Vancouver/Whistler Real Estate Market Stable at Year End and Snow to Start the New Year
Posted by Ursula Morel — January 10, 2011
The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 percent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”
“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.
The real estate industry is a key economic driver in British Columbia. In 2009, 35,669 homes changed ownership in the Board's area, generating $1.49 billion in spin-off activity. The total dollar volume of residential sales transacted through the MLS® system in Greater Vancouver totalled $21.19 billion in 2009. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.http://www.rebgv.org/news-statistics/real-estate-market-stable-year-end
The Whistler real estate market entered also three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.
“The last two years have been a bit of a rollercoaster for the real estate market in Whistler too.In fact we finish this year with basically the same number of sales as in 2009… just over 460…. Yet one thing to note that is very positive was, while the consumer purchased the same number of properties….they spent $25,000,000(million) more.
By the Way: Snow to Start the New Year
December 2010 was the third snowiest December on record at Whistler Blackcomb where the snowbase is now 205 centimetres. Snow is currently falling, and Whistler's alpine forecast is calling for up to 40 centimetres of snowfall within the next 3 days followed by clearer skies for the weekend. Visit Whistler and enjoy amazing nightly accommodation rates. www.whistler.com
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