Vancouver Housing Forecast 2009 - 2010

Real Estate Sales Representative with for real estate results in the Tri-Cities.

The Vancouver housing market experienced a dramatic rebound this year. MLS® residential sales increased threefold January to October on a seasonally adjusted basis, and are trending on record levels. A marked increase in affordability during the spring induced many potential buyers into the market and the resulting momentum quickly turned a buyer's market into a seller's market with upward pressure on home prices.

Rising home prices are again eroding affordability and the demand that welled up last winter during the height of the financial crisis is now largely expended. This means the pace of home sales recorded this autumn will likely moderate over the coming months. However, despite some moderation in consumer demand, home sales in Greater Vancouver are expected to remain relatively strong through 2010.

MLS Forecast

The information contained in this report has been drawn from sources believed to be reliable, but the accuracy or completeness of the information is not guaranteed, nor in providing it does the British Columbia Real Estate Association assume any responsibility or liability.

After posting an estimated 41 per cent increase to 35,500 units this year, home sales are forecast rise an additional 5 per cent to 37,100 units in 2010, well above the ten-year average of 33,000 units.

The annual average MLS® residential sales price in Greater Vancouver is estimated to decline 1 per cent to $586,000 this year. This reflects the cyclical low recorded early in the year and the recent price acceleration. The average annual price is forecast to rise 6 per cent to $620,000 in 2010.

However, much of the increase will have occurred by the end of this year, with greater stability in home prices expected next year.

Housing starts in the Vancouver Census Metropolitan Area are estimated to fall to their lowest in more than four decades this year. A sharp decline in units under construction and inventory levels that peaked at a relatively low level is setting the stage for home builders to ramp up production in 2010. The lag between conception and completion of new housing may create a period of under-supply in the new home market. This condition will help underpin price levels in both the new and resale markets in Greater Vancouver.

Posted by

Real Estate Evolved button

Real Estate Evolved®

All content, including text, original art, photographs and images, is the exclusive property of John Grasty, and may not be used without expressed written permission. All information is deemed to be accurate at the time it is written but is not warranted and should not be relied upon. Copyright 2010. © John Grasty, ABR, SRES, Licensed Real Estate Representative, 778-878-0778

DISCLAIMER: John Grasty disclaims liability for any damages or losses, direct or indirect that may result from use of or reliance on, information and opinions contained in this website or blog posts, or for accuracy of comments and opinions of visitors. Always seek the qualified advice of a professional.


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate Market Trends
British Columbia Greater Vancouver
International Real Estate
Posts to Localism
Beautiful British Columbia
The Lower Mainland, BC, A fantastic place to live and work!
greater vancouver
vancouver housing market
john grasty
mls sales
vancouver housing forecast

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Sounds like the forecast is partly cloudy ...

Nov 21, 2009 11:04 PM #1
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Thanks for stopping by to comment Will.

Most people will know that I'm cautious, and I'm definitely not as "Bullish" as this forecast might portray. 

I'm hoping that any new supply from housing starts will more than offset in-migration demand to bring a more balanced market.


Nov 22, 2009 03:50 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


John Grasty

Your Tri-cities REALTOR, neighbour and volunteer.
Feel free to ask me questions...
Spam prevention

Additional Information