Ken Stef

Market Report

A. Monthly Market Sales Report - Real Estate Board of Greater Vancouver (REBGV)

Stability and regional 'hot spots' characterize January housing market

Vancouver, B.C. - February 2nd, 2011.

.The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region's largest communities.

"There was a healthy balance between the number of home buyers and sellers in our market in January, but there's always variation in acitivity from region to region," said Jake Moldovan, 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".

You can view the entire document by clicking here »»».

B. Housing Market Outlook - CMHC

Housing Activity to Stabilize in 2011

Third Quarter 2010: Overview

Housing starts will moderate in the second half of the year, after a strong first half, with the expectation of just under 24,000 starts for 2010.

Sales of existing homes through the Multiple Listing Service (MLS) will stabilize and increase in 2011.

The British Columbia resale market is balanced with supply in line with demand. The sales-to-listings ratio indicates modest house price movements through the rest of 2010 and into 2011.

To read the entire report for the British Columbia region, click here »»».

C. Housing Forecast (3rd Quarter 2010) - BCREA

Home sales to rise in 2011

BC housing markets are returning to typical post-recession demand patterns. The dramatic rebound in consumer demand during 2009 and subsequent decline during the first two quarters of 2010 has set the stage for a gradual increase in home sales during the fall and through 2011.

To read the entire BCREA Forecast report, click here »»».

In Summary

Inventories of homes for sale and the volume of sales being transacted reflect a normal market where neither the buyer nor the seller have the advantage on Vancouver's West Side with the exception of single family homes where it is now a Seller's market, whereas it reflects a buyer's market in the remaining areas of Metro Vancouver.

The volume of sales, the levels of inventories, and the average prices vary from area to area and by type of property in all of the separate areas of Metro Vancouver, so you must be very careful in how you apply the aggregate averages for the whole area to any particular region or property.

A word of caution with all the statistics that are available out there - including those from these reports: these at best indicate trends that are happening in the market. They do not tell you what your property is worth, or whether or not your home has increased or decreased in value. This can only be determined by having a detailed and accurate Comparative Market Anaysis done on your specific home that will compare your home to others that are very close to yours by property type, location, form of ownership, condition, timing, size, amenities, and other factors, and result in the calculation of the true market value of your property.

Is this a good time to buy or sell?

That really depends on your own particular requirements and reasons to do so. See the article in my BLOG by clicking here »»». For some it is and for others it is not. I would be pleased to help you with your decision. Please contact me by calling and/or texting me at (778) 991-7814 or by email at ken@kenstef.com.