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Market Update

July 2011

With the summer market in full swing, it appears we are still waiting for the summer weather to catch up. As expected, it is much more of the same this month compared to last. Sales are down across the board, with the exception of the North Vancouver attached market which appears to be bucking the trend. Expect that to correct next month. Average sale prices and active listings are fluctuating across the board, but prices in most markets slipped slightly without enough dip to cause alarm. Everything we are seeing is typical for the seasonal nature of the Vancouver market and I expect to see a continuation of these trends for the next two months before an upturn in September.

Looking at the bigger picture, predicting the local market is beginning to require more and more knowledge of international financial markets. Using local trends to predict the market has quickly become a fool's game and many more factors must be taken in to account. We will have to keep an eye on foreign markets in the coming months, as they will likely play a larger role in the Vancouver market moving forward than rising mortgage rates will.

Any questions, ask away. And enjoy the summer!

Ben

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#204 - 283 Davie St.

  • FOR SALE Offered at $669,000
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#601 - 29 Smithe Mews

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#406 - 3083 W 4th Ave

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An interesting report release by the BCREA today predicts a rise in home sales in 2011. Though their forecast for this year shows a 7% decline compared to 2009, they expect to see a 5% rise in 2011. Stating a slowly falling number of listings heading into the second half of the year (which, while contrary to many media, is quite accurate), it looks like the current Buyer's market may be shorter-lived than originally thought and balance could be restored by early next year.


Read the full article below:

For a PDF version of this news release, including data table, follow this link:
www.bcrea.bc.ca/news_room/2010-07-30Forecast.pdf.

For immediate release

BC Home Sales to Rise in 2011  
BCREA Housing Forecast Update - Third Quarter 2010

Vancouver, BC – July 30, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the third quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 7 per cent from 85,028 units in 2009 to 79,500 units this year, before increasing 5 per cent to 83,400 units in 2011.

“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months.”   

“A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” added Muir. “However, the buyers’ market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall.”

The average MLS® residential price is forecast to climb 6 per cent to $492,800 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $489,500.

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