News & Statistics
Vancouver Westside market trends to January 2012
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REBGV news release for January 2012
Selection broadens and demand eases to kick off 2012 in the Greater Vancouver housing market
VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January andoverall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stabilityand less fluctuation compared to the beginning of 2011.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18per cent decline from the 1,923 home sales in January 2010.
January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 salesbelow the 10-year average.
“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricingcompared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competitionamongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to dotheir homework, consult with their REALTOR®, and make a decision.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increasecompared to the 1,629 new listings reported in December 2011.
Last month’s new listing count was the highest January total in Greater Vancouver since 1995.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent compared to January 2011.
New MLS® Home Price Index launches in Canada
Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends inthe housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by thoseboards.
The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.1
“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country,” Setticasi said.
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 percent compared to January 2011 and down 0.1 per cent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.2 The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 per cent compared to January 2011.
Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per cent from the 793 detachedsales recorded in January 2011, and a 6.5 per cent decrease from the 705 units sold in January 2010. The benchmark price fordetached properties increased 11.3 per cent from January 2011 to $1,034,700.
Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to the 713 sales in January2011, and a decrease of 26.3 per cent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 per cent from January 2011 to $371,500.
Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011,and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome unit declined 0.5 per cent between January 2011 and 2012 to $468,000.
Editor’s notes:
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The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was indexed to 2001.Sales prior to 2005 will not be considered in the MLS® HPI.
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The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board, and is comprised of communities from Whistler to Abbotsford.
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Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do not included duplexes.
Source: REBGV 6 February 2012
VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January andoverall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stabilityand less fluctuation compared to the beginning of 2011.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18per cent decline from the 1,923 home sales in January 2010.
January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 salesbelow the 10-year average.
“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricingcompared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competitionamongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to dotheir homework, consult with their REALTOR®, and make a decision.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increasecompared to the 1,629 new listings reported in December 2011.
Last month’s new listing count was the highest January total in Greater Vancouver since 1995.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent compared to January 2011.
New MLS® Home Price Index launches in Canada
Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends inthe housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by thoseboards.
The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.1
“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country,” Setticasi said.
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 percent compared to January 2011 and down 0.1 per cent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.2 The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 per cent compared to January 2011.
Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per cent from the 793 detachedsales recorded in January 2011, and a 6.5 per cent decrease from the 705 units sold in January 2010. The benchmark price fordetached properties increased 11.3 per cent from January 2011 to $1,034,700.
Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to the 713 sales in January2011, and a decrease of 26.3 per cent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 per cent from January 2011 to $371,500.
Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011,and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome unit declined 0.5 per cent between January 2011 and 2012 to $468,000.
Editor’s notes:
-
The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was indexed to 2001.Sales prior to 2005 will not be considered in the MLS® HPI.
-
The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board, and is comprised of communities from Whistler to Abbotsford.
-
Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do not included duplexes.
Note: The above report pertains to all of Greater Vancouver. Archives and more statistics for the broader region can be found at www.rebgv.org Please visit the Vancouver Westside section of this site for more detailed market trends or sign up here for your FREE customized Market Snapshot report.
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