Greater Vancouver residential property sale and listing
activity below 10-year averages in November
Vancouver, B.C. – December 4, 2012 – 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.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of
detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing
Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in
November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.
November sales were 30.3 per cent below the 10-year November sales average of 2,420.
“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,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758
in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222
properties were listed for sale on the MLS® and a 36.2 per cent decline compared to the 4,323
new listings in October 2012.
New listings were 12.9 per cent below the 10-year November average of 3,168.
At 15,689, the total number of residential property listings on the MLS® increased 13 per cent
from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the
region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.
The region’s sales-to-active-listings ratio was unchanged from October at 11 per cent.
“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,” Klein said.
“Changes in home prices vary per municipality and neighbourhood. It’s good to check local
market statistics with your REALTOR®.”
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 per cent to $596,900.
This represents a 1.7 per cent decline when we compared to this time last year.
Sales of detached properties in Greater Vancouver reached 629 in November, a decrease of 31.3
per cent from the 916 detached sales recorded in November 2011, and a 40.1 per cent decrease
from the 1,050 units sold in November 2010. Since reaching a peak in May, the benchmark price
for a detached property in Greater Vancouver has declined 5.5 per cent to $914,500.
Sales of apartment properties reached 750 in November 2012, a 25 per cent decrease compared
to the 1,000 sales in November 2011, and a decrease of 28.7 per cent compared to the 1,052 sales
in November 2010. Since reaching a peak in May, the benchmark price for an apartment
property in Greater Vancouver has declined 3.9 per cent to $364,900.
Attached property sales in November 2012 totalled 307, a 30.9 per cent decrease compared to the
444 sales in November 2011, and a 24.6 per cent decrease from the 407 attached properties sold
in November 2010. Since reaching a peak in April, the benchmark price for an attached property
in Greater Vancouver has declined 3.6 per cent to $454,300.
• Of the 15,689 homes currently for sale on the MLS® in Greater Vancouver, 49.6 per cent
are listed for $600,000 or less. Of those, 1,321 are detached properties, 5,039 are
condominiums and 1,419 are townhomes.
• Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1
million or more.
The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board’s area, generating $1.36 billion in spin-off activity and 9,069 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25 billion in 2011. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.