REBGV Stats Package, May 2011 - Burnaby Condo
News Release FOR IMMEDIATE RELEASE
Greater Vancouver housing market holds steady and favours sellers in May VANCOUVER, B.C. – June 2, 2011 – Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011. Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year. “With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said. New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011. At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010. “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.” Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area. Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833. Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419. Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787. -30The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 Fax: (604) 730-3102 E-mail: [email protected]
also available at www.realtylink.org
MLSLINK HOUSING PRICE INDEX
Preliminary Report
May 2011 PROPERTY TYPE Residential Detached
Attached
AREA Greater Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Port Moody Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows
Apartment
North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows
New Westminster North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West West Vancouver
BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR 10 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE CHANGE (+/-) PRICE % % % % $627,568 0.5% $622,123 265.06 6.2 10.4 33.8 167.1 $890,833 1.0% $878,893 263.1 10.0 15.5 40.1 165.3 $907,208 1.8% $897,654 267.0 15.1 17.3 38.2 164.6 $707,257 4.4% $700,564 248.8 5.5 5.7 28.5 147.2 $727,723 3.5% $716,607 237.8 9.5 8.4 27.2 138.4 $467,938 2.8% $464,104 213.5 1.4 1.8 18.9 114.9 $651,359 3.4% $625,971 268.5 5.7 7.4 34.2 165.1 $978,962 2.1% $960,558 244.5 4.6 5.8 30.4 145.1 $552,992 7.1% $539,727 227.0 6.8 11.7 35.5 128.2 $583,054 4.7% $574,498 246.4 1.4 7.6 23.7 148.9 $729,415 11.2% $721,411 219.3 -8.2 -4.8 25.9 131.5 $1,122,112 1.9% $1,108,749 331.3 25.8 40.5 77.7 235.1 $548,035 8.1% $496,204 208.2 12.1 -6.9 36.2 115.6 $414,141 5.8% $422,391 235.6 -3.8 -4.2 10.6 146.3 $824,293 1.7% $812,844 279.2 9.0 18.5 38.8 179.1 $1,921,801 2.0% $1,935,499 318.9 14.4 35.9 72.2 227.8 $1,713,305 2.9% $1,625,738 252.4 20.1 14.2 42.2 158.3 $517,787 0.8% $514,499 251.1 3.5 8.1 30.6 155.2 $512,568 1.4% $506,280 256.8 4.0 11.5 31.8 162.1 $446,697 2.0% $445,270 241.0 -1.5 3.8 24.2 145.4 $478,206 6.9% $482,787 256.1 2.1 1.5 37.2 185.6 $311,298 2.0% $309,179 215.9 -0.2 -2.5 15.9 108.3 $631,743 2.7% $634,277 247.2 0.4 5.0 24.4 157.0 $413,243 2.8% $409,034 227.2 2.1 4.6 20.5 139.0 $425,666 3.9% $416,300 254.0 1.8 1.1 22.1 152.7 $562,253 1.4% $558,233 271.1 8.2 19.5 44.6 176.4 $565,128 3.0% $554,149 264.2 6.3 7.4 42.1 159.9 $795,768 2.8% $799,642 284.0 4.0 7.1 30.3 191.2 $407,419 0.6% $406,849 265.0 2.2 4.6 26.7 168.9 $368,532 1.1% $367,898 275.5 3.9 5.5 28.5 179.9 $302,867 2.1% $301,500 258.3 2.0 1.6 20.9 165.3 $369,350 4.8% $378,392 240.5 0.0 2.5 31.7 132.4 $244,100 3.4% $247,099 259.2 -4.2 -7.3 15.7 168.7 $303,508 2.0% $307,483 246.5 1.8 -0.2 25.1 144.6 $391,963 2.2% $390,850 249.4 -3.4 -2.6 20.0 143.5 $257,857 2.0% $254,226 302.0 2.1 -3.1 22.3 202.2 $303,265 3.0% $301,555 258.8 -4.1 -0.4 13.7 156.0 $364,432 1.3% $362,903 296.2 5.7 12.1 36.4 205.3 $343,677 2.0% $344,876 281.4 1.7 2.8 29.0 190.6 $524,766 1.0% $523,061 266.9 2.7 6.8 27.3 173.4 $672,903 6.8% $662,701 241.5 0.8 5.8 10.7 142.5
HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or - percentage of the benchmark price, there is a 90% probability the sale price of a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = Sales sample too small; Price information not reported.
May 2011 Jan 2011 Sep 2010 May 2010 Jan 2010 Sep 2009
Sep 2008 Apartment
May 2008 Jan 2008 Sep 2007 May 2007 Jan 2007
Attached
Sep 2006 May 2006 Jan 2006 Sep 2005 May 2005
Detached
Jan 2005 Sep 2004 May 2004 Jan 2004 Sep 2003 May 2003 Jan 2003 May 2002 Jan 2002 Sep 2001 80
100
120
140
160
180
200
220
240
May 2001 260
Year 2001 average = 100
Sep 2002
280
C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS® Housing
Jan 2009
Price Index
Price Index - Greater Vancouver 10 Year Trend
May 2009
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
$778,000
$472,000
$342,500
Attached
Apartment
379
Attached
Detached
513
Detached
808
$349,000
Apartment
Apartment
$489,500
Attached
399
Attached
$881,750
655
Detached
Detached
$347,500
Apartment
814
$479,500
Apartment
$810,000
Attached
88
Attached
Detached
115
Detached
179
$358,800
Apartment
Apartment
$493,888
98
Attached
$910,000
150
Detached
Attached
$348,000
Apartment
Detached
$497,500
Attached
155
$910,000
Detached
Apartment
197
84
Attached
Apartment
164
Detached
2011
Coquit lam $275,000
$462,250
$660,000
321
208
486
$287,700
$450,450
$706,300
307
284
616
$295,000
$456,400
$660,750
57
57
118
$300,000
$469,900
$725,500
72
63
143
$310,000
$449,900
$730,000
61
78
153
Delta South $325,000
$409,000
$635,000
71
31
230
$331,000
$444,500
$648,000
66
36
321
n/a
n/a
$643,000
16
8
71
n/a
n/a
$688,500
12
9
48
n/a
n/a
$659,900
16
5
61
Islands - Gulf n/a
n/a
n/a
0
0
11
n/a
n/a
n/a
0
1
11
n/a
n/a
n/a
0
0
3
n/a
n/a
n/a
0
1
2
n/a
n/a
n/a
0
0
4
$232,000
$306,750
$488,000
132
202
517
$214,700
$309,900
$475,350
118
237
481
$221,000
$295,000
$481,250
27
33
111
$210,000
$311,368
$474,500
26
56
89
$212,000
$302,000
$498,750
23
65 74
19
41
$295,000
$413,250
$615,000
400
50
137
$310,000
$406,000
$615,000
378
65
158
$301,000
n/a
$590,000
97
12
36
$323,000
n/a
$615,000
80
11
39
$307,500
n/a
$666,400
Maple R id g e/Pitt M eadow s 96
$379,250
$619,900
$888,000
398
189
428
$365,000
$625,000
$931,000
369
183
573
$382,500
$578,000
$902,000
101
40
94
$371,500
$640,000
$950,000
68
48
133
$381,000
$622,500
$959,000
69
34
149
North Vanco uver
Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands
Year-to-date
Jan. May. 2010
Year-to-date
Jan. May. 2011
May 2010
April 2011
May 2011
Number of Sales
May 2011
18
Port C oquitla m $237,000
$386,000
$525,250
168
115
202
$243,750
$383,900
$535,750
140
109
225
$233,500
$388,000
$518,750
36
28
50
$247,000
$385,000
$544,100
27
24
43
$270,000
$374,000
$551,050
38
21
60
Port M oody/B elcarra $350,000
$485,900
$775,750
132
99
100
$345,000
$419,000
$830,000
131
101
106
$345,500
$503,000
$761,000
27
23
21
$335,500
$412,000
$827,200
26
24
23
$335,000
$472,000
$816,000
25
22
28
Richm ond $331,500
$480,000
$836,100
874
531
823
$354,000
$539,900
$995,500
804
527
953
$350,313
$495,000
$850,000
171
113
156
$349,900
$545,000
$940,500
134
108
143
$377,000
$565,000
$990,000
135
103
135
Squam ish $267,000
$410,000
$504,750
35
41
82
n/a
$357,627
$475,750
19
43
82
n/a
n/a
$419,250
6
10
24
n/a
n/a
n/a
6
17
18
n/a
n/a
$500,000
5
10
23
n/a
$279,500
$415,000
17
24
214
$271,000
$266,250
$399,500
21
24
176
n/a
n/a
$418,500
1
4
58
n/a
n/a
$388,000
5
7
33
n/a
n/a
$403,950
7
6
44
Sunsh ine Co ast
5
y
Burnab
er New W estmin st
Vanco uver E ast $328,000
$570,300
$742,250
589
194
774
$341,000
$606,021
$800,000
554
200
873
$325,750
$561,000
$740,000
123
40
175
$346,000
$590,000
$820,000
102
47
171
$342,450
$619,000
$843,500
100
38
211
Vanco uver W est $465,000
$799,000
$1,720,000
2,061
303
783
$488,000
$870,000
$2,042,500
2,103
368
1,097
$463,600
$805,000
$1,688,000
495
67
150
$485,000
$890,000
$2,060,000
451
95
214
$500,000
$797,500
$2,050,000
441
70
228
$725,000
$915,000
$1,460,000
73
36
313
$745,000
$1,138,500
$1,700,000
110
30
598
n/a
n/a
$1,487,500
17
10
64
$785,000
n/a
$1,910,000
31
4
141
$845,000
n/a
$1,910,000
27
7
167
6
36
59
37
n/a
n/a
n/a
1
13
10
n/a
n/a
n/a
6
10
12
n/a
n/a
n/a
10
17
n/a
$477,500
$965,000
18
52
37
$238,750
$600,000
$930,000
Sound Wes t V a n couve r/Howe
MLS® SALES Facts
Whistl er/Pem berton n/a
6,097
2,454
5,650
n/a
5,970
2,666
6,962
n/a
1,354
546
1,256
n/a
1,201
622
1,402
n/a
1,228
579
1,570
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
47%
54%
46%
Apartment
705
Attached
Attached
1,087
Detached
Detached
54%
Apartment
1,762
59%
Apartment
69%
677
Attached
Attached
947
Detached
Detached
46%
Apartment
1,497
50%
Attached
Apartment
50%
175
Attached
Detached
229
Detached
389
55%
Apartment
Apartment
72%
136
Attached
78%
193
Detached
Attached
59%
Apartment
Detached
56%
Attached
283
74%
Detached
Apartment
334
151
Attached
Apartment
221
Detached
2011
Coquit lam 41%
52%
44%
784
397
1,101
44%
68%
60%
704
419
1,026
36%
68%
48%
159
84
246
60%
82%
64%
120
77
225
43%
85%
70%
141
92
219
Delta South 52%
41%
52%
137
76
444
65%
59%
66%
102
61
487
55%
40%
83%
29
20
86
52%
100%
59%
23
9
81
84%
50%
65%
19
10
94
Islands - Gulf 0%
0%
13%
2
17
85
0%
n/a
14%
10
0
77
n/a
0%
15%
0
17
20
n/a
n/a
13%
0
0
16
0%
n/a
22%
8
0
18
37%
54%
44%
353
377
1,187
37%
58%
46%
321
408
1,035
44%
42%
41%
62
78
270
40%
67%
42%
65
84
210
43%
93%
44%
54
70
219
Maple R id g e/Pitt M eadow s 46%
77%
50%
871
65
275
49%
64%
68%
771
102
233
52%
86%
54%
185
14
67
55%
55%
87%
145
20
45
44%
100%
91%
168
19
45
* Year-to-date listings represent a cumulative total of listings rather than total active listings.
Year-to-date*
Jan. May. 2010
Year-to-date*
Jan. May. 2011
May 2010
April 2011
May 2011
Number of Listings
May 2011
18
North Vanco uver 42%
56%
45%
937
340
952
44%
60%
61%
836
306
932
44%
51%
42%
227
78
224
36%
84%
69%
188
57
193
41%
55%
74%
170
62
202
Port C oquitla m 48%
54%
47%
348
214
429
44%
57%
65%
321
190
347
61%
55%
60%
59
51
83
52%
62%
61%
52
39
71
67%
58%
81%
57
36
74
Port M oody/B elcarra 36%
51%
38%
368
193
266
43%
57%
48%
303
178
219
39%
42%
31%
70
55
67
52%
59%
59%
50
41
39
42%
63%
64%
59
35
44
Richm ond 50%
57%
50%
1,750
939
1,640
53%
56%
47%
1,531
946
2,024
45%
55%
41%
384
206
377
42%
45%
35%
322
239
408
46%
51%
39%
296
203
344
Squam ish 35%
37%
34%
101
110
241
16%
41%
36%
117
104
225
17%
43%
33%
36
23
73
55%
74%
38%
11
23
48
19%
83%
59%
26
12
39
Sunsh ine Co ast 30%
34%
30%
56
70
710
23%
42%
28%
91
57
639
20%
27%
38%
5
15
154
8%
39%
25%
60
18
130
64%
86%
31%
11
7
142
51%
50%
48%
1,162
386
1,623
57%
63%
63%
977
320
1,376
57%
43%
45%
215
94
385
55%
85%
59%
186
55
291
51%
52%
78%
198
73
269
Vanco uver E ast
5
y
Burnab
er New W estmin st
Vanco uver W est 43%
40%
48%
4,772
749
1,643
53%
55%
62%
4,004
675
1,777
48%
37%
39%
1,025
182
385
60%
79%
60%
756
121
358
56%
48%
67%
788
145
338
Sound 36%
42%
37%
205
85
852
58%
49%
62%
191
61
967
38%
59%
28%
45
17
226
86%
44%
71%
36
9
200
68%
41%
63%
40
17
264
Wes t V a n couve r/Howe
MLS® LISTINGS Facts
10%
25%
23%
186
205
162
22%
30%
31%
161
199
118
3%
28%
26%
38
46
39
25%
19%
32%
24
52
38
32%
46%
20%
31
37
30
Whistl er/Pem berton n/a
13,794
4,928
12,697
n/a
11,937
4,703
12,429
n/a
2,928
1,155
2,931
n/a
2,321
980
2,546
n/a
2,400
969
2,562
Listing & Sales Activity Summary Listings
Sales
1 May 2010
2 Apr 2011
3 May 2011
5 May 2010
6 Apr 2011
7 May 2011
229 175 389
193 136 283
221 151 334
14.5 11.0 18.0
115 88 179
150 98 155
164 84 197
9.3 -14.3 27.1
368 261 552
474 285 543
28.8 9.2 -1.6
246 84 159
225 77 120
219 92 141
-2.7 19.5 17.5
118 57 57
143 63 72
153 78 61
7.0 23.8 -15.3
326 148 210
443 196 207
35.9 32.4 -1.4
86 20 29
81 9 23
94 10 19
16.0 11.1 -17.4
71 8 16
48 9 12
61 5 16
27.1 -44.4 33.3
176 24 43
218 26 45
23.9 8.3 4.7
270 78 62
210 84 65
219 70 54
4.3 -16.7 -16.9
111 33 27
89 56 26
96 65 23
7.9 16.1 -11.5
360 129 90
309 179 83
-14.2 38.8 -7.8
224 78 227
193 57 188
202 62 170
4.7 8.8 -9.6
94 40 101
133 48 68
149 34 69
12.0 -29.2 1.5
310 134 278
416 125 250
34.2 -6.7 -10.1
67 14 185
45 20 145
45 19 168
0.0 -5.0 15.9
36 12 97
39 11 80
41 19 74
5.1 72.7 -7.5
106 33 280
116 49 252
9.4 48.5 -10.0
67 55 70
39 41 50
44 35 59
12.8 -14.6 18.0
21 23 27
23 24 26
28 22 25
21.7 -8.3 -3.8
77 70 85
81 65 91
5.2 -7.1 7.1
83 51 59
71 39 52
74 36 57
4.2 -7.7 9.6
50 28 36
43 24 27
60 21 38
39.5 -12.5 40.7
137 90 118
163 72 108
19.0 -20.0 -8.5
377 206 384
408 239 322
344 203 296
-15.7 -15.1 -8.1
156 113 171
143 108 134
135 103 135
-5.6 -4.6 0.7
556 378 578
540 353 499
-2.9 -6.6 -13.7
154 15 5
130 18 60
142 7 11
9.2 -61.1 -81.7
58 4 1
33 7 5
44 6 7
33.3 -14.3 40.0
154 15 10
121 16 15
-21.4 6.7 50.0
73 23 36
48 23 11
39 12 26
-18.8 -47.8 136.4
24 10 6
18 17 6
23 10 5
27.8 -41.2 -16.7
63 32 22
62 35 14
-1.6 9.4 -36.4
385 94 215
291 55 186
269 73 198
-7.6 32.7 6.5
175 40 123
171 47 102
211 38 100
23.4 -19.1 -2.0
517 122 387
609 143 364
17.8 17.2 -5.9
385 182 1025
358 121 756
338 145 788
-5.6 19.8 4.2
150 67 495
214 95 451
228 70 441
6.5 -26.3 -2.2
551 219 1421
721 255 1473
30.9 16.4 3.7
39 46 38
38 52 24
30 37 31
-21.1 -28.8 29.2
10 13 1
12 10 6
6 17 10
-50.0 70.0 66.7
24 33 9
28 42 23
16.7 27.3 155.6
226 17 45
200 9 36
264 17 40
32.0 88.9 11.1
64 10 17
141 4 31
167 7 27
18.4 75.0 -12.9
227 23 49
460 22 84
102.6 -4.3 71.4
2911 1138 2928
2530 980 2321
2544 969 2392
0.6 -1.1 3.1
1253 546 1354
1400 621 1201
1566 579 1228
11.9 -6.8 2.2
3952 1711 4132
4761 1863 4051
20.5 8.9 -2.0
BURNABY DETACHED ATTACHED APARTMENTS
Col. 2 & 3 Percentage Variance
%
Col. 6 & 7 Percentage Variance
9 Mar 2010 May 2010
10 Mar 2011 May 2011
%
Col. 9 & 10 Percentage Variance
%
COQUITLAM DETACHED ATTACHED APARTMENTS
DELTA DETACHED ATTACHED APARTMENTS
MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS
NORTH VANCOUVER DETACHED ATTACHED APARTMENTS
NEW WESTMINSTER DETACHED ATTACHED APARTMENTS
PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS
PORT COQUITLAM DETACHED ATTACHED APARTMENTS
RICHMOND DETACHED ATTACHED APARTMENTS
SUNSHINE COAST DETACHED ATTACHED APARTMENTS
SQUAMISH DETACHED ATTACHED APARTMENTS
VANCOUVER EAST DETACHED ATTACHED APARTMENTS
VANCOUVER WEST DETACHED ATTACHED APARTMENTS
WHISTLER DETACHED ATTACHED APARTMENTS
WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS
GRAND TOTALS DETACHED ATTACHED APARTMENTS
0
200
400
600
800
1000
1200
1400
DETACHED
CONDOMINIUM
ATTACHED
APARTMENTS
$465,422
$555,057
$1,223,421
NOTE: From 1977 - 1984 condominium averages were not separated into attached & apartment.
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
IN THOUSANDS ($)
Residential Average Sale Prices - January 1977 to May 2011
Greater Vancouver housing market holds steady and favours sellers in May VANCOUVER, B.C. – June 2, 2011 – Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011. Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year. “With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said. New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011. At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010. “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.” Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area. Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833. Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419. Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787. -30The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 Fax: (604) 730-3102 E-mail: [email protected]
also available at www.realtylink.org
MLSLINK HOUSING PRICE INDEX
Preliminary Report
May 2011 PROPERTY TYPE Residential Detached
Attached
AREA Greater Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Port Moody Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows
Apartment
North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows
New Westminster North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West West Vancouver
BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR 10 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE CHANGE (+/-) PRICE % % % % $627,568 0.5% $622,123 265.06 6.2 10.4 33.8 167.1 $890,833 1.0% $878,893 263.1 10.0 15.5 40.1 165.3 $907,208 1.8% $897,654 267.0 15.1 17.3 38.2 164.6 $707,257 4.4% $700,564 248.8 5.5 5.7 28.5 147.2 $727,723 3.5% $716,607 237.8 9.5 8.4 27.2 138.4 $467,938 2.8% $464,104 213.5 1.4 1.8 18.9 114.9 $651,359 3.4% $625,971 268.5 5.7 7.4 34.2 165.1 $978,962 2.1% $960,558 244.5 4.6 5.8 30.4 145.1 $552,992 7.1% $539,727 227.0 6.8 11.7 35.5 128.2 $583,054 4.7% $574,498 246.4 1.4 7.6 23.7 148.9 $729,415 11.2% $721,411 219.3 -8.2 -4.8 25.9 131.5 $1,122,112 1.9% $1,108,749 331.3 25.8 40.5 77.7 235.1 $548,035 8.1% $496,204 208.2 12.1 -6.9 36.2 115.6 $414,141 5.8% $422,391 235.6 -3.8 -4.2 10.6 146.3 $824,293 1.7% $812,844 279.2 9.0 18.5 38.8 179.1 $1,921,801 2.0% $1,935,499 318.9 14.4 35.9 72.2 227.8 $1,713,305 2.9% $1,625,738 252.4 20.1 14.2 42.2 158.3 $517,787 0.8% $514,499 251.1 3.5 8.1 30.6 155.2 $512,568 1.4% $506,280 256.8 4.0 11.5 31.8 162.1 $446,697 2.0% $445,270 241.0 -1.5 3.8 24.2 145.4 $478,206 6.9% $482,787 256.1 2.1 1.5 37.2 185.6 $311,298 2.0% $309,179 215.9 -0.2 -2.5 15.9 108.3 $631,743 2.7% $634,277 247.2 0.4 5.0 24.4 157.0 $413,243 2.8% $409,034 227.2 2.1 4.6 20.5 139.0 $425,666 3.9% $416,300 254.0 1.8 1.1 22.1 152.7 $562,253 1.4% $558,233 271.1 8.2 19.5 44.6 176.4 $565,128 3.0% $554,149 264.2 6.3 7.4 42.1 159.9 $795,768 2.8% $799,642 284.0 4.0 7.1 30.3 191.2 $407,419 0.6% $406,849 265.0 2.2 4.6 26.7 168.9 $368,532 1.1% $367,898 275.5 3.9 5.5 28.5 179.9 $302,867 2.1% $301,500 258.3 2.0 1.6 20.9 165.3 $369,350 4.8% $378,392 240.5 0.0 2.5 31.7 132.4 $244,100 3.4% $247,099 259.2 -4.2 -7.3 15.7 168.7 $303,508 2.0% $307,483 246.5 1.8 -0.2 25.1 144.6 $391,963 2.2% $390,850 249.4 -3.4 -2.6 20.0 143.5 $257,857 2.0% $254,226 302.0 2.1 -3.1 22.3 202.2 $303,265 3.0% $301,555 258.8 -4.1 -0.4 13.7 156.0 $364,432 1.3% $362,903 296.2 5.7 12.1 36.4 205.3 $343,677 2.0% $344,876 281.4 1.7 2.8 29.0 190.6 $524,766 1.0% $523,061 266.9 2.7 6.8 27.3 173.4 $672,903 6.8% $662,701 241.5 0.8 5.8 10.7 142.5
HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or - percentage of the benchmark price, there is a 90% probability the sale price of a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = Sales sample too small; Price information not reported.
May 2011 Jan 2011 Sep 2010 May 2010 Jan 2010 Sep 2009
Sep 2008 Apartment
May 2008 Jan 2008 Sep 2007 May 2007 Jan 2007
Attached
Sep 2006 May 2006 Jan 2006 Sep 2005 May 2005
Detached
Jan 2005 Sep 2004 May 2004 Jan 2004 Sep 2003 May 2003 Jan 2003 May 2002 Jan 2002 Sep 2001 80
100
120
140
160
180
200
220
240
May 2001 260
Year 2001 average = 100
Sep 2002
280
C:\DATA\MonthEnd\Hpi\export\hi_res\gv-hpi2.tif MLS® Housing
Jan 2009
Price Index
Price Index - Greater Vancouver 10 Year Trend
May 2009
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
Number of Sales
Median Selling Price
$778,000
$472,000
$342,500
Attached
Apartment
379
Attached
Detached
513
Detached
808
$349,000
Apartment
Apartment
$489,500
Attached
399
Attached
$881,750
655
Detached
Detached
$347,500
Apartment
814
$479,500
Apartment
$810,000
Attached
88
Attached
Detached
115
Detached
179
$358,800
Apartment
Apartment
$493,888
98
Attached
$910,000
150
Detached
Attached
$348,000
Apartment
Detached
$497,500
Attached
155
$910,000
Detached
Apartment
197
84
Attached
Apartment
164
Detached
2011
Coquit lam $275,000
$462,250
$660,000
321
208
486
$287,700
$450,450
$706,300
307
284
616
$295,000
$456,400
$660,750
57
57
118
$300,000
$469,900
$725,500
72
63
143
$310,000
$449,900
$730,000
61
78
153
Delta South $325,000
$409,000
$635,000
71
31
230
$331,000
$444,500
$648,000
66
36
321
n/a
n/a
$643,000
16
8
71
n/a
n/a
$688,500
12
9
48
n/a
n/a
$659,900
16
5
61
Islands - Gulf n/a
n/a
n/a
0
0
11
n/a
n/a
n/a
0
1
11
n/a
n/a
n/a
0
0
3
n/a
n/a
n/a
0
1
2
n/a
n/a
n/a
0
0
4
$232,000
$306,750
$488,000
132
202
517
$214,700
$309,900
$475,350
118
237
481
$221,000
$295,000
$481,250
27
33
111
$210,000
$311,368
$474,500
26
56
89
$212,000
$302,000
$498,750
23
65 74
19
41
$295,000
$413,250
$615,000
400
50
137
$310,000
$406,000
$615,000
378
65
158
$301,000
n/a
$590,000
97
12
36
$323,000
n/a
$615,000
80
11
39
$307,500
n/a
$666,400
Maple R id g e/Pitt M eadow s 96
$379,250
$619,900
$888,000
398
189
428
$365,000
$625,000
$931,000
369
183
573
$382,500
$578,000
$902,000
101
40
94
$371,500
$640,000
$950,000
68
48
133
$381,000
$622,500
$959,000
69
34
149
North Vanco uver
Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands
Year-to-date
Jan. May. 2010
Year-to-date
Jan. May. 2011
May 2010
April 2011
May 2011
Number of Sales
May 2011
18
Port C oquitla m $237,000
$386,000
$525,250
168
115
202
$243,750
$383,900
$535,750
140
109
225
$233,500
$388,000
$518,750
36
28
50
$247,000
$385,000
$544,100
27
24
43
$270,000
$374,000
$551,050
38
21
60
Port M oody/B elcarra $350,000
$485,900
$775,750
132
99
100
$345,000
$419,000
$830,000
131
101
106
$345,500
$503,000
$761,000
27
23
21
$335,500
$412,000
$827,200
26
24
23
$335,000
$472,000
$816,000
25
22
28
Richm ond $331,500
$480,000
$836,100
874
531
823
$354,000
$539,900
$995,500
804
527
953
$350,313
$495,000
$850,000
171
113
156
$349,900
$545,000
$940,500
134
108
143
$377,000
$565,000
$990,000
135
103
135
Squam ish $267,000
$410,000
$504,750
35
41
82
n/a
$357,627
$475,750
19
43
82
n/a
n/a
$419,250
6
10
24
n/a
n/a
n/a
6
17
18
n/a
n/a
$500,000
5
10
23
n/a
$279,500
$415,000
17
24
214
$271,000
$266,250
$399,500
21
24
176
n/a
n/a
$418,500
1
4
58
n/a
n/a
$388,000
5
7
33
n/a
n/a
$403,950
7
6
44
Sunsh ine Co ast
5
y
Burnab
er New W estmin st
Vanco uver E ast $328,000
$570,300
$742,250
589
194
774
$341,000
$606,021
$800,000
554
200
873
$325,750
$561,000
$740,000
123
40
175
$346,000
$590,000
$820,000
102
47
171
$342,450
$619,000
$843,500
100
38
211
Vanco uver W est $465,000
$799,000
$1,720,000
2,061
303
783
$488,000
$870,000
$2,042,500
2,103
368
1,097
$463,600
$805,000
$1,688,000
495
67
150
$485,000
$890,000
$2,060,000
451
95
214
$500,000
$797,500
$2,050,000
441
70
228
$725,000
$915,000
$1,460,000
73
36
313
$745,000
$1,138,500
$1,700,000
110
30
598
n/a
n/a
$1,487,500
17
10
64
$785,000
n/a
$1,910,000
31
4
141
$845,000
n/a
$1,910,000
27
7
167
6
36
59
37
n/a
n/a
n/a
1
13
10
n/a
n/a
n/a
6
10
12
n/a
n/a
n/a
10
17
n/a
$477,500
$965,000
18
52
37
$238,750
$600,000
$930,000
Sound Wes t V a n couve r/Howe
MLS® SALES Facts
Whistl er/Pem berton n/a
6,097
2,454
5,650
n/a
5,970
2,666
6,962
n/a
1,354
546
1,256
n/a
1,201
622
1,402
n/a
1,228
579
1,570
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
Number of Listings
% Sales to Listings
47%
54%
46%
Apartment
705
Attached
Attached
1,087
Detached
Detached
54%
Apartment
1,762
59%
Apartment
69%
677
Attached
Attached
947
Detached
Detached
46%
Apartment
1,497
50%
Attached
Apartment
50%
175
Attached
Detached
229
Detached
389
55%
Apartment
Apartment
72%
136
Attached
78%
193
Detached
Attached
59%
Apartment
Detached
56%
Attached
283
74%
Detached
Apartment
334
151
Attached
Apartment
221
Detached
2011
Coquit lam 41%
52%
44%
784
397
1,101
44%
68%
60%
704
419
1,026
36%
68%
48%
159
84
246
60%
82%
64%
120
77
225
43%
85%
70%
141
92
219
Delta South 52%
41%
52%
137
76
444
65%
59%
66%
102
61
487
55%
40%
83%
29
20
86
52%
100%
59%
23
9
81
84%
50%
65%
19
10
94
Islands - Gulf 0%
0%
13%
2
17
85
0%
n/a
14%
10
0
77
n/a
0%
15%
0
17
20
n/a
n/a
13%
0
0
16
0%
n/a
22%
8
0
18
37%
54%
44%
353
377
1,187
37%
58%
46%
321
408
1,035
44%
42%
41%
62
78
270
40%
67%
42%
65
84
210
43%
93%
44%
54
70
219
Maple R id g e/Pitt M eadow s 46%
77%
50%
871
65
275
49%
64%
68%
771
102
233
52%
86%
54%
185
14
67
55%
55%
87%
145
20
45
44%
100%
91%
168
19
45
* Year-to-date listings represent a cumulative total of listings rather than total active listings.
Year-to-date*
Jan. May. 2010
Year-to-date*
Jan. May. 2011
May 2010
April 2011
May 2011
Number of Listings
May 2011
18
North Vanco uver 42%
56%
45%
937
340
952
44%
60%
61%
836
306
932
44%
51%
42%
227
78
224
36%
84%
69%
188
57
193
41%
55%
74%
170
62
202
Port C oquitla m 48%
54%
47%
348
214
429
44%
57%
65%
321
190
347
61%
55%
60%
59
51
83
52%
62%
61%
52
39
71
67%
58%
81%
57
36
74
Port M oody/B elcarra 36%
51%
38%
368
193
266
43%
57%
48%
303
178
219
39%
42%
31%
70
55
67
52%
59%
59%
50
41
39
42%
63%
64%
59
35
44
Richm ond 50%
57%
50%
1,750
939
1,640
53%
56%
47%
1,531
946
2,024
45%
55%
41%
384
206
377
42%
45%
35%
322
239
408
46%
51%
39%
296
203
344
Squam ish 35%
37%
34%
101
110
241
16%
41%
36%
117
104
225
17%
43%
33%
36
23
73
55%
74%
38%
11
23
48
19%
83%
59%
26
12
39
Sunsh ine Co ast 30%
34%
30%
56
70
710
23%
42%
28%
91
57
639
20%
27%
38%
5
15
154
8%
39%
25%
60
18
130
64%
86%
31%
11
7
142
51%
50%
48%
1,162
386
1,623
57%
63%
63%
977
320
1,376
57%
43%
45%
215
94
385
55%
85%
59%
186
55
291
51%
52%
78%
198
73
269
Vanco uver E ast
5
y
Burnab
er New W estmin st
Vanco uver W est 43%
40%
48%
4,772
749
1,643
53%
55%
62%
4,004
675
1,777
48%
37%
39%
1,025
182
385
60%
79%
60%
756
121
358
56%
48%
67%
788
145
338
Sound 36%
42%
37%
205
85
852
58%
49%
62%
191
61
967
38%
59%
28%
45
17
226
86%
44%
71%
36
9
200
68%
41%
63%
40
17
264
Wes t V a n couve r/Howe
MLS® LISTINGS Facts
10%
25%
23%
186
205
162
22%
30%
31%
161
199
118
3%
28%
26%
38
46
39
25%
19%
32%
24
52
38
32%
46%
20%
31
37
30
Whistl er/Pem berton n/a
13,794
4,928
12,697
n/a
11,937
4,703
12,429
n/a
2,928
1,155
2,931
n/a
2,321
980
2,546
n/a
2,400
969
2,562
Listing & Sales Activity Summary Listings
Sales
1 May 2010
2 Apr 2011
3 May 2011
5 May 2010
6 Apr 2011
7 May 2011
229 175 389
193 136 283
221 151 334
14.5 11.0 18.0
115 88 179
150 98 155
164 84 197
9.3 -14.3 27.1
368 261 552
474 285 543
28.8 9.2 -1.6
246 84 159
225 77 120
219 92 141
-2.7 19.5 17.5
118 57 57
143 63 72
153 78 61
7.0 23.8 -15.3
326 148 210
443 196 207
35.9 32.4 -1.4
86 20 29
81 9 23
94 10 19
16.0 11.1 -17.4
71 8 16
48 9 12
61 5 16
27.1 -44.4 33.3
176 24 43
218 26 45
23.9 8.3 4.7
270 78 62
210 84 65
219 70 54
4.3 -16.7 -16.9
111 33 27
89 56 26
96 65 23
7.9 16.1 -11.5
360 129 90
309 179 83
-14.2 38.8 -7.8
224 78 227
193 57 188
202 62 170
4.7 8.8 -9.6
94 40 101
133 48 68
149 34 69
12.0 -29.2 1.5
310 134 278
416 125 250
34.2 -6.7 -10.1
67 14 185
45 20 145
45 19 168
0.0 -5.0 15.9
36 12 97
39 11 80
41 19 74
5.1 72.7 -7.5
106 33 280
116 49 252
9.4 48.5 -10.0
67 55 70
39 41 50
44 35 59
12.8 -14.6 18.0
21 23 27
23 24 26
28 22 25
21.7 -8.3 -3.8
77 70 85
81 65 91
5.2 -7.1 7.1
83 51 59
71 39 52
74 36 57
4.2 -7.7 9.6
50 28 36
43 24 27
60 21 38
39.5 -12.5 40.7
137 90 118
163 72 108
19.0 -20.0 -8.5
377 206 384
408 239 322
344 203 296
-15.7 -15.1 -8.1
156 113 171
143 108 134
135 103 135
-5.6 -4.6 0.7
556 378 578
540 353 499
-2.9 -6.6 -13.7
154 15 5
130 18 60
142 7 11
9.2 -61.1 -81.7
58 4 1
33 7 5
44 6 7
33.3 -14.3 40.0
154 15 10
121 16 15
-21.4 6.7 50.0
73 23 36
48 23 11
39 12 26
-18.8 -47.8 136.4
24 10 6
18 17 6
23 10 5
27.8 -41.2 -16.7
63 32 22
62 35 14
-1.6 9.4 -36.4
385 94 215
291 55 186
269 73 198
-7.6 32.7 6.5
175 40 123
171 47 102
211 38 100
23.4 -19.1 -2.0
517 122 387
609 143 364
17.8 17.2 -5.9
385 182 1025
358 121 756
338 145 788
-5.6 19.8 4.2
150 67 495
214 95 451
228 70 441
6.5 -26.3 -2.2
551 219 1421
721 255 1473
30.9 16.4 3.7
39 46 38
38 52 24
30 37 31
-21.1 -28.8 29.2
10 13 1
12 10 6
6 17 10
-50.0 70.0 66.7
24 33 9
28 42 23
16.7 27.3 155.6
226 17 45
200 9 36
264 17 40
32.0 88.9 11.1
64 10 17
141 4 31
167 7 27
18.4 75.0 -12.9
227 23 49
460 22 84
102.6 -4.3 71.4
2911 1138 2928
2530 980 2321
2544 969 2392
0.6 -1.1 3.1
1253 546 1354
1400 621 1201
1566 579 1228
11.9 -6.8 2.2
3952 1711 4132
4761 1863 4051
20.5 8.9 -2.0
BURNABY DETACHED ATTACHED APARTMENTS
Col. 2 & 3 Percentage Variance
%
Col. 6 & 7 Percentage Variance
9 Mar 2010 May 2010
10 Mar 2011 May 2011
%
Col. 9 & 10 Percentage Variance
%
COQUITLAM DETACHED ATTACHED APARTMENTS
DELTA DETACHED ATTACHED APARTMENTS
MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS
NORTH VANCOUVER DETACHED ATTACHED APARTMENTS
NEW WESTMINSTER DETACHED ATTACHED APARTMENTS
PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS
PORT COQUITLAM DETACHED ATTACHED APARTMENTS
RICHMOND DETACHED ATTACHED APARTMENTS
SUNSHINE COAST DETACHED ATTACHED APARTMENTS
SQUAMISH DETACHED ATTACHED APARTMENTS
VANCOUVER EAST DETACHED ATTACHED APARTMENTS
VANCOUVER WEST DETACHED ATTACHED APARTMENTS
WHISTLER DETACHED ATTACHED APARTMENTS
WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS
GRAND TOTALS DETACHED ATTACHED APARTMENTS
0
200
400
600
800
1000
1200
1400
DETACHED
CONDOMINIUM
ATTACHED
APARTMENTS
$465,422
$555,057
$1,223,421
NOTE: From 1977 - 1984 condominium averages were not separated into attached & apartment.
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
IN THOUSANDS ($)
Residential Average Sale Prices - January 1977 to May 2011
