January 2010
Happy New Year to you & all the best for 2010!!
I would just like to say that I am looking forward to an amazing 2010!!
I am also introducing a monthly newsletter in which I will provide you valuable information on the real estate market & relevant information. No Junk Mail, I promise!! That said & done here we go:
January 2010 Newsletter
Slow start, strong finish for housing market in 2009
The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008.
The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008. “Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half
of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”
Total active listings in Greater Vancouver currently sit at 8,939 (as of Jan 1, 2010), a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (to see graph, contact me for more detail).
Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.
Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.
Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.
2010 Olympics
Time will tell what the Olympics will do for the economy. I will report on that issue in a future newsletter.
The HST - What you need to know?
The provincial and federal governments will combine the 7 per cent Provincial sales tax (PST) and the 5 per cent federal Goods and Service Tax (GST) into a 12 per cent Harmonized Sales Tax (HST) on July 1, 2010. This is only applicable on BRAND NEW PROPERTIES. (For more details please contact me).
Free Market Snapshot Available
If you do not already subscribe to the market snapshot, all you need to do is e-mail me your approx square footage, number of bedrooms, bathrooms, postal code & e-mail address you would like the market update sent to. This works for both buyers & sellers. Free service to keep you posted on properties for sale & sold in your neighbourhood.
Summary
Market is still very active; it is currently a seller’s market!! Low interest rates predicted for the next two quarters. Forecast is good!! (for more details of charts & graphs, please contact me).
For all of your real estate needs,
William Lew
604 862 1966 (direct)
william@westsideliving.com (e-mail)
williamlew666 (skype)
Dexter Associates Realty