Oct 2012 23

Greater Vancouver RE Market Results: September 2012

Posted by Jay Banks
Vancouver City Skyline by Brian nairB Vancouver City Skyline by Brian nairB

New listings for detached, attached, and apartment properties amounted to 5,321 — reaching a 6.3 per cent fall in growth compared to September 2011, when new listings amounted to 5,680. This represents a 31.6 per cent increase compared to August this year, when 4,044 homes were added to the MLS® in Greater Vancouver.

Sales activity in September 2012 was deeply below historical averages in the Greater Vancouver Area. Residential property sales of detached, attached, and apartment properties reached 1,516 in September — a 32.5 per cent decline compared to the 2,246 sales of September 2011 and an 8.1 per cent decline compared to the 1,649 sales of August 2012.

The total number of homes listed for sale on the region’s MLS® reached 18,350, increasing by 14.1 per cent compared to last year’s results. This also represents a 4.5 per cent rise in activity compared to same time last month.

  • Detached property sales on the MLS® (594 units) experienced a massive 37.9 per cent fall compared to September 2011 (957 units) and another 31.4 per cent decline compared to September 2010 (866 units). The benchmark price fell by 0.5 per cent from September 2011 to $935,600.
  • Apartment property sales (676) declined 26.7 per cent compared to September 2011 (922) and 30.4 per cent compared to September 2010 (971). The benchmark price decreased by 0.7 per cent compared to September 2011 stats, currently sitting at $368,600.
  • Attached property sales (246 units) experienced a steep 33 per cent decline compared to September 2011 (367 units) and once again a massive 35.8 per cent decrease compared to September 2010 (383 units). The benchmark price fell by 2.7 per cent since September 2011 to $458,600 and remained relatively unchanged compared to last month’s value.

The MLS HPI® composite benchmark price for all residential properties in Greater Vancouver is $606,100. This represents a decline of 0.8 per cent compared to this time last year and a decline of 2.3 per cent over last three months.

“There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages. This makes homes less affordable for the people of the region,” said Eugen Klein, REBGV president. “Prices in the region remain relatively stable overall, although we do see some reductions in the areas that have had some of the largest price increases over the last year or two,” Klein added.

Leave a Reply





* required