The number of homes for sale in the Westside of Vancouver continues to gradually drop, offering buyers less choice.  In spite of industry analysts proclaiming a "housing bubble" in Vancouver, during the past 30 days, 5 homes were reported sold in the $5 to $6 Million dollar range, at an average of 56 days on the market.  Just in the past week, a home in Shaughnessy was reported sold in the $17 million range, the highest sale price of any residential property in the Westside in 2010.

On the flip side, the bottom end of market has seen many buyers on the sidelines, due to a change in mortgage rules earlier this year, making it more difficult for first time buyers to qualify for the attractive variable rate mortgages.  Locking in at a higher rate disqualifies some buyers entirely.  We continue to see starter condos taking longer to sell.