Anna Asi, M.A.

Vancouver Real Estate Market Update - April 2012

Local homes sales are in a balanced state despite the lowest April sales numbers since 2001, according to a report by the Real Estate Board of Greater Vancouver.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said in a statement.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type.”

According to the monthly report, homes sales and listings have maintained a consistent pace in recent months, contributing to the balanced conditions.

However, the report noted that Metro Vancouver sales totalled 2,799 in April 2012, a 13.2-per-cent decline compared to the 3,225 sales in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369, the board said in a release.

Full Report:

Cat: Vancouver Real Estate

Metro Vancouver housing market remains balanced despite sharp sales drop: report

Local homes sales are in a balanced state despite the lowest April sales numbers since 2001, according to a report by the Real Estate Board of Greater Vancouver.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said in a statement.

“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type.”

According to the monthly report, homes sales and listings have maintained a consistent pace in recent months, contributing to the balanced conditions.

However, the report noted that Metro Vancouver sales totalled 2,799 in April 2012, a 13.2-per-cent decline compared to the 3,225 sales in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369, the board said in a release.

New listings for detached, attached and apartment properties totalled 6,056 in April, a 3.6-per-cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale.

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April, the release said.

At 16,538, the total number of homes listed for sale increased 8.5 per cent in April compared to last month and 16 per cent above this time last year.

The benchmark price for all residential properties stood at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months.

Sales of detached properties in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, although the benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

The highest benchmark price in April for a detached home was Vancouver West at $2.27 million, followed by West Vancouver at $1.98 million.

The benchmark price of an apartment increased 1.1 per cent from April 2011 to $375,900, while the price of a townhome increased 1.7 per cent between April 2011 and 2012 to $487,300.

Meanwhile, the Fraser Valley's housing market also showed a drop in sales year-over-year, although not as sharp as in Metro Vancouver.

According to the Fraser Valley Real Estate Board, there were 1,435 sales processed in April, down five per cent from April 2011, but up slightly from 1,412 sales in March.

In April, the board added seven per cent more new listings compared to one year ago, up to 3,134 from 2,918 last year. That pushed the number of properties for sale to 10,312, the highest level since July 2010.

“To put it in perspective, in the last decade, April 2012 ranked second lowest for sales during that month, while new listings came in at the third highest, meaning it’s a good time to be shopping for a home in the Fraser Valley because selection has only been this extensive twice,” said board president Scott Olson in a statement.

According to the report, the benchmark price for a detached home in the Fraser Valley rose 5.3 per cent in the year, from $547,800 in April 2011 to $576,600 last month.

In April, the price of a townhouse was $318,400, up 1.9 per cent year-over-year, while the price of an apartment increased 0.8 per cent over the same period to $205,800.

Vancouver Real Estate Market Update by REBGV - March 2012

Increased selection helps maintain balance in Greater Vancouver housing market

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.

March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.

“Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.

At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

“The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market,” Klein said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $679,000, up 5.3 per cent compared to March 2011 and an increase of 1.1 per cent compared to February 2012. The benchmark price for all residential properties in the Lower Mainland is $607,700, an increase of 4.8 per cent compared to March 2011.

Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011, and an 11.5 per cent decrease from the 1,336 units sold in March 2010. The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.

Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011, and a decrease of 4.9 per cent compared to the 1,252 sales in March 2010.The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100.

Townhome property sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011, and an 8.9 per cent decrease from the 549 townhome properties sold in March 2010. The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900.

Full Report:

Group-on Concept For Vancouver New Condos

Cat: Vancouver Real Estate

Greater Vancouver housing market trends near long-term averages as spring market approaches

Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.
“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.
Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.

At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.
“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800.

Cat: Vancouver Real Estate

Canadian home prices rise in January-CREA

Feb 6 (Reuters) - Canadian housing prices rose in January on a monthly basis for the first time in three months, led by gains in Montreal, Toronto and Vancouver, according to a report from the Canadian Real Estate Association.

The newly launch MLS Home Price Index, which monitors housing prices in five major urban markets, rose 0.27 percent in January from a month earlier. It was up 5.2 percent from the previous year's level.

"While home prices remain up compared to one year ago, price growth from one month to the next has been slowing, causing year-over-year gains to shrink, and prices are generally expected to continue to stabilize this year," Gary Morse, the industry group's president, said in a statement.

Cat: Canada Real Estate

General price declines in B.C. make province 'nation's new weak spot,' according to report

Canada's housing market is not a bubble, it's a balloon. And unlike the catastrophic decline the U.S. housing market experienced in 2008, the market in Canada will deflate slowly rather than pop, according to a report by BMO Capital Markets.

The sole possible exception is Vancouver, where the number of unoccupied condominiums is high due to building the Olympic Village, economists Sherry Cooper and Sal Guatieri wrote in "Will Canada's Housing Boom Forge On, Fizzle Out, or Flame Out?"

But generally, the report says that despite rising household debt, low interest rates and rising home prices, it is unlikely that a sudden correction will take place.

"The main take-away is that the national housing market appears some-what pricey, but is far removed from bubble territory," the report stated.

It compares average resale prices with median family incomes and finds the ratio is 4.9 nationally, compared to 3.2 a decade ago.

In Vancouver, though, where house prices have gone up 159 per cent in the last 10 years - compared to 104 per cent nationally - the ratio of price to income is 10, nearly double what it was a decade ago, the report said. Victoria is also high, at 5.7, but not as high as Toronto, which has a price to income ratio of 6.7.

Montreal has also seen prices rise dramatically - by 153 per cent - and its price-to-income ratio double, but that ratio remains low at 4.5.

Despite rising home prices in most of Canada's major cities, the growth doesn't seem to be excessive, the report said. But elevated valuations could lead to trouble in the event of a shock.

For example, if interest rates were to spike by about four percentage points, the affordability of homes would quickly drop throughout the country. A severe recession would also affect affordability.

But the chance of either of those events happening is unlikely, the report authors stated. Also, except for a few markets, the national housing boom has already cooled.

And British Columbia is now "the nation's new weak spot, with prices generally declining," the report said.

Some of that decline reflects fewer sales of high-end homes.

"[But] some real underlying softness is at play, and will likely continue until valuations improve," the report stated.

Tsur Somerville, director for the Centre for Urban Economics and Real Estate at the Sauder School of Business at UBC, said BMO's report is one of many predicting slight drops or slight increases in the housing market rather than a major correction.

"The kinds of things you need to get major corrections, like oversupply or radical change in the financing environment, just aren't there," Somerville said.

And just because the overall market will be flat, it doesn't mean that certain portions of it - such as areas that have had higher run-ups in prices over the past few years - aren't in for a correction, he said.

Helmut Pastrick, chief economist with Central 1 Credit Union, believes that while there may be a soft landing at some point in the future, it won't be in 2012.

"The market is holding up generally well and it looks like 2012 is going to be fairly similar to 2011 in terms of overall unit sales," Pastrick said. "Housing prices will go up by some amount, sales will also increase by a small amount."

And while the economy isn't booming, it is growing, interest rates are low and there is job growth, he said.

"So the conditions to me aren't ripe for a correction."

Meanwhile, Bloomberg reported that Canada's banking regulator fears that Canadian lenders are loosening standards on mortgages that are similar to U.S. subprime loans, posing an "emerging risk" to financial institutions.

Banks and other lenders are becoming "increasingly liberal" with mort-gages and home-equity credit lines that don't require individuals to prove their income, according to documents obtained by Bloomberg under freedom of information law request from the Office of the Superintendent of Financial Institutions.

"Non-income qualified" lending has been added to a list of issues to be considered by OSFI's "emerging-risk committee," Bloomberg reported the documents showing.

Pastrick disputes this finding.

"We're not subprime, not by a long shot," he said.

Lenders in Canada have "credible lending criteria and standards." And while lenders will lower rates to grab market share "credit isn't easy like it was in the U.S.," he said.

Somerville believes the problem is with home equity lines of credit which have become more popular over the year and don't always require income verification.

Not only are lines of credit given out without the same level of super-vision or the same standard of care that is applied to mortgages, they are also junior in seniority to mortgages, Somerville said.

With a file from Bloomberg

© Copyright (c) Postmedia News

Picture by: All rights reserved by JOHN CORVERA

Rock-bottom mortgage rates in Canada

Some fixed mortgage rates have dropped to their lowest rates in Canadian history.

Cat: Vancouver Mortgage Rates

Canadian home values have doubled since 2000

A new report suggests that the average home value has doubled in most of Canada's big cities since the millennium.

Re/Max says it examined the value of homes in 16 major markets across Canada, calculating the changes that occurred from 2000 to 2010.

The real estate organization found that an average home in these markets was worth $339,030 as of last year, more than double the average price of $...163,951 in 2000.

Re/Max says that Canadians have spent an estimated $450 billion on renovations over the decade, while more than $340 billion in residential building permits were issued.

This heavy-duty investment has helped build value in individual properties while an increasing number of people looking for housing has helped spur demand.

"They key to Canada's housing evolution has been an increase in population," says Michael Polzler, the executive vice president of Re/Max Ontario-Atlantic Canada Inc.

With further sharp population growth expected in the years ahead, Polzler says that portends "continued investment and continued growth in Canadian housing values."

The hundreds of billions poured into rejuvenating homes and properties across the country have also created new trends in urban neighborhoods, Re/Max says in its report.

In cities where space is scarce, residents are increasingly seeing small properties snapped up and turned into new structures, whether personal residences, townhomes or high-rise apartment buildings.

Condominiums have also become more popular and more varied in terms of what they can offer. Re/Max says buyers can now choose from mixed-use residential, live-work studios, lofts, townhomes and condo bungalows in major markets.

The 16 markets that Re/Max studied were: Greater Vancouver; Victoria; Kelowna, B.C.; Edmonton; Calgary; Regina; Saskatoon; Winnipeg; Ottawa; Greater Toronto; Hamilton-Burlington; Kitchener-Waterloo in Ontario; London, Ont.; Saint John, N.B.; Halifax-Dartmouth and St. John's.
No markets from Quebec or the Territories were included in the Re/Max analysis.

Cat: Canada Real Estate

Greater Vancouver at lower end of balanced housing market

With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

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®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totaled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

Cat: Vancouver Real Estate

Shanghai Real Estate Market Crash

SHANGHAI - Property owners in Shanghai and other big Chinese cities are protesting as measures to cool the once-overheated real estate market prompt developers to slash prices.

The trend suggests authorities are making progress with a years long effort to cool prices that had surged beyond affordable levels for many families. But some worry the market could collapse — angering many middle class owners who put their savings into property, expecting prices only to rise.

Upset home buyers gathered outside a developers' sales office in downtown Shanghai over the weekend demanding refunds after learning of the discounts now being offered, said Tang Minzhi, a spokeswoman for China Overseas Property (Group).
Protesters also besieged offices of at least two other property developers in the city's eastern suburbs, some holding up signs demanding refunds.

State media on Tuesday reported similar gatherings in other cities as property companies have begun trying to trim inventories of unsold homes by offering discounts of up to 40 per cent from recent prices.

Seeing later buyers get steep discounts has galled many who bought earlier but have not yet moved in, since many apartments are sold before they are built.

The government has raised interest rates and bank reserve requirements repeatedly to discourage excess lending by banks to property developers and help cool prices, especially in big cities like Shanghai.

Some cities have also hiked the amount of money needed for down payments and restricted families' purchases of second and third properties.

Until recently, prices had continued to rise, though the increases levelled off in recent months, while sales weakened. Tight curbs on bank lending are also beginning to make it more difficult for buyers to obtain mortgages.

The protests over falling prices highlight the dilemma the authorities face in balancing the need to deliver rising living standards to average families while also protecting the interests of affluent and middle class families — and many local governments and state-owned corporations that also are heavily invested in the property sector.
As property sales fell 15 per cent in the third quarter, many developers that in the past hoarded property in hopes of seeing prices rise further are now under financial pressure.

Market leaders like China Vanke are still reporting robust earnings growth. Vanke's net profit climbed 32 per cent in July-September while sales in the first nine months of the year jumped 31 per cent.
But a growing number of other developers are grappling with rising debt levels and shrinking liquidity.

The problem is worst in the biggest cities, the earliest to be affected by the property boom and the most severely affected by tightening measures. Smaller cities in the provinces are still booming thanks to a gradual shift of investment inland from the coastal areas, says Xue Jianxiong, an analyst at China Real Estate Information Corp.

"There will be an even more serious correction in the future, when the smaller cities see growth weaken due to the impact of the debt crisis on exports," Xue said.

"There could be a drop of up to 50 per cent then," he said.
The huge demand in China for improved and new housing will likely support prices in the long-term, analysts say. Limited by restrictions on where they can stash their savings, investors have tended to favour property given the low deposit rates paid by the banks, the weak stock market and the absence of a property tax.

But short-term corrections are inevitable, and a serious one could eventually deal a severe blow to the economy, Wang Tao, an economist for UBS, said in a research note Tuesday.

"Such a property-led hard landing scenario is quite likely in the next few years, even though we do not think the property market is about to collapse now," she said.

To help meet demand for more affordable housing, Beijing is pushing local governments to build more low-cost apartments. A recent push to meet targets for such housing has supported construction and investment despite weakening demand for more expensive commercial property.

By Elaine Kurtenbach, The Associated Press

Cat: Shanghai Real Estate

HST change likely to delay new-home sales in BC until its elimination

Plans to remove the HST and return to a provincial sales tax mixed with the Goods and Services Tax will probably cause some potential buyers of new homes in British Columbia to delay purchases until 2013, Central 1 Credit Union forecasts.

In a news release Thursday, Central 1 economist Bryan Yu said: "People looking at new homes priced over $525,000 may very well wait until the tax changes lower the 12 per cent hit they face."

The HST added provincial tax to new housing on top of GST and $525,000 was the upper limit for a rebate program intended to add no additional tax on homes.

Yu is forecasting that B.C.'s total home sales through the Multiple Listing Service will reach 88,200 units by the end of this year, which is down one per cent from 2010's sales mark.

However, while resale home transactions are forecast to end the year 4.7 per cent ahead of 2010, new home transactions will lag by 26 per cent.

While sales will remain soft, the median price will rise 6.8 per cent to $417,000, Yu said.

"The real estate market will remain stable for the next couple years, weighed down by global economic issues, moderate employment and population growth and changes to mortgage insurance rules," Yu said.

Central 1 forecasts that next year total home sales are expected to increase by about 3.4 per cent, driven by higher new home sales. The resale of existing homes will decline.

Meanwhile, the Canadian Real Estate Association released a report Thursday showing that the sale of existing homes across Canada declined 0.5 per cent in August.

On a seasonally adjusted basis, sales totalled to 37,177 units during the month, down from 37,378 in the previous month, the industry group said. However, sales were still up 15.8 per cent from August 2010, on a non-adjusted basis.

The national average home price of $349,916 in August, on a non-adjusted basis, was up 7.7 per cent from a year earlier.

"[Economic] headwinds will likely persist until, and indeed after, fiscal quagmires in the U.S. and Europe are resolved. In the meantime, the Bank of Canada will have ample reason to delay raising interest rates further, which is supportive for the Canadian housing market."

© Copyright (c) The Vancouver Sun

Active home sellers bring greater selection to the Greater Vancouver housing market.

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.

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 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

Cat: Vancouver Real Estate

First Fully Automated Parking in North America – Jameson House (838 W HASTINGS ST)

Simply pull into the secure transfer section, lock your vehicle and go. Your car will be whisked away safely while you entre the main elevator. When you’re ready to depart, your vehicle will be quickly returned to you.

Cat: Vancouver Real Estate ( Jameson House )

REBGV June 2011 Housing Market Update

The Real Estate Board of Greater Vancouver (REBGV) housing market update for June 2011 with REBGV president Rosario Setticasi.

Cat: Vancouver Real Estate

Home prices in B.C. to rise 13 per cent this year

B.C. home prices will rise an average 13 per cent to $571,000 this year before edging back 2.5 per cent to $557,000 in 2012, the B.C. Real Estate Association said in its second quarter housing forecast released Thursday.

The BCREA also predicted a moderate increase in housing sales this year and next.

However, the 13-per-cent increase in housing costs this year is misleading, according to BCREA chief economist Cameron Muir.

“The average price in the province is being skewed very high because of a higher proportion of single-detached homes selling in the pricier markets of Vancouver,” Muir said in an interview. “This is at a time when sales are a bit below the 10-year average. My expectation is for quite flat prices going forward.”

Muir said that the average price in the Greater Vancouver area rose 26 per cent in May compared to May 2010, but that the benchmark price – the price of a typical home in the region – rose only about five per cent over the same period.

“This is a recent phenomenon,” Muir said of the discrepancy between the two price measurements. “The average price used to track the benchmark price pretty well.”

According to the report, after declining 12 per cent in 2010, residential unit sales through the multiple listing service are forecast to rise five per cent in B.C. to 78,200 units in 2011 and a further three per cent to 80,700 units in 2012.

However, the report also said that home sales will remain below their 10-year average of 87,600 units both this year and next.

“Home sales will post some modest gains over the next two years,” Muir said. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”

He said a record 106,300 residential sales were recorded in 2005.

For Greater Vancouver, the report noted that sales — after declining 14 per cent to 31,144 units in 2010 — are forecast to rise 8.5 per cent to 33,800 units this year.

It said that total housing starts in Vancouver are forecast to increase 6.5 per cent to 16,200 units in 2011 and another two per cent to 16,550 in 2012.

The average price in the Vancouver area is forecast to rise 17.6 per cent in 2011 to $795,000 and then drop three per cent in 2012 to $770,000.

Muir noted that the average price in the south Okanagan is forecast to drop five per cent in 2011 to $304,000, the same percentage drop as the Kootenay region, where the average price is forecast to drop to $260,000.

© Copyright (c) The Vancouver Sun

Cat:Vancouver Rental Real Estate

Vancouver is Canada's most expensive housing market, report says

Vancouver is Canada's most expensive housing market, with average prices for a four-bedroom, two-bathroom home coming in at over $1.546 million, according to the Coldwell Banker Real Estate Home Listing Report.

The report, released Wednesday, is a snapshot survey of average listing prices for four-bedroom, two-bathroom homes in 70 Canadian markets over a six-month period from September 2010 to March this year on coldwellbanker.com.

Vancouver was followed by Kelowna, B.C., at $1.087 million and Burnaby, B.C., at $797,455.

Fort McMurray, Alta., was fourth overall at $652,382 followed by West Kelowna, B.C., ($640,055), Oakville, Ont., ($624,914), Victoria ($540,087), and Surrey, B.C., ($536,109).

Calgary is ranked the ninth, with an average price of $534,912. Sherwood Park, Alta., rounded out the top 10 at $534,850.

In the survey, Vancouver was ranked the third most expensive market in North America behind California's Newport Beach ($2.5 million US) and Pacific Palisades ($1.6 million US).

Windsor, Ont., was Canada's most affordable market at $144,456.

© Copyright (c) The Vancouver Sun

Cat: Vancouver Real Estate

Greater Vancouver housing market holds steady and favours sellers in May

Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.

“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.

At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”

Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.

Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.

Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.

View complete stats package by clicking below:

Home buyers and sellers enter the housing market at near record pace in March

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 Canadian Real Estate Association (CREA) - February 2011 Report

According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity in February 2011 ran close to the five-year average for the month, continuing a theme that has characterized the past four months. Seasonally adjusted home sales activity edged down 1.6 per cent in February 2011 compared to the previous month on a national basis. Sales activity eased in almost two-thirds of all local markets from the previous month, offsetting monthly increases in activity among other markets including Vancouver and Calgary.