Nov 2013 11

The Vancouver Housing Market Stays in Good Shape in October

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Yaletown Sunset by Thomas Bullock
Yaletown Sunset by Thomas Bullock

Housing market activity continues to resemble the ten-year sales average in the Greater Vancouver housing market. These trends have helped keep the region in balance for the last nine months.The Real Estate Board of Greater Vancouver's (REBGV) latest report shows that residential property sales in Greater Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October 2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.

To see the big picture, check our infographic below!

New listings for attached, detached, and apartment properties in Greater Vancouver totalled 4,315 in October 2013, which was a 0.2 % decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.

Compared to the ten-year sales average in October, monthly sales were 2.8 per cent higher, while new listings for the month stayed 1.9 per cent below.

“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president, said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”

Overall, the MLS® properties sold in Greater Vancouver reached 15,257 — a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent compared to September 2013.

The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark for all residential properties in Greater Vancouver was $600,700 by the time the report was released. This represented a 0.5 per cent decline compared to October 2012.

Detached property sales reached 1,067 in October 2013, beating the 790 sales recorded in October 2012 by 35.1 per cent. This also represented an increase of 9.5 per cent from the 974 units sold in October 2011. The benchmark price for detached properties dropped 0.5 per cent from October 2012, to $922,600.

Apartment sales reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012, to $365,600.

Attached property sales totalled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in October 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, the same as October 2012.

Science World by Thomas Bullock
Science World by Thomas Bullock

Richmond, Vancouver East, and Vancouver West Sales Statistics

Detached property sales for October 2013 in Richmond reached 120. This was 5.5 per cent less than in September 2013, when 127 units sold, and 34 % more than in October 2012, when only 79 sold units.

October 2013 detached property sales in Vancouver East reached 116, dropping 4.3 per cent from September 2013, when 147 detached properties sold. In a year-over-year comparison, October 2013 sales were 19.8 per cent higher than in October 2012, when only 93 units sold.

Sales for detached properties in October 2013 in Vancouver West reached 179, increasing 16.2 per cent from the 154 sales recorded in September 2013, and increasing 41.9 per cent from October 2012.

Townhouse sales in Richmond for October 2013 reached 72, increasing 4.3 per cent since September 2013, when 69 units sold. Compared with the 61 sales recorded in October 2012, last month's sales increased 15.3 per cent.

In October 2013, 51 townhouse sold in Vancouver East. This was an increase of 21.4 per cent from September 2013, with 42 sold units. In a year-over-year comparison with the 21 sales recorded in October 2012, last month's townhouse market increased its sales 58.8 per cent.

The number of townhouses sold reached 53 in Vancouver West. This means a minor decrease of 3.6 per cent from the 55 sales recorded in September 2013, and a slight increase of 7.5 per cent from the 49 sales recorded in October 2012.

Apartment sales in Richmond for October 2013 reached 132. This represented an increase of 8.2 per cent from September 2013, and a 35.6 per cent increase from October 2012, when 85 apartments sold.

Apartment sales in Vancouver East reached 121 in October 2013, representing a 34.4 per cent increase from September 2013, and a 42.1 per cent increase from October 2012, when only 70 units sold.

In Vancouver West, apartment sales totalled 345 for October 2013, increasing 0.3 per cent from 344 sales September 2013, and 23.4 per cent from the 264 sales in October 2012.

New Listings in Vancouver East, Vancouver West, and Richmond

In October 2013, there were fewer new residential properties introduced to the market in the three areas covered.

In Richmond, new listings in October 2013 for detached houses reached 190, dropping 28.3 per cent since September 2013. Also, new listings for townhouses decreased substantially, from the 149 units listed in September 2013 to 96 in October 2013. This represents a 35.6 per cent decrease. There were 249 newly apartments for sale in October 2013, which was 7.3 per cent more than the 232 units listed the month before.

In Vancouver East, new listings in October 2013 for detached houses reached 189, dropping 18.5 per cent since September 2013. New listings for townhouses decreased substantially, from the 99 units listed in September 2013 to the 64 recorded in October 2013, representing a 35.4 per cent decrease. There were 191 newly listed apartments for sale in October 2013, which was 18.7 per cent less than the 235 units listed the month before.

New listings for detached houses in Vancouver West reached 227 units, representing a decrease of 32.2 per cent from the 335 units listed in September 2013. For townhouses, there were 92 new listings. This was 23.3 per cent less than the 120 units listed in September 2013. For apartments, October 2013 brought 577 new listings, which was 18.3 per cent less than the 706 units in September 2013.

October Housing Market in Vancouver Infographic
October Housing Market in Vancouver Infographic

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