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March Market Update
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Featured Listings
7388 Sandborne Ave
#802 7388 Sandborne Ave
Burnaby
 
Spectacular view! This SW facing inside unit in Mayfair II has panoramic views of the river & Gulf Islands. It is easy to see why this is the most popular plan w/2 separated bdrms, open kitchen & 2 balconies. Comes w/2 parking.
$399,900
1 Renaissance Sq
#901 1 Renaissance Square
New Westminster 
 
This 924 sqft. 2 bedroom and 2 bath condo is the largest [non-penthouse] floor plan in the building. This classic contemporary condo has a flowing open floor plan with high-end finishings including granite counters and stainless steel appliances.
$360,000
Greetings!
 
There were many who thought that the Olympics would bring the real estate market to a halt but this was far from the case.  Home sales and demand continued the upward trend set in the fall.  The listing inventory will continue to build as we move into the spring market and market activity will continue to increase.
 
 
Home sales activity strong through Olympic period
 
VANCOUVER, B.C. - March 2, 2010 -The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.
 
More broadly, last month's sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.
 
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
 
 
Mortgage Changes:
 
In recent months there has been much speculation with regards to the Federal Government stepping in to add some measures aimed at 'cooling' the housing market and so now we know exactly what measures have been introduced.  
  1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
  2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
  3. Non-owner occupied properties will require a minimum down payment of 20%.

There were no changes to down payment requirements or length of amortization for owner-occupied residences.

 
 
CMHC Housing Market Outlook: 1st Quarter
 
Improved demand and rising supply will characterize the housing market conditions in the province.  Demand will benefit from increased momentum of the economy. 
 
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