The Real Estate Board of Greater Vancouver (REBGV) noted in its January 2011 report that while the Greater Vancouver housing market experienced balanced market conditions for the first month of this year, some of the region's largest communities experienced higher levels of buyer demand than the average, during the same period.
"There was a healthy balance between the number of homebuyers and sellers in our market in January, but there's always variation in activity from region to region," said Jake Moldowan, REBGV president.
"We're seeing strong sellers' market conditions in areas like Richmond and the west side of Vancouver."
To get an idea of how those two "hotspots" compare to the norm, note that over the past 12 months the MLSLink® Housing Price Index benchmark price of detached homes increased 2.7 percent, compared to 22.6 percent in Richmond and 12.2 percent in Vancouver West. Because of this disparity, Moldowan reinforced the importance of knowing current market conditions.
"When you're looking to buy or sell a home, it's important to familiarize yourself with the wider trends in the market. It's equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood."
Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 percent from the 705 detached sales recorded in January 2010. Sales of apartments and attached properties didn't fare quite as well during the same period. Apartment sales declined almost 21 percent compared to January 2010, while sales of attached properties declined just over four percent from January 2010. The benchmark price for all three types of housing increased slightly, however, between January 2010 and January 2011.