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," Rosario Setticasi, REBGV president said. "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," Setticasi said.

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.

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,” Jake Moldowan, REBGV president said. “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 December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per 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,” Moldowan said.

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 December 2009, 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.

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 buyer's 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," Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

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 mont'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," 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 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.

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Building Snapshot is a FREE monthly report on real estate activity in your condominium building. It is emailed to you every month, with option to unsubscribe, and it lists all the current active listings for sale and the recent sales for the previous month.

Part of the report is also your unit basic information, such as: assessment, tax info, size, sold price and date, etc, and building statistical data. Building stats data shows the average asking and sold price for all active and sold listings, also average price per square foot for both active and solds. Furthemore, this data is broken down by number of bedrooms.

Future reports will incorporate graphs for both active and sold units for the past 6 months, which will give you a visaul representation of the activity your in building.

Building Snapshot is still in the beta phase and improving daily. It is brought to you by Sanjin Cvetkovic, a Realtor with Century 21 In Town Realty office in downtown Vancouver, and also www.vancouver-proeprties.ca.

You can check a demo report here, and also sign up for FREE report here.

Your comments are appreciated and welcome!
If you would like to see some other features in this report please do not hesitate to contact Sanjin Cvetkovic at 604-771-6415 or by email at sanjin.cvetkovic@century21.ca.

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

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,” 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 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,” Moldowan said.

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.

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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. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year," Jake Moldowan, REBGV president said.

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," Moldowan said.

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.

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Vancouver Highlights

• Moderating MLS® sales and more homes listed for sale will move the resale market into more balanced market conditions.
• Home prices will rise 11 per cent this year1, with most of the gains taking place in the fi rst half of the year.
• Modest price growth is forecast for 2011.
• New home construction will increase, but stay below the ten-year average level, this year and next.
• Improving economic and labour market conditions will mean slightly lower rental apartment vacancy rates in 2010 and 2011.

Resale Market Becomes More Balanced

MLS® sales in Greater Vancouver are forecast to moderate in the second half of 2010 and remain flat through 2011. While an improving local economy and job market, along with steady population growth, will support home ownership demand, higher mortgage rates will dampen demand starting in the second half of this year. In addition, much of the pent-up demand that built up during 2008, has been satisfied. In 2009, many first time home buyers made the move to home ownership, taking advantage of record low mortgage rates and prices that had fallen from their previous peak levels. While first quarter home sales this year were well above the low levels of the first quarter 2009, the pace of sales has slowed compared to last fall. This trend will continue, resulting in a three per cent decline in annual sales both this year and next.

At the same time that the pace of sales is expected to flatten, there will be more homes for sale. The steady increase in home prices during the past year has motivated potential sellers to list their homes. The number of new listings added to the market trended higher in the first quarter of 2010. However, strong sales have kept the total stock of active listings on the market well below previous peak levels reached in late 2008.

A combination of moderating sales and an increase in the number of listings will mean more balanced market conditions in Vancouver for the remainder of this year and into 2011. Expect to see fewer multiple offers on properties listed for sale. Buyers will have a larger selection of homes to choose from and more time to make their home purchase decision. With more homes on the market, there will also be less upward pressure on prices going forward. As the resale market adjusts to more balanced supply and demand conditions, the pace of price growth will slow. However, there is often a lag between when conditions become more balanced and when prices react. As a result of high prices and robust sales in the early part of 2010, the annual average MLS® price will increase 11 per cent, with the most of the increase accounted for by the first half of the year. Balanced market conditions will result in home prices rising a more modest three per cent in 2011.

Price growth during the past year has varied by home type. As of March 2010, apartment condo and townhouse prices were two and three per cent above their previous peak levels, respectively. However, single detached home prices were seven per cent above their previous peak level, pushing the total price up nine per cent over the previous peak. Single detached home sales have shifted to the higher price ranges. For example, in 2009, 48 per cent of homes sold were priced above $700,000, while in the first quarter of 2010, 62 per cent of the total sales were above this threshold. Apartment condominium sales saw a smaller shift to higher price ranges, with the proportion sold at the upper end of the market (above $400,000) increasing from 32 per cent last year to 38 per cent of total sales in the first quarter of this year.

Modest Increase in New Home Construction

New home construction in the Vancouver CMA is projected to increase this year and next. An improving local economy and job market will contribute to growth in housing starts. As well, an estimated 16,000 – 18,000 new households will be added to the region annually, largely as a result of migration, contributing to housing demand. The quick recovery in existing home sales and prices during the past year is also giving developers confidence to move forward with new projects.

Foundations will be poured for 12,000 homes this year, a 44 per cent increase over 2009, and 14,500 units in 2011. Even with these robust increases, the number of starts will fall shy of the average for the last ten years (15,360). There will be more single detached and multiple unit home building during the next two years.

Single family home starts will increase, but because this type of construction saw less of a decline last year than did the multiple unit variety, growth will be more subdued (19%). Multiple unit starts are forecast to increase 57 per cent to 8,500 this year. A further 24 per cent boost in 2011 will bring multi family starts near the ten year average level. Larger multiple unit projects, which saw the sharpest decline in 2009, will start to return to the market. However, these projects will be flexible and started in phases, according to market demand.

Part of the reason for this cautious approach to new projects and for the moderate level of starts forecast for Vancouver is that the inventory of completed and unabsorbed new homes has been edging up. While the inventory of unsold single detached homes remains low, more newly completed apartment condominium units have recently been added to the supply.

However, with monthly condo absorption rates during the first quarter of 2010 holding near the twelve month average pace, and with the HST deadline upcoming at the beginning of July, these units will likely be absorbed quickly.

Rental Market Vacancy Rate to Edge Lower

Rental apartment vacancies are forecast to edge slightly lower this year and next, after increasing in 2009. An improving job market and an expected net inflow of more than 40,000 migrants each year will support demand for rental accommodation. Another factor contributing to strong rental demand is that the difference between monthly rental costs and the cost of carrying a mortgage on an apartment condominium is growing. Condominium prices in many areas have rebounded from their previous lows, making rental accommodation a more attractive alternative for those looking to minimize their monthly outlay.

Strong demand for rental accommodation will keep average apartment rents increasing by four per cent this year and next.

Economy

Economic conditions in the Vancouver CMA will be favourable for the housing market this year and next. 2010 began on an up note in the Vancouver CMA with the Winter Olympic Games boosting consumer spending in the region. Most sectors of the economy are poised for growth this year, following an overall contraction of the economy last year. On the services side, the wholesale and retail trade sector is expected to grow, as are the business and noncommercial services sectors. On the goods side, manufacturing will begin to expand as the US economy improves and demand for British Columbia exports rebounds.

Job growth this year and next will support demand for both ownership and rental housing. Vancouver CMA’s job market is expected to pick up as the economy improves. A modest uptick in new home construction will add jobs and non residential construction employment will get a boost from large infrastructure and transportation projects. Some of the larger proposed projects expected to begin in 2010 include the Interior – Lower Mainland Transmission Line Expansion, the Metro Vancouver Waste-to-Energy Incineration Facility, the BCIT Burnaby Campus Expansion, and the Surrey Memorial Hospital Emergency Department and Critical Care Tower4.

Population growth in the Vancouver CMA will continue to contribute to demand for rental and ownership housing. An estimated 40,000 people are expected to move to the Vancouver region each year. This is will add some 16,000 – 18,000 new households each year, in need of housing. Most migrants to the Vancouver CMA are from international destinations, particularly Asia Pacifi c nations. For example, more than seven out of ten immigrants to Vancouver in the fi nal quarter of 2009 came from Asia (Mainland China, India or Taiwan).

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 21 per cent to 8,385 units in April compared to the same month last year.
On a seasonally adjusted basis, MLS® residential unit sales in the province declined 4 per cent from March 2010. The average MLS® residential price climbed 15 per cent to $514,820 in April compared to the same month last year.

"BC home sales have trended on an annual rate of 84,000 to 86,000 units over the past three months, down from the 108,000 unit pace recorded in the fourth quarter of last year," said Cameron Muir, BCREA Chief Economist.
A total of 85,028 MLS® residential unit sales were recorded in 2009. "Higher home prices, particularly in Vancouver, the Fraser Valley and Victoria as well as a recent lift in mortgage interest rates has eroded affordability and had an impact on overall housing demand," added Muir.

The BC residential sales dollar volume increased 73 per cent to $13.5 billion in the first four months of 2010, compared to the same period last year. Residential units sales rose 47 per cent to 26,669 units year-to-date, while the average MLS® residential price climbed 17 per cent to $507,616 over the same period.

For the complete news release, including detailed statistics, follow this link:
www.bcrea.bc.ca/news_room/2010-04.pdf.

REBGV Stats

Home sales activity strong through Olympic period

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.

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.

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