a sales-to-active property listings ratio of 15 per cent, the Greater
Vancouver housing market continues to hover at the lower end of a
balanced market and has been trending in that direction over the past
Real Estate Board of Greater Vancouver (REBGV) reports that residential
property sales of detached, attached and apartment properties on the
region’s Multiple Listing Service® (MLS®) system reached 2,317 in
October, a 1 per cent decrease compared to the 2,337 sales in October
2010 and a 3.2 per cent increase compared to the previous month. Those
sales rank as the second lowest total for October over the last 10
now, prospective home buyers have a good selection of properties to
choose from and more time to make decisions,” Rosario Setticasi, REBGV
president said. “Home sellers should be mindful of local market
conditions to ensure they are pricing their properties competitively.”
listings for detached, attached and apartment properties in Greater
Vancouver totalled 4,374 in October, which is on par with the 10-year
average. This represents an 18.3 per cent increase compared to October
2010, when 3,698 properties were listed for sale on the MLS®, and a 23
per cent decrease compared to the 5,680 new listings reported in
total number of properties listed for sale on the Greater Vancouver
MLS® system currently sits at 15,377, which is 9.3 per cent higher than
the 14,075 properties listed for sale during the same period last year.
October was the first month that the total number of property listings
showed a decrease this year.
MLSLink® Housing Price Index (HPI) benchmark price for all residential
properties in Greater Vancouver over the last 12 months has increased
7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010.
However, since reaching a peak in June of $630,921, the benchmark price
for all residential properties in the region has declined 1.3 per cent.
of detached properties in October reached 974, which represents
virtually no change from the 976 detached sales recorded in October
2010, and a 34.5 per cent decrease from the 1,487 units sold in October
2009. The benchmark price for detached properties increased 11 per cent
from October 2010 to $884,778, but decreased 1.3 per cent compared to
the previous month.
of apartment properties reached 958 in October, a 2.6 per cent decrease
compared to the 984 sales in October 2010, and a decrease of 40.4 per
cent compared to the 1,607 sales in October 2009. The benchmark price of
an apartment property increased 3.2 per cent from October 2010 to
$402,702, but decreased 0.7 per cent compared to the previous month.
property sales in October totalled 382, a 1.3 per cent increase
compared to the 377 sales in October 2010, and a 37.4 per cent decrease
from the 610 attached properties sold in October 2009. The benchmark
price of an attached unit increased 6.5 per cent between October 2010
and 2011 to $519,455, and increased half a per cent compared to the
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