The Greater Vancouver housing market is showing early signs of a revival, with relative balance between the number of homes for sale and the number of people looking to purchase a home in the region today. According to the Real Estate Board of Greater Vancouver (REBGV), residential property sales in Greater Vancouver reached 2,642 on the Multiple Listing Service in June 2013. This represents an 11.9 per cent increase compared to the 2,362 sales recorded in June 2012, and an 8.3 per cent decline compared to the 2,882 sales seen in May 2013.
“As the term suggests, a balanced market means that many of the key housing market indicators, such as price, are stable and conditions therefore don’t tilt in favour of buyers or sellers,” Sandra Wyant, REBGV president said, adding that if you plan to enter the market today, you have to identify your needs, consult with your realtor, and work to build a win-win scenario with the people on the other side of the sale.
Still, REBGV noted that last month’s sales of single-family detached homes, condos, and townhouses were 22.2 per cent below the ten-year average for June. Also, June’s sales were down 8.3 per cent from May’s 2,882 homes sold on the MLS.
In June, new listings for detached, attached, and apartment properties totalled 4,874, representing a 13.2 per cent fall compared to the 5,617 new listings reported in June 2012, and a 13.8 per cent decline from the 5,656 new listings seen in May of this year. The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,289 — a 6 per cent decrease compared to June 2012 and a 0.4 per cent increase compared to May 2013.
While the Vancouver area’s residential housing prices slipped 3 per cent in June, Douglas Porter, BMO Nesbitt Burns Inc. chief economist, thinks the worst may be over for the local market. The benchmark index price, which strips out the most expensive properties, was $601,900 in June for resale single-family detached homes, condos, and townhouses. That is a decrease of $18,700 from the $620,600 recorded in the same month of 2012.
• Detached property sales (with 1,102 units) experienced a 19.7 per cent increase compared to June 2012 (with 921 units), and a 48 per cent decline compared to June 2011 (with 1,471 units). The benchmark price has fallen by 5 per cent compared to last year’s benchmark price of $919,900.
• Apartment property sales (totalling 1,068 units) experienced an increase of 4.1 per cent compared to June 2012 (with 1,026 units) and a decrease of 15.6 per cent compared to June 2011 (with 1,266 units). The benchmark price for an apartment property in Greater Vancouver declined 1.9 per cent from June 2012 to $369,100.
• Attached property sales (totalling 472 units) increased 13.7 per cent compared to June 2012 (with 415 units), and a 10.1 per cent decrease compared to June 2011 (with 525 units). The benchmark price of an attached unit decreased by 2.4 per cent between June 2012 and 2013 to $457,000.
Richmond, Vancouver East, and Vancouver West Sales Statistics Compared
In the second part of this month’s analysis, we’ll focus on the situation in the Vancouver East, Vancouver West, and Richmond real estate markets.
Vancouver East sales activity for detached properties in June decreased by 11.3 per cent (from 159 to 141 units). The sales for attached properties declined 26.9 per cent (from 52 to 38 units), and fell 18.2 per cent in the apartments sector (from 121 to 99 units) compared to last month’s data.
Vancouver West data didn't show any better, with a 22.5 per cent decrease (from 187 to 145 units) compared to last month. The situation for attached properties, with a 10.0 per cent decrease (from 70 to 63 units), isn't very stable — and apartments experienced a 2.5 per cent decrease compared to May 2013 (from 396 to 386 units).
Richmond experienced a 9.4 per cent increase in the detached properties market (from 127 to 115 units) compared to last month´s data. We also saw a decrease of 31.4 per cent in the attached properties market (from 105 to 72 units) and a 15.4 per cent decrease in the apartments sector (from 143 to 121 units) compared to the month before.
Compared year-over-year, Vancouver’s overall sales activity increased 5 per cent in detached and 7.2 per cent in attached properties, and decreased by 3.4 per cent in apartment properties.
New Listings in Vancouver East, Vancouver West, and Richmond
Vancouver West experienced a 21.8 per cent decrease in the listings activity of detached houses (from 325 to 254 units) compared to last month’s decimated listings. Drops for apartment properties were lower, with a 14.7 per cent fall (from 700 to 597 units), and listed attached properties increased by 3.6 per cent (from 111 to 115 units).
Vancouver East recorded a 2.8 per cent increase (from 249 to 256 units) for detached properties, a significant 43 per cent fall in attached properties (from 100 to 57 units), and a 12 per cent drop in apartments compared to the end of last month’s results (from 208 to 183 units).
The Richmond real estate market experienced a 18.2 per cent drop (from 275 to 225 units) in the apartments sector compared to last month’s results. Listings of detached properties decreased by 20.2 per cent (from 302 to 241 units), and there was a 2 per cent increase (from 147 to 150 units) in attached properties compared to June 2012.
Overall, the Vancouver listings of detached properties decreased by 14.4 per cent, and there was an 11.1 per cent decline in attached properties and a 14.2 per cent drop in apartments.