|
|
|
|
|
|
Home
|
|
Tuesday, 12 June 2007 |
|
May benchmark average price for single family home breaks record Vancouver, B.C. June 4, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 4,331 units in May 2007, a slight increase when compared to the 4,297 units sold in May 2006. This figure also represents a decrease of 2.3 per cent when compared to the 4,434 sales in May 2005. New listings for detached, attached and apartment properties increased by 6.2 per cent to 6,149 units compared to the 5,789 units listed in May 2006. The total number of active listings increased by 23.4 per cent to 11,749 units when compared to May 2006's 9,524 units. "Traditionally May is one of the busiest periods in our market, and this past month was no exception," says REBGV president Brian Naphtali. "REALTORS® throughout the Greater Vancouver area are reporting brisk sales and the MLS® system is showing us that the average days a property spent on market dropped again for the fourth consecutive month to 37 days. "The biggest story this month is the pricing and sales of single family detached homes. For the first time in our Board's history, the benchmark average price for a detached home passed the $700,000 mark. Greater Vancouver real estate is still a hot commodity and consumers are supporting that demand by investing in homes. This is supported by sales numbers as unit sales for detached homes also jumped significantly in a number of key reporting areas in May. These facts show us that despite continued price increases, appropriately priced properties are still finding the right buyers," explains Naphtali. "Anyone who is looking for guidance to help them make the best buying or selling decision should make an appointment with their local REALTOR®." According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 1.6 per cent to 1,789 sales in May 2007 compared to 1,760 sales in May 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $358,428, up 11.5 per cent from one year ago. Sales of attached properties decreased by 4.5 per cent in May 2007 to 737 sales, compared to 772 sales in May 2006. The benchmark price of an attached unit is $439,317, up 10.8 per cent from a year ago. Sales of detached properties increased by 2.3 per cent in May 2007 to 1,805 sales, compared to 1,765 sales in May 2006. The benchmark price of a detached unit is $711,245, up 11.8 per cent from last year. Bright spots in Greater Vancouver in May 2007 compared to May 2006: | Detached: | | Delta South | up 22.6% (76 units sold, up from 62) | | Sunshine Coast | up 38.7% (104 units sold, up from 75) | | Vancouver East | up 11.2% (277 units sold, up from 249) | | Vancouver West | up 22.4% (246 units sold, up from 201) | | West Vancouver/Howe Sound | up 30% (104 units sold, up from 80) |
| Attached: | | Burnaby | up 30.3% (142 units sold, up from 109) | | Port Moody/Belcarra | up 64% (41 units sold, up from 25) |
| Apartments: | | Port Coquitlam | up 22.4% (60 units sold, up from 49) | | Port Moody/Belcarra | up 65.5% (48 units sold, up from 29) | | Squamish | up 128.6% (32 units sold, up from 14) |
The Real Estate industry is a key economic driver in British Columbia. In 2006, dollar volume sales of homes in Greater Vancouver set a new record at more than $18.2 billion. Based on this figure, Greater Vancouver home sales in 2006 generated over $922 million in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 8,900 REALTORS® The Real Estate Board provides a variety of membership 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.realtylink.org. |
|
|
Monday, 14 May 2007 |
|
April housing sales pick up, listing activity swells Vancouver, B.C. May 2, 2007 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,387 units in April 2007, an increase of 1.3 per cent when compared to the 3,345 units sold in April 2006 and a decrease of 16.2 per cent when compared to the 4,043 sales in April 2005. New listings for detached, attached and apartment properties increased by 25.3 per cent to 5,580 units compared to the 4,452 units listed in April 2006. The total number of active listings increased by 25.8 per cent to 11,347 units when compared to April 2006's 9,022 units. "So far, the constants our market has experienced over the past five years are holding strong in 2007. We're still in one of the best markets real estate has ever had in Greater Vancouver. Sales are higher than historical norms and homes are selling very quickly, usually with multiple-offers," says REBGV president Brian Naphtali. "Last month, the average days a property spent on market dropped again, down to 39 days, compared to 43 days in March, 49 days in February, and 56 days in January. "There were a couple of surprises in April's market, particularly in attached housing sales throughout Greater Vancouver. Consumers buying townhomes in Richmond and Burnaby are clearly finding great value for their dollar as sales activity in those two cities came within a few units of breaking records," explains Naphtali. "We also saw a significant increase in both new listings and active listings inventory. To get a better idea of what sort of properties are now available in your community, set up a meeting with your local REALTOR®." According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 1.2 per cent to 1,350 sales in April 2007 compared to 1,366 sales in April 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $355,108, up 14.7 per cent from one year ago. Sales of attached properties increased by 17.6 per cent in April 2007 to 634 sales, compared to 539 sales in April 2006. The benchmark price of an attached unit is $432,490, up 13.8 per cent from a year ago. Sales of detached properties decreased by 2.6 per cent in April 2007 to 1,403 sales, compared to 1,440 sales in April 2006. The benchmark price of a detached unit is $695,069, up 11.9 per cent from last year. Bright spots in Greater Vancouver in April 2007 compared to April 2006: | Detached: | | Delta South | up 25% (60 units sold, up from 48) | | Port Moody/Belcarra | up 44.4% (26 units sold, up from 18) |
| Attached: | | Burnaby | up 39.2% (110 units sold, up from 79) | | Richmond | up 59.6% (158 units sold, up from 99) | | Vancouver West | up 21.3% (74 units sold, up from 61) |
| Apartments: | | Delta South | up 31.3% (21 units sold, up from 16) | | Port Moody/Belcarra | up 58.3% (38 units sold, up from 24) | | Vancouver West | up 9.1% (479 units sold, up from 439) |
The Real Estate industry is a key economic driver in British Columbia. In 2006, dollar volume sales of homes in Greater Vancouver set a new record at more than $18.2 billion. Based on this figure, Greater Vancouver home sales in 2006 generated over $922 million in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 8,900 REALTORS® The Real Estate Board provides a variety of membership 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.realtylink.org. |
|
|
Saturday, 28 April 2007 |
B.C. real estate slower but steady
B.C.'s real estate markets are no longer sellers' markets for the most part, although they aren't buyers' markets just yet, according to statistics compiled by the B.C. Real Estate Association.
The association released its first-quarter provincial sales report Thursday, which showed that the ratio of Multiple Listings Service real estate sales to the number of homes in the inventory declined to 29 per cent in March compared with 39 per cent in March of 2006.
"This year, at least for March, [the sales-to-listing ratio] is on the higher bounds of a balanced market," association chief economist Cameron Muir said in an interview.
That means there were enough people selling homes to meet the demand of buyers, though not so many that they flooded the market.
MLS-recorded sales declined six per cent to 22,198 units in the first quarter of 2007 compared with the same months of 2006, the real estate association reported.
Steady demand, however, continued pushing prices up in the same period to hit $415,765, which is 12 per cent higher than the same point last year. So the total value of real-estate transactions for the quarter reached $9.2 billion, some $462 million higher than the total in the first quarter of 2006.
Muir added that provincial unemployment remains at a record low (3.9 per cent at the end of March), the economy is growing and still adding jobs, average wages are rising faster than inflation and mortgage rates remain relatively low and are not projected to rise quickly.
"Those are all positive for the housing market," Muir said.
"What's not as positive is [high] home prices. Low-equity buyers, typically younger people buying their first home, some of them are facing a price-lead affordability squeeze."
That, Muir added, is cutting into demand.
Robert Helsley, an economist and professor in the Sauder School of Business at the University of B.C. said the sales-to-listings data reported by the B.C. Real Estate Association is the best evidence that real estate markets are slowing.
However, Helsley added that the provincial economy is still doing well and the prospects for population growth, particularly in Vancouver, are so strong "it is hard to forecast a substantial softening."
It would take a sudden rise in interest rates or a large global economic shock to shake B.C. into a real estate downturn, Helsley said, and the meltdown of subprime mortgage markets in the United States won't be it.
"Markets are somewhat softer than they were a year ago, sort of taking a breather," Helsley added. "But it certainly doesn't appear to have turned down, at least in terms of price."
(prepared by Derrick Penner/Vancouver Sun)
SALES RATIOS DECLINE
Fewer real estate sales and an increase in property listings in March brought a sales-to-active-listing ratio (percentage of listed properties that sold) that balances out better for buyers. Below are some examples from markets around the province.
2007 / 2006
B.C. 29% / 39%
Greater Vancouver 33% / 44%
Fraser Valley 27% / 48%
Chilliwack 33% / 35%
Victoria 34% / 39%
Vancouver Island 21% / 30%
B.C. Northern 24% / 78%
South Okanagan 18% / 27%
Okanagan Mainline 28% / 27%
(Source: B.C. Real Estate Association)
SHUSWAP area
March 1-31 2007 (2006) % increase
UNITS LISTED: 264 (208 )26.92%
UNITS SOLD: 137 (98) 39.80%
LIST/SELL RATIO: 95.60% (95.79%)
DAYS TO SELL: 112 (107) 4.67%
ACTIVE LISTINGS: 848 (767) 10.56%
(Source: Okanagan Mainline Real Estate Board)
|
|
| | << Start < Prev 1 2 3 4 5 Next > End >>
| | Results 1 - 4 of 17 |
|
|
|
