Greater Vancouver housing market sees typical spring activity in April

VANCOUVER, B.C. - May 3, 2011

The Real Estate Board of Greater Vancouver maintains statistics on the benchmark price of typical homes in the metro Vancouver region. These are useful when looking at how the market is doing overall.Below you will find the prices for three types of property

• Detached - i.e. single family homes
• Attached - i.e. townhouses
• Apartments

The figures in brackets against each area show the percentage change over the last year. [Square brackets show the change over 5 years.] I have highlighted the biggest increases in bold and the greatest decreases in red for each category of property.

Richmond is the hot spot in all categories across the region. Not all areas are doing so well, indicating that our market is still quite patchy. Many REALTORS® believe that it is an influx of buyers from mainland China that is fuelling this hot spots. This is not easy to confirm.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $866,806 (8.3%), [5yr: 42%]
• Burnaby $882,731 (9.8%), [5yr: 45%]
• Coquitlam $697,414 (2.1%), [5yr: 31.6%]
• South Delta $705,785 (6.2%), [5yr: 27.4%]
• Maple Ridge $459,554 (0.4%), [5yr: 20.2%]
• New Westminster $603,801 (-0.7%), [5yr: 22%]
• North Vancouver $922,764 (-0.5%), [5yr: 24.6%]
• Pitt Meadows $539,858 (3.2%), [5yr: 36.2%]
• Port Coquitlam $547,947 (1.8%), [5yr: 23.8%]
• Port Moody $709,706 (20.5%), [5yr: 21.8%]
• Richmond $1,119,441 (24.5%), [5yr: 88.6%]
• Squamish $493,572 (-4.7%), [5yr: 24.2%]
• Sunshine Coast $441,497 (8.3%), [5yr: 20.8%]
• Vancouver East $806,231 (9.8%), [5yr: 43.3%]
• Vancouver West $1,914,639 (15.5%), [5yr: 80.7%]
• West Vancouver $1,526,596 (6%), [5yr: 24.9%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $511,039 (3.6%), [5yr: 35.9%]
• Burnaby $501,257 (3.1%), [5yr: 35.9%]
• Coquitlam $443,292 (-0.5%), [5yr: 26.8%]
• South Delta $468,751 (4.5%), [5yr: 31.5%]
• Maple Ridge & Pitt Meadows $309,637 (0.3%), [5yr: 21.7%]
• North Vancouver $637,633 (4.6%), [5yr: 31.2%]
• Port Coquitlam $410,582 (1.1%), [5yr: 25.4%]
• Port Moody $407,488 (1.4%), [5yr: 25.3%]
• Richmond $553,816 (8.6%), [5yr: 50.9%]
• Vancouver East $557,622 (5.8%), [5yr: 42.7%]
• Vancouver West $782,842 (1.6%), [5yr: 41.5%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $403,885 (2.1%), [5yr: 32.4%]
• Burnaby $364,847 (3.9%), [5yr: 33.9%]
• Coquitlam $298,453 (1%), [5yr: 30.1%]
• South Delta $380,875 (6.4%), [5yr: 39.9%]
• Maple Ridge & Pitt Meadows $251,879 (1.7%), [5yr: 26.2%]
• New Westminster $309,617 (4.7%), [5yr: 37.2%]
• North Vancouver $388,304 (-4.9%), [5yr: 22.7%]
• Port Coquitlam $253,646 (-0.4%), [5yr: 28.1%]
• Port Moody $297,220 (-1.6%), [5yr: 13.4%]
• Richmond $363,852 (7.9%), [5yr: 39.6%]
• Vancouver East $340,438 (2.2%), [5yr: 34.6%]
• Vancouver West $517,329 (1.6%), [5yr: 32.4%]
• West Vancouver $635,010 (-2.6%), [5yr: 24.1%]

Vancouver Benchmark Prices

Below are the benchmark prices for detached homes, attached(townhouses) and apartments. These represent typical homes in each area. Figures in brackets are the percentage rise (or fall) over the last year. The largest rises are shown in bold, and the smallest in red.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $848,645 (6%)
• Burnaby $847,864 (9.5%)
• Coquitlam $708,297 (-1.6%)
• South Delta $686,384 (3.3%)
• Maple Ridge $437,803 (-1%)
• New Westminster $600,266 (4.6%)
• North Vancouver $923,263 (0.8%)
• Pitt Meadows $539,746 (3.4%)
• Port Coquitlam $558,606 (-2.1%)
• Port Moody $746,726 (19.1%)
• Richmond $1099,679 (25.1%)
• Squamish $523,671 (-0.8%)
• Sunshine Coast $392,914 (-8.8%)
• Vancouver East $777,210 (6.5%)
• Vancouver West $1,850,072 (11%)
• West Vancouver $1,512,979 (2.2%)

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $507,118 (2.3%)
• Burnaby $505,287 (5.2%)
• Coquitlam $454,968 (3.6%)
• South Delta $477,668 (-7.7%)
• Maple Ridge & Pitt Meadows $295,056 (-7.2%)
• North Vancouver $607,985 (0.4%)
• Port Coquitlam $400,248 (-3.9%)
• Port Moody $414,456 (1.8%)
• Richmond $548,782 (7.5%)
• Vancouver East $538,702 (3.3%)
• Vancouver West $805,288 (5.1%)

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $399,397 (2.2%)
• Burnaby $358,753 (1.7%)
• Coquitlam $300,679 (3.3%)
• South Delta $344,493 (-3.3%)
• Maple Ridge & Pitt Meadows $230,999 (-6.7%)
• New Westminster $301,921 (1.3%)
• North Vancouver $389,857 (1.5%)
• Port Coquitlam $249,726 (-3.2%)
• Port Moody $288,869 (-3.1%)
• Richmond $351,962 (6%)
• Vancouver East $340,277 (3.1%)
• Vancouver West $514,129 (1.6%)
• West Vancouver $702,701 (16.8%)

REBGV reports increased housing demand in February

MLS® stats show more sales, fewer property listings in November

The average sale price of detached homes across the metro Vancouver region. This is based on detached sales in the last month  (i.e. October 2010). The list is in ascending order of sale price.

Below are the benchmark prices from the Real Estate Board of Greater Vancouver for October 2010. The figures in brackets show the percentage change since this time last year, and in [square brackets – the percentage change over the last 3 years].

In detached homes there is quite a variety across the region, with Richmond the leader at 14.6% increase and Squamish trailing in last position at –11.3% over the year.

Attached properties showed somewhat less variation. North Vancouver was the biggest loser at -2.8% and Port Moody the winner at 10.3%.

For apartments, the north shore took both first (West Vancouver at 8%) and last (North Vancouver at –1.1%) positions.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $796,883 (6.3%), [3yr: 9.2%]
• Burnaby $807,239 (7.3%), [3yr: 13.5%]
• Coquitlam $676,847 (14.5%), [3yr: 7.2%]
• South Delta $655,980 (1.2%), [3yr: 2.4%]
• Maple Ridge $435,597 (1.2%), [3yr: -2.4%]
• New Westminster $586,329 (1.5%), [3yr: 1.1%]
• North Vancouver $916,419 (3.1%), [3yr: 6.9%]
• Pitt Meadows $533,212 (6.4%), [3yr: 11.9%]
• Port Coquitlam $551,300 (10.3%), [3yr: 4.9%]
• Port Moody $686,017 (-11%), [3yr: -3.6%]
• Richmond $908,940 (14.6%), [3yr: 24.7%]
• Squamish $509,884 (-11.3%), [3yr: -9.3%]
• Sunshine Coast $406,197 (-3.8%), [3yr: -4.9%]
• Vancouver East $736,787 (6.1%), [3yr: 11.8%]
• Vancouver West $1,627,887 (9.2%), [3yr: 18.8%]
• West Vancouver $1,412,964 (-0.6%), [3yr: -3%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $487,530 (4%), [3yr: 7.2%]
• Burnaby $483,460 (4.5%), [3yr: 9.6%]
• Coquitlam $416,359 (-0.2%), [3yr: 1.8%]
• South Delta $469,375 (2.1%), [3yr: 3.6%]
• Maple Ridge & Pitt Meadows $297,349 (-1.2%), [3yr: -4.1%]
• North Vancouver $582,727 (-2.8%), [3yr: 0.3%]
• Port Coquitlam $412,779 (4%), [3yr: 9.7%]
• Port Moody $412,123 (10.3%), [3yr: 4.9%]
• Richmond $512,842 (9.4%), [3yr: 17.5%]
• Vancouver East $538,368 (5.2%), [3yr: 5.9%]
• Vancouver West $753,614 (4.2%), [3yr: 8.1%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $390,074 (2.4%), [3yr: 5%]
• Burnaby $351,043 (3.1%), [3yr: 5%]
• Coquitlam $286,178 (0.8%), [3yr: 3.3%]
• South Delta $342,360 (-0.9%), [3yr: -0.2%]
• Maple Ridge & Pitt Meadows $244,098 (2%), [3yr: -1.6%]
• New Westminster $290,729 (-0.3%), [3yr: -0.1%]
• North Vancouver $385,130 (-1.1%), [3yr: 2.1%]
• Port Coquitlam $251,139 (2.7%), [3yr: -0.1%]
• Port Moody $296,333 (-0.5%), [3yr: 0.1%]
• Richmond $337,705 (5%), [3yr: 11.9%]
• Vancouver East $327,260 (0%), [3yr: 3.9%]
• Vancouver West $506,447 (3.4%), [3yr: 6.7%]
• West Vancouver $625,950 (8.2%), [3yr: -5.9%]

For more details on your area, contact us for a complimentary and detailed market evaluation.

Below are the benchmark prices for Metro Vancouver according to the Real Estate Board of Greater Vancouver.

Detached refers to houses, attached to townhouses and apartments are apartments. The figures that are highlighted for each category show the biggest annual percentage rise (in bold) and the biggest fall (in red).

On balance prices continue to show an increase across the region.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $790,992 (6.7%)
• Burnaby $771,010 (2.4%)
• Coquitlam $703,287 (10.7%)
• South Delta $659,915 (5.3%)
• Maple Ridge $450,270 (5.8%)
• New Westminster $579,693 (3.2%)
• North Vancouver $875,836 (0.7%)
• Pitt Meadows $545,233 (12%)
• Port Coquitlam $519,025 (-2.8%)
• Port Moody $745,811 (4.3%)
• Richmond $884,696 (16.8%)
• Squamish $481,907 (-3.5%)
• Sunshine Coast $415,893 (2.7%)
• Vancouver East $727,208 (4.2%)
• Vancouver West $1631,322 (12.6%)
• West Vancouver $1442,866 (10.2%)

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $490,385 (5.2%)
• Burnaby $484,637 (5.1%)
• Coquitlam $438,068 (6.5%)
• South Delta $462,546 (-2.4%)
• Maple Ridge & Pitt Meadows $300,145 (0%)
• North Vancouver $615,016 (4.6%)
• Port Coquitlam $392,212 (2.7%)
• Port Moody $384,178 (-3%)
• Richmond $519,195 (10.2%)
• Vancouver East $516,267 (3.8%)
• Vancouver West $768,997 (7.8%)

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $388,373 (3.7%)
• Burnaby $350,941 (4%)
• Coquitlam $292,654 (3.9%)
• South Delta $353,204 (2.5%)
• Maple Ridge & Pitt Meadows $234,134 (-4.5%)
• New Westminster $296,805 (4.7%)
• North Vancouver $383,410 (1.4%)
• Port Coquitlam $245,400 (-0.7%)
• Port Moody $303,650 (4.6%)
• Richmond $341,446 (7.6%)
• Vancouver East $326,387 (2.8%)
• Vancouver West $497,262 (3.4%)
• West Vancouver $634,029 (9.7%)

BUYER DEMAND REMAINS STRONG WHILE HOME LISTINGS INCREASE

VANCOUVER, B.C. – October 2, 2009

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.

METRO VANCOUVER BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises in brackets and 3 year percentage rise in square brackets.

DETACHED BENCHMARK PRICES

• Greater Vancouver $741,632 (2.1%), [3yr: 12.5%]
• Burnaby $753,155 (4.2%), [3yr: 14%]
• Coquitlam $635,150 (-6.5%), [3yr: 7.1%]
• South Delta $626,786 (0%), [3yr: 8.8%]
• Maple Ridge $425,596 (-5%), [3yr: 3.2%]
• New Westminster $561,793 (5.3%), [3yr: 9.9%]
• North Vancouver $870,100 (6.7%), [3yr: 14.1%]
• Pitt Meadows $486,775 (4.2%), [3yr: 10.5%]
• Port Coquitlam $534,009 (-1.3%), [3yr: 12%]
• Port Moody $714,977 (15.3%), [3yr: 22%]
• Richmond $757,389 (0.4%), [3yr: 16.5%]
• Squamish $499,510 (-5.5%), [3yr: 5.1%]
• Sunshine Coast $405,049 (-6.2%), [3yr: 5.8%]
• Vancouver East $697,974 (7.3%), [3yr: 13.5%]
• Vancouver West $1,448,233 (10.1%), [3yr: 25.2%]
• West Vancouver $1,309,885 (-6.9%), [3yr: 0.8%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $466,276 (0.4%), [3yr: 13.2%]
• Burnaby $461,285 (0.8%), [3yr: 16.1%]
• Coquitlam $411,174 (-1.2%), [3yr: 10.3%]
• South Delta $474,055 (8.7%), [3yr: 18.6%]
• Maple Ridge & Pitt Meadows $300,119 (-4.1%), [3yr: 6.1%]
• North Vancouver $587,977 (5.1%), [3yr: 12.9%]
• Port Coquitlam $381,775 (-4.3%), [3yr: 8.8%]
• Port Moody $396,040 (2.4%), [3yr: 10.1%]
• Richmond $471,145 (2.4%), [3yr: 17.9%]
• Vancouver East $497,572 (-6.4%), [3yr: 13.6%]
• Vancouver West $713,482 (2.2%), [3yr: 13.1%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $374,686 (1.5%), [3yr: 12%]
• Burnaby $337,427 (1.5%), [3yr: 12.9%]
• Coquitlam $281,690 (0%), [3yr: 8.1%]
• South Delta $344,591 (-2.1%), [3yr: 11.1%]
• Maple Ridge & Pitt Meadows $245,208 (-2.2%), [3yr: 7.9%]
• New Westminster $283,464 (0.4%), [3yr: 10.6%]
• North Vancouver $377,967 (0%), [3yr: 10.7%]
• Port Coquitlam $247,065 (-2%), [3yr: 10.5%]
• Port Moody $290,258 (0.1%), [3yr: 5.8%]
• Richmond $317,401 (3.2%), [3yr: 13.1%]
• Vancouver East $317,360 (-0.7%), [3yr: 16.9%]
• Vancouver West $480,959 (3.4%), [3yr: 12.7%]
• West Vancouver $578,213 (-4.5%), [3yr: -3.8%]

The Real Estate Board of Greater Vancouver has released the statistics package for July 2009

STRONG SPRING MARKET CARRIES INTO SUMMER MONTHS

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

• DETACHED:
• Burnaby ..up 121.7 per cent (153 units sold from 69)
• North Vancouver ....up 53.3 per cent (115 units sold from 75)
• Maple Ridge/Pitt Meadows .....up 60 per cent (160 units sold from 100)
• Richmond ..up 140.2 per cent (221 units sold from 92)
• Vancouver East ..up 66.4 per cent (208 units sold from 125)
• Port Coquitlam ....up 236.4 per cent (74 units sold from 22)
• Vancouver West ..up 104.5 per cent (180 units sold from 88)
• South Delta ....up 203.1 per cent (97 units sold from 32)
• West Vancouver ....up 108.1 per cent (77 units sold from 37)
• Sunshine Coast ......up 60.5 per cent (69 units sold from 43)
• ATTACHED:
• Burnaby ..up 123.3 per cent (134 units sold from 60)
• Maple Ridge/Pitt Meadows ......up 77.7 per cent (64 units sold from 36)
• North Vancouver .........up 70 per cent (51 units sold from 30)
• Vancouver West .....up 110 per cent (105 units sold from 50)
• Richmond ..up 152.1 per cent (179 units sold from 71)
• Vancouver East ....up 195.8 per cent (71 units sold from 24)
• Port Coquitlam ....up 117.6 per cent (37 units sold from 17)
• Maple Ridge/Pitt Meadows ......up 77.7 per cent (64 units sold from 36)
• Coquitlam ......up 88.2 per cent (64 units sold from 34)
• APARTMENTS:
• Burnaby ..up 72.8 per cent (235 units sold from 136)
• North Vancouver ....up 47.9 per cent (105 units sold from 71)
• Richmond ..up 85.5 per cent (230 units sold from 124)
• Vancouver East ..up 64.2 per cent (179 units sold from 109)
• Vancouver West .....up 94 per cent (584 units sold from 301)
• New Westminster ....up 70.6 per cent (116 units sold from 68)
• Coquitlam ......up 62.3 per cent (86 units sold from 53)
• Port Moody/Belcarra ....up 138.1 per cent (50 units sold from 21)

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

METRO VANCOUVER BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises in brackets and 3 year percentage rise in square brackets.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $711,702 (-5.5%), [3yr: 10.4%]
• Burnaby $718,626 (0.3%), [3yr: 8.7%]
• Coquitlam $606,886 (-12.4%), [3yr: 4.8%]
• South Delta $594,002 (-7.1%), [3yr: 2.9%]
• Maple Ridge $423,883 (-8.6%), [3yr: 5.5%]
• New Westminster $576,616 (0.3%), [3yr: 15.4%]
• North Vancouver $838,416 (-5.2%), [3yr: 11.6%]
• Pitt Meadows $504,449 (-1.1%), [3yr: 16.9%]
• Port Coquitlam $508,440 (-8%), [3yr: 10.4%]
• Port Moody $694,117 (-9.4%), [3yr: 21.3%]
• Richmond $737,060 (-4.3%), [3yr: 15.8%]
• Squamish $506,529 (-21.6%), [3yr: 28.2%]
• Sunshine Coast $415,172 (-1.3%), [3yr: 7.9%]
• Vancouver East $661,563 (-1.9%), [3yr: 12.5%]
• Vancouver West $1340,352 (-3.6%), [3yr: 17.5%]
• West Vancouver $1207,527 (-14.3%), [3yr: -5.6%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $452,085 (-4.6%), [3yr: 11.8%]
• Burnaby $448,612 (-2.6%), [3yr: 11.1%]
• Coquitlam $394,134 (-6.6%), [3yr: 7.9%]
• South Delta $462,649 (-1.8%), [3yr: 21.8%]
• Maple Ridge & Pitt Meadows $295,829 (-8%), [3yr: 5.2%]
• North Vancouver $559,041 (-6.4%), [3yr: 7.3%]
• Port Coquitlam $374,200 (-5.4%), [3yr: 6.3%]
• Port Moody $373,354 (-5.1%), [3yr: 6.6%]
• Richmond $451,061 (-3.6%), [3yr: 14.9%]
• Vancouver East $498,824 (-1.5%), [3yr: 18.7%]
• Vancouver West $699,385 (-4.5%), [3yr: 18.2%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $365,291 (-4.3%), [3yr: 11%]
• Burnaby $330,433 (-3.5%), [3yr: 12.9%]
• Coquitlam $268,237 (-7.4%), [3yr: 5.5%]
• South Delta $332,475 (-7.8%), [3yr: 14.5%]
• Maple Ridge & Pitt Meadows $233,350 (-10.4%), [3yr: 2.1%]
• New Westminster $275,503 (-7.7%), [3yr: 9.3%]
• North Vancouver $365,460 (-6.1%), [3yr: 8.1%]
• Port Coquitlam $240,309 (-5.7%), [3yr: 11.4%]
• Port Moody $291,319 (-3.4%), [3yr: 8.6%]
• Richmond $310,185 (-2.6%), [3yr: 14.1%]
• Vancouver East $314,280 (-3.7%), [3yr: 17.4%]
• Vancouver West $469,550 (-2.6%), [3yr: 11.2%]
• West Vancouver $557,445 (-15.7%), [3yr: -9.2%]

This is my monthly look at the real estate market. Below is the official report from the Real Estate Board of Greater Vancouver.

BUYER ACTIVITY BRINGS GREATER STABILITY TO THE HOUSING MARKET

VANCOUVER, B.C. . May 4, 2009 .
With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancou- ver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month. “We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.”

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions”.

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The bench- mark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

METRO VANCOUVER BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises in brackets and 3 year percentage rise in square brackets.

The top percentage price rise over the year is shown in bold. I have also marked the biggest fall in red.

The story is still of price drops pretty much across the board, which is no surprise. In homes (detached) West Vancouver did the worst and Pitt Meadows did the best - even edging into positive territory.

In attached properties (townhouses), South Delta did best, with Port Moody bringing up the rear.

And in apartments, where over-supply is most in evidence, prices continue to fall and not much honour is found in being the best (Port Moody) versus the worst (Coquitlam).

The increase in sales volumes that we have seen over the last month is a sure sign that buyers are taking advantage of these falling prices and the record low mortgage rates are an added incentive.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $675,268 (-12.5%), [3yr: 8.7%]
• Burnaby $670,637 (-12.9%), [3yr: 6.2%]
• Coquitlam $590,718 (-11.2%), [3yr: 10.2%]
• South Delta $603,815 (-11.7%), [3yr: 9.8%]
• Maple Ridge $407,401 (-11.9%), [3yr: 5.8%]
• New Westminster $537,714 (-8.7%), [3yr: 8.8%]
• North Vancouver $782,388 (-14.3%), [3yr: 6.7%]
• Pitt Meadows $520,244 (8.2%), [3yr: 31.3%]
• Port Coquitlam $499,094 (-9.2%), [3yr: 10.9%]
• Port Moody $779,571 (-4.2%), [3yr: 46.2%]
• Richmond $682,124 (-11.4%), [3yr: 11%]
• Squamish $514,325 (-13.1%), [3yr: 24.7%]
• Sunshine Coast $434,597 (1.4%), [3yr: 16.4%]
• Vancouver East $608,174 (-12.1%), [3yr: 5.6%]
• Vancouver West $1,237,674 (-14.4%), [3yr: 11%]
• West Vancouver $1,126,620 (-29.2%), [3yr: -6.1%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $431,759 (-9.7%), [3yr: 13.6%]
• Burnaby $425,994 (-7.5%), [3yr: 12.6%]
• Coquitlam $380,312 (-11%), [3yr: 9%]
• South Delta $450,297 (-3.8%), [3yr: 26.9%]
• Maple Ridge & Pitt Meadows $292,721 (-8.6%), [3yr: 14.6%]
• North Vancouver $529,314 (-12.2%), [3yr: 10.3%]
• Port Coquitlam $365,907 (-9.5%), [3yr: 7.7%]
• Port Moody $359,421 (-13.5%), [3yr: 11.5%]
• Richmond $429,472 (-8.1%), [3yr: 13.1%]
• Vancouver East $477,690 (-10%), [3yr: 18.5%]
• Vancouver West $641,206 (-12.2%), [3yr: 18.9%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $340,203 (-12.6%), [3yr: 9.9%]
• Burnaby $307,761 (-11.7%), [3yr: 12.5%]
• Coquitlam $253,532 (-15.6%), [3yr: 7.4%]
• South Delta $317,317 (-12.9%), [3yr: 16.4%]
• Maple Ridge & Pitt Meadows $231,435 (-12.5%), [3yr: 18.4%]
• New Westminster $267,428 (-11%), [3yr: 12%]
• North Vancouver $339,761 (-13.3%), [3yr: 5.5%]
• Port Coquitlam $225,927 (-13.3%), [3yr: 11.7%]
• Port Moody $278,878 (-10.7%), [3yr: 6.6%]
• Richmond $285,925 (-11.4%), [3yr: 10.3%]
• Vancouver East $294,674 (-11.1%), [3yr: 14.2%]
• Vancouver West $430,318 (-12.9%), [3yr: 8.6%]
• West Vancouver $554,780 (-17.6%), [3yr: 2.6%]

RESIDENTIAL HOUSING PRICE DECLINE CREATES BUYING OPPORTUNITIES

VANCOUVER, B.C. – November 3, 2008 – Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8% between May and October 2008, resulting in a 3.9% year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market.

Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.” Residential property sales in Greater Vancouver declined 55% in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

Active listings totalled 19,257 in October 2008, a 3% decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased 1% to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

Sales of detached properties in October 2008 declined 56.5% to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7% from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8%.

Sales of apartment properties in October 2008 declined 52.7% to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5% from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 8%.

Attached property sales in October 2008 are down 57.5% to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4% in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4%.

METRO VANCOUVER BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises in brackets and 3 year percentage rise in square brackets.

The top percentage price rise over the year is shown in bold. I have also marked the biggest fall in red.

In detached homes most areas saw percentage decreases in prices over the year. Port Moody stands out as the largest fall, with West Vancouver close behind. Note that there were only 2 sales in Port Moody in the last month, and 13 in West Vancouver. Richmond saw a slight increase in prices and this based on 35 sales in the month.

Attached homes (townhouses) fell in price in most areas, with Richmond (21 sales), Burnaby(15) and Port Coquitlam(13) being exceptions. Vancouver West fared worst (10 sales).

Apartments saw price falls except in Vancouver East(32 sales) and Coquitlam (14 sales).

Given the relatively small volume of sales last month, these figures (both rises and falls) may be distorted by any atypical sales in the class. Longer term trends will establish themselves. The 3 year price changes are still mostly healthy.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $695,962 (-4.7%), [3yr: 23.4%]
• Burnaby $685,592 (-3.6%), [3yr: 20.4%]
• Coquitlam $626,631 (-0.8%), [3yr: 27.3%]
• South Delta $578,802 (-9.6%), [3yr: 12.7%]
• Maple Ridge $429,498 (-3.7%), [3yr: 20.1%]
• New Westminster $542,855 (-6.4%), [3yr: 22%]
• North Vancouver $802,897 (-6.3%), [3yr: 20.6%]
• Pitt Meadows $474,084 (-0.5%), [3yr: 24%]
• Port Coquitlam $529,394 (0.8%), [3yr: 31.7%]
• Port Moody $542,174 (-23.8%), [3yr: -0.8%]
• Richmond $743,208 (2%), [3yr: 33.4%]
• Squamish $526,473 (-6.4%), [3yr: 40.7%]
• Sunshine Coast $429,335 (0.6%), [3yr: 26.6%]
• Vancouver East $638,021 (-3.2%), [3yr: 24.3%]
• Vancouver West $1,279,528 (-6.6%), [3yr: 30.8%]
• West Vancouver $1,141,363 (-21.6%), [3yr: -0.5%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $448,152 (-1.4%), [3yr: 28.8%]
• Burnaby $451,413 (2.4%), [3yr: 30.7%]
• Coquitlam $399,859 (-2.2%), [3yr: 25.3%]
• South Delta $422,282 (-6.8%), [3yr: 30.5%]
• Maple Ridge & Pitt Meadows $305,594 (-1.5%), [3yr: 26.4%]
• North Vancouver $573,069 (-1.4%), [3yr: 25.9%]
• Port Coquitlam $382,296 (1.6%), [3yr: 24.2%]
• Port Moody $386,570 (-1.6%), [3yr: 30%]
• Richmond $443,867 (1.7%), [3yr: 33.4%]
• Vancouver East $495,842 (-2.5%), [3yr: 37%]
• Vancouver West $630,738 (-9.6%), [3yr: 22.8%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $358,359 (-3.5%), [3yr: 27.6%]
• Burnaby $322,292 (-3.6%), [3yr: 28.1%]
• Coquitlam $277,463 (0.1%), [3yr: 29.6%]
• South Delta $328,318 (-4.3%), [3yr: 23.8%]
• Maple Ridge & Pitt Meadows $241,896 (-2.5%), [3yr: 36.2%]
• New Westminster $277,857 (-4.5%), [3yr: 34.9%]
• North Vancouver $362,329 (-3.9%), [3yr: 22.6%]
• Port Coquitlam $242,409 (-3.6%), [3yr: 32.5%]
• Port Moody $281,989 (-4.8%), [3yr: 15.4%]
• Richmond $298,792 (-1%), [3yr: 31.9%]
• Vancouver East $322,203 (2.3%), [3yr: 42.8%]
• Vancouver West $448,630 (-5.5%), [3yr: 22.1%]
• West Vancouver $579,154 (-12.9%), [3yr: 23.1%]

BUYERS CONTINUE TO GAIN

Increased property listings and moderating home prices have eased the Greater Vancouver housing market into a buyer’s phase. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007.

New listings for detached, attached and apartment properties increased 18.3 per cent to 6,546 in June 2008 compared to June 2007, when 5,533 new units were listed.

“Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt. “Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market.”

Sales of detached properties in June 2008 declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 7 per cent from June 2007 to $765,654.

Sales of apartment properties declined 42.7 per cent last month to 1,057, compared to 1,846 sales in June 2007. The benchmark price of an apartment property increased 7.8 per cent from June 2007 to $388,722.

Attached property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585.

STATISTICALLY SPEAKING

Most months I cover the REBGV’s benchmark figures. This month, I thought it worth looking at a few highlights only.

Benchmark prices across all categories of housing has changed very little since last month. For all areas the annual change over the same period last year is still positive, with most gaining in single digit percentage points, but a few gains edged into double digit territory.

The Real Estate Board also records the number of listings and sales by area and the percentage of sales in relation to listings. This gives us an indication of the activity in the different areas of the region.

The “hot” areas are:

• Sunshine Coast
  47% sales to listing ratio for detached homes
  175% ratio for apartments (i.e. sold more than the no of new listings)
• New Westminster
  90% sales to listing ratio for townhouses

In most cases the ratios were somewhat down on last month. More telling was the fact that they were well down on June of 2007. At that time the ratio across the board ranged from 39% (Whistler) to highs in excess of 100% in 5 different areas (Delta, Maple Ridge, North Vancouver, Port Moody and Squamish). This is statistical proof that the market has slowed down from its admittedly over-heated time last year.

There has been a lot written in the press and on internet chat forums too about house prices falling here in BC. As this is such a critical issue for people planning their moves to Canada, I wanted to look at this. Your decision on where, when or even whether to buy may well be influenced by the housing outlook.

The first source I looked at was the Real Estate Board of Greater Vancouver(REBGV). The statistics for May 2008 have just been released. These show that sales have been falling across all housing types (detached, apartments and townhouses). Overall there has been a drop of 30.7% in the number of sales compared to May of 2007. In the same period the number of listings has grown by 20.2%.

The increase in listings and the drop in the number of sales is usually referred to as a return to a balanced market - one where it is neither a sellers nor a buyers market.

Does this translate into a drop in prices?

Not if the REBGV’s statistics are anything to go by. These show their benchmark prices to have risen by 8.4% for detached homes, 8.7% for apartments and 9% for townhouses since May of 2007.

CANADA MORTGAGE AND HOUSING CORPORATION (CMHC)

The CMHC produces reports on the housing market in various areas across Canada. I looked at their reports on Vancouver, Victoria and Kelowna.

CMHC’s report on the housing market in Vancouver reckons that the economy is strong and supports house prices:

“Solid local economic conditions in Metro Vancouver will support demand for housing this year and next. Economic growth of three per cent or better is forecast for the region through 2009, with residential and non-residential construction, as well as wholesale and retail trade driving growth.”

“Strong job growth will continue to support demand for homeownership and rental housing in Metro Vancouver going forward”.

From the same CMHC report, Abbotsford too looks to be in good shape as far as housing goes.

“The average price of a home in the Abbotsford CMA increased by 12 per cent in 2007, with most of the increase taking place during the first half of the year. House prices have risen by just four per cent since the summer of 2007. The number of new listings is expected to increase through 2008 as some homeowners look to cash in on their home equity gains. A growing supply of homes for sale will slow price growth to eight per cent in 2008 and five per cent in 2009”.

So prices are growing in the Valley, but relative to Vancouver prices are lower and we definitely see an increased interest in these areas from our clients.

“The increase in lot supply and lower land prices are contributing factors behind lower average new home prices in the Valley. Lower average prices will be the main motivating factor for home buyers in the Valley”.

VICTORIA

The CMHC sees a similar story in Victoria.

“The number of active Metro Victoria single-family listings in March jumped slightly relative to March of last year. This reflects weaker first quarter sales, and high resale prices attracting sellers interested in cashing in on home equity gains. Prices continue to climb, rising 12 per cent so far in 2008. Single detached home prices will grow in 2008 and 2009, but at a slower pace than in previous years”.

The housing market in Victoria is based on the economy of the region. About this the CMHC says:

“Despite an easing of economic and employment conditions, these two key drivers will continue to grow Victoria housing demand through 2008 and 2009. Also, a tight labour market with low Unemployment (3.2% in the first quarter of 2008) will keep wages and incomes rising, and people moving to Vancouver Island”.

KELOWNA

A broadly similar story emerges from the CMHC report on Kelowna. “The average annual sale price of a detached unit recorded double-digit increases for the sixth straight year 2007. Expect the pace of price growth to begin slowing in 2008 as the market adjusts to rising supply and reduced demand. The average house price will climb 10 per cent to $560,000 this year and another five per cent to $588,000 in 2009”.

THE OUTLOOK

Overall we are seeing the housing market slowing, with sales decreasing and listings increasing. This “balanced market” will likely have a moderating effect on prices. However strong economic factors, high employment, inward migration and relatively low mortgage rates all act to keep prices moving upward, even if this is at lower rate than we have seen in recent years.

It seems then that prices are not going to fall. Moderating price rises are good news for people looking to move into the area. Having more choice in the homes on the market is good news also. General fears that prices will fall do not seem justified by what we are seeing in the market - and overall a balanced market means a better market.

REAL ESTATE MARKET

MARKET RE-BALANCING?

This section of the newsletter continues the theme from the above article. Yes there is some slowing... and no, prices are not falling.

The Real Estate Board of Greater Vancouver (REBGV) characterized the market as re-balancing. This was because sales in May declined by 30.7% over sales in May of 2007. At the same time new listings increased by 20.2%. This increase in supply begins the swing towards buyers rather than sellers (as I said last month too).

“With more property listings and a decline in the number of sales, prices are not increasing as
rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt. “The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from.”

METRO VANCOUVER BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises in brackets and 5 year percentage rise in square brackets.

In detached homes Port Moody and Squamish both did remarkably well, with percentage rises above 20% compared to 8.4% for Greater Vancouver as a whole. In attached homes, the bright spot was South Delta with a rise of 16.8% compared to 9% for the region. Apartments saw Port Coquitlam with a gain of 13.1% out-performing the region’s 8.7%. Only West Vancouver showed a drop ( -3.8%). Notably this is the only drop across the region - and given the very few apartments in West Vancouver one should not draw any conclusions from this.

DETACHED BENCHMARK PRICES

• Greater Vancouver $771,250 (8.4%), [3yr: 47.3%]
• Burnaby $773,499 (10.7%), [3yr: 49.1%]
• Coquitlam $669,170 (5%), [3yr: 45.3%]
• South Delta $671,311 (9%), [3yr: 39%]
• Maple Ridge $459,724 (5.3%), [3yr: 35.2%]
• New Westminster $606,425 (9.4%), [3yr: 48%]
• North Vancouver $925,366 (9%), [3yr: 43.2%]
• Pitt Meadows $494,903 (5.9%), [3yr: 33.4%]
• Port Coquitlam $541,684 (4.3%), [3yr: 40.5%]
• Port Moody $765,852 (27.5%), [3yr: 64.2%]
• Richmond $798,580 (14.4%), [3yr: 57.5%]
• Squamish $588,715 (20.1%), [3yr: 37.5%]
• Sunshine Coast $432,402 (5.5%), [3yr: 37.2%]
• Vancouver East $695,368 (7.6%), [3yr: 48.3%]
• Vancouver West $1,414,230 (6.4%), [3yr: 57.5%]
• West Vancouver $1,499,711 (6.7%), [3yr: 46.5%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $478,931 (9%), [3yr: 47.1%]
• Burnaby $459,647 (8.7%), [3yr: 43.9%]
• Coquitlam $430,491 (9.6%), [3yr: 43.2%]
• South Delta $471,130 (16.8%), [3yr: 58.8%]
• Maple Ridge & Pitt Meadows $319,341 (3.8%), [3yr: 42.4%]
• North Vancouver $601,909 (7.2%), [3yr: 39%]
• Port Coquitlam $395,036 (6.3%), [3yr: 37.5%]
• Port Moody $420,830 (9.9%), [3yr: 52.1%]
• Richmond $470,369 (10.8%), [3yr: 49.1%]
• Vancouver East $525,972 (11.4%), [3yr: 55.5%]
• Vancouver West $743,039 (10.1%), [3yr: 56.1%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $389,668 (8.7%), [3yr: 50.8%]
• Burnaby $349,355 (10.8%), [3yr: 49.4%]
• Coquitlam $298,232 (7.2%), [3yr: 53.4%]
• South Delta $360,191 (11.2%), [3yr: 51.5%]
• Maple Ridge & Pitt Meadows $263,342 (1.1%), [3yr: 58.8%]
• New Westminster $304,186 (7.9%), [3yr: 61.5%]
• North Vancouver $402,467 (8.7%), [3yr: 48.2%]
• Port Coquitlam $266,135 (13.1%), [3yr: 56.3%]
• Port Moody $304,504 (3.4%), [3yr: 45%]
• Richmond $325,237 (11.2%), [3yr: 50.9%]
• Vancouver East $334,283 (11.5%), [3yr: 63.9%]
• Vancouver West $491,465 (7.8%), [3yr: 46.5%]
• West Vancouver $635,900 (-3.8%), [3yr: 38.2%]

There was an interesting article in the Vancouver Sun in the last few weeks. It looked at a number of beliefs about the real estate market and determined which were myths and which realities. See how you do in this quiz.

1. Albertans are buying up B.C.’s recreational property
2. My home's assessment tells me what the property is worth.
3. Real estate prices in Greater Vancouver can’t keep going up - they’re too high already.
4. Spring is a good time to buy or sell a residential property.
5. A bathroom or kitchen renovation is the best way to add lasting resale value to
   your home.
6. Swimming pools are a negative when it comes time to resell.
7. More than half of all Lower Mainland houses will soon be worth more than $1 million.
8. A house with a south-facing backyard is likelier to appreciate more than the equivalent house facing the other way.
9. New condominiums are commonly flipped for a profit before they have even been occupied.
10. You can save money by buying a “fixer-upper” and renovating.
11. Buying a home outside the city and commuting to work is a good way to save money.
12. A home that has been “staged” using professional design principles to make it more appealing to buyers sells quicker and for more.
13. Buying an additional property to rent out is a solid investment.
14. The Bank owns my house.
15. You’ve just sold your house and made a ton of money on it.
    

The answers:

1. Albertans are buying up B.C.’s recreational property
   True. Of the people buying secondary properties in BC, 67% were from Alberta, 18% from the rest of Canada and 6% from outside North America.
2. My home’s assessment tells me what the property is worth.
   Myth. Homes are assessed once a year, but the market has been very active in recent years and the market value has often outpaced the assessed value - but not always.
3. Real estate prices in Greater Vancouver can’t keep going up - they’re too high already.
   Myth. This is one belief that we keep hearing. It seems to be a myth because over time prices have continued to rise, even though there have been times when prices have dropped (e.g. early 1980’s). Metro Vancouver continues to grow in population, with land supply limited by mountains and ocean, we can expect land prices to increase.
4. Spring is a good time to buy or sell a residential property.
   True - more buyers are around in spring, but buyers may fare better in the fall or winter when there is less competition.
5. A bathroom or kitchen renovation is the best way to add lasting resale value to
   your home.
   True. Kitchens are number 1 and bathrooms number 2.
6. Swimming pools are a negative when it comes time to resell.
   Myth (mostly). In areas where pools are less common, a pool can set your property above the competition.
7. More than half of all Lower Mainland houses will soon be worth more than $1 million.
   Myth. It may happen at some point.
8. A house with a south-facing backyard is likelier to appreciate more than the equivalent house facing the other way.
   In general this is True. But there are exceptions due to other factors, like being on the waterfront or having views.
9. New condominiums are commonly flipped for a profit before they have even been occupied.
   Myth. This has been true at various points (e.g. 1981) but, for now, the statistics do not suggest that flipping is common.
10. You can save money by buying a “fixer-upper” and renovating.
    True. “Sweat equity” does pay off, especially if you are the handyman. Hiring a contractor eats into your profit and may not pay so well.
11. Buying a home outside the city and commuting to work is a good way to save money.
    True. Housing costs generally fall the further out of the city you go (with the exception of the north shore). Transport costs need to be factored in, as well as the time it takes.
12. A home that has been “staged” using professional design principles to make it more appealing to buyers sells quicker and for more.
    True. As realtors we see this all the time. A staged home helps buyers imagine living in it.
13. Buying an additional property to rent out is a solid investment.
    True. Choose wisely and yes it can be a good investment.
14. The Bank owns my house.
    Myth. But it is likely the bank’s mortgage is registered on title - but the home is yours.
15. You’ve just sold your house and made a ton of money on it.
    True. In the last year the average sale price in the City of Vancouver was 13% higher, or a “profit” of nearly $108,000. Of course the profit is only good if you are leaving the area or down-sizing.

How did you do on the quiz?

If anyone wants a copy of the full article, just email me and I will pass it on.

REAL ESTATE MARKET

MARKET STILL BRISK BUT LISTINGS UP

An influx of new listings entered the Greater Vancouver housing market in April 2008, while residential sales reduced slightly compared to the same period a year ago.

METRO VANCOUVER BENCHMARK

The Vancouver Real Estate Board publishes a benchmark that tracks the price of a benchmark property across the region. There are three categories:

• Detached
  These are houses, sometimes called single family homes
• Attached
  This refers to townhouses and half duplexes.
• Apartments
  This means apartments within high or low rise buildings.

I have set out the benchmark prices across the region, with the annual percentage price rises in brackets and 5 year percentage rise in square brackets.

DETACHED BENCHMARK PRICES as at May 2008

• Detached Greater Vancouver $771,321 (11%), [3yr: 48.7%]
• Burnaby $770,188 (11.3%), [3yr: 50.9%]
• Coquitlam $665,125 (8.8%), [3yr: 48%]
• South Delta $684,140 (13.2%), [3yr: 45.7%]
• Maple Ridge $462,276 (7.9%), [3yr: 37.3%]
• New Westminster $589,014 (11.7%), [3yr: 43.1%]
• North Vancouver $913,457 (11.7%), [3yr: 45.1%]
• Pitt Meadows $480,838 (4%), [3yr: 30.2%]
• Port Coquitlam $549,753 (13.8%), [3yr: 43.4%]
• Port Moody $813,877 (10.4%), [3yr: 51.2%]
• Richmond $769,867 (11.4%), [3yr: 54.4%]
• Squamish $591,919 (25.6%), [3yr: 44.2%]
• Sunshine Coast $428,710 (5.9%), [3yr: 34.9%]
• Vancouver East $691,988 (10.2%), [3yr: 51.8%]
• Vancouver West $1446,724 (13%), [3yr: 61.7%]
• West Vancouver $1591,055 (12.2%), [3yr: 43.7%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $477,900 (10.5%), [3yr: 46.7%]
• Burnaby $460,487 (10.1%), [3yr: 45.8%]
• Coquitlam $427,412 (9.2%), [3yr: 41.8%]
• South Delta $467,973 (19.6%), [3yr: 50%]
• Maple Ridge & Pitt Meadows $320,420 (7.7%), [3yr: 41.2%]
• North Vancouver $602,957 (7.8%), [3yr: 44.8%]
• Port Coquitlam $404,316 (9.7%), [3yr: 44.4%]
• Port Moody $415,389 (11.7%), [3yr: 49.9%]
• Richmond $467,423 (11.4%), [3yr: 49.2%]
• Vancouver East $530,952 (14.5%), [3yr: 54.7%]
• Vancouver West $729,962 (10.7%), [3yr: 47.8%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $389,070 (9.6%), [3yr: 53.1%]
• Burnaby $348,523 (10.9%), [3yr: 53.1%]
• Coquitlam $300,286 (8.9%), [3yr: 55.3%]
• South Delta $364,169 (16.3%), [3yr: 55.6%]
• Maple Ridge & Pitt Meadows $264,596 (5.9%), [3yr: 63.3%]
• New Westminster $300,358 (6.9%), [3yr: 54%]
• North Vancouver $391,673 (5.8%), [3yr: 47.8%]
• Port Coquitlam $260,563 (8.9%), [3yr: 60.1%]
• Port Moody $312,294 (6%), [3yr: 55.6%]
• Richmond $322,710 (10.9%), [3yr: 56.2%]
• Vancouver East $331,630 (12.6%), [3yr: 65.4%]
• Vancouver West $494,011 (9.8%), [3yr: 49.5%]
• West Vancouver $673,399 (2.4%), [3yr: 37.5%]