VANCOUVER — Rising sales and limited listings have returned Canada to a “seller’s market,” with total B.C. home sales this year up nearly seven per cent compared to 2008, according to a Global Real Estate Trends report released Thursday by Scotia Economics.
“In terms of trends, sales in B.C. have been picking up since January,” Adrienne Warren, senior economist at Scotia Economics, said in an interview. “And it’s been increasing steadily since. For prices the low point was in April.”
The report concluded that home sales in 2009 in B.C., compiled to the end of August on a seasonally adjusted annual rate, rose to 73,211 units sold compared to 68,923 in 2008.
However, the average price of a home sold in B.C. is slightly down to $433,017 compared to $454,599 last year.
In Vancouver, home sales are up to 31,151 compared to 25,149 sold in 2008, while the average price for a sold home in Vancouver has fallen to $531,790 in 2009 from $593,767 in 2008.
Across Canada, the report noted that new home construction has also turned up, with the largest improvement in the four western provinces, with new home prices increasing in July for the first time since last September.
Warren said prices may be down in B.C., but that’s not unexpected because they dropped sharply in 2008 and are just now recovering.
“In B.C. and Vancouver, prices over the last several months have seen bigger increases than the national average trend. Overall, the B.C. economy is probably holding up a little better than what we’re seeing nationally.”
Warren also said that much of the sales pickup reflects people jumping back into the market. “A lot of people held back. That [market] could be satisfied by the end of the year.”
Warren predicted that B.C. and Vancouver should see modestly higher or sustained prices in 2010 if there’s a gradual prolonged recovery. She said resale markets should become more balanced next year as pent-up demand from depressed levels wanes and the number of listings increase. “It’s a healthy level [of sales], not a boom level, but we’re not looking for a big fallback in sales.”
The report said that despite the rise in new construction, the inventory of unsold new homes across the country appears to have peaked, having edged down for a third consecutive month in August. It noted that there is some sign that pent-up demand is being satisfied, with existing home sales across the country also edging down marginally in August, after six months of steady growth.
Tsur Somerville, director, centre for urban economics and real estate at the Sauder School of Business at the University of B.C., said in an interview that he’s not surprised by the report’s findings.
“You’ve got record sales numbers, but not a large number of new listings coming in,” said Somerville. “That’s tightened things up. If the listings were higher, you’d have less price pressure.”
Somerville said he believes sales volumes will weaken a bit this fall, because the economic conditions are not conducive to high sales.
Somerville said he’s also heard anecdotally that many buyers are now jumping into the market because they got very good pre-approved fixed mortgages in the late spring and are purchasing homes while those deals are still in effect. “The sense is that those kinds of deals aren’t [now] entirely available.”
Globally, the report notes that real estate markets are showing tentative but growing signs of stabilization, with firmer pricing evidence of growing confidence in the sustainability of the global economic recovery.
Warren said prices have increased in Canada, Australia and the United States,” but are falling in other markets, including the U.K., France and Spain, but at a slowing rate.
The report suggested that inflationary pressures will not be a factor for some time, keeping short-term interest rates at low levels.
Monday, November 02, 2009
More on CMHC forecast report
B.C. real estate sales driven higher by consumer ‘momentum’
Vancouver’s resale real-estate rebound ‘too much, too fast’
B.C. real estate returning to ‘seller’s market’: report
Just some of what's reported in the Vancouver Sun newspaper. Click on the title of this post to read more.
Vancouver’s resale real-estate rebound ‘too much, too fast’
B.C. real estate returning to ‘seller’s market’: report
Just some of what's reported in the Vancouver Sun newspaper. Click on the title of this post to read more.
Housing Activity to Strengthen in 2010
Canada Mortgage and Housing Corporation (CMHC) says...
“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.
Click on the link below to read more details OR click on the headline of this post.
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2009/2009-11-02-0815.cfm
“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.
Click on the link below to read more details OR click on the headline of this post.
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2009/2009-11-02-0815.cfm
Wednesday, October 21, 2009
October "Macrealty Market Update"
It's monthly with a chart showing average price trends in Vancouver, Victoria, Edmonton, Fraser Valley, etc. Click on this blog subject title to see the newsletter.
Thursday, October 15, 2009
BC Housing Market Gains Momentum
For the complete news release, including detailed statistics, click on the title of this post.
Vancouver, BC – October 15, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.
"Upward momentum in consumer demand continued unabated in September,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years.” September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September.
"While Victoria and the Lower mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery,” added Muir.
Year-to-date, MLS® residential sales dollar volume increased 6 per cent to $29 billion over the same period last year. A total of 63,521 units were sold in the first nine months of 2009, up 6 per cent from 2008, while the average MLS® price declined 1 per cent to $457,389.
Vancouver, BC – October 15, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.
"Upward momentum in consumer demand continued unabated in September,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates and renewed confidence in real estate assets has propelled BC home sales to a level not seen in two years.” September posted the highest number of BC MLS® residential sales for that month since September 2005, and the third highest ever recorded for the month of September.
"While Victoria and the Lower mainland are exhibiting strong sellers’ market conditions with rising prices, housing markets in the rest of the province are experiencing a more gradual recovery,” added Muir.
Year-to-date, MLS® residential sales dollar volume increased 6 per cent to $29 billion over the same period last year. A total of 63,521 units were sold in the first nine months of 2009, up 6 per cent from 2008, while the average MLS® price declined 1 per cent to $457,389.
Bulls/Bears Real Estate Guide for BC
September, 2009 in the BCBUSINESS magazine was an interesting article about BC real estate from differing perspectives. A good read. Click on the Title of this blog or here to read the full story.
A highlight I thought worth pointing your attention to is the following piece within the article.
MONTHS OF INVENTORY
A highlight I thought worth pointing your attention to is the following piece within the article.
MONTHS OF INVENTORY
Nothing correlates more closely with real estate price trends than months of inventory (MOI): the length of time it would take to sell all current listings at the prevailing sales pace. At the peak of the recent boom, Vancouver’s MOI dropped to three and even slightly below. A year ago, when plunging sales and an increase in listings sent the MOI skyrocketing to more than 20, average sale prices dropped 15 per cent within weeks. This year Vancouver’s MOI has returned to a balanced level in the four-to-six range, and prices have stabilized, even nudging up a little. In many other areas of the province, MOI remains high and prices continue to fall.
Friday, October 02, 2009
REBGV September Statistics
BUYER DEMAND REMAINS STRONG WHILE HOME LISTINGS INCREASE
Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.
“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.
“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.
Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.
Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.
Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.
Download complete stats package by clicking here.
copyright© real estate board of greater vancouver. all rights reserved.
Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.
“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.
“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.
Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.
Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.
Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.
Download complete stats package by clicking here.
copyright© real estate board of greater vancouver. all rights reserved.
Wednesday, August 05, 2009
July Real Estate Statistics
Strong spring market carries into summer months
VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.
“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.
“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.
July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.
Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.
Bright spots in Greater Vancouver in July 2009 compared to July 2008:
DETACHED:
Burnaby up 121.7 per cent (153 units sold from 69)
North Vancouver up 53.3 per cent (115 units sold from 75)
Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)
Richmond up 140.2 per cent (221 units sold from 92)
Vancouver East up 66.4 per cent (208 units sold from 125)
Port Coquitlam up 236.4 per cent (74 units sold from 22)
Vancouver West up 104.5 per cent (180 units sold from 88)
South Delta up 203.1 per cent (97 units sold from 32)
West Vancouver up 108.1 per cent (77 units sold from 37)
Sunshine Coast up 60.5 per cent (69 units sold from 43)
ATTACHED:
Burnaby up 123.3 per cent (134 units sold from 60)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
North Vancouver up 70 per cent (51 units sold from 30)
Vancouver West up 110 per cent (105 units sold from 50)
Richmond up 152.1 per cent (179 units sold from 71)
Vancouver East up 195.8 per cent (71 units sold from 24)
Port Coquitlam up 117.6 per cent (37 units sold from 17)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
Coquitlam up 88.2 per cent (64 units sold from 34)
APARTMENTS:
Burnaby up 72.8 per cent (235 units sold from 136)
North Vancouver up 47.9 per cent (105 units sold from 71)
Richmond up 85.5 per cent (230 units sold from 124)
Vancouver East up 64.2 per cent (179 units sold from 109)
Vancouver West up 94 per cent (584 units sold from 301)
New Westminster up 70.6 per cent (116 units sold from 68)
Coquitlam up 62.3 per cent (86 units sold from 53)
Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)
Download the complete stats package by clicking the title of this article.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
copyright© real estate board of greater vancouver. all rights reserved.
VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.
“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”
New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.
“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.
July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.
Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.
Bright spots in Greater Vancouver in July 2009 compared to July 2008:
DETACHED:
Burnaby up 121.7 per cent (153 units sold from 69)
North Vancouver up 53.3 per cent (115 units sold from 75)
Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)
Richmond up 140.2 per cent (221 units sold from 92)
Vancouver East up 66.4 per cent (208 units sold from 125)
Port Coquitlam up 236.4 per cent (74 units sold from 22)
Vancouver West up 104.5 per cent (180 units sold from 88)
South Delta up 203.1 per cent (97 units sold from 32)
West Vancouver up 108.1 per cent (77 units sold from 37)
Sunshine Coast up 60.5 per cent (69 units sold from 43)
ATTACHED:
Burnaby up 123.3 per cent (134 units sold from 60)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
North Vancouver up 70 per cent (51 units sold from 30)
Vancouver West up 110 per cent (105 units sold from 50)
Richmond up 152.1 per cent (179 units sold from 71)
Vancouver East up 195.8 per cent (71 units sold from 24)
Port Coquitlam up 117.6 per cent (37 units sold from 17)
Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)
Coquitlam up 88.2 per cent (64 units sold from 34)
APARTMENTS:
Burnaby up 72.8 per cent (235 units sold from 136)
North Vancouver up 47.9 per cent (105 units sold from 71)
Richmond up 85.5 per cent (230 units sold from 124)
Vancouver East up 64.2 per cent (179 units sold from 109)
Vancouver West up 94 per cent (584 units sold from 301)
New Westminster up 70.6 per cent (116 units sold from 68)
Coquitlam up 62.3 per cent (86 units sold from 53)
Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)
Download the complete stats package by clicking the title of this article.
The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
copyright© real estate board of greater vancouver. all rights reserved.
Thursday, May 14, 2009
Housing Market is Balancing Out
Click on the headline for more details.
Vancouver, BC – May 14, 2009. The British Columbia Real Estate Association (BCREA) reports that April was the third consecutive month of increasing home sales in the province, on a seasonally adjusted basis. Consumer demand was bolstered by lower home prices and record low mortgage interest rates. Housing affordability hit a three-year high at the beginning of the month.
“Downward pressure on home prices has eased considerably,” said Cameron Muir, BCREA Chief Economist. “An increase in consumer demand combined with fewer homes for sale has trended the market near balanced conditions.” The number of homes for sale through the Multiple Listing Service (MLS®) fell to a twelve-month low in April, on a seasonally adjusted basis.
MLS® residential sales dollar volume in BC declined 25 per cent to $3.1 billion in April, compared to the same month last year. Residential unit sales declined 20 per cent to 6,918 units during the same period. The average MLS® residential price in the province was $449,372 in April, down 6 per cent from April 2008. Year-to-date, MLS® residential sales dollar volume was down 41 per cent to $7.8 billion over the same period last year. A total of 1,889 units were sold in the first four months, down 35 per cent from 2008, while the average MLS® price declined 9 per cent to $433,246.
Vancouver, BC – May 14, 2009. The British Columbia Real Estate Association (BCREA) reports that April was the third consecutive month of increasing home sales in the province, on a seasonally adjusted basis. Consumer demand was bolstered by lower home prices and record low mortgage interest rates. Housing affordability hit a three-year high at the beginning of the month.
“Downward pressure on home prices has eased considerably,” said Cameron Muir, BCREA Chief Economist. “An increase in consumer demand combined with fewer homes for sale has trended the market near balanced conditions.” The number of homes for sale through the Multiple Listing Service (MLS®) fell to a twelve-month low in April, on a seasonally adjusted basis.
MLS® residential sales dollar volume in BC declined 25 per cent to $3.1 billion in April, compared to the same month last year. Residential unit sales declined 20 per cent to 6,918 units during the same period. The average MLS® residential price in the province was $449,372 in April, down 6 per cent from April 2008. Year-to-date, MLS® residential sales dollar volume was down 41 per cent to $7.8 billion over the same period last year. A total of 1,889 units were sold in the first four months, down 35 per cent from 2008, while the average MLS® price declined 9 per cent to $433,246.
Wednesday, May 06, 2009
Metro Vancouver residential sales, prices climb
(The number of home sold in Metro Vancouver in April is still way down from a year ago, but up from the month of March. A similar pattern emerges throughout the region with prices still well down from last year, but inching their way up this spring.)
By Brian Morton, Vancouver SunMay 4, 2009
METRO VANCOUVER -- Residential property sales in the Real Estate Board of Greater Vancouver’s region totalled 2,963 in April, a 31-per-cent increase over March, according to figures released Monday.
As well, the average benchmark price in Greater Vancouver was $499,021 in April — up 2.7 per cent from the benchmark price of $485,845 in March.
The board said that was the first significant month-over-month increase in benchmark price so far this year.
The board added that the April increase in sales was notable because historically March sales are greater than April.
The board also said in a news release Monday: “The Greater Vancouver housing market has entered a more moderate and balanced state.”
REBGV president Scott Russell said in an interview that the report shows people are “taking advantage of low interest rates and the lower pricing of product.”
Russell said: “It’s encouraging. In the overall picture, we’re seeing more stability coming into the market. The number of new listings has been decreasing over the past six months and the number of sales has been increasing since January.”
The result, he said, is a “relatively stable market in which homes are being realistically priced.”
He said the trends over the last couple of months “offer a much more comfortable, historically normal set of conditions.”
According to the release, for the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed.
And while sales were up 31 per cent in April 2009 over March 2009, they’re still down by eight per cent from the 3,218 sales recorded in April 2008.
Meanwhile, Tsur Somerville, director of the centre for urban economics and real estate at the Sauder School of Business at the University of British Columbia, said the drop in interest rates has brought people back into the market and people no longer think the sky is falling.
“But you still have the fundamentals of the economy that haven’t magically got 100 per cent better,” Somerville said.
So people shouldn’t be counting on a return to the boom days any time soon, he said. “I think there’s a difference between we’re not dropping anymore versus we’re on a comeback,” he said. “And I think it’s pretty hard to see how you get a comeback without an improvement in the economy.”
With respect to the benchmark price, Somerville said other statistics show prices are continuing to fall in the Greater Vancouver area.
“Their (REBGV) numbers are not the same as what we’re seeing from some other places, so I think it is hard to make sense of what’s going on there,” Somerville said.
According to the report, sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 12.2 per cent from April 2008 to $675,268. Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008, with the benchmark price of an apartment property declining 12.6 per cent from April 2008 to $340,203.
Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008.
The benchmark price decreased 9.7 per cent between April 2008 and April 2009 to $431,759.
For the sixth consecutive month, new listings for properties declined, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed.
The report also noted that bright sales spots in April were Vancouver West (detached), Port Coquitlam, Richmond and Vancouver West (attached), and North Vancouver (apartments).
bmorton@vancouversun.com
With a file from Fiona Anderson
© Copyright (c) The Vancouver Sun
Monday's report by the Canadian Real Estate Association says a typical B.C. buyer can expect to spend an additional $60,200 over and above the purchase price.
Photograph by: CNS files, .
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