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.  The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

"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, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes 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.

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January's 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years. 

As many of you have heard on the radio and seen on the news there will be changes to the mortgage lending rules effective March 18th.  These changes primarily effect high ratio mortgages (over 80% loan to value), and may make it a bit tougher for people on the borderline to obtain the financing they need.  For more info on the new rules and how they affect first time buyers and those already in the market please read more here....

Fixed mortgage rates are currently on the rise.  We still have some lenders who are keeping fixed rates mortgages below the level the big banks are lending at, but this will likely change soon.  For the most up to date information our rate sheets are posted on our website.

Throughout this past year, many people have asked me about my background in the real estate and finance industry.  Many people remember Block Bros. Realty and have expressed an interest in the story.  As part the recent updates to my website I wrote a short entry giving some background about the family's involvement in the business and how I'm now the third generation of Blocks to carry on in the business.  To read more and see some great old newspaper clipping I dug up click here....