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Metro Vancouver housing market characterized by modest home sale and price increases in 2013

 

 

The Greater Vancouver housing market maintained a consistent balance between demand and supply throughout 2013. It was a year of stability for the Greater Vancouver housing market. Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 month. Read More

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Prices hold firm as home buyers and sellers conclude 2012 from the sidelines

Недвижимость Ванкувера на русском

 

For much of 2012 we saw a collective hesitation on the part of buyers and sellers in the Greater Vancouver housing market. This behaviour was reflected in lower than average home sale activity and modest fluctuations in home prices. 


Last year's home sale total was 25.7% below the ten-year average for annyal Multiple Listing Services in the region.


December sales were 38.4% below the 10-year December sales.


Since reaching a peak in May of $625,100, the MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.8% to $590,800. 


We saw home prices come down a bit during the latter half of the year. During the same period we saw fewer homes sales and listings. 


Activity continues to vary depending on area so it's important to work with your Realtor and other professionals to understand the trends in your area of interest. 



 

December Sales: 

 

Detached Properties (Houses) 

Average Days on Market: 74

Average Sale Price / Asking Price 95%

 

Townhouses

Average Days on Market: 69

Average Sale Price / Asking Price 96%

 

Condos / Apartments

Average Days on Market: 67

Average Sale Price / Asking Price 96%

 

 

Benchmark Price for properties in Greater Vancouver (Estimated sale price for a typical property)  - December  2012

 House -  $904,200    Townhouses - $450,900    Condo - $361,200



Greater Vancouver Real Estate Market 

 

Click here to download Greater Vancouver Price Trends by Areas And Sub-Areas

 

Click here to download statistics for real estate market of Fraser Valley

 

 

 

 

 

 

Real Estate Prices Greater Vancouver

Click here to enlarge Residential Average Sale Price Graph

 

Greater Vancouver Market Update

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Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages. 


Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate.


November sales were 30.3% below the 10-year November sales average.


New listings were 12.9% below the 10-year November average. 


The region's sales-to-active-listings ratio was unchanged from October at 11%. 


Home prices in Greater Vancouver have generally declined between three and five and a half per cent, depending on property type, since reaching a peak six months ago. 


Since reaching a peak in May of $625,100, the MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 4.5% to $569,900. This represents a 1.7% decline when we compared to this time last year. 

 

October Sales: 

 

Detached Properties (Houses) 

Average Days on Market: 63

Average Sale Price / Asking Price 94%

 

Townhouses

Average Days on Market: 66

Average Sale Price / Asking Price 96%

 

Condos / Apartments

Average Days on Market: 59

Average Sale Price / Asking Price 96%

 

 

Benchmark Price for properties in Greater Vancouver (Estimated sale price for a typical property)  - November  2012

 House -  $914,500    Townhouses - $454,300    Condo - $364,900



Greater Vancouver Real Estate Market 

 

Click here to download Greater Vancouver Price Trends by Areas And Sub-Areas

 

Click here to download statistics for real estate market of Fraser Valley

 

 

 

 

 

 

Real Estate Prices Greater Vancouver

Click here to enlarge Residential Average Sale Price Graph

 

Greater Vancouver Market Update

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The Greater Vancouver housing market saw 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 compare to the summer months. With those changes, the sales-to-active-listings ratio increase to 11 per cent in October from 8 per cent in September. 


Buyer demand increased slightly in October compared to the previous few months. Overall conditions in today's market remain 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 complete in today's marketplace. 


Since reaching a peak of $625,100 in May, the composite benchmark price for all residential properties in Greater Vancouver declined 3.4% to $603,800 in October. This represents a 0.8% decline compared to last year. 


The largest price reductions occurred in the areas and property types that experienced the biggest price increases over the last few years. 


Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6% while detached homes in Richmond and West Vancouver have seen declines of 6% over the same time period. 

 

 

October Sales: 

 

Detached Properties (Houses) 

Average Days on Market: 66

Average Sale Price / Asking Price 95%

 

Townhouses

Average Days on Market: 58

Average Sale Price / Asking Price 97%

 

Condos / Apartments

Average Days on Market: 57

Average Sale Price / Asking Price 96%

 

 

Benchmark Price for properties in Greater Vancouver (Estimated sale price for a typical property)  - October  2012

 House -  $927,500    Townhouses - $457,700    Condo - $368,800



Greater Vancouver Real Estate Market 

 

Click here to download Greater Vancouver Price Trends by Areas And Sub-Areas

 

Click here to download statistics for real estate market of Fraser Valley

 

 

 

 

 

 

Real Estate Prices Greater Vancouver

Click here to enlarge Residential Average Sale Price Graph

 

Greater Vancouver Market Update

Read full post

 

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.