Olympics

Vancouver Real Estate News: Housing supply and demand reach closer alignment in January

According to The Real Estate Board of Greater Vancouver (REBGV) latest report, residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.

The news was released lately in VANCOUVER, B.C. on February 2, 2010.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent
above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six
months.

In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached
properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.
Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.

While everyone is wondering how the Olympics is going to effect on Vancouver’s real estate market in February and in the future, diverse selection and favorable interest rates continue to drive demand in the Greater Vancouver housing market.

Download the complete report with chart (PDF) here.

Olympics

Great Vancouver 2010 Olympics Free Events

There will be tons of free events during Vancouver 2010 Olympics from Feb 12-28. Whether you are a sports fan or not, you don’t want to miss any of them. However, most of them will be hold in downtown Vancouver. You will have to pay attention to the latest traffic information during Winter Olympics because there will be special traffic arrangement especially in Downtown.

I listed below some of the events which are great for family fun.

British Columbia Pavilion

location: Vancouver Art Gallery

Live concert performances are taking place at Robson Square which will feature several BC musical artists. This downtown hub also features the International Media Centre where several live broadcasts are taking place, the Ziptrek line over Robson Square, and the GE Plaza skating rink.

A series of displays highlighting BC industry & tourism will also be on-site. Visitors will get full access to the VAG for free during the Games and the venue is anticipated to be open between 10:00 am – 5:00 pm daily (no evening hours, private events only). A special Leonardo Da Vinci exhibit is available for public viewing.

Live shows at Robson Square

location: Vancouver Downtown, Robson Square

During Games, there will be Aboriginal Showcase, First Nations Carving Exhibit, BC Kids, BC Live, BC Spirit Showcase! BC Street Jam, Meet The Mascots On Ice, Ignite the Dream. Details please visit yougottabehere.

GE Plaza Outdoor Skating

location: Robson Plaza

GE Plaza at Robson Square features a popular outdoor skating rink, and is the location for the International Media Centre and BC Pavilion during the Games and centrally located at Robson & Howe Streets. Thanks to the generous contribution from General Electric in partnership with the Province of BC, the skating is free and skate rentals are only $3. The rink is open daily from noon to 9 pm.

Laser Waterworks Show

location: David Lam Park

Join friends or family at False Creek to see the nightly laser light shows which will take place at the LiveCity Yaletown location. A large pipe in False Creek will stream water high into the air providing the backdrop for what will become a vivid backdrop to all the excitement. Across False Creek you will be able to see the Olympic Athlete’s Village. The City of Vancouver says the fireworks and water show will start in the late evening, but they don’t provide a start time.

There are way more events during Vancouver 2010 Olympics season. Check out more details here.