News Release FOR IMMEDIATE RELEASE
Home buyers and sellers enter the housing market at near record pace in March VANCOUVER, B.C. – April 4, 2011 – 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. -30The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 Fax: (604) 730-3102 E-mail: cmunn@rebgv.org
also available at www.realtylink.org
MLSLINK HOUSING PRICE INDEX
Preliminary Report
March 2011 PROPERTY TYPE Residential Detached
Attached
AREA Greater Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Port Moody Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows
Apartment
North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows
New Westminster North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West West Vancouver
BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR 10 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE CHANGE (+/-) PRICE % % % % $615,810 0.5% $602,141 260.09 5.4 9.0 37.6 163.3 $866,806 0.9% $841,832 256.0 8.3 13.4 42.0 155.5 $882,731 1.9% $847,823 259.8 9.8 16.0 45.0 165.5 $697,414 4.1% $695,364 245.3 2.1 5.0 31.6 147.5 $705,785 3.1% $682,662 230.6 6.2 5.1 27.4 129.4 $459,554 2.7% $445,447 209.6 0.4 0.2 20.2 107.1 $603,801 3.7% $590,550 248.9 -0.7 -2.8 22.0 151.6 $922,764 2.2% $907,736 230.5 -0.5 -0.6 24.6 138.8 $539,858 6.1% $521,711 221.6 3.2 10.0 36.2 139.3 $547,947 3.8% $537,993 231.6 1.8 3.6 23.8 144.0 $709,706 12.5% $700,020 213.3 20.5 -1.4 21.8 96.8 $1,119,441 1.6% $1,085,603 330.5 24.5 47.5 88.6 233.8 $493,572 10.1% $528,620 187.5 -4.7 -14.8 24.2 109.8 $441,497 5.5% $405,198 251.2 8.3 1.4 20.8 163.4 $806,231 1.6% $777,776 273.1 9.8 17.0 43.3 174.9 $1,914,639 1.9% $1,843,546 317.7 15.5 32.2 80.7 202.4 $1,526,596 3.0% $1,478,867 224.9 6.0 2.8 24.9 118.3 $511,039 0.7% $504,432 247.9 3.6 7.9 35.9 153.5 $501,257 1.3% $496,822 251.1 3.1 9.1 35.9 156.9 $443,292 2.4% $446,705 239.1 -0.5 1.0 26.8 152.4 $468,751 5.5% $470,175 251.0 4.5 6.9 31.5 149.0 $309,637 2.0% $304,786 214.8 0.3 -2.4 21.7 112.3 $637,633 2.4% $612,752 249.5 4.6 2.5 31.2 157.8 $410,582 2.5% $407,321 225.8 1.1 7.5 25.4 128.4 $407,488 3.7% $410,960 243.2 1.4 -1.3 25.3 138.4 $553,816 1.2% $544,992 267.1 8.6 19.9 50.9 172.1 $557,622 2.6% $548,312 260.7 5.8 6.4 42.7 161.2 $782,842 2.5% $771,100 279.3 1.6 10.0 41.5 173.7 $403,885 0.5% $398,072 262.7 2.1 3.7 32.4 166.1 $364,847 1.0% $359,842 272.7 3.9 6.0 33.9 180.8 $298,453 1.9% $299,398 254.5 1.0 -0.8 30.1 157.3 $380,875 4.6% $356,433 248.0 6.4 5.5 39.9 147.9 $251,879 3.1% $235,403 267.5 1.7 -3.1 26.2 203.9 $309,617 1.8% $302,973 251.5 4.7 2.5 37.2 155.3 $388,304 1.8% $385,927 247.1 -4.9 -3.4 22.7 142.1 $253,646 1.9% $252,199 297.1 -0.4 -2.3 28.1 206.8 $297,220 2.5% $294,854 253.6 -1.6 -2.3 13.4 156.9 $363,852 1.1% $353,951 295.7 7.9 12.9 39.6 198.8 $340,438 1.7% $336,542 278.7 2.2 1.6 34.6 186.8 $517,329 0.9% $511,228 263.2 1.6 4.3 32.4 171.3 $635,010 7.1% $648,045 227.9 -2.6 1.3 24.1 116.3
HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or - percentage of the benchmark price, there is a 90% probability the sale price of a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = Sales sample too small; Price information not reported.
Mar 2011 Nov 2010 Jul 2010 Mar 2010 Nov 2009 Jul 2009
Jul 2008 Apartment
Mar 2008 Nov 2007 Jul 2007 Mar 2007 Nov 2006
Attached
Jul 2006 Mar 2006 Nov 2005 Jul 2005 Mar 2005
Detached
Nov 2004 Jul 2004 Mar 2004 Nov 2003 Jul 2003 Mar 2003 Nov 2002 Mar 2002 Nov 2001 Jul 2001 80
100
120
140
160
180
200
220
240
Mar 2001 260
Year 2001 average = 100
Jul 2002
280
C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS速 Housing
Nov 2008
Price Index
Price Index - Greater Vancouver 10 Year Trend
Mar 2009
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
$774,000
$460,000
$341,750
Attached
Apartment
193
Attached
Detached
271
Detached
426
$348,000
Apartment
Apartment
$479,000
Attached
217
Attached
$839,500
341
Detached
Detached
$340,000
Apartment
462
$460,000
Apartment
$773,000
Attached
75
Attached
Detached
126
Detached
170
$329,500
Apartment
Apartment
$494,500
74
Attached
$842,000
105
Detached
Attached
$350,000
Apartment
Detached
$469,000
Attached
160
$850,000
Detached
Apartment
191
103
Attached
Apartment
160
Detached
Coquit lam $270,000
$480,950
$650,000
174
92
272
$278,000
$450,000
$688,500
174
143
320
$283,000
$465,950
$640,500
63
32
112
$281,750
$448,700
$688,500
61
50
108
$275,000
$432,000
$691,000
74
55
147
Delta South $325,000
n/a
$634,000
41
15
98
$330,000
$440,500
$630,000
38
22
212
n/a
n/a
$622,500
13
8
44
n/a
n/a
$626,000
17
7
73
n/a
n/a
$639,000
17
12
109
Islands - Gulf n/a
n/a
n/a
0
0
4
n/a
n/a
n/a
0
0
5
n/a
n/a
n/a
0
0
3
n/a
n/a
n/a
0
0
3
n/a
n/a
n/a
0
0
0
$233,000
$307,000
$488,500
80
123
275
$225,700
$315,497
$474,000
69
116
296
$232,000
$304,000
$492,000
38
50
118
$227,900
$294,857
$469,900
25
32
106
$226,850
$322,500
$475,250
34
58 98
19
36
$286,000
$424,700
$628,550
207
28
60
$304,000
$448,800
$578,920
224
35
78
$274,000
n/a
$656,100
87
11
29
$292,000
n/a
$576,756
81
9
30
$307,500
n/a
$587,500
Maple R id g e/Pitt M eadow s 124
$379,900
$632,450
$883,250
193
98
213
$359,000
$624,965
$908,000
232
101
291
$369,000
$639,500
$889,000
73
43
95
$360,000
$639,000
$903,800
85
36
111
$365,000
$630,000
$931,175
113
43
134
North Vanco uver
Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands
Year-to-date
Jan. Mar. 2010
Year-to-date
Jan. Mar. 2011
March 2010
February 2011
March 2011
Number of Sales
March 2011
2011
Port C oquitla m $239,500
$396,000
$523,750
90
59
110
$230,000
$381,500
$530,000
75
64
122
$232,750
$386,500
$545,000
40
34
45
n/a
$373,000
$532,500
19
20
40
$228,000
$389,000
$529,000
43
27
60
$348,500
$436,500
$839,900
74
48
53
$347,950
$419,000
$835,000
80
55
55
$375,000
n/a
$875,000
27
19
30
$349,000
$425,000
n/a
27
21
18
$332,500
n/a
$850,000
40
19
181
100
251
$359,900
$544,000
$988,000
230
142
262
Richm ond $330,500
$485,000
$837,500
496
302
489
$353,000
$536,900
$1,008,000
535
316
675
$338,000
$499,500
$848,000
200
149
222
$347,951
$537,400
$1,030,000
Port M oody/B elcarra 30
$266,000
n/a
$509,750
21
17
30
n/a
n/a
$435,000
8
16
41
n/a
n/a
n/a
8
8
11
n/a
n/a
n/a
3
6
15
n/a
n/a
$440,000
3
8
21
Squam ish
18
n/a
n/a
$415,000
11
11
99
n/a
n/a
$388,000
9
11
99
n/a
n/a
$400,000
4
2
39
n/a
n/a
$366,000
3
6
39
n/a
n/a
$414,500
3
3
44
Sunsh ine Co ast
3
y
Burnab
er New W estmin st
Vanco uver E ast $330,500
$570,000
$740,000
322
113
431
$340,000
$604,900
$783,250
352
115
491
$331,500
$555,000
$770,000
120
41
174
$338,500
$571,000
$798,000
116
38
165
$348,000
$622,450
$794,500
162
58
227
Vanco uver W est $475,000
$814,500
$1,730,000
1,027
148
440
$485,000
$881,200
$2,026,500
1,211
203
655
$484,250
$819,500
$1,745,000
387
64
208
$486,000
$875,000
$2,089,000
404
77
242
$488,000
$904,000
$1,915,000
581
90
279
$667,500
n/a
$1,435,000
42
19
158
$700,500
n/a
$1,550,000
52
19
290
n/a
n/a
$1,465,000
18
6
72
n/a
n/a
$1,519,444
18
3
92
$654,000
n/a
$1,652,500
26
11
152
n/a
20
32
19
n/a
n/a
n/a
4
7
8
n/a
n/a
n/a
6
10
4
n/a
n/a
n/a
7
15
10
n/a
$428,500
$920,000
13
26
21
$218,500
$537,500
Sound Wes t V a n couve r/Howe
MLS速 SALES Facts
Whistl er/Pem berton n/a
3,217
1,292
3,024
n/a
3,541
1,465
3,990
n/a
1,252
549
1,336
n/a
1,206
489
1,402
n/a
1,622
663
1,795
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
46%
54%
45%
Attached
Apartment
356
Attached
Detached
583
Detached
945
53%
Apartment
Apartment
56%
Attached
390
Attached
64%
533
Detached
Detached
43%
Apartment
880
52%
Attached
Apartment
51%
143
Attached
Detached
248
Detached
400
56%
Apartment
Apartment
57%
130
Attached
56%
188
Detached
Attached
57%
Apartment
Detached
72%
Attached
286
72%
Detached
Apartment
338
144
Attached
Apartment
221
Detached
Coquit lam 40%
46%
47%
439
202
575
39%
57%
55%
443
250
582
37%
36%
49%
172
90
230
40%
54%
57%
153
92
189
44%
64%
63%
168
86
232
Delta South 64%
41%
41%
64
37
240
63%
52%
68%
60
42
312
76%
42%
46%
17
19
96
100%
88%
72%
17
8
101
63%
60%
80%
27
20
137
Islands - Gulf 0%
n/a
8%
2
0
48
0%
n/a
12%
2
0
43
n/a
n/a
13%
0
0
23
n/a
n/a
23%
0
0
13
n/a
n/a
0%
0
0
20
34%
58%
44%
233
213
624
34%
46%
49%
202
254
606
68%
55%
49%
56
91
241
49%
33%
53%
51
96
200
45%
62%
57%
76
94
217
Maple R id g e/Pitt M eadow s 40%
68%
43%
514
41
139
49%
56%
55%
458
63
143
44%
69%
43%
197
16
68
57%
41%
79%
141
22
38
64%
79%
60%
153
24
60
* Year-to-date listings represent a cumulative total of listings rather than total active listings.
Year-to-date*
Jan. Mar. 2010
Year-to-date*
Jan. Mar. 2011
March 2010
February 2011
March 2011
Number of Listings
March 2011
2011
North Vanco uver 39%
57%
47%
494
172
453
49%
54%
54%
478
187
537
36%
54%
45%
203
79
211
45%
58%
56%
189
62
198
72%
57%
67%
157
76
201
Port C oquitla m 41%
49%
48%
218
121
229
35%
56%
60%
212
115
202
49%
69%
47%
82
49
95
24%
50%
63%
79
40
64
65%
64%
75%
66
42
80
Port M oody/B elcarra 36%
53%
39%
207
90
136
41%
54%
40%
194
102
136
38%
50%
58%
71
38
52
44%
51%
38%
62
41
48
63%
53%
57%
64
36
53
Richm ond 51%
60%
56%
970
503
878
59%
63%
53%
913
504
1,272
51%
61%
60%
393
243
372
61%
65%
64%
297
155
395
63%
66%
47%
368
214
552
Squam ish 50%
28%
25%
42
60
119
10%
23%
30%
80
69
138
53%
32%
20%
15
25
54
19%
38%
30%
16
16
50
8%
19%
47%
37
43
45
23%
24%
25%
48
45
394
45%
34%
27%
20
32
367
27%
17%
26%
15
12
151
33%
75%
30%
9
8
128
50%
27%
28%
6
11
155
Sunsh ine Co ast
18
50%
65%
52%
641
175
830
59%
60%
60%
593
192
816
43%
65%
53%
276
63
331
62%
58%
58%
187
65
283
70%
83%
68%
233
70
335
Vanco uver E ast
3
y
Burnab
er New W estmin st
Vanco uver W est 40%
40%
53%
2,584
373
834
49%
50%
61%
2,460
409
1,081
33%
37%
56%
1,168
175
370
52%
66%
67%
782
116
360
58%
53%
66%
994
169
424
Sound 36%
44%
37%
118
43
431
45%
54%
58%
115
35
503
44%
43%
40%
41
14
179
44%
23%
53%
41
13
174
57%
157%
76%
46
7
199
Wes t V a n couve r/Howe
MLS速 LISTINGS Facts
13%
23%
25%
98
112
84
19%
29%
38%
106
110
50
11%
14%
24%
38
49
33
18%
29%
18%
34
34
22
19%
34%
63%
37
44
16
Whistl er/Pem berton n/a
7,617
2,543
6,597
n/a
7,216
2,754
7,321
n/a
3,144
1,106
2,754
n/a
2,344
898
2,451
n/a
2,770
1,080
2,947
Listing & Sales Activity Summary Listings
Sales
1 Mar 2010
2 Feb 2011
3 Mar 2011
5 Mar 2010
6 Feb 2011
7 Mar 2011
248 143 400
188 130 286
221 144 338
17.6 10.8 18.2
126 75 170
105 74 160
160 103 191
52.4 39.2 19.4
271 193 426
341 217 462
25.8 12.4 8.5
230 90 172
189 92 153
232 86 168
22.8 -6.5 9.8
112 32 63
108 50 61
147 55 74
36.1 10.0 21.3
272 92 174
320 143 174
17.6 55.4 0.0
96 19 17
101 8 17
137 20 27
35.6 150.0 58.8
44 8 13
73 7 17
109 12 17
49.3 71.4 0.0
98 15 41
212 22 38
116.3 46.7 -7.3
241 91 56
200 96 51
217 94 76
8.5 -2.1 49.0
118 50 38
106 32 25
124 58 34
17.0 81.3 36.0
275 123 80
296 116 69
7.6 -5.7 -13.8
211 79 203
198 62 189
201 76 157
1.5 22.6 -16.9
95 43 73
111 36 85
134 43 113
20.7 19.4 32.9
213 98 193
291 101 232
36.6 3.1 20.2
68 16 197
38 22 141
60 24 153
57.9 9.1 8.5
29 11 87
30 9 81
36 19 98
20.0 111.1 21.0
60 28 207
78 35 224
30.0 25.0 8.2
52 38 71
48 41 62
53 36 64
10.4 -12.2 3.2
30 19 27
18 21 27
30 19 40
66.7 -9.5 48.1
53 48 74
55 55 80
3.8 14.6 8.1
95 49 82
64 40 79
80 42 66
25.0 5.0 -16.5
45 34 40
40 20 19
60 27 43
50.0 35.0 126.3
110 59 90
122 64 75
10.9 8.5 -16.7
372 243 393
395 155 297
552 214 368
39.7 38.1 23.9
222 149 200
251 100 181
262 142 230
4.4 42.0 27.1
489 302 496
675 316 535
38.0 4.6 7.9
151 12 15
128 8 9
155 11 6
21.1 37.5 -33.3
39 2 4
39 6 3
44 3 3
12.8 -50.0 0.0
99 11 11
99 11 9
0.0 0.0 -18.2
54 25 15
50 16 16
45 43 37
-10.0 168.8 131.3
11 8 8
15 6 3
21 8 3
40.0 33.3 0.0
30 17 21
41 16 8
36.7 -5.9 -61.9
331 63 276
283 65 187
335 70 233
18.4 7.7 24.6
174 41 120
165 38 116
227 58 162
37.6 52.6 39.7
431 113 322
491 115 352
13.9 1.8 9.3
370 175 1168
360 116 782
424 169 994
17.8 45.7 27.1
208 64 387
242 77 404
279 90 581
15.3 16.9 43.8
440 148 1027
655 203 1211
48.9 37.2 17.9
33 49 38
22 34 34
16 44 37
-27.3 29.4 8.8
8 7 4
4 10 6
10 15 7
150.0 50.0 16.7
21 26 13
19 32 20
-9.5 23.1 53.8
179 14 41
174 13 41
199 7 46
14.4 -46.2 12.2
72 6 18
92 3 18
152 11 26
65.2 266.7 44.4
158 19 42
290 19 52
83.5 0.0 23.8
2731 1106 3144
2438 898 2344
2927 1080 2770
20.1 20.3 18.2
1333 549 1252
1399 489 1206
1795 663 1622
28.3 35.6 34.5
3020 1292 3217
3985 1465 3541
32.0 13.4 10.1
BURNABY DETACHED ATTACHED APARTMENTS
Col. 2 & 3 Percentage Variance
%
Col. 6 & 7 Percentage Variance
9 Jan 2010 Mar 2010
10 Jan 2011 Mar 2011
%
Col. 9 & 10 Percentage Variance
%
COQUITLAM DETACHED ATTACHED APARTMENTS
DELTA DETACHED ATTACHED APARTMENTS
MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS
NORTH VANCOUVER DETACHED ATTACHED APARTMENTS
NEW WESTMINSTER DETACHED ATTACHED APARTMENTS
PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS
PORT COQUITLAM DETACHED ATTACHED APARTMENTS
RICHMOND DETACHED ATTACHED APARTMENTS
SUNSHINE COAST DETACHED ATTACHED APARTMENTS
SQUAMISH DETACHED ATTACHED APARTMENTS
VANCOUVER EAST DETACHED ATTACHED APARTMENTS
VANCOUVER WEST DETACHED ATTACHED APARTMENTS
WHISTLER DETACHED ATTACHED APARTMENTS
WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS
GRAND TOTALS DETACHED ATTACHED APARTMENTS
0
200
400
600
800
1000
1200
1400
DETACHED
CONDOMINIUM
ATTACHED
APARTMENTS
$465,997
$573,118
$1,155,007
NOTE: From 1977 - 1984 condominium averages were not separated into attached & apartment.
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
IN THOUSANDS ($)
Residential Average Sale Prices - January 1977 to March 2011