00 mark is selling with in days, with multiple offers and most of the time over the listing price.
Here are the fall predictions from The British Columbia Real Estate Association, who have just released its Forecast Update for the third quarter of 2009,and the forecast is positive.
BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 per cent from 68,923 units in 2008 to 79,400 units this year, just below the ten-year average of 82,800 units. Residential sales in 2010 are forecast to rise an additional 6 per cent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.
“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.”
“Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria in recent months,” said Muir. The average annual MLS® residential price in the province is forecast to reach $451,200 in this year, down 1 per cent from a record $454,599 in 2008.
“Market conditions vary depending on the region of the province,” added Muir. “While the Metro Vancouver and Victoria markets have rebounded sharply, interior markets are demonstrating a more gradual trend toward balance between supply and demand.”
BC housing starts are forecast to increase 25 per cent 18,500 units next year after a dismal 2009. Housing starts are forecast to decline 57 per cent to 14,800 units this year, the lowest level of activity since 2000.
If you have any questions or comments about the downtown real estate market please email at kathystilwell@gmail.com or call me at 604-341-0101