Vancouver Real Estate Blog

Townhomes In Vancouver's Real Estate Market Have Risen 38%

Townhouses have been on the rise since December. It is not due to their popularity but a slow down in sales. To be precise a 40% reduction in home sales for townhouses to be pricise.

Homes have stayed constant with regards to the level of homes coming into the market for sale. The graph shows a perfect line heading up. That's exactly what Mitchell Mingie of Re/Max Crest Westside predicts for this category of home. "With constant inventory coming in every month and sales decreasing the obvious is a large inventory of willing sellers trying to sell their homes".

Vancouver Apartments - Real Estate Market - The Gradual Slow Down Is Ahead Of Us

Inventory of apartments in Vancouver have been steadily rising since December when we had about 1350 homes on the market. Over the months that number has grown to 2100 apartments for sale in April.

 Sales for these homes have dropped by over 20%. "I predict that the number of homes on the market will keep increasing as sales will slow down". "This summer I believe will be one of the quietest on record" says Mitchell Mingie for all types of properties.

Vancouver Real Estate Market For Detached Homes On The Westside - Is A Correction Coming??

Vancouver Westside Real Estate is exhibiting a classic slow down. From the graph beside sales have dropped by 50%. However homes coming into the market have started to peak. Inventory or what we call it Active Listing Inventory has jumped 50%. I do not see inventory coming down. In fact it is quite the opposite and when inventory is calculated at the end of May we will see another jump in inventory which will cause a slow down in the market as buyers will know and feel that their is no urgency about making a decision currently.

"If you are going to sell your home do it now" says Mitchell Mingie as predictions are coming in for a price reductions across the Westside.

Vancouver Real Estate In Review - For March 2012

Welcome to the Month in Review:

 

Downtown – Attached(apartments & townhomes):

 -          Total sales down from last year 26%

-          One of only a couple of market areas where sold and inventory are keeping pace – therefore still a Sellers’ market

 

 Vancouver Westside – detached:

 -    keep an eye on this development – sale March 150, last year sales 279.

 -    inventory 797, last year 508

 -   I am seeing a larger gap develop between the inventory and sales. If this continues prices will move down.

  

Vancouver Westside – Attached( apartments & townhomes):

 -          I  am seeing larger inventories appearing from (792 last year to 889 March 2012)

-          Sales have also come down – last year 285 – 178 March 2012

 

 Vancouver Eastside – detached:

 -          More and more people are seeing East Vancouver as the place to buy. Prices are moving up. Sales and inventory staying fairly constant.

 

 Vancouver Eastside – Attached(apartments and townhomes):

 -         Inventory increasing.

-          Sales up from February stats but down from March 2011

-          Prices moving up.

-          Buyers are liking what they see and get for the price.

 

 North Vancouver - Detached:

 -         In the last 4 months inventory and sales keeping pace with each other.

-          Overall prices moving up gradually.

 

 North Vancouver – Attached:

 -         Inventory staying level.

-          Sales slowly moving up from 102 in Feb to 125 in March.

-          Price level steady.

 

  West Vancouver – Detached:

-          Balanced market.

-          Sales increased a bit from 65 February – 78 in March.

-          Inventory fairly constant.

 

 West Vancouver – Attached(apartments & townhomes)

 -         Sales remain the same.

-          Inventory increased slightly.

-          Prices have been moving up over last 3 months but are equal to last fall prices.

 

 Richmond – Detached:

 -         Sales are down.

-          Inventory moving up.

-          Prices showing decline.

 

 Richmond – Attached(apartments & townhomes):

 -         Sales are constant.

-          Inventory moving up.

-          Pricing fairly constant.

-          If inventory keeps increasing the way it has over the last two months Richmond may become over supplied which could lead to price adjustments.

 

 

Written by Mitchell Mingie of Re/max Crest RealtyWestside

“The Cornerstone of Sound real estate Decisions”

604-551-5487

mitchellmingie@remax.net

Real Estate Board Of Greater Vancouver - Home Sales In March 2nd Lowest Since 2002 While Inventory Increased By 16% From Last Year

 

 

Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month. With the increase selection of homes, this has maintained a balanced market in Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said. 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.

At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

Download the complete stats package by clicking here.

Real Estate Board of Greater Vancouver October Stats - 15,377 Properties Listed

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.

Download the complete stats package by clicking here.

Vancouver Real Estate Update - Mitchell Mingie

- July home sales were 2,571. This is 14% above July 2010 but down 21% last month.

- Sellers remained active with 5,097 new listings. New listing totals have increased each month since the beginning of the year. Currently we have 15,226 total listings in the Vancouver area.

- For a historic perspective over the last 10 years for july listings are up 8.6%. Residential sales for July were 17.3% below the 10 year average for July

Vancouver Real Estate Is Up For Grabs But The Asian Buyer Dominates The Landscape

Landcor Data Corp recently released a report examining  luxury home Markets over the past three years in Vancouver's westside  and Richmond. From the stats they collected it shows that their is an even accelerated increase of buyers from mainland China.

They found 74 per cent or 122 out of the 164 homes sold in 2010 above the "luxury" threshold ($3 million for houses on Vancouver's west side and $2 million for condos in Richmond) were bought by buyers who fit the mainland China profile.

That was a jump from 2009, when 68 per cent of luxury homes (49 out of 72) in the two areas were matched to likely Chinese buyers.

In 2008, 46 per cent or 32 out of 69 sales fit the profile.

To Read the full report follow the link below:

https://www.landcor.com/news/news.aspx?news_id=208

Vancouver British Columbia Home Sales For May 2011 Report

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 Real Estate Continues It's Robust Trend

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.

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.

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.

"We are in a Sellers Market rate now in Vancouver says Mitchell MIngie. "Depending on what you are selling and where, in the province, home activity can be quite dramatic in regards to price and time it takes to sell a property". "Activity is something that Whistler is not seeing now and pricing has been down as a result for example". "However you take an area like the Westside detached homes, we can not keep them on the shelves so to speak", Mr. Mingie 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.