It’s upon us. The Spring real estate market. A time when home activity begins to ramp up, both in listings and sales, and buyers are actively searching for a new home. According to a number of real estate statistics and sales activity across MAC Marketing’s 14 actively selling communities, all signs are indicating that it’s going to be a busy real estate season.
The Canada Mortgage and Housing Corp. (CMHC) reported February housing starts in Metro Vancouver were up 24% year-over-year, and MPC Intelligence is estimating 85 new developments (high-rise, low-rise and townhomes), will be brought to market throughout Metro Vancouver this Spring. According to statistics from the Real Estate Board of Greater Vancouver (REBGV), residential property sales reached 2,545 in February or a 61.4% increase over January’s 1,577 sales. New listings have also been steadily increasing from 1,629 in December to 5,552 in February, the second highest February on record since 1996. February’s total number of listings on MLS increased 17.9% from the year prior with 14,055 residential property listings, and the MLS® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6% from February 2011 to $670,900.
Taking a look at MAC’s communities, we’ve seen strong interest across the board with a steady number of visitors and a healthy and balanced stream of buyers. Since January, an estimated 1,400 concrete units have already come to market across Metro Vancouver, with approximately 42% of these homes already sold. At a recent MAC high-rise project opening called The Austin by Beedie Living in West Coquitlam, we witnessed a surge of interest with over 60% of the 133 homes purchased during the first week of sales. Another recent success is 15 West in North Vancouver by Citimark and Grosvenor Americas. Here we’ve been able to achieve premium prices due to our views and best-in-class finishes, and are currently standing at 45% sales success with strong traffic and sales continuing. In other areas of Metro Vancouver, we are also seeing strong demand with all signs pointing towards a robust and promising Spring market.
So what does this mean for buyers? With greater selection brings fiercer competition as everyone vies for buyers. Greater selection means purchasers have more options at their fingertips including a wider range of product types, price points and location choices. Affordability is critical and we’re seeing much success with developers targeting entry-level price points in various housing types. Add to this, low interest rates, clarity surrounding the HST transition and the first-time home buyers’ tax incentive bonus, and you’ve got a market poised to take off. Simply put, it’s a great time to buy.
Happy Shopping!
Cameron McNeill
