Vancouver Real Estate Stats Don’t Lie

Don’t Lie!

Vancouver Stats don’t lie! The official Real Estate Board of Greater Vancouver (REBGV) report says there was “a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months.”

New Drum

In training, the new stats drum beater officially known as the REBGV’s President Elect, Sandra Wyant says “buyer demand increased slightly in October compared to the previous few months. Overall conditions in today’s market remains in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

About Change

The beautiful thing about change is affirmation. Serving this point is Wyant’s proclamation that “There’ve been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years.”

Highlights

Sonny and Cher’s sang La Di Da Di Dah in ‘The Beat Goes On’. With similar emphasis and rhythm the REBGV reports that “the total number of residential property listings on the MLS® increased 12 per cent from this time last year and declined 5.3 per cent compared to September 2012.”

October Numbers

  • New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323 in October – a 1.2 per cent decline compared to October 2011.
  • 17,370 was the total number of residential property listings on the MLS®. An increase of 12 per cent from this time last year declining by 5.3 per cent from September 2012.
  • October sales were 28.5 per cent below the 10-year October sales average of 2,700
  • Drilling down, the benchmark price of a detached home on the West side of Vancouver has declined 8.6 per cent

Detached

  • Detached Sales in October 2012 reached 790, a decline of 18.9 per cent YOY.
  • Detached Benchmark price decreased 4.1% from the peak in May.

Apartment

  • Apartment sales reached 803 in October 2012, a decline of 16.2 per cent.
  • Apartment Benchmark price declined 2.9 per cent from the peak in May.

Attached

  • Attached sales in October 2012 totalled 338, a decline of 11.5 per cent
  • Attached Benchmark price decreased 2.9 per cent from the peak in April.

And The Beat Goes On – La Di Da Di Dah!

Full Report Here

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:

ArthurFonzarelli Says:
November 2nd, 2012 at 3:11 pm

Larry – love your work and especially your timeliness! But I have to comment on this “stats don’t lie” statement. They might not lie but they can sure as heck be manipulated…

You never report month-over-month changes as being indicative of trends in highly seasonal markets like real estate. And you don’t, against all logic, attempt to do stupid seasonal sales adjustments like CREA did for last month’s sales. You compare sales to same month from prior year – the most accurate and parsimonious way to control for exogenous factors. You know this…

On that front we’re down 17% from last October, and we’re 27% below average sales for October in the past 10 years. Price drops are accelerating for most property classes and in most regions of Metro Van. We’re just barely ahead of Oct 2008 sales levels, when the world’s economy got flushed down the toilet. Those are the salient facts.

“This just in… sales of Christmas trees skyrocketed by 6000% in December… leading the BC Christmas Tree Dealers’ Association to state that ‘the spruce market is red hot right now… buy now or be priced out forever!'”

Smoking Man Says:
November 3rd, 2012 at 1:28 pm

It appears to me that the message (while statistically accurate) is massaged to impart a message to sellers – modestly lower your prices to effect a sale.

And this is what I am anticipating.

Like a steady drip, lower we go.

bbcoq Says:
November 4th, 2012 at 10:14 pm

Question is this: Is there some liquidity being found at lower prices? I am no expert but I am seeing some sales-albeit at lower prices and some more stagnant listing moved but after some price reduction.
Oh yeah, only the higher quality stuff too but there are some sales….

Kevin M. Says:
November 9th, 2012 at 10:53 am

Hello Larry. I am a Real Estate Agent myself and really appreciate your honest insights towards the markets..Unfortunately there is only few of us..

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