Metro Vancouver home sales up 16.4 per cent in May

June 16, 2009

The surge in Metro Vancouver homes sales the past 3 months had resulted in reversal of the price decline since the middle of 2008. The Vancouver sun reported on June 16, 2009 “Fourth straight increase in monthly sales, as reported by the Canadian Real Estate Association”.

“The housing market continued to rebound in May with a fourth consecutive increase in monthly sales, according to the CREA”.

Meanwhile, the pace of new home construction is down close to 50 per cent from last year while new listings in the existing-homes market are also sharply declining.

Read the full article here.

For a home buyer, it is back to the hectic days of making a quick decision when a suitable home is found. There is less room for negotiation, and sellers are holding on to their prices and they have no problem finding a buyer.

The demand far exceeded what’s available in the  market place, and a return of a “seller’s market” is evident in multiple offers on many homes. The current strong market activities is unlikely to change anytime soon, as inventory of new listings is not replenishing at the same rate of homes being sold.

If you are looking for info on homes for sale in Richmond or Vancouver, you can search online or contact me at 604-721-4817. Or send me an email.

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