Posted on
January 3, 2019
by
Bob Sethi (RE/MAX Westcoast)
Metro Vancouver home sales decline below historical averages in 2018
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.
Last year’s sales total was 25 per cent below the region’s 10-year sales average.
“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”
Home listings in Metro Vancouver reached 53,614 in 2018. This is a 1.9 per cent decrease compared to 54,655 homes listed in 2017 and a 6.9 per cent decrease compared to the 57,596 homes listed in 2016. “The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.
The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7 per cent decrease compared to December 2017.
“As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year,” Moore said.
The benchmark price of detached homes in the region declined 7.8 per cent over the last 12 months and 7.3 per cent since June 2018. Apartment homes increased 0.6 per cent over the last 12 months and have declined 6.4 per cent since June 2018. The benchmark price for townhomes in Metro Vancouver have increased 1.3 per cent since December 2017 and have decreased 5.3 per cent over the last six months.
December summary
REBGV reports that residential home sales in the region totalled 1,072 in December 2018, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.
Last month’s sales were 43.3 per cent below the 10-year December sales average.
There were 1,407 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in December 2018. This represents a 25.6 per cent decrease compared to the 1,891 homes listed in December 2017 and a 59.3 per cent decrease compared to November 2018 when 3,461 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,275, a 47.7 per cent increase compared to December 2017 (6,958) and a 16.5 per cent decrease compared to November 2018 (12,307).
For all property types, the sales-to-active listings ratio for December 2018 is 10.4 per cent. By property type, the ratio is 7.1 per cent for detached homes, 12 per cent for townhomes, and 14.2 per cent for apartments.
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.
Sales of detached homes in December 2018 reached 348, a 43.6 per cent decrease from the 617 detached sales recorded in December 2017. The benchmark price for a detached home is $1,479,000. This represents a 7.8 per cent decrease from December 2017 and a 1.4 per cent decrease compared to November 2018.
Sales of apartment homes reached 535 in December 2018, a 34 per cent decrease compared to the 1,028 sales in December 2017. The benchmark price of an apartment home is $664,100. This represents a 0.6 per cent increase from December 2017 and a 0.6 per cent decrease compared to November 2018.
Attached home sales in December 2018 totalled 189, a 49.1 per cent decrease compared to the 371 sales in December 2017. The benchmark price of an attached home is $809,700. This represents a 1.3 per cent increase from December 2017 and a 1.1 per cent decrease compared to November 2018.
Source. Real Estate Board of Greater Vancouver
Posted on
June 4, 2012
by
Bob Sethi (RE/MAX Westcoast)
Posted in
apartment, benchmark, condominium, detached, Eugen Klein, Greater Vancouver, housing, HPI, May, Real Estate Board of Greater Vancouver, REBGV, residential property, sales, statistics, townhome, Vancouver
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Spring activity remains balanced in the Greater Vancouver housing market
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.
Spotlight on Greater Vancouver home prices:
Detached
Home price measure |
May 2012 |
1 month change % |
6 month change % |
1 year change % |
MLS® HPI benchmark price |
$967,500 |
+0.4% |
+3.4% |
+5.1% |
Average price |
$1,073,018 |
-4% |
-5.4% |
-12.2% |
Median price |
$847,750 |
-3.7% |
-0.03% |
-5.4% |
Townhome
Home price measure |
May 2012 |
1 month change % |
6 month change % |
1 year change % |
MLS® HPI benchmark price |
$470,000 |
-0.3% |
+1.3% |
+0.9% |
Average price |
$551,445 |
-4.9% |
-2.1% |
-0.2% |
Median price |
$505,000 |
-0.8% |
-0.6% |
+2.5% |
Condominium
Home price measure |
May 2012 |
1 month change % |
6 month change % |
1 year change % |
MLS® HPI benchmark price |
$379,700 |
+1.1% |
+3% |
+1.7% |
Average price |
$460,761 |
+3.4% |
+6.7% |
-1.1% |
Median price |
$379,950 |
+1.3% |
+4.1% |
-1.3% | | |
Copyright© real estate board of greater vancouver. all rights reserved. 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.
Posted on
January 4, 2012
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, attached, benchmark price, Broadmoor, detached, first time homebuyer, Greater, Greater Vancover, house prices, Real Estate, Real Estate Board of Greater Vancouver, REBGV, Richmond Real Estate, Surrey, vancouver
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Balanced real estate market prevailed through much of 2011
The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.
“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.
More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.
Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.
Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.
Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.
- real estate board of greater vancouver
| |
Posted on
October 7, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, August, Garden City, Greater Vancouver, Real Estate Board of Greater Vancouver, Realtors, REBGV, Richmond, Richmond Real Estate, statistics, stats
September stats continue to show RE/MAX sells more homes in Richmond than any other company with a dominating 15.7% market share:
The following graph illustrates the Sell-Through-Rate, or the number of homes listed that sold in the month of August:
Interested how this information can help you buy or sell a home? Call/email today:
Bob Sethi
604-273-2828
Posted on
August 11, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, agricultural land reserve, ALR, apartments, April, attached, BC, bc hydro, BC Real Estate, benchmark price, Bridgeport RI, Brighouse, Brighouse South, Broadmoor, Burnaby East Real Estate, buyers, buying selling investing mortgage home equity loan loan to value ratio, change, cmhc, CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan, detached, Downtown VW, East Burnaby, East Cambie, East Vancouver Burnaby, energy, families, first time homebuyer, fortis bc, Garden City, grants, Greater Vancouver, Greater Vancover, gst, gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo, Hamilton RI, harmonized tax, high density housing, home owner grant, house prices, Housing Price Index, HPI, hst, Immigration, investment, Ironwood, Kevin Falcon, Mainland China, McLennan, McLennan North, McNair, Metro Vancouver, Minister, MLS, mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing, MV RGS, N. Delta Real Estate, New Westminster, New Westminster Real Estate, North Shore, North Surrey, North Surrey Real Estate, owners, problem solvers, property, Province, Provincial Government, PST, PTT, Queen Mary Park Surrey, Queensborough, RE/MAX, RE/MAX Housing Barometer Report 2010, Real Estate, Real Estate Board of Greater Vancouver, Realtors, rebates, REBGV, reduce, Regional Growth Strategy, rental, Richmond, Richmond condo strata development project six storey wood frame, Richmond Real Estate, Riverdale RI, Saunders, Schools, solar, South Arm, Steveston North, Steveston South, Sunshine Hills Woods, Surrey, Surrey City Centre, Surrey Real Estate, tax deferment, taxes, terasen, towhomes, vancouver, vancouver real estate rebgv statistics buying selling average prices market conditions, Vancouver West, water meter, West Cambie, West Newton, Whalley, WHL hockey RE/MAX
Richmond
January 1st to June 30th, 2011 (Cumulative)
Company |
No. of Sales |
Volume per Associate |
Sales per Associate |
No. of Associates |
RE/MAX - Westcoast Realty |
1022 |
$3,264,688 |
8.9 |
115 |
MacDONALD REALTORS - Westmar & Willie S. Chan |
1151 |
$2,005,084 |
4.8 |
242 |
SUTTON GROUP - Seafair -on Blundell |
801 |
$1,791,398 |
4.3 |
186 |
ROYAL PACIFIC REALTY - Riverside Realty |
390 |
$1,668,940 |
3.6 |
109 |
AMEX - Sunrich Realty |
325 |
$1,513,444 |
3.2 |
101 |
MULTIPLE GROUP - 3 Richmond Offices |
276 |
$1,191,818 |
2.5 |
110 |
REGENT PARK REALTY - Fairchild - on #3 Rd |
252 |
$1,044,106 |
2.4 |
107 |
TEAM REALTY - TEAM Realty Ltd. |
63 |
$720,408 |
2.2 |
29 |
MAGSEN - Magsen Realty Inc |
121 |
$636,239 |
1.6 |
77 |
All Others ( 13 Offices ) |
227 |
$406,837 |
1.5 |
150 |
INTERLINK REALTY - Interlink Realty |
49 |
$480,764 |
1.0 |
47 |
Total |
4,614 |
|
|
1,244 | | |
NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver, Fraser Valley, Victoria and Vancouver Island, Okanagan Mainline, South Okanagan, and BC Northern, which assume no responsibility for its accuracy.
Posted on
August 11, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, agricultural land reserve, ALR, apartments, April, attached, BC, bc hydro, BC Real Estate, benchmark price, Bridgeport RI, Brighouse, Brighouse South, Broadmoor, Burnaby East Real Estate, buyers, buying selling investing mortgage home equity loan loan to value ratio, change, cmhc, CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan, detached, Downtown VW, East Burnaby, East Cambie, East Vancouver Burnaby, energy, families, first time homebuyer, fortis bc, Garden City, grants, Greater Vancouver, Greater Vancover, gst, gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo, Hamilton RI, harmonized tax, high density housing, home owner grant, house prices, Housing Price Index, HPI, hst, Immigration, investment, Ironwood, Kevin Falcon, Mainland China, McLennan, McLennan North, McNair, Metro Vancouver, Minister, MLS, mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing, MV RGS, N. Delta Real Estate, New Westminster, New Westminster Real Estate, North Shore, North Surrey, North Surrey Real Estate, owners, problem solvers, property, Province, Provincial Government, PST, PTT, Queen Mary Park Surrey, Queensborough, RE/MAX, RE/MAX Housing Barometer Report 2010, Real Estate, Real Estate Board of Greater Vancouver, Realtors, rebates, REBGV, reduce, Regional Growth Strategy, rental, Richmond, Richmond condo strata development project six storey wood frame, Richmond Real Estate, Riverdale RI, Saunders, Schools, solar, South Arm, Steveston North, Steveston South, Sunshine Hills Woods, Surrey, Surrey City Centre, Surrey Real Estate, tax deferment, taxes, terasen, towhomes, vancouver, vancouver real estate rebgv statistics buying selling average prices market conditions, Vancouver West, water meter, West Cambie, West Newton, Whalley, WHL hockey RE/MAX
Changes to Canadian Immigration Rules
On June 24, the federal government instituted rule changes related to new applications under the Federal Immigrant Investor Program (IIP), the Federal Skilled Worker Program (FSW) and the Federal Entrepreneur Program. The changes are as follows:
- Federal Entrepreneur Program: A temporary moratorium on new applications.
- Federal Immigrant Investor Program (IIP): A cap of 700 new IIP applications will be considered for processing each year.
- Federal Skilled Worker Program (FSW): A cap of 10,000 new FSW applications, without an offer of arranged employment, will be considered for processing each year. Within the 10,000 cap, a maximum of 500 new applications per occupation will be considered each year.
BC, and Vancouver in particular, has been one of the primary recipients of immigrants under the IIP, accounting for half of total Canadian investor class immigration. From 2005 to 2010, over 30,000 investor class immigrants have located in BC, an average of about 5,000 per year. This number relates to roughly 2,000 households per year.
Implications
The Government's stated reason for instituting the application cap is to reduce a backlog in applications and to shorten wait times. In 2010 there were 3,223 applications approved under the IIP and the government has indicated that it has received applications well in excess of that number in recent years, creating a large backlog of applications. It has not indicated that it wishes to lower the number of immigrants processed under the IIP, but simply to reduce the current backlog.
Therefore, as old applications are still being processed, the implementation of the new rules may not have an impact on the number of immigrants entering under the IIP and therefore may not have a material impact on BC housing markets.
All information subject to verification by independent legal advice.
Posted on
August 11, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, agricultural land reserve, ALR, apartments, April, attached, BC, bc hydro, BC Real Estate, benchmark price, Bridgeport RI, Brighouse, Brighouse South, Broadmoor, Burnaby East Real Estate, buyers, buying selling investing mortgage home equity loan loan to value ratio, change, cmhc, CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan, detached, Downtown VW, East Burnaby, East Cambie, East Vancouver Burnaby, energy, families, first time homebuyer, fortis bc, Garden City, grants, Greater Vancouver, Greater Vancover, gst, gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo, Hamilton RI, harmonized tax, high density housing, home owner grant, house prices, Housing Price Index, HPI, hst, Immigration, investment, Ironwood, Kevin Falcon, Mainland China, McLennan, McLennan North, McNair, Metro Vancouver, Minister, MLS, mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing, MV RGS, N. Delta Real Estate, New Westminster, New Westminster Real Estate, North Shore, North Surrey, North Surrey Real Estate, owners, problem solvers, property, Province, Provincial Government, PST, PTT, Queen Mary Park Surrey, Queensborough, RE/MAX, RE/MAX Housing Barometer Report 2010, Real Estate, Real Estate Board of Greater Vancouver, Realtors, rebates, REBGV, reduce, Regional Growth Strategy, rental, Richmond, Richmond condo strata development project six storey wood frame, Richmond Real Estate, Riverdale RI, Saunders, Schools, solar, South Arm, Steveston North, Steveston South, Sunshine Hills Woods, Surrey, Surrey City Centre, Surrey Real Estate, tax deferment, taxes, terasen, towhomes, vancouver, vancouver real estate rebgv statistics buying selling average prices market conditions, Vancouver West, water meter, West Cambie, West Newton, Whalley, WHL hockey RE/MAX
Active home sellers bring greater selection to the Greater Vancouver housing market
While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.
“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.
Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.
At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.
“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.
Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.
Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.
Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.
Courtesy Real Estate Board of Greater Vancouver.
Posted on
August 11, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, agricultural land reserve, ALR, apartments, April, attached, BC, bc hydro, BC Real Estate, benchmark price, Bridgeport RI, Brighouse, Brighouse South, Broadmoor, Burnaby East Real Estate, buyers, buying selling investing mortgage home equity loan loan to value ratio, change, cmhc, CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan, detached, Downtown VW, East Burnaby, East Cambie, East Vancouver Burnaby, energy, families, first time homebuyer, fortis bc, Garden City, grants, Greater Vancouver, Greater Vancover, gst, gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo, Hamilton RI, harmonized tax, high density housing, home owner grant, house prices, Housing Price Index, HPI, hst, Immigration, investment, Ironwood, Kevin Falcon, Mainland China, McLennan, McLennan North, McNair, Metro Vancouver, Minister, MLS, mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing, MV RGS, N. Delta Real Estate, New Westminster, New Westminster Real Estate, North Shore, North Surrey, North Surrey Real Estate, owners, problem solvers, property, Province, Provincial Government, PST, PTT, Queen Mary Park Surrey, Queensborough, RE/MAX, RE/MAX Housing Barometer Report 2010, Real Estate, Real Estate Board of Greater Vancouver, Realtors, rebates, REBGV, reduce, Regional Growth Strategy, rental, Richmond, Richmond condo strata development project six storey wood frame, Richmond Real Estate, Riverdale RI, Saunders, Schools, solar, South Arm, Steveston North, Steveston South, Sunshine Hills Woods, Surrey, Surrey City Centre, Surrey Real Estate, tax deferment, taxes, terasen, towhomes, vancouver, vancouver real estate rebgv statistics buying selling average prices market conditions, Vancouver West, water meter, West Cambie, West Newton, Whalley, WHL hockey RE/MAX
May 2011 Stats
Greater Vancouver housing market holds steady and favours sellers in May
Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.
Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.
“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.
At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.
“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”
Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.
Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.
Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.
Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.
Stats taken from the Real Estate Board of Greater Vancouver, all rights reserved.
Posted on
August 11, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
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Summer housing market trends toward balance after an active spring season
Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.
Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.
“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”
At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.
“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”
Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.
Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.
Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.
Courtesy of Real Estate Board of Greater Vancouver.
Posted on
May 9, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
, 2011, house prices, North Surrey, North Surrey Real Estate, Real Estate Board of Greater Vancouver, Realtors, Richmond, Richmond condo strata development project six storey wood frame, Surrey City Centre, Whalley
For anyone still questioning the safety of mid-rise wood-frame buildings, following is the Canadian Wood Council's media release from Friday, May 6, 2011.
Posted on
May 4, 2011
by
Bob Sethi (RE/MAX Westcoast)
Posted in
2011, April, attached, benchmark price, detached, Greater Vancover, Housing Price Index, HPI, MLS, RE/MAX, Real Estate Board of Greater Vancouver, REBGV
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Greater Vancouver housing market sees typical spring activity in April
Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.
Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.
“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.
At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.
“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.
Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.
Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.
Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.
May 3, 2011
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