Blog

 

VANCOUVER, B.C. – February 4, 2014 – The first month of 2014 saw home sale and listing
totals outpace historical averages in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014.
This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013,
and a 9.9 per cent decline compared to the 1,953 sales in December 2013.

Last month’s sales were 7.2 per cent above the 10-year sales average for the month.

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This
has meant steady home sale and listing activity accompanied by stable home prices,” Sandra
Wyant, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345
in January. This represents a 4.2 per cent increase compared to the 5,128 new listings reported in
January 2013.

Last month’s new listing count was 17.7 per cent higher than the region’s 10-year new listing
average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is
12,602, a 4.9 per cent decline compared to January 2013 and a nine per cent increase compared
to December 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $606,800. This represents a 3.2 per cent increase compared to January
2013.

With the sales-to-active-listings ratio at 14 per cent, the region remains in balanced market
territory.

“If you’re looking to sell your home in a balanced market, it’s critical that your list price is
reflective of current market conditions,” Wyant said.
Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the
542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units
sold in January 2012. The benchmark price for a detached property in Greater Vancouver
increased 3.2 per cent from January 2013 to $929,700.

Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent
compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657
sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from
January 2013 to $371,500.

Attached property sales in January 2014 totalled 279, an increase of 19.7 per cent compared to
the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold
in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January
2013 and 2014 to $457,700.

 

Full Stats Package

Read Full Story

VANCOUVER, B.C. – January 3, 2014 – The Greater Vancouver housing market maintained a
consistent balance between demand and supply throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached,
attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032
sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t
compare to some of the record-breaking years we experienced over the last decade,” Sandra
Wyant, REBGV president said.

Last year’s home sale total ranks as the third lowest annual total for the region in the last ten
years, according to the region’s Multiple Listing Service® (MLS®).

The number of residential properties listed for sale on the MLS® in Metro Vancouver declined
6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back
further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential
properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.

“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced
conditions allowed home prices in the region to remain steady, with just a modest increase over
the last 12 months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December
2012.

December summary

Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of
71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline
compared to November 2013 when 2,321 home sales occurred.

December sales were 8.1 per cent above the 10-year December sales average of 1,807.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856
in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in
December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties
were listed.

Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from
the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units
sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from
December 2012 to $927,000.

Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent
compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the
774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per
cent from December 2012 to $367,800.

Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to
the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties
sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between
December 2012 and 2013 to $456,100.

 

Full Stats Package

Read Full Story

Steady trends continue in the Greater Vancouver housing market

VANCOUVER, B.C. – December 3, 2013 – Consistent home sale and listing activity has
allowed balanced market conditions to prevail in the Greater Vancouver housing market for most
of 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013.
This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012,
and a 12.8 per cent decline compared to the 2,661 sales in October 2013.

Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new
listings were 1.5 per cent above the 10-year November average.

“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of
this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual
and modest increases in home prices of approximately one per cent over the last 12 months in the
region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245
in November. This represents a 17.7 per cent increase compared to the 2,758 new listings
reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in
October of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per cent decline
compared to October 2013.

The sales-to-active-listings ratio currently sits at 16.6 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $603,000. This represents a 1 per cent increase compared to
November 2012.

Sales of detached properties reached 926 in November 2013, an increase of 47.2 per cent from
the 629 detached sales recorded in November 2012, and a 1.1 per cent increase from the 916
units sold in November 2011. The benchmark price for detached properties increased 1.1 per
cent from November 2012 to $924,800.
Sales of apartment properties reached 969 in November 2013, an increase of 29.2 per cent
compared to the 750 sales in November 2012, and a decline of 3.1 per cent compared to the
1,000 sales in November 2011. The benchmark price of an apartment property increased 0.8 per
cent from November 2012 to $367,800.

Attached property sales in November 2013 totalled 426, an increase of 38.8 per cent compared to
the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 attached
properties sold in November 2011. The benchmark price of an attached unit is currently
$458,000, which is a 0.8 per cent increase from November 2012.

 

Full Stats Package: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20November%202013.pdf

Read Full Story

VANCOUVER, B.C. – November 4, 2013 – Home buyer and seller activity continues to mirror 
historical averages in the Greater Vancouver housing market. These trends have helped keep the
region in a balanced state for the last nine months.

The Real Estate Board of Greater Vancouver reports that residential property sales in Greater
Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October 2013. This is a
37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent
increase from the 2,483 sales recorded in September 2013.

New listings for attached, detached and apartment properties in Greater Vancouver totaled 4,315
in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in
October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in
September of this year.

Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new
listings for the month were 1.9 per cent below the 10-year average.

“We continue to see fairly typical activity when it comes to monthly home sale and listing
totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in
balanced market territory, which means that prices tend to experience minimal fluctuation.”

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
15,257, a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent
compared to September 2013.

The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last
year.

Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from
the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units
sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from
October 2012 to $922,600.

 

View Full Stats Package: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20October%202013.pdf

Read Full Story

Sale and listing activity continues to follow historical averages


VANCOUVER, B.C. – October 2, 2013 – Home buyer and seller activity in the Greater Vancouver housing market continuesto far outpace 2012, yet is in line with the region’s 10-year averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.
Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 per cent below the 10-year average. 

“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 per cent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 per cent increase compared to the 4,186 new listings in August of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 per cent decrease compared to September 2012 and a 0.5 per cent increase compared to August 2013.
The sales-to-active-listings ratio currently sits at 15.4 per cent in Greater Vancouver. “It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.
Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 per cent from the 594 detached sales recorded in September 2012, and a 6.9 per cent increase from the 957units sold in September 2011. The benchmark price for detached properties decreased 1.4 per cent from September 2012 to $922,600.
Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 per cent compared to the 676 sales in September 2012, and an increase of 10.4 per cent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 per cent from September 2012 to $366,600
Attached property sales in September 2013 totalled 442, an increase of 79.7 per cent compared to the 246 sales in September 2012, and a 20.4 per cent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.

 

 

Full Stats Package

Read Full Story

VANCOUVER, B.C. – September 4, 2013 – August activity in the Greater Vancouver housing
market finished well above last year’s pace and slightly below the 10-year average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,514 on the Multiple Listing Service® (MLS®) in August 2013.
This represents a 52.5 per cent increase compared to the 1,649 sales recorded in August 2012,
and a 14.7 per cent decline compared to the 2,946 sales in July 2013.
Last month’s sales were 4.6 per cent below the 10-year sales average for the month.
“We’ve seen a healthy amount of demand in the marketplace this summer compared to the
number of homes listed for sale,” Sandra Wyant, REBGV president said. “The market today is
much stronger than we saw last year and is consistent with our long-term averages for this time
of year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,186
in August. This represents a 3.5 per cent increase compared to the 4,044 new listings reported in
August 2012 and a 13.8 per cent decline from the 4,854 new listings in July of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
16,027, which is an 8.8 per cent decrease compared to August 2012 and a 3.6 per cent decline
from July 2013.
The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This ratio
remains consistent with balanced market conditions.
“People entering the market should not confuse stronger sales activity with rising prices. Home
prices have been quite stable and consistent for much of this year,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $601,500. This represents a 1.3 per cent decline compared to
August 2012 and an increase of 2.3 per cent since the beginning of 2013.
Sales of detached properties reached 1,052 in August 2013, an increase of 69 per cent from the
624 detached sales recorded in August 2012, and a 3.1 per cent increase from the 1,020 units
sold in August 2011. The benchmark price for detached properties decreased 2 per cent from
August 2012 to $923,700. Sales of apartment properties reached 1,018 in August 2013, an increase of 40.4 per cent
compared to the 725 sales in August 2012, and an increase of 6.6 per cent compared to the 955
sales in August 2011. The benchmark price of an apartment property decreased 1.1 per cent from
August 2012 to $366,100.
Attached property sales in August 2013 totalled 444, an increase of 48 per cent compared to the
300 sales in August 2012, and a 10.2 per cent increase from the 403 attached properties sold in
August 2011. The benchmark price of an attached unit decreased 1.1 per cent between August
2012 and 2013 to $457,000.

 

Full Stats Package: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20August%202013.pdf

Read Full Story

VANCOUVER, B.C. – August 2, 2013 – Sunny weather did not slow the pace of home sale
activity in July. Last month was the highest selling month of the year in Greater Vancouver and
the highest selling July since 2009.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®) in July 2013. This
represents a 40.4 per cent increase compared to the 2,098 sales recorded in July 2012, and an
11.5 per cent increase compared to the 2,642 sales in June 2013.
Last month’s sales were 0.1 per cent above the 10-year sales average for the month.
“Demand has strengthened in our market in the last few months, which can, in part, be attributed
to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra
Wyant, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,854
in July. This represents a 1.1 per cent increase compared to the 4,802 new listings reported in
July 2012 and a 0.4 per cent decline from the 4,874 new listings in June of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9 per cent decline from
June 2013.
The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to
17.7 per cent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver
since April 2012.
The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $601,900. This represents a decline of 2.3 per cent compared to
this time last year and an increase of 2.3 per cent over the last six months.
“Home prices continue to experience considerable stability with minimal fluctuation throughout
much of this year,” Wyant said. “Thisstability in price brings greater certainty to the home
buying and selling process.”
Sales of detached properties reached 1,249 in July 2013, an increase of 59 per cent from the 787
detached sales recorded in July 2012, and a 13.7 per cent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 per cent from July 2012 to
$920,500.
Sales of apartment properties reached 1,210 in July 2013, an increase of 31 per cent compared to
the 927 sales in July 2012, and an increase of 16.3 per cent compared to the 1,040 sales in July
2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to
$368,300.
Attached property sales in July 2013 totalled 487, an increase of 27 per cent compared to the 384
sales in July 2012, and a 12.7 per cent increase from the 432 attached properties sold in July
2011. The benchmark price of an attached unit decreased 2.6 per cent between July 2012 and
2013 to $456,700.

 

Full Report: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20July%202013.pdf

Read Full Story

VANCOUVER, B.C. – July 3, 2013 – The Greater Vancouver housing market continues to
maintain a relative balance between the number of homes for sale and the number of people
looking to purchase a home in the region today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,642 on the Multiple Listing Service® (MLS®) in June 2013. This
represents an 11.9 per cent increase compared to the 2,362 sales recorded in June 2012, and an
8.3 per cent decline compared to the 2,882 sales in May 2013.
Last month’s sales were 22.2 per cent below the 10-year sales average for the month, while new
listings for the month were 11.5 percent below the 10-year average.
“As the term suggests, a balanced market means that many of the key housing market indicators,
such as price, are stable and conditions therefore don’t tilt in favour of buyers or sellers,” Sandra
Wyant, REBGV president said. “If you plan to enter the market today, identify your needs,
consult your REALTOR® and work to build a ‘win-win’ scenario with the people on the other
side of the sale.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,874
in June. This represents a 13.2 per cent decline compared to the 5,617 new listings reported in
June 2012 and a 13.8 per cent decline from the 5,656 new listings in May of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
17,289, a 6 per cent decrease compared to June 2012 and a 0.4 per cent increase compared to
May 2013.
The sales-to-active-listings ratio currently sits at 15 per cent in Greater Vancouver. This is the
fourth straight month that this ratio has been at or above 15 per cent.
The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $601,900. This represents a decline of three per cent compared to
this time last year and an increase of 2.3 per cent compared to January 2013.
Sales of detached properties reached 1,102 in June 2013, an increase of 19.7 per cent from the
921 detached sales recorded in June 2012, and a 25.1 per cent decrease from the 1,471 units sold in June 2011. The benchmark price for detached properties decreased 4.3 per cent from June
2012 to $919,900.
Sales of apartment properties reached 1,068 in June 2013, an increase of 4.1 per cent compared
to the 1,026 sales in June 2012, and a decrease of 15.6 per cent compared to the 1,266 sales in
June 2011. The benchmark price of an apartment property decreased 1.9 per cent from June 2012
to $369,100.
Attached property sales in June 2013 totalled 472, an increase of 13.7 per cent compared to the
415 sales in June 2012, and a 10.1 per cent decrease from the 525 attached properties sold in
June 2011. The benchmark price of an attached unit decreased 2.4 per cent between June 2012
and 2013 to $457,000.

Read Full Story

Spring months bring balance to Greater Vancouver housing market
VANCOUVER, B.C. – June 4, 2013 – While the number of home sales in Greater Vancouver
continued to trend below the 10-year average in May, the balance of sales and listings meant
continued market stability this spring.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,882 on the Multiple Listing Service® (MLS®) in May 2013. This
represents a one per cent increase compared to the 2,853 sales recorded in May 2012, and a 9.7
per cent increase compared to the 2,627 sales in April 2013.
Last month’s sales were 19.4 per cent below the 10-year sales average for the month, while new
listings for the month were 7.4 percent below the 10-year average.
“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGV
president said. “The number of homes listed for sale has been keeping pace with the number of
property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence
on home price activity.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,656
in May. This represents an 18.3 per cent decline compared to the 6,927 new listings reported in
May 2012 and a 3.7 per cent decline from the 5,876 new listings in April of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
17,222, a 3.4 per cent decrease compared to May 2012 and a 2.9 per cent increase compared to
April 2013.
The sales-to-active-listings ratio currently sits at 17 per cent in Greater Vancouver. This is the
third straight month that this ratio has been above 15 per cent. Previous to this, May 2012 was
the last time this ratio was above 15 per cent.
The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $598,400. This represents a decline of 4.3 per cent compared to
this time last year and an increase of 1.8 per cent compared to January 2013.
Sales of detached properties reached 1,212 in May 2013, an increase of 2.7 per cent from the
1,180 detached sales recorded in May 2012, and a 22.8 per cent decrease from the 1,570 units
sold in May 2011. The benchmark price for detached properties decreased 5.2 per cent from May
2012 to $917,200.
ContinuedSales of apartment properties reached 1,136 in May 2013, a decline of 1.7 per cent compared to
the 1,156 sales in May 2012, and a decrease of 7.5 per cent compared to the 1,228 sales in May
2011. The benchmark price of an apartment property decreased 3.7 per cent from May 2012 to
$365,600.
Attached property sales in May 2013 totalled 534, an increase of 3.3 per cent compared to the
517 sales in May 2012, and a 7.8 per cent decrease from the 579 attached properties sold in May
2011. The benchmark price of an attached unit decreased 3.2 per cent between May 2012 and
2013 to $454,900.

 

See Full Stats Package Here>> 

 

Read Full Story

VANCOUVER, B.C. – May 2, 2013 – A closer relationship between home buyer demand and 
the supply of homes for sale has been having a stabilizing impact on home prices in the Greater
Vancouver housing market over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reportsthat residential property sales in
Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®)in April 2013. This
represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and an
11.9 per cent increase compared to the 2,347 sales in March 2013.
Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 per cent
below the 10-year sales average for the month.
“While the number of home sales remains below average, properties that are priced right are
selling and we’re seeing greater balance between buyer demand and the number of homes listed
forsale. This is having a steadying influence on home prices in the region,” says Sandra Wyant,
REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876
in April. This represents a three per cent decline compared to the 6,056 new listings reported in
April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last
month’s new listing count was 0.4 per cent above the region’s 10-year new listing average for
the month.
The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2
per cent increase compared to April 2012 and an 8.2 per cent increase compared to March 2013.
The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This is the
second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012
was the last time this ratio was above 15 per cent.
“There have been modest increasesin home prices across the region over the last three months.
This comes on the heels of home price declines of approximately five to six per cent in Greater
Vancouver during the last half of 2012,” Wyant said.
--ContinuedThe MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $597,300. Thisrepresents a decline of 3.9 per cent compared to
this time last year and an increase of 1.6 per cent compared to January 2013.
Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 per cent from the
1,126 detached sales recorded in April 2012, and a 24.1 per cent decrease from the 1,402 units
sold in April 2011. The benchmark price for detached properties decreased 5.2 per cent from
April 2012 to $914,000. Since January the benchmark price of a detached home has increased
1.4 per cent.
Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 per cent compared
to the 1,190 sales in April 2012, and a decrease of 12.4 per cent compared to the 1,201 sales in
April 2011. The benchmark price of an apartment property decreased 2.6 per cent from April
2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1
per cent.
Attached property sales in April 2013 totalled 511, an increase of 5.8 per cent compared to the
483 sales in April 2012, and a 17.8 per cent decrease from the 622 attached properties sold in
April 2011. The benchmark price of an attached unit decreased 3.5 per cent between April 2012
and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2
per cent.


The real estate industry is a key economic driver in British Columbia. In 2012, 25,032 homes changed ownership in
the Board’s area generating $1.07 billion in economic spin-off activity and creating an estimated 7,125 jobs. The
total dollar value of residential sales transacted throughout the MLS® system in Greater Vancouver totalled $18.6
billion in 2012. The Real Estate Board of Greater Vancouver is an association representing more than 11,000
REALTORS® and their companies. The Board provides a variety of member services, including the Multiple
Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local
REALTOR® or visit www.rebgv.org.


For more information please contact:
Eileen Day, Director of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3028
eday@rebgv.org
www.rebgv.org| Facebook|Twitter

 

Click Here to See Full Report>>

Read Full Story

VANCOUVER, B.C. – February 4, 2013 – Home buyer demand remains below historical
averages in the Greater Vancouver housing market. This has led some home sellers to remove
their homes from the market in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 1,351 on the Multiple Listing Service® (MLS®) in January 2013.
This represents a 14.3 per cent decrease compared to the 1,577 sales recorded in January 2012,
and an 18.3 per cent increase compared to the 1,142 sales in December 2012.
Last month’s sales were the second lowest January total in the region since 2001 and 18.7 per
cent below the 10-year sales average for the month.
“Home sale activity has been below historical averages in Greater Vancouver for about seven
months. This has caused a gradual decline in home prices of about 6 per cent since reaching a
peak last spring,” Klein said.
Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark
price for all residential properties in Greater Vancouver has declined 5.9 per cent to $588,100.
This represents a 2.8 per cent decline compared to this time last year.
“It appears many home sellers are opting to remove their homes from the market rather than
settle for a price they don’t want,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,128
in January. This represents a 10.9 per cent decline compared to the 5,756 new listings reported in
January 2012. Last month’s new listing count was 18.9 per cent higher than the region’s 10-year
new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is
13,246, a 5.6 per cent increase compared to January 2012 and a 4.5 per cent decline compared to
December 2012. This is the fourth consecutive month that overall home listings have declined in
the region.
“When a home seller isn’t receiving the kind of offers they want, there comes a point when they
decide to either lower the price or remove the home from the market. Right now, it seems many
home sellers are opting for the latter,” Klein said.With the sales-to-active-listings ratio at 10.2 per cent, the region remains in buyers’ market
territory. Since June, this ratio has ranged between 8 and 11 per cent.
Sales of detached properties in January 2013 reached 542, a decrease of 17.8 per cent from the
659 detached sales recorded in January 2012, and a 31.7 per cent decrease from the 793 units
sold in January 2011. The benchmark price for detached properties decreased 3.1 per cent from
January 2012 to $901,000. Since reaching a peak in May 2012, the benchmark price of a
detached property has declined 6.9 per cent.
Sales of apartment properties reached 576 in January 2013, a decline of 12.3 per cent compared
to the 657 sales in January 2012, and a decrease of 19.2 per cent compared to the 713 sales in
January 2011. The benchmark price of an apartment property decreased 2.9 per cent from
January 2012 to $358,400. Since reaching a peak in May 2012, the benchmark price of an
apartment property has declined 5.6 per cent.
Attached property sales in January 2013 totalled 233, a decline of 10.7 per cent compared to the
261 sales in January 2012, and a 25.6 per cent decrease from the 313 attached properties sold in
January 2011. The benchmark price of an attached unit decreased 1.7 per cent between January
2012 and 2013 to $449,900. Since reaching a peak in April 2012, the benchmark price of an
attached property has declined 7.7 per cent.

 

For Full Report, click here

Read Full Story

Prices hold firm as home buyers and sellers conclude 2012
from the sidelines
VANCOUVER, B.C. – January 3, 2013 – The Greater Vancouver housing market experienced
below average home sale totals, typical home listing activity and modest declines in home prices
in 2012.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached,
attached and apartment properties in 2012 reached 25,032, a 22.7 per cent decline from the
32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in
2010. Last year’s home sale total was 25.7 per cent below the ten-year average for annual
Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver declined
2 per cent in 2012 to 58,379 compared to the 59,539 properties listed in 2011. Looking back
further, last year’s total represents a 0.6 per cent increase compared to the 58,009 residential
properties listed in 2010. Last year’s listing total was 6.1 per cent above the ten-year average for
annual MLS® property listings in the region.
"For much of 2012 we saw a collective hesitation on the part of buyers and sellers in the Greater
Vancouver housing market. This behavior was reflected in lower than average home sale activity
and modest fluctuations in home prices,” Eugen Klein, REBGV president said.
Residential property sales in Greater Vancouver totalled 1,142 in December 2012, a decrease of
31.1 per cent from the 1,658 sales recorded in December 2011 and a 32.3 per cent decline
compared to November 2012 when 1,686 home sales occurred.
December sales were 38.4 per cent below the 10-year December sales average of 1,855.
Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark
price for all residential properties in Greater Vancouver has declined 5.8 per cent to $590,800.
This represents a 2.3 per cent decline when compared to this time last year.
“We saw home prices come down a bit during the latter half of the year. During the same period,
we saw fewer home sales and listings,” Klein said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,380
in December 2012. This represents a 15.3 per cent decline compared to the 1,629 units listed in December 2011 and a 50 per cent decline compared to November 2012 when 2,758 properties
were listed.
Sales of detached properties in December 2012 reached 425, a decrease of 32.5 per cent from the
630 detached sales recorded in December 2011, and a 44.7 per cent decrease from the 769 units
sold in December 2010. The benchmark price for detached properties decreased 2.7 per cent
from December 2011 to $904,200. Since reaching a peak in May, the benchmark price of a
detached property has declined 6.5%.
Sales of apartment properties reached 504 in December 2012, a decline of 34.9 per cent
compared to the 774 sales in December 2011, and a decrease of 37.9 per cent compared to the
811 sales in December 2010.The benchmark price of an apartment property decreased 1.9 per
cent from December 2011 to $361,200. Since reaching a peak in May, the benchmark price of an
apartment property has declined 12.8%.
Attached property sales in December 2012 totalled 213, a decline of 16.1 per cent compared to
the 254 sales in December 2011, and a 33.2 per cent decrease from the 319 attached properties
sold in December 2010. The benchmark price of an attached unit decreased 2.6 per cent between
December 2011 and 2012 to $450,900. Since reaching a peak in April, the benchmark price of an
attached property has declined 4.4%.
“Activity continues to vary depending on area so it’s important to work with your REALTOR®
and other professionals to understand the trends in your area of interest,” Klein said.

The real estate industry is a key economic driver in British Columbia. In 2012, 32,390 homes changed ownership in the Board's area, generating $1.36 billion in spin-off activity and 9,069 jobs. The total dollar value of residential
sales transacted through the MLS® system in Greater Vancouver totalled $25 billion in 2012. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Fiona Youatt, Communication Coordinator
Real Estate Board of Greater Vancouver
Phone: (604) 730-3068
E-mail: fyouatt@rebgv.org

 

See full Stats Package here: http://www.rebgv.org/sites/default/files/201212_REBGVStatsPackage.pdf

Read Full Story

Housing market sees slight changes in October
 

Vancouver, B.C. – November 2, 2012 – The Greater Vancouver housing market saw a slight

increase in the number of home sales, a slight reduction in the number of listings, and a slight

decrease in home prices in October compared to the summer months. With those changes, the

sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.

The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales

of detached, attached and apartment properties on the region’s Multiple Listing Service®

(MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a

27.4 per cent increase compared to the 1,516 home sales in September 2012.

October sales were 28.5 per cent below the 10-year October sales average of 2,700.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra

Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of

buyers, with low interest rates, more choice, and less time pressure in terms of decision-making.

This translates into a calmer atmosphere for those looking to buy a home and it places more onus

on sellers to ensure their homes are priced to compete in today’s marketplace.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323

in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374

properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321

new listings in September 2012.

At 17,370, the total number of residential property listings on the MLS® increased 12 per cent

from this time last year and declined 5.3 per cent compared to September 2012.

Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®)

composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per

cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.

“There’ve been modest price changes since they peaked in the spring. The largest reductions

have occurred in the areas and property types that experienced the biggest price increases over

the last few years,” Wyant said.

Since hitting a record high in April, the benchmark price of a detached home on the Westside of

Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver

have seen declines of 6 per cent over the same time period.

ContinuedSales of detached properties in Greater Vancouver reached 790 in October, a decrease of 18.9

per cent from the 974 detached sales recorded in October 2011, and a 19.1 per cent decrease

from the 976 units sold in October 2010. Since reaching a peak in May, the benchmark price for

a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.

Sales of apartment properties reached 803 in October 2012, a 16.2 per cent decrease compared to

the 958 sales in October 2011, and a decrease of 18.4 per cent compared to the 984 sales in

October 2010. Since reaching a peak in May, the benchmark price for an apartment property in

Greater Vancouver has declined 2.9 per cent to $368,800.

Attached property sales in October 2012 totalled 338, an 11.5 per cent decrease compared to the

382 sales in October 2011, and a 10.3 per cent decrease from the 377 attached properties sold in

October 2010. Since reaching a peak in April, the benchmark price for an attached property in

Greater Vancouver has declined 2.9 per cent to $457,700.

-30-

The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in

the Board's area, generating $1.36 billion in spin-off activity and 9,069 jobs. The total dollar value of residential

sales transacted through the MLS® system in Greater Vancouver totalled $25 billion in 2011. The Real Estate Board

of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The

Board provides a variety of member services, including the Multiple Listing Service®. For more information on real

estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Craig Munn, Assistant Manager of Communication

Real Estate Board of Greater Vancouver

Phone: (604) 730-3146

cmunn@rebgv.org














 

Read Full Story

Conditions continue to favour buyers in the Greater Vancouver housing market

VANCOUVER, B.C. – October 2, 2012 – The summer of 2012 drew to a close in September with home sale

activity well below historical averages in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,516 in September, a 32.5 per cent decline compared to the 2,246 sales

in September 2011 and an 8.1 per cent decline compared to the 1,649 sales in August 2012.

September sales were 41.6 per cent below the 10-year September sales average of 2,597.

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated

the availability of a 30-year amortization on government-insured mortgages,” Eugen Klein, REBGV president

said. “This makes homes less affordable for the people of the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September.

This represents a 6.3 per cent decline compared to September 2011 when 5,680 properties were listed for sale on

the MLS® and a 31.6 per cent increase compared to the 4,044 new listings in August 2012.

At 18,350, the total number of residential property listings on the MLS® increased 14.1 per cent from this time

last year and increased 4.5 per cent compared to August 2012.

“Today, our sales-to-active-listings ratio sits at 8 per cent, which puts us in a buyer’s market. This ratio has been

declining in our market since March when it was 19 per cent,” Klein said.

The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100.

This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last

three months.

“Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have

had some of the largest price increases over the last year or two,” Klein said.

Sales of detached properties on the MLS® in September 2012 reached 594, a decrease of 37.9 per cent from the

957 detached sales recorded in September 2011, and a 31.4 per cent decrease from the 866 units sold in September 2010. The benchmark price for detached properties decreased 0.5 per cent from September 2011 to $935,600.

Sales of apartment properties reached 676 in September 2012, a 26.7 per cent decrease compared to the 922

sales in September 2011, and a decrease of 30.4 per cent compared to the 971 sales in September 2010. The

benchmark price of an apartment property decreased 0.7 per cent from September 2011 to $368,600.

Attached property sales in September 2012 totalled 246, a 33 per cent decrease compared to the 367 sales in

September 2011, and a 35.8 per cent decrease from the 383 attached properties sold in September 2010. The

benchmark price of an attached unit decreased 2.7 per cent between September 2011 and 2012 to $458,600.

 

http://www.rebgv.org/sites/default/files/201209-REBGV-Stats-Package-for-Media.pdf

Read Full Story

Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.

 

August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.

 

“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.

 

“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”

 

At 17,567, the total number of residential property listings on the MLS® increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.

 

“Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

 

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.

 

Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 per cent from the 1,020 detached sales recorded in August 2011, and a 30.1 per cent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.

 

Sales of apartment properties reached 725 in August 2012, a 24.1 per cent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 per cent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 per cent from August 2011 to $370,100.

 

Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease compared to the 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.

Click here for Full Report

Read Full Story

Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,098 residential property sales of detached, attached and apartment properties in July. That’s an 18.4 per cent decline compared to the 2,571 sales in July 2011 and an 11.2 per cent decline compared to the previous month’s 2,362 sales.

July sales were the lowest total for that month in the region since 2000. They were 31.2 per cent below the 10-year July sales average of 3,051.

“People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” says Eugen Klein, REBGV president.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,802 in July, the lowest number of new listings for any month this year. This represents a 5.8 per cent decline compared to July 2011 when 5,097 properties were newly listed for sale on the Multiple Listing Service® (MLS®) and a 14.5 per cent decline compared to the 5,617 new listings reported in June 2012.

At 18,081, the total number of active residential property listings on the MLS® increased 18.8 per cent from this time last year and decreased 2.2 per cent compared to the previous month.

“With a sales-to-active-listing ratio of 11.6 per cent, conditions have favoured buyers in our marketplace in recent months,” Klein said. “That means buyers have more selection to choose from and more time to make a decision. For sellers, it’s important to price properties competitively. For information on local market prices, contact your REALTOR®.”

The MLS® Home Price Index (MLS®HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6% to $616,000 and declined 0.7% compared to last month.

Sales of detached properties on the MLS® in July 2012 reached 787, a decrease of 28.4 per cent from the 1,099 detached sales recorded in July 2011, and a 13.3 per cent decrease from the 908 units sold in July 2010. The benchmark price for detached properties increased 1.4 per cent from July 2011 to $950,200 and declined 1.2 per cent compared to last month.

Sales of apartment properties reached 927 in July 2012, a 10.9 per cent decrease compared to the 1,040 sales in July 2011, and a decrease of 5.3 per cent compared to the 979 sales in July 2010. The benchmark price of an apartment property remains unchanged compared to July 2011 at $374,300 and declined 0.5 per cent compared to last month.

Attached property sales in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432 sales in July 2011, and a 4.3 per cent increase from the 368 attached properties sold in July 2010. The benchmark price of an attached unit decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is relatively unchanged compared to last month.

Read Full Story

The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012. 

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484. 

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.” 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3 per cent decline compared to June 2011 when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent decline compared to the 6,927 new listings reported in May 2012. 

At 18,493, the total number of residential property listings on the MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012. 

“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said. 

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month. 

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600. 

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200. 

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.

Sourse: http://www.rebgv.org

Read Full Story

The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,853 on the Multiple Listing Service® (MLS®) in May 2012. This represents a 15.5 per cent decline compared to the 3,377 sales recorded in May 2011.

May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average of 3,617. However, sales have been constant throughout the spring months, with 2,874 sales in March and 2,799 sales in April.

“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared to May 2011 when 5,931 homes were listed for sale and a 14.4 per cent increase compared to April 2012 when 6,056 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 15.3 per cent above the 10-year average for listings in Greater Vancouver for May.

At 17,835, the total number of homes listed for sale on the region’s MLS® increased 7.9 per cent in May compared to last month and increased 21 per cent from this time last year.

“Our sales-to-active-listing ratio sits at 16 per cent, which is indicative of balanced market conditions,” Klein said. “As a result of this stability, home prices at the regional level have seen little fluctuation over the last six month.”

The MLS® HPI benchmark price* for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3 per cent compared to May 2011 and up 2.4 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland** is $558,300, which is a 3 per cent increase compared to May 2011 and a 2.3 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in May 2012 reached 1,180, a decline of 24.8 per cent from the 1,570 detached sales recorded in May 2011, and a 6.1 per cent decrease from the 1,256 units sold in May 2010. The benchmark price for detached properties increased 5.1 per cent from May 2011 to $967,500.

Sales of apartment properties reached 1,156 in May 2012, a decline of 5.9 per cent compared to the 1,228 sales in May 2011, and a decrease of 14.6 per cent compared to the 1,354 sales in May 2010.The benchmark price of an apartment property increased 1.7 per cent from May 2011 to $379,700.

Townhome property sales in May 2012 totalled 517, a decline of 10.7 per cent compared to the 579 sales in May 2011, and a 5.3 per cent decrease from the 546 townhome properties sold in May 2010. The benchmark price of a townhome unit increased 0.9 per cent between May 2011 and 2012 to $470,000.

*Editor’s Note: Benchmark prices underwent a re-calculation this month in order to more accurately reflect trends measured by the MLS® Home Price Index. There were no changes to the calculation of index values.

This re-calculation involved aggregating benchmark prices using the sales weighted approach for the reference period (i.e. January 2005) and thereafter linking movements in aggregate benchmark prices to their corresponding MLS® HPI.

Source: http://www.rebgv.org/monthly-reports?month=May&year=2012 

 

Read Full Story

We send out the monthly REBGV stats every month in order to keep you up to date on what is happening in the market? We know that one of the most common questions Vancouverites have is "what is going on with the market?", and the monthly stats are a great resource to answer that question.

With that being said, we also realize that the stats package is filled with many figures and methods of measure and many people people find this overwhelming and difficult to decipher.

We have included a breakdown of what the different types of measurements mean, ways that they can be misinterpreted, and how to best use them to understand the market:

Average, Median and Benchmark price explained

Prices are a great indicator of market behavior

1. When the Average price is notably higher than the Benchmark and Median, a fewer higher priced sales are likely to have skewed the average price high

2.When all three are within range, typical product is selling for expected pricing

3.When the Benchmark price is noticeably higher than the Average and Median, it signifies that lower-end properties are selling. It could also be possible that smaller, fixer-uppers or sellers are just lowering their prices.

Determining which price to use – Average, Median or Benchmark

Average Price

Average price is the total dollar volume of sales, divided by the number of sales.

Total $s ÷ total sales = average price

It is the price most consumers understand and relate to. However, it can be the most misleading. When high-end properties sell, they skew the average. On the other hand, when there is a low number of sales, the average can be skewed.

Median Price

The median price is the exact middle price value, if all sales were listed in numeric order from lowest to highest.

½ the sales are higher in value, ½ the sales are lower in value

It is considered less biased than the average price, because it is not as influenced by the prices of the top selling homes. However, the median price can be influenced by a large number of sales close to the mid-range; since that’s where the median is picked up.

Benchmark Price (as determined by the Housing Price Index)

The benchmark price is a predicted sale price of a general property in a given area, based on ‘typical’ criteria common to homes in that area. It represents a typical sale and does not take into account the high-end and low end properties.

The benchmark descriptions for Kitsilano homes:

DETACHED HOUSE: 3317 sq.ft. lot, 2 bedrooms up, 1 bedroom down, 2 full bathrooms, 1 covered parking, forced air heating, finished basement, 50 years old

TOWNHOUSE: 600 sf, 2 bedrooms, 2 full bathrooms, 1 covered parking, underground garage, electric baseboard heating, 14 years old

APARTMENT: 448 sf, 1 bedroom, 1 bathroom, 1 covered parking, underground garage, electric baseboard heating, 15 years old

*data from Benchmark Attribute Report, Real Estate Board of Greater Vancouver

 

Read Full Story

Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012. 

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said. 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®. 

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April.

At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year. 

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.” 

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago. 

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900. 

Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300.

Read Full Story

Newsletter

*indicates required fields.
Name:*
Email:*

Meet the team

  • Will Pratt
  • Justin Sabbagh
  • Mike Wilcox

Mortgage Calculator

Purchase Amount:
Down Payment:
Interest Rate:
%
Payment Interval:
Mortgage Term (Years)
Payment:
Total Payments:
Total Amount Paid:
Total Interest Paid:

Neighbourhoods