Residential market dips during Olympics, but returns quickly

VANCOUVER, May 18 /CNW/ - In Q1 2010, home sales in BC declined 26.7% compared to Q4 2009, and the total dollar value of residential sales was lower by 25.8%, sliding from an unprecedented and unseasonable run-up in the winter months.

The Q1 2010 Residential Sales Summary, just released by Landcor Data Corporation, looks at sales and price data for BC and for six regions - Greater Vancouver, Vancouver Island, the Kootenays, the Okanagan, the Fraser Valley and BC North/Northwest.

"The post-Christmas market is generally slow, but steady", says Landcor Data Corporation president, Rudy Nielsen. "The dramatic downturn that we saw during the recession and the perpetual comeback has surprised us all. But if you think about it, BC is still the best place in the world to live, so you can't fault people for buying here."

Landcor's unique data includes all sales in the province, not just MLS(R) sales. There were 23,195 sales in B.C. in Q1 2010, 68.3% more than in Q1 2009 when 13,786 sales were recorded, and 26.7% less than the 31,623 sales in Q4 2009. Q1 2009 was the low point in sales activity during the past recession.

Greater Vancouver sales were down 25.9% compared to Q4 but up 73.0% from one year ago. Fraser Valley sales were down 32.9% from Q4 but up 68.9% from a year ago. The lowest increase in sales was 31.0%, year over year, in BC North/Northwest where 1,282 homes changed hands.

Generally, prices were up dramatically year over year; quarterly the median single family prices were calm, but the condo and attached prices started to slip.

The Sales Summary also evaluates monthly activity during Q1 2010. The 2010 Vancouver Olympics definitely affected the local markets: the activity dried up like a plum in the Okanagan sun. As soon as the athletes left town, the activity quickly rejuvenated, rebounding by more than 50% in most markets.

"We weren't sure what was going to happen during the 2010 Olympic games", says Rudy Nielsen. "In February, the phones stopped ringing; the buyers put down their wallets and picked up their TV remotes. But when March rolled around, everyone stampeded back and our phones haven't stopped since."

SOURCE LANDCOR DATA CORPORATION

For further information: For further information: and for a copy of the report, contact: Rudy Nielsen, President and Founder, Landcor Data Corporation, (604) 606-7914, info@landcor.com

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