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The December stats are here!


Blog by Alisa Sakamoto | January 3rd, 2013




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.ales 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.
Feature Facts:
• 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.

NEWSFLASH


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


Vancouver, B.C. – January 3, 2013
 
The Greater Vancouver housing market experienced below average home sale totals, typical home listing activity and modest declines in home prices in 2012.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2012 reached 25,032, a 22.7 per cent decline from the 32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in 2010. Last year’s home sale total was 25.7 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver declined 2 per cent in 2012 to 58,379 compared to the 59,539 properties listed in 2011. Looking back further, last year’s total represents a 0.6 per cent increase compared to the 58,009 residential properties listed in 2010. Last year’s listing total was 6.1 per cent above the ten-year average for annual MLS® property listings in the region.

"For much of 2012 we saw a collective hesitation on the part of buyers and sellers in the Greater Vancouver housing market. This behavior was reflected in lower than average home sale activity and modest fluctuations in home prices,” Eugen Klein, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,142 in December 2012, a decrease of 31.1 per cent from the 1,658 sales recorded in December 2011 and a 32.3 per cent decline compared to November 2012 when 1,686 home sales occurred.

December sales were 38.4 per cent below the 10-year December sales average of 1,855.

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 per cent to $590,800. This represents a 2.3 per cent decline when compared to this time last year.

“We saw home prices come down a bit during the latter half of the year. During the same period, we saw fewer home sales and listings,” Klein said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,380 in December 2012. This represents a 15.3 per cent decline compared to the 1,629 units listed in December 2011 and a 50 per cent decline compared to November 2012 when 2,758 properties were listed.

Sales of detached properties in December 2012 reached 425, a decrease of 32.5 per cent from the 630 detached sales recorded in December 2011, and a 44.7 per cent decrease from the 769 units sold in December 2010. The benchmark price for detached properties decreased 2.7 per cent from December 2011 to $904,200. Since reaching a peak in May, the benchmark price of a detached property has declined 6.5%.

Sales of apartment properties reached 504 in December 2012, a decline of 34.9 per cent compared to the 774 sales in December 2011, and a decrease of 37.9 per cent compared to the 811 sales in December 2010.The benchmark price of an apartment property decreased 1.9 per cent from December 2011 to $361,200. Since reaching a peak in May, the benchmark price of an apartment property has declined 12.8%.

Attached property sales in December 2012 totalled 213, a decline of 16.1 per cent compared to the 254 sales in December 2011, and a 33.2 per cent decrease from the 319 attached properties sold in December 2010. The benchmark price of an attached unit decreased 2.6 per cent between December 2011 and 2012 to $450,900. Since reaching a peak in April, the benchmark price of an attached property has declined 4.4%.

“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,” Klein said.   

Courtesy of the Real Estate Board of Greater Vancouver