BC residential housing market recovery well underway
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The BC housing market rebounded in Q3 2009 with a 36% increase in home sales and a 45.9% increase in the total dollar value of homes sold province-wide, according to a new report from Landcor Data Corporation.
The Q3 2009 Residential Sales Summary evaluates sales and price data for all of BC and for six regions – Greater Vancouver, Vancouver Island, the Kootenays, the Okanagan, the Fraser Valley and BC North/Northwest. It compares data and findings to Q2 2009 and Q3 2008 and also provides monthly information and analysis.
“Landcor data shows we’re in the early stages of a cyclical recovery,” says Landcor President, Rudy Nielsen. “It was like the market was thrown from a horse in 2008. We’ve gotten back on in 2009 and now we’re headed in the right direction. Reviewing 30 years of historical data and past recessions, I see a leveling off period in the winter months and a gradual increase in the Q2 2010.”
Landcor found that during Q3 2009, 37,515 residential properties changed hands in BC, a 36% increase over the Q2, and a 27.6% increase over Q3 2008.
The rebound was strongest in Greater Vancouver where sales surged 44.2% over Q2 2009, followed by the Fraser Valley where sales rose 35.1%. Vancouver Island sales increased 32.9% in Q3 over Q2 2009, Kootenay sales climbed 26.6%, Okanagan sales increased 21.2% and BC North/Northwest sales grew 19.5%.
Total dollar value in BC increased 45.9% to $16.5 billion from $11.3 billion in Q2 2009. Greater Vancouver led the province with a 52.3% gain in total dollar value to $10.3 billion.
Prices rose in every region of the province in Q3 compared to Q2 2009. Province-wide prices increased as much as 7% and exceeded year ago levels by as much as 3.3%.
In the report Landcor also looked at monthly sales during Q3 2009. Most regions of the province saw an expected slip in sales, largely the result of the usual autumn seasonal downturn.
“We’re in the early stages of a rebound and the market is offering plenty of opportunities and bargains for home buyers in all regions of the province as we head into a short seasonal slowdown,” says Nielsen. “The winter months are traditionally slow, which gives buyers the upper hand. This is a very unique time, where finding the right property during the holiday season is likely.”