Greater Vancouver housing market hits summer lull
Residential property
sales in Greater Vancouver remained at a 10-year low in July, while the
number of properties being listed for sale continued to edge down and
prices remained relatively stable.
The Real Estate Board
of Greater Vancouver (REBGV) reports that there were 2,098 residential
property sales of detached, attached and apartment properties in July.
That’s an 18.4 per cent decline compared to the 2,571 sales in July 2011
and an 11.2 per cent decline compared to the previous month’s 2,362 sales.
July sales were the
lowest total for that month in the region since 2000. They were 31.2 per
cent below the 10-year July sales average of 3,051.
“People appear to be
cautious about making significant financial decisions right now. While our
local economy appears to be quite robust, there may be some concern about
the impact of international markets and the federal government’s tightening
of mortgage regulations,” says Eugen Klein, REBGV president.
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
4,802 in July, the lowest number of new listings for any month this year.
This represents a 5.8 per cent decline compared to July 2011 when 5,097
properties were newly listed for sale on the Multiple Listing Service®
(MLS®) and a 14.5 per cent decline compared to the 5,617 new listings
reported in June 2012.
At 18,081, the total
number of active residential property listings on the MLS® increased 18.8
per cent from this time last year and decreased 2.2 per cent compared to
the previous month.
“With a
sales-to-actives-listing ratio of 11.6 per cent, conditions have favoured
buyers in our marketplace in recent months,” Klein said. “That means buyers
have more selection to choose from and more time to make a decision. For
sellers, it’s important to price properties competitively. For information
on local market prices, contact your REALTOR®.”
The MLS® Home Price
Index (MLS® HPI) composite benchmark price for all residential properties
in Greater Vancouver over the last 12 months has increased 0.6% to $616,000
and declined 0.7% compared to last month.
Sales of detached
properties on the MLS® in July 2012 reached 787, a decrease of 28.4 per
cent from the 1,099 detached sales recorded in July 2011, and a 13.3 per
cent decrease from the 908 units sold in July 2010. The benchmark price for
detached properties increased 1.4 per cent from July 2011 to $950,200 and
declined 1.2 per cent compared to last month.
Sales of apartment
properties reached 927 in July 2012, a 10.9 per cent decrease compared to
the 1,040 sales in July 2011, and a decrease of 5.3 per cent compared to
the 979 sales in July 2010. The benchmark price of an apartment property
remains unchanged compared to July 2011 at $374,300 and declined 0.5 per
cent compared to last month.
Attached property sales
in July 2012 totalled 384, an 11.1 per cent decrease compared to the 432
sales in July 2011, and a 4.3 per cent increase from the 368 attached
properties sold in July 2010. The benchmark price of an attached unit
decreased 0.5 per cent between July 2011 and 2012 to $468,700 and is
relatively unchanged compared to last month.
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