Market Report

Greater Vancouver housing market maintains a steady spring pace

Wed, 02 May 2012 19:04:00 GMT

VANCOUVER, B.C. – May 2, 2012 – 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 percent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 percent 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 percent 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 percent, 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 percent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when5,847 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 6.7 percent 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 to last month and increased 16 percent 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 percent compared to April 2011 and an increase of 2.8 percent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 percent increase compared to April 2011 and a 2.6 percent increase compared to three months ago.

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

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

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

Increased selection helps maintain balance in Greater Vancouver housing market

Tue, 03 Apr 2012 21:06:00 GMT

VANCOUVER, B.C. – April 3, 2012 – Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 percent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 percent compared to the 4,080 sales in March 2011 and an 8.4 percent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 percent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 percent increase compared to February when 5,552 homes were listed and a 14 percent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 percent above the 10-year average for listings in Greater Vancouver for March. At 15,236, the total number of residential property listings on the MLS® increased 8.4 percent in March compared to last month and increased 16 percent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 percent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 percent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 percent from the 1,795 detached sales recorded in March 2011, and an 11.5 percent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 percent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 percent compared to the 1,622 sales in March 2011, and a decrease of 4.9 percent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 percent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 percent compared to the 663 sales in March 2011, and an 8.9 percent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 percent between March 2011 and 2012 to $480,900.

Greater Vancouver housing market trends near long-term averages as spring market approaches

Mon, 05 Mar 2012 18:42:00 GMT

VANCOUVER, B.C. – March 2, 2012 – Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 percent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 percent compared to the 3,097 sales in February 2011 and a 2.9 percent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 percent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 percent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 percent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996. At 14,055, the total number of residential property listings on the MLS® increased 12 percent in February compared to last month and increased 17.9 percent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 percent compared to February 2011 and an increase of 0.9 percent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 percent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 percent from the 1,402 detached sales recorded in February 2011, and a 12 percent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 percent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 percent compared to the 1,206 sales in February 2011, and a decrease of 5 percent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 percent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 percent compared to the 489 sales in February 2011, and a 1.9 percent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 percent between February 2011 and 2012 to $472,800.

Selection broadens and demand eases to kick off 2012 in the Greater Vancouver housing market

Thu, 09 Feb 2012 17:00:00 GMT

VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 percent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 percent compared to the 1,819 sales in January 2011 and an 18 percent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 percent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 percent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 percent increase compared to December 2011 and an increase of 20.2 percent compared to January 2011.

New MLS® Home Price Index launches in Canada

Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those boards.

The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.

“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 percent compared to January 2011 and down 0.1 percent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland. The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 percent compared to January 2011.

Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 percent from the 793 detached sales recorded in January 2011, and a 6.5 percent decrease from the 705 units sold in January 2010. The benchmark price for detached properties increased 11.3 percent from January 2011 to $1,034,700.

Sales of apartment properties reached 657 in January 2012, a decline of 7.9 percent compared to the 713 sales in January 2011, and a decrease of 26.3 percent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 percent from January 2011 to $371,500.

Attached property sales in January 2012 totalled 261, a decline of 16.6 percent compared to the 313 sales in January 2011, and a 20.2 percent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome unit declined 0.5 percent between January 2011 and 2012 to $468,000.

Balanced real estate market prevailed through much of 2011

Wed, 04 Jan 2012 14:46:00 GMT

VANCOUVER, B.C. – January 4, 2012 – The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 percent increase from the 30,595 sales recorded in 2010, and a 9.2 percent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 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 2.7 percent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 percent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 percent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 percent from the 1,899 sales recorded in December 2010 and a 29.7 percent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 percent decrease over the 2,515 residential sales in December 2009, a 79.4 percent increase compared to December 2008’s 924 sales, and a 12.6 percent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 percent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 percent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 percent decline compared to the 1,699 units listed in December 2010 and a 49.4 percent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 percent from the 769 detached sales re-corded in December 2010, and a 30.2 percent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 percent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 percent compared to the 811 sales in December 2010, and a decrease of 32.9 percent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 percent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 percent compared to the 319 sales in December 2010, and a 44.7 percent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 percent between December 2010 and 2011 to $511,499.

Market Report Jan 2012

Historically normal activity keeps the Greater Vancouver housing market in a balanced state

Fri, 02 Dec 2011 16:48:00 GMT

VANCOUVER, B.C. – December 2, 2011 – The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

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 2,360 in November. This represents a 5.9 percent decline compared to the 2,509 sales in November 2010 and a 1.9 percent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 percent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 percent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 percent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 percent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 percent compared to October 2011 but an increase of 13 percent when 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 7.2 percent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 percent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 percent from the 1,050 detached sales recorded in November 2010, and a 21.3 percent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 percent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 percent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 percent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 percent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 percent increase compared to the 407 sales in November 2010, and a 15.1 percent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 percent between November 2010 and 2011 to $510,960.

Market Report Dec 2011