Vancouver Real Estate Stats Don’t Lie

Hold Your Nose!

According to the Greater Vancouver Real Estate Board “August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.”

Highlights

  • sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August – and 8% increase compared to the same month last year.
  • with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months
  • housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011
  • 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent
  • Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower.
  • Sales of detached properties on the MLS® in August 2011 reached 1,020
  • Sales of apartment properties reached 955 in August 2011
  • Attached property sales in August 2011 totalled 403
  • benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243
  • benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457
  • The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433

The Pinocchio Spin

REBGV’S president says – “MLS® statistics continue to indicate that we’re in a balanced market”!

Complete Report Here *Data and quotes courtesy Real Estate Board of Greater Vancouver **Image Courtesy – Walt Disney

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.

When Life Moves You - contact Larry:

*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:

bbcoq Says:
September 2nd, 2011 at 8:41 pm

Sounds like high prices are the solution for high real estate prices…..building inventory, fewer buyers, top end skewing the market-sounds like we are in the midst of a correction-mild as it seems.

Reggie Says:
September 2nd, 2011 at 9:54 pm

bbcoq

I agree.

Mild…thus far anyways…but it does seem like a correction is underway.

VanCity Says:
September 5th, 2011 at 9:02 pm

Yup i concur…. i know a local RE appraiser/RE agent who just sold his West side home, listed low and sold low, he knew the writing was on the wall and got out, let the nail biting commence!

September 6th, 2011 at 8:31 am

@VanCity

– expectations often clash with reality!

vangrl Says:
September 6th, 2011 at 11:34 am

an owner in my Kitsilano building just took his place off the market, after one price reduction he still couldn’t sell so decided to rent it out. Another sign has been up now for about 4 months with no offers.
I’m thinkin’ the tides are a turnin’

Reggie Says:
September 6th, 2011 at 7:24 pm

Vangirl, I think your right…although this could be a seesaw for a while yet…before we get beyond the first 10-15% declines….

bbcoq Says:
September 6th, 2011 at 7:51 pm

More sold stickers in the Tri-cities….

September 6th, 2011 at 7:55 pm

@bbcoq
– you guys might be leading the way 🙂

Reggie Says:
September 6th, 2011 at 9:05 pm

bbcoq,

Interesting. Coquitlam has been looking weak, perhaps there are some bargain hunters out?

Larry, I love your inventory graph. Looks to me like we could regain all of the Aug 31 expiries and head to new highs for the year within a couple of weeks.

Interesting times.

Great blog.

RL

Reggie Says:
September 6th, 2011 at 9:15 pm

Goldman Sachs just indicated that they project the BoC to DROP rates by fifty bps by year end….

Interesting times, to say the least…on bnn…

September 6th, 2011 at 9:16 pm

@reggie
– thanks for the kudo.
sorry for slacking on the blog but have I have been a bit busy taking clients for afternoon ‘thank you’ sails in this last bit of summer.

bbcoq Says:
September 6th, 2011 at 9:45 pm

I think it is a question of affordability, things happen later out here

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