Slow start, strong finish for housing market in 2009
After beginning the year at near
record low sales levels, buyers' confidence in the Greater Vancouver
housing market quickly returned, allowing for significant and sustained
increases in the number of residential property sales for much of 2009.
The Real Estate Board of Greater
Vancouver (REBGV) reports that total unit sales of detached, attached
and apartment properties in 2009 reached 35,669, a 44.8 per cent
increase from the 24,626 unit sales recorded in 2008, but a 6.3 per
cent decline from the 38,050 residential sales in 2007.
The number of homes listed for sale
on the Multiple Listing Service® (MLS®) in Greater Vancouver declined
15.5 per cent in 2009 to 52,869 compared to the 62,561 properties
listed in 2008.
"Low interest rates, an economy
emerging from recession and continuing to improve, and consumer
confidence led to the resurgence experienced in the Greater Vancouver
housing market in 2009," Scott Russell, REBGV president said. "Home
sales neared or passed monthly records in Greater Vancouver throughout
the latter half of 2009. In fact, last month's home sales rank as the
third highest selling December in the 90-year history of our
Residential property sales in Greater
Vancouver totalled 2,515 in December 2009, an increase of 172.2 per
cent from the 924 sales recorded in December 2008, and an 18.4 per cent
decline compared to November 2009 when 3,083 home sales occurred.
The residential benchmark price, as
calculated by the MLSLink Housing Price Index®, for Greater Vancouver
increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.
New listings for detached, attached
and apartment properties in Greater Vancouver totalled 2,153 in
December 2009. This represents a 38.9 per cent increase compared to the
1,550 new units listed in December 2008 and a 41.1 per cent decline
compared to November 2009 when 3,653 properties were listed.
"The number of homes listed for sale
on our MLS® has been in decline in Greater Vancouver for eight of the
last nine months, which results in upward pressure on home prices and
less selection for buyers to choose from," Russell said.
Total active listings in Greater
Vancouver currently sit at 8,939, a decrease of 41 per cent from
December 2008, and a decrease of 19 per cent from November 2009 (see
graph on page two for more detail).
Sales of detached properties in
December 2009 increased 159.2 per cent to 902, compared to 348 sales in
December 2008. The benchmark price for detached properties increased
18.3 per cent to $766,816 compared to December 2008.
Sales of apartment properties in
December 2009 increased 176.7 per cent to 1,154, compared to 417 sales
in December 2008. The benchmark price of an apartment property
increased 14.8 per cent since December 2008 to $382,573.
Attached property sales in December
2009 increased 188.7 per cent to 459, compared with the 159 sales in
December 2008. The benchmark price of an attached unit increased 12.9
per cent between Decembers 2008 and 2009 to $478,093.
The Real Estate industry is a key economic driver in British Columbia.
In 2008, 24,626 homes changed hands in the Board's area generating
$1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver
is an association representing more than 9,400 REALTORS®. The Real
Estate Board provides a variety of membership services, including the
Multiple Listing Service®. For more information on real estate,
statistics, and buying or selling a home, contact a local REALTOR®