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Home sales and listings just below 10-year average

 
VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near
historical averages in the Metro Vancouver* housing market.
Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent
from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to
November 2015 when 3,524 homes sold.
Last month’s sales were 7.6 per cent below the 10-year sales average for the month.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market,
supply and demand totals have returned to more historically normal levels over the last few
months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147
in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed
in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties
were listed.
Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average
for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase
compared to November 2015 (8,096).
The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent
from last month (24.4 per cent).
Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for
a sustained period, while home prices can experience upward pressure when it surpasses 20 per
cent over several months.
“Demand, relative to supply, for detached homes is lower right now than demand for townhomes
and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes
and apartments, while detached homes are seeing modest month-over-month declines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month
and a 20.5 per cent increase compared to November 2015.
Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the
652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015.
The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline
compared to last month and a 23 per cent increase compared to November 2015.
Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent
compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to
November 2015.The benchmark price of an apartment property is $512,100. This is unchanged
from last month and is an 18 per cent increase compared to November 2015.
Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to
the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The
benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease
compared to last month and a 23 per cent increase compared to November 2015.
*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler,
Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New
Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge
and South Delta.
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Home buyers and sellers face changing market dynamics

 
VANCOUVER, BC – October 4, 2016 – Metro Vancouver* home sales dipped below the 10-
year monthly sales average last month. This is the first time this has occurred in the region since
May 2014.
Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from
the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August
2016 when 2,489 homes sold.
Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison,
REBGV president said. “We’re seeing more demand for condominiums and townhomes today
than in the detached home market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799
in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed
in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293
properties were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase
compared to August 2016 (8,506).
The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio
has been since February 2015. Generally, analysts say that downward pressure on home prices
occurs when the ratio dips below the 12 per cent mark, while home prices often experience
upward pressure when it reaches the 20 to 22 per cent range in a particular community for a
sustained period.
“Changing market conditions are easing upward pressure on home prices in our region,”
Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are
having difficulty establishing price as a result. To help you understand the factors affecting
prices, it’s important to talk with a REALTOR®.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to
September 2015 and a 0.1 per cent decline compared to August 2016.
Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the
1,272 detached sales recorded in September 2015. The benchmark price for detached properties
is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1
per cent increase compared to August 2016.
Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent
compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is
$511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per
cent decline compared to August 2016.
Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to
the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This
represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline
compared to August 2016.
*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast,
Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody,
Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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Home sales move off of record-breaking pace in July

 
VANCOUVER, BC – August 3, 2016 – Metro Vancouver* homes sales resembled more typical
levels in July.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded
in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.
This is the first time since January that home sales in the region have registered below 4,000 in a
month.
“After several months of record-breaking sales activity, home buyer demand returned to more
historically normal levels in July,” Dan Morrison, REBGV president said.
Last month’s sales were 6.5 per cent above the 10-year sales average for the month.
“Home sale activity showed some moderating signs in late June and this carried into July,”
Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of
more normal market trends.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241
in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July
2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase
compared to June 2016 (7,812).
The sales-to-active listings ratio for July 2016 is 38.6 per cent. Generally, analysts say that
downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while
home prices experience upward pressure when it reaches the 20 to 22 per cent range in a
particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $930,400. This represents a 32.6 per cent increase compared to July
2015.
Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 per cent from the
1,559 detached sales recorded in July 2015. The benchmark price for detached properties
increased 38 per cent from July 2015 to $1,578,300.
Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 per cent compared to
the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 per
cent from July 2015 to $510,600.
Attached property sales in July 2016 totalled 547, a decrease of 20.7 per cent compared to the
690 sales in July 2015. The benchmark price of an attached unit increased 29.4 per cent from
July 2015 to $669,000.
*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler,
Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New
Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt
Meadows, Maple Ridge, and South Delta.
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Home buyers remain active across Metro Vancouver

 
VANCOUVER, BC – July 5, 2016 – Home buyers continue to compete for homes listed for
sale across the Metro Vancouver housing market.
Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent
from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016
when 4,769 homes sold.
Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as
the highest selling June on record.
"While we're starting to see more properties coming onto the market in recent months, the
imbalance between supply and demand continues to influence market conditions," Dan Morrison
REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875
in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in
June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.
“Since March, we’ve seen more homes listed for sale in our market than in any other four-month
period this decade,” Morrison said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase
compared to May 2016 (7,726).
The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a
seller’s market, this is the lowest this measure has been since February.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20
to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June
2015.
Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the
1,920 detached sales recorded in June 2015. The benchmark price for detached properties
increased 38.7 per cent from June 2015 to $1,561,500.
Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared
to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per
cent from June 2015 to $501,100.
Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the
681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from
June 2015 to $656,900.


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Demand remains elevated across the Metro Vancouver housing market

 
VANCOUVER, BC – June 2, 2016 – Metro Vancouver* homes continue to sell at an
unprecedented rate in communities across the region.
Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in
May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a
decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.
Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as
the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity is being
outpaced by home buyer demand today," Dan Morrison, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289
in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in
May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase
compared to April 2016 (7,550).
"Economic and job growth in Metro Vancouver is out performing most regions in the country.
This is helping to underpin today’s activity," Morrison said.
The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s
market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20
to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May
2015.
Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the
1,723 detached sales recorded in May 2015. The benchmark price for detached properties
increased 36.9 per cent from May 2015 to $1,513,800.
Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 per cent compared
to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3
per cent from May 2015 to $485,000.
Attached property sales in May 2016 totalled 754, an increase of 2.9 per cent compared to the
733 sales in May 2015. The benchmark price of an attached unit increased 24.9 per cent from
May 2015 to $632,400.
*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include:
Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby,
New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt
Meadows, Maple Ridge, and South Delta.


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March sales set an all-time record

 
VANCOUVER, B.C. – April 4, 2016 –Metro Vancouver* home sales eclipsed 5,000 in March
for the first time on record.
Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per
cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to
February 2016 when 4,172 homes sold.
Last month’s sales were 56 per cent above the 10-year sales average for the month.
"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV
president said. “Today's demand is broad based. Home buyers are active in neighbourhoods
across our region."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278
in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in
March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were
listed.
The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per
cent increase compared to February 2016 (7,299).
“Strong job and economic growth in our province, positive net migration and low interest rates
are helping to drive this activity," Morrison said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $815,000. This represents a 23.2 per cent increase compared to March
2015.
Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the
1,711 detached sales recorded in March 2015. The benchmark price for detached properties
increased 27.4 per cent from March 2015 to $1,342,500.
Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 per cent
compared to the 1,627 sales in March 2015.The benchmark price of an apartment property
increased 18.8 per cent from March 2015 to $462,800.
Attached property sales in March 2016 totalled 786, an increase of 8.9 per cent compared to the
722 sales in March 2015. The benchmark price of an attached unit increased 20.1 per cent from
March 2015 to $589,100.


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Home Buyer's Competition keeps Home Seller's in the Driver's Seat.

 
February 2, 2016, Vancouver, BC. - Home buyer activity remains at near record levels across the Metro Vancouver housing market.
Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline compared to December 2015 when 2,827 home sales occurred.
Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed.
“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase compared to December 2015 (6,024).
The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 27.9 per cent from January 2015 to $1,293,700.
Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent compared to the 809 sales in January 2015.The benchmark price of an apartment property increased 19.4 per cent from January 2015 to $456,600. Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4 per cent from January 2015 to $563,700.


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