Real Estate Board of Greater Vancouver Report - April 2011

Page 1

News Release FOR IMMEDIATE RELEASE

Greater Vancouver housing market sees typical spring activity in April VANCOUVER, B.C. – May 3, 2011 – Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011. Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007. “While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.” New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline. At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year. “There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-todate market evaluation.” The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010. Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039. Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242. Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670. -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

April 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 % % % % $622,991 0.5% $614,781 263.13 5.0 9.7 37.1 166.5 $879,039 1.1% $864,830 259.6 7.4 14.0 41.6 162.3 $903,022 1.9% $877,873 265.8 14.0 17.2 43.0 162.4 $697,022 4.5% $700,911 245.2 -3.1 4.8 30.1 155.0 $716,312 3.7% $702,827 234.1 2.6 4.7 30.3 138.9 $464,818 2.9% $454,059 212.0 -1.0 0.5 20.7 117.7 $622,753 3.6% $608,940 256.7 3.7 5.7 26.0 153.5 $979,949 2.2% $941,992 244.8 4.4 7.3 33.6 148.1 $526,332 6.8% $535,312 216.0 -2.8 9.5 32.8 105.4 $592,495 6.3% $566,349 250.4 2.9 7.8 31.6 155.2 $725,113 11.5% $727,182 218.0 -6.9 -10.9 36.0 131.7 $1,084,694 2.1% $1,101,271 320.2 18.5 40.9 76.5 223.8 $447,007 10.5% $488,083 169.8 -8.6 -24.5 8.4 76.8 $411,535 7.8% $415,315 234.1 -3.8 -4.0 10.2 158.2 $808,008 1.9% $797,150 273.7 8.2 16.8 40.4 173.8 $1,970,056 2.0% $1,911,589 326.9 17.6 36.2 76.8 240.4 $1,637,312 3.6% $1,558,962 241.2 16.9 2.9 36.4 134.6 $514,670 0.7% $510,942 249.6 2.4 7.7 35.4 152.5 $505,015 1.4% $503,853 253.0 2.4 9.7 33.5 151.3 $445,822 2.2% $448,027 240.5 -1.5 4.3 27.8 140.6 $501,405 5.8% $482,608 268.5 7.6 7.1 41.3 139.8 $306,602 2.2% $303,765 212.7 -4.1 -4.3 20.0 111.3 $633,455 2.3% $626,357 247.9 0.8 5.1 32.1 152.6 $403,277 2.6% $404,702 221.8 -1.0 -0.3 18.7 124.9 $415,747 3.5% $412,564 248.1 0.4 0.1 28.9 150.2 $558,629 1.4% $553,742 269.4 8.8 19.5 47.0 179.2 $539,696 2.7% $545,340 252.3 -2.0 1.6 33.9 160.4 $820,316 2.5% $802,815 292.7 5.7 12.4 52.1 194.9 $409,242 0.6% $404,174 266.2 2.9 5.2 32.2 170.0 $370,314 1.2% $364,638 276.8 4.3 6.3 35.3 185.5 $303,181 1.9% $300,771 258.5 2.8 1.0 28.5 160.8 $384,949 5.0% $370,106 250.7 5.6 5.7 41.2 164.5 $245,317 3.4% $242,732 260.5 -3.7 -7.3 25.5 197.9 $309,324 2.0% $306,954 251.3 2.1 3.0 29.6 141.2 $392,283 2.3% $390,148 249.6 0.5 0.2 21.8 154.0 $251,174 2.4% $251,515 294.2 -0.5 -3.6 24.2 197.1 $304,180 2.9% $296,757 259.5 -0.8 -2.6 16.3 162.4 $360,425 1.3% $358,747 292.9 6.7 11.7 39.1 202.8 $350,514 2.0% $343,743 287.0 3.6 5.7 35.9 194.7 $527,089 1.0% $519,516 268.1 2.9 6.7 33.0 170.0 $680,192 6.7% $672,634 244.1 -6.5 1.0 25.7 141.4

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.


Apr 2011 Dec 2010 Aug 2010 Apr 2010 Dec 2009 Aug 2009

Aug 2008 Apartment

Apr 2008 Dec 2007 Aug 2007 Apr 2007 Dec 2006

Attached

Aug 2006 Apr 2006 Dec 2005 Aug 2005 Apr 2005

Detached

Dec 2004 Aug 2004 Apr 2004 Dec 2003 Aug 2003 Apr 2003 Dec 2002 Apr 2002 Dec 2001 Aug 2001 80

100

120

140

160

180

200

220

240

Apr 2001 260

Year 2001 average = 100

Aug 2002

280

C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS速 Housing

Dec 2008

Price Index

Price Index - Greater Vancouver 10 Year Trend

Apr 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

$773,000

$470,000

$342,000

Attached

Apartment

291

Attached

Detached

398

Detached

629

$350,450

Apartment

Apartment

$488,000

Attached

315

Attached

$868,000

491

Detached

Detached

$345,000

Apartment

617

$487,450

Apartment

$769,000

Attached

98

Attached

Detached

127

Detached

203

$350,000

Apartment

Apartment

$469,000

103

Attached

$850,000

160

Detached

Attached

$358,800

Apartment

Detached

$493,888

Attached

191

$910,000

Detached

Apartment

155

98

Apartment

150

Attached

Burnab y

Detached

2011

Coquit lam $273,050

$472,500

$660,000

264

151

368

$283,500

$459,900

$700,000

246

206

463

$279,250

$468,000

$685,000

90

59

96

$275,000

$432,000

$691,000

74

55

147

$300,000

$469,900

$725,500

72

63

143

Delta South $321,000

$419,000

$635,000

55

23

159

$331,000

$452,000

$639,000

50

31

260

n/a

n/a

$635,000

14

8

61

n/a

n/a

$639,000

17

12

109

n/a

n/a

$688,500

12

9

48

Islands - Gulf n/a

n/a

n/a

0

0

8

n/a

n/a

n/a

0

1

7

n/a

n/a

n/a

0

0

4

n/a

n/a

n/a

0

0

0

n/a

n/a

n/a

0

1

2

$232,000

$310,000

$489,000

105

169

406

$217,000

$314,301

$474,450

95

172

385

$232,000

$320,500

$490,000

25

46

131

$226,850

$322,500

$475,250

34

58

124

$210,000

$311,368

$474,500

26

56 80

11

39

$293,000

$418,250

$619,900

303

38

101

$310,000

$414,450

$600,000

304

46

117

$299,450

n/a

$565,000

96

10

41

$307,500

n/a

$587,500

98

19

36

$323,000

n/a

$615,000

Maple R id g e/Pitt M eadow s 89

$375,000

$635,000

$885,000

297

149

334

$360,000

$627,000

$920,000

300

149

424

$371,000

$645,000

$890,000

104

51

121

$365,000

$630,000

$931,175

113

43

134

$371,500

$640,000

$950,000

68

48

133

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. Apr. 2010

Year-to-date

Jan. Apr. 2011

April 2010

March 2011

April 2011

Number of Sales

April 2011

18

Port C oquitla m $237,000

$386,000

$532,500

132

87

152

$236,500

$384,450

$531,500

102

88

165

$237,000

$378,450

$572,850

42

28

42

$228,000

$389,000

$529,000

43

27

60

$247,000

$385,000

$544,100

27

24

43

Port M oody/B elcarra $352,500

$474,000

$785,000

105

76

79

$345,000

$417,000

$832,000

106

79

78

$362,000

$510,000

$728,750

31

28

26

$332,500

n/a

$850,000

40

19

30

$335,500

$412,000

$827,200

26

24

23

Richm ond $328,300

$480,000

$826,500

703

418

667

$352,500

$538,444

$998,400

669

424

818

$325,000

$476,500

$795,000

207

116

178

$359,900

$544,000

$988,000

230

142

262

$349,900

$545,000

$940,500

134

108

143

Squam ish $265,500

$400,000

$537,000

29

31

58

n/a

$368,147

$450,000

14

33

59

n/a

n/a

$539,500

8

14

28

n/a

n/a

$440,000

3

8

21

n/a

n/a

n/a

6

17

18

n/a

$272,500

$415,000

16

20

156

n/a

n/a

$388,000

14

18

132

n/a

n/a

$415,000

5

9

57

n/a

n/a

$414,500

3

3

44

n/a

n/a

$388,000

5

7

33

Sunsh ine Co ast

4

er New W estmin st

Vanco uver E ast $328,750

$570,800

$743,000

466

154

599

$341,000

$603,500

$791,800

454

162

662

$320,500

$581,000

$750,000

144

41

168

$348,000

$622,450

$794,500

162

58

227

$346,000

$590,000

$820,000

102

47

171

Vanco uver W est $465,000

$794,500

$1,726,000

1,566

236

633

$485,000

$883,100

$2,029,000

1,662

298

869

$450,750

$762,250

$1,698,000

539

88

193

$488,000

$904,000

$1,915,000

581

90

279

$485,000

$890,000

$2,060,000

451

95

214

$685,000

$1,029,000

$1,459,500

56

26

249

$730,000

$1,125,000

$1,642,500

83

23

431

n/a

n/a

$1,545,000

14

7

91

$654,000

n/a

$1,652,500

26

11

152

$785,000

n/a

$1,910,000

31

4

141

26

42

31

n/a

n/a

n/a

4

13

6

n/a

n/a

n/a

7

15

10

n/a

n/a

n/a

6

10

12

n/a

$505,500

$920,000

17

39

27

$233,750

$588,750

$930,000

Sound We s t V a ncouv er/How e

MLS速 SALES Facts

Whistl er/Pem berton n/a

4,743

1,908

4,394

n/a

4,742

2,087

5,392

n/a

1,526

616

1,370

n/a

1,622

663

1,795

n/a

1,201

622

1,402


% 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%

55%

46%

Attached

Apartment

530

Attached

Detached

858

Detached

1,373

53%

Apartment

Apartment

60%

Attached

526

Attached

68%

726

Detached

Detached

47%

Apartment

1,163

56%

Attached

Apartment

46%

174

Attached

Detached

275

Detached

428

57%

Apartment

72%

Apartment

144

Attached

Attached

221

Detached

72%

55%

Apartment

Detached

72%

Attached

338

78%

Detached

Apartment

283

136

Apartment

193

Attached

Burnab y

Detached

2011

Coquit lam 42%

48%

43%

625

313

855

44%

63%

57%

563

327

807

48%

53%

34%

186

111

280

44%

64%

63%

168

86

232

60%

82%

64%

120

77

225

Delta South 51%

41%

44%

108

56

358

60%

61%

66%

83

51

393

32%

42%

52%

44

19

118

63%

60%

80%

27

20

137

52%

100%

59%

23

9

81

Islands - Gulf 0%

n/a

12%

2

0

65

0%

n/a

12%

2

0

59

n/a

n/a

24%

0

0

17

n/a

n/a

0%

0

0

20

n/a

n/a

13%

0

0

16

36%

57%

44%

291

299

917

36%

51%

47%

267

338

816

43%

53%

45%

58

86

293

45%

62%

57%

76

94

217

40%

67%

42%

65

84

210

Maple R id g e/Pitt M eadow s 44%

75%

49%

686

51

208

50%

55%

62%

603

83

188

56%

100%

59%

172

10

69

64%

79%

60%

153

24

60

55%

55%

87%

145

20

45

* Year-to-date listings represent a cumulative total of listings rather than total active listings.

Year-to-date*

Jan. Apr. 2010

Year-to-date*

Jan. Apr. 2011

April 2010

March 2011

April 2011

Number of Listings

April 2011

18

North Vanco uver 42%

57%

46%

710

262

728

45%

61%

58%

666

244

730

48%

57%

44%

216

90

275

72%

57%

67%

157

76

201

36%

84%

69%

188

57

193

Port C oquitla m 46%

53%

44%

289

163

346

39%

57%

60%

264

154

273

59%

67%

36%

71

42

117

65%

64%

75%

66

42

80

52%

62%

61%

52

39

71

Port M oody/B elcarra 35%

55%

40%

298

138

199

43%

55%

45%

244

143

175

34%

58%

41%

91

48

63

63%

53%

57%

64

36

53

52%

59%

59%

50

41

39

Richm ond 51%

57%

53%

1,366

733

1,263

54%

57%

49%

1,235

743

1,680

52%

50%

46%

396

230

385

63%

66%

47%

368

214

552

42%

45%

35%

322

239

408

Squam ish 45%

36%

35%

65

87

168

15%

36%

32%

91

92

186

35%

52%

57%

23

27

49

8%

19%

47%

37

43

45

55%

74%

38%

11

23

48

Sunsh ine Co ast 31%

36%

28%

51

55

556

18%

36%

27%

80

50

497

167%

90%

35%

3

10

162

50%

27%

28%

6

11

155

8%

39%

25%

60

18

130

49%

53%

48%

947

292

1,238

58%

66%

60%

779

247

1,107

47%

35%

41%

306

117

408

70%

83%

68%

233

70

335

55%

85%

59%

186

55

291

Vanco uver E ast

4

er New W estmin st

Vanco uver W est 42%

42%

50%

3,747

567

1,258

52%

56%

60%

3,216

530

1,439

46%

45%

46%

1,163

194

424

58%

53%

66%

994

169

424

60%

79%

60%

756

121

358

Sound 35%

38%

40%

160

68

626

55%

52%

61%

151

44

703

33%

28%

47%

42

25

195

57%

157%

76%

46

7

199

86%

44%

71%

36

9

200

We s t V a ncouv er/How e

MLS速 LISTINGS Facts

11%

25%

22%

148

159

123

20%

26%

35%

130

162

88

8%

28%

15%

50

47

39

19%

34%

63%

37

44

16

25%

19%

32%

24

52

38

Whistl er/Pem berton n/a

10,866

3,773

9,766

n/a

9,537

3,734

9,867

n/a

3,249

1,230

3,169

n/a

2,770

1,080

2,947

n/a

2,321

980

2,546


Listing & Sales Activity Summary Listings

Sales

1 Apr 2010

2 Mar 2011

3 Apr 2011

5 Apr 2010

6 Mar 2011

7 Apr 2011

275 174 428

221 144 338

193 136 283

-12.7 -5.6 -16.3

127 98 203

160 103 191

150 98 155

-6.3 -4.9 -18.8

330 235 517

415 275 506

25.8 17.0 -2.1

280 111 186

232 86 168

225 77 120

-3.0 -10.5 -28.6

96 59 90

147 55 74

143 63 72

-2.7 14.5 -2.7

302 125 211

398 168 207

31.8 34.4 -1.9

118 19 44

137 20 27

81 9 23

-40.9 -55.0 -14.8

61 8 14

109 12 17

48 9 12

-56.0 -25.0 -29.4

143 22 48

230 28 46

60.8 27.3 -4.2

293 86 58

217 94 76

210 84 65

-3.2 -10.6 -14.5

131 46 25

124 58 34

89 56 26

-28.2 -3.4 -23.5

334 144 87

319 146 85

-4.5 1.4 -2.3

275 90 216

201 76 157

193 57 188

-4.0 -25.0 19.7

121 51 104

134 43 113

133 48 68

-0.7 11.6 -39.8

294 124 242

378 127 266

28.6 2.4 9.9

69 10 172

60 24 153

45 20 145

-25.0 -16.7 -5.2

41 10 96

36 19 98

39 11 80

8.3 -42.1 -18.4

91 28 256

105 39 259

15.4 39.3 1.2

63 48 91

53 36 64

39 41 50

-26.4 13.9 -21.9

26 28 31

30 19 40

23 24 26

-23.3 26.3 -35.0

66 65 83

71 64 93

7.6 -1.5 12.0

117 42 71

80 42 66

71 39 52

-11.3 -7.1 -21.2

42 28 42

60 27 43

43 24 27

-28.3 -11.1 -37.2

127 80 113

143 71 89

12.6 -11.3 -21.2

385 230 396

552 214 368

408 239 322

-26.1 11.7 -12.5

178 116 207

262 142 230

143 108 134

-45.4 -23.9 -41.7

554 346 561

656 350 545

18.4 1.2 -2.9

162 10 3

155 11 6

130 18 60

-16.1 63.6 900.0

57 9 5

44 3 3

33 7 5

-25.0 133.3 66.7

129 18 14

116 16 11

-10.1 -11.1 -21.4

49 27 23

45 43 37

48 23 11

6.7 -46.5 -70.3

28 14 8

21 8 3

18 17 6

-14.3 112.5 100.0

49 25 19

54 31 12

10.2 24.0 -36.8

408 117 306

335 70 233

291 55 186

-13.1 -21.4 -20.2

168 41 144

227 58 162

171 47 102

-24.7 -19.0 -37.0

487 118 376

563 143 380

15.6 21.2 1.1

424 194 1163

424 169 994

358 121 756

-15.6 -28.4 -23.9

193 88 539

279 90 581

214 95 451

-23.3 5.6 -22.4

531 206 1268

735 262 1436

38.4 27.2 13.2

39 47 50

16 44 37

38 52 24

137.5 18.2 -35.1

6 13 4

10 15 7

12 10 6

20.0 -33.3 -14.3

22 26 10

26 35 19

18.2 34.6 90.0

195 25 42

199 7 46

200 9 36

0.5 28.6 -21.7

91 7 14

152 11 26

141 4 31

-7.2 -63.6 19.2

223 19 47

385 18 75

72.6 -5.3 59.6

3152 1230 3249

2927 1080 2770

2530 980 2321

-13.6 -9.3 -16.2

1366 616 1526

1795 663 1622

1400 621 1201

-22.0 -6.3 -26.0

3682 1581 3852

4594 1773 4029

24.8 12.1 4.6

BURNABY DETACHED ATTACHED APARTMENTS

Col. 2 & 3 Percentage Variance

%

Col. 6 & 7 Percentage Variance

9 Feb 2010 Apr 2010

10 Feb 2011 Apr 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

$483,424

$573,318

$1,204,587

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 April 2011


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