Thursday, November 3, 2011 Greater Vancouver at lower end of balanced housing marketby James Beare on Thu, Nov, 3, 2011 12:41 PM VANCOUVER, B.C. – November 2, 2011 – With a sales-to-active property listings ratio of 15 percent, 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 percent decrease compared to the 2,337 sales in October 2010 and a 3.2 percent 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 percent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 percent 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 percent 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 percent 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 percent.
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 percent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 percent from October 2010 to $884,778, but decreased 1.3 percent compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6 percent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 percent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 percent from October 2010 to $402,702, but decreased 0.7 percent compared to the previous month.
Attached property sales in October totalled 382, a 1.3 percent increase compared to the 377 sales in October 2010, and a 37.4 percent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 percent between October 2010 and 2011 to $519,455, and increased half a percent compared to the previous month.
Wednesday, October 5, 2011 Home listings continue to rise in the Greater Vancouver housing marketby James Beare on Wed, Oct, 5, 2011 02:31 PM 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 percent 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 percent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 percent 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 percent in September compared to August 2011 and rose 4.4 percent compared to this time last year.
“Our sales-to-active-listing ratio currently sits at 14 percent, 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 percent 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 percent.
Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 percent from the 866 detached sales recorded in September 2010, and a 32.8 percent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 percent from September 2010 to $896,701.
Sales of apartment properties reached 922 in September 2011, a 5 percent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 percent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 percent from September 2010 to $405,569.
Attached property sales in September 2011 totalled 367, a 4.2 percent decrease compared to the 383 sales in September 2010, and a 43.3 percent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 percent between September 2010 and 2011 to $516,697.
Thursday, September 8, 2011 Greater Vancouver home sales trend toward buyers’ market over summerby James Beare on Thu, Sep, 8, 2011 12:27 PM VANCOUVER, B.C. - September 2, 2011 - August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.
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 2,378 in August. This total represents an eight percent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.
“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 percent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 percent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight percent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.
At 15,437, the total number of residential property listings on the MLS® increased 1.4 percent in August compared to July 2011 and rose 0.1 percent compared to this time last year. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 percent to $625,578 in August 2011 from $576,597 in August 2010.
“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”
Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 percent from the 893 detached sales recorded in August 2010, and a 25.4 percent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 percent from August 2010 to $888,243.
Sales of apartment properties reached 955 in August 2011, a 2.1 percent increase compared to the 935 sales in August 2010, and a decrease of 34.8 percent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 percent from August 2010 to $407,457.
Attached property sales in August 2011 totalled 403, a 7.8 percent increase compared to the 374 sales in August 2010, and a 33.9 percent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 percent between August 2010 and 2011 to $511,433.
Thursday, August 4, 2011 Active home sellers bring greater selection to the Greater Vancouver housing marketby James Beare on Thu, Aug, 4, 2011 11:55 AM VANCOUVER, B.C. – August 3, 2011 – While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.
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 2,571 in July, a 14 percent increase compared to the 2,255 sales in July 2010 and a 21.2 percent decline compared to the 3,262 sales in June 2011.
“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 percent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 percent decline compared to the 5,793 new listings reported in June 2011.
Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 percent below the ten-year average for sales in July.
At 15,226, the total number of residential property listings on the MLS® increased 0.8 percent in July compared to last month and declined 7.3 percent from this time last year.
“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 percent to $630,251 in July 2011 from $577,074 in July 2010.
Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 percent from the 908 detached sales recorded in July 2010, and an 31.9 percent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 percent from July 2010 to $898,886.
Sales of apartment properties reached 1,040 in July 2011, a 6.2 percent increase compared to the 979 sales in July 2010, and a decrease of 39.1 percent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 percent from July 2010 to $405,306.
Attached property sales in July 2011 totalled 432, a 17.4 percent increase compared to the 368 sales in July 2010, and a 45.5 percent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 percent between July 2010 and 2011 to $524,909.
Wednesday, July 6, 2011 Summer housing market trends toward balance after an active spring seasonby James Beare on Wed, Jul, 6, 2011 12:01 PM VANCOUVER, B.C. – July 5, 2011 –Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 percent increase compared to the 2,972 sales in June 2010 and a 3.4 percent decline compared to the 3,377 sales in May 2011.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 percent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 percent decline compared to the 5,931 new listings reported in May 2011.
Last month’s new listing total was 9.8 percent higher than the 10-year average for June, while residential sales were 7.3 percent below the ten-year average for sales in June.
“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 percent, it looks like we’re in the upper end of a balanced market.”
At 15,106, the total number of residential property listings on the MLS® increased 3.1 percent in June compared to last month and declined 14 percent from this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 percent to $630,921 in June 2011 from $580,237 in June 2010.
“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”
Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 percent from the 1,139 detached sales recorded in June 2010, and an 11.8 percent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 percent from June 2010 to $901,680.
Sales of apartment properties reached 1,266 in June 2011, a 0.6 percent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 percent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 percent from June 2010 to $405,200.
Attached property sales in June 2011 totalled 525, an 8.7 percent decrease compared to the 575 sales in June 2010, and a 34.5 percent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 percent between June 2010 and 2011 to $522,424.
Friday, June 3, 2011 Greater Vancouver housing market holds steady and favours sellers in Mayby James Beare on Fri, Jun, 3, 2011 12:34 PM VANCOUVER, B.C. – June 2, 2011 – Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 percent increase compared to the 3,225 sales in April 2011.
Looking back further, last month’s residential sales are 8.1 percent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.
“With a sales to active listings ratio of 23 percent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 percent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 percent compared to April 2011.
At 14,656, the total number of residential property listings on the MLS® increased 2 percent in May compared to last month and declined 16 percent from this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 percent to $627,568 in May 2011 from $590,662 in May 2010.
“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”
Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 percent sold for $1-million or higher and 20 percent sold for $350,000 or lower. While 77 percent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.
Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 percent from the 1,256 detached sales recorded in May 2010, and a 12 percent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 percent from May 2010 to $890,833.
Sales of apartment properties reached 1,228 in May 2011, a 9.3 percent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 percent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 percent from May 2010 to $407,419.
Attached property sales in May 2011 totalled 579, a 6 percent increase compared to the 546 sales in May 2010, and a 12.8 percent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 percent between May 2010 and 2011 to $517,787.
Wednesday, May 4, 2011 Greater Vancouver housing market sees typical spring activity in Aprilby James Beare on Wed, May, 4, 2011 01:32 PM 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 percent decline compared to the 4,080 sales in March 2011.
Looking back further, last month’s residential sales represent an 8.8 percent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 percent 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 percent 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 percent decline.
At 14,187, the total number of residential property listings on the MLS® increased 8.2 percent in April compared to last month and declined 10 percent 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-todate 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 percent 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 percent from the 1,370 detached sales recorded in April 2010, and a 17.8 percent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 percent from April 2010 to $879,039.
Sales of apartment properties reached 1,201 in April 2011, a 21.3 percent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 percent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 percent from April 2010 to $409,242.
Attached property sales in April 2011 totalled 622, a 1 percent increase compared to the 616 sales in April 2010, and a 4.7 percent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 percent between April 2010 and 2011 to $514,670.
Tuesday, April 5, 2011 Home buyers and sellers enter the housing market at near record pace in Marchby James Beare on Tue, Apr, 5, 2011 04:47 PM 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 percent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 percent compared to the 3,137 sales in March 2010 and an 80.1 percent 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 percent 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 percent increase.
At, 13,110, the total number of residential property listings on the MLS® increased 9.9 percent in March compared to last month and declined 3 percent 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 percent 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 percent from the 1,336 detached sales recorded in March 2010, and a 100.1 percent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 percent from March 2010 to $866,806.
Sales of apartment properties reached 1,622 in March 2011, a 29.6 percent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 percent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 percent from March 2010 to $403,885.
Attached property sales in March 2011 totalled 663, a 20.8 percent increase compared to the 549 sales in March 2010, and a 69.1 percent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 percent between March 2010 and 2011 to $511,039.
Wednesday, March 2, 2011 REBGV reports increased housing demand in Februaryby James Beare on Wed, Mar, 2, 2011 05:27 PM 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 percent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 percent compared to the 2,473 sales in February 2010 and a 109.3 percent 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 percent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 percent 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 percent in February compared to last month and increased 5 percent from this time last year.
Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 percent from the 983 detached sales recorded in February 2010, and a 138.9 percent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 percent from February 2010 to $848,645.
Sales of apartment properties reached 1,206 in February 2011, a 12.3 percent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 percent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 percent from February 2010 to $399,397.
Attached property sales in February 2011 totalled 489, a 17.5 percent increase compared to the 416 sales in February 2010, and a 101.2 percent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 percent between February 2010 and 2011 to $507,118.
Wednesday, February 2, 2011 Stability and regional ‘hot spots’ characterize January housing marketby James Beare on Wed, Feb, 2, 2011 03:59 PM 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 percent in Richmond and 12.2 percent in Vancouver West. In comparison, detached home prices across the region increased 2.7 percent 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 neighbour-hood,” 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 percent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 percent compared to the 1,923 sales in January 2010 and a 138.7 percent 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 percent decrease compared to January 2010 when 5,147 properties were listed, and a 182 percent 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 percent in January compared to last month and increased 2.2 percent from this time last year.
Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 percent from the 705 detached sales recorded in January 2010, and a 171.6 percent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 percent from January 2010 to $810,045.
Sales of apartment properties reached 713 in January 2011, a decline of 20.8 percent compared to the 891 sales in Janu-ary 2010, and an increase of 97.5 percent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 percent from January 2010 to $390,935.
Attached property sales in January 2011 totalled 313, a decline of 4.3 percent compared to the 327 sales in January 2010, and a 187.2 percent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 percent between January 2010 and 2011 to $495,140.
Wednesday, January 5, 2011 Real estate market stable at year-endby James Beare on Wed, Jan, 5, 2011 03:55 PM 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 percent decrease from the 35,669 sales recorded in 2009, but a 24.2 percent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 percent 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 percent 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 percent 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 percent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 percent decline compared to November 2010 when 2,509 home sales occurred.
More broadly, last month’s residential sales represent a 105.5 percent increase over the 924 residential sales in December 2008, a 0.1 percent increase compared to December 2007’s 1,897 sales, and a 12.6 percent 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 percent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 percent 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 percent decline compared to the 2,153 units listed in December 2009 and a 43.9 percent 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 percent from the 902 detached sales recorded in December 2009, and a 121.1 percent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 percent from December 2009 to $797,868.
Sales of apartment properties reached 811 in December 2010, a decline of 29.7 percent compared to the 1,154 sales in December 2009, and an increase of 94.5 percent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 percent from December 2009 to $387,115.
Attached property sales in December 2010 totalled 319, a decline of 30.5 percent compared to the 459 sales in December 2009, and a 100.6 percent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 percent between December 2009 and 2010 to $490,869.
Thursday, December 2, 2010 MLS® stats show more sales, fewer property listings in Novemberby James Beare on Thu, Dec, 2, 2010 03:52 PM VANCOUVER, B.C. – December 2, 2010 – 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 percent increase compared to October 2010 and an 18.6 percent decline from the 3,083 sales in November 2009.
Looking back further, last month’s residential sales represent a 187.1 percent increase over the 874 residential sales in November 2008, a 13 percent decline compared to November 2007’s 2,883 sales, and a 6.4 percent 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 percent decline from last month and a 12 percent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 percent 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 percent 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 percent from the 1,164 detached sales recorded in November 2009, and a 226.1 percent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 percent from November 2009 to $799,312.
Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 percent compared to the 1,396 sales in November 2009, and an increase of 156.6 percent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 percent from November 2009 to $389,168.
Attached property sales in November 2010 totalled 407, a decline of 22.2 percent compared to the 523 sales in November 2009, and a 186.6 percent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 percent between November 2009 and 2010 to $488,733.
Tuesday, November 2, 2010 Home sales remain steady in Greater Vancouverby James Beare on Tue, Nov, 2, 2010 03:48 PM 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 percent 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 percent.
“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 percent increase compared to September 2010 and a 36.9 percent decline from the 3,704 sales in October 2009.
More broadly, last month’s residential sales represent a 71.3 percent increase over the 1,364 residential sales in October 2008, a 22.8 percent decline compared to October 2007’s 3,028 sales, and a 14.1 percent 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 percent decline from last month and a 16.4 percent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 percent 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 percent from the 1,487 detached sales recorded in October 2009, and a 98 percent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 percent from October 2009 to $796,883.
Sales of apartment properties reached 984 in October 2010, a decline of 38.8 percent compared to the 1,607 sales in October 2009, and an increase of 52.1 percent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 percent from October 2009 to $390,074.
Attached property sales in October 2010 totalled 377, a decline of 38.2 percent compared to the 610 sales in October 2009, and a 68.3 percent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 percent between October 2009 and 2010 to $487,530.
Monday, October 4, 2010 Housing market factors indicate stability in recent monthsby James Beare on Mon, Oct, 4, 2010 03:45 PM 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 percent increase compared to August 2010 and 37.6 percent decline from the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1 percent increase over the 1,585 residential sales in September 2008, a 20 percent decline compared to September 2007’s 2,776 sales, and an 11.9 percent 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 percent 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 percent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 percent 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 percent increase from September 2009. Over the last three months, active listings in the region have declined 12.3 percent.
New residential property listings posted in September declined 17.6 percent 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 percent from the 1,423 detached sales recorded in September 2009, and a 58.6 percent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 percent from September 2009 to $790,992.
Sales of apartment properties reached 971 in September 2010, a decline of 34.7 percent compared to the 1,489 sales in September 2009, and an increase of 27.1 percent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 percent from September 2009 to $388,373.
Attached property sales in September 2010 totalled 383, a decline of 40.1 percent compared to the 647 sales in September 2009, and a 39.3 percent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 percent between September 2009 and 2010 to $490,385.
Thursday, September 2, 2010 Buyer’s market conditions continue in Greater Vancouverby James Beare on Thu, Sep, 2, 2010 04:39 PM VANCOUVER, B.C. – September 2, 2010 – Conditions in the Greater Vancouver housingmarket 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’s3,384 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 inAugust 2010 compared to August 2009 when 4,544 new units were listed. Total active listings inGreater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 percent increase from August 2009.
“We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply inour 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.
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