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Balanced real estate market prevailed through much of 2011

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 propertiesin 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decreasefrom the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annualMultiple 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 to59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per centincrease compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the tenyearaverage 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 historicalnorms 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 1,899sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December2009, a 79.4 per cent increase compared to December 2008’s 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 Vancouverincreased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent sincehitting 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 inthe region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, thebenchmark price of a single-family detached home experienced double-digit increases in nine areas within the region overthe last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. Thisrepresents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline comparedto 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 recordedin December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price fordetached 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 inDecember 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of anapartment 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 December2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attachedunit increased 4.2 per cent between December 2010 and 2011 to $511,499.

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Greater Vancouver at lower end of balanced housing market VANCOUVER, B.C. – November 2, 2011

– With a sales-to-active property listings ratio of 15 per cent, the GreaterVancouver housing market contil Estate nues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The ReaBoard of Greater Vancouver (REBGV) reports that residential property sales of detached, attachedand apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previousmonth. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to makedecisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions toensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, whichis on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reportedin September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377,which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was thefirst month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver overthe last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However,since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detachedsales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmarkprice for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per centcompared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of anapartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to theprevious month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010,and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attachedunit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent comparedto the previous month.

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Summer housing market trends toward balance after an active spring season

VANCOUVER, B.C. – July 5, 2011

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011. 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.

 Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June. “With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.” At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.

 The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010. “The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”

 Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200. 

Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.

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Greater Vancouver housing market holds steady and favours sellers in May

VANCOUVER, B.C. – June 2, 2011

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year. “With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011. At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010. “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average  prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833. Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419. Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.