Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing market

Wednesday, September 5, 2012
VANCOUVER, BC – Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.
August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.
“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS® and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.
“For sellers it’s critical to work with your REALTOR® to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell on the MLS® in Greater Vancouver today.”
At 17,567, the total number of residential property listings on the MLS® increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.
“Today, our sales-to-active-listings ratio sits at 9 per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.
The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
Sales of detached properties on the MLS® in August 2012 reached 624, a decrease of 38.8 per cent from the 1,020 detached sales recorded in August 2011, and a 30.1 per cent decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.
Sales of apartment properties reached 725 in August 2012, a 24.1 per cent decrease compared to the 955 sales in August 2011, and a decrease of 22.5 per cent compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9 per cent from August 2011 to $370,100.
Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease compared to the 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.
The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board’s area, generating $1.36 billion in spin-off activity and 9,069 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25 billion in 2011. The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
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New Westminster and Burnaby stats for the 1st week of September 2012.


So far September is following the Summer as a Buyers Market which means Sellers must be aware of current prices and have a great realtor who can price your home so it doesn’t sit on the Market for too long but you still get a great sale.  Taking time to prepare your home for a sale can be the perfect step towards selling quickly.
Whether you are just updating paint and the overall style or you are upgrading appliances, carpet, and more sometimes all it takes is that little extra effort.  For some great ideas on getting your home ‘Sale Ready’ Click Here!
If you have any questions about the current Market and getting your home Sale Ready give James a call!
New  Westminster: 140 New Listings (33 Homes, 21 Townhomes, 73 Condos)
26 Sales
Avg Sale to List ratio: 1 to 5
Burnaby: 47 New Listings (9 Homes, 3 Townhomes, 33 Condos)
7 Sales
Avg Sale to List ratio: 1 to 7
Real Estate Board of Greater Vancouver Sept 2012 Update
 

Victoria Hill Parking Info

ONNI’s master planned community Victoria Hill has become so popular they are running out of space for parking.  This sub-area is becoming quite tricky to find parking in as more developments are constructed and more people moving in.  The City has requested ONNI brainstorm ideas to add more parking for residents and those visiting, and ONNI has come up with 3 ideas that they will further investigate.

At first it was proposed to build another level of underground parking but this would be financially unable as it would cost up to $1 million dollars.  City Council has suggested a small parcel of land between 2 of the developments that would add an extra 15 stalls.
ONNI is also in the works to develop a 6-storey building that will have some much needed rental units available. However with the proposed 100 Market and 93 off-market rental housing units that will add to the parking’s already cramped conditions.
New Westminster Leader: New Westminster Council pushes ONNI to increase rental parking
New Westminster Leader: Six-storey rental building proposed to Victoria Hill
Victoria Hill by ONNI Group

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