Category: vancouver

Vancouver real estate news for November 2012

Slow house sales in VancouverGreater 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.

Vancouver’s housing price index for September 2012

Apartment Listings versus Sold in Burnaby as of Sept 2012 The Real Estate Board of Greater Vancouver maintains a Housing Price Index on the benchmark price of typical homes in the metro Vancouver region. These are useful when looking at how the market is doing overall.Below you will find the prices for three types of property

  • Detached – i.e. single family homes
  • Attached – i.e. townhouses
  • Apartments

The figures in brackets against each area show the percentage change over the last year. [Square brackets show the change over 5 years.] I have highlighted the biggest increases in bold and the greatest decreases in red for each category of property.

DETACHED BENCHMARK PRICES

  • Greater Vancouver $935,600 (-0.5%), [5yr: 23.4%]
  • Bowen Island $592,200 (-1.9%), [5yr: -6.8%]
  • Burnaby East $751,300 (4.5%), [5yr: 21%]
  • Burnaby North $910,900 (0.2%), [5yr: 26.2%]
  • Burnaby South $1,003,700 (4.2%), [5yr: 37.8%]
  • Coquitlam $713,600 (3.6%), [5yr: 15.2%]
  • Ladner $622,500 (-0.9%), [5yr: 12.1%]
  • Maple Ridge $468,700 (1.1%), [5yr: -0.5%]
  • New Westminster $672,000 (1.8%), [5yr: 20.4%]
  • North Vancouver $961,200 (5.2%), [5yr: 12.9%]
  • Pitt Meadows $501,700 (1.6%), [5yr: 3.2%]
  • Port Coquitlam $556,000 (1.4%), [5yr: 8.7%]
  • Port Moody $851,100 (5.3%), [5yr: 13.7%]
  • Richmond $962,900 (-4.2%), [5yr: 36.7%]
  • Squamish $508,300 (4.1%), [5yr: 5.7%]
  • Sunshine Coast $365,400 (-3.8%), [5yr: -6.6%]
  • Tsawwassen $724,000 (1.6%), [5yr: 13%]
  • Vancouver East $850,000 (3.2%), [5yr: 33.6%]
  • Vancouver West $2,088,700 (-6.5%), [5yr: 39.7%]
  • West Vancouver $1,847,400 (4%), [5yr: 21.9%]
  • Whistler $848,200 (-5.3%), [5yr: -3.1%]

ATTACHED BENCHMARK PRICES

  • Greater Vancouver $458,600 (-2.7%), [5yr: 7.7%]
  • Burnaby East $419,900 (1.8%), [5yr: 9%]
  • Burnaby North $393,700 (-8%), [5yr: 3.8%]
  • Burnaby South $417,800 (-2.3%), [5yr: 9.3%]
  • Coquitlam $383,300 (-1.6%), [5yr: 2.5%]
  • Ladner $449,400 (-2.2%), [5yr: 8.6%]
  • Maple Ridge $272,400 (-4.4%), [5yr: -7.2%]
  • New Westminster $394,800 (0.1%), [5yr: 8.6%]
  • North Vancouver $576,200 (-0.1%), [5yr: 4.5%]
  • Pitt Meadows $327,700 (-1.3%), [5yr: 0.3%]
  • Port Coquitlam $367,000 (-1.5%), [5yr: -1.1%]
  • Port Moody $411,900 (-0.9%), [5yr: -0.8%]
  • Richmond $496,500 (-4%), [5yr: 18.2%]
  • Squamish $353,800 (2.1%), [5yr: 3.1%]
  • Tsawwassen $457,000 (-9.2%), [5yr: 3.1%]
  • Vancouver East $505,000 (-1.5%), [5yr: 11.4%]
  • Vancouver West $672,400 (-1.3%), [5yr: 11.1%]
  • Whistler $462,400 (2.5%), [5yr: 13.5%]

APARTMENT BENCHMARK PRICES

  • Greater Vancouver $368,600 (-0.7%), [5yr: 2.5%]
  • Burnaby East $353,000 (-3%), [5yr: -10.8%]
  • Burnaby North $328,900 (-2%), [5yr: -1.6%]
  • Burnaby South $371,800 (-4.5%), [5yr: 4.3%]
  • Coquitlam $257,200 (1.9%), [5yr: -1.9%]
  • Ladner $312,700 (-2.9%), [5yr: 5.2%]
  • Maple Ridge $179,100 (-2.1%), [5yr: -12.9%]
  • New Westminster $271,000 (-2.1%), [5yr: 3.3%]
  • North Vancouver $358,800 (4.7%), [5yr: 3.5%]
  • Pitt Meadows $219,500 (-1%), [5yr: -13.5%]
  • Port Coquitlam $225,000 (-4.4%), [5yr: -10.5%]
  • Port Moody $314,600 (4.5%), [5yr: -4.4%]
  • Richmond $334,700 (-2.5%), [5yr: 0%]
  • Squamish $259,200 (15.2%), [5yr: -5.8%]
  • Tsawwassen $333,000 (-3.8%), [5yr: -0.6%]
  • Vancouver East $305,600 (1.4%), [5yr: 8.8%]
  • Vancouver West $465,600 (-1.2%), [5yr: 3.9%]
  • West Vancouver $624,800 (-2%), [5yr: -6.2%]
  • Whistler $241,400 (-4.7%), [5yr: 67.3%]

September’s real estate market still VERY slow

Sales versus listings in Vancouver West as at Sept 2012VANCOUVER, BC – 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.

See also the Housing Price Index for September 2012 for details of specific areas across the metro Vancouver area.

Vancouver’s real estate news for 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.

DETACHED BENCHMARK PRICES

  • Greater Vancouver $967,500 ( 5.1%)
  • Bowen Island $625,500 ( 4.3%)
  • Burnaby East $767,400 ( 7.4%)
  • Burnaby North $944,500 ( 6.6%)
  • Burnaby South $1002,100 ( 5.4%)
  • Coquitlam $719,000 ( 5.4%)
  • Ladner $655,600 ( 6.7%)
  • Lower Mainland $779,800 ( 4.6%)
  • Maple Ridge $465,800 ( -0.5%)
  • New Westminster $687,300 ( 4.6%)
  • North Vancouver $983,700 ( 7.8%)
  • Pitt Meadows $503,500 ( 0.1%)
  • Port Coquitlam $563,100 ( 2.4%)
  • Port Moody $841,400 ( 2.8%)
  • Richmond $1,019,100 ( -0.5%)
  • Squamish $504,200 ( 7.2%)
  • Sunshine Coast $367,100 ( -0.4%)
  • Tsawwassen $738,900 ( 5.9%)
  • Vancouver East $862,200 ( 8.7%)
  • Vancouver West $2,248,300 ( 7.8%)
  • West Vancouver $1,948,200 ( 12.3%)
  • Whistler $827,400 ( 1.7%)

ATTACHED BENCHMARK PRICES

  • Greater Vancouver $470,000 ( 0.9%)
  • Burnaby East $421,000 ( 0.7%)
  • Burnaby North $398,200 ( -3.3%)
  • Burnaby South $424,700 ( 0.9%)
  • Coquitlam $383,000 ( -0.4%)
  • Ladner $458,400 ( 0.3%)
  • Lower Mainland $402,200 ( 0.8%)
  • Maple Ridge $275,200 ( -2.6%)
  • New Westminster $397,500 ( 1.6%)
  • North Vancouver $602,100 ( 4.0%)
  • Pitt Meadows $321,200 ( -4.6%)
  • Port Coquitlam $378,800 ( 1.8%)
  • Port Moody $406,900 ( -2.8%)
  • Richmond $509,200 ( 0.9%)
  • Squamish $353,500 ( 2.8%)
  • Tsawwassen $476,100 ( -6.2%)
  • Vancouver East $519,000 ( 3.8%)
  • Vancouver West $710,000 ( 4.1%)
  • Whistler $477,100 ( 3.4%)

APARTMENT BENCHMARK PRICES

  • Greater Vancouver $379,700 ( 1.7%)
  • Burnaby East $368,300 ( -2.1%)
  • Burnaby North $342,100 ( 0.9%)
  • Burnaby South $381,600 ( -1.2%)
  • Coquitlam $261,200 ( -1.4%)
  • Ladner $318,800 ( 0.2%)
  • Lower Mainland $346,500 ( 1.5%)
  • Maple Ridge $181,100 ( -3.8%)
  • New Westminster $274,600 ( 2.8%)
  • North Vancouver $352,400 ( 0.7%)
  • Pitt Meadows $218,800 ( -3.7%)
  • Port Coquitlam $234,100 ( -3.1%)
  • Port Moody $319,900 ( 6.6%)
  • Richmond $351,400 ( 0.2%)
  • Squamish $249,600 ( -1.8%)
  • Tsawwassen $339,700 ( -0.8%)
  • Vancouver East $310,700 ( 2.5%)
  • Vancouver West $488,500 ( 2.8%)
  • West Vancouver $649,500 ( 4.2%)
  • Whistler $246,000 ( 14.6%)

Vancouver real estate round up

A townhouse for sale
Townhouse for sale

Vancouver’s benchmark prices

The Real Estate Board of Greater Vancouver maintains statistics on the benchmark price of typical homes in the metro Vancouver region. These are useful when looking at how the market is doing overall.Below you will find the prices for three types of property

  • Detached – i.e. single family homes
  • Attached – i.e. townhouses
  • Apartments

The figures in brackets against each area show the percentage change over the last year.

Detached Benchmark Prices

  • Greater Vancouver $1,064,800 ( 6.3%)
  • Bowen Island $622,500 ( 2.1%)
  • Burnaby East $755,200 ( 8.2%)
  • Burnaby North $924,200 ( 8.9%)
  • Burnaby South $974,200 ( 8.6%)
  • Coquitlam $712,000 ( 5.3%)
  • Ladner $651,200 ( 8.0%)
  • Maple Ridge $469,100 ( -0.2%)
  • New Westminster $676,200 ( 4.5%)
  • North Vancouver $977,300 ( 7.6%)
  • Pitt Meadows $506,300 ( 0.8%)
  • Port Coquitlam $555,200 ( 1.5%)
  • Port Moody $805,000 ( 2.6%)
  • Richmond $1,031,400 ( 0.5%)
  • Squamish $498,200 ( 6.3%)
  • Sunshine Coast $377,700 ( 0.6%)
  • Tsawwassen $726,700 ( 5.6%)
  • Vancouver East $847,200 ( 9.9%)
  • Vancouver West $2,268,600 ( 9.9%)
  • West Vancouver $1,979,000 ( 16.1%)
  • Whistler $806,100 ( 0.3%)

Attached Benchmark Prices

  • Greater Vancouver $487,300 ( 1.7%)
  • Burnaby East $434,000 ( 0.1%)
  • Burnaby North $421,600 ( -0.5%)
  • Burnaby South $433,300 ( 1.1%)
  • Coquitlam $388,200 ( 1.7%)
  • Ladner $454,100 ( -1.0%)
  • Maple Ridge $274,400 ( -2.1%)
  • New Westminster $405,700 ( 2.3%)
  • North Vancouver $606,500 ( 5.4%)
  • Pitt Meadows $319,000 ( -4.6%)
  • Port Coquitlam $379,000 ( 2.7%)
  • Port Moody $417,700 ( -2.4%)
  • Richmond $509,900 ( 1.2%)
  • Squamish $354,900 ( 2.3%)
  • Tsawwassen $475,000 ( -7.3%)
  • Vancouver East $535,700 ( 6.5%)
  • Vancouver West $722,700 ( 3.4%)
  • Whistler $518,300 ( 4.9%)

Apartment Benchmark Prices

  • Greater Vancouver $375,900 ( 1.1%)
  • Burnaby East $369,300 ( 2.0%)
  • Burnaby North $351,100 ( -0.3%)
  • Burnaby South $382,100 ( 0.1%)
  • Coquitlam $259,800 ( -2.9%)
  • Ladner $307,900 ( -2.6%)
  • Maple Ridge $183,400 ( -0.9%)
  • New Westminster $281,700 ( 4.2%)
  • North Vancouver $353,100 ( -1.1%)
  • Pitt Meadows $221,800 ( -2.6%)
  • Port Coquitlam $236,100 ( -2.5%)
  • Port Moody $312,400 ( 5.1%)
  • Richmond $354,700 ( 1.0%)
  • Squamish $240,600 ( -5.3%)
  • Tsawwassen $338,200 ( -4.3%)
  • Vancouver East $314,800 ( 4.0%)
  • Vancouver West $470,800 ( 1.1%)
  • West Vancouver $636,100 ( -1.6%)
  • Whistler $237,700 ( 4.0%)
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