Vancouver Real Estate Blog

Vancouver Real Estate Sales Continue To Push Upward

Since December 2010, active listing in Vancouver have been climbing. Yet the demand in the early part of the year was so great, multiple offers on homes were common. "Sometimes as many as 50 people were bidding at a time to get a home" says Mitchell Mingie. As the level of inventory rose we saw a modest cooling down of multiply offers. In June we were still seeing multiply offers but nothing like the early winter and spring. Now that we are getting into summer, we will see a gradual relaxing of the market. "Prices are still expected to increase" says Mitchell Mingie of Re/Max Crest(Westside). Mitchell still "predicts a Sellers Market throughout the summer". A home priced properly will sell. However some sellers think that their homes are the best and made of gold, and are testing the waters to see if they too can get a nibble or two. Again a well priced home with a good marketing mandate will sell. Homes that have been on the market more than 60 days should reduce their asking price or really look hard at their home to discover what is causing the buyer not to put an offer in. Some homes come across as being too cold, so warm them up with a splash of colour. Others maintenance is the key factor which is contributing to the lack of performance to hang a sold sign on the front yard.  

Vancouver Real Estate- Homes Soars As Detached Home Prices Leap 28% In 12 Months

Since January, the residential housing market within the Board area has enjoyed broad stability. Home sale and listing activity have maintained a steady pace, aligning closely with typical activity from a historical perspective.

Within this period of overall stability, regional ‘hot spots’ have emerged in areas like Richmond, Vancouver Westside and West Vancouver. These areas have garnered significant local, national and international attention

Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date, 21 per cent sold for $1-million or higher. The number of $1 million property sales has increased 8 per cent as a proportion of total sales compared to this time last year.

A closer look at this year’s $1 million sales to date shows that 77 per cent of these homes were located in West Vancouver, the Westside of Vancouver or Richmond.

The Benchmark Price of a detached home has increased 28%

The Benchmark Price of a Attached home has increased 3%

The Benchmark Price of an apartment has increased 5%

Across the Real Estate Board conditions continue to favour sellers.

Between January and May of this year, 44 per cent of all residential sales were of detached homes.

Vancouver Real Estate - Homes Sales Typical For Spring Time Levels

Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.

“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.

At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

 “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”

Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.

Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.

Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.


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Real Estate Vancouver And Greater Vancouver Housing market Experiences Active Spring Sales and Listings

Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.

Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.

At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.

Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

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Vancouver Real Estate - Housing Market Update - By Mitchell Mingie

The Real Estate Board of greater Vancouver(REBGV) is reporting that we are near record setting pace for sales. March 2011 saw 4,080 sales in the REBGV. The record was posted in 2004 in March when we saw 4,371 homes sold. In March 2011, we added 6,797 homes to the MLS data base which gave us 13,110 homes on the market. It is clearly a Sellers market when on average homes are selling in 36 days. With increase demand we are seeing a steady rise in price over REBGV. March came in with an average price of $615,810 which is $30,000 more than a year ago.

Vancouver Real Estate - The Asian Connection

Overseas buyers are playing significant roles in Vancouvers real estate markets.

In Vancouver, Asian purchasers, most from mainland China, are snapping up high-end houses and condos, keeping sales brisk and prices high. Vancouver's Real Estate Agent Mitchell Mingie with Re/MaxCrestRealty(Westside) is seeing housing prices soar in neighbourhoods like Dunbar and Point Grey. The Real Estate Board of Greater Vancouver announced that on the Westside prices from February 2010 to February 2011 rose 18%. Mitchell Mingie  took one area of the Westside from the Sales figures from September 2010 to March 18th 2011 and found a 25% price increase in as little as 6 months. Mr. Mingie said that "most of the price increase has been since December 2010 till March 2011. Still at what Mitchell has been seeing, the demand is real and prices will continue to rise, but with more inventory coming on daily, prices will modify". 

 

 

Detailed Sales Summary Of Detached Homes In The Vancouver West Area For February 2011 Saw A 25% Price Increase On The Westside Of Vancouver

Gross sales in detached homes have increased 133% from $243,995,001 in February 2010 to $570,523,267 in February 2011. The number of homes listed in February were 360 compared to last years 220 which saw a 63% increase. Homes sold also saw an increase of 86% from 130 units sold last February to 242 this February 2011. The average price last year in February was $1,876,884. So far this year in February 2011 we have seen a huge price increase to $2,357,534 which is a 25% increase.

Vancouver's Housing Prices Soars To Impossible Levels. No Sign Of Stopping!!

Vancouver's detached Homes are running away in price. Literally. Homes are up over 19% from February 2010. Most of the increase has been seen in the last 4 months where there has been multiple offers on homes across Vancouver. At this rate says Mitchell Mingie a 17 year veteran in Vancouver Real Estate "predicts detached home value's will soar. Where will they go is anyone's guess. But with the huge influx of asian buyers landing on our doorstep, prices will certainly move up. And move up they have". Take a look at the graph from theReal Estate Board of Greater Vancouver and your answer can be seen in this graph of how the asian market has affected home prices in Vancouver. "Everything can not be blamed on just one group" says Mitchell Mingie. Step back and look at the whole picture. For Mitchell it comes down to five basic elements excluding supply, demand and economics. "1) safe heaven called Canada, 2) warmest spot in Canada, 3) Natural Beauty of Vancouver and British Columbia, 4) Our local governments strong urban planning model for green spaces and access to all people, 5) The lack of land available to house people do to geographical elements that surround Vancouver.