Slow start, strong finish for housing market in 2009

After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred. 

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

Bright, three bedroom, renovated end unit townhome in Alpine Meadows.  Featuring custom cabinets, new stainless steel appliances, countertops, paint and flooring.  The powder room on the main floor, plenty of windows and low strata fees ($80/month) make this property very attractive.  Timber Lodge is a quiet complex located at the end of lane with a grassy, treed backyard.  Close to Alpine Market, Meadow Park Sports Center, the valley trail and bus stop.  Ideal for first time buyers, weekenders or investors.  Come have a look; it’s easy to view.

Whistler Live! is where the 2010 Olympic and Paralympic Winter Games come to life with an energetic fusion of sport, art and entertainment.  For 27 days, Whistler’s wintery pedestrian village will pulsate from 9 a.m. to 11 p.m against the spectacular backdrop of Whistler and Blackcomb mountains. A diverse range of free and unique Whistler Live! experiences offer a dazzling taste of Whistler’s iconic mountain culture.

Up-to-date information leading up to and during the Games. Whistler2010.com has a a variety of information from transportation to hours of operation for municipal services.

Click here for link for VANOC’s Game Plan with specific information in regards to transportation, Games-time security, municipal operations, event venue operations, Whistler Live! programming and other community updates.

Cozy, two story, furnished townhouse just steps away from the village and across the street from the shuttle bus to the Village Gondola. The open living area and kitchen concept is perfect for entertaining. Guests can relax around the gas fireplace or unwind in your private hot tub on the deck. Oversized master bedroom with ensuite as well as second bedroom are located on the upper floor. Glaciers Reach has a year round outdoor pool and hot tub, secured underground parking, exercise room, and is a favorite in Whistler. Separate exterior entrance and inner courtyard location for your privacy. Unlimited owner use or nightly rentals are allowed; ready for your enjoyment this winter!

February 13 to 27 during the Victory Ceremonies at Whistler Medals Plaza.

Date Scheduled Headline Performer
February 13 All American Rejects
February 14 Estelle
February 15 Pierre Lapointe
February 16 Feist
February 17 Our Lady Peace
February 18 Deadmau5
February 19 Hedley
February 20 Stars
February 21 OneRepublic
February 22 To be confirmed
February 23 The Fray
February 24 Jet
February 25 The Roots
February 26 K’Naan
February 27 Usher

Gates open at 4:30 pm (Pacific Time) on all 15 nights of Whistler Victory Ceremonies. The night of entertainment starts with a DJ and interactive games for the crowd, followed by a live simulcast of the nightly provincial and territorial pre-show held at BC Place in Vancouver. At 7:00 pm, the medals ceremonies will be held for the winning athletes of the day at Whistler-area venues, followed 30 minutes later by that night’s headlining act. The ceremony will end at approximately 8:30 pm.

Whistler Victory Ceremony tickets will be distributed to the public in the Sea to Sky region through a contest operated by Tourism Whistler at whistler.com

Click here to see our Olympic version of the Whistler Real Estate The Magazine