Greater Vancouver topped the charts for the most expensive home sold in the first quarter of 2010, while prices for luxury properties in 9 of the 13 markets shattered records.
A recent report form the real estate council stated that nearly all marketing reported double to triple digit price increases in the firs quarter for the upper end on of the housing market. Kelowna lead the gains with prices surging 700% Followed by Montréal at 300% and Victoria with 275%.
“Recovery in the upper end has been nothing short of remarkable,” stated Elton Ash, “This segment of the market was hardest hit when the recession took hold – yet its comeback has been fast and furious.”
Foreign buyers, particularly from the Middle East and China, are also helping buoy sales at the upper end of the market, with investors attracted by the stability of the Canadian financial system and the beauty… did you see the Olympics?
This report also speculated that the economic recovery coupled with the rebound in stock portfolios has helped boost the number of high net worth individuals who are reaching for their wallets.
The most expensive home sold through the MLS listing system in the first three months of the year was an 11,600 sq. ft. property in Vancouver’s Westside, which fetched $10.6 million, it said.
The Bank of Canada last week predicted that the feverish property market would begin to cool in the second half of this year as higher interest rates, tax in some markets and tighter mortgage rules dampen demand.
These are not factors likely to affect the higher end of the market, however. Greater Vancouver topped the entry-level price for luxury homes with the sales tag starting at $2 million, followed by $1.5 million in Toronto and Montreal
Monday, April 26, 2010
Thursday, April 8, 2010
Okanagan housing market picks up.
The Central Zone of the Okanagan Mainline Real Estate Board reported March 2010 sales activity of all MLS property types improved over 2008, the early part of 2009 and last month as the local housing market continues to pick up steam moving into Spring.
“Sales activity remains strong and listings continue to increase in the Central Okanagan as Spring unfolds and the promise of warm weather spurs Buyer interest,” says Brenda Moshansky, OMREB President.
“New listings rose 27% over last year at this time (1,362 compared to 1,070) and are up 12% over February (1,098). A wider selection of properties means more choice for buyers and a better opportunity to find the dream home they are looking for.”
She says overall sales of 366 units this month jumped 49% from the 245 sold in March 2009 and rose 26% from the 289 sold in February.
Total residential units sold showed a 42% improvement over last year at this time (331 compared to 233) – a 33% increase from last month (249).
Sales of 172 single family units were up 32% over last March (130) and increased 34% compared to sales this February (123).
Townhouse and apartment sales continue to show improvement, rising 85% (63 townhouses sold compared to 34) and 19% (56 apartments from 47) over March 2009.
“As economic growth improves in BC and recovery is well underway across the country, mortgage rates have gone up with the anticipation of potentially higher inflation. Despite the increases, home prices remain relatively affordable and mortgage rates comparatively low in the Central Okanagan – factors that will continue to draw buyers into our attractive market and to strengthen sales.”
She says they expect to see buyers with pre-approved mortgages making a move before the upcoming changes to qualifying criteria come into effect in mid-April.
“And, others could jump in sooner rather than later in the coming months to avoid further rate increases and the pending HST.”
“Sales activity remains strong and listings continue to increase in the Central Okanagan as Spring unfolds and the promise of warm weather spurs Buyer interest,” says Brenda Moshansky, OMREB President.
“New listings rose 27% over last year at this time (1,362 compared to 1,070) and are up 12% over February (1,098). A wider selection of properties means more choice for buyers and a better opportunity to find the dream home they are looking for.”
She says overall sales of 366 units this month jumped 49% from the 245 sold in March 2009 and rose 26% from the 289 sold in February.
Total residential units sold showed a 42% improvement over last year at this time (331 compared to 233) – a 33% increase from last month (249).
Sales of 172 single family units were up 32% over last March (130) and increased 34% compared to sales this February (123).
Townhouse and apartment sales continue to show improvement, rising 85% (63 townhouses sold compared to 34) and 19% (56 apartments from 47) over March 2009.
“As economic growth improves in BC and recovery is well underway across the country, mortgage rates have gone up with the anticipation of potentially higher inflation. Despite the increases, home prices remain relatively affordable and mortgage rates comparatively low in the Central Okanagan – factors that will continue to draw buyers into our attractive market and to strengthen sales.”
She says they expect to see buyers with pre-approved mortgages making a move before the upcoming changes to qualifying criteria come into effect in mid-April.
“And, others could jump in sooner rather than later in the coming months to avoid further rate increases and the pending HST.”
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