Greater Vancouver Real Estate Prices - June 2011

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

Click here for the full report.

Fraser Valley Real Estate Prices - June 2011

Fraser Valley Real Estate Prices - June 2011 Report

RATIO OF PROPERTY SALES TO INVENTORY REMAINS STABLE IN THE FRASER VALLEY

For three consecutive months, the percentage of properties sold in the Fraser Valley compared to those that were available for purchase has remained at 16 per cent, reflecting a balanced market starting to favour buyers.

In June, the Fraser Valley Real Estate Board processed 1,588 property sales on its Multiple Listing Service (MLS®), while at the same time had 9,758 active listings available.

Sukh Sidhu, president of the Board, explains, “When supply and demand remain as consistent as they have since April, it indicates a stable market."

“However, it is important for both buyers and sellers to be aware that Fraser Valley’s market is highly localized. In general, 16 out of every 100 properties sold in June, but that’s referring to every property type in all six of our communities. Be sure to ask your REALTOR® for the percentage of properties selling specific to your home in your area.”

The Board received 2,762 new listings in June, a decrease of 10 per cent compared to May and a decrease of 12 per cent compared to the 3,153 new listings received in June 2010.

Sidhu adds, “Although the volume of new homes coming on stream saw a seasonal dip in June, selection remains very good in particular for Fraser Valley apartments. With interest rates remaining stable, there are some excellent opportunities for first-time buyers this summer.”

In June, the benchmark price for Fraser Valley detached homes was $528,060, an increase of 1.9 per cent compared to $518,355 in June 2010 and a decrease of 0.3 per cent compared to May.

The benchmark price of Fraser Valley townhomes in June was $327,457, a decrease of 0.2 per cent compared to $328,080 in June 2010 and up 0.8 per cent compared to May. The benchmark price of apartments was $249,537 in June, an increase of 1.3 per cent compared to the $246,351 price in June of last year and down 0.6 per cent compared to May.

Fraser Valley Real Estate Prices - June 2011 Report click here

Greater Vancouver Real Estate Prices - May 2011

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.

Click here for the full report.

Fraser Valley Real Estate Prices - May 2011

Fraser Valley Real Estate Prices - May 2011 Report

FRASER VALLEY HOUSING MARKET SHOWS LOCAL VARIATION

The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple Listing Service (MLS®) in May, an increase of 9 per cent compared to 1,477 sold during May of last year, and an increase of 6 per cent compared to April’s 1,516 sales.

Sukh Sidhu, president of the Board, reports, “Overall, the Fraser Valley market is in a balanced position, however there are significant differences amongst individual communities and property types stressing the importance of getting local expertise if you’re thinking of buying or selling.

“For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey Central and North Surrey, conditions are balanced for sales of detached homes.”

Variation is also evident in home prices. In May, the benchmark price for Fraser Valley detached homes was $529,810, an increase of 2.8 per cent year-over-year. The benchmark price is the predicted sale price of a typical property in the Fraser Valley. Contrast that to May’s average price of $630,870 for detached homes, an 11.6 per cent increase compared to May 2010 – influenced by the sale of higher-end homes or homes with larger lots.

Sukh Sidhu explains, “The average price and its percentage change often do not provide an accurate picture of the real market, which is why we talk about prices of “typical” homes that most people are buying or selling.”

In May, the benchmark price of Fraser Valley townhomes was $324,730, a decrease of 1.1 per cent compared to $328,295 in May 2010. The benchmark price of apartments was $250,988 in May, a decrease of 0.5 per cent compared to the $252,221 price in May of last year.

May finished with 2.9 per cent more active listings on the MLS® than it had in April – 9,978 compared to 9,697 – however, 12.6 per cent fewer than the 11,411 listings that were active during May of 2010. The Board received 3,070 new listings in May, an increase of 5.2 per cent compared to April and a decrease of 11.2 per cent compared to the 3,457 new listings received in May 2010.

Fraser Valley Real Estate Prices - May 2011 Report click here

Bank of Canada Rate Announcement - May 31, 2011

For the 6th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...some of the considerable monetary policy stimulus currently in place will be eventually withdrawn." The bank indicated in its media statement that the disasters that struck Japan in March are severely affecting Japan's economic activity which in turn could slow global economic growth.

Following this news, chartered banks and other financial institutions are expected to leave their prime lending rate at 3%.

Next Bank of Canada rate announcement – July 19, 2011.

Click here for the full Bank of Canada report.

If you are in a variable rate mortgage and need mortgage advice or if you have any friends or family that are buying a home or refinancing their existing mortgage, please call us so we can connect up with them. We always appreciate your referrals.

Bank of Canada Rate Announcement - April 12, 2011

For the 5th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...any further reduction in monetary policy stimulus would need to be carefully considered." The bank indicated in its media statement that the persistent strength of the Canadian Dollar is dampening economic growth.

Following this news, chartered banks and other financial institutions are expected to leave their prime lending rate at 3%.

Next Bank of Canada rate announcement – May 31, 2011.

Click here for the full Bank of Canada report.

If you are in a variable rate mortgage and need mortgage advice or if you have any friends or family that are buying a home or refinancing their existing mortgage, please call us so we can connect up with them. We always appreciate your referrals.

Bank of Canada Rate Announcement - March 01, 2011

For the 4th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...global economic recovery is proceeding broadly in line with the Bankof Canada January 2011 projections." Although risks remain elevated, the bank indicated in its media statement that the pace of recovery is moving slightly faster than anticipated.

Following this news, chartered banks and other financial institutions are expected to leave their prime lending rate at 3%.

Next Bank of Canada rate announcement – April 12, 2011.

Click here for the full Bank of Canada report.

If you are in a variable rate mortgage and need mortgage advice or if you have any friends or family that are buying a home or refinancing their existing mortgage, please call us so we can connect up with them. We always appreciate your referrals.