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

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

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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.

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

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

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

DETACHED BENCHMARK PRICES

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

ATTACHED BENCHMARK PRICES

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

APARTMENT BENCHMARK PRICES

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

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.

Homebuyers and sellers less active in July

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.

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

BUYER ACTIVITY BRINGS GREATER STABILITY TO THE HOUSING MARKET

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

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

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

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

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

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

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

METRO VANCOUVER BENCHMARK

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

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

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

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

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

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

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

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

DETACHED BENCHMARK PRICES

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

ATTACHED BENCHMARK PRICES

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

APARTMENT BENCHMARK PRICES

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

The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

"There's more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off",. said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the ! fth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.

Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008.

"REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years",. Russell said.

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.

Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.

METRO VANCOUVER BENCHMARK

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

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

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

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

The story is still of price drops across the board, which is no surprise. In homes (detached) Port Moody did the worst and it’s fellow tri-city, Port Coquitlam did the best.

In attached properties (townhouses), Port Coquitlam also did best, with North Vancouver bringing up the rear.

And in apartments, we see the third tri-city, Coquitlam, make an entrance as the worst contender. Far away to the south, South Delta fared best of an admittedly sorry bunch.

However sorry is a relative word. Buyers looking at more affordable rates and falling prices are happier than they have been in a long time.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $649,342 (-15.1%), [3yr: 6.4%]
• Burnaby $644,100 (-15.4%), [3yr: 5.8%]
• Coquitlam $609,883 (-8.2%), [3yr: 15.1%]
• South Delta $585,171 (-12.9%), [3yr: 5.6%]
• Maple Ridge $400,949 (-12.6%), [3yr: 4.9%]
• New Westminster $514,354 (-17.2%), [3yr: 3.9%]
• North Vancouver $744,495 (-19.8%), [3yr: 0.5%]
• Pitt Meadows $426,733 (-13%), [3yr: 7.7%]
• Port Coquitlam $497,902 (-5.9%), [3yr: 12.5%]
• Port Moody $469,537 (-34.8%), [3yr: -19.4%]
• Richmond $665,759 (-12.3%), [3yr: 12.2%]
• Squamish $530,025 (-8.5%), [3yr: 33.4%]
• Sunshine Coast $363,600 (-16.5%), [3yr: -0.5%]
• Vancouver East $610,943 (-11.3%), [3yr: 8.6%]
• Vancouver West $1127,017 (-22.2%), [3yr: 6.4%]
• West Vancouver $1109,124 (-25.3%), [3yr: -9.2%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $420,563 (-11.2%), [3yr: 11.9%]
• Burnaby $421,421 (-8.3%), [3yr: 14.3%]
• Coquitlam $370,373 (-15.6%), [3yr: 5.9%]
• South Delta $392,566 (-10.4%), [3yr: 10.1%]
• Maple Ridge & Pitt Meadows $284,959 (-10.1%), [3yr: 12%]
• North Vancouver $516,538 (-17%), [3yr: 6.3%]
• Port Coquitlam $371,265 (-2.8%), [3yr: 13.4%]
• Port Moody $353,607 (-14.4%), [3yr: 8.7%]
• Richmond $419,624 (-9.1%), [3yr: 14.3%]
• Vancouver East $444,199 (-15.2%), [3yr: 13.7%]
• Vancouver West $624,746 (-12.2%), [3yr: 12.9%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $337,099 (-13.5%), [3yr: 10.5%]
• Burnaby $302,832 (-12%), [3yr: 11.2%]
• Coquitlam $250,614 (-16.7%), [3yr: 9.3%]
• South Delta $342,913 (-5%), [3yr: 25.9%]
• Maple Ridge & Pitt Meadows $233,053 (-10.3%), [3yr: 16.8%]
• New Westminster $263,500 (-12.8%), [3yr: 16.7%]
• North Vancouver $347,337 (-13.5%), [3yr: 9.7%]
• Port Coquitlam $227,058 (-12.6%), [3yr: 14.7%]
• Port Moody $272,946 (-10.3%), [3yr: 4.1%]
• Richmond $281,745 (-12.6%), [3yr: 8.1%]
• Vancouver East $296,377 (-11.6%), [3yr: 17.1%]
• Vancouver West $422,264 (-14.9%), [3yr: 8.1%]
• West Vancouver $534,084 (-14.8%), [3yr: 4.4%]

METRO VANCOUVER BENCHMARK

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

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

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

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

Detached homes saw prices fall pretty much across the board, with Squamish and the Sunshine Coast being the main exceptions.

South Delta was the exception in both apartments and attached homes, showing a small rise. Again other areas saw percentage decreases.

DETACHED BENCHMARK PRICES

• Detached Greater Vancouver $659,638 (-11.2%), [3yr: 12.9%]
• Burnaby $652,089 (-11.4%), [3yr: 10.7%]
• Coquitlam $593,987 (-9.9%), [3yr: 14.3%]
• South Delta $660,478 (1.7%), [3yr: 25.9%]
• Maple Ridge $408,206 (-10.8%), [3yr: 11.6%]
• New Westminster $538,566 (-0.3%), [3yr: 10.9%]
• North Vancouver $783,339 (-13.3%), [3yr: 9%]
• Pitt Meadows $473,782 (4.2%), [3yr: 23%]
• Port Coquitlam $505,488 (-8.1%), [3yr: 21.8%]
• Port Moody $718,962 (13.4%), [3yr: 34.2%]
• Richmond $649,909 (-9.9%), [3yr: 12.9%]
• Squamish $543,788 (-4.2%), [3yr: 33.8%]
• Sunshine Coast $363,529 (-13.8%), [3yr: 1.1%]
• Vancouver East $592,138 (-11%), [3yr: 11.9%]
• Vancouver West $1,134,773 (-19.3%), [3yr: 13.7%]
• West Vancouver $1,166,637 (-21.7%), [3yr: 3.5%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $425,309 (-8.1%), [3yr: 19.3%]
• Burnaby $397,357 (-11.6%), [3yr: 11.8%]
• Coquitlam $381,560 (-9.4%), [3yr: 14.4%]
• South Delta $381,656 (-16.2%), [3yr: 16.5%]
• Maple Ridge & Pitt Meadows $296,543 (-5.9%), [3yr: 22.7%]
• North Vancouver $536,610 (-9.3%), [3yr: 15.8%]
• Port Coquitlam $371,926 (-5.1%), [3yr: 16.1%]
• Port Moody $335,114 (-15.9%), [3yr: 9.3%]
• Richmond $424,081 (-6.3%), [3yr: 21.6%]
• Vancouver East $470,965 (-2.9%), [3yr: 34%]
• Vancouver West $650,919 (-6.9%), [3yr: 25.2%]

APARTMENT BENCHMARK PRICES

• Attached Greater Vancouver $425,309 (-8.1%), [3yr: 19.3%]
• Burnaby $397,357 (-11.6%), [3yr: 11.8%]
• Coquitlam $381,560 (-9.4%), [3yr: 14.4%]
• South Delta $381,656 (-16.2%), [3yr: 16.5%]
• Maple Ridge & Pitt Meadows $296,543 (-5.9%), [3yr: 22.7%]
• North Vancouver $536,610 (-9.3%), [3yr: 15.8%]
• Port Coquitlam $371,926 (-5.1%), [3yr: 16.1%]
• Port Moody $335,114 (-15.9%), [3yr: 9.3%]
• Richmond $424,081 (-6.3%), [3yr: 21.6%]
• Vancouver East $470,965 (-2.9%), [3yr: 34%]
• Vancouver West $650,919 (-6.9%), [3yr: 25.2%]

HOME LISTINGS WITHDRAW AS SALES VOLUME SLOWS

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

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

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

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

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

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

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

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

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

2008 BROUGHT IMPROVED HOUSING AFFORDABILITY TO GREATER VANCOUVER

VANCOUVER, B.C. – January 5, 2009 – The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.

“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.

In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007.

New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008.

Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007. The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent.

Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent.

Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.

METRO VANCOUVER BENCHMARK

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

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

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

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

Detached homes saw prices fall pretty much across the board, with Squamish and the Sunshine Coast being the main exceptions.

South Delta was the exception in both apartments and attached homes, showing a small rise. Again other areas saw percentage decreases.

DETACHED BENCHMARK PRICES

• Residential Greater Vancouver $484,211 (-10.9%), [3yr: 16.4%]
• Detached Greater Vancouver $648,421 (-11.2%), [3yr: 14.3%]
• Burnaby $641,439 (-13.9%), [3yr: 15.2%]
• Coquitlam $582,100 (-5.2%), [3yr: 14.9%]
• South Delta $567,563 (-13.3%), [3yr: 12.6%]
• Maple Ridge $394,893 (-9.7%), [3yr: 5.6%]
• New Westminster $498,931 (-10.4%), [3yr: 9%]
• North Vancouver $728,600 (-16.4%), [3yr: 5.4%]
• Pitt Meadows $439,395 (-6%), [3yr: 19.4%]
• Port Coquitlam $524,960 (-4.8%), [3yr: 28.3%]
• Port Moody $550,284 (-11.3%), [3yr: -2.6%]
• Richmond $687,392 (-4.8%), [3yr: 24.7%]
• Sunshine Coast $395,126 (-2.7%), [3yr: 15%]
• Vancouver East $579,761 (-14.5%), [3yr: 10.9%]
• Vancouver West $1,165,007 (-16.6%), [3yr: 22%]
• West Vancouver $1,168,852 (-12.8%), [3yr: 8.6%]

ATTACHED BENCHMARK PRICES

• Attached Greater Vancouver $423,338 (-7.4%), [3yr: 20.3%]
• Burnaby $411,555 (-7.3%), [3yr: 21.9%]
• Coquitlam $382,121 (-6.4%), [3yr: 15.5%]
• South Delta $396,914 (-7.4%), [3yr: 26.6%]
• Maple Ridge & Pitt Meadows $300,497 (-3%), [3yr: 25.2%]
• North Vancouver $506,158 (-12.4%), [3yr: 10%]
• Port Coquitlam $355,802 (-6.4%), [3yr: 13.7%]
• Port Moody $374,957 (-8%), [3yr: 27.4%]
• Richmond $424,692 (-5.2%), [3yr: 23.5%]
• Vancouver East $463,802 (-6.3%), [3yr: 28.9%]
• Vancouver West $609,623 (-12.6%), [3yr: 14.9%]

APARTMENT BENCHMARK PRICES

• Apartment Greater Vancouver $333,275 (-11.7%), [3yr: 18.1%]
• Burnaby $296,615 (-11.5%), [3yr: 17.7%]
• Coquitlam $243,371 (-17.8%), [3yr: 15.2%]
• South Delta $324,009 (-5.9%), [3yr: 21.1%]
• Maple Ridge & Pitt Meadows $220,481 (-13%), [3yr: 18.7%]
• New Westminster $259,430 (-11.5%), [3yr: 20.6%]
• North Vancouver $333,122 (-16.2%), [3yr: 13.9%]
• Port Coquitlam $222,128 (-11.8%), [3yr: 16.7%]
• Port Moody $279,115 (-7.2%), [3yr: 14.6%]
• Richmond $279,121 (-9.3%), [3yr: 22.3%]
• Vancouver East $287,832 (-9.7%), [3yr: 24.8%]
• Vancouver West $424,509 (-11.6%), [3yr: 16.6%]
• West Vancouver $575,736 (-8.7%), [3yr: 13.9%]

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

HOME PRICES ADAPT TO AFFORDABILITY DEMANDS

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

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

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

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

Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.

METRO VANCOUVER BENCHMARK

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

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

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

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

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

Apartments saw price falls in most municipalities.

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

DETACHED BENCHMARK PRICES

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

ATTACHED BENCHMARK PRICES

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

APARTMENT BENCHMARK PRICES

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