Vancouver Real Estate Blog

British Columbia Real Estate Association Reported That Sales Volume Drops By 26.5% Due To Lack Of High End Home Sales

The British Columbia RealEstate Association (BCREA) reports that the dollar volume of homes sold throughMultiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billionin March compared to the same month last year. A total of 6,882 MLS®
residential unit sales were recorded over the same period, a decline of 20 per
cent. The average MLS® residential price was $545,959 in March, 8.1 per cent
lower than in March 2011.

The spike in consumer demand recorded a year ago was not
repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked
increase in high-end home sales a year ago pushed up unit sales and skewed
average prices higher, so it’s no surprise to see fewer home sales and lower
average prices in March of this year."

Year-to-date, BC residential sales dollar volume
declined 17 per cent to $9.2 billion, compared to the same period last year.
Residential unit sales dipped 12.7 per cent to 16,724 units, while the average
MLS® residential price edged back 5 per cent to $552,785 over the same period

18% Of Homes Are Selling On Average Per Month In Vancouver

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

Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.

At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

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

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

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

Vancouver Real Estate - The Rise Of Residential Listings - Creates A Buyers Market

Home listings continue to rise in the Greater Vancouver housing market Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housing market into the upper end of a buyers’ market. 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 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years. “There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario Setticasi, REBGV president said."Buyers now have more properties to choose from and more time to make decisions compared to the spring season.” New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011. The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year. “Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010. Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent. Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701. Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569. Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697. Download the complete stats package by clicking here.

Greater Vancouver Home Sales Trend Toward Buyers’ Market Over Summer

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

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 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.

At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to 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 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

Download the complete stats package by clicking here.

Real Estate In British Columbia- Housing Market Information

- 6,274 housing starts in the 2nd quarter which is 2% higher than last year. A total of 11,405 housing starts for the province for both the 1st and 2nd quarters of 2011.

- Multiple family home starts were up 50% compared to last years Vancouver Census Metropolitan Area(CMA) stats.

- Construction of apartment buildings were up 28% in the province.

- Rural housing starts were down 145.

- Residential home sales in British Columbia were on par with last years sales figures of 42,095 transactions.

- Higher listing numbers and a slight decrease in sales has caused the Listing Ratio to move closer to a Buyers market. We now sit at 47% Sales To Listing Ratio in the 2nd quarter from 52% in the 1st quarter.

To read the full report follow the link below:

 

http://www.cmhc-schl.gc.ca/odpub/esub/64151/64151_2011_Q03.pdf

The Real Estate Board of Greater Vancouver's average price graph of homes from 1977 - 2010

From this graph one can see a market that is in no way in a rush to go any where. A matter of fact I believe that for the next half year both sales and prices will be flat. Recently one has heard of reports of up to a 30 % decline in prices to come. I do not see anything close to that number. In fact, I believe in what the graph has already said. And that is we are in a transition where the buyer has the upper edge. But in saying that, I also know that our market with the 50,000 people coming into our area this year alone, will keep our Real Estate market fairly steady. I predict months of small increases with months of decreases. Prices will alter between 2-5%.

See the following graph from Real Estate Board of Greater Vancouver:

 http://www.realtorlink.ca/portal/server.pt/document/3237046/rebgv_average_price_graph%2C_january_1977_to_august_2010

The Real Estate Board of Greater Vancouver shows a selling ratio in August 2010 of 12.5%

In reviewing the Real Estate Board of Greater Vancouver stats I came across graphs which represented Total Active Listings(18,285) for August 2010 and a graph showing Total Units Sold(2,287) for August 2010.  At face value one would read it then move on. I took it one step farther and analyzed what that percentage was of properties that actually sold in August. To my amazement and probable even more so to the Sellers out there, the ratio amounted to only 12.5% of all properties sold for the month. That my friends is very low. In a good month that figure could be 2,3 and sometimes even 4 times greater.

http://www.realtorlink.ca/portal/server.pt/document/3237041/rebgv_active_and_sold_listings%2C_august_2010

Housing Market Favours Buyers

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 23 per cent to 7,722 units in June compared to the same month last year. We have seen our market move from a "Sellers Market" to a "Buyers Market" in a relevant short period of time. At the beginning of the year we were strongly immersed in a Sellers Market throughout the Winter, The Vancouver Winter Olympic games where notable multi million dollar homes were sold to a fast and furious early spring. Then the momentum changed. I could see the change occur but most important I could feel the change coming in like the ocean tides bringing in the new waters.

Summer is in full swing and with that comes a quieter time for the market historically. Junes stats show a downward trend, July and August will also reflect this changing tide of Buyers and Sellers. In June, there was 9.3 months of supply on the market given current sales activity, up from 5.6 months in January 2010.

My prediction is that we will see a lengthening of supplies in the coming months to reflect the current market conditions. Sellers have to prepare themselves for the realities that are facing them now and price accordingly.

For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2010-06.pdf.