Vancouver Real Estate Fueled By Rich Chinese Immigrants

April 26, 2011

Rich Chinese immigrants are fueling the Vancouver housing market

Investments by rich Chinese buyers are playing a role in helping to buoy the hottest real estate market in Canada. There are no tally data on foreign investment in residential real estate in metro Vancouver. Widespread media reports suggest investment cash from China is very significant factor, especially in the market for expensive homes. Globe & Mail article published April 24, 2011.

The strong demand by rich buyers for detached homes especially in Richmond and  Vancouver west is not expected to slow down anytime soon. Read more

Richmond Housing Report – March, 2011

April 18, 2011

March 20, 2011

Richmond Housing Report – March, 2011

Source: RealtyLink Online

Housing Type Active Listings March Sales Av. 3 mth No. Months Average Price
Detached 705 262 225 3.13 $1,150,000
Townhouse 275 142 105 2.62 $535,000
Condominiums 605 230 178 3.40 $375,000

Richmond detached homes
Richmond townhomes
Richmond condosRichmond’s total homes sale for March, 2011 totaled 634 units was 18% higher than the previous month sale of 536 homes. The supply of detached homes, townhomes and condos/apartments increased 18% from 1,345 units the previous month to 1,585 units. The overall supply of homes was at around 74% recorded during the height in May, 2010 which posted a total of 2,130 homes.

The *months of inventory for March 2011 at 3.11 months was aaround the same level as in the previous month of 3.28.  The overall supply of homes in Richmond is still very low especially for townhomes with under 3 months inventory.  Market activities have moderated some what as more supply of homes helps to ease the tight supply as experienced the past 3 months.  The demand for older detached homes is still relatively strong, but generally detached home prices are now priced 10% to 15% higher than 3 months ago.

There is a slowing down in the rush for homes. There are now more resale home listings and several new projects are releasing presale homes to meet the demand in the market.Mortgage rates is relatively stable, and the market is not expecting a significant jump in interest rate which could dampen the market.  While market activities are expected to remain strong, home prices are expected to remain stable for now.  For home sellers, this could be a good time to sell their homes while the market is favorable.

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 begin_of_the_skype_highlighting              604-721-4817      end_of_the_skype_highlighting or email me.

months of inventory (MOI) is a ratio based on total supply against the average 3 months sale. A ratio of 6 MOI is considered a “market in balance” .  A ratio much higher than 6 will result in home prices under pressure to go lower and a ratio much under 6 will result in home prices under pressure to go up. 

Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

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Near record sales in March

April 17, 2011

REBGV March Housing Report

VANCOUVER, B.C. – April 4, 2011 – Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 Read more