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Blog by Kevin Wong

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Vancouver, Richmond Lead Market Demand

The metro Vancouver is strong, but some areas are stronger than others and they are also proving to be the most expensive.  "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, price of a typical detached house (the benchmark price) increased 22.6% in Richmond and 12.2% in Vancouver West.  In comparison, detached home prices across the region increased 2.7% 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.

At 10,438 the total number of residential property listings increased 5.8% in January compared to last month and increased 2.2% from this time last year.

Sales of detached properties in January reached 793, an increase of 12.5% from the 705 detached sales recorded in January 2010.  The benchmark price for detached properties increased 2.7% from January 2010 to $810,045.

Sales of condo apartments were 713 last month, a decline of 20.8% compared to the 891 sales in January 2010.  The benchmark price of an apartment property increased 1.4% from January 2010 to $390,935.

Attached (normally townhomes) sales in January totaled 313, a decline of 4.3% compared to the 327 sales in January 2010.  The benchmark price of an attached unit increased 2.6% between January 2010 and 2011 to $495,140.