Market Update

VANCOUVER, B.C. – April 2, 2015 – Demand continued to rise across Metro Vancouver's housing market in March.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.

 

Last month’s sales were 26.8 per cent above the 10-year sales average for the month.

 

"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13 per cent increase compared to the 5,281 new listings reported in March 2014.

 

Last month’s new listing count was 4.7 per cent higher than the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the REBGV MLS® is 12,376, a 14.5 per cent decline compared to March 2014 and a 4 per cent increase compared to February 2015.

 

“The number of homes for sale today is below what’s typical for this time of year,” McLeod said. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700. This represents a 7.2 per cent increase compared to March 2014.

 

The sales-to-active-listings ratio in March was 32.8 per cent. This is the highest that this ratio has been in Metro Vancouver since July 2007.

 

Sales of detached properties in March 2015 reached 1,711, an increase of 53.3 per cent from the 1,116 detached sales recorded in March 2014, and an 83.4 per cent increase from the 933 units sold in March 2013. The benchmark price for a detached property in Metro Vancouver increased 11.2 per cent from March 2014 to $1,052,800.

 

Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1 per cent compared to the 1,106 sales in March 2014, and an increase of 65.7 per cent compared to the 982 sales in March 2013. The benchmark price of an apartment property increased 3.3 per cent from March 2014 to $390,200.

 

Attached property sales in March 2015 totalled 722, an increase of 72.3 per cent compared to the 419 sales in March 2014, and a 67.1 per cent increase from the 432 attached properties sold in March 2013. The benchmark price of an attached unit increased 4.9 per cent between March 2014 and 2015 to $484,900.

 

* Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

 

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The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.


Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.


“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray Harris, REBGV president said.


The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.


“Over the last three years, we’ve seen changes in demand yet home prices at the regional level have remained relative stability,” Harris said. “While these numbers provide high level trends, it’s important to know that changes in prices always vary depending on neighbourhood and property type. Consult your local REALTOR® for information on trends in your area of choice.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.


New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013 and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count was 2.6 per cent below the region’s 10-year new listing average for the month.


The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease compared to May 2014.


Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the 1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June 2013 to $976,700.


Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June 2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to $378,000.


Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472 sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June 2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and 2014 to $471,200.

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Home sales in the region exceeded 3,000 in both April and May of this year. This is the first time we’ve hit the 3,000 mark in a month since June of 2011.

 

Recent increase in home buyer demand has put Greater Vancouver in the upper reaches of a balanced housing market. “Based on MLS® activity, it appears that today’s market is stronger than at any point over the last three years,” Ray Harris, Board president said.

 

The sales-to-active listings ratio for all residential properties in the region exceeded 20 per cent for the first time since June of 2011.

 

Balanced market conditions typically occur when this ratio sits between 10 and 20 per cent for an extended period of time, while seller’s market conditions occur when the ratio sits above 20 per cent for an extended period of time.

 

“Our market today sits on the cusp between a balanced and seller’s market,” Harris said. In terms of home prices, we’ve seen a gradual increase in prices of around 6 per cent over the last 18 months.

 

The MLS® HPI for all residential properties in Greater Vancouver hit a peak of $625,100 in May of 2012. After declining to $588,100 in January 2013, prices have almost returned to the 2012 peak. The benchmark price for all residential properties in Greater Vancouver currently sits at $624,000.

 

Prices for detached homes have followed a similar pattern in Greater Vancouver. The benchmark price for a detached home is currently $966,500. This is $1,000 less than the 2012 peak. The benchmark price dipped as low as $901,000 in 2013.

 

While townhouse and apartment properties have experienced less fluctuation in price over the last two years, both figures are just below their 2012 highs.

 

When a market begins to strengthen, the focus often shifts to inventory. Are there enough quality listings to sustain the growing demand? Conversely, will the market be flooded with listings if prices begin to rise at a steadier pace?

 

“Home listing stats will be interesting to observe over the next three to six months,” Harris said. The number of homes listed for sale on the MLS® so far this year has followed a similar pattern to last year. There’ve been over 27,200 listings entered on the MLS® in 2014, up three per cent from the 26,380 new listings through this time last year.

 

The total number of active listings on the MLS® in Greater Vancouver has increased for five consecutive months. Our active listing count sat at 16,072 at the end of May, which was a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase compared to April 2014.

 

“While we can’t predict the future, the signs we’ve seen from the market so far this year indicate that it’s our strongest start to the year since 2011,” Harris said. “It’s a good sign as we move into the second half of 2014.”

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VANCOUVER, B.C. – May 2, 2014 –Home buyers and sellers became more active in the Greater Vancouver housing market in April.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014.

 

Last month’s sales were 5.2 per cent below the 10-year sales average for April of 3,217.

The sales-to-active-listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

 

“We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months,” Ray Harris, REBGV president said. “People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away,” Harris said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,950 in April. This represents a 1.3 per cent increase compared to the 5,876 new listings in April 2013 and a 12.7 per cent increase from the 5,281 new listings in March. Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 15,515, a 7.3 per cent decline compared to April 2013 and a 7.2 per cent increase compared to March 2014.

 

“Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Harris said.

 
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619,000. This represents a 3.6 per cent increase compared to April 2013.

 

Sales of detached properties in April 2014 reached 1,336, an increase of 25.6 per cent from the 1,064 detached sales recorded in April 2013, and an 18.7 per cent increase from the 1,126 units sold in April 2012. The benchmark price for detached properties increased 4.7 per cent from April 2013 to $956,700.

 

Sales of apartment properties reached 1,172 in April 2014, an increase of 11.4 per cent compared to the 1,052 sales in April 2013, and a 1.5 per cent decline compared to the 1,190 sales in April 2012. The benchmark price of an apartment property increased 2.6 per cent from April 2013 to $375,500.

 

Attached property sales in April 2014 totalled 542, a 6.1 per cent increase compared to the 511 sales in April 2013, and a 12.2 per cent increase over the 483 attached properties sold in April 2012. The benchmark price of an attached unit increased two per cent between April 2013 and 2014 to $464,400.

 

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Vancouver, BC - Feb. 4, 2014 - The first month of 2014 saw home sale and listing totals outpace historical averages in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.

Last month’s sales were 7.2 per cent above the 10-year sales average for the month.

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2 per cent increase compared to the 5,128 new listings reported in January 2013.

Last month’s new listing count was 17.7 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,602, a 4.9 per cent decline compared to January 2013 and a nine per cent increase compared to December 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2 per cent increase compared to January 2013.

With the sales-to-active-listings ratio at 14 per cent, the region remains in balanced market territory.
“If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions,” Wyant said.

Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013 to $929,700.

Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013 to $371,500.

Attached property sales in January 2014 totalled 279, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700.

 

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