Vancouver Housing Market » Vancouver Reflections - Shining the Light on Vancouver Real Estate

Greater Vancouver Property Prices Rise 12.4% from November 2008

December 2nd, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate

Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before.” Read the rest of this entry »

Downtown Vancouver Real Estate Analysis for August 2009

September 23rd, 2009 Categories: Downtown, Real Estate News, Vancouver Real Estate

Vancouver’s Downtown condo market has seen listings stabilize since April, sales stabilize since June and the average selling price unchanged since June. Monthly Sales remain the highest since Jan’08. Condos that “expired” and didn’t sell increased from 33 to 42 (vs. 78 in Jan) and only 7 got re-listed. Average days on the market for condos that sold dropped to 25 and are the lowest since Jan’08. The average sale price for Downtown condos is $439,000 and higher than a year ago. The average $ pr sq ft for condos that sold is up to $611 and is the highest for this year. A whopping 80% of the sales were under $500,000 and only 2 over $1M. The supply is flat for the last 3 months at 2.3 months (vs.16 months in October). Best selling price range is under $500,000 and over $1M is the slowest. List price to sales price ratio is the highest for the year at 99%. The market will remain steady until we see an increase in listings

Listings -436. Least expensive $168,000 for 1 bd 558 sq.ft.. Most expensive -$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse. Read the rest of this entry »

Vancouver Real Estate Analysis for Kitsilano, July 2009

August 10th, 2009 Categories: Kitsilano, Vancouver Housing Market, Vancouver Real Estate

Kits condo market inventory continues to drop to the lowest level since we started this analysis 18 months ago. Vancouver real estate market analysis for Kitsilano condos saw July sales up and higher than any of the last 18 months. Listings dropped to a low of 78, half of what they wee a year ago. Average price for solds increased from $421,000 to $460,866 and for the last 2 months is higher than it was a year ago. Average Days on the market for sold condos increased from 26 to 35, List price to sale price ratio steady at 100%. Half the sales sold at or above list. Average $ psf for sold condos up to $572. July saw an increase to 25% of the sales over $500,000. Kits condo supply down from 9 months in January to a low of only 1.5 months. The one bedroom market is very tight with only 39 listings and sales in July. There was an increase in listings that didn’t sell or were cancelled - tonal of 10. Where does it go from here? Unless there is an increase in inventory prices will continue to climb.

Listings- 78. 8 listed under $300,000. 17 listed between $300,000 and $400,000. 25 listings between $400,000 and $500,000. 14 listings between $500,000 and $600,000 and 11 listed between $600,000 & $800K. 3 listings between $800k and $900k. Currently there is 2 studios listed, 39 are one bedrooms and 37 are 2 bedrooms. Read the rest of this entry »

Vancouver Real Estate Graphs for July 2009

August 6th, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate

The average price of houses, townhouses dipped slightly in July, compared to June. Condo prices continued to climb. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1990, 1995 and 2008. Vancouver condos didn’t appreciate much between 1990 and 2002 but they did between 2002 and 2008 and prices are back to where they were in mid to late 2006. Both Listings and sales decreased in July. Normal summer market. Read the rest of this entry »

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Greater Vancouver Real Estate Sales Strongest July Ever

August 5th, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate

Just released from REBGV

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)

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.

When you’re ready to buy or sell Vancouver real estate, contact Maggie, an experienced agent marketing Vancouver real estate since 1981. Keep up to date with Vancouver’s changing real estate market, subscribe via RSS or email.

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Vancouver Real Estate Analysis for Downtown June 2009

July 16th, 2009 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate

Vancouver’s Downtown condo market saw listings up slightly to 437 and are the lowest since January 2008.  52 condos expired and came off the market(vs. 78 in Jan) and only 6 got relisted. Sales spiked from 117 to 176 and are by far the highest for the last 18 months.  Average days on the market for condos that sold dropped to 32. The average price for Downtown condos that sold is up to $421,929 but lower than a year ago. The average $ pr sq ft for condos that sold is up to $595 and is the highest for this year.  A whopping 83% of the sales were under $500,000 and only 2 over $1M. Downtown Vancouver only has a 2.4 months supply of condos (vs.16 months in October). Best selling price range is under $400,000. Market also tight between $400,000 to $500,000. List price to sales price ratio now up to 98%

Listings -437. Least expensive $188,000 for 1 bd 558 sq.ft. ($356 pr sq ft).bank sale sold “as is, where is”. Most expensive -$3.4M assignment for the Atelier Penthouse on Robson (2700 sqft)

Listings Inventory - 32 listings Downtown under $300,000. 103 between $300K and $400K.  94 listings between $400K and $500K.  131 condos listed between $500K and $700K. 30 listed between $700,000 and $1M.  36 listed between $1M and $2M and 6 over $2M.

Supply - 1.4 months under $300,000 (down from 11 months in December).  1.3 months of inventory for Vancouver Downtown condos listed between $300,000 and $400,000.  2 months supply for condos listed between $400K and $500K .  5 months supply between $500K and $700K. 15 months between $700,000 & $1,00,000. 36 months between $1 & $2M and 6 months over $2M. Read the rest of this entry »

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BCREA Graph Shows Vancouver Homes Sales Climb for 5th Consecutive Month

July 13th, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province rose 40 per cent to 9,970 units in June 2009 compared to the same month last year. Activity in the month of June marked the fifth consecutive month of rising sales and the highest level of activity since January 2008, on a seasonally adjusted basis.

“Housing markets around BC continued to post higher sales in June, fuelled by attractive mortgage rates and lower prices,” said Bryan Yu, BCREA Economist. “The larger urban regions of Greater Vancouver and Victoria exhibited balanced market conditions in June, while others have recorded improved market stability. Stronger demand and a decline in home listings are stabilizing home prices in many BC markets.”

Year-to-date, MLS® residential sales dollar volume was down 20 per cent to $16.3 billion over the same period last year. A total of 36,329 units were sold in the first six months of 2009, down 15 per cent from 2008, while the average MLS® price declined 5 per cent to $448,381.

For more information, please contact:

Cameron Muir Damian Stathonikos

when it’s time to buy or sell Vancouver real estate, contact Maggie, an experienced realtor marketing homes since 1981

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Vancouver Real Estate Graphs for June 2009

July 8th, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate

Above are the Vancouver real estate graphs for June for houses, townhouses and condos on Vancouver’s west side. The houses performed slightly different to the townhouses and condos. Read the rest of this entry »

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Vancouver Real Estate Sales for June 75% Higher than June 2008

July 3rd, 2009 Categories: Vancouver Housing Market, Vancouver Real Estate

REBGV just released Vancouver real estate numbers for June, as follows.

The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said. Read the rest of this entry »

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Vancouver Real Estate Sales in May Up from May 2008

June 2nd, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 3,524 in May 2009, an increase of 17.4 per cent from the 3,002 sales recorded in May 2008, and an increase of 18.9 per cent compared to last month.

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

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