President Captures Sugar Plums

Fairies and Sugar Plums

Forget finding any sugar plum fairies this Christmas! Rosario – the President of the Vancouver Real Estate Board has captured all of them in this, his November State of the Vancouver market report.

Stats Don’t Lie Fairy Stories

You might think this is all a fairy story but it’s hard to dispute the facts.

  • Residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November.
  • This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.
  • Sales levels remained fairly normal for this time of year
  • New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
  • Total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
  • Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 7.2 per cent YOY – Benchmark price dropped from high of $630,921 in June declining 1.4 per cent
  • Detached sales in November 2011 reached 916, a decrease of 12.8 per cent YOY – Benchmark price for detached properties increased 11.4 per cent YOY
  • Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease YOY – Benchmark price of an apartment property increased 2.7 per cent YOY
  • Attached property sales in November 2011 totalled 444, a 9.1 per cent increase YOY – Benchmark price of an attached unit increased 4.5 per cent YOY

State Address on Vancouver Real Estate

Image Credit Video Courtesy The Greater Vancouver Real Estate Board – Used with Permission

About Larry Yatkowsky

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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:

buffates Says:
December 8th, 2011 at 7:35 am

A month or two does not a trend make but it appears that every YOY stat is bearish with listings up and sales down.

Dave_in_vancouver Says:
December 9th, 2011 at 5:35 pm

The wife and I are in our late 20s, take home 120k a year, and have absolutely no reason to get into this market right now. The market here in Vancouver is silly.

Despite what I read in this article, over the last year since coming back to Canada from an extended expat stint in Asia, I have def. noticed condos dropping in price, particularly in New West, Coquitlam, and parts of Burnaby. Still be a while yet before things normalize though and No, Vancouver is definitely not different

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