News Release FOR IMMEDIATE RELEASE

Transcription

1 News Release FOR IMMEDIATE RELEASE Home sales remain steady in Greater Vancouver VANCOUVER, B.C. November 2, 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 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 from $553,702 in 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 sales and pricing, although it s important to remember that conditions ten vary between communities and neighbourhoods, Jake Moldowan, Real Estate Board Greater Vancouver (REBGV) president said. Looking at transactions, the number residential property sales in Greater Vancouver totalled 2,337 in. This represents a 5.3 per cent increase compared to September and a 36.9 per cent decline from the 3,704 sales in More broadly, last month s residential sales represent a 71.3 per cent increase over the 1,364 residential sales in 2008, a 22.8 per cent decline compared to 2007 s 3,028 sales, and a 14.1 per cent decline compared to the 2,722 sales in most, Moldowan said. 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 New listings for detached, attached and apartment properties declined 25.7 per cent to 3,698 in compared to 2009 when 4,977 new units were listed. detached properties in reached 976, a decrease 34.4 per cent from the 1,487 detached sales recorded in 2009, and a 98 per cent increase from the 493 units sold in The benchmark price for detached properties increased 6.3 per cent from 2009 to $796,883. apartment properties reached 984 in, a decline 38.8 per cent compared to the 1,607 sales in 2009, and an increase 52.1 per cent compared to the 647 sales in 2008.The benchmark price an apartment property increased 2.4 per cent from 2009 to $390,074. Attached property sales in totalled 377, a decline 38.2 per cent compared to the 610 sales in 2009, and a 68.3 per cent increase from the 224 attached properties sold in The benchmark price an attached unit increased 4 per cent between 2009 and to $487, The real estate industry is a key economic driver in British Columbia. In 2009, 35,669 homes changed hands in the Board's area, generating $1.49 billion in spin-f activity. The total dollar volume residential sales transacted through the MLS system in Greater Vancouver totalled $21.19 billion in The Real Estate Board Greater Vancouver is an association representing more than 10,000 REALTORS and their companies. The Board provides a variety member services, including the Multiple Listing Service. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR or visit For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board Greater Vancouver Phone: (604) Fax: (604) cmunn@rebgv.org also available at

2 MLSLINK HOUSING PRICE INDEX PROPERTY BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR TYPE AREA PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE (+/-) PRICE % % % Preliminary Report Residential Greater Vancouver $579, % $577, Detached Greater Vancouver $796, % $794, Burnaby $807, % $796, Coquitlam $676, % $683, South Delta $655, % $674, Maple Ridge $435, % $443, New Westminster $586, % $580, North Vancouver $916, % $890, Pitt Meadows $533, % $547, Port Coquitlam $551, % $534, Port Moody $686, % $742, Richmond $908, % $897, Squamish $509, % $494, Sunshine Coast $406, % $405, Vancouver East $736, % $730, Vancouver West $1,627, % $1,633, West Vancouver $1,412, % $1,415, Attached Greater Vancouver $487, % $489, Burnaby $483, % $485, Coquitlam $416, % $431, South Delta $469, % $461, Maple Ridge & Pitt Meadows $297, % $300, North Vancouver $582, % $595, Port Coquitlam $412, % $404, Port Moody $412, % $397, Richmond $512, % $514, Vancouver East $538, % $531, Vancouver West $753, % $757, Apartment Greater Vancouver $390, % $388, Burnaby $351, % $351, Coquitlam $286, % $289, South Delta $342, % $350, Maple Ridge & Pitt Meadows $244, % $241, New Westminster $290, % $295, North Vancouver $385, % $383, Port Coquitlam $251, % $248, Port Moody $296, % $297, Richmond $337, % $338, Vancouver East $327, % $326, Vancouver West $506, % $498, West Vancouver $625, % $623, HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or - percentage the benchmark price, there is a 90% probability the sale price a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = sample too small; information not reported.

3 C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS Housing Index - Greater Vancouver 10 Year Trend Year 2001 average = Detached Attached Apartment Index Oct Jun Feb Oct 2009 Jun 2009 Feb 2009 Oct 2008 Jun 2008 Feb 2008 Oct 2007 Jun 2007 Feb 2007 Oct 2006 Jun 2006 Feb 2006 Oct 2005 Jun 2005 Feb 2005 Oct 2004 Jun 2004 Feb 2004 Oct 2003 Jun 2003 Feb 2003 Oct 2002 Jun 2002 Feb 2002 Oct 2001 Jun 2001 Feb 2001 Oct 2000

4 10 17 MLS SALES Facts September 2009 Oct. Year-to-date Oct Year-to-date Burnaby Coquitlam Delta - South Islands - Gulf Maple Ridge/Pitt Meadows New Westminster North Vancouver Port Coquitlam Detached Attached Apartment Detached $756,250 $627,000 $562,500 n/a $470,000 $599,900 $885,000 $520,000 $770,000 $854,000 n/a $401,750 $735,000 $1,700,000 $1,500,000 n/a Attached $480,000 $443,000 n/a n/a $297,765 n/a $536,000 $369,750 n/a $495,000 n/a n/a $565,000 $738,500 n/a n/a n/a Apartment $365,000 $270,500 n/a n/a n/a $291,700 $380,000 n/a $314,000 $343,000 n/a n/a $320,000 $474,000 n/a n/a Detached Attached Apartment Detached $752,000 $636,500 $642,000 n/a $484,900 $590,000 $860,000 $495,000 n/a $804,000 n/a $430,000 $750,000 $1,660,000 $1,587,500 n/a Attached $500,000 $471,000 n/a n/a $287,097 n/a $550,000 n/a n/a $530,600 n/a n/a $502,000 $850,000 n/a n/a n/a Apartment $346,750 $284,250 n/a n/a n/a $304,444 $400,000 n/a $342,500 $332,850 n/a n/a $335,000 $473,500 n/a n/a Detached ,487 Attached Apartment ,607 Detached $735,000 $620,000 $599,900 n/a $477,000 $588,000 $872,500 $507,500 $810,000 $753,000 n/a $399,900 $732,500 $1,570,000 $1,428,000 n/a Attached $452,000 $399,950 n/a n/a $305,000 n/a $608,500 $390,250 $415,000 $444,100 n/a n/a $530,000 $770,450 n/a n/a n/a Apartment $338,000 $272,000 n/a n/a $228,750 $287,250 $367,000 $224,000 $361,450 $313,000 $234,150 n/a $321,000 $477,000 n/a n/a Detached , ,410 1, ,432 Attached ,531 Apartment 1, , ,044 3, ,224 Detached $775,000 $655,000 $635,000 $417,000 $485,000 $591,250 $875,000 $526,500 $765,500 $836,500 $490,000 $412,500 $743,000 $1,680,000 $1,495,000 $825,000 Attached $476,500 $463,000 $416,500 n/a $305,000 $413,250 $590,000 $380,000 $450,000 $493,000 $376,000 $279,500 $555,000 $779,950 $1,049,167 $503,000 n/a Apartment $344,500 $278,500 $326,000 n/a $232,000 $289,500 $375,000 $237,000 $344,900 $335,000 $264,000 $227,500 $327,000 $465,000 $670,000 $293,000 Detached 1,056 1, , , ,705 1, ,926 Attached , ,463 Apartment 1, , ,189 4, ,682 Detached $692,500 $588,000 $575,000 $469,750 $440,000 $539,000 $815,500 $488,000 $709,000 $691,000 $513,500 $380,000 $660,000 $1,400,000 $1,292,500 $899,000 Attached $428,000 $415,000 $387,500 n/a $290,000 $365,000 $552,500 $369,000 $415,000 $438,000 $335,000 $269,900 $510,000 $680,000 $770,000 $414,000 n/a Apartment $322,500 $260,000 $314,000 n/a $213,250 $270,000 $346,000 $225,000 $316,000 $302,000 $258,500 $234,000 $304,750 $425,000 $580,000 $276,150 Port Moody/Belcarra Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver/Howe Sound Whistler/Pemberton Note: s are not reported for areas with less than 20 sales or for the Gulf Islands

5 10 17 MLS LISTINGS Facts September 2009 Oct. Year-to-date* Oct Year-to-date* % to % to % to % to % to Burnaby Coquitlam Delta - South Islands - Gulf Maple Ridge/Pitt Meadows New Westminster North Vancouver Port Coquitlam Detached ,414 Attached Apartment ,695 Detached 56% 82% 67% 50% 50% 79% 62% 51% 63% 76% 55% 67% 89% 86% 58% 42% Attached 60% 55% 117% n/a 40% 200% 46% 139% 68% 84% 53% 117% 61% 56% 78% 43% n/a Apartment 65% 50% 95% n/a 38% 71% 68% 39% 42% 56% 67% 67% 55% 58% 107% 35% Detached ,837 Attached Apartment ,127 Detached 44% 46% 38% 44% 48% 42% 37% 35% 31% 63% 28% 51% 53% 54% 45% 30% Attached 49% 45% 83% n/a 51% 33% 30% 50% 31% 79% 44% 33% 57% 38% 29% 85% n/a Apartment 45% 41% 41% n/a 33% 39% 44% 26% 43% 64% 6% 100% 52% 45% 41% 47% Detached ,822 Attached Apartment ,406 Detached 78% 76% 102% 225% 100% 98% 94% 86% 68% 89% 46% 62% 83% 84% 60% 21% Attached 77% 92% 50% n/a 77% 95% 82% 86% 81% 86% 58% 114% 98% 83% 100% 49% n/a Apartment 66% 74% 55% n/a 72% 83% 75% 87% 51% 65% 222% 125% 69% 64% 56% 17% Detached 1,811 1, , , , ,187 2,653 2,787 1, ,340 Attached 1, , , ,539 Apartment 2,978 1, ,465 1, , ,949 8, ,401 Detached 50% 47% 53% 16% 46% 54% 51% 50% 45% 55% 37% 37% 53% 53% 42% 26% Attached 56% 50% 59% 0% 52% 75% 53% 55% 52% 63% 44% 48% 56% 46% 49% 33% n/a Apartment 51% 43% 60% 0% 37% 49% 47% 45% 40% 54% 33% 44% 54% 47% 41% 20% Detached 1,622 1, , , , ,015 2,503 2,407 1, ,004 Attached 1, , , ,133 Apartment 2,542 1, ,258 1, , ,857 6, ,926 Detached 65% 62% 72% 30% 64% 66% 67% 70% 51% 68% 40% 43% 68% 69% 50% 25% Attached 72% 64% 82% 50% 61% 75% 72% 79% 70% 75% 39% 50% 69% 66% 38% 28% n/a Apartment 66% 64% 68% 0% 49% 67% 63% 58% 59% 68% 32% 45% 64% 66% 52% 22% Port Moody/Belcarra Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver/Howe Sound Whistler/Pemberton * Year-to-date listings represent a cumulative total listings rather than total active listings.

6 Real Estate Board Greater Vancouver Listing & Activity Summary Col. 2 & Col. 6 & Col. 9 & 10 Oct Sep Oct Percentage Oct Sep Oct Percentage Aug Aug - Percentage 2009 Variance 2009 Variance Oct 2009 Oct Variance!"#$%!& % % % DETACHED ATTACHED APARTMENTS DETACHED ATTACHED APARTMENTS /,+% DETACHED ATTACHED APARTMENTS %0,/1#*.2/30*++1-/%.(45 DETACHED ATTACHED APARTMENTS $(#+617%$'("7/# DETACHED ATTACHED APARTMENTS $/414/5+-*$5+/# DETACHED ATTACHED APARTMENTS (#+1-((.&3!/,'%##% DETACHED ATTACHED APARTMENTS '()"*+,%- 0(#+1'()"*+,%- DETACHED ATTACHED APARTMENTS #*'6-($. DETACHED ATTACHED APARTMENTS "$56*$/1'(%5+ DETACHED ATTACHED APARTMENTS )"%-*56 DETACHED ATTACHED APARTMENTS %$'("7/#1/%5+ DETACHED ATTACHED APARTMENTS %$'("7/#14/5+ DETACHED ATTACHED APARTMENTS *5+,/# DETACHED ATTACHED APARTMENTS /5+17%$'("7/#36(4/15("$. DETACHED ATTACHED APARTMENTS GRAND TOTALS DETACHED ATTACHED APARTMENTS

7 Real Estate Board Greater Vancouver Average Graph January 1977 to DETACHED CONDOMINIUM ATTACHED APARTMENTS 1200 IN THOUSANDS ($) $1,058, $519, $441, NOTE: From condominium averages were not separated into attached & apartment.