Vancouver, Richmond lead market demand

Thursday, February 17th, 2011


BEST PAYOFF: A kitchen renovation pays back up to 100 per cent of the investment when the home is sold, a CMHC analyst told a renovation meeting last week in Coquitlam. Before and After photos courtesy of Kenorah Construction & Design of Delta.

The metro Vancouver is strong, but some areas are stronger the others – and they are also proving to be the most expensive. “There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.” Over the last 12 months, price of a typical detached house (the benchmark price) increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period. “When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said. At 10,438, the total number of residential property listings increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year. Sales of detached properties in January reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045. Sales of condo apartments were 713 last month, a decline of 20.8 per cent compared to the 891 sales in January 2010. The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935. Attached (normally townhomes) sales in January totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140. Your local Realtor has accurate information on all metro markets. Sales, renos will both increase Both sales through MLS and home renovations will increase this year, according to Canada Mortgage Housing Corp. senior analyst Robyn Adamache. Speaking to professional home builders and renovators this month, Adamache said MLS sales in Metro Vancouver will rise slightly from 2010 to around 37,000 units. She also forecast that home renovations would rise to $4.37 billion this year in the Metro region, up from $4.09 billion in 2010. Copyright Real Estate Weekly

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