Please find below an excerpt from this months real estate stats update from the Real Estate Board of Greater Vancouver. To view the entire article, click on the link below:
REBGV stats as of May 1 2010
For me the take-away from this month's report is what it always is: that you have to take board-wide stats with a grain of salt. They don't illuminate the vast differences between the very different areas of Vancouver that are driven by very different buyers and economic macros.
For example, local affordability issues may drive sales of 1 bedroom condos in New West but are not major drivers in luxury, waterfront resales in the $3M to $5M price range at the Fairmont Pacific Rim. Another example is the fact that detached houses in Vancouver East, are flying off the shelves right now while condos, in general, downtown, are piling up. Each sub-area has its own set of drivers and trends that may or may not closely reflect broader market trends.
Please see my Coal Harbour and Downtown sales stats BLOGS for this month to view specifics for these areas.
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