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West Vancouver real estate market update May 2010

May 17, 2010

Filed under: Real Estate Market,West Vancouver — Richard Morrison @ 11:15 pm
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Hey Folks, Denise here. I just wanted to let you know about the West vancouver Market… This market along with about seventy per cent of all Markets set records for an amazing first quarter sales. Luxury home sales soared in the first quarter of 2010 as strong buyers moved to capitalize on encouraging West vancouver real estate market conditions across the country, according to an aritcle reported by REMAX.

The RE/MAX high end 2010 market report highlighted sales and trends in 13 major Canadian centres (including West vancouver real estate) and five submarkets, found that improved economy performance , gained personal wealth, immigration and foreign investment all helped to a serious increase in sales. around all areas experienced double and 3X up – swings between January and March of this year over 2009 figures for the exact same period. Nine out of the 13 real estate markets (incl West vancouver condo market) examined (69 per cent) shattered existing records – setting new all-time increases for first period this year action in the upper end.

Recovery in the top end market has been nothing short of remarkable. This segment of the real estate market was hardest hit – and as a West vancouver Realtor, I agree – West vancouver real estate was no exception.

When the recession was completely fully on , West vancouver real estate really took a low — yet its comeback has been incredibly fast. There is no doubt that mindset has changed and trust has returned. One only has to look at the percentage up-swings in the West vancouver real estate market to see the curren increase in values.

When so many are comparing this to be one of the worst 1st quarters for a long time – you can clearly see that the bounce back in many areas – including West vancouver, Victoria — exceeds record levels reported in years past. Being a leader in terms of percentage increase in sales is Kelowna (seven hundred per cent ), Montreal (300 % ), Victoria ( two hundred and seventy five per cent ), Greater Toronto (263 per cent ), West vancouver real estate (184 per cent)..

Real estate continues to whisper in the ear with investors at every price point . With the top end of the real estate market shifting into high gear, every segment of the residential real estate sector is now maintaining in tandem. Despite the upward impulse, there are yet great properties out there – especially at the higher price points —a fact that is motivating purchasers to pull the trigger – Especially in West vancouver real estate

Economic performance has been a major factor , boosting consumer strength levels across the board . The
tangibility of bricks and mortar has also played a role in record activity – a development that began in 2008 as

Affluent purchasers reduced their exposure to equities and shifted their yield into real estate holdings. Recovering stock markets – and client’s portfolios – in the months ahead will foster contribute to Canadian market activity.

Luxury West vancouver real estate sales as a % of the market have been steadily increasing in recent years – with the exception of 2009. With the increase in economy levels , it’s believed that the amount of high net worth individuals will begin to increase , following two years of sequent go down. This will continue to improve prop up Canada’s luxury real estate market passing forward.

Heavy migration and alien have also had a tremendous impact on the luxury West vancouver real estate – and in some luxury markets , seriously improved sales – much like in West vancouver real estate. Arab investors , China investors , and Europeans—to a lesser extent— are represented in virtually every market across the country. Canada’s sound banking outline, political stability , and the strengthening looney are bringing foreign infusion – and that is splashing over into high end residential real estate. Most active in 2010 were business ceos, self employed, and professionals

Location was first and maiden among upper-end buyers, followed by a preference for newer houses or those that are turn-key (completely renovated). With the exception of Toronto, buyers could be relatively particular and take their time in devising decisions as balanced conditions characterised markets across the board.

Given decent supply, prices are likely to hold steady or experience lowly increases in the majority of markets in 2010. Canadian Real Estate luxury markets are shared evenly across the country , with West vancouver real estate topping the entry-level price point for high-end homes at $2 million, followed by $1.5 million in Greater Toronto and Montreal (Island). Upper-end value markets were most abundant in Atlantic Canada and smaller centres in Ontario, where luxury home prices started at $400,000 in St. John’s, $450,000 in Halifax-Dartmouth, $500,000 in London St. Thomas, and $750,000 in Ottawa and Hamilton-Burlington. Winnipeg and Edmonton represented good value in the West at $500,000 and $850,000 respectively.

West vancouver real estate holds high the claim? for the most valuable home sold through MLS in the 1st quarter. The home — an 11,600 sq. ft. house on three quarter of an acre on the city’s West vancouver side, changed owners for just above $10 million . Other noteworthy sales include: Just above Seven Million and a quarter in the toronto real estate suburb of Mississauga, Six and a quarter million in Toronto’s central core, $5.75 million in Calgary, $5.5 million in Montreal (Island), and $5.3 million in White Rock/South Surrey. The most valuable MLS listings could be found in West vancouver real estate market ($29.9 million), Greater Toronto ($23 million in Bridle Path), vancouver Westside’s Shaughnessy area ($22 million) and Victoria ($19 million).

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