Greater Vancouver at lower end of balanced housing market
VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.
Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.
Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.
How is the Benchmark doing?
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 $884,778 (11%), [3yr: 27.1%]
Burnaby $897,477 (11.2%), [3yr: 30.9%]
Coquitlam $709,242 (4.8%), [3yr: 13.2%]
South Delta $734,585 (12%), [3yr: 26.9%]
Maple Ridge $444,862 (2.1%), [3yr: 3.6%]
New Westminster $657,760 (12.2%), [3yr: 21.2%]
North Vancouver $952,809 (4%), [3yr: 18.7%]
Pitt Meadows $533,827 (0.1%), [3yr: 12.6%]
Port Coquitlam $520,761 (-5.5%), [3yr: -1.6%]
Port Moody $751,443 (9.5%), [3yr: 38.6%]
Richmond $1,075,391 (18.3%), [3yr: 44.7%]
Squamish $473,844 (-7.1%), [3yr: -10%]
Sunshine Coast $410,407 (1%), [3yr: -4.4%]
Vancouver East $856,411 (16.2%), [3yr: 34.2%]
Vancouver West $2,008,702 (23.4%), [3yr: 57%]
West Vancouver $1,694,470 (19.9%), [3yr: 48.5%]
ATTACHED BENCHMARK PRICES
Greater Vancouver $519,455 (6.5%), [3yr: 15.9%]
Burnaby $500,075 (3.4%), [3yr: 10.8%]
Coquitlam $469,713 (12.8%), [3yr: 17.5%]
South Delta $486,491 (3.6%), [3yr: 15.2%]
Maple Ridge & Pitt Meadows $306,660 (3.1%), [3yr: 0.3%]
North Vancouver $659,978 (13.3%), [3yr: 15.2%]
Port Coquitlam $410,055 (-0.7%), [3yr: 7.3%]
Port Moody $403,182 (-2.2%), [3yr: 4.3%]
Richmond $548,090 (6.9%), [3yr: 23.5%]
Vancouver East $555,452 (3.2%), [3yr: 12%]
Vancouver West $857,108 (13.7%), [3yr: 35.9%]
APARTMENT BENCHMARK PRICES
Greater Vancouver $402,702 (3.2%), [3yr: 12.4%]
Burnaby $368,591 (5%), [3yr: 14.4%]
Coquitlam $298,784 (4.4%), [3yr: 7.7%]
South Delta $417,287 (21.9%), [3yr: 27.1%]
Maple Ridge & Pitt Meadows $229,594 (-5.9%), [3yr: -5.1%]
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%]
The CMHC has issued its housing report on Vancouver. This provides interesting reading for those watching this busy market.
In the first quarter of 2011, there were 9,004 sales (single detached, attached and apartment) in Greater Vancouver 1 through the MLS® system, 19 per cent higher than the 7,548 sales recorded during the same period a year ago. Sales picked up pace during the third quarter of 2010 and have shown sustained upward momentum since. With sales growth outpacing an increase in the inventory of active listings, the Greater Vancouver resale housing market ended the first quarter in seller’s market conditions, particularly for the single-detached market segment.
In terms of prices, the average MLS® price in Greater Vancouver increased 18 per cent, year-over-year, in the first quarter of 2011. Since the average price is a weighted average of transacted MLS® prices, it does not account for changes in the distribution of sales by home type. The year-over year increase in average price was largely a reflection of more single detached home purchases, and more higher end detached home sales. This has been most noticeable in areas such as the West Side of Vancouver and Richmond where single family home prices were up nineteen per cent and twenty per cent, respectively, year over-year in the first quarter of 2011. By contrast, condominium apartment prices in these areas increased seven per cent and four per cent, respectively, in the first quarter.
Visit the CMHC for more information on housing reports.
The CMHC has issued its housing report on Kelowna. This should be of interest for those considering this popular Okanagan destination for their relocation or holiday home.
Kelowna’s existing home sector began 2011 on a slower note with homes taking longer to sell. Pent-up demand among first-time buyers, a key factor underlying the upswing in sales in 2009 and earlier last year, was to some extent satisfied by mid 2010. First quarter existing home sales were also dampened by inclement weather.
Home buyers have continued to benefit from ample choice and strong price competition among sellers in 2011. The supply of detached homes listed for sale trended lower through the second half of 2010, but remains at high levels. Apartment condominium listings have come down from a year ago. The decline reflects reduced listing activity rather than increasing sales. Fewer sales in combination with an abundant supply of listings have kept market conditions firmly in buyer’s market territory.
Demand broadened to include more move-up buyers last year. While sales of mid and higher priced homes have risen, the focus of demand among home buyers remains moderately priced homes. Single family homes (detached and semi-detached units) priced at less than $400,000 captured 35 and 40 per cent of sales in 2009 and 2010 respectively, compared to only 24 per cent in 2008. Buyer preferences have remained essentially unchanged to date in 2011.
Existing home prices stabilized by mid 2009 after trending down since the previous Spring. The average detached home price moved higher in 2010, but much of the increase is attributed to shifts in the price distribution of sales, rather than true price appreciation. An ample supply of listings in combination with moderating demand has tempered upward pressure on prices during the past few months.
More information from the CMHC is on their web site.
The CMHC has issued its report on the Victoria real estate market. I thought the following extract would be of interest to those considering Victoria as a possible destination for their relocation.
Nearly 1,400 Multiple Listing Service (MLS®) sales were recorded within the Victoria Real Estate Board’s (VREB) boundaries during the first quarter of 2011. This corresponds to an 18 per cent reduction from the first quarter of 2010. The weaker demand that has persisted since the second half of 2010 is due in part to buyers who moved ahead their purchase decisions to 2009, to take advantage of opportune buying conditions. The product mix remains consistent with last year, with single family homes accounting for roughly half of all sales, and apartment condos nearly 30 per cent. 1
While demand has been sluggish to start the year, the supply of existing homes on the market has increased from four to six months’ supply since March 2010. 2 The resale market is currently classified as balanced, based on a sales to new listings (seasonally adjusted) ratio that has varied between 0.45 and 0.55 over the last six months. The balanced market conditions have put little upward pressure on resale prices. The average first quarter apartment condominium MLS® price edged up two per cent to $324,400 (relative to the first quarter of 2010), while the average single family home price declined two per cent to $582,500.
For more information from the CMHC visit their web site.
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.
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.
At the mid point of February, it is time to look back over the last 30 days and get an idea of how the market is doing in West Vancouver.
There were 56 detached homes sold in West Vancouver in the last 30 days. British Properties had most sales (8), with Ambleside (7) close behind. All other sales were spread around the area.
Ambleside was the hottest area, however, with 4 of the 7 sales being over asking. In total there were 10 properties sold over asking. Other areas with sales over asking were British Properties, Caulfeild, Dundarave, Glenmore, Horseshoe Bay and West Bay.
The average sold price was $1.64m, that being 95% of asking price. The average days on market is now about 7 weeks (51 days).
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.
MLS® stats show more sales, fewer property listings in November
Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.
Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.
“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.
Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.
“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.
Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.
Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.
Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.
The average sale price of detached homes across the metro Vancouver region. This is based on detached sales in the last month (i.e. October 2010). The list is in ascending order of sale price.
Abbotsford $460,160 Pitt Meadows $498,433 Maple Ridge $511,671 Port Coquitlam $514,573 N. Delta $525,278 North Surrey $533,228 Surrey $553,998 Cloverdale $556,396 New Westminster $588,263 Langley $684,312 Coquitlam $698,787 Burnaby East $745,111 Vancouver East $752,498 Ladner $778,658 Port Moody $854,525 Burnaby South $870,593 Burnaby North $874,640 South Surrey White Rock $894,733 Richmond $951,445 North Vancouver $976,027 West Vancouver $2,048,524 Vancouver West $2,114,087 Bowen Island $2,941,667
Official Real Estate board statistics will be available in the next week. We will then see how November is doing
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.
Is it all doom and gloom in the real estate market?
According to the Real Estate Board of Greater Vancouver "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 story is more about declining sales than declining prices. In August we saw sales of 2,202 units - which is 36% less than in August of 2009. Wow? Not so wow actually since August 2009 was the second highest selling August ever recorded. So if you look back a bit further you will see that this August's sales were actually up 40% on those of August 2008. Then if you keeping looking further back you will see that actually this August's sales were less than those in both 2006 and 2007.
But sales are only one half of the story. New listings are also declining over those from last year - 17% fewer new listings this August compared to August 2009. Total listings are down 6% since last month.
That all adds up to a reduction in the choice out there for buyers but with the market swinging in favour of those buyers. Is it a good time to buy?
Yes and no. Yes, since interest rates are low. Yes if you find the right property. Yes if you want to take advantage of the buyer's market. No, if you can't find the right property.
It might be a good time to list your property however. Think about it. The choice is becoming more limited for buyers. There are buyers out there but they are picky. When a good place is on the market (like yours) then there could be competition for it (9% of sales in August were over asking).
Finally, from the president of the Real Estate Board of Greater Vancouver, Jake Moldowan : “Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market”. As someone who works with those relocating, I can agree with that statement.
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.
VANCOUVER, B.C. – August 4, 2010 – Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.
Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.
“With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”
The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale. At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.
“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.
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 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.
Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 per cent from July 2009 to $793,193.
Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment property increased 6.2 per cent from July 2009 to $387,879.
Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995.
VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
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