REBGV Report

February 2, 2010

REBGV Stats

Housing supply and demand reach closer alignment in January Slow

Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

 “Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today,” Jake Moldowan, REBGV president-elect said.

“There is also closer alignment between supply and demand in today’s housing market. At 18 per cent, the sales-to-active listings ratio in January is approximately 10 per cent lower than we’ve seen in our market over the last six months,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 per cent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 per cent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 10,218, the total number of property listings on the MLS® increased 14 per cent in January compared to last month and declined 26 per cent from this time last year.

“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.

In January, sales of detached properties increased 141.4 per cent to 705 from the 292 detached sales recorded during the same period in 2009. The benchmark price, as calculated by the MLSLink® Housing Price Index, for detached properties increased 19.5 per cent from January 2009 to $788,499.

Sales of apartment properties in January 2010 increased 146.8 per cent to 891 compared to 361 sales in January 2009. The benchmark price of an apartment property increased 15.2 per cent from January 2009 to $385,487.

Attached property sales in January 2010 are up 200 per cent to 327, compared with the 109 sales in January 2009. The benchmark price of an attached unit increased 13.4 per cent between January 2009 and 2010 to $482,478. 
Click here to download complete stats package.


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* Disclaimer: Copyright Real Estate Board of Greater Vancouver. All Rights Reserved.

** Reprinted with Permission

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

NowABear Says:
February 2nd, 2010 at 7:19 pm

Larry holy crapmoly

thats a lot of new listings.

thanks for the jan stuff…looks like the market is ‘balancing’?

blueskies Says:
February 2nd, 2010 at 8:01 pm

i’m gonna use the word “balanced”

nice word, middle of the road
sort of …..balanced but not
quite a palindrome….. yet

Data Hound Says:
February 2nd, 2010 at 9:28 pm

Larry,

I hope tomorrow’s dailies look just as bearish!:)

Data Hound Says:
February 2nd, 2010 at 9:46 pm

hmmmm

what will it take for the bough to break?

westside prices have absolutely roared higher

eastside not so much

but i see (and larry’s stats seem to bear this out) loads of new listings and sales…well, they are not so hot again. i look forward with extreme eagerness to tomorrow’s update. interesting times we live in. pre olympics rush to the exits and lack of focus for buyers? or something more defining than that?

davers Says:
February 2nd, 2010 at 11:50 pm

bahhh we did beat the previous high, I was in denial until I saw the actual benchmark not just the averages.

Now the question is if this slowing demand is a sign of things to come or just because no one really wants to deal with buying a house during the olympics.

1 Says:
February 3rd, 2010 at 8:10 am

davers, good point – a fair one.

we need to give this market 60-90 days to know where we really stand. that said, I’ll follow the dailies like a hawk! (don’t ask why)

as you’ve indicated, demand appears to be slowing. weather has been horrible, could be a factor – sunshine could bring out the buyers again, perhaps.

but listings – i think, at the current pace, listings (for sale signs littering lawns) could be a visible reminder of the housing supply part of the equation within weeks, not months.

1 Says:
February 3rd, 2010 at 3:18 pm

will sell list stay below 50% this week (I do realize its only for two areas – but these are the two areas that are of interest to me, so its great to have these carved out for daily updates!

gotta love it.

February 3rd, 2010 at 4:46 pm

1 – re dailies and areas.

it’s strictly a function of time available to process other areas. East and West Vancouver are my preferred areas of practice so I thought it more relavent to those I most serve. Special requests can be accommadated but on a as I have time basis.

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