Vancouver Realty Online

We are proud to present our Westside market reports for the period running from February 22 – March 1 courtesy susankeevil.com…

Westside Vancouver Attached Report February 22 – March 1 :

The Westside neighbourhoods saw a post-Olympic recovery in supply numbers this past week with 77 new attached listings in the Westside markets (or 41% of the overall 189 new active listings over Vancouver West). Kitsilano once again posted the strongest attached supply figures with 19 new attached listings. We expect a steady increase in new listing activity after the closing of the Olympics as buyers bring their homes on the market, and short-term Olympic rental also also affect supply.

Please click HERE for the full article.

Westside Vancouver Detached Market Report February 22 – March 1

The Westside Detached market returned to pre-Olympic levels this past week after posting strong gains going into the 2010 Games. We saw 58 new detached listings on the Westside (down from approximately 80 per week in the periods prior), with Cambie and Dunbar remaining the strongest markets with 10 and 9 new listings respectively. The detached market on the Westside had been quite hot on the buyer side through the end of January and as such we saw quite a supply increase through the first two weeks of February.

Please click HERE for the full article.

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According to the B.C. Real Estate Association, much of the forward momentum for 2010/11 has been used up by the interest rate driven market improvements we saw in 2009:

B.C. real estate 2009 bounce-back to taper off this year, 2011

Muir characterized his forecast as 2009 ending with a “gold-medal finish, [which] will give way to a silver-medal performance in 2010.”

“Affordability is the biggest factor over the longer term,” Muir added in an interview, “because home prices in markets such as Victoria and Vancouver are trending on record levels, and mortgage rates are likely to edge higher at the end of this year and through 2011.”

“That’s going to increase the carrying cost of housing, and by extension, overall housing demand.”

Home carrying costs, the monthly mortgage payment, taxes and other fees saw a dramatic trim during the downturn that lasted through the last half of 2008 and first part of 2009, but Muir noted that that advantage is rapidly disappearing.

Please click HERE for the full article.

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