Vancouver Real Estate Sales on the Rise
Despite the fact that the economy is still in a slump, Canada's property market has recently seen an upsurge in sales, particularly in British Columbia. While Toronto, Montreal, Calgary and Edmonton have all contributed to the recent boost of national sales activity, Vancouver emerged as one of the strongest markets during the second quarter with a 77 per cent increase in sales as compared to the first quarter.
These current figures show that the Vancouver real estate market is experiencing a healthy rebound from the abysmally low numbers that were recorded between November 2008 and January 2009. As for the difference a year can make, British Columbia property transactions for June 2009 were up to 9,970, representing a 40 per cent increase over June 2008. The majority of this increase was attributed to markets in the Lower Mainland and Vancouver Island, and most particularly to Vancouver and Victoria.
While much of the province is still a buyers' market, the major markets of Vancouver and Victoria are beginning to balance out. Although the strong increase in Vancouver sales this quarter may seem surprising considering that the overall economy has yet to hit full stride in its recovery, increased affordability caused by lower mortgage rates and decreased housing prices has been one of the major driving forces behind the rise in numbers.
Across the country, potential buyers who were hesitant about getting into the housing market over the past year or so are becoming involved in the market once again, now that the economic uncertainty looks to be on the wane. In fact, national sales increased by 1.4 per cent over the same time last year while this quarter saw a 31.5 per cent rise in seasonally adjusted numbers as compared to the first quarter of 2009.
Although the Canadian Real Estate Association has determined that the average housing price in British Columbia has dropped 0.3 per cent to $461,931 from the previous year, Canada's average housing price has risen 3.6 per cent to $326,613. The demand for homes has been highest in some of the country's most popular and most expensive markets. And with its recent and impressive 77 per cent increase in sales, the Vancouver real estate market has been one of the main contributors to the rise in the nation's market activity.
These current figures show that the Vancouver real estate market is experiencing a healthy rebound from the abysmally low numbers that were recorded between November 2008 and January 2009. As for the difference a year can make, British Columbia property transactions for June 2009 were up to 9,970, representing a 40 per cent increase over June 2008. The majority of this increase was attributed to markets in the Lower Mainland and Vancouver Island, and most particularly to Vancouver and Victoria.
While much of the province is still a buyers' market, the major markets of Vancouver and Victoria are beginning to balance out. Although the strong increase in Vancouver sales this quarter may seem surprising considering that the overall economy has yet to hit full stride in its recovery, increased affordability caused by lower mortgage rates and decreased housing prices has been one of the major driving forces behind the rise in numbers.
Across the country, potential buyers who were hesitant about getting into the housing market over the past year or so are becoming involved in the market once again, now that the economic uncertainty looks to be on the wane. In fact, national sales increased by 1.4 per cent over the same time last year while this quarter saw a 31.5 per cent rise in seasonally adjusted numbers as compared to the first quarter of 2009.
Although the Canadian Real Estate Association has determined that the average housing price in British Columbia has dropped 0.3 per cent to $461,931 from the previous year, Canada's average housing price has risen 3.6 per cent to $326,613. The demand for homes has been highest in some of the country's most popular and most expensive markets. And with its recent and impressive 77 per cent increase in sales, the Vancouver real estate market has been one of the main contributors to the rise in the nation's market activity.
posted by VancouverResidence
