News: Vancouver Real Estate Market

Vancouver, BC – April 18, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5 per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year.

 

"We continue to observe a two-speed market in BC, with surging consumer...

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Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011,...

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 With rising costs of borrowing on the bond market the big banks (TD and RBC) decided to raise mortgage rates.

 

The biggest increase in rates are the 5 to 10 year closed mortgages , which will increase by 0.35 percentage points starting Tuesday.

 

The rate for a five-year closed mortgage will rise to 5.69 percent.

 

The move comes three weeks after TD cut mortgage rates, citing lower bond yields.

 

RBC's five-year closed mortgage moved up 0.35 percentage...

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