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Economical Trend
The composition of
BC's population has changed a lot. It's no longer mainly
comprised of young men, as it was a hundred years ago.
The percentage of males and females living in BC has
been roughly equal since the 1960s. The population is
also older: less than 40% of British Columbians are
currently under the age of thirty, and one in four are
fifty-five or older. British Columbia's
cultural mosaic is also shifting. In recent years,
immigration, especially from Asia, has been a major
source of population growth, and the Vancouver area,
along with other parts of the province, is becoming more
diverse. As the face of the
province's population and its cities has changed, so too
has the provincial economy. A variety of new types of
goods and services are being made available to meet the
needs of an increasingly multicultural population.
Technological and cultural changes have also had a big
effect, as have changes in the way companies do
business. BC's economy has been
maturing into a more diverse, less resource-dependent
structure. We're no longer “hewers of wood and drawers
of water” for the rest of the country or indeed, for the
world. Primary goods production is giving way to a
greater emphasis on value-added manufacturing as well as
other types of goods and services production.
Forestry, mining,
fishing and agriculture are still important, especially
in communities where they are big employers, but they
are no longer the dominant force in BC's economy. Since
the mid-1990s, there have been fewer people working in
these industries than in other types of goods
production. At present, only nine
percent of BC workers have jobs in resource harvesting
and extracting industries such as agriculture, fishing,
forestry and mining. That's down from about 13% in 1990.
Employment in other types of goods production has picked
up in recent years after declining during the 1990s, and
accounts for about 12% of all the jobs in the province Real Estate News
BCREA ECONOMICS NOW
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Bank of
Canada Interest Rate Announcement - October 23,
2012
Tighter Regulation Trims Home Sales
Vancouver, BC – October 15, 2012. The
British Columbia Real Estate Association
(BCREA) reports that the dollar volume of homes sold
through the Multiple Listing Service® (MLS®) in BC
declined 28.5 per cent to $2.2 billion in September
compared to the same month last year. A total of 4,539
MLS® residential unit sales were recorded over the same
period, down 24.3 per cent from September 2011. The
average MLS® residential price was $494,213, down 5.6
per cent from a year ago.
“An expanding population, strong
full-time employment growth and persistent low mortgage
interest rates are expected to bolster housing demand in
the months ahead,” added Muir. Year-to-date, BC residential sales
dollar volume declined 18.5 per cent to $28.4 billion,
compared to the same period last year. Residential unit
sales declined 10.6 per cent to 54,670 units, while the
average MLS® residential price was 8.9 per cent lower at
$519,289. OTTAWA — The Bank of Canada acknowledged Tuesday that
the weakening global economy is slowing growth in this
country more than previously thought, but it still
expects moderate growth. “Consumption and business investment are expected to
be the primary drivers of growth, reflecting very
stimulative domestic financial conditions” it said, but
added “the slowdown in global activity has led to a
sizable reduction in commodity prices, although they
remain elevated.” As widely expected, the central bank held its key
interest rate at a near-historic low of 1%, where is has
been since September 2010 What was surprising, however, was the wording of the
bottom-line in Tuesday’s statement. Policymakers stuck to their June script, saying “to
the extent that the economic expansion continues and the
current excess supply in the economy is gradually
absorbed, some modest withdrawal of the present
considerable monetary policy stimulus may become
appropriate.” Many economics has expected the bank to tone down the
language somewhat, given the deteriorating global
outlook, and hinting at a longer threshold before
borrowing cost will begin rising. “While the economic expansion in the United States
continues at a gradual but somewhat slower pace,
developments in Europe point to a renewed contraction,”
the bank said in the statement. “In China and other emerging economies,, the
deceleration in growth has been greater than
anticipated, reflecting past policy tightening and
weaker external demand.” Although “global headwinds” are straining economic
activity in this country, policymakers said “domestic
factors are expected to support moderate growth in
Canada.” The Bank of Canada lowered its outlook for the
economy, saying growth will be limited to 2.1% this year
and 2.3% in 2013. That’s down from its previous forecast
of 2.4% growth in both years. Greater
Vancouver housing market favoured buyers in June
VANCOUVER, B.C. – July 4, 2012
– The number of residential
property sales hit a 10-year low in Greater Vancouver for June, while
prices remained relatively stable. The Real Estate Board of Greater
Vancouver (REBGV) reports that residential property
sales of detached, attached and apartment properties
reached 2,362 in June, a 27.6 per cent decline compared
to the 3,262 sales in June 2011 and a 17.2 per cent decline
compared to the 2,853 sales in May 2012. June sales were the lowest total for the
month in the region since 2000 and 32.2 per cent below
the 10-year June sales average of 3,484. “Overall conditions have trended in
favour of buyers in our marketplace in recent months,”
Eugen Klein, REBGV president said. “This means buyers
are facing less competition and have more selection to
choose from compared to earlier in the year.” New listings for detached, attached and
apartment properties in Greater Vancouver totalled 5,617
in June. This represents a 3 per cent decline compared
to June 2011 when 5,793 properties were listed for sale
on the MLS® and an 18.9 per cent decline compared to
the 6,927 new listings reported in May 2012. At 18,493, the total number of
residential property listings on the MLS® increased 22
per cent from this time last year and increased 3.7 per cent
compared to May 2012. “Today, our sales-to-active-listings
ratio sits at 13 per cent, which puts us in the lower
end of a balanced market. This ratio has been declining in our
market since March when it was 19 per cent,” Klein said. The MLSLink® Housing Price Index (HPI)
composite benchmark price for all residential properties
in Greater Vancouver over the last 12 months has
increased 1.7% and declined 0.7% compared to last month. Sales of detached properties on the MLS®
in June 2012 reached 921, a decrease of 37.4 per cent
from the 1,471 detached sales recorded in June 2011,
and a 19.1 per cent decrease from the 1,139 units sold
in June 2010. The benchmark price for detached properties
increased 3.3 per cent from June 2011 to $961,600. Sales of apartment properties reached
1,026 in June 2012, a 19 per cent decrease compared to
the 1,266 sales in June 2011, and a decrease of 18.4 per
cent compared to the 1,258 sales in June 2010. The
benchmark price of an apartment property increased 0.3 per
cent from June 2011 to $376,200. Attached property sales in June 2012
totalled 415, a 21 per cent decrease compared to the 525
sales in June 2011, and a 27.8 per cent decrease from
the 575 attached properties sold in June 2010. The
benchmark price of an attached unit decreased 0.1 per cent between June
2011 and 2012 to $468,400. June 21, 2012 OTTAWA — The federal government is
moving once again to tighten mortgage-lending rules amid
lingering concerns about an overheated housing market
and household debt levels. In a move called for by some of the
big banks, Finance Minister Jim Flaherty announced
Thursday the federal government is reducing the maximum
amortization period for a government-insured mortgage to
25 years from 30 years. It's the third time the government
has reduced the maximum amortization period in the last
four years, ratcheting it back from 40 years to 35 in
2008, and then further reduced to 30 years in 2011. Banks will still be allowed to offer
30-year amortization periods on low-ratio mortgages that
include a downpayment of 20 per cent or more. The changes will also see the
government lower the maximum Canadians can borrow
against their home to 80 per cent of its value, from 85
per cent, in an effort to encourage them to keep more
equity in their homes. Moreover, the government will limit
the maximum gross debt service ratio — the amount of
household income needed to pay for home expenses such as
mortgage, property taxes and heating — at 39 per cent
and maximum total debt service ratio at 44 per cent. Flaherty also announced Ottawa will
limit government-backed insured mortgages to home
purchases of less than $1 million. A downpayment of at
least 20 per cent will be required on mortgage loans for
homes priced at or above $1 million. Reducing the amortization period will
increase monthly payments, but reduce the amount of
total interest paid on a mortgage. Ottawa expects the
change from a 30-year to 25-year amortization will, on a
$350,000 mortgage loan at four per cent, increase the
monthly payment $177 but reduce total interest costs by
nearly $47,000. The government believes less than
five per cent of home buyers will be affected by the
clampdown. The new rules take effect July 9,
2012. "We watch carefully, we monitor the
market carefully. I remain concerned about parts of the
Canadian residential real estate market, particularly in
Toronto, but not only in Toronto, so that is why we are
intervening once again," Flaherty told reporters in
Ottawa. "It's our job to try to be ahead of
things and act in a measured way, listening to the
market. And I have been listening to the market, and
quite frankly, I don't like what I hear, particularly in
the condo market." Flaherty said the government's moves
are part of an effort to "moderate behaviour" among
Canadian homeowners and make them reflect before jumping
into the housing market at the high end. Canada's largest city is seeing
continuous home building because of persistent demand,
he noted, which is accelerating prices and eroding
affordability. "This concerns me because it's
distorting the market, quite frankly," the minister
added. "My judgment is that we need to calm particularly
the condo market in a few Canadian cities." Flaherty and some of the country's
leading economists have for months been warning they
remain worried about Canada's housing market and rising
household debt. In March, prior to delivering the
federal budget, Flaherty met with 13 private-sector
economists for his traditional pre-budget consultation
to get their assessment of the Canadian economy. Some of the big banks suggested at
the time that the federal government consider
implementing "measured actions," such as reducing the
maximum amortization period for government-insured
mortgages back to the traditional 25 years. On Thursday, the banks largely
welcomed the measures. "Overall we see (Thursday's)
announcement as a much better substitute to interest
rate hikes since the moves are aimed with almost
surgical precision at the margins of the mortgage
market," Benjamin Tal with CIBC World Markets said in a
research note. "The combined impact of the four
changes will not be large enough to derail the housing
market, but are clearly significant enough to soften
activity, and at the margin will act as a negative for
house prices —mainly at the mid-range segment of the
market." Frank Techar, president of personal
and commercial banking at BMO Financial Group, called
the changes "prudent, measured, responsible, timely." "Minister Flaherty has tapped the
brakes at precisely the right time and his actions
should help ensure Canada's housing market experiences a
soft landing," Techar said in a statement. jfekete@postmedia.com
June 4, 2012
The number of properties listed for
sale continued to increase in the
Greater Vancouver housing market in
May. The number of sales decreased
year over year, but remained
relatively constant compared to
recent months.
The Real Estate Board of Greater
Vancouver (REBGV) reports that
residential property sales in
Greater Vancouver reached 2,853 on
the Multiple Listing Service® (MLS®)
in May 2012. This represents a 15.5
per cent decline compared to the
3,377 sales recorded in May 2011.
May sales were the lowest total for
the month in the region since 2001
and 21.1 per cent below the 10-year
May sales average of 3,617. However,
sales have been constant throughout
the spring months, with 2,874 sales
in March and 2,799 sales in April.
“Home sellers have outpaced buyers
in recent months, however, there
continues to be an overall balance
between supply and demand in our
marketplace,” Eugen Klein, REBGV
president said.
New listings for detached, attached
and apartment properties in Greater
Vancouver totalled 6,927 in May
2012. This represents a 16.8 per
cent increase compared to May 2011
when 5,931 homes were listed for
sale and a 14.4 per cent increase
compared to April 2012 when 6,056
homes were listed for sale on the
region’s MLS®.
Last month’s new listing total was
15.3 per cent above the 10-year
average for listings in Greater
Vancouver for May.
At 17,835, the total number of homes
listed for sale on the region’s MLS®
increased 7.9 per cent in May
compared to last month and increased
21 per cent from this time last
year.
“Our sales-to-active-listing ratio
sits at 16 per cent, which is
indicative of balanced market
conditions,” Klein said. “As a
result of this stability, home
prices at the regional level have
seen little fluctuation over the
last six month.”
The MLS® HPI benchmark price* for
all residential properties in
Greater Vancouver currently sits at
$625,100, up 3.3 per cent compared
to May 2011 and up 2.4 per cent over
the last three months. The benchmark
price for all residential properties
in the Lower Mainland** is $558,300,
which is a 3 per cent increase
compared to May 2011 and a 2.3 per
cent increase compared to three
months ago.
Sales of detached properties on the
MLS® in May 2012 reached 1,180, a
decline of 24.8 per cent from the
1,570 detached sales recorded in May
2011, and a 6.1 per cent decrease
from the 1,256 units sold in May
2010. The benchmark price for
detached properties increased 5.1
per cent from May 2011 to $967,500.
Sales of apartment properties
reached 1,156 in May 2012, a decline
of 5.9 per cent compared to the
1,228 sales in May 2011, and a
decrease of 14.6 per cent compared
to the 1,354 sales in May 2010.The
benchmark price of an apartment
property increased 1.7 per cent from
May 2011 to $379,700.
Townhome property sales in May 2012
totalled 517, a decline of 10.7 per
cent compared to the 579 sales in
May 2011, and a 5.3 per cent
decrease from the 546 townhome
properties sold in May 2010. The
benchmark price of a townhome unit
increased 0.9 per cent between May
2011 and 2012 to $470,000.
*Editor’s Note:
Benchmark prices underwent a
re-calculation this month in order
to more accurately reflect trends
measured by the MLS® Home Price
Index. There were no changes to the
calculation of index values.
This re-calculation involved
aggregating benchmark prices using
the sales weighted approach for the
reference period (i.e. January 2005)
and thereafter linking movements in
aggregate benchmark prices to their
corresponding MLS® HPI.
**Lower Mainland: Includes areas
covered by the Real Estate Board of
Greater Vancouver and the Fraser
Valley Real Estate Board.
Vancouver, BC – March 15, 2012. The
British Columbia Real Estate Association (BCREA) reports
that the dollar volume of homes sold through Multiple
Listing Service® (MLS®) in BC declined 9.6 per cent to
$3.4 billion in February compared to the same month last
year. A total of 5,923 MLS® residential unit sales were
recorded over the same period, a decline of 7.6 per
cent. The average MLS® residential price was $574,975 in
February, 2.1 per cent lower than in February 2011.
Year-to-date, BC residential sales
dollar volume declined 9.2 per cent to $5.5 billion,
compared to the same period last year. Residential unit
sales dipped 6.8 per cent to 9,828 units, while the
average MLS® residential price edged back 2.5 per cent
to $557,732 over the same period. For the complete news release,
including detailed statistics, follow this link:
www.bcrea.bc.ca/docs/news-2011/2011-10.pdf.
Home Sales Climb Higher Outside Vancouver
Vancouver, BC – November 15, 2011. The
British Columbia Real Estate Association (BCREA) reports
that Multiple Listing Service® (MLS®) residential unit
sales in the province rose 6.5 per cent to 5,865 units
in October compared to the same month last year. The
average MLS® residential price was up 2.6 per cent to
$535,695 last month compared to October 2010.
"Total active residential listings in
the province declined by 3,360 units in October from
September. However, active listings were up 6.9 per cent
from October 2011," added Muir. "Market conditions
remained slightly in favour of home buyers last month." Year-to-date, BC residential sales
dollar volume increased 16.8 per cent to $38 billion,
compared to the same period last year. Residential unit
sales increased 3.5 per cent to 66,922 units, while the
average MLS® residential price rose 12.9 per cent to
$566,925 over the same period.
Housing Forecast Points to Market Stability in 2012
Vancouver, BC – November 8, 2011.The
British Columbia Real Estate Association (BCREA)
released its 2011 Fourth Quarter Housing Forecast today.
“Low mortgage interest rates are expected to persist
through 2012 keeping affordability on an even keel,”
said Cameron Muir, BCREA Chief Economist. “However,
headwinds on the economic front will constrain consumer
demand over the next year to below the ten-year average
of 87,600 units.” A record 106,300 MLS® residential
sales were recorded in 2005.
“Moderate consumer demand combined with larger
inventories of homes for sale means BC housing markets
will experience little upward pressure on home prices
through 2012,” added Muir. The average MLS® residential
price in the province is estimated to rise 11.8 per cent
to $564,600 this year, and is forecast to decline 2.5
per cent to $550,500 in 2012. - 30 -
The full BCREA Housing Forecast is available at:
www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast.pdf.
November 2, 2011
With a sales-to-active property
listings ratio of 15 per cent,
the Greater Vancouver housing
market continues to hover at the
lower end of a balanced market
and has been trending in that
direction over the past five
months.
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®)
system reached 2,317 in October,
a 1 per cent decrease compared
to the 2,337 sales in October
2010 and a 3.2 per cent increase
compared to the previous month.
Those sales rank as the second
lowest total for October over
the last 10 years.
“Right now, prospective home
buyers have a good selection of
properties to choose from and
more time to make decisions,”
Rosario Setticasi, REBGV
president said. “Home sellers
should be mindful of local
market conditions to ensure they
are pricing their properties
competitively.”
New listings for detached,
attached and apartment
properties in Greater Vancouver
totalled 4,374 in October, which
is on par with the 10-year
average. This represents an 18.3
per cent increase compared to
October 2010, when 3,698
properties were listed for sale
on the MLS®, and a 23 per cent
decrease compared to the 5,680
new listings reported in
September 2011.
The total number of properties
listed for sale on the Greater
Vancouver MLS® system currently
sits at 15,377, which is 9.3 per
cent higher than the 14,075
properties listed for sale
during the same period last
year. October was the first
month that the total number of
property listings showed a
decrease this year.
The MLSLink® Housing Price Index
(HPI) benchmark price for all
residential properties in
Greater Vancouver over the last
12 months has increased 7.5 per
cent to $622,955 in October 2011
from $579,349 in October 2010.
However, since reaching a peak
in June of $630,921, the
benchmark price for all
residential properties in the
region has declined 1.3 per
cent.
Sales of detached properties in
October reached 974, which
represents virtually no change
from the 976 detached sales
recorded in October 2010, and a
34.5 per cent decrease from the
1,487 units sold in October
2009. The benchmark price for
detached properties increased 11
per cent from October 2010 to
$884,778, but decreased 1.3 per
cent compared to the previous
month.
Sales of apartment properties
reached 958 in October, a 2.6
per cent decrease compared to
the 984 sales in October 2010,
and a decrease of 40.4 per cent
compared to the 1,607 sales in
October 2009. The benchmark
price of an apartment property
increased 3.2 per cent from
October 2010 to $402,702, but
decreased 0.7 per cent compared
to the previous month.
Attached property sales in
October totalled 382, a 1.3 per
cent increase compared to the
377 sales in October 2010, and a
37.4 per cent decrease from the
610 attached properties sold in
October 2009. The benchmark
price of an attached unit
increased 6.5 per cent between
October 2010 and 2011 to
$519,455, and increased half a
per cent compared to the
previous month.
Home Sales Edge Higher in September
Vancouver, BC – September 14, 2011. The
British Columbia Real Estate Association
(BCREA) reports that Multiple Listing Service® (MLS®)
residential unit sales in the province rose 8.8 per cent
to 5995 units in September compared to the same month
last year. The average MLS® residential price increased
6 per cent to $523,568 last month compared to September
2010.
"Despite a modest gain in unit sales,
total active residential listings in the province
remained elevated in September,” added Muir. A total of
55,616 homes were listed on the MLS® in the province at
the end of September. Year-to-date, BC residential sales
dollar volume increased 17.5 per cent to $34.8 billion,
compared to the same period last year. Residential unit
sales increased 3.2 per cent to 61,127 units, while the
average MLS® residential price rose 13.9 per cent to
$569,922 over the same period.
Wednesday, August 3
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.
July 5, 2011
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.
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.
Home Sales Slow After Strong First Quarter
Vancouver, BC – May 12, 2011. TheBritish
Columbia Real Estate Association (BCREA) reports that
Multiple Listing Service® (MLS®) residential unit sales
in the province declined 14 per cent to 7,187 units in
April compared to the same month last year. The average
MLS® residential price climbed 16 per cent to $598,308
last month compared to April 2010.
Year-to-date, BC residential sales
dollar volume increased 14 per cent to $15.4 billion,
compared to the same period last year. Residential unit
sales edged back one per cent to 26,334 units, while the
average MLS® residential price rose 15.5 per cent to
$586,466 over the same period. VANCOUVER, BC – 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 actives 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.
Vancouver, BC – April 18, 2011.
The British Columbia Real Estate
Association (BCREA) reports that Multiple Listing
Service® (MLS®) residential sales in the province
continued to climb higher in March. Compared to March of
2010, MLS® residential unit sales increased 11.5 per
cent to 8,600 units. The average MLS® residential price
rose 15 per cent to $594,157 in March compared to the
same month last year.
"We
continue to observe a two-speed market in BC, with
surging consumer demand in Metro Vancouver overshadowing
more moderate demand in other regions," said Cameron
Muir, BCREA Chief Economist. "Vigorous consumer demand
drove Greater Vancouver to its most active March since
2004, while the Fraser Valley had its strongest March in
four years. Conversely, sales activity in other BC
markets is expanding at a pace more inline with overall
economic growth." Year-to-date, BC residential sales
dollar volume increased 21 per cent to $11.14 billion,
compared to the same period last year. Residential unit
sales increased 4.7 per cent to 19,147 units. The
average MLS® residential price rose 15.4 per cent to
$582,021 over the same period. Vancouver, BC - Activity in the Greater
Vancouver housing market continued to strengthen in
March with both the number of homes sold and added
to the region’s
Multiple Listing Service® (MLS®) reaching near
record levels. The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales of
detached, attached and apartment properties in
Greater Vancouver reached 4,080 in March 2011. This
represents a 31.7 per cent increase compared to the
3,097 sales recorded in February 2011, an increase
of 30.1 per cent compared to the 3,137 sales in
March 2010 and an 80.1 per cent increase from the
2,265 home sales in March 2009. The all-time sales
record for March occurred in 2004 when 4,371
transactions were recorded. “Our market has had a very strong start to
the spring season,” Rosario Setticasi, REBGV
president said. “With home sales above 4,000 and
nearly 7,000 home listings added to the MLS® in
March, it’s clear that home buyers and sellers view
this as a good time to be active in their local
housing market.” New listings for detached, attached and
apartment properties in Greater Vancouver totalled
6,797 in March 2011. This represents a 3 per cent
decline compared to March 2010 when 7,004 properties
were listed for sale on the MLS®, an all-time record
for March. Compared to February 2011, last month’s
new listings total registered a 19.4 per cent
increase. At, 13,110, the total number of residential
property listings on the MLS® increased 9.9 per cent
in March compared to last month and declined 3 per
cent from this time last year. “Conditions favour sellers at the moment,
but we’re seeing differences in home-price trends
and overall activity depending on the region and
property type,” Setticasi said. The MLSLink® Housing Price Index (HPI)
benchmark price for all residential properties in
Greater Vancouver over the last 12 months has
increased 5.4 per cent to $615,810 in March 2011
from $584,435 in March 2010. Sales of detached properties on the MLS® in
March 2011 reached 1,795, an increase of 34.4 per
cent from the 1,336 detached sales recorded in March
2010, and a 100.1 per cent increase from the 897
units sold in March 2009. The benchmark price for
detached properties increased 8.3 per cent from
March 2010 to $866,806. Sales of apartment properties reached 1,622
in March 2011, a 29.6 per cent increase compared to
the 1,252 sales in March 2010, and an increase of
66.2 per cent compared to the 976 sales in March
2009. The benchmark price of an apartment property
increased 2.1 per cent from March 2010 to $403,885. Attached property sales in March 2011
totalled 663, a 20.8 per cent increase compared to
the 549 sales in March 2010, and a 69.1 per cent
increase from the 392 attached properties sold in
March 2009. The benchmark price of an attached unit
increased 3.6 per cent between March 2010 and 2011
to $511,039. For the complete news release, including
detailed statistics, follow this link:
www.bcrea.bc.ca/docs/news-2011/2011-10.pdf.
For immediate release
Home Sales Climb Higher Outside Vancouver
Vancouver, BC – November 15, 2011. The British
Columbia Real Estate Association (BCREA) reports that Multiple
Listing Service® (MLS®) residential unit sales in the province
rose 6.5 per cent to 5,865 units in October compared to the same
month last year. The average MLS® residential price was up 2.6
per cent to $535,695 last month compared to October 2010.
"Total active residential listings in the
province declined by 3,360 units in October from September.
However, active listings were up 6.9 per cent from October
2011," added Muir. "Market conditions remained slightly in
favour of home buyers last month." Year-to-date, BC residential sales dollar
volume increased 16.8 per cent to $38 billion, compared to the
same period last year. Residential unit sales increased 3.5 per
cent to 66,922 units, while the average MLS® residential price
rose 12.9 per cent to $566,925 over the same period.
Housing Forecast Points to Market Stability in 2012
Vancouver, BC – November 8, 2011.The
British Columbia Real Estate Association (BCREA) released its
2011 Fourth Quarter Housing Forecast today.
“Low mortgage interest rates are expected to persist through
2012 keeping affordability on an even keel,” said Cameron Muir,
BCREA Chief Economist. “However, headwinds on the economic front
will constrain consumer demand over the next year to below the
ten-year average of 87,600 units.” A record 106,300 MLS®
residential sales were recorded in 2005.
“Moderate consumer demand combined with larger inventories of
homes for sale means BC housing markets will experience little
upward pressure on home prices through 2012,” added Muir. The
average MLS® residential price in the province is estimated to
rise 11.8 per cent to $564,600 this year, and is forecast to
decline 2.5 per cent to $550,500 in 2012. - 30 -
The full BCREA Housing Forecast is available at:
www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast.pdf.
November 2, 2011
With a sales-to-active property listings
ratio of 15 per cent, the Greater
Vancouver housing market continues to
hover at the lower end of a balanced
market and has been trending in that
direction over the past five months.
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®) system reached 2,317 in October,
a 1 per cent decrease compared to the
2,337 sales in October 2010 and a 3.2
per cent increase compared to the
previous month. Those sales rank as the
second lowest total for October over the
last 10 years.
“Right now, prospective home buyers have
a good selection of properties to choose
from and more time to make decisions,”
Rosario Setticasi, REBGV president said.
“Home sellers should be mindful of local
market conditions to ensure they are
pricing their properties competitively.”
New listings for detached, attached and
apartment properties in Greater
Vancouver totalled 4,374 in October,
which is on par with the 10-year
average. This represents an 18.3 per
cent increase compared to October 2010,
when 3,698 properties were listed for
sale on the MLS®, and a 23 per cent
decrease compared to the 5,680 new
listings reported in September 2011.
The total number of properties listed
for sale on the Greater Vancouver MLS®
system currently sits at 15,377, which
is 9.3 per cent higher than the 14,075
properties listed for sale during the
same period last year. October was the
first month that the total number of
property listings showed a decrease this
year.
The MLSLink® Housing Price Index (HPI)
benchmark price for all residential
properties in Greater Vancouver over the
last 12 months has increased 7.5 per
cent to $622,955 in October 2011 from
$579,349 in October 2010. However, since
reaching a peak in June of $630,921, the
benchmark price for all residential
properties in the region has declined
1.3 per cent.
Sales of detached properties in October
reached 974, which represents virtually
no change from the 976 detached sales
recorded in October 2010, and a 34.5 per
cent decrease from the 1,487 units sold
in October 2009. The benchmark price for
detached properties increased 11 per
cent from October 2010 to $884,778, but
decreased 1.3 per cent compared to the
previous month.
Sales of apartment properties reached
958 in October, a 2.6 per cent decrease
compared to the 984 sales in October
2010, and a decrease of 40.4 per cent
compared to the 1,607 sales in October
2009. The benchmark price of an
apartment property increased 3.2 per
cent from October 2010 to $402,702, but
decreased 0.7 per cent compared to the
previous month.
Attached property sales in October
totalled 382, a 1.3 per cent increase
compared to the 377 sales in October
2010, and a 37.4 per cent decrease from
the 610 attached properties sold in
October 2009. The benchmark price of an
attached unit increased 6.5 per cent
between October 2010 and 2011 to
$519,455, and increased half a per cent
compared to the previous month.
Home Sales Edge Higher in September
Vancouver, BC – September 14, 2011. The
British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential unit
sales in the province rose 8.8 per cent to 5995 units in
September compared to the same month last year. The average MLS®
residential price increased 6 per cent to $523,568 last month
compared to September 2010.
"Despite a modest gain in unit sales, total
active residential listings in the province remained elevated in
September,” added Muir. A total of 55,616 homes were listed on
the MLS® in the province at the end of September. Year-to-date, BC residential sales dollar
volume increased 17.5 per cent to $34.8 billion, compared to the
same period last year. Residential unit sales increased 3.2 per
cent to 61,127 units, while the average MLS® residential price
rose 13.9 per cent to $569,922 over the same period.
Wednesday, August 3
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.
July 5, 2011
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.
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.
Home Sales Slow After Strong First Quarter
Vancouver, BC – May 12, 2011. TheBritish
Columbia Real Estate Association (BCREA) reports that Multiple
Listing Service® (MLS®) residential unit sales in the province
declined 14 per cent to 7,187 units in April compared to the
same month last year. The average MLS® residential price climbed
16 per cent to $598,308 last month compared to April 2010. Year-to-date, BC residential sales dollar
volume increased 14 per cent to $15.4 billion, compared to the
same period last year. Residential unit sales edged back one per
cent to 26,334 units, while the average MLS® residential price
rose 15.5 per cent to $586,466 over the same period. VANCOUVER, BC – 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 actives 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.
Vancouver, BC – April 18, 2011.
The British Columbia Real Estate
Association (BCREA) reports that Multiple Listing Service®
(MLS®) residential sales in the province continued to climb
higher in March. Compared to March of 2010, MLS® residential
unit sales increased 11.5 per cent to 8,600 units. The average
MLS® residential price rose 15 per cent to $594,157 in March
compared to the same month last year. "We
continue to observe a two-speed market in BC, with surging
consumer demand in Metro Vancouver overshadowing more moderate
demand in other regions," said Cameron Muir, BCREA Chief
Economist. "Vigorous consumer demand drove Greater Vancouver to
its most active March since 2004, while the Fraser Valley had
its strongest March in four years. Conversely, sales activity in
other BC markets is expanding at a pace more inline with overall
economic growth." Year-to-date, BC residential sales dollar
volume increased 21 per cent to $11.14 billion, compared to the
same period last year. Residential unit sales increased 4.7 per
cent to 19,147 units. The average MLS® residential price rose
15.4 per cent to $582,021 over the same period. Vancouver, BC - Activity in the Greater Vancouver
housing market continued to strengthen in March with both
the number of homes sold and added to the region’s
Multiple Listing Service® (MLS®) reaching near record
levels. The Real Estate Board of Greater Vancouver (REBGV)
reports that residential property sales of detached,
attached and apartment properties in Greater Vancouver
reached 4,080 in March 2011. This represents a 31.7 per cent
increase compared to the 3,097 sales recorded in February
2011, an increase of 30.1 per cent compared to the 3,137
sales in March 2010 and an 80.1 per cent increase from the
2,265 home sales in March 2009. The all-time sales record
for March occurred in 2004 when 4,371 transactions were
recorded. “Our market has had a very strong start to the
spring season,” Rosario Setticasi, REBGV president said.
“With home sales above 4,000 and nearly 7,000 home listings
added to the MLS® in March, it’s clear that home buyers and
sellers view this as a good time to be active in their local
housing market.” New listings for detached, attached and apartment
properties in Greater Vancouver totalled 6,797 in March
2011. This represents a 3 per cent decline compared to March
2010 when 7,004 properties were listed for sale on the MLS®,
an all-time record for March. Compared to February 2011,
last month’s new listings total registered a 19.4 per cent
increase. At, 13,110, the total number of residential
property listings on the MLS® increased 9.9 per cent in
March compared to last month and declined 3 per cent from
this time last year. “Conditions favour sellers at the moment, but we’re
seeing differences in home-price trends and overall activity
depending on the region and property type,” Setticasi said. The MLSLink® Housing Price Index (HPI) benchmark
price for all residential properties in Greater Vancouver
over the last 12 months has increased 5.4 per cent to
$615,810 in March 2011 from $584,435 in March 2010.
Sales of detached properties on the MLS® in March
2011 reached 1,795, an increase of 34.4 per cent from the
1,336 detached sales recorded in March 2010, and a 100.1 per
cent increase from the 897 units sold in March 2009. The
benchmark price for detached properties increased 8.3 per
cent from March 2010 to $866,806. Sales of apartment properties reached 1,622 in
March 2011, a 29.6 per cent increase compared to the 1,252
sales in March 2010, and an increase of 66.2 per cent
compared to the 976 sales in March 2009. The benchmark price
of an apartment property increased 2.1 per cent from March
2010 to $403,885. Attached property sales in March 2011 totalled 663,
a 20.8 per cent increase compared to the 549 sales in March
2010, and a 69.1 per cent increase from the 392 attached
properties sold in March 2009. The benchmark price of an
attached unit increased 3.6 per cent between March 2010 and
2011 to $511,039.
BC Home Sales Moderate in January
Vancouver, BC – February 11, 2010.
TheBritish Columbia Real Estate Association (BCREA) reports
that Multiple Listing Service® (MLS®) residential sales in
the province climbed 118 per cent to 4,619 units in January
compared to the same month last year. On a seasonally
adjusted basis, MLS® residential sales in the province
declined 16 per cent last month compared to December 2009.
The BC residential sales dollar volume
increased 160 per cent to $2.27 billion in January compared
to the same period last year. The average MLS® residential
price climbed 19 per cent to $491,571 over the same period.
"Upward
pressure on home prices, particularly in Victoria, Vancouver
and the Fraser Valley, is beginning to slow as fewer home
sales and a larger inventory reduce the chance of multiple
offers,” added Muir.
Greater Vancouver residential home sales improved in November
compared to the previous four months, with the number of sales
posted on the Multiple Listing Service® (MLS®) coming in
slightly higher than the 10-year average for that month.
The Real Estate Board of Greater Vancouver (REBGV) reports that
the number of residential property sales in Greater Vancouver
totalled 2,509 in November 2010. This represents a 7.4 per cent
increase compared to October 2010 and an 18.6 per cent decline
from the 3,083 sales in November 2009.
Looking back further, last month’s residential sales represent a
187.1 per cent increase over the 874 residential sales in
November 2008, a 13 per cent decline compared to November 2007’s
2,883 sales, and a 6.4 per cent increase compared to the 2,358
sales in November 2006.
“Housing sales numbers were fairly typical for a November and
indicate a fairly balanced market. Activity on the buyer side
has been stable, with slight increases, over the last few months
while the number of homes listed for sale in our region has
declined each month since we reached a peak in June,” Jake
Moldowan, REBGV president said.
Total active residential property listings in Greater Vancouver
currently sit at 12,384, a 12.1 per cent decline from last month
and a 12 per cent increase from November 2009. New listings for
detached, attached and apartment properties declined 17.1 per
cent to 3,030 in November 2010 compared to November 2009 when
3,653 new units were listed.
“Home values have been relatively stable over the last five
months compared to the summer period when we were seeing some
downward pressure on prices,” Moldowan said. “It’s the homes
priced accurately for today’s market that are receiving a lot of
attention and selling right now.”
The MLSLink® Housing Price Index (HPI) benchmark price for all
residential properties in Greater Vancouver over the last 12
months has increased 4.1 per cent to $580,080 in November 2010
from $557,384 in November 2009. This price has remained
virtually unchanged since June of this year.
Sales of detached properties on the MLS® in November 2010
reached 1,050, a decrease of 9.8 per cent from the 1,164
detached sales recorded in November 2009, and a 226.1 per cent
increase from the 322 units sold in November 2008. The benchmark
price for detached properties increased 5.6 per cent from
November 2009 to $799,312.
Sales of apartment properties reached 1,052 in November 2010, a
decline of 24.6 per cent compared to the 1,396 sales in November
2009, and an increase of 156.6 per cent compared to the 410
sales in November 2008.The benchmark price of an apartment
property increased 1.9 per cent from November 2009 to $389,168.
New Housing Price Index - October 13, 2010
The New Housing Price Index (NHPI) for Canada increased 0.1 per
cent in August following a 0.1 per cent decline in July. New
home prices in Canada exhibited more stability than many analyst
expectations given the implementation of the HST in July to
Ontario and BC. Compared to August 2009, the NHPI was up 2.9 per
cent across the country.
The NHPI also increased 0.1 per cent in Vancouver during August
compared to July. Year-over-year in August the NHPI in Vancouver
climbed 4.4 per cent. Meanwhile, in Victoria, contractors
reported no change in their selling prices between July and
August. Year-over-year, the NHPI in Victoria declined by 0.4 per
cent.
Statistics Canada's NHPI is calculated for Vancouver and
Victoria only in British Columbia. The survey of home builders
used to derive the index counts market selling prices less any
value added taxes, such as the HST.
October 4, 2010
September home sales in Greater
Vancouver were consistent with activity
experienced in the preceding two months
across most categories.
The Real Estate Board of Greater
Vancouver (REBGV) reports that the
number of residential property sales in
Greater Vancouver totalled 2,220 in
September 2010. This represents a 0.8
per cent increase compared to August
2010 and 37.6 per cent decline from the
3,559 sales in September 2009.
In comparison, last month’s residential
sales represent a 40.1 per cent increase
over the 1,585 residential sales in
September 2008, a 20 per cent decline
compared to September 2007’s 2,776
sales, and an 11.9 per cent decline
compared to September 2006’s 2,519
sales.
“We’ve seen fewer properties coming on
to the market over the last three
months. This trend, combined with the
continued attraction of low interest
rates, is likely having the effect of
less downward pressure on home prices,”
Jake Moldowan, REBGV president said.
Since spring, housing prices in the
region have trended slightly downward,
with a decrease of 2.7 per cent compared
to the all-time high reached in April
when the MLSLink® Housing Price Index
(HPI) residential benchmark price was
$593,419. The overall benchmark price
for all residential properties in
Greater Vancouver over the last 12
months has increased 5.5 per cent to
$577,174 in September 2010 from $547,092
in September 2009. The current price
remains consistent with last month,
rising just 0.1 per cent between August
and September 2010.
Total active property listings posted on
the Multiple Listing Service® (MLS®) in
Greater Vancouver currently sit at
15,401, basically unchanged compared to
last month and a 22 per cent increase
from September 2009. Over the last three
months, active listings in the region
have declined12.3 per cent.
New residential property listings posted
in September declined 17.6 per cent to
4,731 compared to September 2009 when
5,746 new units were listed.
“We saw signs of more stability in our
marketplace last month than we have seen
since spring based on a variety of
indicators that we look at each month,”
Moldowan said. “At 56 days, it took, on
average, three days less to sell a home
in our region compared to August. This
is the first month-over-month decline
we’ve seen in this category since
April.”
Sales of detached properties in
September 2010 reached 866, a decrease
of 39.1 per cent from the 1,423 detached
sales recorded in September 2009, and a
58.6 per cent increase from the 546
units sold in September 2008. The
benchmark price for detached properties
increased 6.7 per cent from September
2009 to $790,992.
Sales of apartment properties reached
971 in September 2010, a decline of 34.7
per cent compared to the 1,489 sales in
September 2009, and an increase of 27.1
per cent compared to the 764 sales in
September 2008.The benchmark price of an
apartment property increased 3.7 per
cent from September 2009 to $388,373.
Attached property sales in September
2010 totalled 383, a decline of 40.1 per
cent compared to the 647 sales in
September 2009, and a 39.3 per cent
increase from the 275 attached
properties sold in September 2008. The
benchmark price of an attached unit
increased 5.2 per cent between September
2009 and 2010 to $490,385. For the complete news release, including
detailed statistics, follow this link:
www.bcrea.bc.ca/news_room/2010-02.pdf.
For immediate release February Home Sales Strong Despite
Olympic Fever
Vancouver, BC – March 11, 2010. TheBritish
Columbia Real Estate Association (BCREA) reports that Multiple
Listing Service® (MLS®) residential sales in the province
climbed 63 per cent to 5,955 units in February compared to the
same month last year. On a seasonally adjusted basis, MLS®
residential unit sales in the province declined 13 per cent
compared to January 2010. The BC residential sales dollar volume
increased 91 per cent to $2.96 billion in February compared to
the same period last year. The average MLS® residential price
climbed 17 per cent to $497,807 over the same period. "Low mortgage
interest rates are continuing to underpin consumer demand and
fuel first-time homebuyer activity,” added Muir. “Improving
economic conditions are expected to bolster consumer confidence
over the coming months.” -30-
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New Home Warranty |
Property Disclosure |
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Things
have changed a lot since the early days of European
settlement. With 13% of the Canadian population, BC is
Canada's third biggest province, after Ontario and
Quebec. It produces about 12% of the country's total
GDP. Vancouver's population has passed the two million
mark, making it one of only three metropolitan areas in
the country with a population in excess of one million
(although Calgary and Edmonton are fast approaching that
mark). The city is an important financial and industrial
centre, and with its location on the west coast of the
country, it's also a transportation hub.
"Stricter
high-ratio mortgage regulation further exacerbated a
moderating trend in consumer demand,” said Cameron Muir,
BCREA Chief Economist. “Reducing the maximum
amortization from 30 to 25 years had the equivalent
impact to affordability as a 100 basis point increase in
mortgage interest rates."
"Sales
gains in the interior and the north were offset again in
February by less robust demand on the south coast," said
Cameron Muir, BCREA Chief Economist. Improving economic
conditions in both BC and Alberta are positively
influencing consumer demand outside of large urban
areas, closing the gap between regional housing
markets."
"BC
home sales rose three per cent in October compared to
September on a seasonally adjusted basis," said Cameron
Muir, BCREA Chief Economist. "While consumer demand in
Vancouver edged lower last month on a year-overyear
basis, strong increases were recorded in the Fraser
Valley, Kamloops, Kootenay, the North and on Vancouver
Island."
"MLS®
home sales edged up 3 per cent in September compared to
August on a seasonally adjusted basis,” said Cameron
Muir, BCREA Chief Economist. “Housing demand last month
was bolstered by persistent low mortgage interest rates
and a surge in employment."