"Real estate market stable at year-end"
The Greater Vancouver residential housing market entered three
distinctive phases in 2010. Continued buoyancy from the post-recession
recovery began the year, followed by a summer lull and, throughout the
fall, a sustained period of stability.
The Real Estate Board of Greater Vancouver (REBGV) reports that total
sales of detached, attached and apartment properties in 2010 reached
30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009,
but a 24.2 per cent increase from the 24,626 residential sales in 2008.
Last year’s number of housing sales was 10.3 per cent below the
ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in
Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to
the 52,869 properties listed in 2009. Compared to 2008, last year’s
total represents a 7.3 per cent decline compared to the 62,561
residential properties listed in 2008. The number of properties added to
the MLS® peaked in April and generally declined for the remainder of
the year.
“The last two years have been a bit of a rollercoaster for the real
estate market. However, sales over the past six months have definitely
shown a trend toward stability. We think that’s good news for home
buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater
Vancouver housing market experienced a modest increase in home prices in
2010, and a continual decrease in the number of properties being listed
for sale.”
Residential property sales in Greater Vancouver totalled 1,899 in
December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded
in December 2009—an all time record for the month—and a 24.3 per cent
decline compared to November 2010 when 2,509 home sales occurred.
More broadly, last month’s residential sales represent a 105.5 per
cent increase over the 924 residential sales in December 2008, a 0.1 per
cent increase compared to December 2007’s 1,897 sales, and a 12.6 per
cent increase compared to the 1,686 sales in December 2006.
The residential benchmark price, as calculated by the MLSLink Housing
Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808
between Decembers 2009 and 2010. However, prices have decreased 2.6 per
cent since hitting a peak of $593,419 in April 2010.
“Although we saw some pressure on home prices throughout the year,
home values in 2010 remained relatively steady in the region compared to
the last few years when we witnessed much more fluctuation,” Moldowan
said.
New listings for detached, attached and apartment properties in
Greater Vancouver totalled 1,699 in December 2010. This represents a
21.1 per cent decline compared to the 2,153 units listed in December
2009 and a 43.9 per cent decline compared to November 2010 when 3,030
properties were listed.
Sales of detached properties in December 2010 reached 769, a decrease
of 14.8 per cent from the 902 detached sales recorded in December 2009,
and a 121.1 per cent increase from the 348 units sold in December 2008.
The benchmark price for detached properties increased 4.0 per cent from
December 2009 to $797,868.
Sales of apartment properties reached 811 in December 2010, a decline
of 29.7 per cent compared to the 1,154 sales in December 2009, and an
increase of 94.5 per cent compared to the 417 sales in December 2008.The
benchmark price of an apartment property increased 1.2 per cent from
December 2009 to $387,115.
Attached property sales in December 2010 totalled 319, a decline of
30.5 per cent compared to the 459 sales in December 2009, and a 100.6
per cent increase from the 159 attached properties sold in December
2008. The benchmark price of an attached unit increased 2.7 per cent
between December 2009 and 2010 to $490,869.
