Now that the Evergreen line's future is no longer in question, there may well be some opportunities to invest in the areas being served by this extension to the Skytrain service. History has taught us that whenever transit links are improved real estate prices in these areas tends to increase.

Certainly the big developers are betting on this, with companies like Bosa, Polygon Homes and Magnum Projects having started developments at various points along the Evergreen Line.

For those thinking of investing in these developments, the usual strategy is to look for one bedroom units because these are both more affordable and easier to rent.

If you are an owner in Port Moody, Coquitlam or surrounding areas, your home price may benefit too. My expectation is that this will take some time, since the Evergreen line is not due for completion until 2016. Upward pressure on prices will likely start only as the Evergreen Line nears completion and comes to the public's attention.

Investing in new developments will depend on the pricing for these. Many developers will want to sell before their projects complete. It is certainly will be worth keeping an eye on prices and any sales incentives that may come along.

Real Estate Board of Greater Vancouver's video report

Greater Vancouver at lower end of balanced housing market

VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

How is the Benchmark doing?

DETACHED BENCHMARK PRICES

• Greater Vancouver $884,778 (11%), [3yr: 27.1%]
• Burnaby $897,477 (11.2%), [3yr: 30.9%]
• Coquitlam $709,242 (4.8%), [3yr: 13.2%]
• South Delta $734,585 (12%), [3yr: 26.9%]
• Maple Ridge $444,862 (2.1%), [3yr: 3.6%]
• New Westminster $657,760 (12.2%), [3yr: 21.2%]
• North Vancouver $952,809 (4%), [3yr: 18.7%]
• Pitt Meadows $533,827 (0.1%), [3yr: 12.6%]
• Port Coquitlam $520,761 (-5.5%), [3yr: -1.6%]
• Port Moody $751,443 (9.5%), [3yr: 38.6%]
• Richmond $1,075,391 (18.3%), [3yr: 44.7%]
• Squamish $473,844 (-7.1%), [3yr: -10%]
• Sunshine Coast $410,407 (1%), [3yr: -4.4%]
• Vancouver East $856,411 (16.2%), [3yr: 34.2%]
• Vancouver West $2,008,702 (23.4%), [3yr: 57%]
• West Vancouver $1,694,470 (19.9%), [3yr: 48.5%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $519,455 (6.5%), [3yr: 15.9%]
• Burnaby $500,075 (3.4%), [3yr: 10.8%]
• Coquitlam $469,713 (12.8%), [3yr: 17.5%]
• South Delta $486,491 (3.6%), [3yr: 15.2%]
• Maple Ridge & Pitt Meadows $306,660 (3.1%), [3yr: 0.3%]
• North Vancouver $659,978 (13.3%), [3yr: 15.2%]
• Port Coquitlam $410,055 (-0.7%), [3yr: 7.3%]
• Port Moody $403,182 (-2.2%), [3yr: 4.3%]
• Richmond $548,090 (6.9%), [3yr: 23.5%]
• Vancouver East $555,452 (3.2%), [3yr: 12%]
• Vancouver West $857,108 (13.7%), [3yr: 35.9%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $402,702 (3.2%), [3yr: 12.4%]
• Burnaby $368,591 (5%), [3yr: 14.4%]
• Coquitlam $298,784 (4.4%), [3yr: 7.7%]
• South Delta $417,287 (21.9%), [3yr: 27.1%]
• Maple Ridge & Pitt Meadows $229,594 (-5.9%), [3yr: -5.1%]
• New Westminster $304,783 (4.8%), [3yr: 9.7%]
• North Vancouver $384,990 (0%), [3yr: 6.3%]
• Port Coquitlam $242,061 (-3.6%), [3yr: -0.1%]
• Port Moody $307,891 (3.9%), [3yr: 9.2%]
• Richmond $358,687 (6.2%), [3yr: 20%]
• Vancouver East $335,370 (2.5%), [3yr: 4.1%]
• Vancouver West $517,991 (2.3%), [3yr: 15.5%]
• West Vancouver $682,887 (9.1%), [3yr: 17.9%]

Home listings continue to rise in the Greater Vancouver housing market

VANCOUVER, B.C. – October 4, 2011 – Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.

“There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario Setticasi, REBGV president said."Buyers now have more properties to choose from and more time to make decisions compared to the spring season.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.

The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year.

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.

Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697.

Benchmark Prices

DETACHED BENCHMARK PRICES

• Greater Vancouver $896,701 (13.4%), [3yr: 23.5%]
• Burnaby $949,389 (23.1%), [3yr: 31.4%]
• Coquitlam $725,525 (3.2%), [3yr: 6.8%]
• South Delta $733,611 (11.2%), [3yr: 17%]
• Maple Ridge $452,516 (0.5%), [3yr: 1%]
• New Westminster $636,167 (9.7%), [3yr: 19.3%]
• North Vancouver $973,469 (11.1%), [3yr: 19.4%]
• Pitt Meadows $516,971 (-5.2%), [3yr: 10.7%]
• Port Coquitlam $561,750 (8.2%), [3yr: 3.8%]
• Port Moody $803,474 (7.7%), [3yr: 29.6%]
• Richmond $1,077,967 (21.8%), [3yr: 42.9%]
• Squamish $473,104 (-1.8%), [3yr: -10.5%]
• Sunshine Coast $412,952 (-0.7%), [3yr: -4.4%]
• Vancouver East $841,509 (15.7%), [3yr: 29.3%]
• Vancouver West $2,030,720 (24.5%), [3yr: 54.4%]
• West Vancouver $1,716,247 (18.9%), [3yr: 22%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $516,697 (5.4%), [3yr: 11.2%]
• Burnaby $501,257 (3.4%), [3yr: 9.5%]
• Coquitlam $473,694 (8.1%), [3yr: 13.9%]
• South Delta $483,803 (4.6%), [3yr: 10.9%]
• Maple Ridge & Pitt Meadows $317,468 (5.8%), [3yr: 1.5%]
• North Vancouver $617,579 (0.4%), [3yr: 10.4%]
• Port Coquitlam $407,505 (3.9%), [3yr: 2.2%]
• Port Moody $402,565 (4.8%), [3yr: 4.1%]
• Richmond $543,914 (4.8%), [3yr: 18.3%]
• Vancouver East $558,693 (8.2%), [3yr: 5.1%]
• Vancouver West $841,990 (9.5%), [3yr: 20.6%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $405,569 (4.4%), [3yr: 9.9%]
• Burnaby $370,244 (5.5%), [3yr: 11.3%]
• Coquitlam $289,924 (-0.9%), [3yr: 2.9%]
• South Delta $381,233 (7.9%), [3yr: 8.3%]
• Maple Ridge & Pitt Meadows $244,455 (4.4%), [3yr: -2.5%]
• New Westminster $307,288 (3.5%), [3yr: 8.8%]
• North Vancouver $377,261 (-1.6%), [3yr: -0.2%]
• Port Coquitlam $254,705 (3.8%), [3yr: 1%]
• Port Moody $312,337 (2.9%), [3yr: 7.7%]
• Richmond $355,992 (4.3%), [3yr: 15.7%]
• Vancouver East $341,572 (4.7%), [3yr: 6.9%]
• Vancouver West $526,026 (5.8%), [3yr: 13%]
• West Vancouver $733,981 (15.8%), [3yr: 21.2%]

Buyers should still look out even if it is a Buyer's market. Below are five tips to guide you as a buyer in this market.

1. Get financing

Whatever the market it is wise to find out what you will be able to borrow for your home purchase. I advise people to contact a reputable mortgage broker and establish what you can borrow and at what cost.

This is the first step in setting a realistic budget.

2. Set a budget

Once your mortgage broker has given you details of the amount and cost of the loan you can get, it is up to you to work out how much you really want to spend.

Be conservative and allow for rates to go up, other calls on your money and leave yourself a safety net.

At this point it is wise to look at what you are aiming to achieve.

3. Decide on what you want to buy

I am sure most buyers start with this, but once you are clear about the money side, you can add in the more enjoyable aspects!

• What kind of property? 
• What features do you need? E.g. Must have 3 bedrooms, garage.
• What do you want? E.g.I want 4 bedrooms and a double garage.
• What areas do you want? North shore, West side, or more specific neighbourhoods.
• What amenities do you want nearby? E.g. schools, shops, transit.

Once you have your goals mapped out the next step is to make sure they are realistic.

4. Make sure your expectations are realistic

A buyer's market means that the number of listings is growing and sales are not. That doesn't necessarily mean that prices will be moving downwards, though it often does. Sellers are often slow to change their expectations so they still list at prices that the market will not bear. When they get a low offer they are reluctant to accept it since they remember when prices were higher.

Your best guide at this point is your REALTOR®. They will be able to give you details about the market in your area, what is selling and for what price. By discussing this with your REALTOR® your chances of finding the right place in your budget will increase. There is no point looking for the impossible in all the wrong places.

5. Persist and Insist

Armed with market knowledge, a realistic budget and clear goals, all you need now is persistence. Keep looking. Since you've discussed your goals and expectations with your REALTOR®, you will be seeing listings that are good possibilities for you. It may take a bit of time to find the right one, but keep going and review your progress with your REALTOR® as you go along.

Insistence comes in the negotiation phase. Knowing the market by now, you will be able, with your REALTOR's advice, pitch your offer at the right point. Sticking to a reasonable price, that you can justify, will make it easier to reach agreement.

I hope that these tips encourage you to set your goals and go out and achieve them. If you want help from me, then give me a call. 

Looking back at sales in Metro Vancouver in the last 30 days, there were 1294 sales in total. These break down as follows.

Houses:

Average price $1,214,520 and selling within 88 days. Most active areas Vancouver East(99/557), Vancouver West(69), Richmond(68)

Attached:

Average price $617,100 and selling in 83 days. Most active areas Richmond(43/210), Vancouver West(31), North Vancouver(21)

Apartments:

Average price $498,307 and selling in 88 days. Most active areas Vancouver West(185/527), Richmond(61), Vancouver East(43), Burnaby North (43)

For those who like to see the news, here is the BC Real Estate Association's report on the real estate market in August.

Quick update on the market in Metro Vancouver

I just looked at the sales reported on the MLS® within the last week.

Most detached sales in last week were in Vancouver East (19)  and West Vancouver (10) out of the 56 detached homes sold in the region. Dunbar(2) and Dundarave(3) were the top areas, with other areas only selling one each.

Only 9 attached properties sold in the last week, with North Vancouver (3) leading the pack.

Of the 21 apartments sold, 10 were in Vancouver West and North Vancouver (3) and Vancouver East(3) were the also-ran's.

Hope this is useful. Call me if you want more details. 604.613.3442

HOME SALES IN FRASER VALLEY HOLD   STEADY IN AUGUST    

(Surrey, BC) –

The Fraser Valley Real Estate Board processed 1,341 sales on the Multiple Listing   Service® (MLS®) in August, an increase of 35 per cent compared to the 997 sales during the same   month last year and slightly higher than the 1,322 sales in July.    

Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “We typically see a summer dip   in sales in August compared to July and that didn’t happen this year. We attribute the current steady   market to interest rates remaining favourable, as well as buyers taking advantage of home prices   softening slightly in certain markets and an influx of new inventory across all property types.”   

The board posted 2,644 new properties on its MLS® in August, an increase of 26 per cent   compared to August of last year and 10 per cent fewer than it received in July. The number of active   listings in the Fraser Valley remained at 10,074 in August, on par with July’s volume.       

“The number of homes on the market remains at a yearly high, which combined with a decrease in   sales, can put downward pressure on pricing. We’re only seeing this in some communities for   certain property types underlining the importance for both sellers and buyers to obtain local real   estate expertise.   

“Year over year, home prices in the Fraser Valley are either on par or showing increases; month   over month, benchmark prices for the three main residential property types combined declined by   1.3 per cent.”     

The benchmark price of a single family detached house in the Fraser Valley in August was   $528,959, an increase of 3.7 per cent compared to $510,107 in August 2010.     

For townhouses, the benchmark price in August was $327,317, an increase of 0.9 per cent   compared to $324,485 during the same month last year. The benchmark price of apartments in   Fraser Valley in August was $245,751, an increase of 2.5 per cent compared to $239,659 in August   2010. 

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.

At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

THE BOARD'S BENCHMARK

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $888,243 (11.7%), [3yr: 20.4%]
• Burnaby $918,078 (13.2%), [3yr: 25.8%]
• Coquitlam $715,340 (6.5%), [3yr: 7.2%]
• South Delta $737,140 (4.2%), [3yr: 22%]
• Maple Ridge $453,122 (1.8%), [3yr: 3.4%]
• New Westminster $629,886 (9.2%), [3yr: 15.4%]
• North Vancouver $969,976 (10.3%), [3yr: 11.7%]
• Pitt Meadows $516,510 (-8.3%), [3yr: 12%]
• Port Coquitlam $579,563 (8.5%), [3yr: 10.7%]
• Port Moody $750,240 (-5.9%), [3yr: 3.5%]
• Richmond $1,101,939 (22.4%), [3yr: 43.7%]
• Squamish $463,679 (-5.9%), [3yr: -18%]
• Sunshine Coast $403,007 (2.4%), [3yr: 0.2%]
• Vancouver East $823,976 (13.1%), [3yr: 24%]
• Vancouver West $1,963,426 (19.6%), [3yr: 43.1%]
• West Vancouver $1,760,710 (26.7%), [3yr: 16.4%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $511,433 (4.5%), [3yr: 10.4%]
• Burnaby $513,510 (5.1%), [3yr: 11%]
• Coquitlam $461,526 (5.2%), [3yr: 11.4%]
• South Delta $472,777 (4.7%), [3yr: 8.1%]
• Maple Ridge & Pitt Meadows $306,909 (1.1%), [3yr: -0.7%]
• North Vancouver $626,022 (6.2%), [3yr: 9.2%]
• Port Coquitlam $402,277 (-1.3%), [3yr: 4.1%]
• Port Moody $388,376 (-1.7%), [3yr: -0.4%]
• Richmond $549,175 (7.5%), [3yr: 20.5%]
• Vancouver East $554,336 (2.5%), [3yr: 4.4%]
• Vancouver West $798,081 (6.5%), [3yr: 14.6%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $407,457 (5.6%), [3yr: 8.8%]
• Burnaby $373,193 (6.2%), [3yr: 8.9%]
• Coquitlam $292,976 (1.6%), [3yr: 1.2%]
• South Delta $367,928 (3.4%), [3yr: 10.2%]
• Maple Ridge & Pitt Meadows $246,688 (0.5%), [3yr: -4.9%]
• New Westminster $307,759 (2.7%), [3yr: 4.5%]
• North Vancouver $395,308 (3.4%), [3yr: 6.6%]
• Port Coquitlam $241,912 (-3.3%), [3yr: -5.5%]
• Port Moody $309,749 (5.4%), [3yr: 2.9%]
• Richmond $362,056 (7.3%), [3yr: 15.3%]
• Vancouver East $342,096 (5.3%), [3yr: 5.1%]
• Vancouver West $524,432 (6.7%), [3yr: 11.9%]
• West Vancouver $739,225 (21.2%), [3yr: 16.8%]

HOME SALES TAKE SUMMER DIP; PRICES   REMAIN STABLE IN THE FRASER VALLEY    

(Surrey, BC) –

The Fraser Valley Real Estate Board processed 1,322 sales on the Multiple Listing   Service® (MLS®) in July, an increase of 20 per cent compared to the 1,101 sales during the same   month last year, however 17 per cent fewer than the 1,588 sales in June.    

While sales decreased month-over-month, listings went up. The board posted 2,931 new properties   on its MLS® in July – 6 per cent more than received in June and 24.5 per cent more than in July   2010 – pushing overall inventory to 10,073 active listings, the highest level in the Fraser Valley   since last summer.      

Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “Last month, we were busier   listing rather than selling properties, which is good news for prospective buyers. A buyers’ market   means REALTORS® will have more homes to show their clients and increased negotiating power   on their behalf.  

“For sellers in this market, expert guidance to determine your home’s list price is essential. Overall,   we’re seeing home prices remain strong compared to a year ago, but not for every property type or   every community. We’re still seeing tremendous regional variation in prices – some areas showing   increases; others decreases – as well as local differences in the average number of days on the   market.”  

For example, in July, it took on average 18 days to sell a townhome in North Delta; 45 days on   average to sell a single family home in White Rock/South Surrey; and, 65 days on average to sell an   apartment in Abbotsford.    

The benchmark price of a single family detached house in the Fraser Valley in July was $534,042,   an increase of 4.6 per cent compared to $510,470 in July 2010.    

For townhouses, the benchmark price in July was $328,318, an increase of 0.8 per cent compared to   $325,856 during the same month last year. The benchmark price of apartments in Fraser Valley in   July was $248,043, an increase of 1.5 per cent compared to $244,368 in July 2010.

Looking at the Benchmark prices   

Active home sellers bring greater selection to the Greater Vancouver housing market

VANCOUVER, B.C. – August 3, 2011 –

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909. 

Looking at the Benchmark Prices

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $898,886 (13.3%), [3yr: 19.3%]
• Burnaby $930,628 (19.4%), [3yr: 29.8%]
• Coquitlam $735,218 (7.6%), [3yr: 6.1%]
• South Delta $749,720 (12.8%), [3yr: 17.2%]
• Maple Ridge $454,080 (0.2%), [3yr: -2.1%]
• New Westminster $635,651 (3.1%), [3yr: 10.6%]
• North Vancouver $939,612 (2.9%), [3yr: 6.3%]
• Pitt Meadows $576,591 (14%), [3yr: 13.1%]
• Port Coquitlam $562,316 (5.2%), [3yr: 1.7%]
• Port Moody $719,414 (-4.9%), [3yr: -6.1%]
• Richmond $1,064,446 (20.3%), [3yr: 38.2%]
• Squamish $545,790 (7.7%), [3yr: -15.5%]
• Sunshine Coast $432,224 (-5.6%), [3yr: 2.7%]
• Vancouver East $854,004 (18.2%), [3yr: 26.6%]
• Vancouver West $2,044,344 (26.9%), [3yr: 47%]
• West Vancouver $1,729,641 (27.9%), [3yr: 22.7%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $524,909 (6.9%), [3yr: 10.8%]
• Burnaby $516,297 (4.3%), [3yr: 12.1%]
• Coquitlam $460,035 (6.5%), [3yr: 9%]
• South Delta $478,537 (3.3%), [3yr: 1.6%]
• Maple Ridge & Pitt Meadows $321,327 (2.3%), [3yr: -0.1%]
• North Vancouver $670,360 (11%), [3yr: 12.3%]
• Port Coquitlam $427,649 (5.2%), [3yr: 8.1%]
• Port Moody $409,158 (4.9%), [3yr: 4%]
• Richmond $558,175 (8.2%), [3yr: 19.3%]
• Vancouver East $562,280 (11%), [3yr: 11.1%]
• Vancouver West $812,545 (9.3%), [3yr: 11%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $405,306 (4.5%), [3yr: 6.2%]
• Burnaby $367,728 (5.3%), [3yr: 7.4%]
• Coquitlam $292,561 (-1.2%), [3yr: 1%]
• South Delta $383,195 (7.3%), [3yr: 6.2%]
• Maple Ridge & Pitt Meadows $245,652 (-1.7%), [3yr: -5.7%]
• New Westminster $309,097 (5.5%), [3yr: 3.6%]
• North Vancouver $394,182 (3%), [3yr: 1.3%]
• Port Coquitlam $249,461 (-0.3%), [3yr: -2.1%]
• Port Moody $307,671 (0.7%), [3yr: 2.1%]
• Richmond $362,281 (7.1%), [3yr: 13.8%]
• Vancouver East $341,586 (5.9%), [3yr: 4.7%]
• Vancouver West $518,396 (4.4%), [3yr: 7.5%]
• West Vancouver $722,326 (12.8%), [3yr: 9.2%]

This week Standard and Poors (S&P) confirmed Canada's top credit rating ("AAA"). Already praised for our superior and stable banking system, Canada remains a safe haven for money. That is likely to be good news for home owners too. 

Vancouver has a great reputation as a liveable city and add to this its safe banking system and good credit rating, it is no surprise that international buyers are looking at Vancouver as a good place in which to invest. 

International buyers look at Vancouver with a different perspective than we do in our own city. Their comparisons include properties elsewhere in the world. Of course they are savvy buyers too, so your home has to be valued in line with prices for your area, but marketing internationally might well bring in a buyer who sees the extra value that being in Canada brings.

Ratio of property sales to inventory  remains stable in the Fraser Valley

(Surrey, BC) – For three consecutive months, the percentage of properties sold in the Fraser Valley   compared to those that were available for purchase has remained at 16 per cent, reflecting a balanced market starting to favour buyers.     

In June, the Fraser Valley Real Estate Board processed 1,588 property sales on its Multiple Listing Service (MLS®), while at the same time had 9,758 active listings available.    

Sukh Sidhu, president of the Board, explains, “When supply and demand remain as consistent as  they have since April, it indicates a stable market.    

“However, it is important for both buyers and sellers to be aware that Fraser Valley’s market is highly localized. In general, 16 out of every 100 properties sold in June, but that’s referring to every   property type in all six of our communities. Be sure to ask your REALTOR® for the percentage of   properties selling specific to your home in your area.”   

The Board received 2,762 new listings in June, a decrease of 10 per cent compared to May and a decrease of 12 per cent compared to the 3,153 new listings received in June 2010.        

Sidhu adds, “Although the volume of new homes coming on stream saw a seasonal dip in June, selection remains very good in particular for Fraser Valley apartments. With interest rates   remaining stable, there are some excellent opportunities for first-time buyers this summer.”       

In June, the benchmark price for Fraser Valley detached homes was $528,060, an increase of 1.9 per cent compared to $518,355 in June 2010 and a decrease of 0.3 per cent compared to May.    

The benchmark price of Fraser Valley townhomes in June was $327,457, a decrease of 0.2 per cent compared to $328,080 in June 2010 and up 0.8 per cent compared to May. The benchmark price of   apartments was $249,537 in June, an increase of 1.3 per cent compared to the $246,351 price in June of last year and down 0.6 per cent compared to May. 

Report from the Fraser Valley Real Estate Board

Summer housing market trends toward balance after an active spring season

VANCOUVER, B.C. – July 5, 2011 –Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.

Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”

At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.

“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”

Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.

Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.

Benchmark Prices

DETACHED BENCHMARK PRICES

• Greater Vancouver $901,680 (13.4%), [3yr: 17.8%]
• Burnaby $928,093 (17.7%), [3yr: 22.7%]
• Coquitlam $715,927 (6.8%), [3yr: 4.9%]
• South Delta $713,436 (6.8%), [3yr: 6.9%]
• Maple Ridge $449,690 (-3.1%), [3yr: -1.5%]
• New Westminster $644,758 (8.5%), [3yr: 7.7%]
• North Vancouver $973,026 (9.6%), [3yr: 8.9%]
• Pitt Meadows $540,345 (4.6%), [3yr: 7.1%]
• Port Coquitlam $619,438 (13.4%), [3yr: 17.5%]
• Port Moody $764,845 (-6.9%), [3yr: -6.1%]
• Richmond $1,096,578 (22.2%), [3yr: 41.1%]
• Squamish $508,357 (10.6%), [3yr: -14%]
• Sunshine Coast $403,302 (-8.2%), [3yr: -7%]
• Vancouver East $839,867 (14.5%), [3yr: 21.3%]
• Vancouver West $2,068,857 (30.2%), [3yr: 42.1%]
• West Vancouver $1,793,524 (27.6%), [3yr: 25.6%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $522,424 (6%), [3yr: 9.6%]
• Burnaby $509,836 (3.7%), [3yr: 9.7%]
• Coquitlam $464,955 (6.9%), [3yr: 6.9%]
• South Delta $473,668 (0.6%), [3yr: 4.2%]
• Maple Ridge & Pitt Meadows $317,037 (1.7%), [3yr: -1.1%]
• North Vancouver $635,095 (6%), [3yr: 4.4%]
• Port Coquitlam $405,429 (3.8%), [3yr: 3.5%]
• Port Moody $411,930 (1%), [3yr: 2%]
• Richmond $564,539 (8.8%), [3yr: 19.5%]
• Vancouver East $580,001 (10.6%), [3yr: 13.3%]
• Vancouver West $820,452 (8.7%), [3yr: 14%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $405,200 (3.5%), [3yr: 4.2%]
• Burnaby $369,301 (4.8%), [3yr: 6.6%]
• Coquitlam $298,358 (1.1%), [3yr: 0.7%]
• South Delta $371,005 (1.3%), [3yr: 5%]
• Maple Ridge & Pitt Meadows $237,603 (-3.3%), [3yr: -11.8%]
• New Westminster $303,036 (1.4%), [3yr: 1%]
• North Vancouver $384,587 (-1.2%), [3yr: -0.4%]
• Port Coquitlam $249,862 (-1.5%), [3yr: -5.3%]
• Port Moody $309,406 (1.6%), [3yr: -0.3%]
• Richmond $359,976 (7.2%), [3yr: 11.8%]
• Vancouver East $341,577 (2.6%), [3yr: 2.2%]
• Vancouver West $524,650 (4.4%), [3yr: 6.2%]
• West Vancouver $675,200 (14.5%), [3yr: -5.1%]

According to the Victoria Real Estate Board the average price for single-family homes sold in Greater Victoria last month (June) was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June.

While sales for the year so far are down on those for 2010, the sales in June were close to the norm for this time of year. However the total number of listings is increasing, and according to the Board's president, Dennis Fimrite: "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." That strongly suggests a buyer's market and anyone looking at a purchase now would be in a good bargaining position. Our partners in the area are happy to advise!

Fraser Valley Housing Market Shows Local Variation 

(Surrey, BC) – The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple Listing Service (MLS®) in May, an increase of 9 per cent compared to 1,477 sold during May of last year, and an increase of 6 per cent compared to April’s 1,516 sales.

Sukh Sidhu, president of the Board, reports, “Overall, the Fraser Valley market is in a balanced position, however there are significant differences amongst individual communities and property types stressing the importance of getting local expertise if you’re thinking of buying or selling.

“For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey Central and North Surrey, conditions are balanced for sales of detached homes.”

Variation is also evident in home prices. In May, the benchmark price for Fraser Valley detached homes was $529,810, an increase of 2.8 per cent year-over-year. The benchmark price is the predicted sale price of a typical property in the Fraser Valley. Contrast that to May’s average price of $630,870 for detached homes, an 11.6 per cent increase compared to May 2010 – influenced by the sale of higher-end homes or homes with larger lots.

Sukh Sidhu explains, “The average price and its percentage change often do not provide an accurate picture of the real market, which is why we talk about prices of “typical” homes that most people are buying or selling.”

In May, the benchmark price of Fraser Valley townhomes was $324,730, a decrease of 1.1 per cent compared to $328,295 in May 2010. The benchmark price of apartments was $250,988 in May, a decrease of 0.5 per cent compared to the $252,221 price in May of last year.

May finished with 2.9 per cent more active listings on the MLS® than it had in April – 9,978 compared to 9,697 – however, 12.6 per cent fewer than the 11,411 listings that were active during May of 2010. The Board received 3,070 new listings in May, an increase of 5.2 per cent compared to April and a decrease of 11.2 per cent compared to the 3,457 new listings received in May 2010.

Greater Vancouver housing market holds steady and favours sellers in May

VANCOUVER, B.C. – June 2, 2011 –

Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.

“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.

At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”

Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.

Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.

Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.

Benchmark Prices

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $890,833 (10%), [3yr: 15.5%]
• Burnaby $907,208 (15.1%), [3yr: 17.3%]
• Coquitlam $707,257 (5.5%), [3yr: 5.7%]
• South Delta $727,723 (9.5%), [3yr: 8.4%]
• Maple Ridge $467,938 (1.4%), [3yr: 1.8%]
• New Westminster $651,359 (5.7%), [3yr: 7.4%]
• North Vancouver $978,962 (4.6%), [3yr: 5.8%]
• Pitt Meadows $552,992 (6.8%), [3yr: 11.7%]
• Port Coquitlam $583,054 (1.4%), [3yr: 7.6%]
• Port Moody $729,415 (-8.2%), [3yr: -4.8%]
• Richmond $1,122,112 (25.8%), [3yr: 40.5%]
• Squamish $548,035 (12.1%), [3yr: -6.9%]
• Sunshine Coast $414,141 (-3.8%), [3yr: -4.2%]
• Vancouver East $824,293 (9%), [3yr: 18.5%]
• Vancouver West $1,921,801 (14.4%), [3yr: 35.9%]
• West Vancouver $1,713,305 (20.1%), [3yr: 14.2%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $517,787 (3.5%), [3yr: 8.1%]
• Burnaby $512,568 (4%), [3yr: 11.5%]
• Coquitlam $446,697 (-1.5%), [3yr: 3.8%]
• South Delta $478,206 (2.1%), [3yr: 1.5%]
• Maple Ridge & Pitt Meadows $311,298 (-0.2%), [3yr: -2.5%]
• North Vancouver $631,743 (0.4%), [3yr: 5%]
• Port Coquitlam $413,243 (2.1%), [3yr: 4.6%]
• Port Moody $425,666 (1.8%), [3yr: 1.1%]
• Richmond $562,253 (8.2%), [3yr: 19.5%]
• Vancouver East $565,128 (6.3%), [3yr: 7.4%]
• Vancouver West $795,768 (4%), [3yr: 7.1%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $407,419 (2.2%), [3yr: 4.6%]
• Burnaby $368,532 (3.9%), [3yr: 5.5%]
• Coquitlam $302,867 (2%), [3yr: 1.6%]
• South Delta $369,350 (0%), [3yr: 2.5%]
• Maple Ridge & Pitt Meadows $244,100 (-4.2%), [3yr: -7.3%]
• New Westminster $303,508 (1.8%), [3yr: -0.2%]
• North Vancouver $391,963 (-3.4%), [3yr: -2.6%]
• Port Coquitlam $257,857 (2.1%), [3yr: -3.1%]
• Port Moody $303,265 (-4.1%), [3yr: -0.4%]
• Richmond $364,432 (5.7%), [3yr: 12.1%]
• Vancouver East $343,677 (1.7%), [3yr: 2.8%]
• Vancouver West $524,766 (2.7%), [3yr: 6.8%]
• West Vancouver $672,903 (0.8%), [3yr: 5.8%]

Greater Vancouver housing market sees typical spring activity in April

VANCOUVER, B.C. - May 3, 2011