The Inside Scoop....

The good news for buyers is that inventory levels are increasing, and mortgage rates have dipped slightly.  One can get a 5 year fixed rate as low as 3.79% upon approval.  However, the Olympic hiatus is over, and sales are also increasing.  Over the past week, it really feels like the spring market is upon us.  Here's the relevant market data in the Westside: Week Ending March 12 March 19 March 26 New Listings 396 370 378 Sold Listings 119 133 162 Sale to List Ratio 30% 36% 42% Total Invent ... Full Article...

Over the past week, there has been a marked increase in the listing inventory, however, many of the new listings are in the upper end of the price spectrum.  The number of sales reported was down slightly from the previous week, and the sale to list ratio was only 30%.  Total ctive listings in the Westside are now at 2,436, up from 2,229 in the previous week.  The largest increase was in the Condominium category, and inventory of Detached houses remains low.

The latest release of the Housing Price Index shows a benchmarch price of $1,667,089 for Single Family Detached Homes on the West Side of Vancouver.  With a current inventory of only 422 detached homes, 320 of those homes are priced over $1,5 million.  The number of detached homes for sale is 39% lower than it was in February, 2009, while units sold are up 30%.  In the past week, we saw a modest spike in new listings, however, many of those listings are 1 bedroom condominiums in the Downtown ... Full Article...