Spring has Sprung, Summer here we come!

(April 17, 2014 )

  • We continue to see steady and stable market conditions across the Greater Vancouver housing market. There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.
  • Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market. We typically see home buyers become more active in and around the spring months.
  • Home prices in the region have experienced incremental gains in most areas and property types over the last 12 months. It’s important to remember that this is a diverse marketplace and trends will vary depending on area and property type.
  • Housing sales have increased 12.5% from this time last year, however sales are 17.2% below the 10 year average.
  • 9.1% more listings this spring compared to last year's. The MLS recorded a total of 5,281 listings this March, still 6% below the 10 year average.
  • April makes it the third consecutive month with rising new listings, so far a total of 14,472 listings have been recorded this year for Greater Vancouver.
  • Prices for Detached Housing and Condos have increased an average of 4% since spring. Townhomes have also increased an average of 1.3%.
  • To give you a quick comparison, a typical home in East Van sits at $886,700 and prices have increased 7.7% in one year. In Hastings you would see a similar home list for $720,300 (0.6% increase) and a Fraserview home for  $1,146,700 ( 7% increase).
  • With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions