Downtown



Attached (Condos & Townhomes) – Balanced Market





The market remained in balanced condition as sales decreased 12% from March, and the number of active listings increased 8%.

Demand for condos under $700,000 has remained steady with the total number of sales almost unchanged from the previous month, while sales of condos $800,000+ decreased significantly.

Currently total sales for condos downtown are 30% below what we saw last year at this time, while listings are 16% below April 2012 activity.

Vancouver Westside




Detached – Balanced Market 









The market remained in balanced market conditions as sales decreased 5% from March, and the number of active listings increased 8%.

The market for homes priced under $2 Million showed strong signs of sellers market conditions – with the return of bidding wars on select properties-  while homes priced over $2 Million are in buyers market conditions.

Attached (Condos & Townhomes) – Balanced Market








The market remained in balanced market conditions as sales decreased 6% from March, and the number of active listings increased 9%.




 


Vancouver Eastside




Detached – Sellers Market




The market moved up into sellers market conditions as the number of sales increased 40% from March, and the number of active listings increased 17%









Attached (Condos & Townhomes) – Balanced Market









The market cooled into balanced market conditions, as sales decreased o 15%, and active listings increased 25% from March.
Compared to this time last year, listings are up 8%, while total sales are down 44%. 


 

North Vancouver




Detached – Sellers Market









The market remained in sellers market conditions as sales increased 5% compared to March, and the total number of listings increased 23%







Attached (Condos & Townhomes)- Balanced Market









The market remained balanced conditions, as sales increased 14%, and the number of active listings increased 16%. 




 


West Vancouver



Detached - Buyers Market









The market remained in buyers market conditions, as sales increased 5% compared to March, while inventory of active listings increased 15%








Attached (Condos & Townhomes) - Buyers Market








The market cooled into buyers market conditions as sales increased 16% compared to March, and the number of active listings increased 9%.

 


Richmond

 

Detached - Buyers Market









Sales increased 22% compared to March, while inventory of active listings increased 9%







Attached (Condos & Townhomes) - Balanced Market








Sales increased 23% compared to March, while the number of active listings decreased 1%.

For a copy of the complete April 2013 report including both condo & detached home sales throughout Metro Vancouver & Greater Vancouver, you can email me, or use the link below to subscribe to future monthly reports.






The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.


If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

March sales showed double digit increases from the previous month, varying between 30%-50% increases across Metro Vancouver submarkets, while total number of listings remained stable. This brought more balance to the market, as the sales to active listings ratio moved up to up to 15% - for the first time since last spring. Most markets were in balanced market conditions, with certain segments showing clear signs of sellers market conditions.

Downtown



Attached (Condos & Townhomes) – Balanced Market




Sales increased 32% from February, while the number of active listings remained unchanged.


*The most active price bands in March were:

• $300,000- $600,000, with sales up 30% from February
• $1.25M-$1.5M, with sales more than 4 x February sales


Vancouver Westside




Detached – Balanced Market 








The market moved up into balanced market conditions as sales increased 45% from February, and the number of active listings decreased 3%.

* The most active price bands were between $1M-$1.75M, which showed definite signs of sellers market conditions, with roughly one in every two homes selling (45% sales to active listings ratio)
 

Attached (Condos & Townhomes) – Balanced Market







The market remained in balanced market conditions as sales increased 30% from February, and the number of active listings increased 2%.



 


Vancouver Eastside




Detached – Balanced Market



The market remained in balanced market conditions as the number of sales increased 22% from February, and the number of active listings increased 4%







 

Attached (Condos & Townhomes) – Sellers Market








The market moved up into sellers market conditions, as sales increased 51%, and active listings increased only 1% from February.



North Vancouver




Detached – Sellers Market








The market moved into sellers market conditions as sales increased 53% compared to February, and the total number of listings increased 4%





 

Attached (Condos & Townhomes)- Balanced Market








The market remained balanced conditions, as sales increased 19%, and the number of active listings increased 6%. 



 


West Vancouver

 

Detached - Buyers Market








Sales increased 84% compared to February, while inventory of active listings increased 3%






 

Attached (Condos & Townhomes) - Balanced Market







Sales increased 20% compared to February, while the number of active listings decreased 1%.
 


Richmond


Detached - Buyers Market








Sales increased 3% compared to February, while inventory of active listings increased 1%







Attached (Condos & Townhomes) - Balanced Market







Sales increased 54% compared to February, while the number of active listings increased 2%.
 

For a copy of the complete March 2013 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.






The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.
 

If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Home sales across the region have trended below historical averages for a full year now, with February sales down 29% compared to this time last year. Last month's sales were the second lowest February totals we've seen since 2001. The chart below summarizes market activity compared to last year across Greater Vancouver:
 

February 2013 - Greater Vancouver Market Snap-Shot

That said, we saw both sales and listing activity continue to rise in February as buyers and sellers continued to come back in from the sidelines. This was especially true in the condo and townhome segments - as the Downtown, Westside, and North Vancouver submarkets all moved up into Balanced market conditions. The Vancouver Eastside condo and townhome market also remained in Balanced market conditions. 
 

Downtown



Attached (Condos & Townhomes) – Balanced Market



The market moved into balanced market conditions as sales increased by 21% from January, and the number of active listings increased 15%
.

Vancouver Westside




Detached - Buyers Market 







Sales increased 26% from January, while the number of active listings increased 14%.

Attached (Condos & Townhomes) – Balanced Market







The market moved into Balanced Market conditions as sales increased 43% from January, and the number of active listings increased 12%.



 

Vancouver Eastside




Detached – Buyers Market


The market moved into balanced market conditions as the number of sales increased 37% from January, and the number of active listings increased 16%






Attached (Condos & Townhomes) – Balanced Market







The market remained in Balanced Market conditions, as sales increased only slightly by 1%, and active listings increased 10% from January.



North Vancouver




Detached - Balanced Market







The market is on the cusp of balanced market and sellers’ market conditions as sales increased 45% compared to January, and the total number of listings increased 18%





Attached (Condos & Townhomes)- Balanced Market







The market moved back into balanced conditions after a slow January, as sales increased 40%, and the number of active listings increased 17%. 


 

West Vancouver


Detached - Buyers Market







Sales decreased by 18% compared to January, while inventory of active listings increased 24%





Attached (Condos & Townhomes) - Buyers Market






Sales increased 114% compared to January, while the number of active listings increased 6%.

Richmond


Detached - Buyers Market







Sales increased by 40% compared to January, while inventory of active listings increased 7%





Attached (Condos & Townhomes) - Buyers Market






Sales increased 23% compared to January, while the number of active listings increased 14%.


For a copy of the complete February 2013 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.






The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.

If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Downtown

 

Attached (Condos & Townhomes) – Buyers Market


Sales increases by 35% compared to December, while the number of active listings increased 25%
.

Sales of condos priced between $300,000-$400,000 doubled from the previous month.

Vancouver Westside


 

Detached - Buyers Market 






Sales increased 67% from December, while the number of active listings increased 28%.



Attached (Condos & Townhomes) – Buyers Market






Sales increased by 9% from December, while the number of active listings increased 21%.


 

Vancouver Eastside




Detached – Buyers Market

The number of sales remained unchanged from December sales, while active listings inventory increased 15%




Attached (Condos & Townhomes) – Balanced Market






The market remained in Balanced Market conditions, as sales increased 25%, and active listings increased 17% from December

 

North Vancouver




Detached - Balanced Market






The market remained in Balanced market conditions as sales increased 60% compared to December, while inventory increased 32%



Attached (Condos & Townhomes)- Buyers Market






The market slipped into Buyers Market conditions as sales decreased 5% compared to Deceember, and the number of active listings increased 20%.

Sales of condos priced under $500,000 were on par with December numbers, while condos priced over $600,000 experienced the biggest decline in sales. 

West Vancouver


Detached - Buyers Market






Sales increased 31% compared to December, while inventory increased 15%



Attached (Condos & Townhomes) - Buyers Market





Sales decreased 22% compared to Deceember, while the number of active listings increased 17%.

 

For a copy of the full January 2013 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.




The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.

If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Market activity finished the year off continuing on its downward trend that started during the second half of this year. Overall 2012 was a year of below average homes sales, typical listing activity and declines in prices. 

The most signifcant decreases in sales and prices were seen in detached home markets on the Westside and in Richmond. 

Downtown
 

Attached (Condos & Townhomes) – Buyers Market

Sales decreased by 42% compared to November, while the number of active listings decreased 33%
.

Sales of condos priced up to $400,000 remained strong with an average 1 in 5 listings selling, while sales of condos over $800,000 were much slower with less than 1 in 15 listings selling. 

Vancouver Westside

 

Detached - Buyers Market 





Sales decreased 36% from November, while the number of active listings decreased 25%.

Attached (Condos & Townhomes) – Buyers Market





Sales decreased 26% from November, while the number of active listings decreased 34%.



Vancouver Eastside


 

Detached – Buyer’s Market
The market slipped into Buyer’s Market conditions, as sales decreased 38% from November, and active listings inventory decreased 30%


Attached (Condos & Townhomes) – Balanced Market





The market remained in Balanced Market conditions, as sales decreased 37%, and active listings decreased 29% from November.
 

North Vancouver


 

Detached - Balanced Market





Both sales and active listings decreased, 47% and 34% respectively compared to November.

Attached (Condos & Townhomes)- Balanced Market





The market remained in Balanced Market conditions. Sales decreased 32% from November, while active listings decreased 33%.
 

West Vancouver
 

Detached - Buyers Market





Sales decreased 3% compared to November, while inventory decreased 11%



Attached (Condos & Townhomes) - Buyers Market




Sales increased 13% compared to November, while the number of active listings decreased19%.

For a copy of the full December 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.




The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.

If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Home sales in Greater Vancouver decreased 12% in November compared to the previous month. Meanwhile the total number of active listings also decreased compared to last month by approximately 10%. This simultaneous decrease has kept the overall sales to active listings ration unchanged from October at 11%, indicating Buyer's Market conditions across the region.

As with previous months, we've seen certain submarkets improve in favour of sellers, while conditions in other submarkets continue to favour buyers. Below is a quick snapshot of market activity over the past month

Downtown

Attached (Condos & Townhomes) – Buyers Market
Sales and inventory both decreased, 8% and 9% respectively from October.
 

Vancouver Westside
 

Detached - Buyers Market 




Sales decreased 24% from October, while inventory decreased 12% 





Attached (Condos & Townhomes) – Buyers Market




Sales decreased 15% from October, while inventory decreased 11%

 

Vancouver Eastside

 

Detached – Balanced Market



The market moved in Balanced Market conditions, and the sales to active listings ratio increased to 16%. Sales decreased 2% from October, while inventory decreased 14%
 

Attached (Condos & Townhomes) – Balanced Market




The market moved in Balanced Market conditions, as sales increased and inventory decreased, pushing the sales to active listings ratio up to 17%.  Sales increased 18% compared to October, while inventory decreased 11%.
 

North Vancouver

 

Detached - Balanced Market




Both sales and inventory decreased, 23% and 17% respectively compared to the past month.

* This was after we saw sales increase 73% last month. Sales of detached homes priced between $700,000-$1,000,000 showed signs of a sellers market.

Attached (Condos & Townhomes)- Balanced Market




Sales increased 4% from October, while inventory decreased 15%.

West Vancouver

Detached - Buyers Market




Sales decreased 39% over October, while inventory decreased 11%

Attached (Condos & Townhomes) - Buyers Market




Sales decreased 38% over October, while inventory increased 10%.

For a copy of the full November 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.


 

The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.

If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Just about everyone has an opinion on the market. ‘I heard the market’s really down now?’...’Yesterday’s paper said the market is ___”...” My neighbor just sold his house and… ‘ etc.

So how is the market actually doing? The answer depends on what market you’re talking about. Are we talking about Greater Vancouver or Metro Vancouver? Multimillion dollar homes on the Westside, or entry level condos downtown?

The media talks about ‘average prices’ and overall ‘market activity’, and creates buzz worth headlines that make for great stories and getting people emotionally charged. There’s just one small problem, these stories, although entertaining to read, don’t mean much for someone who is considering buying or selling their home.

A very real example of this can be seen on Vancouver’s Westside. Looking at the graph below you can see that since 2010 the detached home market has taken off completely from the condo apartment & townhome market.

The black line marking the residential ‘average’ shows us that average prices have increased about 13% since 2010 and are on their way down. But what does that really mean?
 

Neither condos, townhomes, or detached homes followed this trend. As far as I know, there is no hybrid detached-condo home you can physically purchase or sell. You are either buying a condo apartment, townhome or detached house. Here we see that while the apartment & condo market has remained relatively stable over the past 5 years, the detached market has shot up over 35%.

Since the peak in April of this year, the detached market on the Westside has been headed on a downward trajectory, with average prices decreasing by almost 9%. Whereas the condo apartment & townhouse markets have remained stable, with modest price decreases of 2-3% since April.  If we were to dig deeper, we’d see that certain neighbourhoods and price bands actually experienced ‘sellers market conditions’ and price increases this year, while other neighbourhoods experienced total buyers market conditions and price decreases. But we’ll leave that for another day

What’s the moral of the story here? Talking about ‘the market’ can be a fun pastime, and there’s nothing wrong with that. However when you want to make smart decisions that will maximize your wealth, it’s important to understand what’s actually happening in your specific submarket. No one I know made their fortunes by following the headlines or popular opinion of the day.

The real estate market started to rebound in October, as sales increased and new listings eased off, from September activity. Total sales across Metro Vancouver increased 27% from the previous month, and active listings decreased 19% from the previous month.  

October also marked the first month since March this year that we saw an increase in the Sales to Active Listings Ratio, as it increased to 11% from 8%.  Overall conditions continue to favour buyers, however certain price bands that are in high demand from buyers are showing signs of balanced and/or sellers market conditions. 

Downtown

Attached (Condos & Townhomes) – Balanced Market



Sales up 17% from September, while inventory decreased by 2%.

Sales of condos under $400,000 increased 30% over the previous month, and are showing signs of sellers market conditions with 1 in 4 condos selling. 

Vancouver Westside

Detached - Buyers Market 



Sales up 19% from September, while inventory decreased 3% 





Attached (Condos & Townhomes) – Buyers Market



Sales up 39% from September, and inventory up 2%

The largest increase in sales was in the $500,000-$700,000 price band, where sales more than doubled over the previous month.

Vancouver Eastside


Detached – Buyers Market



Sales up 24% from September, while inventory decreased 8%

Attached (Condos & Townhomes) – Buyers Market



Sales decreased 3% from September, and inventory decreased 1%.

Sales of condos priced under $500,000 remained steady compared to the previous month, while sales of condos over $500,000 decreased.



North Vancouver


Detached - Balanced Market



Sales up 73% over September, while inventory decreased 7%.

Sales of detached homes priced between $700,000-$900,000 showed signs of a sellers market, with an average of 1 in 3 homes selling in October.

Attached (Condos & Townhomes)- Buyers Market



Sales up 46% from September, inventory down 2%.

Sales of condos priced between $300,000 and $600,000 increased 58% over the previous month.

West Vancouver

Detached - Buyers Market



Sales increased 20% over September, while inventory decreased 4%

Attached (Condos & Townhomes) - Buyers Market



Sales remained flat compared to September, while inventory increased 12%.

For a copy of the full October 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.



The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type.





If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

As expected, we’ve seen a surge of new activity over the past month, after the dry spell we experienced in August. Since early September both sellers and buyers have been steadily returning to the market.

We’ve seen an increase in new listings of 31% from August, and several high-profile condo pre-sale projects launching. However, it seems buyers are still somewhat uncertain and are taking longer to decide. So despite the increased activity, the number of closed sales has not kept pace in most submarkets. 

Many sellers are still resisting price reductions, and in many cases have stalled offer negotiations, further contributing to slower sales volumes. Despite declining sales, average prices have only modestly dropped compared to this time last year. 



The markets with the largest price reductions, are the same markets that have experienced the largest price increases over the past 3 years. For example, prices of detached homes on the Westside are down 6.5% from last year...after increasing 37% over the past 3 years. 

Downtown

Attached (Condos & Townhomes) – Buyers Market


Total inventory up 2% compared to August, while sales dropped by 4%.
 

Vancouver Westside

Detached - Buyers Market 


Inventory increased by 6% compared to August, while sales also increased 6%. 



Attached (Condos & Townhomes) – Buyers Market


Inventory increased 7% over August, while and sales decreased 26%.
 

Vancouver Eastside
 

Detached – Buyers Market


Inventory increased 8%, and sales down 6% over August.

Attached (Condos & Townhomes) – Buyers Market


Inventory increased 14% over August, sales increased 7%.

 

North Vancouver
 

Detached - Buyers Market


Inventory up 24% from August, while sales decreased 12%.

Attached (Condos & Townhomes)- Buyers Market


Inventory up 22%, while sales down 10% over July.
 

West Vancouver

Detached - Buyers Market


Inventory increased by 11%, and sales increased 71% over August.

Attached (Condos & Townhomes) - Buyers Market


Inventory increased 10%, and sales up 18% over August.
 



For a copy of the full September 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.

The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type



If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Market activity continued on its downward trend last month, with active listings hitting the lowest level yet this year, and sales declining to 39% below than 10-year average. This was the lowest selling August we’ve seen since 1998.

Sellers however have been resistant to reducing their prices, and despite declining sales, average prices have remained almost unchanged from a year ago.

Both inventory and sales slipped across most of the submarkets last month, compared to the previous month.

Downtown

Attached (Condos & Townhomes) – Buyers Market

Total inventory decreased by 12% compared to July, while sales dropped by 14%. The $200k-400k price band continues to be the most active.

Vancouver Westside

Detached - Buyers Market

Inventory decreased by 7% compared to July, while sales decreased a modest 4%. 

The $1M-1.75M price band continues to be very active, while properties over $2.25M continue to be the most affected by the slowdown. In August there were 616 homes over $2.25M listed on the MLS on the Westside, of those, only 35 successfully sold.

Attached (Condos & Townhomes) – Buyers Market

Inventory and sales declined a modest 7% and 8% respectively over the previous month.

Vancouver Eastside

Detached – Buyers Market

Inventory down 6%, and sales down 29% over July.

Attached (Condos & Townhomes) – Buyers Market

Inventory down 4%, sales down 34% over July.

We saw a big decline in demand for homes between $500k-$800k on the Eastside last month, with only 9 homes selling in this price range (compared to 27 the previous month). The most active price band is $200k-$500k, and the most desirable neighbourhoods are Main, Knight, Fraser, Fraserview and Grandview.

North Vancouver

Detached - Buyers Market

Inventory down 2%, sales down 15% over July.

Attached (Condos & Townhomes)- Buyers Market

Inventory down 13%, sales down 25% over July.

West Vancouver

Detached - Buyers Market

Inventory down 4%, sales down 48% over July. Of the 479 homes listed on the market, only 24 of them sold last month.

Attached (Condos & Townhomes) - Buyers Market

Inventory down 4%, sales down 42% over July.

*On an interesting note, average prices of attached homes in West Vancouver shot up from $650,000 to $1,395,000 last month! As one of the 11 total sales was priced over $5M....this makes for a perfect example of how using ‘averages’ for markets that have varied segments and submarkets can lead to newsworthy headlines that don’t actually mean anything…even though they may be technically correct.

For a copy of the full August 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.

The key indicator for identifying whether we’re in a  ‘Buyers Market’ vs a ‘Balanced’ or ‘Sellers Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type

If you'd like to receive a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

In July we saw a further reduction to buyer demand by 18% across the Greater Vancouver market. This made for the lowest selling July since 2000, and gives the upper hand to buyers as we are now in Buyer’s Market conditions

Below are a few highlights from July activity:

Downtown

Attached (Condos & Townhomes) – Buyer’s Market
Total inventory remained stable while sales decreased 13% over June . The $200k-500k price band continues to be the most active.

Vancouver Westside

Detached - Buyer's Market
Inventory remained stable, while sales decreased 20% over June.

Attached (Condos & Townhomes) – Buyer’s Market
Inventory remained unchanged, while sales down 16% over June. The $200k-400k price band continues to be the most active, with the hottest markets being seen in Mt. Pleasant, Kits & Fairview.

Vancouver Eastside

Detached - Balanced Market
Inventory up 5%, and sales up 3% over June. The submarkets of Fraser, Main, Grandview and Mt Pleasant continue to be the most active, and are in fact showing signed of seller’s markets.

Attached (Condos & Townhomes) - Balanced Market
Inventory down 7%, sales down 22% over June. The most active price band is $300k-$700k, and the most desirable neighbourhoods are Main, Mt. Pleasant, Fraser, Fraserview and Grandview.

North Vancouver

Detached - Balanced Market
Inventory down 7%, sales down 18% over June

Attached (Condos & Townhomes)- Buyer’s Market
Inventory down 6%, sales down 8% over June

West Vancouver

Detached - Buyer's Market
Inventory and sales remained almost unchanged from the previous month.

Attached (Condos & Townhomes) - Buyer 's Market
Inventory up 2%, sales increased 26% over June.

For a copy of the full July 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.

The key indicator for identifying whether we’re in a  ‘Buyer’s Market’ vs a ‘Balanced’ or ‘Seller’s Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type

If you'd like to recieve a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Sales dropped last month shifting most markets into 'Buyer's' * or low-end 'Balanced' * market conditions. What goes up must come down...it seems that the markets that were most heated during this time last year, where buyers where in a frenzi to outbid each other on over priced homes (ie. $2.5M+ homes on the Westside), are the ones that have taken the most serious beating during the past couple of months. Whereas the markets we saw more stability in, like the entry condo market, seem to be more resiliance.

Detached Property Market
The detached property market experienced a dramatic decline in sales across all markets. Markets on the Westside, Eastside, West Vancouve,r and even North Vancouver and Richmond, all saw the  total number of sales decrease by 17-40% from the previous month. Total number of sales on the Westside and in North Vancouver dropped to less than half of what they where this time last year, while invenory almost doubled.

Attached Property Market (Condos & Townhomes)
Sales of condos and townhomes also slowed down in June but much less so than the detached market. The downtown condo market has remained fairly stable in the $300k-$600k price bands, with almost unchanged inventory and sales down only modestly, while strong demand for entry level condos on the Eastside kept the market in 'Seller's'* market conditions, as sales rose 10% from the previous month. The most active price band across all markets continued to be the $300k-$800k price bands.

Below are a few highlights from June activity:

Downtown

Attached (Condos & Townhomes) - Low-end of Balanced Market

Vancouver Westside

Detached - Buyer's Market

Attached (Condos & Townhomes) - Low-end of Balanaced Market

Vancouver Eastside

Detached - Balanced Market

Attached (Condos & Townhomes) - Seller's Market

North Vancouver

Detached - Balanced Market

Attached (Condos & Townhomes)- Balanced Market

West Vancouver 

Detached - Buyer's Market

Attached (Condos & Townhomes) - Buyer 's Market

For a copy of the full June 2012 report including both condo & detached home sales throughout Metro Vancouver, you can email me, or use the link below to subscribe to future monthly reports.

The key indicator for identifying whether we’re in a  ‘Buyer’s Market’ vs a ‘Balanced’ or ‘Seller’s Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type

If you'd like to recieve a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

The Metro Vancouver market remained in 'balanced' territory in last month with a sales to active listings ratio of 16%. Over the past month, listings have continued to increase bringing the total number of active listings on the market to the highest levels we've seen since spring 2010. Both sales and prices have remained stable during this time.

The most significant shifts have been in the high-end detached home markets in both Vancouver Westside and West Vancouver Markets in the $2.5M+ price range. With Listings up significantly, and sales down both markets are showing strong signs of Buyer's Market.
 

Most other sub-markets have remained in either 'balanced' or 'seller's market' conditions. Strong demand for entry level homes, specifically for $300,000-$600,000 condos and $600,000-$1M detached homes continues, and multiple offer situations are still common in hot neighbourhoods like Mount Pleasant, Main, Fraser and North Vancouver.Below are a few highlights from May activity:

Downtown

Attached - Balanced Market
Both listings and sales were up slightly from the previous month, maintaining an 18% sales ratio. Sales of condos in the $0-$400,000 price range have remained strong, with conditions favouring sellers.
 

Vancouver Westside

Detached - Buyer's Market
Inventory of new listings has been rising sharply since Feb and the number of total listings is almost double that of last spring. The market of homes in the $2.75M+ range are in a definite buyer's market, with only 21 of the 523 listings selling in May.

Attached - Balanaced Market
 

Vancouver Eastside

Detached - Seller's Market
The $600k -$1.25M range continues to lead the market, with conditions favouring sellers, and multiple offers still common place. 

Attached - Seller's Market
Conditions continue to favour sellers, although the market has cooled slightly from the previous month with inventory up, and sales down.
 

North Vancouver

Detached - Seller's Market
The $600k -$1M range continues to be very active, with strong demand and limited supply.

Attached - Balanced Market
 

West Vancouver

Detached - Buyer's Market
The $1M-$2M price band continues to be very active, with conditions favouring sellers, while the $2.25M+ market has slowed considerably with only 22 of the total 296 homes selling.

Attached - Seller's Market
 

For a copy of the full May 2012 report including both condo & detached home sales throughout Metro Vancouver, please email me, or use the link below to subscribe.

The key indicator for identifying whether we’re in a  ‘Buyer’s Market’ vs a ‘Balanced’ or ‘Seller’s Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type

If you'd like to recieve a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Bob Rennie, Vancouver's condo king presented his annual market forecast to a room full of city's most prominet real estate development professionals at the Urban Development Institute yesterday. His conclusion: Vancouver is not a Bubble Story

A self proclaimed optimist, Rennie delivered his perspective on the market, and why Vancouver is not showing signs of a bubble. What I like about him, and his presentations on the market, is that he always backs his options up with numbers (and not just his numbers that he pulls out of the air, these are number from a third party). A few market trends to consider:

Income to Price Ratios:

Looking abck at 2011, of the 19,000 condo sales in Metro Vancouver the average price was $427,000, which requires an income of $66,000 to finance. If however you take out the top 20% of sales, and look at the remaining 80% the average price last year was $315,000 which requires an average income of $52,800 to finance. 

“With the 80 per cent of the [condo] market that traded in [Metro] Vancouver last year, you only needed a household income of $52,800 to purchase. That’s not a bubble story.” - Bob Rennie

Baby Boomers:

Looking at population growth between 2009 and 2018,

• The number of people between 55 -64yrs will increase 38%
• The number of people between 65 -74yrs will increase 56%
• While the number of those 35-54yrs will increase a modest 4.6%

These aging baby boomers are sitting on approximately $88 Billion in equity in Greater Vancouver, which will be freed up in the next 15 years and fuel local demand as they downsize and help their kids get into the market. 

There's no doubt that we are expensive, and the average income here will not get you the same size or type of home you could get in other major cities across Canada, but let's face it, when it comes to quality of living Vancouver is unlike any other city in Canada. Our city is one of the most attractive and desirable cities in the world.  

Read Vancouver Sun Article: Condo king says talk of bubble just a lot of hot air>>

Listen to Bob's summary of his  presentation at the 2012 UDI Forecast Luncheon (9min)>>

Below are some quick highlights of market activity in the different condo submarkets here in Vancouver, based on the Sales to Active Listings Ratios for April 2012. 

Vancouver Downtown

• Overall is showing signs of a balanced market with a Sales Ratio of 18%
• Hottest neighbourhoods: West End, Downtown
• Most active price range: $300,000-$500,000
• Least active price range $1Million 

Vancouver Westside

• Hottest neighbourhoods: Fairview, Mount Pleasant W, Marpole
• Most active prince range: $0 -$400,000
• Least active price range: $600,000-$800,000 and $1M-$1.25M

Vancouver Eastside

• Hottest neighbourhoods: Main St, Mount Pleasant E, Knight, Hastings, Grandview, Fraserview & Champlain Heights
• Most active price range: $300,000-$900,000
• Least active price range:$900,000-$1.25M

For a copy of the full April 2012 report including both condo & detached home sales throughout Metro Vancouver, please email me, or use the link below to subscribe. 

The key indicator for identifying whether we’re in a  ‘Buyer’s Market’ vs a ‘Balanced’ or ‘Seller’s Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type

If you'd like to recieve a comprehensive market report detailing activity and Sales Ratios broken down by neighbourhoods each month you can do so here Subscribe to Monthly Report

Lately I’ve been getting an increasing number of questions from clients and friends on what’s happening in the real estate market, ‘How’s the market?’...’I heard prices are down __%’...’Last night on the news they said the market is coming down”...etc.

So how is the market actually doing? The answer depends on what market/sub-market you’re talking about. Real estate market activity varies greatly between different neighbourhoods and price points, and is influenced by factors including the number of homes on the market, buyer demand and buyer psychology.

In an effort to keep my clients and friends informed on what’s actually happening in the market I’ve decided to start sending out easy to read monthly summary reports with a breakdown of market activity in Vancouver’s different neighbourhoods and price points. If you’d like to subscribe to this monthly report you can do so here Subscribe to Monthly Report

Understanding Sales Ratio & Market Type

The key indicator for identifying whether we’re in a  ‘Buyer’s Market’ vs a ‘Balanced’ or ‘Seller’s Market’ is the Sales Ratio. Essentially this ratio tells us how many homes are selling of the total number of homes for sale in the market for a given month. Click the following link for more information Understanding Sales Ratio & Market Type

What’s happening in the Downtown condo market?

Looking at the Downtown condo market last month we can see that the market as a whole was ‘Balanced’ with a Sales Ratio of 18.5%. If we break that down by price points  we can see that the $300,000 - $500,000 price band was the most active and is currently in a Seller’s Market (Sales Ratio over 21%). In contrast condos over $1Million dollars are not selling at the same pace, and are currently in a Buyer’s Market (Sales Ratio less than 14%) ....so if you have some extra cash lying around and want to buy yourself a luxury condo in Coal Harbour give me a call! lol

We've seen an increase in the number of listings coming on to the market and total inventory up 9% from March 2012. At the same time, sales have slowed down and are 16% less than the previous month. The average number of days on the market is approximately 24 days, and the average sale price is 4% less than list price.  

To subscribe to my monthly reports with a detailed breakdown of the stats specific to your neighbourhood click here Subscribe to Monthly Report

Average performance predicted for housing market in 2012

The British Columbia Real Estate Association (BCREA) recently released its 2012 First Quarter Housing Forecast Update.

“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent from 76,817 units in 2011 to 78,400 units this year, increasing a further 2.7 per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A record 106,310 MLS® residential sales were recorded in 2005.

"While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012,” added Muir.

Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. The average MLS® residential price in the province is forecast to edge down 2.2 per cent to $548,500 this year and remain relatively unchanged in 2013, albeit increasing 0.8 per cent to $553,000.

Download the complete REBGV October 2011 Stats Package >>

I recently attended an event at the Vancouver Board of Trade that featured some very well respected and prominent members of our real estate community discuss the supposed ‘housing bubble’ affecting the Vancouver housing market.

The panel of experts featured:

• Richard Wozny, Principal, Site Economics Ltd.
• Eugen Klein, Commercial Real Estate Investment, Klein Group; President-Elect, Real Estate Board of Greater Vancouve
• Ward McAllister, President & CEO, Ledingham McAllister Properties Ltd.

And was moderated by David Podmore, Chairman & CEO of Concert Properties.

Each speaker presented various facts and figures based on their respective perspectives, and all arrived at the same conclusion: Vancouver does not have a housing bubble.

The basic facts presented were that Vancouver’s housing market is affected by two main factors: 1) We are seeing very strong and steady demand and 2) our supply of new housing has been, and continues to be limited. Both of these trends are expected to continue in the forseeable future.

On the demand side:

•  Canada (and especially BC), has been in somewhat of a cocoon, as it has remained relatively strong and resilient in spite of the financial catastrophes that have impacted the US & Europe. 
• Real Estate is seen as a hedge investment in times of great uncertainty and risk – this makes Vancouver even more attractive to the international investor
• Infrastructure creates value in real estate. On the global scale Vancouver rates very high on the terms of Infrastructure (hard, soft & environmental), making it very attractive & desirable as a city to live and invest in. 
• Strong Immigration: According to CMHC stats we have 42,000-45,000 people moving to the GVRD each year, and they need places to live. In order to keep up with the population growth we need to build 17,000-25,000 new homes every year. 

On the supply side:

• Looking at our housing starts we are actually going to be slightly undersupplied over the next few years in comparison to demand. In 2011 we are expected to have 16.300 housing starts , and in 2012 that is expected increase modestly to 17,500. (We need 17,000-25,000 new starts annually to keep up with current population growth)

 Yes, Vancouver does have an affordability issue that is impacting the young middle class working resident. This is one of the biggest challenges we are now faced as a city. However our high prices are driven by supply and demand which are very real, not by speculation, and what we are seeing is not in fact a housing bubble. 

Download the complete REBGV May 2011 Stats Package >>

Download the complete REBGV April 2011 Stats Package >>

March marks a strong start to the spring season. 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.

RESIDENTIAL PROPERTY SALES – UP 30% from last year

4,080 homes were sold in March 2011. This is represents a 30% increase from February 2011 and a 30% increase from the same month last year. This comes close to the all-time sales record for March which we saw in 2004 where 4,371 transactions were recorded.

HOUSING PRICE INDEX – UP 5% from last year

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 $615,810 in March 2011 from $584,435 in March 2010.

• The benchmark price for detached properties increased 8% from March 2010 to $866,806.
• The benchmark price of an apartment property increased 2% from March 2010 to $403,885.
• The benchmark price of an attached unit increased 4% from March 2010 to $511,039

NEW LISTINGS – DOWN 3% from last year

6,797 properties were newly listed in March 2011. This represents a 3% decrease from March 2010, which was a record setting year with 7,004 new listings. This marks a 19% increase compared to the new listings we saw in February.

At, 13,110, the total number of residential property listings on the MLS increased 10% in March compared to last month and decreased 3%from the same month last year

SALES OF DETACHED PROPERTIES – UP 34% from last year

1,795 detached homes sold in March 2011. This is an increase of 34% from last year and a 100% from March 2009.

SALES OF APARTMENT PROPERTIES – UP 30% from last year

1,622 apartment properties sold in March 2011. This is an increase of 30% from March 2010, and an 66% increase compared to March 2009.

SALES OF ATTACHED PROPERTIES – UP 21% from last year

There were a total of 663 attached property sales in March 2011. This marks a 20% increase from March 2010, and a 69% increase from March 2009.

Download the complete REBGV March 2011 Stats Package >>
 

Housing demand for continued to be strong across Greater Vancouver in February, 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 MLS in Greater Vancouver outpaced the 10-year average in both categories.

RESIDENTIAL PROPERTY SALES – UP 25% from last year

3,097 homes were sold in February 2011. This is represents a 70% increase from January 2011 and a 25% increase from the same month last year. Looking at this from the big picture, this outpaces the 10 year average of 2,742.

HOUSING PRICE INDEX – UP 3% from last year

Demand was up across the region in February with an intensity of activity seen in hotspots like Richmond and Vancouver West. 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.

• The benchmark price for detached properties increased 6% from February 2010 to $848,645.
• The benchmark price of an apartment property increased 2% from February 2010 to $399,397.
• The benchmark price of an attached unit increased 2% from February 2010 to $507,118

NEW LISTINGS – UP 24% from last year

5,693 properties were newly listed in February 2011. This represents a 24% increase from February 2010 and a 19% increase compared to the 4,801 new listings we saw in January.

At, 11,925, the total number of residential property listings on the MLS increased 14% in February compared to last month and increased 5%from this time last year

SALES OF DETACHED PROPERTIES – UP 43% from last year

1,402 detached homes sold in February 2011. This is an increase of 43% from last year and a 139% from February 2009.

SALES OF APARTMENT PROPERTIES – UP 12% from last year

1,206 apartment properties sold in February 2011. This is an increase of 12% from February 2010, and an 85% increase compared to February 2009.

SALES OF ATTACHED PROPERTIES – UP 18% from last year

There were a total of 489 attached property sales in February 2011. This marks a 18% decrease from February 2010, and a 101% increase from February 2009.

Download the complete REBGV February 2011 Stats Package >>
 

Over the past four months we’ve seen steady home sales in Greater Vancouver, indicating a healthy level of stability. Generally we are seeing properties sit on the market longer and sell for less than asking, but properties that are properly priced are indeed selling especially in faster moving markets like downtown Vancouver.

We’ve seen less and less inventory come onto the market, coupled with steady buyer demand, which has eased downward pressure on prices. 

“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,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Here are the stats for October 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - DOWN 37% from last year
2,337 homes were sold in October 2010

• This represents a 5% increase compared with September 2010
• In comparison, this represents a 71% increase over the 1,364 residential sales in October 2008, a 23% decline compared to October 2007’s 3,028 sales, and an 14% decline compared to October 2006’s 2,722 sales.

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, a 9% decline from last month and a 16% increase from October 2009.

NEW LISTINGS - DOWN 26% from last year
3,698 properties were newly listed in October 2010

HOUSING PRICE INDEX - UP 7% from last year
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 5% 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 %.

• The benchmark price for detached properties increased 6% from October 2009 to $796,883.
• The benchmark price of an apartment property increased 2% from October 2009 to $390,074.
• The benchmark price of an attached unit increased 4% from October 2009 to $487,530.

SALES OF DETACHED PROPERTIES - DOWN 34% from last year
976 detached homes sold in October 2010. Although this is a significant decrease compared to last year, this represents a 98% increase compared to sales in October 2008 where 493 units were sold.

SALES OF APARTMENT PROPERTIES - DOWN 39% from last year
984 apartment properties sold in October 2010. This is a 52% increase compared to sales in October 2008.

SALES OF ATTACHED PROPERTIES - DOWN 38% from last year
There were a total of 377 attached property sales in October 2010. This marks a 68% increase from October 2008 sales.

Download the complete REBGV October 2010 Stats Package >>

 

Vancouver home sales in September continued along the same path we saw in late this summer in July and August. We saw a slowing stream of listings come onto the market with healthy buyer activity, fuelled primarily by low interest rates. Although many people were reporting we were in a ‘buyer’s market’, the conditions we’re seeing seem to indicate that we’re in fact experiencing ‘balanced market’ conditions. This means that buyers can take their time to find the right place (compared to the rushed frenzy we saw last year) but should not expect to find rock bottom prices from desperate sellers. And sellers can expect that their property will sell within a reasonable amount of time if priced appropriately.

Compared to this time last year sales have dropped off significantly, however as I mentioned before it’s important to keep this in perspective and remember that last year we were experiencing some of the highest sales activity on record. 

Here are the stats for September 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - DOWN 37% from last year
2,220 homes were sold in September 2010

• This represents a 1% increase compared with August 2010
• In comparison, this represents a 40% increase over the 1,585 residential sales in September 2008, a 20% 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,” Jake Moldowan, REBGV president said.

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% increase from September 2009. Over the last three months, active listings in the region have declined 12%.

NEW LISTINGS - DOWN 18% from last year
4,731 properties were newly listed in September 2010

“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,” Moldowan said. “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.”

HOUSING PRICE INDEX - UP 7% from last year
Since spring, housing prices have decreased about 3% compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 5.5% to $577,174 in September 2010 from $547,092 in September 2009. This price remains consistent to last month, rising just 0.1% from August.

• The benchmark price for detached properties increased 7% from September 2009 to $790,992.
• The benchmark price of an apartment property increased 4% from September 2009 to $388,373.
• The benchmark price of an attached unit increased 5% from September 2009 to $490,385.

SALES OF DETACHED PROPERTIES - DOWN 39% from last year
866 detached homes sold in September 2010. Although this is a significant decrease compared to last year, this represents a 59% increase compared to sales in September 2008 where 535 units were sold.

SALES OF APARTMENT PROPERTIES - DOWN 35% from last year
971 apartment properties sold in September 2010. This is a 27% increase compared to sales in September 2008.

SALES OF ATTACHED PROPERTIES - DOWN 40% from last year
There were a total of 383 attached property sales in September 2010. This marks a 39% increase from September 2008 sales.

Download the complete REBGV September 2010 Stats Package >>
 

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.

Here are the stats for August 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - DOWN 36% from last year*
2,202 homes were sold in August 2010

*Although this represents a huge decrease from last year, August 2009, it’s important to keep in perspective that last August was the second highest selling August ever recorded, with 3,441 sales

• This represents a 2.4% decline compared with July 2010
• From a wider perspective, last month’s residential sales represent a 40% increase over the 1,568 sales in August 2008, a 35% decline compared to August 2007’s 3,384 sales and a 27% decline compared to August 2006’s 2,998 sales.

NEW LISTINGS - DOWN 18% from last year
3,750 properties were newly listed in August 2010

Total active listings in Greater Vancouver currently sit at 15,421, a 6% decline from last month and a 29% 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,” Jake Moldowan, REBGV president said. “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.”

HOUSING PRICE INDEX - UP 7% from last year
Since spring, housing prices have decreased about 3 % compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 7% to $576,597 in August 2010 from $539,600 in August 2009.

• The benchmark price for detached properties increased 8.5 % from August 2009 to $795,076.
• The benchmark price of an apartment property increased 4.5 % from August 2009 to $385,968.
• The benchmark price of an attached unit increased 6.6 % from August 2009 to $489,511.

“Canada remains an attractive destination for foreign buyers, a fact that continues to affect activity in the Greater Vancouver housing market,” Moldowan said.

SALES OF DETACHED PROPERTIES - DOWN 35% from last year
893 detached homes sold in August 2010. Although this is a significant decrease compared to last year, this represents a 67% increase compared to sales in August 2008 where 535 units were sold.

SALES OF APARTMENT PROPERTIES - DOWN 36% from last year
1,464 apartment properties sold in August 2010. This is a 26% increase compared to sales in August 2008.

SALES OF ATTACHED PROPERTIES - DOWN 39% from last year
There were a total of 374 attached property sales in July 2010. This marks a 27% increase from August 2008 sales.
 

Download the complete REBGV August 2010 Stats Package >>

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.

Here are the stats for July 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - DOWN 45% from last year*
2,255 homes were sold in July 2010

• This represents a 24% decrease compared with June 2010
• Although this represents a huge decrease from last year, July 2009, it’s important to keep in perspective that last July was the highest selling July ever recorded, with 4,114 sales
•  Looking back further, last month’s residential sales represent a 4 % increase over the 2,174 residential sales in July 2008, a 42 % decline compared to July 2007, and a 18% decline compared to July 2006.

“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,” Jake Moldowan, REBGV president said. “Activity in today’s marketplace is clearly trending in favour of buyers.”

NEW LISTINGS - DOWN 18% from last year
4,138 properties were newly listed in July 2010

At 16,431, the total number of property listings on the MLS® in July declined 6.5 % compared to last month, and increased 33% 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,” Moldowan said.

HOUSING PRICE INDEX - UP 9% from last year
Since spring, housing prices have decreased about 3 % compared to the all-time high reached in April when the residential benchmark price was $593,419. Over the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 9% to $577,074 in July 2010 from $528,821 in July 2009.

• The benchmark price for detached properties increased 12 % from July 2009 to $793,193.
• The benchmark price of an apartment property increased 6 % from July 2009 to $387,879.
• The benchmark price of an attached unit increased 9 % from July 2010 to $490,995.

SALES OF DETACHED PROPERTIES - DOWN 44% from last year
908 detached homes sold in July 2010. Although this is a significant decrease compared to last year, this represents a 10% increase compared to sales in July 2008

SALES OF APARTMENT PROPERTIES - DOWN 43% from last year
979 apartment properties sold in July 2010. This is a 1% increase compared to sales in July 2008.

SALES OF ATTACHED PROPERTIES - DOWN 54% from last year
There were a total of 368 attached property sales in July 2010. This marks a 3% decline from July 2008 sales.

Download the complete REBGV July 2010 Stats Package >>
 

Thanks to the increased starts we’ve been seeing the past few months, we are moving closer towards a healthy level of new housing supply needed to satisfy demand here in Vancouver. However, with a total of 6,881 housing units breaking ground in the first half of this year, we’re unlikely to hit our ten-year average level of 15,360 housing units.

According to Canada Mortgage and Housing Corporation (CMHC), 1,250 housing starts were recorded in June 2010 across the Vancouver CMA.

“We have had a steady pace of new projects breaking ground, and together with a significant increase in the value of residential building permits recorded in May, we are well on track for total housing starts in 2010 to surpass the 10,000 mark” noted Robyn Adamache, Senior Market Analyst with CMHC. “But the current rate still suggests that we are likely to remain under the ten-year average level of 15,360 units.”

Although rental starts make up a small fraction of total starts, they are on their way up compared to past years. Rental housing starts have increased to 475 year to date, surpassing rental starts totals we’ve seen over the past five years.

Nationally, housing starts were down slightly in June, slipping to 189,300 units,
seasonally adjusted at annual rates (SAAR). In urban British Columbia, the seasonally adjusted annual rate of housing starts moved higher, edging up to 23,600 units, SAAR.
  

Download the full CMHC June 2010 Housing Starts Press Release>>

June is traditionally a quieter time of the year, and this year is not exception. Listings are coming on to the market at a slower pace than expected, and buyer demand is moderating. Overall numbers are showing a stable summer market ahead:

* A word of caution: When looking at the stats below, keep in mind that last year we saw the second highest selling June on record. It’s important to keep this fact in perspective when you read that ‘sales are down around 30% from last June’. Although this marks a significant decrease compared to last year, the numbers we are seeing are indicating that we are returning to more balanced market conditions.

“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 as we all know,” Jake Moldowan, REBGV president said.

Below are the stats for June 2010 according to the Real Estate Board of Greater Vancouver (REBGV):

RESIDENTIAL PROPERTY SALES - DOWN 30.2% from last year

2,972 homes were sold in June 2010. Although this is down 30% from June 2009, keep in mind that last year we saw the second highest selling June on record. Compared to June 2008, last months sales were 22.6% higher. June 2010 sales also represent a 5.8% 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,” Moldowan said. “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 - UP 3.2% from last year
5,544 properties were newly listed in June 2010. This is a 3.2% increase from this time last year, and a 21% decline from May 2010. At 17,564, the total number of property listings on the MLS® increased 1.2% in June compared to last month, and is up 32% 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,” Moldowan said.

HOUSING PRICE INDEX - UP 11.8% from last year
The 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.

• The benchmark price for detached properties increased 13.4 % from June 2009 to $795,025.
• The benchmark price of an apartment property increased 9.7 % from June 2009 to $391,528.
• The benchmark price of an attached unit increased 11.6 % from June 2009 to $492,861.

SALES OF DETACHED PROPERTIES – DOWN 31.7% from last year
1,667 detached homes sold in June 2010. This is down 31.7% from last year, but represents a 24% increase from June 2008.

SALES OF APARTMENT PROPERTIES - DOWN 29.7% from last year
1,258 apartment properties sold in June 2010. This is down 29.7% from last year’s high, but up 19% from June 2008.

SALES OF ATTACHED PROPERTIES - DOWN 28.3% from last year
There were a total of 575 attached property sales in June 2010. Although this is down 28.3% from last year, it is up 27.8% from June 2008.
 

HST comes into effect this Thursday July 1, 2010. What does this mean for you?

LET'S START WITH THE BASICS:

WHAT HST? The Harmonized Sales Tax (HST) is a new tax introduced by the government, which will harmonize our current Provincial Sales Tax (7% PST) with our Federal Goods and Services Tax (5% GST).

So this ‘new’ tax is essentially just replacing the old PST & GST taxes, and will not have a net difference on the amount of tax paid on most goods. Instead of paying two taxes on the goods and services you buy (7% PST + 5% GST= 12% total tax), you will be paying the same amount of tax but it will have a new name (12% HST).

The kicker with the HST is that it will apply to some goods that were previously exempt from PST (and thus subject only to 5% GST tax). On these PST exempt goods consumers will now have to pay 7% more in taxes. And unfortunately one of these exempt goods is newly constructed or substantially renovated (almost new) housing.

HOW WILL HST IMPACT THE HOME BUYER?

COST OF RESALE HOUSING 

HST does not apply to resale housing. Buyers did not pay GST on resale housing under the old system and they will not pay HST on the price of their new home under the new system

COST OF NEWLY CONSTRUCTED HOUSING 

Sales of newly constructed or substantially renovated homes will be subject to the proposed HST, where both ownership and possession of the homes are transferred after June 30 2010. In these cases the buyer will incur an additional 7% in taxes.

But if you are buying a newly constructed home to use as your primary residence, you may qualify for the BC New Housing Rebate.

WHAT IS THE BC NEW HOUSING REBATE?

The BC New Housing Rebate is a rebate of 71.43% of the provincial component of the HST paid, up to a maximum of $26,250. This rebate is for buyers who buy their new home to use as a primary place of residence. 

The government claims that:

‘On average, the rebate ensures that you won’t pay any additional tax due to harmonization on new homes that cost up to $525,000. If you buy a new home that costs more than that, you’ll pay a little bit more tax than you did before, but you’ll still get the maximum rebate of $26,250.’

But a word of caution to buyers: The government has made these claims assuming that builders will discount the price of homes by the amount of tax savings they will now get (approximated 2%).**  

Click here for more information on the BC New Housing Rebate for home buyers.

** Business owners, such as builders, currently get to write off the 5% GST (but not the PST) they pay on input goods they use to conduct business (eg. building supplies). Under the new HST system, businesses will now be able to write off the full 12% HST in taxes they pay on input goods. The government is assuming that this savings will be passed on to consumers. If you would like more information you can watch this video created by the BC government. 

COST OF BUYING AND SELLING

Buyers and Sellers will incur a 7% increase in costs they pay for real estate services (including realtor commissions, home inspector and lawyer fees)

COST OF OWNING A HOME

HST is also applicable to such things like strata fees, residential heating fuel, commercial rents, smoke detectors, fire extinguishers, repairs, cable TV, internet, electricity, gas, renovations, painting and other professional services. So homeowners can expect to pay 7% more for these goods and services

A week ago today, the Real Estate Board of Greater Vancouver (REBGV) welcomed it’s 10,000th active member. The marks the second time in the REBGV’s 91-year history that membership has reached this number.

The last time we hit the 10,000 active member mark was in 1994, where membership peaked at 10,029 in September of that year.

Looking at this graph we can see that there is clearly a correlation between the number of active members and the health of the local real estate market. For example we see that during the market downturn that spanned the late 1990s to the early 2000s  membership numbers declined significantly. In January 2002 membership was at about  6,500 which marked the lowest total since January 1989. Even in the 2008 downturn we saw a drop of almost 500 active members.

Given the recent record setting activity we saw in the last half of 2009 and earlier this year, it’s no surprise that membership numbers are on the rise.  When the market is hot new- comers are often lured by the prospect of making 'easy money' (a hope which never actually materializes for most). As the market cools and the reality of what it takes to make a living in real estate sets in, many agents leave the market.     

What does this mean for you, the consumer? This increase in the number of REALTORS ® out there means that buyers and sellers theoretically have more choice with whom they do business with. This increased competition can result in some positive benefits for the consumer, as some REALTORS ® may offer certain incentives for new clients. However there are downsides to this as not all agents are created equal. Consumers should always exercise diligence when selecting their agent. Make sure you select someone who is knowledgeable about the market and who you trust has your best interest in mind.
 

The market started to show signs of cooling off in May. We’re seeing sales starting to slow down, and listings begin to increase. As I’ve noted in past posts it seems like we’re entering a more balanced market, where buyers have more time to select the home that’s right for them.

Here are the stats for May 2010 according to the Real Estate Board of Greater Vancouver

RESIDENTIAL PROPERTY SALES - DOWN 10.4% from last year
3,156 homes sold in May 2010

• 10.1% decline compared with April 2010

NEW LISTINGS - UP 48.2% from last year
7,014 properties were newly listed for sale May 2010

• 8.3% decline compared to April 2010
• The total number of listings on the MLS® now 17, 492, up 10% from April and 28.2% up from this time last year.

HOUSING PRICE INDEX - UP 16.7% from last year

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7% to $590,662 from $506,201 in May 2009.

• The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.
   
• The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.
   
• The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

The following graph illustrates the movements of Housing Prices in the Vancouver West area:

SALES OF DETACHED PROPERTIES - DOWN 10.4 % from last year
1,256 detached homes sold in May 2010 

SALES OF APARTMENT PROPERTIES - UP 7.1% from last year
1,354 apartment properties sold in May 2010

SALES OF ATTACHED PROPERTIES - UP 3.7% from last year
546 attached property sales in May 2010
 

To date in 2010 we have seen robust sales activity and increased prices. As of March 2010, prices for apartment condo and townhouses were up 2% and 3% above previous peak levels respectively, with prices for single detached homes up 7% from the previous peak. These trends are not expected to continue into the coming months as sales activity moderates and price increases are expect to slow.  

CMHC forecasts that we will see a more balanced housing market in the second half of 2010,  as MLS(R) listings increase and sales begin to slow. Sales are expected to slow down in the coming months and remain flat in 2011. 

Although home ownership demand will be strengthened by improving local economic conditions and steady population growth, higher mortgage rates and the new mortgage regulations will act to dampen demand from buyers in the later half of this year. 

We are already seeing a slower pace of sales this year compared to what we saw last fall. This is expected, as much of the pent-up demand that built up from 2008 was satisfied in the second half of 2009 as buyers took advantage of record low mortgage rates and discounted prices. CMHC predicts we will see a 3% decline in annual sales for this year and next. 

During this time we expect to see more homes listed for sale as sellers try to take advantage of the price increases we have seen over the past year. 

This translates to good news for buyers. Although we don't expect to experience a 'Buyer's Market' as we did this time last year, buyers will now have a larger selection of homes to choose from and more time to make their decision. In addition we expect to see less multiple offers on properties, which will be a relief for buyers trying to secure their dream home.

What about prices?

We expect to see the pace of price growth to decline over the next year and a half as the market settles. CMHC predicts that MLS prices will increase 11% in 2010, with the majority of the growth being accounted for by the high prices and robust sales we saw in the first half of this year. In 2011 the price growth is expected to be a mere 3%. 

Read the full CMHC Spring 2010 Housing Market Outlook>>

This time last year we started seeing home prices begin to rebound from the deep price drops that took place in the recession period.

Since then prices and sales have been on a steady increase, demonstrating the resiliency of the Vancouver housing market. April was no exception, showing increased activity across the board, it marked the beginning of a busy spring market to come.

Here are the stats for April 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - UP 18.5% from last year
3,512 homes were sold in April 2010

• The fifth highest-selling April on record
• 12% increase compared with March 2010
 

NEW LISTINGS - UP 64.5% from last year
7,648 properties were newly listed in April 2010

• 9.2% increase compared to March 2010

HOUSING PRICE INDEX - UP 18.9% from last year

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 18.9% to $593,419 from $499,021 in April 2009.
 

• The benchmark price for detached properties increased 21.2 % from April 2009 to $818,403.
• The benchmark price of an apartment property increased 16.9 % from April 2009 to $397,779.
• The benchmark price of an attached unit increased 16.4 % between April 2009 and 2010 to $502,399.

SALES OF DETACHED PROPERTIES - UP 15.1% from last year
1,370 detached homes sold in April 2010

SALES OF APARTMENT PROPERTIES - UP 29.4% from last year
1,526 apartment properties sold in April 2010

SALES OF ATTACHED PROPERTIES - UP 3.7% from last year
There were a total of 616 attached property sales in April 2010

Download the complete REBGV April 2010 Stats Package >>