News Release FOR IMMEDIATE RELEASE
Summer housing market trends toward balance after an active spring season VANCOUVER, B.C. – July 5, 2011 –Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011. New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011. Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June. “With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.” At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 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 has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010. “The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.” Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680. Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200. Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424. -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
June 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 % % % % $630,921 0.5% $627,160 266.48 8.7 11.7 32.3 168.3 $901,680 1.1% $890,517 266.3 13.4 17.8 38.9 165.8 $928,093 2.1% $912,774 273.2 17.7 22.7 41.9 170.4 $715,927 4.4% $706,735 251.9 6.8 4.9 26.0 149.8 $713,436 3.5% $719,157 233.1 6.8 6.9 22.3 133.9 $449,690 2.7% $460,815 205.1 -3.1 -1.5 11.3 104.6 $644,758 3.4% $639,623 265.7 8.5 7.7 25.0 162.4 $973,026 2.0% $977,312 243.0 9.6 8.9 28.3 142.5 $540,345 8.2% $539,890 221.8 4.6 7.1 27.7 121.7 $619,438 5.4% $598,329 261.8 13.4 17.5 33.1 155.8 $764,845 16.5% $739,791 229.9 -6.9 -6.1 14.8 142.9 $1,096,578 2.0% $1,101,128 323.7 22.2 41.1 72.5 222.0 $508,357 10.8% $501,133 193.1 10.6 -14.0 21.3 93.8 $403,302 5.5% $409,660 229.4 -8.2 -7.0 4.0 131.5 $839,867 1.8% $824,056 284.5 14.5 21.3 39.9 185.5 $2,068,857 2.1% $1,986,905 343.3 30.2 42.1 83.6 242.1 $1,793,524 3.1% $1,714,714 264.2 27.6 25.6 35.3 170.6 $522,424 0.8% $518,293 253.4 6.0 9.6 29.8 155.4 $509,836 1.4% $509,140 255.4 3.7 9.7 27.6 147.0 $464,955 2.4% $452,491 250.8 6.9 6.9 27.1 154.1 $473,668 6.0% $484,426 253.6 0.6 4.2 27.7 182.2 $317,037 2.2% $311,646 219.9 1.7 -1.1 14.8 119.0 $635,095 2.5% $633,431 248.6 6.0 4.4 26.2 146.7 $405,429 2.7% $407,317 222.9 3.8 3.5 17.6 124.4 $411,930 3.7% $417,781 245.8 1.0 2.0 16.8 154.5 $564,539 1.5% $561,807 272.2 8.8 19.5 44.3 173.1 $580,001 3.2% $561,608 271.2 10.6 13.3 37.0 177.9 $820,452 2.8% $812,179 292.8 8.7 14.0 35.0 200.6 $405,200 0.6% $407,287 263.6 3.5 4.2 24.6 167.2 $369,301 1.1% $369,382 276.0 4.8 6.6 28.9 178.4 $298,358 1.8% $301,469 254.4 1.1 0.7 19.3 157.4 $371,005 4.3% $375,101 241.6 1.3 5.0 29.3 159.7 $237,603 3.0% $242,340 252.3 -3.3 -11.8 9.8 165.4 $303,036 1.8% $305,289 246.2 1.4 1.0 17.3 150.2 $384,587 1.8% $389,611 244.7 -1.2 -0.4 16.8 153.5 $249,862 2.6% $252,964 292.6 -1.5 -5.3 16.1 192.0 $309,406 2.9% $305,617 264.0 1.6 -0.3 14.1 173.3 $359,976 1.3% $361,611 292.6 7.2 11.8 34.0 194.6 $341,577 1.9% $345,256 279.6 2.6 2.2 26.3 176.9 $524,650 1.2% $525,502 266.9 4.4 6.2 25.2 170.9 $675,200 8.9% $676,098 242.3 14.5 -5.1 28.6 120.3
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.
Jun 2011 Feb 2011 Oct 2010 Jun 2010 Feb 2010 Oct 2009
Oct 2008 Apartment
Jun 2008 Feb 2008 Oct 2007 Jun 2007 Feb 2007
Attached
Oct 2006 Jun 2006 Feb 2006 Oct 2005 Jun 2005
Detached
Feb 2005 Oct 2004 Jun 2004 Feb 2004 Oct 2003 Jun 2003 Feb 2003 Jun 2002 Feb 2002 Oct 2001 80
100
120
140
160
180
200
220
240
Jun 2001 260
Year 2001 average = 100
Oct 2002
280
C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS速 Housing
Feb 2009
Price Index
Price Index - Greater Vancouver 10 Year Trend
Jun 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
$778,000
$470,000
$342,000
Attached
Apartment
463
Attached
Detached
602
Detached
992
$352,000
Apartment
Apartment
$485,500
Attached
491
Attached
$888,000
775
Detached
Detached
$338,000
Apartment
1,010
$464,000
Apartment
$763,500
Attached
84
Attached
Detached
89
Detached
184
$348,000
Apartment
Apartment
$497,500
84
Attached
$910,000
164
Detached
Attached
$362,000
Apartment
Detached
$475,000
Attached
197
$929,400
Detached
Apartment
196
92
Attached
Apartment
120
Detached
2011
Coquit lam $277,000
$467,000
$665,000
379
234
582
$290,000
$450,400
$715,000
390
331
763
$286,892
$477,450
$682,000
58
26
96
$310,000
$449,900
$730,000
61
78
153
$299,900
$450,000
$741,450
83
47
147
Delta South $333,500
$419,000
$635,000
92
51
279
$332,000
$439,000
$649,500
82
45
383
$375,000
$424,000
$647,000
21
20
49
n/a
n/a
$659,900
16
5
61
n/a
n/a
$652,750
16
9
62
Islands - Gulf n/a
n/a
n/a
0
0
15
n/a
n/a
n/a
0
1
16
n/a
n/a
n/a
0
0
4
n/a
n/a
n/a
0
0
4
n/a
n/a
n/a
0
0
5
$232,000
$310,000
$489,000
158
241
619
$213,000
$310,000
$476,700
153
285
604
$239,750
$325,000
$496,948
26
39
102
$212,000
$302,000
$498,750
23
65
96
$208,500
$310,000
$487,991
35
48 113
17
36
$291,000
$416,750
$608,000
497
58
166
$301,250
$404,500
$618,888
491
82
194
$279,000
n/a
$575,000
97
8
29
$307,500
n/a
$666,400
74
19
41
$289,950
n/a
$632,500
Maple R id g e/Pitt M eadow s 123
$372,500
$607,000
$875,000
471
225
540
$369,900
$630,000
$927,500
479
224
726
$351,000
$577,000
$849,900
73
36
112
$381,000
$622,500
$959,000
69
34
149
$383,500
$685,000
$891,100
110
41
153
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. Jun. 2010
Year-to-date
Jan. Jun. 2011
June 2010
May 2011
June 2011
Number of Sales
June 2011
18
Port C oquitla m $239,000
$384,000
$530,500
198
139
256
$242,000
$385,000
$539,000
160
129
262
$264,500
$367,500
$545,200
30
24
54
$270,000
$374,000
$551,050
38
21
60
$230,000
$397,000
$552,000
20
20
37
Port M oody/B elcarra $348,500
$469,000
$775,000
165
118
125
$335,000
$428,000
$827,200
158
129
137
$345,000
n/a
$725,000
33
19
25
$335,000
$472,000
$816,000
25
22
28
$322,000
$472,650
$800,000
27
28
31
Richm ond $332,000
$490,000
$835,200
1,053
664
962
$353,000
$545,000
$992,500
943
613
1,111
$332,500
$528,000
$830,000
179
133
139
$377,000
$565,000
$990,000
135
103
135
$347,500
$560,250
$980,000
139
86
158
Squam ish $267,000
$388,700
$490,000
39
54
100
$231,000
$341,847
$485,000
25
53
93
n/a
n/a
n/a
4
13
18
n/a
n/a
$500,000
5
10
23
n/a
n/a
n/a
6
10
11
$240,000
$285,000
$412,500
25
32
270
$276,250
$267,500
$388,000
30
29
229
n/a
n/a
$397,000
8
8
56
n/a
n/a
$403,950
7
6
44
n/a
n/a
$360,000
9
5
53
Sunsh ine Co ast
6
y
Burnab
er New W estmin st
Vanco uver E ast $328,000
$570,000
$744,000
692
257
919
$342,000
$603,500
$810,000
664
234
1,053
$333,050
$563,000
$755,000
103
63
145
$342,450
$619,000
$843,500
100
38
211
$350,000
$581,450
$835,500
110
34
180
Vanco uver W est $465,000
$795,500
$1,688,000
2,480
384
930
$487,500
$856,000
$2,050,000
2,477
438
1,310
$467,000
$770,000
$1,580,000
419
81
147
$500,000
$797,500
$2,050,000
441
70
228
$479,500
$827,000
$2,185,000
374
70
213
$707,500
$1,022,500
$1,493,000
88
42
379
$752,500
$1,119,500
$1,731,000
128
38
732
n/a
n/a
$1,700,000
15
6
66
$845,000
n/a
$1,910,000
27
7
167
n/a
n/a
$1,797,500
18
8
134
8
46
69
45
n/a
n/a
n/a
8
15
8
n/a
n/a
n/a
10
17
6
n/a
n/a
n/a
10
10
$307,750
$631,000
$875,000
26
67
45
$248,750
$610,000
$872,000
Sound Wes t V a n couve r/Howe
MLS速 SALES Facts
Whistl er/Pem berton n/a
7,355
3,029
6,789
n/a
7,236
3,191
8,433
n/a
1,258
575
1,139
n/a
1,228
579
1,570
n/a
1,266
525
1,471
% 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
47%
56%
48%
Apartment
829
Attached
Attached
1,274
Detached
Detached
56%
Apartment
2,049
61%
Apartment
67%
802
Attached
Attached
1,165
Detached
Detached
64%
Apartment
1,818
68%
Apartment
48%
Attached
124
Attached
Detached
187
Detached
287
59%
Apartment
Apartment
56%
151
Attached
74%
221
Detached
Attached
61%
Apartment
Detached
74%
Attached
334
55%
Detached
Apartment
321
125
Attached
Apartment
218
Detached
2011
Coquit lam 42%
49%
44%
909
475
1,315
45%
66%
60%
859
500
1,271
46%
33%
45%
125
78
214
43%
85%
70%
141
92
219
54%
58%
60%
155
81
245
Delta South 56%
57%
53%
163
89
525
62%
60%
68%
132
75
561
81%
154%
60%
26
13
81
84%
50%
65%
19
10
94
53%
64%
84%
30
14
74
Islands - Gulf 0%
0%
13%
3
19
120
0%
n/a
17%
10
0
95
0%
0%
11%
1
2
35
0%
n/a
22%
8
0
18
n/a
n/a
28%
0
0
18
40%
54%
44%
399
450
1,409
41%
60%
48%
372
473
1,256
57%
53%
46%
46
73
222
43%
93%
44%
54
70
219
69%
74%
56%
51
65
221
Maple R id g e/Pitt M eadow s 49%
73%
51%
1,008
79
324
54%
63%
67%
903
130
288
71%
57%
59%
137
14
49
44%
100%
91%
168
19
45
86%
61%
65%
132
28
55
* Year-to-date listings represent a cumulative total of listings rather than total active listings.
Year-to-date*
Jan. Jun. 2010
Year-to-date*
Jan. Jun. 2011
June 2010
May 2011
June 2011
Number of Listings
June 2011
18
North Vanco uver 43%
57%
48%
1,089
397
1,122
48%
61%
64%
992
365
1,131
48%
63%
66%
152
57
170
41%
55%
74%
170
62
202
71%
69%
77%
156
59
199
Port C oquitla m 47%
55%
50%
422
252
508
41%
59%
63%
393
218
417
41%
63%
68%
74
38
79
67%
58%
81%
57
36
74
28%
71%
53%
72
28
70
Port M oody/B elcarra 38%
50%
41%
439
234
305
44%
59%
51%
359
217
271
46%
46%
64%
71
41
39
42%
63%
64%
59
35
44
48%
72%
60%
56
39
52
Richm ond 52%
61%
50%
2,022
1,095
1,911
52%
53%
47%
1,807
1,162
2,350
66%
85%
51%
272
156
271
46%
51%
39%
296
203
344
50%
40%
48%
276
216
326
Squam ish 33%
37%
35%
119
145
285
18%
42%
35%
138
126
269
22%
37%
41%
18
35
44
19%
83%
59%
26
12
39
29%
45%
25%
21
22
44
Sunsh ine Co ast 40%
42%
32%
62
77
846
31%
45%
31%
98
65
743
133%
114%
41%
6
7
136
64%
86%
31%
11
7
142
129%
63%
51%
7
8
104
51%
55%
48%
1,348
464
1,925
56%
62%
65%
1,179
379
1,622
55%
81%
48%
186
78
302
51%
52%
78%
198
73
269
54%
58%
73%
202
59
246
Vanco uver E ast
6
y
Burnab
er New W estmin st
Vanco uver W est 44%
42%
48%
5,638
914
1,919
51%
55%
62%
4,821
796
2,105
48%
49%
53%
866
165
276
56%
48%
67%
788
145
338
46%
58%
65%
817
121
328
Sound 38%
45%
38%
232
94
995
54%
53%
61%
235
72
1,204
56%
67%
46%
27
9
143
68%
41%
63%
40
17
264
41%
73%
57%
44
11
237
Wes t V a n couve r/Howe
MLS速 LISTINGS Facts
12%
27%
23%
220
247
198
23%
27%
28%
198
259
161
24%
36%
22%
34
42
36
32%
46%
20%
31
37
30
27%
17%
19%
37
60
43
Whistl er/Pem berton n/a
16,122
5,860
14,981
n/a
14,314
5,639
14,909
n/a
2,328
932
2,284
n/a
2,400
969
2,562
n/a
2,377
936
2,480
Listing & Sales Activity Summary Listings
Sales
1 Jun 2010
2 May 2011
3 Jun 2011
5 Jun 2010
6 May 2011
7 Jun 2011
187 124 287
221 151 334
218 125 321
-1.4 -17.2 -3.9
89 84 184
164 84 197
120 92 196
-26.8 9.5 -0.5
331 270 566
434 274 548
31.1 1.5 -3.2
214 78 125
219 92 141
245 81 155
11.9 -12.0 9.9
96 26 58
153 78 61
147 47 83
-3.9 -39.7 36.1
310 142 205
443 188 216
42.9 32.4 5.4
81 13 26
94 10 19
74 14 30
-21.3 40.0 57.9
49 20 21
61 5 16
62 9 16
1.6 80.0 0.0
181 36 51
171 23 44
-5.5 -36.1 -13.7
222 73 46
219 70 54
221 65 51
0.9 -7.1 -5.6
102 39 26
96 65 23
123 48 35
28.1 -26.2 52.2
344 118 78
308 169 84
-10.5 43.2 7.7
170 57 152
202 62 170
199 59 156
-1.5 -4.8 -8.2
112 36 73
149 34 69
153 41 110
2.7 20.6 59.4
327 127 278
435 123 247
33.0 -3.1 -11.2
49 14 137
45 19 168
55 28 132
22.2 47.4 -21.4
29 8 97
41 19 74
36 17 113
-12.2 -10.5 52.7
106 30 290
116 47 267
9.4 56.7 -7.9
39 41 71
44 35 59
52 39 56
18.2 11.4 -5.1
25 19 33
28 22 25
31 28 27
10.7 27.3 8.0
72 70 91
82 74 78
13.9 5.7 -14.3
79 38 74
74 36 57
70 28 72
-5.4 -22.2 26.3
54 24 30
60 21 38
37 20 20
-38.3 -4.8 -47.4
146 80 108
140 65 85
-4.1 -18.8 -21.3
271 156 272
344 203 296
326 216 276
-5.2 6.4 -6.8
139 133 179
135 103 135
158 86 139
17.0 -16.5 3.0
473 362 557
436 297 408
-7.8 -18.0 -26.8
136 7 6
142 7 11
104 8 7
-26.8 14.3 -36.4
56 8 8
44 6 7
53 5 9
20.5 -16.7 28.6
171 21 14
130 18 21
-24.0 -14.3 50.0
44 35 18
39 12 26
44 22 21
12.8 83.3 -19.2
18 13 4
23 10 5
11 10 6
-52.2 0.0 20.0
70 37 18
52 37 17
-25.7 0.0 -5.6
302 78 186
269 73 198
246 59 202
-8.6 -19.2 2.0
145 63 103
211 38 100
180 34 110
-14.7 -10.5 10.0
488 144 370
562 119 312
15.2 -17.4 -15.7
276 165 866
338 145 788
328 121 817
-3.0 -16.6 3.7
147 81 419
228 70 441
213 70 374
-6.6 0.0 -15.2
490 236 1453
655 235 1266
33.7 -0.4 -12.9
36 42 34
30 37 31
43 60 37
43.3 62.2 19.4
8 15 8
6 17 10
8 10 10
33.3 -41.2 0.0
24 41 13
26 37 26
8.3 -9.8 100.0
143 9 27
264 17 40
237 11 44
-10.2 -35.3 10.0
66 6 15
167 7 27
134 8 18
-19.8 14.3 -33.3
221 23 46
442 19 76
100.0 -17.4 65.2
2249 930 2327
2544 969 2392
2462 936 2377
-3.2 -3.4 -0.6
1135 575 1258
1566 579 1228
1466 525 1266
-6.4 -9.3 3.1
3754 1737 4138
4432 1725 3695
18.1 -0.7 -10.7
BURNABY DETACHED ATTACHED APARTMENTS
Col. 2 & 3 Percentage Variance
%
Col. 6 & 7 Percentage Variance
9 Apr 2010 Jun 2010
10 Apr 2011 Jun 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
$445,981
$554,763
$1,215,265
NOTE: From 1977 - 1984 condominium averages were not separated into attached & apartment.
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
IN THOUSANDS ($)
Residential Average Sale Prices - January 1977 to June 2011