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
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 3 years.] I have highlighted the biggest increases in bold and the greatest decreases in red for each category of property.
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%]
Greater Vancouver housing market sees typical spring activity in April
VANCOUVER, B.C. - May 3, 2011
Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.
Looking back further, last month's residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.
“While it continues to be a seller's market in Greater Vancouver, last month's activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year."
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month's new listings total registered a 14 per cent decline.
At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.
“There's considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up to date market evaluation.”
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.
Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.
Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.
Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.
Benchmark Prices
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.
The rise of Richmond(18.5%) continues, with price increases outstripping Vancouver West for detached homes. Other areas saw smaller rises and even falls in the more easterly areas. Richmond was also the star performer in the other categories. Can it continue?
DETACHED BENCHMARK PRICES
Greater Vancouver $879,039 (7.4%), [5yr: 41.6%]
Burnaby $903,022 (14%), [5yr: 43%]
Coquitlam $697,022 (-3.1%), [5yr: 30.1%]
South Delta $716,312 (2.6%), [5yr: 30.3%]
Maple Ridge $464,818 (-1%), [5yr: 20.7%]
New Westminster $622,753 (3.7%), [5yr: 26%]
North Vancouver $979,949 (4.4%), [5yr: 33.6%]
Pitt Meadows $526,332 (-2.8%), [5yr: 32.8%]
Port Coquitlam $592,495 (2.9%), [5yr: 31.6%]
Port Moody $725,113 (-6.9%), [5yr: 36%]
Richmond $1,084,694 (18.5%), [5yr: 76.5%]
Squamish $447,007 (-8.6%), [5yr: 8.4%]
Sunshine Coast $411,535 (-3.8%), [5yr: 10.2%]
Vancouver East $808,008 (8.2%), [5yr: 40.4%]
Vancouver West $1,970,056 (17.6%), [5yr: 76.8%]
West Vancouver $1,637,312 (16.9%), [5yr: 36.4%]
ATTACHED BENCHMARK PRICES
Greater Vancouver $514,670 (2.4%), [5yr: 35.4%]
Burnaby $505,015 (2.4%), [5yr: 33.5%]
Coquitlam $445,822 (-1.5%), [5yr: 27.8%]
South Delta $501,405 (7.6%), [5yr: 41.3%]
Maple Ridge & Pitt Meadows $306,602 (-4.1%), [5yr: 20%]
North Vancouver $633,455 (0.8%), [5yr: 32.1%]
Port Coquitlam $403,277 (-1%), [5yr: 18.7%]
Port Moody $415,747 (0.4%), [5yr: 28.9%]
Richmond $558,629 (8.8%), [5yr: 47%]
Vancouver East $539,696 (-2%), [5yr: 33.9%]
Vancouver West $820,316 (5.7%), [5yr: 52.1%]
APARTMENT BENCHMARK PRICES
Greater Vancouver $409,242 (2.9%), [5yr: 32.2%]
Burnaby $370,314 (4.3%), [5yr: 35.3%]
Coquitlam $303,181 (2.8%), [5yr: 28.5%]
South Delta $384,949 (5.6%), [5yr: 41.2%]
Maple Ridge & Pitt Meadows $245,317 (-3.7%), [5yr: 25.5%]
Home buyers and sellers enter the housing market at near record pace in March VANCOUVER, B.C. – April 4, 2011 –
Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.
“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.
At, 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year.
“Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.
Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.
Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885.
Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.
REBGV reports increased housing demand in February
VANCOUVER, B.C. – March 2, 2011 – Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.
For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years.
“We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.”
Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.
“To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality,” Moldowan said.
Looking across the region, the REBGV reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent increase from the 1,480 home sales in February 2009.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,693 in February 2011. This represents a 23.6 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent increase compared to January 2011 when 4,801 homes were added to the MLS® in Greater Vancouver.
“With a sizeable increase in the number of properties coming onto the market for sale, there’s a good selection out there for buyers to choose from,” Moldowan said.
At, 11,925, the total number of residential property listings on the MLS® increased 14.2 per cent in February compared to last month and increased 5 per cent from this time last year.
Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 per cent from February 2010 to $848,645.
Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.
Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.
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 3 years.] I have highlighted the biggest increases in bold and the greatest decreases in red for each category of property.
For detached homes there is a lot of variation, but Richmond, Vancouver West and Squamish all showed gains over the year. Most other areas were in negative territory, with South Delta being the biggest loser.
For attached properties, most areas were on the positive side, but South Delta was on the negative side again.
Apartments showed a lot of variation across the region, but here too Richmond showed the biggest gains year on year.
DETACHED BENCHMARK PRICES
Greater Vancouver $810,045 (2.7%), [3yr: 9.1%]
Burnaby $812,874 (6%), [3yr: 10.4%]
Coquitlam $680,383 (-1.5%), [3yr: 3.2%]
South Delta $655,818 (-0.8%), [3yr: 1%]
Maple Ridge $438,983 (-4.3%), [3yr: -4.1%]
New Westminster $567,582 (-5.4%), [3yr: 5.1%]
North Vancouver $877,180 (-3.3%), [3yr: -2.9%]
Pitt Meadows $485,528 (-2.5%), [3yr: 6.7%]
Port Coquitlam $507,426 (-9.6%), [3yr: -7.8%]
Port Moody $643,628 (-18.1%), [3yr: 1.5%]
Richmond $1,037,689 (22.6%), [3yr: 43.9%]
Squamish $568,619 (20.3%), [3yr: 0.1%]
Sunshine Coast $381,183 (-8.1%), [3yr: -9.7%]
Vancouver East $749,886 (2.7%), [3yr: 12.7%]
Vancouver West $1,765,927 (12.2%), [3yr: 25.6%]
West Vancouver $1,397,025 (-1.2%), [3yr: -6.2%]
ATTACHED BENCHMARK PRICES
Greater Vancouver $495,140 (2.6%), [3yr: 7%]
Burnaby $483,922 (4%), [3yr: 7.6%]
Coquitlam $441,854 (0.7%), [3yr: 4.9%]
South Delta $464,108 (-10.2%), [3yr: 2%]
Maple Ridge & Pitt Meadows $309,664 (1.1%), [3yr: -1.8%]
North Vancouver $592,640 (1.1%), [3yr: 0.2%]
Port Coquitlam $411,135 (4.4%), [3yr: 4.9%]
Port Moody $410,935 (6.6%), [3yr: 3.1%]
Richmond $532,379 (6.6%), [3yr: 17.7%]
Vancouver East $548,612 (8.4%), [3yr: 13.1%]
Vancouver West $725,171 (-4.3%), [3yr: 3.8%]
APARTMENT BENCHMARK PRICES
Greater Vancouver $390,935 (1.4%), [3yr: 3.3%]
Burnaby $355,927 (1.8%), [3yr: 5%]
Coquitlam $299,062 (0.8%), [3yr: 2.4%]
South Delta $343,931 (-8.6%), [3yr: 1.9%]
Maple Ridge & Pitt Meadows $223,330 (-7.2%), [3yr: -10.8%]
New Westminster $297,382 (5.4%), [3yr: 3.2%]
North Vancouver $379,620 (-0.9%), [3yr: -0.2%]
Port Coquitlam $253,224 (0%), [3yr: -0.3%]
Port Moody $298,472 (-0.7%), [3yr: 4.3%]
Richmond $346,037 (5.9%), [3yr: 12.5%]
Vancouver East $328,913 (-2.5%), [3yr: 3.7%]
Vancouver West $502,227 (2.5%), [3yr: 2.5%]
West Vancouver $606,425 (-5%), [3yr: -3.4%]
If you are looking to buy or sell then please contact us for a detailed market analysis for your area. As you can see the market differ quite substantially from area to area.
STABILITY AND REGIONAL ‘HOT SPOTS’ CHARACTERIZE JANUARY HOUSING MARKET VANCOUVER, B.C. – February 2, 2011
The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.
The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.
“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.
“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said.
Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.
From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.
At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.
Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.
Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.
Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.
REAL ESTATE MARKET STABLE AT YEAR-END VANCOUVER, B.C. – January 5, 2011 – The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.
“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”
Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred.
More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.
The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.
“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.
Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.
Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.
Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.
The Real Estate Board of Greater Vancouver just published the real estate statistics for November. Below I have set out the benchmark prices for the region.
DETACHED BENCHMARK PRICES
Vancouver West saw the biggest year on year gain (17.6%), and Port Moody the biggest loser (-10.6%). Across the region the prices are around 5% higher than last year and 9% up from figures 3 years ago.
Greater Vancouver $799,312 (5.6%), [3yr: 9.6%]
Burnaby $793,428 (7.6%), [3yr: 7.7%]
Coquitlam $682,170 (4%), [3yr: 8.9%]
South Delta $617,320 (-8.9%), [3yr: -0.2%]
Maple Ridge $439,816 (1.1%), [3yr: -3%]
New Westminster $602,400 (6.8%), [3yr: 9.1%]
North Vancouver $887,711 (-0.2%), [3yr: 2.2%]
Pitt Meadows $523,580 (5.6%), [3yr: 8.7%]
Port Coquitlam $552,833 (4.6%), [3yr: 4.6%]
Port Moody $719,551 (-10.6%), [3yr: 5%]
Richmond $920,410 (13.7%), [3yr: 28.4%]
Squamish $479,982 (-8.9%), [3yr: -11.8%]
Sunshine Coast $401,343 (-4%), [3yr: 1.8%]
Vancouver East $744,677 (6.4%), [3yr: 11%]
Vancouver West $1698,925 (17.6%), [3yr: 24%]
West Vancouver $1420,220 (5%), [3yr: 0.9%]
ATTACHED BENCHMARK PRICES
In attached properties, prices are also up over the year. Richmond was the biggest winner (9%) and Port Coquitlam the biggest loser (-4%).
Greater Vancouver $488,733 (4.1%), [3yr: 7.3%]
Burnaby $490,842 (5.4%), [3yr: 11.6%]
Coquitlam $408,949 (-4.2%), [3yr: -1.9%]
South Delta $473,192 (7.7%), [3yr: 8%]
Maple Ridge & Pitt Meadows $306,047 (0.9%), [3yr: -1.5%]
North Vancouver $580,884 (-0.1%), [3yr: 3.6%]
Port Coquitlam $384,017 (-4.6%), [3yr: 1.5%]
Port Moody $405,917 (6.8%), [3yr: 1.9%]
Richmond $524,315 (9.6%), [3yr: 19.6%]
Vancouver East $533,055 (8.2%), [3yr: 3.9%]
Vancouver West $754,057 (5.5%), [3yr: 7.1%]
APARTMENT BENCHMARK PRICES
In apartments prices have risen nearly 2% over the year. In West Vancouver the rise was 7%, with Maple Ridge the loser at –4%.
Greater Vancouver $389,168 (1.9%), [3yr: 3.9%]
Burnaby $352,337 (3.3%), [3yr: 5.2%]
Coquitlam $287,010 (-1.1%), [3yr: 1.1%]
South Delta $350,758 (5.3%), [3yr: 8.2%]
Maple Ridge & Pitt Meadows $235,788 (-4.7%), [3yr: -7.4%]
The report below is from the Real Estate Board of Greater Vancouver and discusses the market during October 2010
.
Home sales remain steady in Greater Vancouver
VANCOUVER, B.C. – November 2, 2010 – Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.
According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.
“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.
Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.
More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.
“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”
Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.
Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.
Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.
Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.
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.
HOUSING MARKET FACTORS INDICATE STABILITY IN RECENT MONTHS
VANCOUVER, B.C. – October 4, 2010 – September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.
“We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” Jake Moldowan, REBGV president said.
Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.
Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined12.3 per cent.
New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.
“We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month,” Moldowan said. “At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we’ve seen in this category since April”.
Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.
Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.
Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.
Below I have set out the benchmark prices across metro Vancouver as issued by the Real Estate Board of Greater Vancouver. The prices in bold show the biggest increase within the category. Those in red are the biggest decrease. Figures for percentage change over the last three years are in square bracket.
For detached homes, there is still a general rise in prices cross the region, with only the outlying areas of Squamish and the Sunshine Coast showing decreases.
For attached properties (townhouses), the story is similar with only Delta showing a small decrease over last year’s prices.
Apartments have risen in price across the region with no areas showing a decrease over last year’s prices.
DETACHED BENCHMARK PRICES
Greater Vancouver $795,076 (8.5%), [3yr: 9.5%]
Burnaby $810,905 (12.9%), [3yr: 12.4%]
Coquitlam $671,557 (5.7%), [3yr: 4.9%]
South Delta $707,716 (14.1%), [3yr: 13.1%]
Maple Ridge $445,092 (3.3%), [3yr: -1.1%]
New Westminster $576,933 (2%), [3yr: 6.7%]
North Vancouver $879,328 (2%), [3yr: 4%]
Pitt Meadows $563,499 (17.8%), [3yr: 12.3%]
Port Coquitlam $534,189 (1.7%), [3yr: 2.4%]
Port Moody $797,131 (19.9%), [3yr: -1.9%]
Richmond $900,046 (20.7%), [3yr: 24.9%]
Squamish $492,903 (-13.8%), [3yr: -1.8%]
Sunshine Coast $393,591 (-4.4%), [3yr: -9.2%]
Vancouver East $728,646 (6.3%), [3yr: 12%]
Vancouver West $1641,792 (16.4%), [3yr: 21.3%]
West Vancouver $1390,082 (5%), [3yr: -1.5%]
ATTACHED BENCHMARK PRICES
Greater Vancouver $489,511 (6.6%), [3yr: 9.6%]
Burnaby $488,381 (8%), [3yr: 12.1%]
Coquitlam $438,755 (10.6%), [3yr: 7.4%]
South Delta $451,760 (-0.3%), [3yr: 8.3%]
Maple Ridge & Pitt Meadows $303,472 (1.7%), [3yr: -1.9%]
North Vancouver $589,708 (4%), [3yr: 3.5%]
Port Coquitlam $407,385 (7.2%), [3yr: 8.9%]
Port Moody $394,966 (2.3%), [3yr: 3.5%]
Richmond $511,077 (10.3%), [3yr: 17.6%]
Vancouver East $540,561 (6%), [3yr: 15.3%]
Vancouver West $749,036 (5.7%), [3yr: 10.3%]
APARTMENT BENCHMARK PRICES
Greater Vancouver $385,968 (4.5%), [3yr: 4.9%]
Burnaby $351,319 (5.9%), [3yr: 8%]
Coquitlam $288,350 (5.7%), [3yr: 2.7%]
South Delta $355,993 (5.8%), [3yr: 7.1%]
Maple Ridge & Pitt Meadows $245,477 (4.7%), [3yr: -3%]
Buyer’s market conditions continue in Greater Vancouver
VANCOUVER, B.C. – September 2, 2010 – Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.
From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.
New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.
“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home,” Jake Moldowan, REBGV president said. “The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.”
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.
“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.
Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.
Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.
Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.
HOUSING SUPPLY AND DEMAND REACH CLOSER ALIGNMENT IN JANUARY
VANCOUVER, B.C. – February 2, 2010 – Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.
In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.
“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales to active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.
“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.
In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.
Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.
Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.
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 1 year percentage rise in brackets.
Prices for detached homes have increased year on year almost all across the region. The exception is Squamish where a 13% drop seems to run counter to the expected Olympic effect.
Benchmark prices for attached homes (townhouses) were up across the region. This was particularly marked for South Delta.
Apartments also saw benchmark prices rising across the region with the exception of Maple Ridge and Pitt Meadows where a small fall year on year ran counter to the trend elsewhere.
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%]
VANCOUVER, B.C. – September 2, 2009 – The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.
New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.
“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.
Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.
Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.
Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.
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 $732,656 (-0.7%), [3yr: 12.1%]
Burnaby $718,410 (-1.6%), [3yr: 9.5%]
Coquitlam $635,519 (-4.8%), [3yr: 10%]
South Delta $620,308 (2.7%), [3yr: 4.7%]
Maple Ridge $430,970 (-1.6%), [3yr: 7.4%]
New Westminster $565,565 (3.6%), [3yr: 6.9%]
North Vancouver $861,962 (-0.7%), [3yr: 12.5%]
Pitt Meadows $478,553 (3.8%), [3yr: 8.1%]
Port Coquitlam $525,203 (0.3%), [3yr: 8.6%]
Port Moody $664,789 (-8.3%), [3yr: 7.1%]
Richmond $745,588 (-2.8%), [3yr: 16.5%]
Squamish $571,986 (1.1%), [3yr: 34.6%]
Sunshine Coast $411,836 (2.4%), [3yr: 9.9%]
Vancouver East $685,746 (3.2%), [3yr: 14%]
Vancouver West $1,410,989 (2.9%), [3yr: 21.8%]
West Vancouver $1,323,472 (-12.5%), [3yr: 2.3%]
ATTACHED BENCHMARK PRICES
Attached Greater Vancouver $459,159 (-0.9%), [3yr: 12.9%]
Burnaby $452,405 (-2.2%), [3yr: 14.7%]
Coquitlam $396,554 (-4.3%), [3yr: 7.2%]
South Delta $453,079 (3.6%), [3yr: 15.4%]
Maple Ridge & Pitt Meadows $298,480 (-3.4%), [3yr: 5%]
North Vancouver $566,875 (-1.1%), [3yr: 9.1%]
Port Coquitlam $380,162 (-1.6%), [3yr: 11.1%]
Port Moody $385,972 (-1%), [3yr: 7.3%]
Richmond $463,364 (1.7%), [3yr: 16.3%]
Vancouver East $510,125 (-3.9%), [3yr: 18.7%]
Vancouver West $708,540 (1.7%), [3yr: 18.6%]
APARTMENT BENCHMARK PRICES
Apartment Greater Vancouver $369,263 (-1.4%), [3yr: 11.4%]
Burnaby $331,723 (-3.2%), [3yr: 10.9%]
Coquitlam $272,774 (-5.8%), [3yr: 7.3%]
South Delta $336,585 (0.8%), [3yr: 14.3%]
Maple Ridge & Pitt Meadows $234,510 (-9.6%), [3yr: -1.3%]
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%]
INCREASED DEMAND STEADIES HOUSING MARKET IN GREATER VANCOUVER VANCOUVER, B.C. – June 2, 2009 – A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month. Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent. “The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.” New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008. Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320. Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987. Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.
Bright spots in the market:
Detached: Burnaby up 48.9 per cent (140 units sold from 94) Maple Ridge/Pitt Meadows up 13.4 per cent (144 units sold from 127) North Vancouver up 31.4 per cent (134 units sold from 102) Port Moody/Belcarra up 52.6 per cent (29 units sold from 19) Richmond up 14.0 per cent (170 units sold from 142) Vancouver East up 11.1 per cent (180 units sold from 162) Vancouver West up 63.4 per cent (232 units sold from 142)
Attached: Burnaby up 31.5 per cent (96 units sold from 73) Maple Ridge/Pitt Meadows up 43.8 per cent (46 units sold from 32) North Vancouver up 31.8 per cent (58 units sold from 44) Vancouver West up 54.5 per cent (102 units sold from 66)
Apartments: Burnaby up 32.6 per cent (187 units sold from 141) North Vancouver up 22.6 per cent (103 units sold from 84) Richmond up 27.4 per cent (200 units sold from 157) Vancouver East up 28.7 per cent (139 units sold from 108) Vancouver West up 25.4 per cent (529 units sold from 422)
Below are the benchmark prices with the percentage change since last year in brackets and the 3 year change in square brackets.
DETACHED BENCHMARK PRICES
Detached Greater Vancouver $680,320 (-11.8%), [3yr: 7%]
Burnaby $697,264 (-9.9%), [3yr: 6.2%]
Coquitlam $602,275 (-10%), [3yr: 9.4%]
South Delta $612,292 (-8.8%), [3yr: 7%]
Maple Ridge $409,941 (-10.8%), [3yr: 4.1%]
New Westminster $535,658 (-11.7%), [3yr: 10.4%]
North Vancouver $782,117 (-15.5%), [3yr: 4.2%]
Pitt Meadows $474,885 (-4%), [3yr: 16.4%]
Port Coquitlam $488,845 (-9.8%), [3yr: 3.7%]
Port Moody $647,385 (-15.5%), [3yr: 11.7%]
Richmond $691,703 (-13.4%), [3yr: 9.5%]
Squamish $483,189 (-17.9%), [3yr: 20.1%]
Sunshine Coast $398,717 (-7.8%), [3yr: 6.4%]
Vancouver East $619,821 (-10.9%), [3yr: 4.4%]
Vancouver West $1273,131 (-10%), [3yr: 14%]
West Vancouver $1,161,447 (-22.6%), [3yr: -3.6%]
ATTACHED BENCHMARK PRICES
Attached Greater Vancouver $435,848 (-9%), [3yr: 9.9%]
Burnaby $432,829 (-5.8%), [3yr: 11.3%]
Coquitlam $374,009 (-13.1%), [3yr: 4%]
South Delta $445,809 (-5.4%), [3yr: 27.9%]
Maple Ridge & Pitt Meadows $292,194 (-8.5%), [3yr: 8.8%]
North Vancouver $543,910 (-9.6%), [3yr: 7.1%]
Port Coquitlam $367,234 (-7%), [3yr: 7%]
Port Moody $358,184 (-14.9%), [3yr: 2.8%]
Richmond $435,888 (-7.3%), [3yr: 12.1%]
Vancouver East $475,080 (-9.7%), [3yr: 19.5%]
Vancouver West $659,323 (-11.3%), [3yr: 7.9%]
APARTMENT BENCHMARK PRICES
Apartment Greater Vancouver $349,987 (-10.2%), [3yr: 8.8%]
Burnaby $313,575 (-10.2%), [3yr: 9.4%]
Coquitlam $253,659 (-14.9%), [3yr: 1.2%]
South Delta $331,394 (-8%), [3yr: 18.1%]
Maple Ridge & Pitt Meadows $244,047 (-7.3%), [3yr: 15.7%]
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