Board president Jake Moldowan said Greater Vancouver’s March listings were the most in the past 10 months, “which translates into more options and variety” for buyers in what is usually a busy spring season. The Vancouver Sun
New listings in Lower Mainland BC surge, pressure off prices
April 7, 2010
New property listings in Metro Vancouver during March were 60% higher than March 2009. And it’s no wonder! Prices have increased 20% during the same period and have surpassed pre-recession levels by 3%. With much higher prices, sellers are eager to get their homes on the market before inevitable interest rate hikes, new mortgage rules, and the HST is introduced. All of these factors will likely decrease home values, so the rush is on the sell your home before July 1! Sales in March were up 39% over March 2009 and sales of detached homes were up 49%.
In the Fraser Valley sales were up 30% in March from February (and 56% above March 2009 levels). Despite these strong sales growth numbers, the total number of unsold homes was 9,828 which is a similar level to March 2009. Prices are up 12% in the Fraser Valley from 1 year ago, so this level of inventory simply means that buyers have a lot more choice!