REBGV

At Downtown Suites we are pleased to share these statistics from the REBGV. On Monday, May 4, 2009, the Real Estate Board of Greater Vancouver released the report below.

With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.

“We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”

Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.

Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.

Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.

Bright spots in Greater Vancouver in April 2009 compared to April 2008:

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Here are the March Stats  as released by the Real Estate Board of Greater Vancouver (REBGV) on April 2nd.

The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

“There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.

Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008.

“REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said.

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.

Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.

More info: REBGV

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At Downtown Suites we keep in close touch with the latest stats from the Real Estate Board of Greater Vancouver. Their Feb. 3rd release, Home listings withdraw as sales volume slows said:

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties declined 58.1 per cent in January 2009 to 762 from the 1,819 sales recorded in January 2008.

New listings for detached, attached and apartment properties declined 20.9 per cent to 3,700 in January 2009 compared to January 2008, when 4,675 new units were listed. Total active listings in Greater Vancouver currently sit at 13,966, down nearly 6,000 listings from October 2008.

Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent to $489,007 between Januarys 2008 and 2009.

“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.
For the full report, read more here.

We are more than aware of these trends, and as we mentioned in other posts, we have seen it all before, having been in real estate here in Vancouver for over 30 years.

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VANCOUVER, B.C. January 5, 2009 Real Estate Board of Greater Vancouver

The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, adeparture from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.

“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the bottom of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.

In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007.

New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008.
Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007. The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent.

Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent.

Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.

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