Expensive, but more plentiful real estate
Wendy McLellan
Province
Prospective homebuyers are still facing high prices for Lower Mainland real estate, but at least they have more properties to choose from, according to new figures released yesterday.
In the Fraser Valley, the number of active residential listings in March reached 9,361, up 27 per cent compared to March 2007 and the highest number of properties available at one time since 1998.
In Greater Vancouver, the realestate board reported a total of 13,063 active listings at the end of last month, up from 11,137 for the same period last year.
Both the Fraser Valley and Greater Vancouver real-estate boards reported the number of sales declined last month compared to March 2007. In the Fraser Valley, properties stayed on the market a little longer last month.
“With a significant increase in product and properties taking longer to sell, we have a more competitive market for sellers in the Fraser Valley right now, yet enough demand to keep prices trending upwards,” said Kelvin Neufeld, president of the Fraser Valley board.
In Greater Vancouver, property sales declined 16.3 per cent last month compared to March 2007, with attached properties sales down 21 per cent. Prices increased for detached, attached and apartment properties last month with single-family home prices gaining the most at 112.1 per cent over the same month last year.
Fraser Valley sales were down 25 per cent compared to March 2007, but prices increased in all categories. Single-family homes sold for an average of 8.1 per cent more than last March, while townhouse prices increased by 8.6 per cent and apartments by 13.6 per cent.
