Greater Vancouver Real Estate Market Report
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9% decline compared to the 2,509 sales in November 2010 and a 1.9% increase compared to the 2,317 sales recorded in October 2011.
Looking back further, last month’s residential sales total is 5.8% below the ten-year average for sales in November. “The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3% decline compared to the 4,374 new listings reported in October 2011, but a 6.3% increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
Looking back further, last month’s new listing total is 2.1% above the ten-year average for November. The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2% to $622,087 in November 2011 from $580,080 in November 2010. Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4%.
Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8% from the 1,050 detached sales recorded in November 2010 and a 21.3% decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4% from November 2010 to $890,204.
Sales of apartment properties reached 1,000 in November 2011, a 4.9% decrease compared to the 1,052 sales in November 2010 and a decrease of 28.4% compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7% from November 2010 to $399,686.
Attached property sales in November 2011 totalled 444, a 9.1% increase compared to the 407 sales in November 2010 and a 15.1% decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5% between November 2010 and 2011 to $510,960.