| Saturday, January 23, 2010 Vancouver West-side - Detached Houses - December 2009 Stats Updateby Telf on Sat, Jan, 23, 2010 05:26 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses the the Westside of Vancouver.
Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks!
Tuesday, November 3, 2009 Vancouver West - Detached Houses - October 2009 Statsby Telf on Tue, Nov, 3, 2009 07:26 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
3-Month HPI Average: $1,450,172
1-Year HPI Change: +16.6%
3-Year HPI Change: +32%
5-Year HPI Change: +84.6%
Note: You are welcome to use these graphs for any purpose you like, as long as you give us credit for creating them! We'd love to know how you're using them, so please let us know. Thanks! telf@telf.ca
Statistics Source: REBGV Tuesday, May 5, 2009 Real Estate Board - Press Releaseby Telf on Tue, May, 5, 2009 12:45 PM Buyer activity brings greater stability to the housing market
VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.
For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.
“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.
“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”
Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.
Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.
Bright spots in Greater Vancouver in April 2009 compared to April 2008:
Detached:
Vancouver West up 59.5 per cent (193 units sold from 121)
Attached:
Port Coquitlam up 69.6 per cent (39 units sold from 23)
Richmond up 17.9 per cent (132 units sold from 112)
Vancouver West up 46.3 per cent (98 units sold from 67)
Apartments:
North Vancouver up 29.2 per cent (84 units sold from 65) Thursday, April 2, 2009 Real Estate Board - Press Releaseby Telf on Thu, Apr, 2, 2009 05:52 PM News Release
FOR IMMEDIATE RELEASE:
Property sales strengthen in current market cycle
VANCOUVER, B.C. – April 2, 2009 – The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.
Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.
Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.
“There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).
New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.
Despite these trends, total active listings at the end of March 2009 had still reached14,579, a 19 per cent increase compared to the end of March 2008.
“REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said.
Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.
Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.
Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563. Wednesday, April 1, 2009 Vancouver West - Detached Houses - March 2009 Statsby Telf on Wed, Apr, 1, 2009 07:28 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
January: $1,134.773
February: $1,170,866
March: $1,127,017 (vs $1,448,310 in March '08)
3-Month Average: $1,169,410
1-Year Change: -22.2%
3-Year Change: +6.4%
5-Year Change: +45.6%
Number of Sales
September: 46
October: 52
November: 25
December: 56
January: 46
February: 100
March: 144 (vs 136 in March '08)
Number of New Listings
September: 314
October: 232
November: 128
December: 74
January: 195
February: 203
March: 205 (vs 268 in March '08)
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
February: 3332
March: 3270 (vs 2614 in March '08)
Total Sales (Includes condos)
September: 323
October: 285
November: 185
December: 211
January: 189
February: 399
March: 553 (vs 616 in March '08)
Summary
Prices are essentially unchanged, at least statistically, since last month, but the low end of the market has been quickly disappearing (it's all been sold!). For the past 6 months, with a little shopping around and a good Realtor, you could have purchased a nice home on a side street on the West Side for around $750,000. Today, you would be lucky to find something like that for under $850,000. Even the most pesimistic Realtors in my office are now starting to admit that the bottom has past.
You can see the reason for this in the statistics... The number of new listings was almost the same in March as it was in February (up 1%), but sales have gone up 44%. This translates into total listings being down about 15%. We actually had more sales in March 2009 than we did in March 2008. And almost all of these sales have been in the low end of the market, meaning the first time buyers have scooped up all the deals. We have almost reached a housing shortage, and multiple offers are a daily occurrence again in Vancouver.
A good chunk of what's currently left for sale is overpriced, left over from listings taken last summer or fall -- before sellers were willing to admit what's happened. None of this overpriced stuff is going to sell, and will instead expire over the next few months. Because of the large inventory of "unsaleable" housing, the current sale-able listing count in Vancouver is actually on the low side.
According to CMHC stats just released yesterday, there are currently only 24,206 new units under construction (including condos, rental units, and houses), and housing starts are down an incredible 72% since last year. Statistics BC is projecting 65,000 people will move to the province this year, with the vast majority of them coming to Vancouver. Rental vacancy rates are already under 1% in most areas of Vancouver.... Who remembers what happens to prices when you have a small supply and a huge demand?
So..... If you have been planning to buy, do so asap! I promise you that prices will go up again sooner than most people realize. If you've been planning to trade-up into a bigger house or condo, the window of opportunity for you to do that before prices go up is closing fast!
Monday, March 9, 2009 Vancouver West - Detached Houses - February 2009 Statsby Telf on Mon, Mar, 9, 2009 07:33 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
January: $1,134.773
February: $1,170,866
3-Month Average: $1,156,889
1-Year Change: -19.4%
3-Year Change: +11.1%
5-Year Change: +58.1%
Number of Sales
September: 46
October: 52
November: 25
December: 56
January: 46
February: 100
Number of New Listings
September: 314
October: 232
November: 128
December: 74
January: 195
February: 203
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
February: 3332
Total Sales (Includes condos)
September: 323
October: 285
November: 185
December: 211
January: 189
February: 399
Summary
Prices are up significantly since November (but still down 20% from the height of the market), sales volume has more than doubled since last month, and the number of listings on the market is staying fairly steady. Sales haven't been this busy since March of last year!
Interest rates went down AGAIN last week -- don't count on them getting much lower!!! The bank's overnight lending rate is now 0.5%. Mortgages are now available on a 5-year term at less than 4%. A 10-year term is now available at 5.25%!!! A year ago, at the height of the market, interest rates were closer to 7%. So what difference does a few percentage points make, you ask?
Last year, payments of $5000 a month would have bought you a $980,000 property. Today, payments of $5000 a month will get you a 1.4 million dollar property. And given that prices are down at least 20% since a year ago, your 1.4 million dollar house would have cost you almost 1.8 million a year ago. So today you can afford to buy a house that's almost TWICE as nice as you could have purchased a year ago. With this information, it's easy to see why, despite the recession we're still in, people are now buying like crazy.
Also, for investors, many condos (and even some houses!) now cash-flow! If you have, or can borrow, at least $50,000 you can now likely get 25-35% annual return on that money (AFTER tax!) by investing in a rental condo. Don't believe me? Give me a call and I'll send you the spreadsheets!
Tuesday, March 3, 2009 Real Estate Board - Press Releaseby Telf on Tue, Mar, 3, 2009 04:02 PM Property listings decrease, as February sales improve
VANCOUVER, B.C. – March 3, 2008
Residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent.
At the same time, new MLS® listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6 per cent in February compared to the previous year; 20 percent in January; 8.6 per cent in December; and 10 per cent in November.
“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,” said Dave Watt, president of the Real Estate Board of Greater Vancouver (REBGV).
REBGV reports that year-over-year property sales in Greater Vancouver declined 44.7 per cent in February 2009 from the 2,676 sales recorded in February 2008. Year-over-year, those are the lowest sales figures for February since the mid-1980s.
“REALTORS® are reporting more activity compared to recent months as people begin to see whether their position in the housing market has strengthened as a result of falling interest rates and improved affordability,” Watt says. “It took, on average, 67 days to sell a home in Greater Vancouver in February, seven days less than last month, but behind the seller’s market of last February when the average stood at 33 days.
Sales of detached properties in February 2009 declined 41 per cent to 587 from the 995 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 14.2 per cent from February 2008 to $653,452.
Sales of apartment properties declined 45.6 per cent last month to 650, compared to the 1,197 sales in February 2008. The benchmark price of an apartment property declined 13.9 per cent from February 2008 to $333,143.
Attached property sales in February 2009 decreased 49.8 per cent to 243, compared with the 484 sales during the same month in 2008. The benchmark price of an attached unit declined 9.7 per cent between Februarys 2008 and 2009 to $426,268.
New listings for detached, attached and apartment properties declined 25.6 per cent to 3,916 in February 2009 compared to February 2008, when 5,260 new units were listed.
The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics and buying or selling a home contact a local REALTOR® or visit www.rebgv.org. Wednesday, February 18, 2009 Sales volume has more than doubled in the past 2 weeks!by Telf on Wed, Feb, 18, 2009 05:50 PM We knew it was busy! But I just got some preliminary stats from the Real Estate Board of Greater Vancouver. In January, we averaged 38 sales per day. As of yesterday, we have been averaging 77 sales per day since February 1st!
Buy now! Before the place you wanted is sold. Friday, February 6, 2009 Vancouver West - Detached Houses - Stats Jan 2009by Telf on Fri, Feb, 6, 2009 12:31 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
January: $1,134.773
3-Month Average: $1,138,682
1-Year Change: -19.3%
3-Year Change: +13.7%
5-Year Change: +54.5%
Number of Sales
September: 46
October: 52
November: 25
December: 56
January: 46
Number of New Listings
September: 314
October: 232
November: 128
December: 74
January: 195
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
December: 3424
January: 3230
Total Sales (Includes condos)
September: 323
October: 285
November: 185
December: 211
January: 189
Summary
The number of listings for sale is down for the 4th month in a row! Sales for the month are down a tiny bit, but most of them were in the second half of the month. Real estate sales always come to a crawl during Vancouver snow storms (ie the first 2 weeks of January)! From being out in the trenches, I can tell you that sales are actually WAY up. The stats will reflect that next month.
Prices are down a tiny bit since December, but still way up over November. The median pricing stats are actually way down (over 30% since December), but that just reflects a massive increase in the volume of entry level housing being sold. The first-time buyers are back en masse! Condos are flying off the shelves. Multiple offers and sales over list price are becoming common, and well priced entry-level homes are selling in a matter of days.
Prices are low -- relatively speaking, quite likely the lowest they have EVER been in Vancouver. They're not going down any more, and you've only got 6-12 months before they start to shoot back up. (We're already seeing people raising asking prices...) And with interest rates the lowest in over 50 years, why WOULDN'T you be buying? Tuesday, February 3, 2009 Real Estate Board - Press Releaseby Telf on Tue, Feb, 3, 2009 03:25 PM Home listings withdraw as sales volume slows
VANCOUVER, B.C. – February 3, 2009
The first month of 2009 saw a continued reduction in the number of homes listed for sale in Greater Vancouver, while sales volumes in January were the lowest for that month since the early 1980s.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.
New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.
Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.
“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.
“Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.
Sales of detached properties declined 54.4 per cent to 292 from the 641 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 11.2 per cent to $659,638 in January 2009 compared to $742,490 January 2008.
Sales of apartment properties in January 2009 declined 58 per cent to 361, compared to 860 sales in January 2008. The benchmark price of an apartment property declined 11.6 per cent to $334,602 compared to $378,336 in January 2008.
Attached property sales in January 2009 were down 65.7 per cent to 109, compared with the 318 sales in January 2008. The benchmark price of an attached unit declined 8.1 per cent to $425,309 compared to $462,627 in January 2008.
The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
Tuesday, January 6, 2009 Vancouver West Real Estate Stats - Detached Houses - December 08by Telf on Tue, Jan, 6, 2009 02:40 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
December: $1,165,007
3-Month Average: $1,186,934
1-Year Change: -16.6%
3-Year Change: +22%
5-Year Change: +64%
Number of Sales
September: 46
October: 52
November: 25
December: 56
Number of New Listings
September: 314
October: 232
November: 128
December: 74
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
December: 3424
Total Sales (Includes condos)
September: 323
October: 285
November: 185
December: 211
Summary
The number of listings is down, and -- as predicted -- prices and sales volume are both up. Yes, you read that correctly -- prices are up since November. And for the fourth straight month, the number of listings -- both total listings and new listings -- has decreased. Supply is dwindling!
However, nobody expects this to continue into January. With buyers coming back into the game, January will bring us many new listings, which I am very much looking forward to! Prices are not likely to go significantly lower, and are likely to stabilize at their current rate until the buyers come back and prices start rising again.
December 2008 is also the first time since 1981 where there were more sales in December than in November. It is also worth noting that there were 56 sales in December 2008 -- exactly the same number of sales as in December 2007.
While prices aren't likely to change much in the next year, it is looking like 2009 is going to be a fantastic year for Real Estate. Buyers, start your shopping! Tuesday, January 6, 2009 Real Estate Board - Press Releaseby Telf on Tue, Jan, 6, 2009 02:12 PM 2008 brought improved housing affordability to Greater Vancouver
VANCOUVER, B.C. – January 5, 2009
The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, adeparture from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.
“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.
“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.
In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007.
New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008.
Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007. The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent.
Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent.
Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.
Thursday, December 4, 2008 Vancouver West Real Estate Stats - Detached Houses - November 08by Telf on Thu, Dec, 4, 2008 07:14 PM The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
September: $1,315,517
October: $1,279,528
November: $1,116,267
3-Month Average: $1,237,104
1-Year Change: -18.5%
3-Year Change: +17.8%
5-Year Change: +58.5%
Number of Sales
September: 46
October: 52
November: 25
Number of New Listings
September: 314
October: 232
November: 128
Total Active Listings (includes condos)
September: 4314
October: 4241
November: 4112
Total Sales (Includes condos)
September: 323
October: 285
November: 185
Summary
EVERYTHING is down -- sales volume, listing count, and prices. This is an unusual situation, and, short of Vancouver becoming a ghost town, it is impossible for all three of these things to continue trending in the same directly. At least one of these has to go up.
The latest change is that we now officially have a trend of a decreasing supply of properties. We're not in short supply of houses YET, but the listing counts are definitely marching steadily down!
As I said last month, the trend of sales going down cannot continue indefinitely -- Vancouver has a positive net migration, people have children, people get married, children move out, people die, people get divorced..... (although not necessarily in that order!)
Other Good News
Vancouver, and in fact Canada in general, is actually in much better shape than the News would have you believe. We had a 3rd quarter GDP growth of 1.3%, and retails sales in BC were up 1% in September as well. BC also has the lowest foreclosure rate in Canada. And even in the US, sales volume on "Black Friday" -- which was forecasted to be way down -- was UP 6%.
Mortgage rates are also at all-time lows, and are expected to go even lower this month. You can currently get a 5-year mortgage at 4.8%, and variable is available at prime (currently 4%).
As an interesting note, a secured line of credit from National Bank is available at prime (4%) and a 3-year GIC from BMO is available at 4.3%. So you can now personally borrow money from one bank, and then lend it to another bank, and make a profit. Never mind those smart people who locked in a line-of-credit at Prime-1 (3%!!!) over the summer, and who could now be making a profit of 1.3%/year without using any of their own capital at all. What an interesting opportunity! 1.3% per year!
If you had bought a house in Vancouver in 1978, you would have paid about $75,000. Today, even after the market "crash", that same house would be worth about $750,000. That's a 1000% increase, or over 33% per year. (Even with compounding, that's still over 8% per year.) Hmmm.... Which would you rather.... 1.3% or 33%? Thursday, December 4, 2008 Real Estate Board - Press Releaseby Telf on Thu, Dec, 4, 2008 05:37 PM Slow home sales create window of opportunity
VANCOUVER, B.C. – December 2, 2008
November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.
In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.
“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt. “For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.
“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”
New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.
Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.
Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.
Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.
Wednesday, November 12, 2008 Vancouver West October Stats - October 08by Telf on Wed, Nov, 12, 2008 07:55 PM Vancouver West Real Estate Stats - Detached Houses
The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
August: $1,371,663
September: $1,315,517
October: $1,279,528
3-Month Average: $1,322,236
1-Year Change: -6.6%
3-Year Change: +30.8%
5-Year Change: +75.4%
Number of Sales
August: 46
September: 46
October: 52
Number of New Listings
August: 209
September: 314
October: 232
Total Listings (includes condos)
August: 3812
September: 4314
October: 4241
Total Sales (Includes condos)
August: 333
September: 323
October: 285
Summary
Sales are UP for detached houses, but down for condos. Prices are down.
Listings are down.
Two months, however, does not a trend make. And listings SHOULD be back down in the 16,000 - 17,000 range for a "balanced market". But they do seem to be on their way down.
The trend of sales going down cannot continue indefinitely -- Vancouver has a positive net migration, people have children, people get married, children move out, people die, people get divorced..... (although not necessarily in that order!)
The Canadian dollar is down, and everyone, everwhere would love to move to Vancouver.... which just became that much more affordable! So houses have to sell and people have to buy!
If sales go up and listing counts continue going down, housing prices will, by nature of supply and demand, be forced back up fairly soon.
Is that a good thing??? Now that depends on whether you've already bought your own home!
So WHEN are the prices going back up? That willl have to wait for my next blog post..... Wednesday, November 12, 2008 Real Estate Board press releaseby Telf on Wed, Nov, 12, 2008 07:10 PM Residential housing price decline creates buying opportunities
VANCOUVER, B.C. – November 3, 2008 – Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.
“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.” Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.
Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed. Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.
Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent. Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.
Editor’s Notes:
The MLSLink Housing Price Index® (HPI) calculates benchmark prices, which represent a typical property within a market. The HPI takes into consideration what averages and medians do not – the price of housing features such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model. The HPI measures typical, pure price change (inflation or deflation).
The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board's area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion. The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.
Thursday, October 16, 2008 The market is off by 45 percent.......by Telf on Thu, Oct, 16, 2008 01:26 PM People see this headline in the news, and they think PRICES are down 45%.... That's not what this means! This means that sales VOLUME is down 45%. On the west side of Vancouver, 586 properties sold in September of last year, and only 323 sold in September of this year. This means that houses ARE selling.
As Ozzie Jurock says: "The market is off by 50 per cent. So what. The key is to get your property placed into the 50 per cent which sells now." Instead of moping around and whining that nothing is selling, you should ask yourself why YOUR property wasn't one of the 323 that DID sell in September!
As for prices--we know they're down -- but how much? I'll have stats for you on that next week. Categories: 2607 | Cambie | comedy | Downtown NW | Downtown NW, New Westminster | Downtown NW, New Westminster Real Estate | Dunbar, Vancouver West | Dunbar, Vancouver West Real Estate | East Central, Maple Ridge Real Estate | False Creek North | False Creek North, Vancouver West | investors | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Maple Ridge | New Westminster | news stories | Pet Realtor | press release | rebgv | S.W. Marine, Vancouver West | selling tips | Shaughnessy, Vancouver West | Shaughnessy, Vancouver West Real Estate | Southlands, Vancouver West | Southlands, Vancouver West Real Estate | Southwest Maple Ridge | Southwest Maple Ridge, Maple Ridge | stats | Surrey | Vancouver West | Vancouver, BC Real Estate | West Newton | Westwood Plateau, Coquitlam | Whistler, Whistler Real Estate | Whonnock, Maple Ridge Real Estate |
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