Monday, March 9, 2009 Vancouver West - Detached Houses - February 2009 StatsCategories:stats,Vancouver West The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price IndexSeptember: $1,315,517
October: $1,279,528 November: $1,116,267 December: $1,165,007
January: $1,134.773
February: $1,170,866
3-Month Average: $1,156,889
1-Year Change: -19.4%
3-Year Change: +11.1%
5-Year Change: +58.1%
Number of SalesSeptember: 46
October: 52
November: 25
December: 56
January: 46
February: 100
Number of New ListingsSeptember: 314
October: 232
November: 128
December: 74
January: 195
February: 203
Total Active Listings (includes condos)September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
February: 3332
Total Sales (Includes condos)September: 323
October: 285
November: 185
December: 211
January: 189
February: 399
SummaryPrices are up significantly since November (but still down 20% from the height of the market), sales volume has more than doubled since last month, and the number of listings on the market is staying fairly steady. Sales haven't been this busy since March of last year!
Interest rates went down AGAIN last week -- don't count on them getting much lower!!! The bank's overnight lending rate is now 0.5%. Mortgages are now available on a 5-year term at less than 4%. A 10-year term is now available at 5.25%!!! A year ago, at the height of the market, interest rates were closer to 7%. So what difference does a few percentage points make, you ask? Last year, payments of $5000 a month would have bought you a $980,000 property. Today, payments of $5000 a month will get you a 1.4 million dollar property. And given that prices are down at least 20% since a year ago, your 1.4 million dollar house would have cost you almost 1.8 million a year ago. So today you can afford to buy a house that's almost TWICE as nice as you could have purchased a year ago. With this information, it's easy to see why, despite the recession we're still in, people are now buying like crazy. Also, for investors, many condos (and even some houses!) now cash-flow! If you have, or can borrow, at least $50,000 you can now likely get 25-35% annual return on that money (AFTER tax!) by investing in a rental condo. Don't believe me? Give me a call and I'll send you the spreadsheets!
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- Dexter Associates Realty
- 2094 West 43rd Avenue
- Vancouver, BC
- V6M 2C9 Canada