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Balanced real estate market prevailed through much of 2011

Tue, 10 Jan 2012 10:51:26 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 prop-erties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last years home sale total was 6.3 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 increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last years total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last yearís listing total was 11.1 per cent above the ten-year average for annual Multiple Listing ServiceÆ (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 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last months residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008s 924 sales, and a 12.6 per cent 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 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent 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 regions largest communities caused prices in certain areas to rise higher than others, Setticasi said. ìFor 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 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent 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 per cent from the 769 detached sales re-corded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

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

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

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

Tue, 13 Dec 2011 10:33:00 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 regions 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 monthís 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 months 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.

November 2011 Market Update

Mon, 07 Nov 2011 10:55:00 GMT

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 analyze real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighborhood 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 proper-ties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent 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 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent in-crease 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 per cent in February compared to last month and increased 5 per cent from this time last year.

Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The bench-mark price for detached properties increased 6 per cent from February 2010 to $848,645.

Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.

Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.

Home listings continue to rise in the Greater Vancouver housing market

Fri, 07 Oct 2011 10:22:00 GMT

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.

Market Report Oct 2011

Greater Vancouver home sales trend toward buyers’ market over summer

Thu, 08 Sep 2011 09:44:00 GMT

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 per cent 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 per cent, 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 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent 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 per cent in August compared to July 2011 and rose 0.1 per cent 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 per cent 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 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

Market Report Sept 2011