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%]

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%)

VANCOUVER, B.C. – March 2, 2010 –The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks,” Scott Russell, REBGV president said.

“In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect,” Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.

At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.

“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.

Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.

Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.

Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

BENCHMARK

The Real Estate Board of Greater Vancouver maintains information on benchmark prices for typical properties in three classes:

• Detached – i.e. single family homes
• Attached – i.e. townhouses and duplexes
• Apartments

Below I have set out the figures for February 2010. Figures in brackets refer to the change over the same period in 2009. I have highlighted the largest increases(in bold) and the smallest (in red).

DETACHED BENCHMARK PRICES

• Greater Vancouver $800,796 (22.5%)
• Burnaby $774,525 (22.8%)
• Coquitlam $719,714 (20.8%)
• South Delta $664,305 (14.4%)
• Maple Ridge $442,118 (13.1%)
• New Westminster $573,662 (12.6%)
• North Vancouver $916,146 (23.8%)
• Pitt Meadows $521,825 (38%)
• Port Coquitlam $570,303 (17.4%)
• Port Moody $627,141 (-7.6%)
• Richmond $878,749 (29.4%)
• Squamish $528,044 (-0.5%)
• Sunshine Coast $430,884 (24.3%)
• Vancouver East $729,530 (19.6%)
• Vancouver West $1,667,089 (42.4%)
• West Vancouver $1,480,685 (20.1%)

ATTACHED BENCHMARK PRICES

• Greater Vancouver $495,496 (16.2%)
• Burnaby $480,482 (14.6%)
• Coquitlam $438,954 (13.3%)
• South Delta $517,675 (7.9%)
• Maple Ridge & Pitt Meadows $317,883 (13.1%)
• North Vancouver $605,337 (13%)
• Port Coquitlam $416,616 (15.2%)
• Port Moody $407,255 (12.8%)
• Richmond $510,416 (22%)
• Vancouver East $521,515 (13.3%)
• Vancouver West $766,053 (20.6%)

APARTMENT BENCHMARK PRICES

• Greater Vancouver $390,899 (17.3%)
• Burnaby $352,658 (16.9%)
• Coquitlam $291,086 (18.2%)
• South Delta $356,119 (10.8%)
• Maple Ridge & Pitt Meadows $247,683 (6.1%)
• New Westminster $297,967 (15.7%)
• North Vancouver $384,147 (15.5%)
• Port Coquitlam $258,056 (14.5%)
• Port Moody $297,994 (17%)
• Richmond $332,169 (19.5%)
• Vancouver East $329,891 (15.3%)
• Vancouver West $505,851 (19.7%)
• West Vancouver $601,381 (5.2%)

SLOW START, STRONG FINISH FOR HOUSING MARKET IN 2009

VANCOUVER, B.C. – January 5, 2010 – After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail).

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $766,816 (18.3%)
• Burnaby $748,757 (16.7%)
• Coquitlam $667,707 (14.7%)
• South Delta $664,527 (17.1%)
• Maple Ridge $442,557 (12.1%)
• New Westminster $573,992 (15%)
• North Vancouver $882,358 (21.1%)
• Pitt Meadows $505,716 (15.1%)
• Port Coquitlam $541,679 (3.2%)
• Port Moody $719,075 (30.7%)
• Richmond $817,741 (19%)
• Squamish $500,874 (-3.2%)
• Sunshine Coast $439,068 (11.1%)
• Vancouver East $713,210 (23%)
• Vancouver West $1516,835 (30.2%)
• West Vancouver $1319,131 (12.9%)

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $478,093 (12.9%)
• Burnaby $465,225 (13%)
• Coquitlam $426,345 (11.6%)
• South Delta $486,157 (22.5%)
• Maple Ridge & Pitt Meadows $300,398 (0%)
• North Vancouver $579,985 (14.6%)
• Port Coquitlam $385,128 (8.2%)
• Port Moody $392,685 (4.7%)
• Richmond $493,163 (16.1%)
• Vancouver East $495,509 (6.8%)
• Vancouver West $776,022 (27.3%)

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $382,573 (14.8%)
• Burnaby $341,913 (15.3%)
• Coquitlam $289,686 (19%)
• South Delta $349,737 (7.9%)
• Maple Ridge & Pitt Meadows $240,520 (9.1%)
• New Westminster $288,987 (11.4%)
• North Vancouver $388,373 (16.6%)
• Port Coquitlam $251,083 (13%)
• Port Moody $296,398 (6.2%)
• Richmond $323,139 (15.8%)
• Vancouver East $326,256 (13.3%)
• Vancouver West $494,174 (16.4%)
• West Vancouver $543,625 (-5.6%)

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%]

Market Snapshot

On average these were listed for 67 days.

1. Vancouver West (296)
2. Richmond (162)
3. Burnaby (128)
4. Vancouver East (119)
5. North Vancouver (72)

What of prices?

HOME LISTINGS WITHDRAW AS SALES VOLUME SLOWS

VANCOUVER, B.C. – February 3, 2009 – The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.

New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.

Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.

“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.

“Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.

Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.

Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.

Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.

Gloom and doom seem to be the order of the day in the media. It sells papers. No one has the crystal ball or is able to predict the future with any accuracy. My own views, for what they are worth, is that the real estate market is being driven by the public’s confidence rather than economic fundamentals.

There are a few pundits quoted in the Vancouver Sun, and I will let their opinions speak for themselves.

Elton Ash, Re/Max regional executive vice-president for Western Canada, said “The confidence issue, certainly from our perspective, [will be key] when we look at 2009. The first quarter of 2009 will certainly be a continuation of the trend we’re seeing now, with reduced transactions and average prices coming down in Vancouver and throughout British Columbia.”

“The good news, from the first-time homebuyer’s perspective, is that homes will become slightly more affordable, provided they have the confidence to buy” Ash said.

Re/Max said Metro Vancouver will have experienced a 33-per-cent drop in sales by the end of 2008, and 2009 sales should end at the same level. Vancouver’s average price at the end of 2009 should be seven per cent below 2008’s average price.

Not all analysts agree with Re/Max. Canada Mortgage and Housing Corp.’s 2009 forecast is for B.C.’s average price to decline 9% in 2009 and provincial sales to fall just under one per cent.

Central 1 Credit Union’s forecast calls for 13% declines in B.C.’s average price for 2009 and a further 5% in 2010, when it expects the market to recover. It expects sales to drop 17 per cent in 2009.

Other analysts have estimated that prices in B.C.’s markets overshot their equilibrium on the up-cycle, such as Carl Gomez, vice-president of research at Bentall Investment Management, who believes prices might have spiked as much as 30 per cent over equilibrium.

Returning to Re/Max’s report, Ash said B.C.’s markets have geography and demographics going for them in the long run. Over time, the province will continue to be the place where baby boomers move in retirement. “There’s no reason for British Columbians to be overly concerned about the value of the real estate they’re holding today,” Ash said. “It will come back in a big way.”

Today as I write this the Governor General has suspended the Canadian parliament. This “crisis” has come about due to disagreements between the minority Conservative government and the opposition parties as to the economic measures needed to bolster Canada’s economy. I personally feel that the unholy alliance of Liberal, NDP and Bloc Quebecois (yes - the separatist party) is not one that has been mandated by the public nor is it likely to help us through at this time.

Consider this, when looking at Canada’s economy. Canada’s Gross Domestic Product was still growing (0.3%) at the end of the 3rd quarter - making 1.3% for the annual rate. In the U.S. in the same quarter there was a fall of 0.5%.

Canadian corporate profits grew by 5.7% in the last 3 months, after rising 8.6% in the previous quarter (the best back-to-back quarterly profit since 2004). And personal income is up slightly at 0.7% with average wages up 4.3% over last year. Personal savings rates are at 3% and in October 9,500 jobs were created, even after September’s record job growth.

Admittedly the US recession will have an effect on our economy, but we are far from a crisis. Except one in consumer confidence.

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%]

The Real Estate Board of Greater Vancouver’s monthly report on the real estate market is shown below.

HOME PRICES ADAPT TO AFFORDABILITY DEMANDS

VANCOUVER, B.C. – October 2, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.

“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.

Attached property sales in September 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. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.

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 figures highlight in red those that have fallen over the last year. In detached homes only Coquitlam, Port Coquitlam and Richmond have escaped the drop in prices.

Attached homes (townhouses) fell only in South Deltan, Port Moody and North Vancouver.

Apartments saw price falls in most municipalities.

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 healthy.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $726,331 (-1.6%), [3yr: 30.2%]
• Burnaby $722,582 (-1.1%), [3yr: 29.8%]
• Coquitlam $679,305 (7.1%), [3yr: 38.8%]
• South Delta $626,841 (-1.5%), [3yr: 16.8%]
• Maple Ridge $448,200 (-0.8%), [3yr: 24.7%]
• New Westminster $533,419 (-3%), [3yr: 19.5%]
• North Vancouver $815,398 (-6%), [3yr: 22.6%]
• Pitt Meadows $467,186 (-1.3%), [3yr: 28.8%]
• Port Coquitlam $541,288 (2.6%), [3yr: 35.7%]
• Port Moody $619,891 (-20.4%), [3yr: 17%]
• Richmond $754,481 (3.9%), [3yr: 38.1%]
• Squamish $528,666 (-0.4%), [3yr: 32.1%]
• Sunshine Coast $431,989 (-3.4%), [3yr: 27.2%]
• Vancouver East $650,590 (-2.9%), [3yr: 29%]
• Vancouver West $1315,517 (-5.8%), [3yr: 37%]
• West Vancouver $1407,069 (-3.9%), [3yr: 28.8%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $464,478 (2.5%), [3yr: 34.9%]
• Burnaby $457,610 (3.3%), [3yr: 33.4%]
• Coquitlam $416,017 (1.5%), [3yr: 29.3%]
• South Delta $436,158 (-2.9%), [3yr: 37.4%]
• Maple Ridge & Pitt Meadows $312,800 (0%), [3yr: 31.6%]
• North Vancouver $559,426 (-2.9%), [3yr: 25.3%]
• Port Coquitlam $398,864 (4.5%), [3yr: 32.1%]
• Port Moody $386,861 (-0.9%), [3yr: 39.4%]
• Richmond $459,909 (5.2%), [3yr: 39.5%]
• Vancouver East $531,504 (7%), [3yr: 52.6%]
• Vancouver West $698,077 (3.3%), [3yr: 32.3%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $369,062 (-0.7%), [3yr: 34.1%]
• Burnaby $332,505 (0.3%), [3yr: 32.7%]
• Coquitlam $281,777 (-0.7%), [3yr: 36.6%]
• South Delta $352,018 (1%), [3yr: 41.7%]
• Maple Ridge & Pitt Meadows $250,610 (-2%), [3yr: 40.6%]
• New Westminster $282,425 (-1.8%), [3yr: 39%]
• North Vancouver $377,867 (-1.2%), [3yr: 29.6%]
• Port Coquitlam $252,141 (-0.2%), [3yr: 36.1%]
• Port Moody $289,954 (-3.3%), [3yr: 22.3%]
• Richmond $307,601 (0.2%), [3yr: 39.1%]
• Vancouver East $319,627 (1.2%), [3yr: 43.4%]
• Vancouver West $465,309 (-1.2%), [3yr: 30.6%]
• West Vancouver $605,640 (-5.9%), [3yr: 26.3%]

The Real Estate Board of Greater Vancouver’s monthly report on the real estate market is shown below.

MONTH OVER MONTH PRICES RETREAT FROM RECORD HIGHS

As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008.

Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3% through June and July 2008, while attached were down 1% and apartment properties 2% over the same period.

The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1% since the end of May 2008, from $568,411 to $556,605 in July 2008.

“We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.”

Residential property sales in Greater Vancouver declined 43.9% in July 2008 to 2,174 from the 3,873 sales recorded in July 2007.

New listings for detached, attached and apartment properties increased 24% to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed.

Sales of detached properties in July 2008 declined 44.2% to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4% from July 2007 to $753,165.

Sales of apartment properties declined 42.3% last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7% from July 2007 to $381,687.

Attached property sales in July 2008 decreased 46.8% to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7% between July 2007 and 2008 to $473,953.

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 figures show that the price rises we have been used to have moderated, in agreement with the Board’s assessment. There are a few bright spots (Squamish, Port Moody and South Delta) where percentage rises are still in double digits. One area just edged into negative territory - Maple Ridge dropped -0.4% for attached properties. With decreased volumes of sales it is worth remembering that these percentages may be based on pretty small numbers of sales and this can skew the figures.

DETACHED BENCHMARK PRICES

• Greater Vancouver $753,165 (5.4%), [3yr: 39.5%]
• Burnaby $716,808 (2%), [3yr: 34.7%]
• Coquitlam $693,114 (9.3%), [3yr: 50.1%]
• South Delta $639,695 (4.5%), [3yr: 28.8%]
• Maple Ridge $463,752 (2.7%), [3yr: 33%]
• New Westminster $574,843 (6.9%), [3yr: 35.4%]
• North Vancouver $883,972 (4.3%), [3yr: 34.8%]
• Pitt Meadows $510,016 (5.5%), [3yr: 40.7%]
• Port Coquitlam $552,751 (4.4%), [3yr: 35.8%]
• Port Moody $766,106 (16.8%), [3yr: 39.3%]
• Richmond $769,992 (8%), [3yr: 43.3%]
• Squamish $646,070 (29.2%), [3yr: 52.8%]
• Sunshine Coast $420,780 (2.1%), [3yr: 30.3%]
• Vancouver East $674,701 (4.2%), [3yr: 38.8%]
• Vancouver West $1390,585 (5.3%), [3yr: 50.7%]
• West Vancouver $1409,522 (3.2%), [3yr: 34.7%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $473,953 (5.7%), [3yr: 40.9%]
• Burnaby $460,764 (5.6%), [3yr: 39.5%]
• Coquitlam $421,974 (4%), [3yr: 37.3%]
• South Delta $470,898 (18.4%), [3yr: 47.9%]
• Maple Ridge & Pitt Meadows $321,699 (4.9%), [3yr: 38.6%]
• North Vancouver $597,066 (5%), [3yr: 34.1%]
• Port Coquitlam $395,736 (4.6%), [3yr: 33.7%]
• Port Moody $393,571 (1.4%), [3yr: 42.1%]
• Richmond $467,775 (7.4%), [3yr: 46.2%]
• Vancouver East $506,173 (4.3%), [3yr: 46.4%]
• Vancouver West $732,052 (5.7%), [3yr: 41.9%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $381,687 (4.7%), [3yr: 42.5%]
• Burnaby $342,359 (5.4%), [3yr: 39.9%]
• Coquitlam $289,663 (3.3%), [3yr: 41.7%]
• South Delta $360,690 (12.2%), [3yr: 45.6%]
• Maple Ridge & Pitt Meadows $260,378 (-0.4%), [3yr: 54.4%]
• New Westminster $298,428 (5.6%), [3yr: 52%]
• North Vancouver $389,168 (3.4%), [3yr: 36.7%]
• Port Coquitlam $254,749 (5.6%), [3yr: 42.5%]
• Port Moody $301,488 (0.4%), [3yr: 35.4%]
• Richmond $318,487 (7.8%), [3yr: 49.8%]
• Vancouver East $326,324 (7.2%), [3yr: 49.9%]
• Vancouver West $482,080 (3.5%), [3yr: 39.4%]
• West Vancouver $661,651 (1%), [3yr: 30.7%]

One indicator of the health of the real estate market is the level of new housing starts. This refers to new construction of both multi family and single family homes.

In Metro Vancouver there were 12,082 starts as of the end of July. This is 11% higher than July 2007. Vancouver and Surrey showed the biggest jumps.

There were 1,904 new homes started in Metro Vancouver this July - 25% more than last July. This growth was all in multi-family homes (condos and townhouses), with single family home starts actually falling by 3%. The Greater Vancouver Home Builders’ Association (GVHBA) reckons that housing starts are growing at a pace equal to that of 1993 - the region’s best year.

Most of the starts were on projects that have been pre-sold in 2007 or earlier this year. The CMHC (Canada Mortgage and Housing Corporation) expects construction to continue at high levels to the end of the year, based on the stream of pre-sold projects. CMHC does expect that the pace of housing construction will moderate in 2009.

So is the slow down in the resale market going to be seen in new construction too?

Well, it is possible but the GVHBA sees no marked drop in new home sales. It is only when new homes are not selling in great numbers that the volume of new construction will fall.

Two communities showed big drops in home starts. Langley, with a 43% drop and Maple Ridge, with 32%. Perhaps the higher gas prices are making buyers rethink the idea of living further out from Vancouver.

How is BC doing compared to the rest of Canada?

This year there have been 19,953 housing units started. This is 6.2% up from the same period in 2007. In Canada as a whole CMHC’s figures show a decrease of 13.6%. So Vancouver is bucking the national trend.

Where are the new houses being built?

• (First seven months of the year, compared to same period of 2007)
• Vancouver - 3,052 units (61%)
• West Vancouver - 114 units (11%)
• Burnaby/New West - 1,100 units (-30%)
• North Vancouver - 344 units (-21%)
• Richmond - 1,261 units (-6%)
• Delta - 152 units (97%)
• Surrey - 3,545 units (68%)
• Tri-Cities - 1,659 units (15%)
• Maple Ridge - 250 units (-32%)
• Langley - 411 units (-43%)
• All Metro Vancouver - 12,082 units (11%)
• Abbotsford/Mission - 953 units (24%)
  Note that Abbotsford is outside the Metro Vancouver region

Source: CMHC

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.

In Vancouver many people buy townhouses or condos. However not everyone knows that there are additional considerations to be made when buying these so called strata properties.

When you buy a condo or townhouses you are buying into a multi-family property, which is managed by a strata corporation (hence their being called strata properties). So, unlike a single family home, there will be factors about the home that are not wholly within your control. This is why there are additional checks that you need to carry out during the due diligence phase prior to subject removal.

STRATA RELATED SUBJECTS

During the “subject removal” period, you will be carrying out the normal due diligence that you would for any property. This includes the home inspection, title search, approving the property disclosure statement and getting your financing organized.

For a strata property you should also be asking for the following:

• minutes from the strata council for the last two years
• rules, regulations and bylaws
• financial statements
• Form B
• Engineering reports or other reports obtained by the strata corporation in the last two years

MINUTES

We always ask for at least two years of minutes. Reading these will reveal hard facts about what has happened, or sometimes more importantly what has not happened. In reading these you are looking for issues that have been raised about the building. You are hoping to find indications that any maintenance issues are being addressed in a timely manner. If month after month the same issues are being raised with no sign of progress, then this is a red flag for you. Further investigation may be needed depending on the nature of the issue.

You can also get a sense of the character of the owners. Are they on top of issues and proactive? Or more concerned with reducing costs and doing the minimum?

RULES

The rules, regulations and bylaws are an important consideration. Many stratas will not allow rentals for instance. If your purchase is an investment you need to know if there are any rental restrictions. You might also pay special attention to the minutes to see if there have been attempts to introduce restrictions in the past - and how narrowly they were defeated. This will help you assess the chances of rental restrictions being introduced in the future.

FINANCIAL STATEMENTS

I am not an accountant but even I can see the value of knowing how the strata is being managed. The statements will show you their income and expenditure and how they are putting money aside for the future. The Strata Property Act requires the corporation have a contingency fund. Some corporations also plan for know expenditures, such as new roofs or windows etc.

FORM B

This is an official statement from the Strata detailing the current financial status of the unit that you are buying. This includes:

• the monthly strata fees
• any money owed by the current owner
• any special levies that are due in the future
• the amount in the contingency reserve fund
• any amendments to the bylaws that have not yet been filed with the land title office

This information is provided by the strata manager.

ENGINEERING REPORTS

If the strata has commissioned any reports on the building then you need to see them. You will want to pay attention to the details within the report and also find out if work has been carried out to rectify any problems found. Once again the existence of problems is not necessarily a bad sign - as long as something is being done about them.

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%]

This week as I was looking for something to write about I found an article in the Globe and Mail that looked at the Canadian housing market from a global perspective. I am quoting extensively from this article because it is a question that is important to anyone in the market here in BC - or hoping to get into it.

*****

• In Toronto
  4-bedroom detached home on a 51- by 93-foot lot
• In Vancouver
  A view condo in the west side or
  Brand new duplex in North Vancouver
• In Dublin
  4 bedroom semi-detached home in Clonsilla
• In London
  A three-bedroom 1930s property in Neasden, England.
• In Barcelona
  An apartment

REAL ESTATE MARKET

MARKET CONTINUES TO IMPROVE FOR BUYERS

The statistics issued by the Real Estate Board of Greater Vancouver (REBGV) show a decline in sales both as against March 2007 (16.3%) and March 2006 (25.7%). Numbers of new listings have increased in the same time, with a 4% increase over March 2007.

“The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages,” says REBGV president, Dave Watt. “The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choices.”

From our own experience, buyers are still plentiful, and are still having difficulty finding properties to suit. Properties which have been renovated and “show well”, are selling quickly. Ones which require work (“handyman specials”) can hang around for some time.

METRO VANCOUVER BENCHMARK as at May 2008

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, over the last 5 years we have seen prices rise by as much as 126%, with the region’s overall rise being close to 95%. Notable amongst the annual price rises was Squamish with 25% - double Greater Vancouver’s annual price rise of 12%. However Squamish has not shown such a strong growth over the last 5 years, suggesting that it’s growth has been more recent. Not surprising given that the highway improvements and 2010 Olympics are all helping Squamish.

DETACHED BENCHMARK PRICES

• Greater Vancouver $764,616 (12.1%), [5yr: 94.8%]
• Burnaby $761,085 (12.6%), [5yr: 92.8%]
• Coquitlam $664,219 (10.1%), [5yr: 96%]
• South Delta $671,811 (14%), [5yr: 85%]
• Maple Ridge $458,666 (8%), [5yr: 71.2%]
• New Westminster $621,253 (19.1%), [5yr: 126.5%]
• North Vancouver $928,636 (14%), [5yr: 87.6%]
• Pitt Meadows $490,749 (6.8%), [5yr: 71.5%]
• Port Coquitlam $528,960 (7.8%), [5yr: 77.3%]
• Port Moody $720,095 (10.7%), [5yr: 74.8%]
• Richmond $758,915 (12.8%), [5yr: 89.7%]
• Squamish $579,496 (25.5%), [5yr: 47.7%]
• Sunshine Coast $435,595 (8.2%), [5yr: 109.4%]
• Vancouver East $688,888 (10.6%), [5yr: 100%]
• Vancouver West $1448,310 (16.9%), [5yr: 119.2%]
• West Vancouver $1484,877 (10.7%), [5yr: 98.8%]

ATTACHED BENCHMARK PRICES

• Greater Vancouver $473,543 (10.6%), [5yr: 96.5%]
• Burnaby $459,610 (10%), [5yr: 102.4%]
• Coquitlam $438,757 (9.7%), [5yr: 95.9%]
• South Delta $438,324 (10.4%), [5yr: 100.1%]
• Maple Ridge & Pitt Meadows $317,119 (7.8%), [5yr: 92.8%]
• North Vancouver $622,096 (14.9%), [5yr: 106%]
• Port Coquitlam $381,971 (3.9%), [5yr: 72%]
• Port Moody $412,870 (10.8%), [5yr: 89.2%]
• Richmond $461,832 (12.7%), [5yr: 82.7%]
• Vancouver East $524,024 (13.7%), [5yr: 113.1%]
• Vancouver West $711,645 (9.4%), [5yr: 113.1%]

APARTMENT BENCHMARK PRICES

• Greater Vancouver $389,609 (11.5%), [5yr: 112.1%]
• Burnaby $344,105 (11.2%), [5yr: 118.1%]
• Coquitlam $300,948 (12.7%), [5yr: 114.4%]
• South Delta $360,974 (11.6%), [5yr: 95.6%]
• Maple Ridge & Pitt Meadows $259,819 (5.3%), [5yr: 112.2%]
• New Westminster $302,132 (10%), [5yr: 118.2%]
• North Vancouver $401,764 (10.9%), [5yr: 119.6%]
• Port Coquitlam $259,645 (11.8%), [5yr: 143.3%]
• Port Moody $304,326 (4.6%), [5yr: 113.2%]
• Richmond $322,190 (12.7%), [5yr: 121.7%]
• Vancouver East $335,150 (14.9%), [5yr: 126.4%]
• Vancouver West $496,214 (11.5%), [5yr: 105%]
• West Vancouver $627,058 (4%), [5yr: 82.1%]