The
Real Estate Board of Greater Vancouver (REBGV) reports
that total sales of detached, attached and apartment properties
in 2010 reached 30,595, a 14.2 per cent decrease from
the 35,669 sales recorded in 2009, but a 24.2 per cent
increase from the 24,626 residential sales in 2008. Last
year’s number of housing sales was 10.3 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 increased 9.7 per cent in
2010 to 58,009 compared to the 52,869 properties listed
in 2009. Compared to 2008, last year’s total represents
a 7.3 per cent decline compared to the 62,561 residential
properties listed in 2008. The number of properties added
to the MLS® peaked in April and generally declined
for the remainder of the year.
“The
last two years have been a bit of a rollercoaster for
the real estate market. However, sales over the past six
months have definitely shown a trend toward stability.
We think that’s good news for home buyers and sellers,”
Jake Moldowan, REBGV president said. “The Greater
Vancouver housing market experienced a modest increase
in home prices in 2010, and a continual decrease in the
number of properties being listed for sale.”
Residential
property sales in Greater Vancouver totalled 1,899 in
December 2010, a decrease of 24.5 per cent from the 2,515
sales recorded in December 2009—an all time record
for the month—and a 24.3 per cent decline compared
to November 2010 when 2,509 home sales occurred.
More
broadly, last month’s residential sales represent
a 105.5 per cent increase over the 924 residential sales
in December 2008, a 0.1 per cent increase compared to
December 2007’s 1,897 sales, and a 12.6 per cent
increase compared to the 1,686 sales in December 2006.
The
residential benchmark price, as calculated by the MLSLink
Housing Price Index®, for Greater Vancouver increased
2.7 per cent to $577,808 between Decembers 2009 and 2010.
However, prices have decreased 2.6 per cent since hitting
a peak of $593,419 in April 2010.
“Although
we saw some pressure on home prices throughout the year,
home values in 2010 remained relatively steady in the
region compared to the last few years when we witnessed
much more fluctuation,” Moldowan said.
New
listings for detached, attached and apartment properties
in Greater Vancouver totalled 1,699 in December 2010.
This represents a 21.1 per cent decline compared to the
2,153 units listed in December 2009 and a 43.9 per cent
decline compared to November 2010 when 3,030 properties
were listed.
Sales
of detached properties in December 2010 reached 769, a
decrease of 14.8 per cent from the 902 detached sales
recorded in December 2009, and a 121.1 per cent increase
from the 348 units sold in December 2008. The benchmark
price for detached properties increased 4.0 per cent from
December 2009 to $797,868.
Sales
of apartment properties reached 811 in December 2010,
a decline of 29.7 per cent compared to the 1,154 sales
in December 2009, and an increase of 94.5 per cent compared
to the 417 sales in December 2008.The benchmark price
of an apartment property increased 1.2 per cent from December
2009 to $387,115.
Attached
property sales in December 2010 totalled 319, a decline
of 30.5 per cent compared to the 459 sales in December
2009, and a 100.6 per cent increase from the 159 attached
properties sold in December 2008. The benchmark price
of an attached unit increased 2.7 per cent between December
2009 and 2010 to $490,869.
