Anna Asi, M.A.

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.

High-rise Towers in Kitsilano by The Squamish First Nation

The Squamish First Nation is considering a plan to build two high-rises on native land at the southwest corner of the Burrard St. Bridge in Vancouver.

Chief Gibby Jacob said Wednesday the intent is create economic development and provide much-needed housing for the community.

“Nobody is lining up to house our people,” he said. “We have 2,000 members on a waiting list.”

The “business” proposal will be voted on by band council and 3,700 members later this month.

“Hopefully, if we get approval, work could get going next year. There is still a lot to be done,” he said.

Jacob did not disclose the numbers of units contemplated, heights of buildings or the firms involved.

The land was re-acquired by natives in 2002 after a lengthy court battle which found that it had been illegally taken from them almost a century beforehand.

Natives say the four-hectare parcel, which straddles both sides of the bridge, was part of the tribe’s ancestral home for hundreds of members.

Jacob said permission is not required from Vancouver because the project would be on self-governing native land.

He said residents would pay First Nations taxes — a portion of which would go to Vancouver under an agreement to be negotiated.

Services such as water, sewer and drainage would also have to be worked out with the city.

Vancouver Coun. Geoff Meggs said that band members held “positive” talks with Vancouver officials last fall about building rental towers.

Meggs said he had no reason to think there would be special problems with the development if the natives decide to go ahead.

“We have a fantastic relationship with the Squamish Band,” he said.

But he admitted that there may objections on the basis of local concerns such as the size of buildings, layout and traffic.

Meggs said the natives told him public meetings would be held with “lots of chances to comment.”

“They said they don’t want to be treated any better or any worse than anybody else,” he said.

Cat: Kitsilano Real Estate