Happy New Year!  I wish you and your families a healthy and prosperous 2012. 

Another year has come and gone and what a year it is has been.  Specifically with respect to Real Estate, the Lower Mainland experienced a flurry of activity and price growth some areas saw double digit increases in the first half of 2011.  According to the Real Estate Board of Greater Vancouver (“REBGV”) the Housing Price Index (“HPI”) hit a peak in June 2011 of $630,921.  The HPI then slid a total of 1.5% from June 2011 to December 2011 to end the year at $621,674.  A total increase of 7.6% between December 2010 and December 2011.

Although pricing is up, actual sales numbers are mixed.  2011 sales are 6.3% below the ten-year average.  However, the total number of sales of 32,390 is up 5.9% compared to 2010.  Listings were up 2.7% compared to 2010 at 59,549. 

Bottom line: 2011 was a relatively flat year with some areas seeing tremendous growth in price which ultimately helped drive up the broader market for the entire Lower Mainland.

UniverCity at Simon Fraser was a very active area in 2011.  Here is the recap of some of the exciting things that took place:

-          At the end of 2010 two new developments went on pre-sale.  Nest by Mosaic, sold out very quickly, and Origin by Porte Development is now VERY close to being sold out

-          Highland House by Liberty Homes went on pre-sale and is approximately 80% sold out with only some studio and 1 bedroom units left

-          Porte Development announced Lift, their next low-rise project at SFU and this should be going on sale in the first half of February 2012

-          Hungerford Properties, developers of award winning MacPherson Walk in Burnaby South have secured a view-lot and will be developing two concrete towers.  Details are limited at this time 

With respect to sales, SFU actually saw a decrease of approximately 30% in actual unit sales.  However, the average price rose by 9.2%; fantastic news for owner-occupiers and investors alike. 

Here is a summary of 2011 vs. 2010 performance for SFU, UniverCity

This brings us to current market conditions on the mountain.  Inventory levels are actually very low.  There are presently 31 active properties for sale both in re-sale and pre-sale stages.  Prices range from $239,000 for a 423 sqft studio unit to $699,000 for a 2097 sqft double car garage townhouse!  Average list price is $459,048 or $447.75 per sqft.  It is still very early in the year but there have not been any sales reported in 2012 yet.

Low inventory levels, pre-construction properties being almost completely sold out (for projects that are already at pre-sale stage), very favorable mild weather, low interest rates and the beginning of a new semester are all signs that UniverCity at Simon Fraser University should perform well in Q1 of 2012.

Visit weekly for more updated statistics.

Contact us now if you have questions about the market in general or specifically if you would like to learn more about the Simon Fraser University area.