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,
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 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
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
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