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Greater Vancouver housing sales, prices projected to rise in 2011

Blog by Morgan DuVernet & Kelsie Struch | February 23rd, 2011

As reported earlier today by BIV Business Today things are looking promising for the Vancouver Real Estate Market.

I posted a few days ago 3 reasons to buy in the next 30 days, these stats just reiterate why investing in Vancouver's Real Estate market is a good choice for everyone.

As we enter another busy spring real estate market here in Vancouver we are seeing downtown condos and houses on the east and west sides move very quickly.

If you have been thinking about selling your home this year contact me today for a market evaluation and see how this is the perfect time to put your home on the market.

If you are thinking about buying we have great properties just waiting for you to move in! Mortgage rates are still low and you can still snatch up a 35 year amortization!  

As always, for all your Vancouver Real Estate needs contact me today!

Enjoy this article from BIV Business today!

Morgan DuVernet
Century 21 In Town Realty

Housing sales in Greater Vancouver are expected to climb 11% this year to 34,600 units, and the average BC Multiple Listing Service (MLS) price will increase by 2.4% to $692,000, according to a forecast released today by the BC Real Estate Association (BCREA).

“Greater Vancouver is the strongest market in the province right now,” BCREA chief economist Cameron Muir said. “It’s now trending into seller’s market conditions, and that’s putting some upward pressure on pricing.”

In 2010, Greater Vancouver’s unit sales and average MLS listing price both climbed by 14%, to 6,549 units, and $675,853, respectively.

“On the pricing side, certainly we’ve seen some dramatic increases in average prices in Vancouver, but that’s attributable to a higher proportion of luxury or high-end homes selling,” Muir commented. “We’ve seen a significant amount of demand in the Westside and Richmond, particularly for single detached homes, which skews that average price much higher.”

Muir noted that Vancouver’s market has rebounded more dramatically than in B.C.’s interior.

“Vancouver benefits from having a significant influx of immigrants, which helps drive housing demand,” he said. “As well, it’s the most diversified economy in the province, and as a result, economic growth and employment levels in Vancouver are relatively strong.”

According to the forecast, the BCREA expects to see unit sales across the province increase by 8.4% in 2011 to 80,900 units, with the average MLS price rising by 2.3% to $517,000.