The Pearce Team

Service With Integrity

(604) 466-4549

October Market Update

Vancouver Real Estate board overall 

The number of sales and prices on average improved on the Real Estate Board of Greater Vancouver. Increased sales volume was predominantly in single family homes with minimal change in the number of sales of condos and townhouses. There was an average increase of approximately 5% in the sale price of single family homes to $1,016,324. Yes that is correct the average cost of a single family home considering all sales from here in Maple Ridge to West Vancouver is over $1,000,000!  Townhouses had an average selling price of $534,085 which is a decline of approximately 2 % over Septembers and Condominiums average price was $430,712 which is an increase of 2.5% over Septembers.  Buyers had less choice as the number of units available dropped by 8.7%  . The market is showing healthy improvement overall.  

Local Maple Ridge 

The number of sales for October in Maple Ridge in single family homes was up  from 63 to 65 , two more than September with the average price of $516,315 which is an increase of 1.2% over September . Townhouse sales were down from 38 to 23 with average price of Octobers sale at $296,853 which was 5.5% higher than Septembers. Condominium sales increased from 12 to 14 with and average price of $222,185 which is a decrease of 1.5% over Septembers. Units available for sale dropped from 1017 to 1003.  

For more detail just call or email   pearceteam@telus.net  .  

The market is showing improvement to the West of us which usually means we will also improve over the next few weeks/months. Expect a busy market starting early in the year.  

Prime Rate is at 3% with variable rate mortgages available at 2.3% - A $300,000 mortgage at 2.3% for 35 years is $1040 month. 

Fixed rate available for 5 year term at 3.5% - A 25 year mortgage with 5 year fixed term in the amount of $300,000 is  $1498 month. If you do 35 years it is $1236 month.  

Our real estate market remains strong and one of the economic drivers of our economy as 3000 people a month move to the lower mainland.  

For more detail on specific areas of the market or mortgage rates just call 604-466-4549 or email pearceteam@telus.net 

For those considering a move in the New Year then call us now to get all your planning done to get your property on the market early in the new year.  Only 45 days until 2011! 


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