real estate from the inside out

How's The Market?

It's hard to know what to believe when you hear so many messages about the market.  In this section I update on a monthly basis what I see the market doing based on helping buyers and sellers on a daily basis, working out of my RE/MAX office surrounded by top producing agents who share their experiences, working in the current market conditions and statistical information based on sales activity and inventory absorption.  Please keep in mind that specific values are very dependent on property and area so for a more indepth conversation on your property and location give me a call.

 

Nov. 2016

 

Home sales and listings just below 10-year average

 

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.

 

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president. 

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.

 

Last month’s new listing count was 1.2 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 Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

 

The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent). 

 

Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.

 

“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.

 

Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.

 

Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.

 

Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.

Download the full stats package by clicking here.

 

 Oct. 2016

 

Home sale and listing activity dip below historical averages in October

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.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.” 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 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 MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354). 

The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016. 

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

Download the complete stats package by clicking here


 

Aug. 2016

 

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.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.

 

From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.

 

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

 

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.

 

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).

 

The sales-to-active listings ratio for August 2016 is 29.3 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.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.

 

“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”

 

The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.

 

Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.

 

Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.

 

Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months. 

Click here for the August 2016 stats package

 

Feb. 2016

 

Metro Vancouver home buyers set a record pace in February

 

Last month was the highest selling February on record for the Metro Vancouver housing market.

 

Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 home sales occurred.

 

Last month’s sales were 56.3 per cent above the 10-year sales average for the month and ranks as the highest February sales total on record.

 

"We're in a competitive, fast-moving market cycle that favours home sellers," Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.

 

"We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand,” McLeod said.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).

 

The sales-to-active listings ratio for February 2016 is 57.2 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.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.

 

Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.

 

Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.

Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600.

Download the full stats package by clicking here.

Jan. 2016

 

Home buyer activity remains at near record levels across the Metro Vancouver housing market.

 

Residential property sales in Metro 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 Metro 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 25.9 per cent from January 2015 to $1,273,100.

 

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 15.9 per cent from January 2015 to $443,400.

 

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 14.6 per cent from January 2015 to $555,100.

 

 

 

Friday Oct. 2, 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 2014. 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.

*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Click here to download the complete stats package.

Office and retail activity drive commercial real estate sales in the Lower Mainland

 

 

 

Thursday, September 17, 2015

 

A record number of office and retail sales kept the Lower Mainland’s commercial real estate market trending above long-term averages in the second quarter of 2015, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

  

The total dollar value of commercial sales in the region was $1.9 billion in the second quarter (Q2) of 2015, a 41.2 per cent increase from Q2 2014.

 

There were 591 commercial real estate sales in the Lower Mainland in Q2 2015, according to Commercial Edge. This is a 16.1 per cent increase compared to the 509 sales recorded in Q2 2014, a 25.7 per cent increase from the 470 sales recorded in Q2 2013, and a 9 per cent increase from the 542 sales recorded over the same period in 2012.

 

“This has been the busiest quarter in terms of commercial sales in the last five years,” Darcy McLeod, REBGV president said.

 

Q2 2015 activity by category

 

Land: There were 191 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q2 2015, a 13.7 per cent increase from the 168 land sales in Q2 2014. The dollar value of land sales in Q2 2015 was $937 million, up 47.7 per cent from $634 million in Q2 2014.

 

Office and Retail: There were 235 office and retail sales in the Lower Mainland in Q2 2015, a 21.1 per cent increase from the 194 office and retail sales in Q2 2014. The dollar value of office and retail sales in Q2 2015 was $575 million, a 74.2 per cent increase from $330 million in Q2 2014.

 

Industrial: There were 135 industrial land sales in the Lower Mainland in Q2 2015, which is a 13.4 per cent increase compared to the 119 industrial land sales in Q2 2014. The dollar value of industrial sales in Q2 2015 was $226 million, a 69.8 per cent increase from $133 million in Q2 2014.

 

Multi-Family: There were 30 multi-family sales in the Lower Mainland in Q2 2015, which is up 7.1 per cent from the 28 sales in Q2 2014. The dollar value of multi-family sales in Q2 2015 was $162 million, a 34.5 per cent decline from $247 million in Q2 2014.

 

Click here to download the complete stats package.

 

Competition continues to drive Metro Vancouver’s housing market

  

Tuesday, September 1, 2015

 

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 August 2015 stats package 

  

Summer heat doesn’t slow home buyer activity

 

 

Wednesday, August 5, 2015

 

Metro Vancouver home sales were more than a third above the 10-year average in July, while the number of homes listed for sale continues to trend below recent years.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver* reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30 per cent increase compared to the 3,061 sales recorded in July 2014, and a decrease of 9.1 per cent compared to the 4,375 sales in June 2015.

 

Last month’s sales were 33.5 per cent above the 10-year sales average for the month.

 

“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” Darcy McLeod, REBGV president said.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,112 in July. This represents a 3.8 per cent increase compared to the 4,925 new listings reported in July 2014.

 

The total number of properties currently listed for sale on the region’s MLS® is 11,505, a 26.3 per cent decline compared to July 2014 and a 5.5 per cent decline compared to June 2015.

 

"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years."

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. This represents an 11.2 per cent increase compared to July 2014.

 

With the sales-to-active-listings ratio at 34.6 per cent, the region remains in seller’s market territory.

 

“Although there aren’t as many homes for sale today compared to recent years, home buyers continue to have a range of housing options, at different price points, to choose from across Metro Vancouver,” McLeod said. “The diversity of housing options is part of what’s driving today’s demand.”

 

Sales of detached properties in July 2015 reached 1,559, an increase of 17.9 per cent from the 1,322 detached sales recorded in July 2014, and a 24.8 per cent increase from the 1,249 units sold in July 2013. The benchmark price for a detached property in Metro Vancouver increased 16.2 per cent from July 2014 to $1,141,800.

 

Sales of apartment properties reached 1,729 in July 2015, an increase of 42.7 per cent compared to the 1,212 sales in July 2014, and an increase of 42.9 per cent compared to the 1,210 sales in July 2013. The benchmark price of an apartment property increased 5.9 per cent from July 2014 to $400,900.

 

Attached property sales in July 2015 totalled 690, an increase of 30.9 per cent compared to the 527 sales in July 2014, and a 41.7 per cent increase from the 487 attached properties sold in July 2013. The benchmark price of an attached unit increased 7.8 per cent between July 2014 and 2015 to $511,500.

 

- See more at: http://www.rebgv.org/news-statistics/summer-heat-doesn%E2%80%99t-slow-home-buyer-activity#sthash.VaLEKGZa.dpuf

 

 

 

Metro Vancouver home sales set record pace in June

 

Friday, July 3, 2015

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.

- See more at: http://www.rebgv.org/news-statistics/metro-vancouver-home-sales-set-record-pace-june#sthash.0k77iBHE.dpuf

  

Land sales drive commercial real estate activity in the first quarter

 

 

Thursday, June 18, 2015

 

 

An increase in raw land sales helped boost commercial real estate totals across the Lower Mainland in the first quarter of 2015, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

 

The total dollar value of commercial sales in the region reached $1.5 billion in the first quarter (Q1) of 2015, a 7.6 per cent increase from Q1 2014.

 

There were 505 commercial real estate sales in the Lower Mainland in Q1 2015, according to Commercial Edge. This is an 8.6 per cent increase compared to the 465 sales recorded in Q1 2014, a 30.5 per cent increase from the 387 sales recorded in Q1 2013, and a 4.1 per cent increase from the 485 sales recorded over the same period in 2012.

 

“It was the most active first quarter we’ve seen in our commercial market over the last five years,” Darcy McLeod, REBGV president said. “This activity reflects the growth we’re seeing in related sectors within our economy such as retail and manufacturing.”

 

Q1 2015 activity by category

 

Land: There were 186 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q1 2015, a 13.4 per cent increase from the 164 land sales in Q1 2014. The dollar value of land sales in Q1 2015 was $753 million, up 4.4 per cent from $721 million in Q1 2014.

 

Office and Retail: There were 167 office and retail sales in the Lower Mainland in Q1 2015, a 5.7 per cent increase from the 158 office and retail sales in Q1 2014. The dollar value of office and retail sales in Q1 2015 was $369 million, a 0.7 per cent decline from $371 million in Q1 2014.

 

Industrial: There were 123 industrial land sales in the Lower Mainland in Q1 2015, which is a 6 per cent increase compared to the 116 industrial land sales in Q1 2014. The dollar value of industrial sales in Q1 2015 was $217 million, a 12.3 per cent decline from $248 million in Q1 2014.

 

Multi-Family: There were 29 multi-family sales in the Lower Mainland in Q1 2015, which is up 7.4 per cent from the 27 sales in Q1 2014. The dollar value of multi-family sales in Q1 2015 was $231 million, a 95.2 per cent increase from $118 million in Q1 2014.

 

- See more at: http://www.rebgv.org/news-statistics/land-sales-drive-commercial-real-estate-activity-first-quarter#sthash.DaeOv3nC.dpuf

 

May 2015

Metro Vancouver home sales surpass 4,000 for third consecutive month

 

It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7 per cent above the 10-year sales average for the month.

“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a compared 5 per cent decrease to the 5,936 new listings reported in May 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.

“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014.

The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900.

Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.

 

 

March 2015

Home Buyer and Seller Activity Outpaces Historical Averages in February...

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.

To Discuss the Value of your Home please call for a no obligation in Home Evaluation.

 

September 2014

Housing Market Activity Follows 10 Year Market Average

  • Activity strong but not unusual.
  • Volume of sales higher than we've seen in the last 3 years.
  • Broadly speaking home prices are experiencing modest incrimental price gains (5% since last year this time).
  • Currently almost 15,000 properties listed in Metro Van. market.
  • Benchmark price for dettached in Van. $984,300
  • Benchmark price for appartment in Van. $379,200
  • Benchmark price for attached in Van. $474,900

These numbers are very general...please contact me for area specific information!

June 2014

The Busy Real Estate Season Is Here!

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.

 

Whether you're thinking of buying, selling, or simply wondering about the direction of the real estate market in your own area, please remember that you're always welcome to call for a no-obligation discussion.

 

May 2014

The busy spring/summer real estate season kicked off in April with a total of 3,050 residential property sales on the Multiple Listing Service® (MLS®) in Greater Vancouver.

"We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months," said REBGV President Ray Harris. "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."

New listings for detached, attached and apartment properties in Greater Vancouver totaled 5,950 in April, while the total number of properties listed for sale on the MLS® system in Greater Vancouver reached 15,515.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver came in at $619,000. Harris noted, "Home prices in the region continue to show steady, yet modest, increases when compared to last year."

Sales of detached properties rose 25.6 percent over last year to 1,336 in April 2014, while the benchmark price increased 4.7 percent from April 2013 to $956,700.

Sales of apartment properties reached 1,172 in April 2014, an increase of 11.4 percent compared to April 2013, with a year-overyear increase of 2.6 percent in the benchmark price, reaching $375,500.

Whether you're thinking of buying, selling, or simply wondering about the direction of the real estate market in your own area, please remember that you're always welcome to call for a no-obligation discussion.

 

April 2014

Home sale and listing activity continue to chart a steady path for the 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.
  • Last month’s sales were 17.2 per cent below the 10-year sales average for March of 3,190.
  • “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.” 
  • 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.
  • “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.”

 

January 2014

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

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 Jessica Smith at 778-227-9666 or jessicasmith@remax.net

  • December sales were 8.1 per cent above the 10-year December sales average of 1,807.
  • The benchmark price for detached properties increased 2.5 per cent from December 2012 to $927,000.
  • The benchmark price of an apartment property increased 1.8 per cent from December 2012 to $367,800.
  • The benchmark price of an attached unit increased 1.2 per cent between December 2012 and 2013 to $456,100.

Buyers and Sellers are actively back in the market so don't think you have to wait until February or March to get the ball rolling...call me to discuss your real estate plans today.

 

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

--To discuss the value of your property please contact me.

 

 

SEPTEMBER 2013

Sales Sizzle In Greater Vancouver Market

 

August home sales in Greater Vancouver roared ahead to end the summer with hot sales numbers and a positive housing outlook.

 

The Real Estate Board of Greater Vancouver (REBGV) reported that August 2013 residential property sales in Greater Vancouver increased by 52.5 percent compared to August 2012 results. Price-wise, REBGV President Sandra Wyant cautioned, "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."

 

There were 1,052 sales of detached properties in August 2013, an increase of 69 percent from sales recorded in August 2012, and a 3.1 percent increase from August 2011 sales. The benchmark price for detached properties was $923,700 in August 2013, a two percent decrease from August 2012.

 

Sales of apartment properties reached 1,018 in August 2013, an increase of 40.4 percent compared to August 2012, and an increase of 6.6 percent compared to sales in August 2011. The benchmark price of an apartment property in August 2013 was $366,100, a 1.1 percent decrease compared to August 2012.

 

Overall, "We've seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale," noted Wyant. "The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year."

 

Wondering how real estate activity in your area compares to these averages? Please call me today for the latest local market updates!

 

JULY 11, 2013

INTEREST RATES ON THE RISE

CANADA DID YOU KNOW:

The overall average prices (condos and houses together) of our major cities
compare: $760,000 in Vancouver, $542,000 in Toronto, $457,500 in Calgary and $360,000 in Edmonton.

A BLAST FROM THE PAST

It is amazing to see, when one looks at the last 20 years how clear real estate markets and the forecasting thereof become. Our prices went higher with hardly a breather (but there were some!). Sales and listings fluctuate and the picture that emerges is clearer. Yes, we are in a buyer's market ... but not to worry.

TY
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
YS 20,200 18,300 18,700 10,500 14,161 14,794 9,883 11,850 10,979 13,489
AP 244,000 282,500 295,000 320,700 295,200 288,900 287,100 283,400 299,000 287,500
AL 13,600 14,800 15,400 19,900 19,930 19,387 20,957 17,310 16,973 14,678

 

TY
2002 2003 2004 2005 2006 2007 2008 2009 2011 2012 2013
YS 19,000 18,501 21,639 21,487 21,027 20,308 16,243 15,291 18,881 15,033 13,680
AP 300,700 326,000 377,477 423,800 498,000 561,000 612,000 563,900 803,700 749,300 760,300
AL 12,970 10,935 12,856 10,791 10,033 11,811 18,269 13,252 15,106 18,438 17,289

 

Major Point: Last June "Sales were the lowest since 2001 (and lower than 1992-1994)". This year they are even lower by 9% of that low. Prices about even with last year but down from 2011's $803,700 (or May 2011 high of $834,000). Listing inventory is 6% lower. Only 1998, 2008, and 2012 were higher. Markets are a bit better, but buyer's market stays firmly in place - overall.

 

Spring 2013 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.

Call me for a more specific analysis of your property and neighborhood!

Jan. 2013!

For all you statistic junkies have a look at the attached document below!

2012 dec mvr Snap Stats

VANCOUVER, BC – 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 5.51 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 per cent.

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 4.92 per cent.

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 per cent.

November 7, 2012

Please find attached October SnapStats.

October 2012 Market Snap Stats

IMPORTANT #2: Next Report Delivery Date is Friday, December 7th for your November 2012 statistics. Please mark your calendar!

November 7, 2012

Vancouver Numbers

Sales declined only by 16% over last October compared to the 33% decline last month. Price declines year over year are only around - 3% ... except North Burnaby and the Sunshine Coast that experienced much higher declines (-19% and -20%). Active listings at 17,370 are 12% higher. Keeping in mind the high was $834,000 ... the market is hanging in there ...

The sales-to-active-listings ratio increased slightly to 11% in October from 8% in September. However, October sales were 28.5% below the 10-year October sales average of 2,700!

Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6% while detached homes in Richmond and West Vancouver have seen declines of 6% over the same time period.

Sales of detached properties in Greater Vancouver reached 790 in October, a decrease of 19% from the 974 detached sales recorded in October 2011, and a 19% 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% to $927,500.

Sales of apartment properties reached 803 in October 2012, a 16% decrease compared to the 958 sales in October 2011, and a decrease of 18.4% 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% to $368,800. (JREI reports actual average prices, the benchmark price is an 'implied' price). However, the benchmark price reported shows the same downturn.

Vancouver

Oct 2012

Oct 2011

%

YTD 2012

YTD 2011

%

Units Sold

1,939

2,317

-16%

22,243

28,413

-21%

Average Price

738,800

769,000

-03%

737,200

791,200

-06%

Active Listings

17,370

15,377

+12%

 

 

 

Det. Prices New

1,676,000

1,621,600

+03%

1,368,500

1,396,000

-01%

Det. Prices Used

1,057,100

1,130,100

-06%

1,102,900

1,161,000

-05%

Apt. Prices New

436,300

491,000

-11%

463,700

518,900

-10%

Apt. Prices Used

428,600

441,000

-02%

439,000

451,200

-02%

Major Points: As in the Fraser Valley there is a wide discrepancy between areas. Some area sales are down as much as 50% others much less so. Same with prices. FOR EXAMPLE: TAKE A LOOK VANCOUVER EAST: Attached (added at the bottom of this publication) the slides (provided by the SNAP STATS) for both condo and attached stats and detached stats for the last 5 years ending December 2011. Nothing demonstrates the need to take a closer look at subareas more then this comparison. While condo prices on average in the Main street area (over 5 years) have risen by 19% they are actually down on average in Downtown (East) by -8%! In most areas - singe family homes outperformed condos on price appreciation.

Vancouver Avg. Prices

Price Oct 2012

Price Oct 2011

%

Sales 2012

Sales 2011

%

West Side

1,116,500

1,079,200

+03%

417

492

-15%

East Side

640,800

637,400

00%

184

262

-29%

Richmond

671,600

736,400

-08%

225

263

-14%

Coquitlam

533,700

553,100

-03%

140

172

-18%

North    Burnaby

485,800

602,200

-19%

107

141

-24%

Sunshine    Coast

399,400

500,200

-20%

51

37

+37%

Vancouver Overall

738,800

769,000

-03%

1,939

2,317

-16%

Major Point: Fraser Valley average prices are some $165,000 below the Vancouver average. But with its vast trading area you really have to zero in on the numbers to get an accurate picture of a specific area. White Rock condo prices - for instance - are down by 23% to $277,500 from $359,000; Mission down 35% (on very low volume), whereas Langley condo prices actually rose by 4% to $212,000 and Surrey Central clocked in a full 10% higher at $205,000. As everywhere in the Lower Mainland - even in BC, the best deals may be found in new construction. We hear from Realtors that some developers are reviewing offers with a very sharp pencils and are throwing in furniture packages as well as dollar reductions.

Referenced by O. Jurock.

October 23, 2012

Please find attached Septembers SnapStats.

2012 ss sept metro vancouver

IMPORTANT #2: Next Report Delivery Date is Monday, November 5th for your October 2012 statistics. Please mark your calendar!

You require Adobe reader to view the report.

 

October 2012

Vancouver Numbers

Sales declined by 33% to 1,516 in September compared to the 2,246 sales in September 2011.

More importantly, September sales were 41.6 per cent below the 10-year September sales average of 2,597. This follows an August performance where sales were at a 15-year low.

"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." Well, yes, but clearly that cannot be the only reason.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,321 in September up by 31.6 per cent compared to the 4,044 new listings in August 2012.

At 18,350, the total number of active listings on the MLS increased 14 per cent from this time last year.

"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. Indeed!

Sales of detached properties in September 2012 reached 594, a decrease of 38 per cent from the 957 detached sales recorded in September 2011 and a 31 per cent decrease from the 866 units sold in September 2010.

Sales of apartment properties reached 676 in September 2012, a 27 per cent decrease compared to the 922 sales in September 2011.

Vancouver
Sept 2012
Sept 2011
%
YTD 2012
YTD 2011
%
Units Sold
1,521
2,255
-32%
20,304
26,096
-22%
Average Price
724,600
752,800
-03%
737,100
793,200
-07%
Active Listings
18,350
16,085
+14%
     
Det. Prices New
1,553,000
1,206,600
+28%
1,107,600
1,164,800
-05%
Det. Prices Used
1,119,300
1,104,300
+01%
1,120,300
1,174,000
-04%
Apt. Prices New
398,300
572,600
-30%
465,700
518,900
-10%
Apt. Prices Used
451,400
443,600
+01%
440,000
452,000
-02%

 

Major Points:

1. A quick look shows only a 3% decline in the overall price average (all properties between Lions Bay and Mission), yet when you look at February 2012 ($806,000) and May 2011 ($834,000) prices in September 2012 ($724,600) are down by 11% and 13.5% respectively.

2. New home sales (several over $3 million) distort the price average further.

3. The 30% decline in new condo prices likely reflects only the fact that developers are creating smaller units

4. There is a wide discrepancy between areas. Some area sales are down as much as 50% others much less so. Same with prices.

A good time to make some offers. What to offer on? Watch your preferred area closely. Understand what is for sale, watch for price reductions, select a great realtor Jessica Smith:), make aggressive offers. The 'deal of a lifetime' comes mostly in down markets.