Vancouver’s Stats Don’t Lie – If You Are Balanced!

Balance

Like finding an affordable home in Vancouver, finding balance is wonderful! It is a place where there is equal distribution! You might say that balance is akin to riding a ‘teeter totter’ with another kid who weighs the same as you!

In contrast, one wonders if the word balance has been redefined by the Real Estate Board of Greater Vancouver.

Consider these Balanced Highlights

  • Home sales in March trended below the 10-year average in Greater Vancouver while home listing activity outpaced what’s typical for the month
  • residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012.
    • a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and
    • an 8.4 per cent decline compared to the 3,137 home sales in March 2010

Listings

  • At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.

Sales

  • Sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.
  • Sales of detached properties on the MLS® in March 2012 reached 1,183, a decline of 34.1 per cent from the 1,795 detached sales recorded in March 2011
  • Sales of apartment properties reached 1,191 in March 2012, a decline of 26.6 per cent compared to the 1,622 sales in March 2011,
  • Townhome sales in March 2012 totalled 500, a decline of 24.6 per cent compared to the 663 sales in March 2011

Balancing Benchmark

  • The benchmark price for detached properties increased 9.2 per cent from March 2011 to $1,056,400.
  • The benchmark price of an apartment property increased 2.2 per cent from March 2011 to $375,100
  • The benchmark price of a townhome unit increased 0.9 per cent between March 2011 and 2012 to $480,900

Board Balancing

Since I was a kid I always knew that if the kid riding on the other end of a teeter totter was bigger or lighter, one of us was going to get a rough ride.

Call me a skeptic but, as I view these “balanced” numbers, I remain uncertain if the Benchmark price should be looked upon as the other balancing kid. Do these numbers equal the numbers on other end of the board?

Looking forward, I also wonder whether the President of this board has ever ridden a ‘teeter totter’.

You can read the Complete Report Here *Data and quotes courtesy Real Estate Board of Greater Vancouver

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:

Boombust Says:
April 3rd, 2012 at 7:20 pm

Well, Larry, I’d say the market is BOTH teetering and tottering.

Those stats are somke and mirrors; I think people are finally getting sick and tired of the spin.

Stats Star Says:
April 3rd, 2012 at 8:42 pm

Thanks for the new posting.
Wondered why we don’t see this (decined) numbers
in G&M, VanSun or other papers.
I’ve seen numbers of sales increase, increase of average home price, increase YOY, MOM, anything, publishers sounding so proud of the bullish RE market. All paper articles commentators are CREA, Re/Max, CMHC analists, bank mortgage department head, you name it. every one who are benefit from when people are optimistic about RE market.
Anyways, I am a home owner and wish for soft landing, I appreciate your genuine, honest post.

vangrl Says:
April 4th, 2012 at 8:00 am

Thanks for taking the time to get the stats out to us in an honest and easy to understand format!

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