Vancouver Home Sales Trend Higher

November 16, 2010

Vancouver, BC – November 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.

“BC home sales have posted moderate gains since the summer months,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”

“Total active residential listings in the province have declined 18 per cent since June,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”

Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.

– from BCREA

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North Vancouver Condo Property Statistics (1-Br)

November 8, 2010

North Vancouver
In North Vancouver there are currently 146 active one-bedroom properties for sale, ranging in price from $164,900. to $549,900., with the average asking price being $331,778. There have been 70 sales since August, with the average selling price being $302,112. and the average cost per square foot being $443. The least expensive sale price this year was for $156,000. in January and the most expensive was for $629,900. in June. With 146 properties currently for sale and 26 sales last month, there is currently a 5 & 1/2 month supply of homes.

Lower Lonsdale
In Lower Lonsdale there are currently 56 active one-bedroom properties for sale, ranging in price from $199,900. to $549,000., with the average asking price being $339,263. There have been 35 sales since August, with the average selling price being $305,628. and the average cost per square foot being $462. The least expensive sale price this year was for $199,000. in April and the most expensive so far this year was for $629,900. in June. With 56 properties currently for sale and 11 sales last month, there is currently a 5 month supply of homes.

The Pier
In The Pier there are currently 6 active one-bedroom properties for sale, ranging in price from $347,000. to $549,000., with the average asking price being $430,633. There have been 4 sales since August, with the average selling price being $372,625. and the average cost per square foot being $568. The least expensive sale price this year was for $315,000. in March and the most expensive so far this year was for $629,900. in June. With 6 properties currently for sale and an average of 1 sale per month over the last 3 months, there is currently a 6 month supply of homes.


Home Sales Remain Steady in Greater Vancouver

November 2, 2010

Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

According to the MLSLink® Housing 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 month’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.

– from REBGV