The Inside Scoop....

This week's update is brief - I am busy, busy, busy! New listings:  264 Number of properties sold:  221 List to Sale Ratio:  84% Total inventory is down again to  2,391 (Detached down to 590, Attached up slightly to 1,773)

Some interesting things are happening in the market.  Fixed mortgage rates are creeping up, inventory continues to slightly decline, and demand is healthy, particularly among first time buyers.  In the past week, a two bedroom condo in Fairview, listed in the low $400's, sold in the very high $400's, with more than 20 offers.  Although prices are stable generally, attractive and well-located properties, priced more conservatively, are selling quickly, and in some cases with multiple offers, or ... Full Article...

#501 - 7500 Granville Avenue, Richmond, B.C.

While the gap between the number of new listings (265) and the number of sales (194) is a bit wider this week than in previous weeks, the total inventory continues to decline (now at 2,433).  Of the 194 sales this week, 27 properties sold over the list price, 15 properties sold at full asking price, and 26 properties sold within $5,000 of the asking price.

Fixed rate mortgages are on the way up. Royal Bank was first out of the gate to increase its five to ten-year fixed rates effective June 2nd, while TD Canada Trust, CIBC and National Bank followed suit today.  All four banks raised their rates by 0.20%. 

The Housing Price Index for May, 2009 has just been released.  Although prices are roughly 10% down from May, 2008, we have seen a very slight upward trend in housing prices over the past 4 months.  This is due to a higher demand, lower interest rates, and a declining inventory.     Feb/09 Mar./09 Apr./09 May/09 Det. $1,170,886 $1,127,017 $1,237,674 $1,273,131 Att. $635,072 $624,746 $641,206 $659,323 Apt. $422,456 $422,264 $430,318 $444,076 The number of sales in the Westside of Vancouve ... Full Article...