Vancouver Real Estate in 2010

REMAX prepared a new report called Housing Market Outlook 2010, it summarizes key data for 2009 and forecasts for the upcoming year. The most interesting part was a report for Vancouver’s real estate market.

Since the beginning of the 2009, Vancouver housing sales has been declining 10 to 15% per month. Prices went to as low as $530,763. Since the announcement from the BoC to keep interest rates low till mid-2010, sales rebounded faster than anyone expected.May sales went up 16% with high growth throughout the summer. Average home sale prices naturally followed with estimates saying Vancouver should reach a 45% growth in sales with around 36,500 units sold in 2009.

What is the forecast for 2010? As the recession slowly melts away, there are economic indicators that show we have a brighter outlook. Real GDP is expected to hover at around 3.2 in 2010 compared to 2.6 in 2009.The early boost from the Olympics would drop the unemployment rate of 7.7% down a percentage, but at the same time new housing projects could reach 24,000 in 2010.

Prediction counts on 37,000 homes to be sold in the Greater Vancouver Area next year.With the average price of a home to be close to $620,000 in 2010, it’s a good 1% increase from 2009 but still lower than the boom in 2007. First time home buyers would still drive the market, but don’t be surprised when more move-up buyers and investors jump in while the HST hasn’t taken into effect and interest rates are still low.

The Vancouver Real Estate market would definitely be busy in 2010!

FindMaster Marketing Inc.

Vancouver Search Engine Optimization and Marketing Company.