SELLERS AWAIT BUYERS' RETURN AFTER QUIETER SUMMER MARKET

Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close.

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MORE SELECTION NOT TRANSLATING TO MORE TRANSACTIONS

VANCOUVER, BC – August 2, 2024 –

The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis, GVR’s director of economics and data analytics said. “With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”

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Home Sales Continue at Below
Average Pace in June 

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MARKET SHIFTING IN BUYERS' FAVOUR, THOUGH HESITATION REMAINS

VANCOUVER, BC – July 3, 2024 

Metro Vancouver1 home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

 “The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

202406-GVR-Stats-Package-for-Media (gvrealtors.ca)

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NEW LISTINGS BOUNCE HIGHER IN APRIL

April was an above-average month for new listings activity, registering the highest pace since 2021," said BCREA Chief Economist Brendon Ogmundson. "Sales are still slightly below normal, which has led to a substantial increase in total inventory, though at a level still far below long-run balance. Ultimately, the market is heading into the summer in a state of relative calm with much more choice for buyers."

2024-04.pdf (bcrea.bc.ca)

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INVENTORY REACHES HIGHEST LEVEL SINCE

THE PANDEMIC SUMMER OF 2020

VANCOUVER, BC – May 2, 2024 –

Actively listed homes for sale on the MLS® in Metro Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020. Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223).

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said. “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.

GVR-Stats-Package-April-2024.pdf (gvrealtors.ca)

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PENT-UP DEMAND CONTINUES TO BUILD AS SALES REMAIN SLOW

Vancouver, BC – April 15, 2024.

The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in March 2024, a decline of 9.5 per cent from March 2023. The average MLS® residential price in BC in March 2024 was up 6.5 per cent at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6 per cent from the same time the previous year.

2024-03.pdf (bcrea.bc.ca) 

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INCREASED SELLER ACTIVITY IS GIVING BUYERS ORE CHOICE THIS SPRING.

VANCOUVER, BC – April 3, 2024 

The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring. 

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and welllocated properties.”

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HOME SELLERS AWAKEN THIS SPRING, BRINGING MUCH-NEEDED INVENTORY TO THE HOUSING MARKET.

VANCOUVER, BC – March 4, 2024 –

While Metro Vancouver1 home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market.

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.

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HOME SELLERS AWAKEN THIS SPRING, BRINGING MUCH NEEDED INVENTORY TO THE HOUSING MARKET

VANCOUVER, BC – March 4, 2024 –

While Metro Vancouver1 home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market. Greater Vancouver REALTORS® (GVR) 2 reports that residential saless in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

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The Real Estate Board of Greater Vancouver’s 2024 H1 Residential Market Forecast

Spring-loaded Under the hood,

2024 is poised to be a growth year for the residential market across the Real Estate Board of Greater Vancouver’s (REBGV) areas¹. Fundamental factors that drive our market, such as household formation, population growth, and employment growth remain fairly strong despite continued concerns of potentially slower economic growth ahead

REBGV Residential Market Forecast H1 2024

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2024 MARKET PREDICTIONS AND UPDATES by Richard Robbins

Please listen to the MARKET PREDICTIONS  for 2024 from Real Estate guru, Richard Robbins below.

2024 Market Predictions & Updates With Richard Robbins (youtube.com)

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Metro Vancouver Housing market shows resilience in 2023,

Ending the year in Balanced Territory

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade

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Metro Vancouver housing market holds steady in October

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

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SEASONAL SLOWDOWN BRINGS PRICE STABILITY TO METRO VANCOUVER

VANCOUVER, BC – September 5, 2023 –

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver1 housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”

REBGV-Stats-Pkg-Aug-2023.pdf

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Strong sales push Metro Vancouver home prices past the rate hike in July

Home prices across all home types in Metro Vancouver1 rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region. 

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.” 

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HOME PRICES CONTINUE TO RISE IN METRO VANCOUVER'S HOUSING MARKET TO KICK OFF THE SUMMER

 VANCOUVER, BC – July 5, 2023 

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

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PRICES CONTINUE RISING ACROSS METRO VANCOUVER AS HOME BUYER CONFIDENCE RETURNS

May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver1 have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

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Spring brings price growth while new listings remain dormant

Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages.

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

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Provincial Housing Market Showing Signs of Recovery Heading into Spring

BELOW AVERAGE HOME SALES ALLOW INVENTORY TO INCH UPWARD

VANCOUVER, BC – March 2, 2023 –

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

https://members.rebgv.org/news/REBGV-Stats-Pkg-Feb-2023.pdf?_cldee=HLn8fg3dhK0I6oxkAFUE9IkFbDJW-PGiLswP1kFmxIajcbnPCBywmc6X9CUb6rME&recipientid=contact-68cc61fc1277e811a95c000d3af49637-c20b929919784b5ebe8be8977d43b58c&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Member%20Update&esid=1024c074-d9b6-ed11-b596-000d3af4f52a

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HOME SALES DECLINE  BELOW LONG-TERM AVERAGES AND INVENTOY REMAINS LOW TO START 2023

VANCOUVER, BC – February 2, 2023

Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January.

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RISING MORTGAGE RATES BROUGHT UNCERTAINTY AND CAUTION TO METRO VANCOUVER'S HOUSING MARKET IN 2022

VANCOUVER, BC – January 4, 2023 

After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.

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HOME SALE AND LISTING ACTIVITY CONTINUE TREADING BELOW LONG-TERM AVERAGES IN NOVEMBER

VANCOUVER, BC – December 2, 2022

While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

https://members.rebgv.org/news/REBGV-Stats-Pkg-Nov-2022.pdf?_cldee=TDu4fNi_ZHLhoO2C4WdrGgqDMQU-oCyNI8joEc14YMiRkBLSxD2M-6JqoWifrqx1&recipientid=contact-68cc61fc1277e811a95c000d3af49637-2013b7e2d50147efba828a167f818760&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Member%20Update&esid=08b11246-0570-ed11-81ac-000d3a09f21f  

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INFLATION, RISING INTEREST RATES CREATE CAUTION ACROSS METRO VANCOUVER'S HOUSING MARKET

VANCOUVER, BC – November 2, 2022 – Home sale activity across the Metro Vancouver* housing market continued to trend well below historical averages in October.

https://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2022/REBGV-Stats-Pkg-Oct-2022.pdf ________________________________________________________________________________________________________

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BCREA 3RD QUARTER HOUSING FORECAST

HOME BUYER DEMAND CONTINUES TO EASE ACROSS METRO VANCOUVER

VANCOUVER, BC – August 3, 2022 

Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

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HOME LISTINGS UP, SALES DOWN, PRICES STARTING TO DECREASE TO START THE SUMMER SEASON

VANCOUVER, BC – July 5, 2022 – With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June 2021, and a 16.2 per cent decrease from the 2,918 homes sold in May 2022. Last month’s sales were 23.3 per cent below the 10-year June sales average.

https://www.rebgv.ca/content/dam/rebgv_org_content/pdfs/REBGV-Stats-Pkg-June-2022.pdf

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SPRING USHERS IN CALMER HOUSING MARKET TRENADS IN METRO VANCOUVER

VANCOUVER, BC – June 2, 2022 – After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates.

https://members.rebgv.org/news/REBGV-Stats-Pkg-May-2022.pdf

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METRO VANCOUVER HOME SALES RETURN TO MORE TRADITIONAL LEVELS IN APRIL

VANCOUVER, BC – May 3, 2022 – Home buyer demand in Metro Vancouver* returned to more historically typical levels in April.

https://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2022/REBGV-Stats-Pkg-April-2022.pdf

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LISTINGS INCH UP, DEMAND REMAINS STEADY AND PRICE GAINS CONTINUE IN METRO VANCOUVER'S HOUSING MARKET IN FEBRUARY

VANCOUVER, BC – March 2, 2022 –

The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February

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LOW SUPPLY KEEPS UPWARD PRESSURE ON HOME PRICES ACROSS METRO VANCOUVER'S HOUSING MARKET

VANCOUVER, BC – February 2, 2022 –

The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.

http://members.rebgv.org/news/REBGV-Stats-Pkg-January-2022.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-5a5d194bc9d04eff8b3930d0aef3d31d&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Member%20Update&esid=156e719f-b782-ec11-8d20-0022486ddd09

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Too Tight? The Impact of Bank of Canada Tightening on BC Housing Markets

•The Bank of Canada is signalling that in response to elevated Canadian inflation, it will begin raising its policy rate or “tightening” monetary policy this year. • Historically, Bank of Canada tightening has led to falling home sales and flattening home prices.

• With markets so out-of-balance, it will take a substantial decline in demand to return active listings to a healthy state.

• Model simulations show that the most likely outcome of this round of Bank of Canada tightening will be home sales falling to near their historical averages and for home price growth to moderate, but because of severely low supply, it is unlikely to result in significant home price declines.

METRO VANCOUVER HOME SALES SET RECORD IN 2021

VANCOUVER, B.C.– January 5, 2022 

Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic..

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http://members.rebgv.org/news/REBGV-Stats-Pkg-December-2021.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-32064dba83d942759f9bfa199f2bcce7&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Member%20Update&esid=fc8dd648-536e-ec11-8f8e-000d3a09f443

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METRO VANCOUVER HOME BUYERS COMPETE FOR FEWER HOME LISTINGS IN OCTOBER

VANCOUVER, BC – November 2, 2021 

Home sale activity in Metro Vancouver* remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.

https://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2021/REBGV-Stats-Pkg-October-2021.pdf 

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ELEVATE HOME SALE ACTIVITY CONTINUES TO OUTSTRIP THE SUPPLY OF HOMES FOR SALE IN METRO VANCOUVER

VANCOUVER, BC – October 4, 2021 –

Home sale activity remains elevated across Metro Vancouver’s* housing market while the pace of homes being listed for sale continues to follow long-term averages.

STEADY SALES, REDUCED LISTINGS AND VIRTUALLY UNCHANGED HOME PRICES IN JULY

VANCOUVER, BC – August 4, 2021 – Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

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SUPPLY RESPONSE EMERGES IN METRO VANCOUVER'S ACTIVE HOUSING MARKET

VANCOUVER, BC – May 4, 2021 

Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic

http://members.rebgv.org/news/REBGV-Stats-Pkg-April-2021.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-e13c10e35b2c431088883dbd 

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RICHARD ROBBINS RECAP OF Q1 2021 AND PREDICTIONS GOING FORWARD

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MARCH HOME SALES AND NEW LISTINGS SET RECORDS IN METRO VANCOUVER

VANCOUVER, BC – April 2, 2021 –

Home buyer and seller activity reached unprecedented levels across Metro Vancouver* in March. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021. Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.

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BCREA'S MARKET UPDATE FOR MARCH 2021

https://www.youtube.com/watch?v=UXd2Pd4d1mQ

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HOME BUYER COMPETITION INTENSITIES ACROSS METRO VANCOUVER'S HOUSING MARKET

VANCOUVER, BC – March 2, 2021

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.

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HOME BUYER DEMAND REMAINS ELEVATED ACROSS METRO VANCOUVER

VANCOUVER, BC – February 2, 2021

In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.

https://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2021/REBGV-Stats-Pkg-January-2021.pdf

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ROYAL LEPAGE 2021 FORECAST

Royal LePage: Canadian home prices forecast to rise 5.5% by the end of 2021 as low inventory and unmet demand set to fuel price increases

• Aggregate price of a home in the Greater Toronto Area forecast to rise 5.75%
• Tech and government sector expansion to drive Ottawa prices up 11.5%
• Canada’s priciest city to experience 9.0% rise as housing demand in Vancouver surges
• Halifax and Greater Montreal prices forecast to rise 7.5% and 6.0%, respectively
• Calgary, Edmonton prices buck regional economic drag, to show modest price growth 

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REAL ESTATE MARKET UPDATE

OCTOBER 2020

Hello everyone,

Unfortunately, we find ourselves once again with new regulations from Dr. Bonnie Henry to observe. Please let us know if we can help you in any way, especially as retail and grocery shopping has become more restrictive once again and of course, we all know how difficult it is not being able to socialize and be with others as much as we would like. You can reach Judi at 604-868-9812 and Cathy at 604-760-2786.

On to Real Estate……..

BCREA HOUSING MARKET SNAPSHOT FOR OCTOBER ACROSS CANADA

http://image.comms.crea.ca/lib/fe4615707564057d771673/m/2/c54655a6-7798-4045-8b14-afd24891e8c1.pdf

BCREA - BCREA Market Intelligence: COVID-19: Population Growth and Housing Demand

Summary Findings:

• Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic. 
• The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in population growth since 2011.
• In the short term, the impact of lower population growth will weigh most significantly on the rental market due to a significant reduction in international students and new permanent residents.

Despite falling immigration numbers and little activity from foreign investors, home sales have been very strong in BC. Much of the increase has been driven by pent up demand from sales that did not occur during the spring due to containment measures, and record-low mortgage rates. The containment measures have also restricted spending, which has had the unusual effect of increasing household savings rates to a record high, fast tracking down payments.

REBGV reports the following for October:

Home sale and new listing activity remained at near record levels across Metro Vancouver* in October. “Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation," Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.” “With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers," Gerber said.

A closer look at North and West Vancouver with updated charts below:

REALTORS CARE BLANKET DRIVE……….Many of you have supported the Realtors Care Blanket Drive over the years, this year will be different, although the need is the same:

The traditional REALTORS Care® Blanket Drive this year is being adapted to an online fundraising campaign. It’s being called the 2020 REALTORS Care® Blanket Charity Drive!

During the week of November 23-27, support those most in need by making a donation. The money will go to our long-time REALTORS Care® partner charities.

The COVID-19 pandemic has been particularly hard on those most in need within our communities. Over two thirds of Canadian charities have seen their revenue drop by more than 30 per cent since March, according to a recent report from Imagine Canada.  

To help, we've adapted this year's REALTORS Care® Blanket Drive. Instead of collecting blankets and clothing, we’re asking you to donate money to our REALTORS Care® Charity Drive to support our partner charities across the region.

Click here to donate. (Note: With donations $5 and more, you’ll receive a tax receipt.)

Thank you in advance……

THE COVID CORNER

Eric Whitacre’s Virtual Choir 6: Sing Gently

https://www.youtube.com/watch?v=InULYfJHKI0

Where can Canadians travel right now? Your ultimate guide to jetting off

https://www.ctvnews.ca/health/coronavirus/where-can-canadians-travel-right-now-your-ultimate-guide-to-jetting-off-1.5087454

Government of BC Coronovirus Information and Updates

https://www2.gov.bc.ca/gov/content/safety/emergency-preparedness-response-recovery/covid-19-provincial-support

Well, Christmas is getting closer and closer with a need for us to re-think our Christmas gathering plans. It will certainly be a different Christmas this year for many of us but we can all do our part to help stop the spread of the virus. Before we know it, Spring will be here bringing with it the opportunity to get back out making new plans, adventures and memories!

And as always, we welcome your calls, your referrals or just a friendly hello.

Judi Whyte, RI                            Cathy Wood

604-868-9812                             604-926-8602

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NOVEMBER HOME SALES OUTPACE SEASONAL NORMS AND LONG-TERM AVERAGES

Vancouver, B.C. – December 2, 2020 –

Housing demand in Metro Vancouver* continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.

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METRO VANCOUVER HOME SALES AND LISTINS SURGE IN SEPTEMBER

VANCOUVER, BC – October 2, 2020 

Home sale and new listing activity reached record levels in Metro Vancouver* in September. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

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HOME SALE AND LISTING ACTIVITY CONTINUES TO INCREASE IN AUGUST

VANCOUVER, BC – September 2, 2020 –

Home buyers and sellers remained active across Metro Vancouver in August, with home sale and new listing activity outpacing the region’s historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,047 in August 2020, a 36.6 per cent increase from the 2,231 sales recorded in August 2019, and a 2.6 per cent decrease from the 3,128 homes sold in July 2020. Last month’s sales were .9 per cent above the 10-year August sales average.

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A spike in housing supply for 2020 isn't going to happen: Royal Lepage

President and CEO of Royal Lepage Phil Soper says there will be a home price surge and a lack of supply for the remainder of 2020 because CMHC rules will make it more difficult for new buyers to get approved for mortgages.

https://www.bnnbloomberg.ca/video/a-spike-in-housing-supply-for-2020-isn-t-going-to-happen-royal-lepage~1992238

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Royal LePage: National home prices rise sharply in second quarter as housing supply struggles to keep up with surge in demand

Balance expected to return to market in second half of the year

• Two-storey house prices outpace condos as home-bound Canadians place premium on space
• Ontario posts Canada’s highest home price increases, with Mississauga in top spot at 13.5% year-over-year
• Royal LePage revises Canadian home price forecast upwards to 2.3% by year end 2020, as low rates and pent-up demand face limited housing supply

https://www.royallepage.ca/en/realestate/news/royal-lepage-national-home-prices-rise-sharply-in-second-quarter-as-housing-supply-struggles-to-keep-up-with-surge-in-demand/

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STEADY INCREASES IN HOME SALE AND LISTING ACTIVITY CONTINUE IN JUNE

VANCOUVER, BC – July 3, 2020 –

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic.

In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020. Last month’s sales were 21.9 per cent below the 10-year June sales average.

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HOME PRICES REMAIN STEADY, BUYERS AND SELLERS BECOME MORE COMFORTABLE OPERATING IN TODAY'S MARKET

VANCOUVER, BC – June 2, 2020 – Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.

http://members.rebgv.org/news/REBGV-Stats-Pkg-May-2020.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-fd510626f8844690ac8043c83e782ee9&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Newsflash&esid=e32afc77-24a4-ea11-a812-000d3af45c52

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HOME SALES AND LISTINGS DOWN AMID COVID-19, NEW TOOLS AND PRACTICES EMERGE TO HELP BUYERS AND BELLERS ADAPT

VANCOUVER, BC – May 4, 2020 – While Metro Vancouver* home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.

http://members.rebgv.org/news/REBGV-Stats-Pkg-April-2020.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-ef37370ead3c449e821244c27e35d6ca&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Newsflash&esid=4aba31da-e98b-ea11-a811-000d3af45c52

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Royal LePage Market Forecast: National Home Prices to Show Remarkable Resilience in 2020

• Best case scenario forecast shows Canada’s aggregate home price could grow a modest 1% by the end of 2020
• If the pandemic continues to heavily restrict business activity through late summer, a national home price decrease of 3% is expected by the end of 2020
• The aggregate price of a home in Canada climbed 4.4 per cent year-over-year in Q1 2020
• High demand and low inventory in Toronto, Montreal and Ottawa fueled rising home prices

https://www.royallepage.ca/en/realestate/news/royal-lepage-market-forecast-national-home-prices-to-show-remarkable-resilience-in-2020/

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REAL ESTATE MARKET UPDATE

FEBRUARY 2020

Judi Whyte RI and Cathy Wood

https://www.dropbox.com/scl/fi/8fvgmigkaso74ijqwk2jk/REAL-ESTATE-MARKET-UPDATE-Feb.2020.docx?dl=0&rlkey=yuwej5nsobcxt0i273km8ef6j

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REAL ESTATE MARKET UPDATE NEWSLETTER  

JANUARY 2020

Judi Whyte RI and Cathy Wood

https://www.dropbox.com/scl/fi/mmu4e6sce8ht5mhiuxse8/REAL-ESTATE-MARKET-UPDATE-Jan-2020.docx?dl=0&rlkey=0agjwpmyvg2dscfwveo0zosdb 

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STEADY DEMAND AND LOW SUPPLY BENEFITS HOME SELLERS

VANCOUVER, BC – March 3, 2020 – February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.

https://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2020/REBGV-Stats-Pkg-February-2020.pdf

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GREATER VANCOUVER'S LUXURY REAL ESTATE MARKET SHOWS SIGNS OF STABLIZING DESPITE YEAR-OVER-YEAR PRICE DECLINE

The Royal LePage Luxury Property Release is below:

https://www.royallepage.ca/en/realestate/news/torontos-luxury-condo-prices-forecast-to-surpass-montreals-hot-luxury-market-in-2020-according-to-royal-lepage/

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METRO VANCOUVER HOME SALES RETURN TO HISTORICALLY TYPICAL LEVELS

VANCOUVER, BC – December 3, 2019 –

After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver*.

http://members.rebgv.org/news/REBGV-Stats-Pkg-November-2019-F.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-51076024b9f746f8a16d0c421b1ec81d&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Newsflash&esid=e148071b-5815-ea11-a811-000d3af464f8

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HOME BUYER ACTIVITY INCREASES IN OCTOBER

VANCOUVER, BC – November 4, 2019 – The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity.

http://members.rebgv.org/news/REBGV-Stats-Pkg-October-2019.pdf?_cldee=Y2F0aHlAd2h5dGV3b29kLmNh&recipientid=contact-68cc61fc1277e811a95c000d3af49637-7d509090f45e4d6bb247a579633ba549&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Newsflash&esid=7b27c31c-26ff-e911-a811-000d3af46fff

Royal LePage CEO urges caution with election promises aimed at stimulating housing demand that lack concrete plans to address supply shortages

https://www.royallepage.ca/en/realestate/news/royal-lepage-ceo-urges-caution-with-election-promises-aimed-at-stimulating-housing-demand-that-lack-concrete-plans-to-address-supply-shortages/

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The Q2 2019 ROYAL LEPAGE HOUSE PRICE SURVEY AND MARKET FORECAST

Canadian Real Estate Market Shows Signs of a Sustainable Recovery with Modest Price Gain of 1.1% in Second Quarter

•  Nationally, home prices expected to rise modestly by 0.4% by the end of 2019 compared to 2018, driven by gains in Toronto and Montreal
• Condominium prices in Vancouver decline for first time since third quarter of 2014
• New federal government programs expected to have minimal impact on home prices

https://www.royallepage.ca/en/realestate/news/canadian-real-estate-market-shows-signs-of-a-sustainable-recovery-with-modest-price-gain-of-1-1-in-second-quarter/

MAY SEES MODEST INCREASE IN HOME SALES WHILE HOUSING SUPPLY REACHED FIVE-YEAR HIGH

VANCOUVER, BC – June 4, 2019

Monthly *Metro Vancouver home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remMains below historical averages.

https://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2019/REBGV-Stats-Pkg-May-2019.pdf

REDUCED DEMAND AND INCREASED SUPPLY REMAIN THE TREND ACROSS METRO VANCOUVER'S HOUSING MARKET

VANCOUVER, BC – May 2, 2019 – Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver* housing market.

https://www.rebgv.ca/content/dam/rebgv_org_content/pdfs/monthly-stats-packages/REBGV-Stats-Pkg-April-2019.pdf

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SLUGGISH START TO 2019 PROVIDES SILVER LINING FOR FIRST TIME HOME BUYERS

• National home price growth slowed to 2.7 per cent year-over-year in the first quarter of 2019
• Home prices in western Canada forecast to decline
• Price growth in the Greater Toronto Area (GTA) remains steady, supported by low inventory
• Slowdown in Greater Vancouver driven by policy changes
• Greater Montreal Area home price growth continues to outpace the GTA and Greater Vancouver
• Ottawa home prices inch ahead of Calgary for the first time

https://www.royallepage.ca/en/realestate/news/sluggish-start-to-2019-provides-silver-lining-for-first-time-home-buyers-in-the-countrys-largest-cities/

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HOUSING MARKET CONDITIONS CONTINUE TO FAVOUR HOME BUYERS

VANCOUVER, BC – March 4, 2019 – The Metro Vancouver* housing market saw increased supply from home sellers and below average demand from home buyers in February

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ROYAL LEPAGE PREDICTS HEALTHY PRICE APPRECIATION FOR LUXURY REAL ESTATE IN GREATER TORONTO, GREATER MONTREAL AND OTTAWA

• Greater Toronto Area’s luxury condo market sees highest price appreciation across Canada’s five largest cities over twelve-month period
• Greater Montreal Area’s luxury property market forecast to see the strongest appreciation rate looking across Canada’s five largest cities
• The median price of a luxury house in Greater Vancouver is forecast to decrease 7.1 per cent, or approximately $410,000
• Luxury house prices in Calgary stabilize and see modest lift while luxury condo prices remain soft over twelve-month period
• Ottawa’s luxury property market posts healthy price appreciation over twelve-month period 

https://www.royallepage.ca/en/realestate/news_fr/royal-lepage-forecasts-healthy-price-appreciation-for-luxury-real-estate-in-the-greater-toronto-area-greater-montreal-area-and-ottawa/

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REAL ESTATE MARKET UPDATE

JANUARY 2019

Hello Everyone:

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• 1-800-GOT-JUNK……1-800-468-5865……..a full service junk removal  - $50.00 off
• WOW! 1-Day Painting…..1-888-969-1329 -  $250.00 off
• Shack Shine……1-888-808-7751…Window Washing, Power Washing, Gutter Cleaning - $50.00 off
• YOU MOVE ME……1-800-926-3900….…to assist with your local moves - $50.00 off

Please give us a call so that we can provide you with our personalized promo code to use when you book any or all of the above services!

Looking at the first month of 2019, we find that Home listings continued to increase across all housing categories while home buyer activity remains below historical averages. Sales were the lowest Greater Vancouver has seen in the last 5 years. Although as Realtors, we were seeing more traffic at open houses compared to recent months, the buyers are still choosing to remain in a holding pattern for the time being. We are in a full Buyers market in all housing categories.

However, economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year. This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.

Looking at Listings, Sales and the important MOI in North and West Vancouver for January 2019:

In comparison to January of last year, in North Vancouver, we see listings of Detached up 18.8%; Condos up 97.1% and Townhomes up 114.6%! In West Vancouver, we see listings of Detached up only 4.4% but condos up 64.8%. This is definitely a Buyer’s Market!

The Benchmark Price reaction to this market compared to last year is below:

And the good news……

Housing industry leaders say “Although Metro Vancouverites can expect to see single-family home prices continue to fall this year along with some softening in the prices of new multi-family homes, if you are counting on the housing market to be hit by a true recession, you may end up waiting a long, long time”.

They don’t expect the market to be overcome by an enduring downturn because there are too many good things happening in the provincial economy: the employment rate is too robust, unemployment is low, and there are record levels of international immigrants flowing into B.C. All of these factors work to ensure that demand for housing will continue to outstrip the number of new homes being produced (you can read the entire article on our website, under Blog).

Enjoy these lovely “snow days”, keep warm and please give us a call if you can use the promo code for any of the services mentioned above…….such a good time to think about decluttering, painting……or, if your thoughts turn to Real Estate, we can help there too!

All the best,

Judi Whyte  RI                      Cathy Wood

604-868-9812                      604-760-2786

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HOME LISTINGS INCREASE WHILE BUYERS REMAIN IN HOLDING PATTERN

VANCOUVER, BC – February 4, 2019 – Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages

https://www.rebgv.org/content/dam/rebgv_org_content/monthly-market-reports/REBGV-Stats-Pkg-January-2019.pdf

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Metro Vancouver Home Sales Decline Below Historical Averages in 2018

VANCOUVER, BC – January 3, 2019 –Metro Vancouver* home sales in 2018 were the lowest annual total in the region since 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

http://members.rebgv.org/news/REBGV-Stats-Pkg-December-2018.pdf

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REAL ESTATE MARKET UPDATE

Third Quarter 2018

BC home sales continued at a slower pace for this third quarter and this decline has extended into the previously more active condominium segment.

“The BC housing market is grappling with a sharp decline in affordability caused by tough stress test rules for conventional mortgages,” said Cameron Muir, BCREA Chief Economist. “While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BC’s large urban centres because of already strained housing affordability.”

The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates and subsequent increases in mortgage payments, are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years

Strong fundamentals continue to underpin the market however. Demographics are highly favourable, especially the millennial generation who are now entering their household-forming years. In addition, low unemployment is leading to significant upward pressure on wages and, by extension, household wealth and confidence.

This pullback in BC home sales though is helping alleviate a chronic shortage of supply. The combination of slower housing demand and an increase in the inventory of homes for sale has trended most markets toward balanced and buyer’s market conditions. This means more selection for home buyers, more of a chance for buyers to look at what they’re buying, fewer multiple offer situations (buyer’s can take the time to have an inspection) and less upward pressure on home prices.

Does this slowdown in the market make Buyers now afraid of paying too much, and Sellers thinking they might be selling too low? Certainly these changes in the market require a consequential change in thinking.  Sellers need to become more realistic, realigning their thinking to work within the present market and ignoring “what could have been” -  and Buyers need to realize that finding that perfect home should still be the goal…..sitting back and perhaps losing out, probably isn’t worth it in the long run.

Our 2018 look at Listings, Sales and MOI is updated below:

When looking at the MOI (months of inventory), as the number grows, it signals a shift from a Seller’s Market to a Buyer’s Market. We’re seeing in West Van an incredible rise in the MOI in detached and condos indicating a Buyer’s Market whereas in North Van, Condos and Townhomes have moved into a Balanced Market and Detached is in a Buyer’s Market.

The chart below provides you with information on the change in Benchmark Prices……

With all the negative predictions circulating about home prices, it’s interesting to see that the benchmark price of Condos went up slightly in September in West Vancouver, as it did in 2017 from August to September. Generally, in September we do see an increase in activity, although we did not see that this year as sales dropped in West Vancouver across all home types. But a glimmer of hope perhaps in North Vancouver, detached home sales rose from August to September! We’ll be watching the market closely in October and November to see if this trend continues!

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HOME LISTINGS AT FOUR-YEAR OCTOBER HIGH AS SALES REMAIN BELOW TYPICAL LEVELS

VANCOUVER, BC – November 2, 2018 –Home sale activity across Metro Vancouver* remained below long-term historical averages in October. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.

https://www.rebgv.org/content/dam/rebgv_org_content/pdfs/monthly-stats-packages/REBGV-Stats-Pkg-October-2018.pdf

Home Buyer Demand Stays Below Historical Averages in August

VANCOUVER, BC – September 5, 2018 – The Metro Vancouver1 housing market continues to experience reduced demand across all housing types. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

https://www.rebgv.org/content/dam/rebgv_org_content/pdfs/monthly-stats-packages/REBGV-Stats-Pkg-August-2018.pdf

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REAL ESTATE MARKET UPDATE

SECOND QUARTER 2018

If we look at the Market, year-over-year:

Vancouver sales are down 27.4%, months-of-inventory is up 72.7% and active listings have risen 25.7%.

North and West Vancouver look like this:

Detached homes are in a Buyer’s Market. The condo and townhouse market continues to thrive and remain in the Seller’s Market, but we are starting to see cracks in that the price growth is slowing. A condo listed at the same price in the same building a couple of months ago is now sitting on the market. We are seeing price reductions regularly occur whereas the norm a few months ago was multiple offers. Buyers appear to be sitting back, waiting to see what’s happening.

As seen above for West Vancouver, Detached homes are solidly in a Buyer’s Market. Even condos (townhomes have been there because there are so few) have moved into a Buyers’ Market in June.

The number worth watching is the “month-of-inventory” (MOI). As the number grows, it signals a shift from a Seller’s Market to a Buyer’s Market. All three segments of the market, Detached, Condos and Townhomes are showing signs of having increasing MOI.

Mortgage Forecast – BCREA

The Bank of Canada estimates the long-run level of its policy rate at 3 to 3.5 per cent. Based on historical averages of interest rate spreads, that implies that the five-year qualifying rate would equal between 6 and 6.5 per cent once the Bank of Canada closes the gap between the overnight rate and the Bank’s longrun or equilibrium overnight rate.

Based on Canadian economic growth and inflation, it is likely we will see the five-year qualifying rate near that destination by the end of 2020.

US trade policy remains a wildcard that may interfere with the Bank’s best laid plans. As widely expected, the Bank of Canada (BoC) raised its key interest rate on Wednesday, July 11. It was the fourth hike for Canada’s central bank since July of last year, a move that brought rates to 1.5 per cent, up from just 0.5 per cent 12 months ago.

The potentially negative economic impact of new tariffs or other trade disruptions could very well delay further rate hikes this year.

Economic Outlook

It was a disappointing start to the year for the Canadian economy as first quarter growth came in at just 1.3 per cent, well below the consensus forecast of 2 per cent. Much of the observed weakness can be traced back to the impact of newly implemented mortgage stress tests, which force conventional mortgage borrowers, including those with more than 20 per cent down payment, to qualify at the greater of the five-year fixed qualifying rate or their own contract rate plus 2 per cent. These more stringent qualifying requirements have eroded as much as 20 per cent of would-be buyers’ purchasing power. Not surprisingly, that policy has blunted housing activity across Canada.

We hope this Newsletter finds you and yours, enjoying this extremely warm summer weather.

As always, we would love to hear from you with your real estate questions or concerns. In addition, your referrals are always welcome!

All the best,

Judi Whyte RI,  604-868-9812                                            Cathy Wood, 604-760-2786

www.whyte-wood.ca

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REDUCED DEMAND IS ALLOWING HOUSING SUPPLIES TO ACCUMULATE

VANCOUVER, BC – June 4, 2018 – Home buyer demand continues to decline across the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold. Last month’s sales were 19.3 per cent below the 10-year May sales average

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Home sales down, listings up across Metro Vancouver 

– May 2, 2018 –

The Metro Vancouver* housing market saw fewer home buyers and more home sellers in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold. Last month’s sales were 22.5 per cent below the 10-year April sales average.

http://members.rebgv.org/news/RN_May022018/images/REBGV-Stats-Pkg-April-2018.pdf

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Fewer home sales and listings in the first quarter of 2018

Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017

https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-March-2018.pdf 

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NORTH VANCOUVER GRAPHS:  Listed.Sold.Dollar Volume - January 18

http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Listed%20vs%20Sold%20Catalog%20Graphs/North%20Vancouver/2018/2018-01-NorthVancouver_Graphs-Listed.Sold.DollarVolume.pdf

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WEST VANCOUVER GRAPHS:   Listed.Sold.Dollar Volume - January 2018

http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Listed%20vs%20Sold%20Catalog%20Graphs/West%20Vancouver/2018/2018-01-WestVancouver_Graphs-Listed.Sold.DollarVolume.pdf

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HOME BUYER DEMAND DEPENDS ON PROPERTY TYPE

Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today

http://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-January-2018.pdf

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FOURTH QUARTER HOUSING MARKET TRENDS SEAL 2017 AS "THE YEAR OF THE CONDO"

•  Condominiums appreciate at the fastest rate of all housing types studied in the Royal LePage National House Price Composite
• Peak Millennials, immigration and inter-provincial migration fueling housing demand in Ontario and British Columbia
• Effects of Office of the Superintendent of Financial Institutions’ measures expected to be contained to the first half of 2018 for most markets, but potentially damaging to those in a state of fragile recovery

METRO VANCOUVER CONTINUES TO EXPERIENCE ABOVE AVERAGE DEMAND AND BELOW AVERAGE SUPPLY

VANCOUVER, BC – December 4, 2017 –

Metro Vancouver* saw modest home listing changes and steady demand in November.

http://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-November-2017.pdf

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REBGV STATS FOR OCTOBER, 2017 - NORTH VANCOUVER AND WEST VANCOUVER

 http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Area%20reports/North%20Vancouver/2017/2017-10-North-Vancouver.pdf

http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Area%20reports/West%20Vancouver/2017/2017-10-West-Vancouver.pdf 

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OCTOBER SALES EXCEED HISTORICAL AVERAGE

VANCOUVER, BC – November 2, 2017 – Metro Vancouver* home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.

"Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV president said. "It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices." There were 4,539 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14 per cent increase compared to the 3,981 homes listed in October 2016 and a 15.6 per cent decrease compared to September 2017 when 5,375 homes were listed.

http://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-October-2017.pdf 

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HOME BUYER DEMAND CONTINUES TO DIFFER BASED ON HOUSING TYPE

VANCOUVER, BC – October 3, 2017 – Apartment and townhome activity is outpacing the detached home market across Metro Vancouver. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.

http://www.rebgv.org/sites/default/files/REBGV-Stats-Package-September-2017.pdf  

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METRO VANCOUVER SEES FEWER HOMES SALES AND MORE LISTINGS IN JULY

VANCOUVER, BC – August 2, 2017 – Home buyer activity returned to more typical summer levels in Metro Vancouver* last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

http://www.rebgv.org/sites/default/files/REBGV-Stats-Package-July-2017.pdf

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BCREA MARKET UPDATE - JUNE 2017

https://www.youtube.com/watch?v=E-RzsIM3Lv8&feature=player_embedded

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Q2 ROYAL LEPAGE HOUSE PRICE SURVEY AND MARKET FORECAST SURVEY

https://www.royallepage.ca/realestate/news/canadas-residential-real-estate-market-makes-the-move-to-moderation-in-the-second-quarter-of-2017/#.WXZBIYTyvm5

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REAL ESTATE MARKET UPDATE FOR MAY 2017

Hello Everyone

Home buyer activity returned to near record levels across the Metro Vancouver housing market in May. 

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third highest selling May on record.

Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

          North Vancouver:    Townhomes:           Sales up +31% since April

                                          Condos:                  Sales up +28.3% since April

          West Vancouver:     Condos:                  Sales up +27.27% since April

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

          North Vancouver:    Detached:               Listings up +18.4 % since April

                                          Condos:                  Listings down – 9.9% since April

          West Vancouver:     Detached:               Listings up +9.29% since April

                                          Condos:                  Listings down -16.3% since Aril

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way”.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50 per cent over the past five years."

Can we help you with any of your real estate questions? Please free to contact us any time.

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APRIL REAL ESTATE UPDATE

Hello Everyone,

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.

In the townhome and condo markets, demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The market in North and West Vancouver in April, in comparison to March, looked like this:

North Van:         Listings up, Sales up -- Townhomes

                                           Listings down, Sales down -- Condos

                                           Listings up, Sales up -- Detached

West Van:          Not applicable -- Townhomes

                                           Listings up, Sales down -- Condos

                                           Listings up, Sales up – Detached

              Conclusion:   When there’s inventory.....there are sales!! 

The Benchmark Price for North and West Vancouver all went up from March:

              North Van:         Up 1.5% - Detached

                                         Up 3.3% - Condos

                                         Up 2.5% - Townhomes

              West Van:          Up .63% - Detached

                                         Up 2.9% - Condos

                                         Not applicable – Townhomes

Don’t forget, if you have a recommendation of a company/service that you would like to share, we would be more than happy to put it on our website under Links for others to benefit!

Please get in touch with us if we can help you with your real estate needs and of course, your recommendations to others of the service we provide is always welcomed!

 ________________________________________________________________________________________________________

February Home Sales Reflect Typical Consumer Demand

Vancouver, BC – March 15, 2017.

“Consumer demand has returned to a more typical level over the first two months of the year,” says Cameron Muir, BCREA Chief Economist. “While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month’s activity reflected the average for the month February since the year 2000.”

http://www.bcrea.bc.ca/docs/news-2017/2017-02.pdf 

 ___________________________________________________________________________________________________________

Low supply continues to limit Metro Vancouver home buyers

VANCOUVER, BC –

March 2, 2017 –

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market. Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%20February%202017.pdf 

 ___________________________________________________________________________________________________________

Metro Vancouver Housing Market Off to a Quieter Start Than Last Year

VANCOUVER, BC – February 2, 2017 – Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.

http://www.rebgv.org/sites/default/files/1.%20REBGV%20Stats%20Pkg%20January%202017.pdf

FEBRUARY 2017 REAL ESTATE MARKET UPDATE

Hello everyone.....

The snow continued to keep us off guard in February as did the lack of inventory in both North and West Vancouver! To give you an idea of how little inventory there actually is, look at these numbers:

North Vancouver: In comparison to February 2016, listings were down -39.7%

                                  In comparison to January 2017, listings were only down -3.05%

West Vanouver:    In comparison to February 2016, listings were down -46.2%

                                  In comparison to January 2017,  listings were down -23.9%

Inventory continues to be a problem however, as a Seller, a great situation to be in!

Interesting real estate stories that surfaced in February are below:

An increase in the Property Tax Exemption Threshold for First-time Buyers was announced to take effect on February 22^nd , 2017 to increase from $475,000 to $500,000.

http://www.bcrea.bc.ca/docs/news-2017/2017-02-22bcbudget.pdf%20

North Van City Council Triples Homes per Lot

A new bylaw approved in North Vancouver allows Coach houses and Secondary suites on a single lot with the provision that two parking spots must be available.

http://www.nsnews.com/news/north-vancouver-city-council-triples-homes-per-lot-1.10625107#sthash.AisbRZzV.dpuf

We know what the Inventory situation is on the North Shore, what about sales in February?

North Vancouver: In comparison to February 2016, sales were down -37.1%

                                   In comparison to January 2017, sales were up +102%

West Vancouver:  In comparison to February 2016, sales were down -65.8%

                                  In comparison to January 2017, sales were up +58.33%

In all of Vancouver, the BC Real Estate Association reports:

“Consumer demand has returned to a more typical level over the first two months of the year," said Cameron Muir, BCREA Chief Economist. "While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month's activity reflected the average for the month February since the year 2000."

How are Prices reacting?

We thought it might be interesting to see how the benchmark prices have reacted since the Government 15% Foreign Buyers tax:               

Detached            Condo             Townhomes

North Vancouver:                        

August                $1,689,900         $467,100            $900,400

September         $1,663,500         $454,100            $879,100

October              $1,658,400         $451,600            $842,300

November          $1,625,800         $452,100            $840,600

December          $1,578,000         $452,600            $831,400

January              $1,564,200         $455,300            $831,000

February            $1,556,600         $463,200            $854,000

                                                          Detached             Condo            Townhomes

West Vancouver:

                             August                $3,359,400         $906,700            Not enough data

                             September         $3,361,600         $903,000           

                             October              $3,210,100         $899,800

                             November          $3,016,600         $892,500

                             December          $2,948,200         $912,700

                             January              $2,907,100         $915,800

                             February            $2,936,500         $936,000

Interesting stats:   Condos in both North Vancouver and West Vancouver haven’t suffered too much; Townhomes in North Van are on an upward swing as are detached in West Vancouver; Detached in North Vancouver a bit slower to rebound, but as the weather improves and Spring is upon us, we think we will see that swing up as well.

RESOURCE CENTRE

On our website under “Links”, we provide you with handy resource information on home services that we are familiar with and confident recommending. We do add to this list from time to time and as we do, we would like to draw them to your attention. Two new Resources this month are:

Interior Design

Flow Smart Living & Interiors   http://flowsmartliving.com/

Offering: Shopping Services (assisting in home decorating consultation, space planning and purchasing of new furnishings), Home Staging (for Selling or updating your present look), Simpler Living (de-cluttering consultation).

Renovation Services & Project Management (Residential or Commercial)

              Concrete Cashmere     http://www.concretecashmere.com/

Offering: Designers, Project Managers and Contractors for a complete interior design re-build from start to finish, from concept to completion to achieve a sense of personal joy and fulfillment in your living space.

We do hope you are enjoying these newsletters – if you wish to comment on the frequency, the content, the timing or anything that might be on your mind, we would welcome your helpful comments. We aim to please and to provide you with information that you will find most helpful and beneficial.

All the best and please contact us if we can assist you in any way.

JANUARY 2017 MARKET UPDATE

Hello Everyone....

January delivered some interesting stories which we wanted to share with you. For a more in-depth read, you can click on the link provided under each story.

Christy Clarke and the Liberal Government decided to amend the 15% Foreign Buyers tax to allow foreigners with work permits who live and work in B.C. to be exempted from the province’s 15-per-cent homebuyers tax. “We are going to lift the foreign owners tax on people who have work permits, who are paying taxes and living in British Columbia, as a way to encourage more people to come.” 

http://vancouversun.com/news/local-news/b-c-premier-christy-clark-lifts-foreign-buyers-tax-for-those-with-work-permits

Vancouver Empty Homes Tax now in Effect but the mayor stressed the primary aim of the tax would be to encourage owners to rent out investment properties that might otherwise sit empty. The empty homes tax is first and foremost about bringing rental homes back into the market," said Robertson. We need to ensure the best use of all our housing. Empty and under-utilized investment properties are holding back badly needed homes for thousands of renters who are struggling to find a secure and accessible place to live in a tight rental market."

http://www.rebgv.ca/content/rebgv/en/Guidelines-Rules-and-Legislation/Government-Legislation-and-Bylaws/Taxation/Local/empty-homes-tax/vancouver-empty-homes-tax-now-in-effect.html

The province has not received any formal applications to open the Community Charter, which would allow other municipalities to explore taxation options. West Vancouver is proposing non-residents pay a higher tax rate than those who use their home as a primary residence.

http://www.cbc.ca/news/canada/british-columbia/west-vancouver-mayor-rejects-empty-home-tax-favours-non-resident-levy-1.3687678

BC Government to offer Down Payment loans to First-time Buyers. The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.

https://www.bchousing.org/news?newsId=1479148447000

A point of clarification however, is if as a first time buyer you decide to take advantage of the governments offer, you then CANNOT put more than 5% down. This aIso MUST be an insured mortgage. If a first-time Buyer has a greater amount saved, then it is perhaps more prudent to apply a larger down payment to their purchase, saving the higher legal fees, and the CMHC premiums. And of course, no matter what, any Buyer(s) still has to qualify for a mortgage. 

What did the market look like in January on the North Shore?

January commenced with home buyers and sellers reluctant to engage in the market. Inventory continues to be very low for both detached and attached in North Van and West Van although, during the month, it was evident that although the detached market sales were slow, the townhome and condo markets were becoming stronger as more and more Buyers adjust their thinking and affordability to the current market. If you’re thinking of selling, this is still a Seller’s market!!

West Vancouver

                                                          Detached                                                               Attached

North Vancouver

                                                          Detached                                                              Attached

We hope you have enjoyed reading this Market Update.

Please call us if you require any further updates or information on the market. 

4th QUARTER 2016 NEWSLETTER

As we settle into January and work on our New Year’s resolutions, we’re pleased to provide you with an overview from the Royal LePage 4^th Quarter Survey, some comparison statistics for the 4^th Quarter and some predictions for 2017.

As reported in the Royal LePage 4^th Quarter Survey - Vancouver, January 12, 2017

While year-over-year home price appreciation continued to surge on the back of the tremendous gains witnessed in the first half of the year, pricing across Greater Vancouver began to moderate in the fourth quarter of 2016 as a result of eroded affordability and slowed market activity. Bruised consumer confidence stemming from the recent implementation of new provincial and federal regulations coupled with severely low inventory levels have intensified this trend, keeping prospective homeowners on the sidelines and causing all but condominiums within the region to transition from a seller’s to a buyer’s market, in the span of one quarter.

Despite the flurry of new policies designed to tame demand and foreign investment in Greater Vancouver, critically low inventory levels have been the predominant factor affecting the region’s market activity and house price appreciation. Market characteristics have melded to create a perfect storm where prospective homeowners are unable to find adequate affordable property due to an extreme lack of supply, and have thus refrained from putting their own homes on the market, causing sales activity to slow further and leading prices to soften. While this has caused appreciation to slow across many property types within the Greater Vancouver market, condominiums have remained remarkably resilient in the face of recent conditions due to their relatively better supply and affordability.

Outpacing the rest of the nation, the aggregate price of a home in West Vancouver skyrocketed during the fourth quarter, rising by 32.8 per cent year-over-year to $3,573,148. Severe affordability issues brought on by rapid appreciation throughout the year has caused sales activity to slow, particularly in the region’s near million-dollar condominium market where prices depreciated by 7.6 per cent on a quarter-over-quarter basis. When compared to other regions across Greater Vancouver, home prices in North Vancouver fared quite well in the fourth quarter of 2016, rising 28.0 per cent year-over-year to $1,391,197. Due to its close proximity to the downtown core, buyers continued to flock to the market in search of relatively affordable property, maintaining price appreciation within the region on both a quarterly and yearly basis.

West Vancouver

                                                          Detached                                                               Attached

North Vancouver

                                                          Detached                                                              Attached

Royal LePage Survey Prediction for 2017

Looking ahead to 2017, Royal LePage forecasts that home prices across Greater Vancouver will depreciate by 8.5 per cent year-over-year, with the condominium segment and the region’s nation-leading economy expected to offset further decreases in aggregate prices throughout the year. It is also predicted that foreign investment will wane further within the region due to the recent Land Transfer Tax on Foreign Nationals and China’s State Administration of Foreign Exchange imposing new, stricter requirements on currency conversions. It is expected that Greater Vancouver will experience a near double-digit correction in the New Year, as sanity returns to the marketplace. However, inventory will continue to be the story in the New Year.

Property Assessments

As a followup to our last newsletter regarding your recently received assessments, below is a link to a helpful video explaining the relationship between your assessment and how your taxes are calculated. As a reminder, if you wish to appeal your assessment,  all submission must be received (postmark deadline) by the end of January 31, 2017.

https://www.youtube.com/watch?v=kEhzXBNfkOc&list=PLfsXSGK-4UHpUTRlH-47res4mwbw-aZPA&index=3

All the best and please give us a call if we can help you in any way.

Judi Whyte, RI and Cathy Wood

A HEATED YEAR FOR METRO VANCOUVER REAL ESTATE DRAWS TO A CLOSE

VANCOUVER, BC – January 4, 2017

The Metro Vancouver* housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2016/2016-12-December-Stats-Package

GREAT VANCOUVER HOME PRICE APPRECIATION BEGINS ITS DESCENT IN THE 4TH QUARTER OF 2016

Low inventory levels and bruised consumer confidence lead to decreased appreciation quarterover-quarter Prices across Greater Vancouver expected to correct in 2017 Vancouver, January 12, 2017 – The Royal LePage House Price Survey1 and Market Survey Forecast released today showed significant price appreciation across Greater Vancouver

http://docs.rlpnetwork.com/HousePriceSurvey/RegionalUpdates/2016/Q4/Greater_Vancouver_RLP_House_Price_Survey_HPS_Q4_2016_EN.pdf

HOME SALES AND LISTINGS JUST BELOW 10 YEAR AVERAGE

VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near historical averages in the Metro Vancouver* housing market. Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold. Last month’s sales were 7.6 per cent below the 10-year sales average for the month.

http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%20November%202016.pdf

BCREA 2016 FOURTH QUARTER HOUSING FORECAST

BC Home Sales to Decline in 2017 from Record Pace

http://www.bcrea.bc.ca/docs/news-2016/2016-11-29forecast.pdf?sfvrsn=2

OCTOBER MARKET UPDATE NEWSLETTER

The headline from the Real Estate Board’s latest News Release  for Metro Vancouver regarding October sums it up like this, “Home Sale and Listing Activity Dip Below Historical Averages in October” . You can read the complete News Release on our website www.whyte-wood.ca  to learn more about the Greater Vancouver area.

Specifically for West and North Vancouver, this is the listing and sales activity comparison between September and October:

      WEST VANCOUVER

                                                     DETACHED                                                                  ATTACHED

 NORTH VANCOUVER

                                                   DETACHED                                                                   ATTACHED

Inventory is still low with total listings at the end of October in West Vancouver at 526, at the end of October 2015 it was 531 but still much less than October 2014 of 605! Similarly, in North Vancouver, total listings at the end of October were 566 above October 2015 of 458,  however, much less than October 2014 of 845!

And as for sale prices, it looks as though sale prices are down about 10 to 20% since the earlier peak of the market. The earlier months of 2017 will undoubtedly bring clarity to the market as traditionally there is little activity in November and December.

Have a wonderful November! Please give us a call at any time!

“To give real service, you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” – Douglas Adams

HOME SALE & LISTING ACTIVITY DIP BELOW HISTORIAL AVERAGES IN OCTOBER

VANCOUVER, BC – November 2, 2016 – Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*. Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.....

http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%20October%202016.pdf

3^RD QUARTER NEWSLETTER

October 9, 2016

As we commence our 4^th Quarter, let’s have a look at what has been happening in the real estate market during the 3^rd Quarter – and, as you already know.......... quite a bit!

1.  Effective August 2, 2016, Christi Clark implemented a 15% Foreign Buyer’s Tax which by all accounts, was not something anyone disagreed with in principal, but it was the manner in which the tax was implemented without counsel with anyone in the real estate industry. Many real estate transactions suffered as a result of the government refusing to grandfather any transactions which, although firm transactions, weren’t closing until after August 2^nd. In addition, there has now been a Class Action Suit filed alleging the provincial government acted outside its jurisdiction when the Property Transfer Tax Act was amended in July, targeting the nationality of home buyers across Metro Vancouver. “The legislature of British Columbia cannot enact legislation that is properly within the constitutional authority of the Government of Canada, especially those in connection with the foreign affairs, aliens, international trade, and trade and commerce,” reported the lawyer to one of the Plaintiffs. We’ll have to wait to see how that goes!

How has the market reacted to this 15% additional tax?

In looking at the Stats for the end of September, this is what the activity looks like during the 3^rd Quarter on the North Shore:

                                                  July 2016            Aug.2016            Sept.2016      July-Aug       Aug-Sept

                                                                                                                                                  Var.%            Var.%

               LISTINGS

               North Vancouver

                             Detached           178                      120                      215                      -32.6                 +79.2

                             Condos               139                      105                      165                      -24.5                +57.1

               West Vancouver

                             Detached           165                      95                        170                      -42.4                 +78.9

                             Condos               26                        15                        31                        -42.3              +106.7      

               SALES

               North Vancouver                                                                                                               

                            Detached             99                        62                        53                        -37.4                -14.5

                            Condos               113                       77                        97                        -31.9                +26.0

               West Vancouver

                            Detached            44                        31                        22                        -29.5                 -29.0

                            Condos               17                        18                        15                        +5.9                 -16.7         

Looking at these figures, the strongest area in both Listings and Sales since August is CONDOS in North Vancouver! Even Condo listings in West Vancouver are on the rise. Certainly, the high-end Detached homes, and Condos in West Vancouver have experienced the largest decline in Sales.               

The new 15 per cent tax on foreign national home buyers in Metro Vancouver is expected to                 accelerate a moderating trend in the market that began earlier in the year. Although other regions of the province are performing above expectations and largely offsetting Vancouver’s deceleration at the provincial scale, rural properties although appearing to benefit from this tax will be affected since the majority of those Buyers are from the lower mainland!

The question is....... will the entire province eventually start to feel the effect as many of those Buyers from Vancouver, North Vancouver and West Vancouver, who intended to move to the Island or the Okanagan, but now might not be able to sell their homes for what they had hoped for their retirement years, be continuing with their plans? It might take time to see the total effect on the market.

        2.       The Property Transfer Tax now looks like this:

1% of the Purchase Price on the first $200,000

2% of the Purchase Price that exceeds $200,000 but does not exceed $2,000,000

3% of the Purchase Price that exceeds $2,000,000

              The above relates to all transactions

+15% of the Purchase Price (for Foreign Buyers only)

        3.       Flipping/Assignment

                  A Contract Assignment occurs when a Buyer transfers the contract to buy property to someone else before the                  completion date.

What has been done? 

Offers of Purchase and Sale have been amended to include the following phrase:

“RESTRICTION ON ASSIGNMENT OF CONTRACT: The Buyer and Seller agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment on the Contract by the Buyer or any subsequent assigned”. If this clause has been struck out on the Contract, then a Notice to Seller must accompany the Contract of Purchase and Sale. Note: Even if a Contract was written in both spouses names and a decision is made before completion to remove one of those names, that is considered an Assignment and legal advice should be obtained.

       4.      Change in Mortgage Insurance Rules – Announced October 2 to take effect October 17, 2016.

The Federal Government announced regulation changes for new government-backed insured mortgages so that insured homebuyers will have to qualify at the posted 5 year qualifying rate. Previously, only variable rate mortgages and mortgages with terms less than 5 years were subject to a higher qualifying rate.

Essentially, this is an initiative to slow housing activity both by potentially discouraging foreign home purchases and more importantly, by making it more difficult for Canadians to get mortgages. This is going to affect the first time home buyers and people who are buying under $1,000,000 (insured mortgages). Basically with the new rules, these Buyers will qualify for up to 25% less.

The Forecast: “Supply and demand conditions differ today depending on property type. We’re seeing more demand for condominiums and townhomes today than in the detached home market. A moderation in housing demand combined with a rising number of both new and resale homes on the market is expected to create more balance and less upward pressure on home prices.” Dan Morrison, REGV President.

We hope you have enjoyed reading this Market Update. As always, should you prefer not to receive these Newsletters to your email, please unsubscribe below. Visiting our website www.whyte-wood.ca  is another great source for Market Updates and of course, our Blog includes up-to-date articles and statements of what is going on in the marketplace should you miss them in the news.

We would love to hear from you with any questions or comments you have. Your referrals are always appreciated should know anyone who is interested in buying or selling.

Remember, our motto......... “Your Key to Service with Integrity.”

All the best until next time,

Judi Whyte RI and Cathy Wood

“Ninety percent of all millionaires become so through owning real estate.” - Andrew Carnegie-

BC Housing Demand Remains Strong Despite Fewer Vancouver Home Sales

Vancouver, BC – September 13, 2016. The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August

http://www.bcrea.bc.ca/docs/news-2016/2016-08.pdf

Metro Vancouver home sales return to typical August levels

VANCOUVER, BC – September 2, 2016 – For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels.

http://www.rebgv.org/sites/default/files/8.%20REBGV%20Stats%20Pkg%20August%202016.pdf

Home buyers remain active across Metro Vancouver

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record."While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,"

http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2016/2016-05-June-Stats-Package

DEMAND REMAINS ELEVATED ACROSS THE METRO VANCOUVER HOUSING MARKET

June 2, 2016.

Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.

http://www.rebgv.ca/content/dam/REBGV/Documents/Statistics/Residential/Media%20Stats%20Package/2016/2016-05-May-Stats-Package 

HOME SALES REMAIN AT RECORD LEVELS ACROSS METRO VANCOUVER

Last month was the highest selling April on record for Metro Vancouver.....

http://www.rebgv.org/sites/default/files/4.%20REBGV%20Stats%20Pkg%20April%202016.pdf 

March sales set an all-time record

Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.

Last month’s sales were 56 per cent above the 10-year sales average for the month.

"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per cent increase compared to February 2016 (7,299).

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity," Morrison said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $815,000. This represents a 23.2 per cent increase compared to March 2015.

Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 per cent from March 2015 to $1,342,500.

Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 per cent compared to the 1,627 sales in March 2015.The benchmark price of an apartment property increased 18.8 per cent from March 2015 to $462,800.

Attached property sales in March 2016 totalled 786, an increase of 8.9 per cent compared to the 722 sales in March 2015. The benchmark price of an attached unit increased 20.1 per cent from March 2015 to $589,100.

HOUSING MARKET UPDATE - MARCH 2016

The housing market was clearly sizzling in the province last month. BC home sales reached a record 9,637 units for the month of February, up nearly 45 per cent from a year ago. On a seasonally adjusted basis, consumer demand is at a record pace. Housing market fundamentals are strong, with job growth increasing 3 per cent year-over-year, relatively robust population growth from surging net inter-provincial migration, and a low dollar contributing to export competitiveness and a boost in tourism. However, the impact of incredibly strong consumer confidence, particularly on the south coast, is largely responsible for pushing demand into uncharted territory.

The exceptionally strong consumer demand has pulled inventories down 26 per cent over the past year, and on a seasonally adjusted basis, the inventory of homes for sale is at its lowest level in a decade. While home builders have responded with a record pace of housing starts, the additional supply isn’t expected to alleviate the demand/supply imbalance in the near term, due to the time lag between construction and completion

.

Sellers’ market conditions are prevailing in most of BCs largest urban areas, with Vancouver and the Fraser Valley entering the ominous territory of accelerated market conditions. The current environment is similar to the 1989 period where a lack of supply in the face of record demand pushed home prices to rarely seen appreciation rates. Market conditions, however, can vary significantly between individual neighbourhoods and communities so contact your local realtor to identify market conditions in your area.

The average home price for the province was up nearly 22 per cent year-over-year in February, climbing to nearly $780,000. Over the past 12 months, the MLS Home Price Composite Index, the price for a typical home, increased 22 per cent in Vancouver, over 19 per cent in the Fraser Valley and 6 to 9 per cent on Vancouver Island and in Victoria.

• the Real Estate Board of Greater Vancouver and the British Columbia Real Estate Association

Metro Vancouver home buyers set a record pace in February

Home buyer competition keeps home sellers in the driver’s seat

VANCOUVER, B.C. – February 2, 2016 – Home buyer activity remains at near record levels
across the Metro Vancouver housing market.
Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of
31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline
compared to December 2015 when 2,827 home sales occurred.
Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as
the second highest January on record.
“Fundamental economics are driving today’s market. Home buyer demand is at near record
heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV
president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442
in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in
January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties
were listed.
“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking
of selling, it’s important to talk with your REALTOR® about putting your home on the MLS®
system to ensure your property gets maximum exposure,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase
compared to December 2015 (6,024).
The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s
market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20
to 22 per cent range in a particular community for a sustained period of time.
Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the
781 detached sales recorded in January 2015. The benchmark price for detached properties
increased 27.9 per cent from January 2015 to $1,293,700.
Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent
compared to the 809 sales in January 2015.The benchmark price of an apartment property
increased 19.4 per cent from January 2015 to $456,600.
Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to
the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4 per cent
from January 2015 to $563,700.

HAPPY NEW YEAR!!

We’re happy provide you with our first Quarterly Newsletter  - this will be strictly real estate information of interest and value!

To that end, we have provided you with graphs to December 31^st, 2015:

Sales Median Prices for West Van and North Van for Detached homes, Click here

Sales Median prices for West Van and North Van for Condos, Click here

(the median is the price where half the homes sold that month were cheaper, and half were more expensive)

Also as a point of interest, December continued with the trend of listings down and sales up. In fact the Real Estate Board reports that 2015 homes sales were the highest annual total in REBGV history!!  Truly a seller’s market!

Let’s look more closely at the North Shore December 2015 sales and listings comparison to 2014:

Keeping you in the know, as of February 15, 2016, the federal government will raise the minimum down payment requirement on homes valued over $500,000 that require insurance. The minimum down payment requirement will remain at 5% for homes under $500,000 and any amount between $500,000 - $1,000,000 will require a 10% down payment. Homes valued at $1 million+  require a minimum down payment of 20% .

As always, if you have any questions or would just like to have an idea of where you stand in the real estate market, please don’t hesitate to call.

September 2015

METRO VANCOUVER HOME BUYERS COMPETE FOR FEWER HOME LISTINGS

Conditions continue to favour home sellers across *Metro Vancouver’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014, and a 0.5 per cent decrease compared to the 3,362 sales in August 2015.

Last month’s sales were 32.9 per cent above the 10-year sales average for the month.

“Residential home sales have been trending at 25 to 30 per cent above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,846 in September. This represents a 7.9 per cent decline compared to the 5,259 new listings reported in September 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 10,805, a 27 per cent decline compared to September 2014 and a 0.8 per cent decline compared to August 2015.

“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $722,300. This represents a 13.7 per cent increase compared to September 2014.

The sales-to-active-listings ratio in September was 31 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time. 

Sales of detached properties in September 2015 reached 1,272, an increase of 0.2 per cent from the 1,270 detached sales recorded in September 2014, and a 24.3 per cent increase from the 1,023 units sold in September 2013. The benchmark price for a detached property in Metro Vancouver increased 18.9 per cent from September 2014 to $1,179,700. 

Sales of apartment properties reached 1,529 in September 2015, an increase of 28.7 per cent compared to the 1,188 sales in September 2014, and an increase of 50.2 per cent compared to the 1,018 sales in September 2013. The benchmark price of an apartment property increased nine per cent from September 2014 to $415,100. 

Attached property sales in September 2015 totalled 544, an increase of 17.2 per cent compared to the 464 sales in September 2014, and a 23.1 per cent increase from the 442 attached properties sold in September 2013. The benchmark price of an attached unit increased 8.1 per cent between September 2014 and 2015 to $518,600.

August 2015

COMPETITION CONTINUES TO DRIVE METRO VANCOUVER'S HOUSING MARKET

Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 per cent above the ten-year sales average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service® (MLS®) in August 2015. This represents a 21.3 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 per cent compared to the 3,978 sales in July 2015.

Last month’s sales were 27.9 per cent above the 10-year sales average for the month.

“There was no summer lull in our market this year. Home buyers have been working with their REALTORS® throughout the summer months,” Darcy McLeod, REBGV president said. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year — that’s the dynamic driving our market right now.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August. This represents an 8.7 per cent increase compared to the 3,940 new listings reported in August 2014.

The total number of properties currently listed for sale on the region’s MLS® is 10,897, a 26.2 per cent decline compared to August 2014 and a 5.3 per cent decline compared to July 2015.

“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $708,500. This represents a 12 per cent increase compared to August 2014.

The sales-to-active-listings ratio in August was 30.9 per cent. This is the sixth consecutive month that this ratio has been above 30 per cent in Metro Vancouver.

Sales of detached properties in August 2015 reached 1,290, an increase of 11.4 per cent from the 1,158 detached sales recorded in August 2014, and a 22.6 per cent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from August 2014 to $1,159,600.

Sales of apartment properties reached 1,494 in August 2015, an increase of 32.7 per cent compared to the 1,126 sales in August 2014, and an increase of 46.8 per cent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 per cent from August 2014 to $405,400.

Attached property sales in August 2015 totalled 578, an increase of 18.7 per cent compared to the 487 sales in August 2014, and a 30.2 per cent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 per cent between August 2014 and 2015 to $511,500.

Download the complete stats package by clicking here. 

June 2015

METRO VANCOUVER HOMES SALES SET RECORD PACE IN JUNE 

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006.

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time.

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

Download the complete stats package by clicking here. 

April 2015

HOME BUYER DEMAND OUTPACING SUPPLY ACROSS THE METRO VANCOUVER HOUSING MARKET

Strong home buyer demand coupled with below average home listing activity has created seller's market conditions within the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 per cent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.

Last month’s sales were 29.3 per cent above the 10-year sales average for the month.

“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 per cent decrease compared to the 5,950 new listings reported in April 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.

The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900.

Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014, and an increase of 50.1 per cent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 per cent from April 2014 to $394,200.

Attached property sales in April 2015 totalled 785, an increase of 44.8 per cent compared to the 542 sales in April 2014, and a 53.6 per cent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 per cent between April 2014 and 2015 to $493,300.

Download the April 2015 stats package

March 2015

METRO VANCOUVER HOME BUYERS OUT IN FORCE IN MARCH

Demand continued to rise across Metro Vancouver's housing market in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.

Last month’s sales were 26.8 per cent above the 10-year sales average for the month.

"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13 per cent increase compared to the 5,281 new listings reported in March 2014.

Last month’s new listing count was 4.7 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 REBGV MLS® is 12,376, a 14.5 per cent decline compared to March 2014 and a 4 per cent increase compared to February 2015.

“The number of homes for sale today is below what’s typical for this time of year,” McLeod said. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700. This represents a 7.2 per cent increase compared to March 2014.

The sales-to-active-listings ratio in March was 32.8 per cent. This is the highest that this ratio has been in Metro Vancouver since July 2007.

Sales of detached properties in March 2015 reached 1,711, an increase of 53.3 per cent from the 1,116 detached sales recorded in March 2014, and an 83.4 per cent increase from the 933 units sold in March 2013. The benchmark price for a detached property in Metro Vancouver increased 11.2 per cent from March 2014 to $1,052,800.

Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1 per cent compared to the 1,106 sales in March 2014, and an increase of 65.7 per cent compared to the 982 sales in March 2013. The benchmark price of an apartment property increased 3.3 per cent from March 2014 to $390,200.

Attached property sales in March 2015 totalled 722, an increase of 72.3 per cent compared to the 419 sales in March 2014, and a 67.1 per cent increase from the 432 attached properties sold in March 2013. The benchmark price of an attached unit increased 4.9 per cent between March 2014 and 2015 to $484,900.

Click here to download the March 2015 stats package

February 2015

HOME BUYER & SELLER ACTIVITY OUTPACES HISTORICAL AVERAGES IN FEBRUARY

Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.

Last month’s sales were 20.2 per cent above the 10-year sales average for the month.

“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.

Last month’s new listing count was 11.8 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 REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.

The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.

“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.

Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.

Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.

January 2015

HOME BUYERS REMAIN ACTIVE DESPITE REDUCED ACTION

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

New listings for detached, attached and apartment properties in Metro Vancouver1 totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.

Last month’s new listing count was 1.2 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 REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5 per cent increase compared to January 2014.

With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.

2014 Summary

HOME SALE AND LISTING ACTIVITY REACH HISTORICAL NORMS IN 2014

It was a typical year for the Metro Vancouver housing market in certain respects.

The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”

December 2014

Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 per cent compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 per cent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

November 2014

METRO VANCOUVER HOME SALES REMAIN STRONG

Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.

Last month’s sales were 6.9 per cent above the 10-year sales average for November.

 “It’s been a more active fall than we typically see in the Metro Vancouver housing market,” Ray Harris, REBGV president said. “Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.”

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1 per cent decrease compared to the 3,245 new listings in November 2013 and a 32.8 per cent decline from the 4,487 new listings in October.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2 per cent decline compared to November 2013 and a 9.4 per cent decrease compared to October 2014.

“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said.  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7 cent increase compared to November 2013.

Sales of detached properties in November 2014 reached 1,012, an increase of 9.3 per cent from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9 per cent from November 2013 to $997,800.

Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6 per cent compared to the 969 sales in November 2013, and a 40.3 per cent increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2 per cent from November 2013 to $379,500.

Attached property sales in November 2014 totalled 452, a 6.1 per cent increase compared to the 426 sales in November 2013, and a 47.2 per cent increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8 per cent between November 2013 and 2014 to $480,200.

- See more at: http://www.rebgv.org/monthly-reports?month=November&year=2014#sthash.XgkupdHV.dpuf


October 2014

METRO VANCOUVER HOMES SALES REMAIN STRONG IN OCTOBER

Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.
 
Last month’s sales were 16.6 per cent above the 10-year sales average for October.

“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four per cent increase compared to the 4,315 new listings in October 2013 and a 14.7 per cent decline from the 5,259 new listings in September.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 per cent decline compared to October 2013 and a 6.6 per cent decrease compared to September 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six per cent increase compared to October 2013.

“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.

Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 per cent from the 1,067 detached sales recorded in October 2013, and a 60.9 per cent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 per cent from October 2013 to $995,100.

Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 per cent compared to the 1,098 sales in October 2013, and a 57.9 per cent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four per cent from October 2013 to $380,200.

Attached property sales in October 2014 totalled 518, a 4.4 per cent increase compared to the 496 sales in October 2013, and an 53.3 per cent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 per cent between October 2013 and 2014 to $479,500.

September 2014

HOME SALES ACTIVITY PICKS UP THE PACE IN SEPTEMBER

Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 per cent increase compared to the 2,483 sales in September 2013, and a 5.4 per cent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.

 “September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 per cent increase compared to the 5,030 new listings in September 2013 and a 33.5 per cent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 per cent above the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8 per cent decline compared to September 2013 and a 0.4 per cent increase compared to August 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 per cent increase compared to September 2013.

“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said.  “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 per cent from the 1,023 detached sales recorded in September 2013, and a 113.8 per cent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 per cent from September 2013 to $990,300.

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 per cent compared to the 1,018 sales in September 2013, and a 75.7 per cent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 per cent from September 2013 to $378,700.

Attached property sales in September 2014 totalled 464, a 5 per cent increase compared to the 442 sales in September 2013, and an 88.6 per cent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 per cent between September 2013 and 2014 to $477,700. 

See more at: http://www.rebgv.org/monthly-reports?month=September&year=2014#sthash.qpvUy410.dpuf

August 2014

HOUSING MARKET ACTIVITY FOLLOWS 10-YEAR MARKET AVERAGES

The Metro Vancouver housing market experienced steady home sale, listing, and pricing trends for the month of August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 10.2 per cent increase compared to the 2,514 sales recorded in August 2013, and a 9.5 per cent decline compared to the 3,061 sales in July 2014.

“Activity this summer has been strong but not unusual for our region,” Ray Harris, REBGV president said. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”

Last month’s sales were 4.3 per cent above the 10-year sales average for August of 2,658.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $631,600. This represents a 5 per cent increase compared to August 2013.

 “Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Harris said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,940 in August. This represents a 5.9 per cent decline compared to the 4,186 new listings in August 2013 and a 20 per cent decline from the 4,925 new listings in July. Last month’s new listing total was 8.4 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,768, a 7.9 per cent decline compared to August 2013 and a 5.4 per cent decrease compared to July 2014.

Sales of detached properties in August 2014 reached 1,158, an increase of 10.1 per cent from the 1,052 detached sales recorded in August 2013, and an 85.6 per cent increase from the 624 units sold in August 2012. The benchmark price for detached properties increased 6.6 per cent from August 2013 to $984,300.

Sales of apartment properties reached 1,126 in August 2014, an increase of 10.6 per cent compared to the 1,018 sales in August 2013, and a 55.3 per cent increase compared to the 725 sales in August 2012. The benchmark price of an apartment property increased 3.6 per cent from August 2013 to $379,200.

Attached property sales in August 2014 totalled 487, a 9.7 per cent increase compared to the 444 sales in August 2013, and a 62.3 per cent increase over the 300 attached properties sold in August 2012. The benchmark price of an attached unit increased 3.9 per cent between August 2013 and 2014 to $474,900.

See more at: http://www.rebgv.org/monthly-reports?month=August&year=2014#sthash.fiYC1vcf.dpuf

July 2014

HOME BUYERS CONTINUE TO OUTPACE HOME SELLERS, BUT NOT BY MUCH

The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1 per cent decline compared to the 3,406 sales in June 2014.

“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”

Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July 2013.
 
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.

The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio has ranged between 18 and 20 per cent over the last four months.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013 and a 7.8 per cent decline from the 5,339 new listings in June.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to June 2014.

Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the 1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in July 2012. The benchmark price for detached properties increased 6.5 per cent from July 2013 to $980,500.

Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012. The benchmark price of an apartment property increased 2.2 per cent from July 2013 to $376,500.

Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487 sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July 2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and 2014 to $472,400.

June 2014

Buyer demand increases while prices edge up

The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray Harris, REBGV president said.

The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

“Over the last three years, we’ve seen changes in demand yet home prices at the regional level have maintained relative stability,” Harris said. “While these numbers provide high level trends, it’s important to know that changes in prices always vary depending on neighbourhood and property type. Consult your local REALTOR® for information on trends in your area of choice.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently  $628,200. This represents a 4.4 per cent increase compared to June 2013.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013 and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count was 2.6 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease compared to May 2014.

Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the 1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June 2013 to $976,700.

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June 2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to $378,000.

Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472 sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June 2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and 2014 to $471,200.

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. 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.

Home buyer demand increases across Greater Vancouver housing market

An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 per cent increase compared to the 3,050 sales in April 2014.

Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.

The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the first time that this measure has been above 20 per cent since June 2011.

“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011,”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013 and a 0.2 per cent decline from the 5,950 new listings in April. Last month’s new listing count was 2 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase compared to April 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the 1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May 2013 to $966,500.

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to $377,500.

Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534 sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1 per cent between May 2013 and 2014 to $469,100.

April 2014

Spring buyers and sellers emerge in the Greater Vancouver housing market

Home buyers and sellers became more active in the Greater Vancouver housing market in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014.

Last month’s sales were 5.2 per cent below the 10-year sales average for April of 3,217.

The sales-to-active-listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

“We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months,” Ray Harris, REBGV president said. “People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away,” Harris said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,950 in April. This represents a 1.3 per cent increase compared to the 5,876 new listings in April 2013 and a 12.7 per cent increase from the 5,281 new listings in March. Last month’s new listing count was 1.2 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 MLS® system in Greater Vancouver is 15,515, a 7.3 per cent decline compared to April 2013 and a 7.2 per cent increase compared to March 2014.

“Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Harris said. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619,000. This represents a 3.6 per cent increase compared to April 2013.

Sales of detached properties in April 2014 reached 1,336, an increase of 25.6 per cent from the 1,064 detached sales recorded in April 2013, and an 18.7 per cent increase from the 1,126 units sold in April 2012. The benchmark price for detached properties increased 4.7 per cent from April 2013 to $956,700.

Sales of apartment properties reached 1,172 in April 2014, an increase of 11.4 per cent compared to the 1,052 sales in April 2013, and a 1.5 per cent decline compared to the 1,190 sales in April 2012. The benchmark price of an apartment property increased 2.6 per cent from April 2013 to $375,500.

Attached property sales in April 2014 totalled 542, a 6.1 per cent increase compared to the 511 sales in April 2013, and a 12.2 per cent increase over the 483 attached properties sold in April 2012. The benchmark price of an attached unit increased two per cent between April 2013 and 2014 to $464,400.

March 2014

Home sale and listing activity continue to chart steady path for region’s housing market

March home sales in Greater Vancouver outpaced last year’s total yet lagged the region’s historical average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,641 on the Multiple Listing Service® (MLS®) in March 2014. This represents a 12.5 per cent increase compared to the 2,347 sales recorded in March 2013, and a 4.4 per cent increase compared to the 2,530 sales in February 2014.

Last month’s sales were 17.2 per cent below the 10-year sales average for March of 3,190.

The sales-to-active-listings ratio currently sits at 18.2 per cent in Greater Vancouver, which is unchanged from last month.

“We continue to see steady and stable market conditions across the Greater Vancouver housing market,” said Ray Harris, REBGV president. “There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.” 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,281 in March. This represents a 9.1 per cent increase compared to the 4,839 new listings in March 2013 and a 12.4 per cent increase from the 4,700 new listings in February. Last month’s new listing count was 5.9 per cent below 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 14,472, a 6.4 per cent decline compared to March 2013 and a 7.9 per cent increase compared to February 2014.

“Home prices in the region have experienced incremental gains in most areas and property types over the last 12 months,” Harris said. “It’s important to remember that this is a diverse marketplace and trends will vary depending on area and property type.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $615,200. This represents a 3.7 per cent increase compared to March 2013.

Sales of detached properties in March 2014 reached 1,116, an increase of 19.6 per cent from the 933 detached sales recorded in March 2013, and a 5.7 per cent decrease from the 1,183 units sold in March 2012. The benchmark price for detached properties increased 4.2 per cent from March 2013 to $945,400.

Sales of apartment properties reached 1,106 in March 2014, an increase of 12.6 per cent compared to the 982 sales in March 2013, and a 7.1 per cent decline compared to the 1,191 sales in March 2012. The benchmark price of an apartment property increased 3.8 per cent from March 2013 to $375,800.

Attached property sales in March 2014 totalled 419, a 3 per cent decline compared to the 432 sales in March 2013, and a 16.2 per cent decline from the 500 attached properties sold in March 2012. The benchmark price of an attached unit increased 1.3 per cent between March 2013 and 2014 to $460,100.

February 2014

Home sales and listings continue to follow historical averages

In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.

Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.

The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per cent increase from last month.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president.  “We typically see home buyers become more active in and around the spring months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month’s new listing count was 0.5 per cent below 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 13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014.

“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.

Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent from February 2013 to $932,900.

Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent from February 2013 to $373,300.

Attached property sales in February 2014 totalled 466, an increase of 39.9 per cent compared to the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 per cent between February 2013 and 2014 to $458,300.

January 2014

Steady trends continue in the Greater Vancouver housing market

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.

December 2013

Metro Vancouver housing market characterized by modest home sale and price increases in 2013

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.

November 2013

Steady trends continue in the Greater Vancouver housing market

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.

October 2013

Balanced conditions continue in the Greater Vancouver housing market

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.

Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.

Attached property sales totaled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012.

September 2013

Sale and listing activity continues to follow historical averages

Home buyer and seller activity in the Greater Vancouver housing market continues to 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 957 units 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.

August 2013

Summer housing market remains active in Greater Vancouver

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.

July 2013

July home sale activity increases in Greater Vancouver

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. “This stability 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.

June 2013

Balanced conditions provide a stable backdrop for today’s home buyers and sellers

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 3 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.

May 2013

Spring months bring balance to Greater Vancouver housing market

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.

Sales 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.

April 2013

Spring delivers greater balance to Greater Vancouver housing market

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) reports that 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 for sale. 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 increases in 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently  $597,300. This represents 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.

March 2013

Home sale activity improves but remains below historical averages

Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent below the 10-year sales average for the month.

“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013.

Sales of detached properties reached 933 in March 2013, a decrease of 21.1 per cent from the 1,183 detached sales recorded in March 2012, and a 48 per cent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 per cent from March 2012 to $906,900.

Sales of apartment properties reached 982 in March 2013, a decline of 17.5 per cent compared to the 1,191 sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622 sales in March 2011. The benchmark price of an apartment property decreased 3.3 per cent from March 2012 to $362,100.

Attached property sales in March 2013 totalled 432, a decline of 13.6 per cent compared to the 500 sales in March 2012, and a 34.8 per cent decrease from the 663 attached properties sold in March 2011. The benchmark price of an attached unit decreased 2.5 per cent between March 2012 and 2013 to $454,300.

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:
   • sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per
     cent under the HST; and
   • tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.

These reduced tax rates apply to transactions payable on or after April 1.

February 2013

Home sales continue at below average pace

Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing Service® (MLS®) in February 2013. This represents a 29.4 per cent decrease compared to the 2,545 sales recorded in February 2012, and a 33 per cent increase compared to the 1,351 sales in January 2012.

Last month’s sales were the second lowest February total in the region since 2001 and 30.9 per cent below the 10-year sales average for the month.

“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.

The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,833 in February. This represents a 13 per cent decline compared to the 5,552 new listings reported in February 2012 and a 5.8 per cent decline from the 5,128 new listings in January. Last month’s new listing count was 4 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 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2012.

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 5.6 per cent to $590,400. This represents a 3.3 per cent decline compared to this time last year.

Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.

Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.

Attached property sales in February 2013 totalled 333, a decline of 21.5 per cent compared to the 424 sales in February 2012, and a 31.9 per cent decrease from the 489 attached properties sold in February 2011. The benchmark price of an attached unit decreased 0.7 per cent between February 2012 and 2013 to $455,500. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 6.5 per cent.

January 2013

January home sales remain quiet

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.

December 2012

Prices hold firm as home buyers and sellers conclude 2012 from the sidelines

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.

November 2012

Greater Vancouver residential property sale and listing activity below 10-year averages in November

Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.

November sales were 30.3 per cent below the 10-year November sales average of 2,420.

“Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758 in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222 properties were listed for sale on the MLS® and a 36.2 per cent decline compared to the 4,323 new listings in October 2012.

New listings were 12.9 per cent below the 10-year November average of 3,168.

At 15,689, the total number of residential property listings on the MLS® increased 13 per cent from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.

The region’s sales-to-active-listings ratio was unchanged from October at 11 per cent.

“Home prices in Greater Vancouver have generally declined between three and five and a half per cent, depending on property type, since reaching a peak six months ago,” Klein said. “Changes in home prices vary per municipality and neighbourhood. It’s good to check local market statistics with your REALTOR®.”

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 4.5 per cent to $596,900. This represents a 1.7 per cent decline when we compared to this time last year.

Sales of detached properties in Greater Vancouver reached 629 in November, a decrease of 31.3 per cent from the 916 detached sales recorded in November 2011, and a 40.1 per cent decrease from the 1,050 units sold in November 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 5.5 per cent to $914,500.

Sales of apartment properties reached 750 in November 2012, a 25 per cent decrease compared to the 1,000 sales in November 2011, and a decrease of 28.7 per cent compared to the 1,052 sales in November 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent to $364,900.

Attached property sales in November 2012 totalled 307, a 30.9 per cent decrease compared to the 444 sales in November 2011, and a 24.6 per cent decrease from the 407 attached properties sold in November 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 3.6 per cent to $454,300.

Feature Facts:
• Of the 15,689 homes currently for sale on the MLS® in Greater Vancouver, 49.6 per cent are listed for $600,000 or less. Of those, 1,321 are detached properties, 5,039 are condominiums and 1,419 are townhomes.
• Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1 million or more.

October 2012

Housing market sees slight changes in October

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.

Sales 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.

September 2012

Conditions Continue to Favour Buyer's in the Greater Vancouver Housing Market

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.

August 2012

Home Sellers Continue to Outnumber Home Buyers in Greater Vancouver's Summer Housing Market

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.

July 2012

Greater Vancouver Housing Market Hits Summer Lull

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.

June 2012

Greater Vancouver Housing Market Favoured Buyers In June

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.

May 2012

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.

The methodology, available at www.homepriceindex.ca, will be updated later this week.

**Lower Mainland: Includes areas covered by the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board.

Spotlight on Greater Vancouver home prices:

April 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 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.

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.

March 2012

Increased selection helps maintain balance in Greater Vancouver housing market

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 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent 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 per cent 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 per cent increase compared to February when 5,552 homes were listed and a 14 per cent 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 per cent 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 per cent in March compared to last month and increased 16 per cent 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 per cent 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 per cent compared to March 2011.

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

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

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

The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS®. The Real Estate Board provides a variety of membership 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.

February 2012

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

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 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent 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 per cent, 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 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent 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 per cent in February compared to last month and increased 17.9 per cent 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 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

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

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

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

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.¹

“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 per cent compared to January 2011 and down 0.1 per cent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.² The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 per cent compared to January 2011.

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

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

Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011, and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome³ unit declined 0.5 per cent between January 2011 and 2012 to $468,000.

¹ The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was indexed to 2001. Sales prior to 2005 will not be considered in the MLS® HPI. Click here to view more detailed information on the MLS® HPI.
² The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board, and is comprised of communities from Whistler to Abbotsford.
³ Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do not included duplexes.

January 2012

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

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 per cent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010.