About Greater Vancouver, BC

Westside detached supply lagged slightly this past week after posting two consecutive weeks of positive growth; we saw 79 new detached listings on the Westside (down a bit from the 84 new listings in the previous period). Dunbar again posted the strongest supply numbers with 12 new detached listings this week with Point Grey jumping in with 12 new detached listings as well. The supply-side continued to loosen in high-demand areas like Dunbar and Point Grey well neighbourhoods like Kitsilano and Mackenzie Heights remained quite stable. The higher supply numbers have resulted in less multiple offer situations as buyers have a greater degree of leverage.

The Westside neighbourhoods posted strong sales and listing numbers for the fourth consecutive week as we move towards the Olympics with firm market share on both the sales and supply side. Vancouver West saw 253 new attached listings (up from 213 in the previous week) as a whole with the Westside neighbourhoods contributing 108 new attached listings or roughly 43% of all new supply. The University, Kitsilano, and Fairview areas demonstrated strong supply numbers with 15, 27, and 18 new attached listings respectively.

Sales volume took a step backwards this past week after posting three consecutive weeks of gains as we witnessed 129 confirmed sales transactions across Vancouver West (down from 139 in the previous period) with the downtown neighbourhoods accounting for 75 attached sales or roughly 58% of all transaction volume for the week. The downtown core neighbourhoods saw a notable fall with 35 confirmed sales (down from 53 the previous week), well Coal Harbour and False Creek North both posted gains. The downtown neighbourhoods saw a fall in their sales share across Vanouver West with 58% of all confirmed transactions (down from 64% the previous week).

Lower Mainlands Real Estate housing market is on the rebound with resales expected to set a new annual record this year and homebuilding off to a strong start, according to two reports issued Monday.

The Canadian Real Estate Association is forecasting that national home sales activity will reach 527,300 units this year, up 13.3 per cent from 2009. This would be a new annual record, up 1.2 per cent above the previous peak in 2007, CREA said Monday.

Low interest rates and home buyers wishing to avoid the harmonized sales tax before it comes into effect in British Columbia will help fuel Lower Mainland Real Estate resales in the first half of this year, the association said in a news release.

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Well, it looks like Mr. Murphy has struck again. While the Mid-Atlantic states are being bombarded with snow at record depths, the venues for the 2010 Olympic Games are experiencing unseasonably mild weather.

As a matter of fact, it’s so warm in Vancouver, British Columbia, that it is not even possible to make snow. Snow is being brought in by the truckload and is turning into a slushy mess.

Some events may have to be postponed or moved. It is a cause of great concern for event organizers and participants.

It’s just another one of those ironic twists of that reminds us to depend on nothing, and to be prepared to make alternate plans when things go awry.

Because until we are able to control the weather, we just have to learn to deal with it!