Below are the Real Estate Board stats for November. As expected, fewer sales and lower prices.
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December 4, 2012
Greater Vancouver residential property sale and listing activity below
10-year averages in November
Over the past six months, the Greater Vancouver housing market has
seen a reduction in the number of homes listed for sale, a gradual
moderation in home prices and a decrease in property sales compared to
The Real Estate Board of Greater Vancouver (REBGV) reports that
residential property sales of detached, attached and apartment
properties reached 1,686 on the regional Multiple Listing Service®
(MLS®) in November, a 28.6 per cent decline compared to the 2,360
sales in November 2011 and a 12.7 per cent decline compared to the
1,931 home sales in October 2012.
November sales were 30.3 per cent below the 10-year November sales
average of 2,420.
“Home sellers appear more inclined to remove their properties from
the market today rather than lower prices to sell their properties. On
the other hand, buyers appear to be expecting prices to moderate” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in
Greater Vancouver totalled 2,758 in November. This represents a 14.4
per cent decline compared to November 2011 when 3,222 properties were
listed for sale on the MLS® and a 36.2 per cent decline compared to
the 4,323 new listings in October 2012.
New listings were 12.9 per cent below the 10-year November average of
At 15,689, the total number of residential property listings on the
MLS® increased 13 per cent from this time last year and declined 9.7
per cent compared to October 2012. Total listings in the region have
declined by nearly 3,000 properties since reaching a peak of 18,493 in
The region sales-to-active-listings ratio was unchanged from
October at 11 per cent.
“Home prices in Greater Vancouver have generally declined between
three and five and a half per cent, depending on property type, since
reaching a peak six months ago,” Klein said. “Changes in home
prices vary per municipality and neighbourhood. It’s good to check
local market statistics with your REALTOR®.”
Since reaching a peak in May of $625,100, the MLS® Home Price Index
composite benchmark price for all residential properties in Greater
Vancouver has declined 4.5 per cent to $596,900. This represents a 1.7
per cent decline when we compared to this time last year.
Sales of detached properties in Greater Vancouver reached 629 in
November, a decrease of 31.3 per cent from the 916 detached sales
recorded in November 2011, and a 40.1 per cent decrease from the 1,050
units sold in November 2010. Since reaching a peak in May, the
benchmark price for a detached property in Greater Vancouver has
declined 5.5 per cent to $914,500.
Sales of apartment properties reached 750 in November 2012, a 25 per
cent decrease compared to the 1,000 sales in November 2011, and a
decrease of 28.7 per cent compared to the 1,052 sales in November
2010. Since reaching a peak in May, the benchmark price for an
apartment property in Greater Vancouver has declined 3.9 per cent to
Attached property sales in November 2012 totalled 307, a 30.9 per cent
decrease compared to the 444 sales in November 2011, and a 24.6 per
cent decrease from the 407 attached properties sold in November 2010.
Since reaching a peak in April, the benchmark price for an attached
property in Greater Vancouver has declined 3.6 per cent to $454,300.
- Of the 15,689 homes currently for sale on the MLSÂ® in Greater
Vancouver, 49.6 per cent are listed for $600,000 or less. Of those,
1,321 are detached properties, 5,039 are condominiums and 1,419 are
- Of the 1,686 homes that sold in Greater Vancouver in November, 273
(16%) sold for $1 million or more.