Michael Cowling

Balanced real estate market prevailed through much of 2011

2012-01-04T16:41:00.000-08:00

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten year average for annual Multiple Listing Service® (MLS®) property listings in the region.

It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others. For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.

Source Real Estate Board of Greater Vancouver

Richmond Apartments - South Arm 1 Bedroom Apartment for Sale - Richmond BC Real Estate

2011-12-22T10:55:00.000-08:00

Listing Property: #213 - 10160 Ryan Road, Richmond BC V7A 4P9, Canada

Brighouse 1 Bedroom Apartment for Sale in Richmond BC

Spacious 1 bedroom in popular STORNOWAY. Very well kept by owner of 30 years. South deck with park like outlook. Great floor plan; in suite laundry, fire place, hot water heat included in maintenance fee, secured parking, extra storage locker, extensive facilities including 2 pools and Saunas. Located on 4 acres of land right beside South Arm Park. No pets and no rentals, adult oriented building. Close to shopping and all amenities.

Check out this property's Virtual Tour!

Please visit http://21310160ryanroad.isnowforsale.com/ for more information!

For private tour, call or text Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com

RICHMOND BC HOUSE FOR SALE

VANCOUVER BC REAL ESTATE VIRTUAL TOUR

House | Townhouse | Apartments/Condos | Richmond BC | Real Estate

---------------------------------------------------------

RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

LIKE me on FACEBOOK! http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER! https://twitter.com/#!/MichaelCowling

Richmond Condos - Steveston 2 Bedroom Condo for Sale - Richmond BC Real Estate

2011-12-21T10:41:00.000-08:00

Listing Property: #222 - 5500 Andrews Road, Richmond BC V7E 6M9, Canada

Brighouse 1 Bedroom Condos for Sale in, Richmond BC

SOUTHWATER Bright spacious 2 bedroom 2 bathroom on the south side with bright pleasant outlook to Marina. Insuite laundry, gas fireplace, secured parking spaces. Large balcony. Steps to dyke, walking paths and Steveston Village. 2 pets allowed, rentals allowed with restrictions..

Check out this property's Virtual Tour!

Please visit http://2225500andrewsroad.isnowforsale.com/ or http://www.michaelcowling.com for more information!

For private tour, call or text Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com

RICHMOND BC CONDOS FOR SALE

VANCOUVER BC REAL ESTATE VIRTUAL TOUR

House | Townhouse | Apartments/Condos

----------------------------------------------------------------------------

RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

LIKE me on FACEBOOK! http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER! https://twitter.com/#!/MichaelCowling

Richmond Condos for Sale – Brighouse 1 Bedroom Condos for Sale - Richmond BC Real Estate

2011-12-20T13:53:00.000-08:00

Listing Property: #317 - 8591 Westminster Hwy , Richmond BC V6X 3E2, Canada

Brighouse 1 Bedroom Condos for Sale in, Richmond BC

Top floor spacious 1 bedroom with in suite laundry and fireplace in popular Lansdowne Grove. Great layout, tons of storage, double closets in the master bedroom. Big balcony, Maintenance/strata fee includes heat & hot water. Underground parking. Located walking distance to Save-On-Foods, Kwantlen College, Lansdowne Mall, Canada Line Terminal, buses & all amenities. Great investment in downtown Richmond. Move in or Rent out.

Check out this property's Virtual Tour!

Please visit http://3178591westminsterhwy.isnowforsale.com/ or http://www.michaelcowling.com for more information!

For private tour, call or text Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com

RICHMOND BC HOUSE FOR SALE

VANCOUVER BC REAL ESTATE VIRTUAL TOUR

House | Townhouse | Apartments/Condos

----------------------------------------------------------------------------

RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

LIKE me on FACEBOOK! http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER! https://twitter.com/#!/MichaelCowling

Richmond BC House for Sale - 4 bedroom Home selling in Westwind Area, Richmond BC

2011-12-15T10:48:00.000-08:00

Listing Property: 11411 No. 2 Road, Richmond BC V7E 2E6, Canada

Prestigious 4 Bedrooms House for Sale in Westwind, Richmond BC

Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio 2009 & newer deck, new hot water tank 2008, wood fireplace and wood stove in the family room, security system, chimney upgraded 2009, large storage shed fully wired for workshop, hot tub.

Check out this property's Virtual Tour!

Please visit http://11411no2road.isnowforsale.com/ or http://www.michaelcowling.com for more information!

For private tour, call or text Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com

RICHMOND BC HOUSE FOR SALE

VANCOUVER BC REAL ESTATE VIRTUAL TOUR

House | Townhouse | Apartments/Condos

----------------------------------------------------------------------------

RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

LIKE me on FACEBOOK! http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER! https://twitter.com/#!/MichaelCowling

Richmond BC Condos for Sale - 2 Bedrooms Condo selling in Central Richmond BC

2011-12-13T16:09:00.001-08:00

Listing Property: #316 - 8700 Jones Road, Richmond BC V7E 6T6, Canada

Spacious 2 Bedrooms Condos for Sale in Central Richmond BC

Windgate Royale is a central, spacious 2 bedroom and den, 2 bathroom with newer kitchen cabinets and counter tops, eating area in kitchen, engineered hardwood flooring, vaulted ceilings, in suite laundry, gas fireplace and 2 secured underground parking. North balcony with Mountain View, large rooms and extra storage locker. Well maintained. Steps to schools transit and all amenities.

Check out this property's Virtual Tour!

Please visit http://3168700jonesroad.isnowforsale.com/ or http://www.michaelcowling.com for more information!

For private tour, call or text Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com

RICHMOND BC CONDOS FOR SALE

VANCOUVER BC REAL ESTATE VIRTUAL TOUR

House | Townhouse | Apartments/Condos

----------------------------------------------------------------------------

RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

LIKE me on FACEBOOK! http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER! https://twitter.com/#!/MichaelCowling

Richmond BC Townhouse for Sale - 3 Bedroom Townhouse selling in Steveston Richmond BC

2011-12-13T16:01:00.001-08:00

Listing Property: #16 - 12438 Brunswick Place, Richmond BC V7E 3K6, Canada

A Beautiful 3 Bedrooms Townhouse for Sale in Steveston Richmond BC

Brunswick Gardens, 3 bedroom and family room townhouse. Great layout spacious rooms, a 3rd level with a huge family room and plenty of storage. Master bedroom with lots of closet space, full ensuite with skylight and large deck off the master. Kitchen with eating area, hot water radiant heating. Gas Fireplace. Fenced backyard with patio and garden, roof deck. Single garage and open parking at door. Steps to Dyke trail and Steveston Village Amenities, Homma Elementary and McMath Schools. One dog or one cat allowed.

Check out this property's Virtual Tour!

Please visit http://1612438brunswickplace.isnowforsale.com/ or http://www.michaelcowling.comfor more information!

For private tour, call or text Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com

RICHMOND BC TOWNHOUSE FOR SALE

VANCOUVER BC REAL ESTATE VIRTUAL TOUR

House | Townhouse | Apartments/Condos

----------------------------------------------------------------------------

RE/MAX Michael Cowling And Associates Realty - Serving Richmond, Vancouver, and Ladner

LIKE me on FACEBOOK! http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER! https://twitter.com/#!/MichaelCowling

Historically normal activity keeps the Greater Vancouver housing market in a balanced state

2011-12-05T16:55:00.001-08:00

The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

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 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of. November activity helped put our market firmly in balanced territory.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when 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 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960

Source Real Estate Board of Greater Vancouver

Free Movie Day fun for the whole family Silvercity Riverport Cinemas 9:30AM Nov 26

2011-11-21T10:08:00.001-08:00

Renewing and refinancing mortgages is saving Canadians

2011-11-14T11:50:00.000-08:00

Almost a quarter of Canadians renewed or refinanced their mortgages in the past year and the vast majority found themselves with a better rate for doing so, the Canadian Association of Accredited Mortgage Professionals said.

The group found about 32% of Canadians reported making some sort of change to their mortgage in the past year with almost two-thirds of those people saying they were refinancing or renewing their mortgages. Among those who renewed, 78% got a rate reduction.

Canadians who are looking for that better rate appear ready to shop around with 21% of respondents who renewed or refinancing their mortgages in the last year, saying they switched lenders.

Mortgage rates continue to be at or near all-time lows with a flat yield curve reducing the steep discount on variable rates and making locking in more attractive. The website ratesupermarket.ca says the best variable rate product on the market is now 2.48% while a five-year fixed rate closed mortgage is now as low as 3.19%.

“Overall, our survey paints a picture of Canadians generally and homeowners in particular as very focused on their finances,” said Jim Murphy, president of CAAMP. “They are planning ahead, aggressively paying down their mortgage in advance of any economic jolt.”

Despite the shrinking gap between fixed rate and variable rate mortgages, 31% of Canadians are still in variable rate mortgage tied to prime and ultimately any interest rate changes from the Bank of Canada.

One thing Canadians have become more conservative about is taking equity out of their home. Only 10% of equity holders took money out of their home in the last year, a 40% drop from a year ago.

The decline could have something to do with tougher refinancing rules which lowered the level on refinancing to 85% of home’s value, down from 90%.

Source: The Financial Post

Greater Vancouver at lower end of balanced housing market

2011-11-07T10:25:00.000-08:00

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. 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.

Source Real Estate Board of Greater Vancouver

Bank of Canada Interest Rate

2011-10-25T14:38:00.001-07:00

As was universally anticipated, the Bank of Canada opted to hold its target overnight rate at 1 per cent this morning. Ongoing uncertainty in the Euro-zone continues to weigh heavily on the Bank's outlook. In its statement accompanying the interest rate decision, it was noted that the bank is now projecting a contained Euro-crisis, but also a brief recession in the Euro-area due to ongoing deleveraging and fiscal austerity. The Bank also expects continued weakness, but no recession, in the United States through the first half of 2012 before a resumption of stronger growth. Given various challenges in the global economy, the Bank of Canada trimmed its outlook for Canadian economic growth to 2.1 per cent in 2011, 1.9 per cent in 2012 and 2.9 per cent in 2013 which is in line with our own forecast. On inflation, the Bank now expects slack in the economy to persist longer than originally forecast, leading to a closing of the output gap at the end of 2013. This implies softer than expected inflation in coming quarters, with consumer price growth moderating before returning to the Bank's 2 per cent target by the end of 2013.

Overall, this morning's statement shows a very cautious Bank of Canada that is unlikely to make any significant movements on interest rates over the next two to three quarters. Further monetary tightening will be highly contingent on a brighter growth outlook in the United States and a credible solution to the Euro sovereign debt crisis. Therefore we expect the Bank of Canada to remain on the sidelines through the end of 2011 and the first half of 2012.

Source BCREA Economics Now

Home listings continue to rise in the Greater Vancouver housing market

2011-10-05T14:27:00.000-07:00

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. 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.

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

Source Real Estate Board of Greater Vancouver

Greater Vancouver home sales trend toward buyers’ market over summer

2011-09-03T15:50:00.000-07:00

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. 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. 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.

Source Real Estate Board of Greater Vancouver

Active home sellers bring greater selection to the Greater Vancouver housing market

2011-08-03T15:52:00.000-07:00

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

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 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

We’re not seeing multiple offer situations in the market today compared to a few months ago, but well priced homes continue to sell at a relatively swift pace. It’s taking longer, on average, to sell a property in the region, which is unchanged from June of this year.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

Source Real Estate Board of Greater Vancouver

Summer housing market trends toward balance after an active spring season

2011-07-03T15:52:00.000-07:00

Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.

Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.

With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace. With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.

At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 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 has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.

The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver. Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.

Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.

Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.

Source Real Estate Board of Greater Vancouver

Greater Vancouver Market Holds Steady

2011-06-03T15:53:00.000-07:00

Greater Vancouver Housing Market Holds Steady and Favours Sellers in May

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.

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. 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

Source Real Estate Board of Greater Vancouver

Market Sees Typical Spring Activity

2011-05-03T15:53:00.000-07:00

Greater Vancouver Housing Market Sees Typical Spring Activity in April

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. 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.

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.

Source Real Estate Board of Greater Vancouver

Market at Near Record Pace in March

2011-04-03T15:54:00.000-07:00

Home Buyers and Sellers Enter the Housing Market at Near Record Pace in March

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

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.

Our market has had a very strong start to the spring season. With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.

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. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

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.

Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type.

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.

Source Real Estate Board of Greater Vancouver

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

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.

Our market has had a very strong start to the spring season. With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.

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. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

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.

Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type.

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.

Source Real Estate Board of Greater Vancouver

Increased Housing Demand in February

2011-03-03T15:54:00.000-08:00

Real Estate Board of Greater Vancouver Reports Increased Housing Demand in February

Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.

For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years.

We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season according to the Real Estate Board of Greater Vancouver (REBGV). The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.

Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.

To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality.

Looking across the region, the REBGV reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent increase from the 1,480 home sales in February 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,693 in February 2011. This represents a 23.6 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent increase compared to January 2011 when 4,801 homes were added to the MLS® in Greater Vancouver.

With a sizeable increase in the number of properties coming onto the market for sale, there’s a good selection out there for buyers to choose from.

At, 11,925, the total number of residential property listings on the MLS® increased 14.2 per cent in February compared to last month and increased 5 per cent from this time last year.

Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 per cent from February 2010 to $848,645.

Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.

Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.

Source: Real Estate Board of Greater Vancouver

Stability & Regional ‘Hot Spots’

2011-02-03T15:55:00.000-08:00

Stability and Regional ‘Hot Spots’ Characterize January Housing Market

The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.

The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region. We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.

When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood.

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.

At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.

Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.

Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.

Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.

Source Real Estate Board of Greater Vancouver

Real Estate Market Stable

2011-01-03T15:56:00.000-08:00

Real Estate Market Stable at Year-end

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers. The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all-time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred.

More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686sales in December 2006.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of$593,419 in April 2010.

Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

Source: Real Estate Board of Greater Vancouver

MLS® Stats Show More Sales, Fewer Property Listings in November

2010-12-06T19:18:00.000-08:00

Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.

Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June.

Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.

Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices. It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.

Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.

Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

Source: Real Estate Board of Greater Vancouver

Home Sales Remain Steady in Greater Vancouver

2010-11-07T19:12:00.000-08:00

Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.

We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods.

Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.

More broadly, last month’s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in October 2008, a 22.8 per cent decline compared to October 2007’s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in October 2006.

As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010. Those buying today recognize that they still have a chance to enter the market with near-record low interest rates, while gradual reductions in inventory have eased downward pressure on prices.

Total active listings on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, an 8.6 per cent decline from last month and a 16.4 per cent increase from October 2009. New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in October 2010 compared to October 2009 when 4,977 new units were listed.

Sales of detached properties in October 2010 reached 976, a decrease of 34.4 per cent from the 1,487 detached sales recorded in October 2009, and a 98 per cent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 per cent from October 2009 to $796,883.

Sales of apartment properties reached 984 in October 2010, a decline of 38.8 per cent compared to the 1,607 sales in October 2009, and an increase of 52.1 per cent compared to the 647 sales in October 2008.The benchmark price of an apartment property increased 2.4 per cent from October 2009 to $390,074.

Attached property sales in October 2010 totalled 377, a decline of 38.2 per cent compared to the 610 sales in October 2009, and a 68.3 per cent increase from the 224 attached properties sold in October 2008. The benchmark price of an attached unit increased 4 per cent between October 2009 and 2010 to $487,530.

Source Real Estate Board of Greater Vancouver

Housing market factors indicate stability in recent months

2010-10-04T13:59:00.000-07:00

September home sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009.
In comparison, last month’s residential sales represent a 40.1 per cent increase over the 1,585 residential sales in September 2008, a 20 per cent decline compared to September 2007’s 2,776 sales, and an 11.9 per cent decline compared to September 2006’s 2,519 sales.
We’ve seen fewer properties coming on to the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices.
Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.
Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 15,401, basically unchanged compared to last month and a 22 per cent increase from September 2009. Over the last three months, active listings in the region have declined12.3 per cent.
New residential property listings posted in September declined 17.6 per cent to 4,731 compared to September 2009 when 5,746 new units were listed.
We saw signs of more stability in our marketplace last month than we have seen since spring based on a variety of indicators that we look at each month. At 56 days, it took, on average, three days less to sell a home in our region compared to August. This is the first month-over-month decline we’ve seen in this category since April.
Sales of detached properties in September 2010 reached 866, a decrease of 39.1 per cent from the 1,423 detached sales recorded in September 2009, and a 58.6 per cent increase from the 546 units sold in September 2008. The benchmark price for detached properties increased 6.7 per cent from September 2009 to $790,992.
Sales of apartment properties reached 971 in September 2010, a decline of 34.7 per cent compared to the 1,489 sales in September 2009, and an increase of 27.1 per cent compared to the 764 sales in September 2008.The benchmark price of an apartment property increased 3.7 per cent from September 2009 to $388,373.
Attached property sales in September 2010 totalled 383, a decline of 40.1 per cent compared to the 647 sales in September 2009, and a 39.3 per cent increase from the 275 attached properties sold in September 2008. The benchmark price of an attached unit increased 5.2 per cent between September 2009 and 2010 to $490,385.

Source Data: Real Estate Board of Greater Vancouver

Buyer’s market conditions continue in Greater Vancouver

2010-09-08T20:56:00.000-07:00

Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,202 in August 2010. This represents a 36 per cent decline from the 3,441 sales in August 2009, the second highest selling August ever recorded, and a 2.4 per cent decline compared to July 2010.
From a wider perspective, last month’s residential sales represent a 40.4 per cent increase over the 1,568 residential sales in August 2008, a 34.9 per cent decline compared to August 2007’s 3,384 sales, and a 26.6 per cent decline compared to August 2006’s 2,998 sales.
New listings for detached, attached and apartment properties declined 17.5 per cent to 3,750 in August 2010 compared to August 2009 when 4,544 new units were listed. Total active listings in Greater Vancouver currently sit at 15,421, a 6.1 per cent decline from last month and a 29 per cent increase from August 2009.
We’re seeing moderate demand, low interest rates and a healthy but slowing stream of supply in our marketplace, all variables that favour those looking to purchase a home. The last few months have also shown some stability when it comes to price fluctuations in the region, which is a welcome trend after reaching record highs in April.
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.9 per cent to $576,597 in August 2010 from $539,600 in August 2009.
Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market.
Sales of detached properties in August 2010 reached 893, a decrease of 34.7 per cent from the 1,367 detached sales recorded in August 2009 and a 66.9 per cent increase from the 535 units sold in August 2008. The benchmark price for detached properties increased 8.5 per cent from August 2009 to $795,076.
Sales of apartment properties reached 935 in August 2010, a decline of 36.1 per cent compared to the 1,464 sales in August 2009 and an increase of 26.4 per cent compared to the 740 sales in August 2008.The benchmark price of an apartment property increased 4.5 per cent from August 2009 to $385,968.
Attached property sales in August 2010 totalled 374, a decline of 38.7 per cent compared to the 610 sales in August 2009 and a 27.6 per cent increase from the 293 attached properties sold in August 2008. The benchmark price of an attached unit increased 6.6 per cent between August 2009 and 2010 to $489,511.

Source Real Estate Board Or Greater Vancouver

Homebuyers and sellers less active in July

2010-08-10T23:02:00.000-07:00

Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010. Looking back further, last month’s residential sales represent a 3.7 per cent increase over the 2,174 residential sales in July 2008, a 41.8 per cent decline compared to July 2007’s 3,873 sales, and a 17.5 per cent decline compared to July 2006’s 2,732 sales.
With the pace of home sales and listings easing off in our market, we’ve begun to see a levelling of home prices from the record highs seen in the spring, creating greater affordability. Activity
in today’s marketplace is clearly trending in favour of buyers.
The number of properties listed for sale on the market has been trending downward since spring, with 4,138 new listings in July compared to April’s peak of 7,648. New listings for detached, attached and apartment properties in Greater Vancouver on the Multiple Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared to July 2009, when 5,041 properties were listed for sale.
At 16,431, the total number of property listings on the MLS® in July declined 6.5 per cent compared to last month and increased 33 per cent compared to July 2009.
It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction.
Since spring, housing prices have decreased 2.8 per cent compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from $528,821 in July 2009.
Sales of detached properties in July 2010 reached 908, a decrease of 43.7 per cent from the 1,614 detached sales recorded in July 2009 and a 9.8 per cent increase from the 827 units sold in July 2008. The benchmark price for detached
properties increased 11.5 per cent from July 2009 to $793,193.
Sales of apartment properties reached 979 in July 2010, a decline of 42.7 per cent compared to the 1,708 sales in July 2009 and an increase of 1.3 per cent compared to the 966 sales in July 2008.The benchmark price of an apartment
property increased 6.2 per cent from July 2009 to $387,879.
Attached property sales in July 2010 totalled 368, a decline of 53.5 per cent compared to the 792 sales in July 2009 and a 3.4 per cent decline from the 381 attached properties sold in July 2008. The benchmark price of an attached unit increased 8.6 per cent between July 2009 and 2010 to $490,995

Source The Real Estate Board of Greater Vancouver

2010-08-02T20:49:00.000-07:00

VANCOUVER — British Columbia’s real estate markets have slowed a bit more than the B.C. Real Estate Association’s earlier predictions, prompting a downward revision in the group’s latest market forecast that includes a softening of prices.

Association chief economist Cameron Muir released his third-quarter forecast Friday calling for Multiple-Listing-Service recorded sales to dip down to 79,500 by the end of the year, a seven-per-cent decline from 2009.

In the association’s second-quarter forecast, Muir had predicted B.C.’s MLS sales would fall three per cent from the 85,028 recorded in 2009.

“We’ve seen consumer demand has tailed off in the summer months a little more than what was expected, and that accounts for the change in the overall unit-sales numbers,” Muir said in an interview.

And with inventories of active listings higher than they were a year ago, that means “some softness in home prices that is manifesting over the summer months,” he added.

Most markets in B.C. have hit buyers territory, which means house hunters have more power to negotiate deals than sellers do to set prices.

The result is that Muir is forecasting by the end of 2011, although sales should increase, the provincial average price should edge off a new high achieved in 2010.

By the end of 2010, Muir estimates that the average price across all property types will hit $492,880, 5.8 per cent higher than at the end of 2009. Most of that increase, however, represents a spike in prices that peaked in about May.

In 2011, Muir estimates the provincial average will come back to $489,454, with price declines in the high-priced markets of Metro Vancouver and the Fraser Valley proving to be the biggest influence on that figure.

“The real question is on which side of zero [are prices going to] be,” Muir said.

To put markets into perspective, Muir said that while 2010’s sales are expected to come in at just below the 10-year average, and 2011 sales to hit the 10-year average.

“My expectation is for a gradual improvement in sales over the next 18 months rather than the roller coaster of activity we’ve seen over the past two years,” he added

Source The Vancouver Sun

Activity steady to start the summer season

2010-07-06T20:16:00.000-07:00

The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

We didn’t experience any record-breaking activity in June, but we did see a stable summer market. The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.

Source Real Estate Board of Greater Vancouver

Forget market timing, buying a house is about life timing

2010-06-09T08:33:00.000-07:00

Homes are a long-term investment
By Garry Marr, Financial Post June 9, 2010 'You know, you're making the biggest mistake of your life. The housing market is going to fall."

I got this great piece of advice from another journalist at the Financial Post, who has since left the newspaper, after buying my first home. Not exactly the type of thing you want to hear after taking on huge debt and making the biggest financial decision of your life.

Lucky for me, I didn't heed that advice about Toronto's red-hot real estate market -- in 1998. I'm not going to say I made a shrewd business decision 12 years ago, or even six years later when I bought a larger house.

For me, it wasn't a case of not following what turned out to be bad advice from a fellow business journalist. Nor was it about trying to time the market.

I was simply following the same pattern as most Canadians: I got married and decided to stop renting and buy something. Later came the need for a bigger home when the second kid was on the way.

Which brings us to today. The supply of housing is rising fast as people try to list their homes for sale before the market "crashes." This is happening at the same time that demand is starting to wane. Economists and even the real estate industry, are all predicting a correction -- the only argument being how severe it will be.

So, the question for anyone buying is: should you wait?

Don Lawby, chief executive of Century 21 Canada, thinks the strategy of waiting for a crash is not going to work during this economic cycle. "For a market to crash, you have to have people who are desperate to sell," says Mr. Lawby. "People will [only sell] if they can't afford their mortgage or they don't have a job." He doesn't see a decline in prices, "unless you are predicting that mortgages will renew at a hefty premium -- which is not the case -- or a whole bunch of people are going to lose their jobs." Mr. Lawby believes neither will happen.

And, he adds, you are really into a risky game if you are timing the market. "A house is a home. If all you are doing is looking at it as an investment -- that's what happened the last 15 years -- it's not just that. It's a place to live and a place to raise a family," says Mr. Lawby. Even Benjamin Tal, a senior economist with CIBC World Markets, who, last month, said in a report that Canadian housing is 14% overvalued, has doubts about playing the market. But he suspects that's exactly what some Canadians will do.

"Is there a sense that prices will go down and people will wait? I think it might be an issue," says Mr. Tal. "It won't be the main reason [people don't buy], but it will happen at the margins. The fact that people sell at the peak and wait to buy is a normally functioning market."

But even if you do make the right call on housing prices, it could end up backfiring on you in other ways. For example, if interest rates rise fast enough, any gains you make on price could be erased by interest charges, says Mr. Tal. Edmonton certified financial planner Al Nagy says you need to think of your house the way you think about any long-term investment. "Whether it's an investment for use in your retirement or a house to live in, it's a long-term thing. The timing becomes less critical than it would be if it is a speculative [investment]."

And he says making a call on the housing market is as tricky as any other investment call. "It's very rare you catch the bottom. You can't let the market dictate when it's time to buy. The time to buy is when you can afford it," says Mr. Nagy.

I'm not sure that philosophy would fly with my former colleague, but the problem with timing the market is: what if your timing is off?

Source: The Vancouver Sun

May market offers buyers greater selection

2010-06-09T08:12:00.000-07:00

The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.
In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.
New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.
At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.
Prospective home buyers in today’s market have a broad selection to choose from in every property type. Buyers are not feeling as rushed to make a decision as they did late last year and earlier in the year.
Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.
“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level.
Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.
Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.
Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339

Source The Real Estate Board of Greater Vancouver

Home buyer and seller activity increases in busy spring market

2010-05-04T12:54:00.000-07:00

The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.
We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).
At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.
It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period.
Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.
Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779.
Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399.

Source The Real Estate Board of Greater Vancouver

Home listings rise to start the spring season

2010-04-07T13:12:00.000-07:00

A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.
The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period.
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.
With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.
Attached property sales in March 2010 totalled 549, an increase of 40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per cent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 per cent between March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to last month when the benchmark price was $495,496.

Source The Real Estate Board of Greater Vancouver

Home sales activity strong through February and the Olympic period

2010-04-07T13:08:00.000-07:00

The Greater Vancouver housing market continued to experience strong demand from homebuyers and an increase in total property listings in a month where the eyes of the world were focused on the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.
More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“We don’t know at this point what long-term impact the Olympics will have on our housing market, but we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks.
In February, for example, 110 sales were recorded on the MLS® in downtown Vancouver. That’s higher than 2009 and slightly lower than the mid-2000s, which is consistent with data from the overall market. It’s too soon to say whether that’s an Olympic effect.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 when 3,916 new units were listed, and a 10.5 per cent decrease compared to January 2010 when 5,147 properties were listed on the MLS® in Greater Vancouver.
At 11,346, the total number of property listings on the MLS® increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.
“Two months into 2010, we see the total number of homes listed for sale on the rise and demand in the market strong, but less frenzied than we saw in the latter part of 2009,” Russell said.
Sales of detached properties increased 67.5 per cent in February 2010 to 983 from the 587 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 22.5 per cent from February 2009 to $800,796.
Sales of apartment properties in February 2010 increased 65.2 per cent to 1,074 compared to 650 sales in February 2009. The benchmark price of an apartment property increased 17.3 per cent from February 2009 to $390,899.
Attached property sales in February 2010 are up 71.2 per cent to 416, compared with the 243 sales in February 2009. The benchmark price of an attached unit increased 16.2 per cent between Februarys 2009 and 2010 to $495,496.

Source The Real Estate Board of Greater Vancouver

Feds change borrowing requirements for government-backed mortgages

2010-02-17T20:25:00.000-08:00

Federal Finance Minister Jim Flaherty announced this morning that homebuyers looking to qualify for a government-backed mortgage after April 19, 2010 will need to meet three new requirements. The changes revealed this morning include:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term.
• Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes.
• Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," Minister Flaherty said in a press release.

Source The Real Estate Board of Greater Vancouver

Housing supply and demand reach closer alignment in January

2010-02-05T21:48:00.000-08:00

Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today.

There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.
In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.

Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478.

Some Facts About Richmond

2010-01-17T14:52:00.000-08:00

Population & Land Use
With a population estimated in 2008 to be 188,100 people, Richmond is a growing dynamic urban centre with a unique mix of residential and commercial property, agricultural lands, industrial parks, waterways and natural areas. It lies where the River meets the ocean.
The shores surrounding Richmond create an estuary border that provides habitat for fish and for migrating birds on the Pacific Flyway between the Arctic and South America.
Richmond has undergone enormous change over the last several decades, with significant growth in the early 1990's. Today, Richmond is a dynamic, multi-ethnic community. Much of the recent population growth has been made up of Asian immigrants. People of Chinese or South Asian ancestry represent more than sixty percent of Richmond residents. Newcomers have contributed significantly to the growth of the small business and retail sectors and have added to the diversity and vibrancy of the City of Richmond.

Source: City of Richmond

Richmond Dwelling Unit Numbers

2010-01-16T16:11:00.000-08:00

In a recent count, there were 59,3801 private dwellings in Richmond. Single detached units account for 47% of the housing stock, followed by low and high rise apartment units (29.4%), townhouse units (21.4%) and semi-detached or two family dwelling units (2.1%).

Source City of Richmond

Slow start, strong finish for housing market in 2009

2010-01-05T16:41:00.000-08:00

After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009. Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of The Real Estate Board of Greater Vancouver.

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed.

The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009.

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573.

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

Source The Real Estate Board of Greater Vancouver

Strong demand carries into late fall

2009-12-05T23:33:00.000-08:00

Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.

This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver. Prospective homebuyers today have more options at different price levels than ever before.

The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.

We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year.
In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.

Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.

Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.

Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.

Information provided by The Real Estate Board of Greater Vancouver

High sales levels spur rise in home values

2009-11-16T21:11:00.000-08:00

VANCOUVER, B.C. – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.

While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008. We’re coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year.

The REBGV reports that residential property sales in Greater Vancouver totalled 3,704in October 2009, an increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent compared to October 2008 when 1,364sales were recorded. Looking back two years, last month’s sales increased 22.3 per cent compared to October 2007 when 3,028 sales were recorded.

High confidence and low mortgage rates are continuing to drive the activity we’re seeing in the housing market today.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,977 in October 2009. This represents a 2.3 per cent increase compared to October 2008 when 4,867 new units were listed, and a 13.4 per cent decline compared to September 2009 when 5,764 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,084, the total number of property listings on the MLS® decreased 4.1 per cent in October compared to last month and declined 37 per cent from this time last year.

Sales of detached properties increased 201.6 per cent to 1,487 from the 493 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 7.7 per cent from October 2008 to $749,808.

Sales of apartment properties in October 2009 increased 148.4 per cent to 1,607, compared to 647sales in October 2008. The benchmark price of an apartment property increased 6.3 per cent from October 2008 to $380,975.

Attached property sales in October 2009 are up 172.3 per cent to 610, compared with the 224 sales in October 2008. The benchmark price of an attached unit increased 4.6 per cent between Octobers 2008 and 2009 to $468,798.

Source Real Estate Board of Greater Vancouver

Buyer demand remains strong while home listings increase

2009-10-07T18:58:00.000-07:00

VANCOUVER, B.C. – October 2, 2009 – Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.
As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year..
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.

Source: Real Estate Board of Greater Vancouver

2009-09-26T17:35:00.001-07:00

Canadian housing markets buck recession
and trend upwards, says RE/MAX

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in unit sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again. In terms of its impact on the resale market, by historical standards, this recession was one of the mildest. The resilience of bricks and mortar has been demonstrated time and again. While there may still be some challenges down the road, the worst is definitely behind us in the housing industry.

The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John’s (71.5), and Regina (70.1). Significant gains have also been made over the same period in markets such as Ottawa, where levels rose from 51.4 per cent to 66.7 per cent, and Toronto, where levels rose from 57.3 to 67.6 per cent.

Public sentiment can perhaps best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question “In which do you feel more comfortable investing your money? The stock market or real estate.” Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.

Markets are heating up across the country as purchasers take advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.

Over the past thirty years, the Canadian residential real estate market has experienced three major downturns – 1981, 1989, and 2008. While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.

The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.

* The Angus Reid Omnibus Survey was conducted on September 15, 2009 and yields a margin of error of +3.1 per cent, 19 times out of 20.

Homeownership Rates
Canada and Major Centres
1981 2006
Canada 62.1 68.4

Metropolitan Areas*
St. John’s 69.5 71.5
Halifax 55.6 64.0
Ottawa 51.4 66.7
Toronto 57.3 67.6
London 58.0 65.9
Winnipeg 59.1 67.2
Regina 65.4 70.1
Calgary 58.4 74.1
Edmonton 57.9 69.2
Vancouver 58.5 65.1
Victoria 59.8 64.7

Source: Canada Mortgage and Housing Corporation (May 2008)
*Homeownership rates based on 1986 boundaries for the Census Metropolitan Area (CMA)

Top Performing Markets by Price Appreciation
1980 YTD 2009 % Increase
Market Avg. $ Avg. $ 1980 - 2009
Greater Vancouver $100,065 $574,061 473.7%
Victoria $85,066 $466,611 448.5%
Greater Toronto $75,694 $385,978 409.9%
Regina $48,628 $244,088 402.0%
Ottawa $63,177 $301,684 377.5%
Halifax-Dartmouth $53,161 $239,633 350.8%
Winnipeg $50,491 $207,006 310.0%
Calgary $93,977 $380,489 304.9%
London – St. Thomas $55,210 $213,683 287.0%
Newfoundland & Labrador $52,768 $203,584 285.8%
Edmonton $84,623 $319,939 278.1%

Canada $67,024 $312,585 366.4%
Source: Canadian Real Estate Association (CREA), RE/MAX

2009-08-07T19:52:00.000-07:00

Strong spring market carries into summer months
The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates. Although well priced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to call me to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

DETACHED:
Burnaby up 121.7 per cent (153 units sold from 69)
North Vancouver up 53.3 per cent (115 units sold from 75)
Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)
Richmond up 140.2 per cent (221 units sold from 92)
Vancouver East up 66.4 per cent (208 units sold from 125)
Port Coquitlam up 236.4 per cent (74 units sold from 22)
Vancouver West up 104.5 per cent (180 units sold from 88)
South Delta up 203.1 per cent (97 units sold from 32)
West Vancouver up 108.1 per cent (77 units sold from 37)
Sunshine Coast up 60.5 per cent (69 units sold from 43)

ATTACHED:
Burnaby up 123.3 per cent (134 units sold from 60)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
North Vancouver up 70 per cent (51 units sold from 30)
Vancouver West up 110 per cent (105 units sold from 50)
Richmond up 152.1 per cent (179 units sold from 71)
Vancouver East up 195.8 per cent (71 units sold from 24)
Port Coquitlam up 117.6 per cent (37 units sold from 17)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
Coquitlam up 88.2 per cent (64 units sold from 34)

APARTMENTS:
Burnaby up 72.8 per cent (235 units sold from 136)
North Vancouver up 47.9 per cent (105 units sold from 71)
Richmond up 85.5 per cent (230 units sold from 124)
Vancouver East up 64.2 per cent (179 units sold from 109)
Vancouver West up 94 per cent (584 units sold from 301)
New Westminster up 70.6 per cent (116 units sold from 68)
Coquitlam up 62.3 per cent (86 units sold from 53)
Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)

Information Provided by the Real Estate Board of Greater Vancouver

2009-07-03T15:06:00.000-07:00

Market conditions drive strong June housing sales
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.
New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.
Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007.
Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs. However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.
Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.
The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.
The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.
The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.
Bright spots in Greater Vancouver in June 2009 compared to June 2008:
Detached:
Burnaby up 109.7 per cent (151 units sold from 72)
Coquitlam up 122.2 per cent (160 units sold from 72)
Delta - South up 107.7 per cent (56 units sold from 27)
Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)
New Westminster up 104.8 per cent (43 units sold from 21)
North Vancouver up 96.2 per cent (153 units sold from 78)
Port Moody/ Belcarra up 120 per cent (33 units sold from 15)
Richmond up 77.4 per cent (204 units sold from 115)
Squamish up 107.7 per cent (27 units sold from 13)
Sunshine Coast up 33.9 per cent (75 units sold from 56)
Vancouver East up 71.2 per cent (238 units sold from 139)
Vancouver West up 85.2 per cent (200 units sold from 108)
West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Attached:
Burnaby up 81.8 per cent (140 units sold from 77)
Coquitlam up 80 per cent (54 units sold from 30)
Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)
North Vancouver up 121.2 per cent (73 units sold from 33)
Port Coquitlam up 82.6 per cent (42 units sold from 23)
Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)
Richmond up 84.5 per cent (155 units sold from 84)
Vancouver East up 118.5 per cent (59 units sold from 27)
Vancouver West up 121.8 per cent (122 units sold from 55)

Apartments:
Burnaby up 60.4 per cent (239 units sold from 149)
Coquitlam up 93.9 per cent (95 units sold from 49)
New Westminster up 57.1 per cent (121 units sold from 77)
North Vancouver up 71.4 per cent (120 units sold from 70)
Port Coquitlam up 58.1 per cent (49 units sold from 31)
Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)
Richmond up 54.1 per cent (225 units sold from 146)
Vancouver East up 58.7 per cent (165 units sold from 104)
Vancouver West up 87.2 per cent (627 units sold from 335)
West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)

Increased demand steadies housing market

2009-06-10T23:58:00.000-07:00

A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.5 per cent to $506,201 from $484,211. However, home prices compared to May 2008 levels are down 10.9 per cent.
The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region. MLS® data continues to show a trend toward a balanced market in the region.
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 36 per cent to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. At 13,641, the total number of property listings on the Multiple Listing Service® (MLS®) declined 4.7 per cent compared to last month and 16 per cent compared to May 2008.
Sales of detached properties increased 16.5 per cent to 1,402 from the 1,203 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 11.8 per cent from May 2008 to $680,320.
Sales of apartment properties in May 2009 increased 17.2 per cent to 1,458, compared to 1,244 sales in May 2008. The benchmark price of an apartment property declined 10.2 per cent from May 2008 to $349,987.
Attached property sales in May 2009 are up 19.6 per cent to 664, compared with the 555 sales in May 2008. The benchmark price of an attached unit decreased 9 per cent between May 2008 and 2009 to $435,848.

Bright spots in Greater Vancouver in May 2009 compared to May 2008:

Detached:
Burnaby up 48.9 per cent (140 units sold from 94)
Maple Ridge/Pitt Meadows up 13.4 per cent (144 units sold from 127)
North Vancouver up 31.4 per cent (134 units sold from 102)
Port Moody/Belcarra up 52.6 per cent (29 units sold from 19)
Richmond up 14.0 per cent (170 units sold from 142)
Vancouver East up 11.1 per cent (180 units sold from 162)
Vancouver West up 63.4 per cent (232 units sold from 142)

Attached:
Burnaby up 31.5 per cent (96 units sold from 73)
Maple Ridge/Pitt Meadows up 43.8 per cent (46 units sold from 32)
North Vancouver up 31.8 per cent (58 units sold from 44)
Vancouver West up 54.5 per cent (102 units sold from 66)

Apartments:
Burnaby up 32.6 per cent (187 units sold from 141)
North Vancouver up 22.6 per cent (103 units sold from 84)
Richmond up 27.4 per cent (200 units sold from 157)
Vancouver East up 28.7 per cent (139 units sold from 108)
Vancouver West up 25.4 per cent (529 units sold from 422)

Source Real Estate Board of Greater Vancouver Vancouver

Why didn’t you tell me?

2009-05-29T18:49:00.000-07:00

In a few years, you will look back at this time period and say to yourself “why didn’t I purchase a real estate back then”?

Today in Richmond, you could not ask for a better time to purchase your first home or sell the one you are in now and move up to a larger one. We have the makings of the “Perfect Storm” in the Real Estate world here in Richmond.

Here are the three Key Aspects that make-up this Perfect Storm:

1- PRICES the same as two and a half years ago
2- SELECTION hundreds more houses and condos to choose from
3- INTEREST RATES at an historical low

Yes, except for a few over priced unrealistic sellers, the market in Richmond has leveled off and for the average buyer the opportunity to get tremendous value in your home purchase will not get better than it is today!

Here is a quick observation for you to ponder:

If you purchased a single family home in April 2008, average price at that time, $810,158 at a 5 year rate of 5.69%, with 5% down, add CMHC and 35 year amortization, your monthly payment would be $4,387.00

Now buy that same house today, at an average price of $742,518, 5 year rate of 3.79%, with 5% down, add CMHC fees, 35 year amortization and your monthly payment would be $3,117.00

That is a savings of $1,210.00 per month or a 27.75% savings!!!($14,520.00 per year or $72,600 over 5 years)
Question- What if I have to sell, in order to move up?

Well, it works even better in your favour to do just that in today’s market.

Here’s why:

Lets say you sell your current home for $500,000 today and move up to a $650,000 home that is bigger, more bedrooms, a garage, etc.

Versus

Four years from now, when prices are up 5%, and if prices have gone up, then you can take for granted that the interest rates have also gone up. Without adjusting for the increase costs of the future interest rate and you only focused on the 5% price increase, here are the new numbers:

Your current home in 4 years, $500,000 x 5% = $525,000
If you move up now to the house you need and then look at it in 4 years you get $650,000 x 5% = $682,500

A difference of $7,500 (and remember this is without the interest change calculated in).

Some banks will waive or discount your payout penalty or blend with the new mortgage rate for your new home.

I encourage you to give me a call l at 604-276-2335 and we can help you make the right choice and answer any questions you may have for you specific situation.

Michael Cowling

Buyer activity brings greater stability to the housing market

2009-05-21T00:58:00.000-07:00

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 are seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent. 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. 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 12.2per 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)

Source Real Estate Board of Greater Vancouver Vancouver

The Federal Budget 2009, released January 27, 2009, offers four key benefits for home buyers and renovators.

2009-05-13T14:26:00.000-07:00

Benefit 1: Home Buyers’ Plan (RRSPs for downpayments)
The withdrawal limit has increased to $25,000 from $20,000.
For information and forms, go to: www.cra.gc.ca. In the search box, type Home Buyers’ Plan. You will see Suggested links which include links to:
• Home Buyers’ Plan (HBP) – includes conditions, how to participate, cancel, repay, and a Q&A.
• The Home Buyers’ Plan Guide – a 22 page guide that covers all aspects of the plan; and
• Form T1036 Home Buyers’ Plan Request to Withdraw Funds from an RRSP in pdf and text for¬mats and there is a phone number if you have more questions: 1-800-959- 8281.

Benefit 2: Home Renova¬tion Tax Credit
The new provision that lets eligible home owners qualify for an income tax credit of up to $1,350 for home improvement projects.
For information, go to www.cra.gc.ca. In the search box type Home Renovation Tax Credit. You will be tak¬en to a Q&A that provides comprehensive information on eligible dwellings, expenditures, calculations and required documentation.
Note: there are no forms. Beginning with the 2009 personal income tax return, a new line will be incorporated to allow renovators to claim the credit.

Benefit 3: First-Time Home Buyers’ Tax Credit provides up to $750 in income tax relief to qualifying buyers for eligible costs associated with buying their first home. We expect details soon.
For information, go to www.cra.gc.ca and in the search box type First-time Home Buyers’ Tax Credit. You will be taken to a Q&A that provides comprehensive information.
Note: there are no forms. Beginning with the 2009 personal income tax return, a new line will be incor-porated to allow first-time home buyers to claim the credit.

Benefit 4: ecoENERGY Retrofit Program gives property owners grants of up to $5,000 to offset the costs of making energy-efficiency improvements.
For information, go to the Natural Resources Canada web site http://oee.nrcan.gc.ca/cor¬porate/retrofit-summary.cfm where there is a list of retrofit grants and incentives for residential property owners, commercial and institutional buildings and industrial facilities.

Source Real Estate Board of Greater Vancouver Vancouver

Down on the farm in Richmond

2009-05-13T14:03:00.000-07:00

The 55.2 hectare Garden City lands in Richmond will remain in the Agricultural Land Reserve (ALR) as a result of a recent ruling by the Agricultural Land Commission (ALC).
The City of Richmond had asked for the farmland to be excluded from the ALR, reasoning that the Garden City lands are isolated from other farmland in an urban area surrounded by highways with low capability for agriculture in its current state.
The site is bordered by the following streets: Westminster Highway, Alderbridge Way, Garden City Road and No. 4 Road.
The ALC found that Richmond had made no attempts to reclaim the land, which is close to highly productive farmland, and concluded that the existing road network enhances agricultural suitability by providing a buffer from adjacent lands.
The commission also noted that Richmond did not provide an adequate assessment of the effect of removing the lands on the agricultural land base in the municipality.
The property is owned by the Canada Lands Company which holds 50 per cent in an undivided beneficial trust for the Musqueam Indian Band. There is a memorandum of understanding (MOU) between the Canada Lands Company, the Musqueam and the City of Richmond. If the lands had been removed from the ALR, the MOU would have given Richmond 50 per cent of the property. The Canada Lands Company and the Musqueam likely would have developed the rest for high-density housing. The purchase and sales agreement has now expired. There is no expiry date to the MOU.
Many local residents wanted to keep the lands for agricultural and ecological use. This use is supported by provincial MLA Hon. Linda Reid (Richmond East), federal MP John Cummins (Delta-Richmond East), in whose ridings the lands are located.
Source Real Estate Board of Greater Vancouver Vancouver

Welcome

2009-05-03T10:01:00.000-07:00

Thank you for visiting our new blog. I specialize in the purchase and sale of residential housing in Richmond, British Columbia.

Click this link to view our latest listings or get back to our web site at www.michaelcowling.com for online forms for free home evaluations and home finders

Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area,
my experience can help you make the right decisions. Please take some time to explore my website and make use of the
resources available to you.

Please come back soon for our news letter updates and video interviews.

Michael Cowling
“Your Realtor for Life”