Richmond Housing Report - February, 2010

March 17, 2010

Richmond Housing Report - List Vs Sold February, 2010
Source: RealtyLink Online

Housing Type Active Listings February Sales Av. 3 mth No. Months Average Price
Detached 475 154 129 3.68 $925,000
Townhouse 215 81 101 2.65 $485,000
Condominiums 625 154 149 4.19 $355,000

Richmond detached houseRichmond townhouse

Richmond condos / apartments
The Richmond total home sale for February, 2010 at 389 units was about 19% higher than the previous month sale of 328 homes. The supply of detached homes, townhomes and condos/apartments totaled around 1,315 units was 18% higher than the previous month total of 1,115 units.

With more listings coming onto the market, the tight supply of homes in Richmond is expected to ease gradually. Sale momentum can be expected to be maintained, as buying interest is expected to continue until the end of June. Home buyers are trying to make their purchases and close before the end of June, 2010. The market continued to be very active with home buyers ready to commit when they come across homes meeting their requirements.

The list/sale ratio improved greatly from 2.90 to 3.47 months inventory. There are now more sellers and listings, and the rush to buy by buyers is easing. Currently, price reduction is not as prevailing, but this is expected to change if homes are sitting on the market too long. It may take some time before the list to sale ratio increase to 6 months inventory to reach a balanced market.

Home buyers are looking out for new listings and ready to pay prevailing market prices which are now at or surpassing the previous heights in 2007. The media and housing experts are cautioning home buyers, to only consider taking on home mortgages that they can afford.

Heading towards a balanced market?

The sales pace is expected to remain active until the middle of the year. Buyers are prompted to buy now before the interest rates spike up the second half of 2010. The pending implementation of HST for new homes will likely affect higher valued new homes that are priced over a quarter of a million.

You can use the link here to view homes available for sale in Richmond. For more information on Richmond real estate, you are welcome to contact me at 604-721-4817 or email me.

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Canada’s hot housing market now cooling off

March 16, 2010

 Below is an article published in The Vancouver Sun by Paul Vieira, Financial Post on March 15, 2010:

‘Clear signs that some self-correcting mechanisms are starting to take over’, says noted economist.

OTTAWA — The once red-hot housing market — which several observers warned last month was in danger of turning into a bubble — is showing signs of losing steam as new listings climb and affordability begins to tighten, data released Monday indicate.

Concern that real estate prices were entering dangerous territory Read more

BC Property Transfer Tax Revenue follows sales value

March 13, 2010

BC Property Transfer Tax (PTT) revenue is forecast to increase 5.3% in the coming fiscal year, according to Budget 2010.

BC Real Estate Association forecasts home sales to increase by 3% and prices by 7% in Greater Vancouver in 2010. We may well see the PTT revenue higher than the Budget forecast.

Below is an except on BC’s economy forecast for 2010 and 2011:

the B.C. economy should continue to benefitstrongly from exceptionally low interest rates. Read more

BC Economy And Housing Growth Forecast

March 7, 2010

A five-year economic forecast by Chief Economist, Helmut Pastrick”, Central 1 Credit Union, covering 2010-14 pointed out that:

“B.C.’s economy is growing again with the help of record low interest rates and improvements in the world’s financial conditions, commodity markets and economy.”

“Faster growth after 2011 is centred in the domestic economy, and private investment in particular, assisted by more residential housing and consumer activity”. Read more

Greater Vancouver housing market report for February, 2010.

March 2, 2010

Real Estate Board of Greater Vancouver Housing Report - read full report here.

Home sales activity strong through Olympic period

VANCOUVER, B.C. – March 2, 2010 –The Greater Vancouver housing market continued to experience strong demand from home buyers and an increase in total property listings in a month where the eyes of the world were focused on the region.

The Real Estate Board of Greater Vancouver (REBGV) reports Read more