Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index, continued to experience more stability and less fluctuation compared to the beginning of 2011.

PROPERTY SALES - DOWN:

Residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012.  A decrease of 13.3% compared to the 1,819 sales in January 2011.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

NEW LISTINGS - UP

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9% increase compared to the 4,801 new listings reported in January 2011. 

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544,  an

increase of 20.2% compared to  January 2011.

BENCHMARK PRICE - UP 

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 per cent compared to January 2011.

The benchmark price for detached properties increased 11.3 per cent from January 2011 to $1,034,700.  ($2,204,500 for Westside properties)

The benchmark price of an       apartment property increased 2.4 per cent from January

2011 to $371,500. 

($472,600 for Westside properties)

The benchmark price of a townhome unit declined 0.5 per cent between January 2011 and 2012 to $468,000.

($682,900 for Westside properties)

Spring is around the corner– don’t wait to list your house, if you want to avoid massive competition, as most sellers think of listing in the Spring.

Questions?  Just ask me...Ana (604) 328-6330

BENCHMARK PRICES FOR JANUARY 2012:

The US Federal Reserve ushered in a new era of transparency today.

They  left the federal funds rate unchanged at 0 - 0.25 per cent and projected the need to keep rates "exceptionally low" until 2014, a move beyond the previous conditional commitment of mid-2013.

The Fed’s transition to enhanced transparency can theoretically provide additional stimulus to the economy by influencing expectations of long-term interest rates. Indeed, long-term rates in the US and Canada were lower following the announcement.

However, long-term yields are already so low that the impact on the economy will likely be minimal. The Fed’s commitment may further influence Canadian rates by constraining the ability of the Bank of Canada to raise interest rates without risking a pernicious rise in the Canadian dollar.

 We therefore continue to expect a very low interest rate environment for the foreseeable future.

Copyright British Columbia Real Estate Association. Reprinted with permission.

For the 11th consecutive meeting, the Bank of Canada opted to hold its target overnight rate at 1 per cent. In the statement accompanying the decision, the Bank noted that the global economic outlook is deteriorating, largely due to an expected deep and prolonged recession in Europe. While the Bank expects the Euro-crisis to be contained, it will impact the Canadian economy this year, and the Bank is forecasting GDP growth of just 2 per cent in 2012. On inflation, the Bank anticipates that both total and core inflation will moderate this year before rising to 2 per cent by the third quarter of 2013.

Our view of the economy is largely in-line with the Bank of Canada, indeed our forecast for economic growth is almost identical. The Canadian economy is likely to face a number of headwinds in 2012, both externally from the Euro-debt saga and an uncertain US economy, and internally as traditional sources of growth begin to fade. Indeed, it is difficult to see where economic growth will come from in 2012 if, as expected, Canadian consumption slows , Governments begin address fiscal gaps and residential construction moderates. This leaves private business investment to drive the economy, but given a murky demand outlook, it is far from certain that businesses will be in the mood to take on significant new projects.   Given the extent of downside risks to the Canadian economy, it is unlikely that the Bank of Canada will move on interest rates in 2012. Moreover, long-term rates will remain at historically low levels until confidence is restored in the sovereign debt of Europe. 

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. 

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010. Last year’s home sale total was 6.3 per cent below the ten-year average for annual MLS® sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010.. Last year’s listing total was 11.1 per cent above the ten-year average for annual MLS® property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

New listings for detached, attached and apartment properties in Greater

Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010.  The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.

To summarize, prices last year were up last year, as follows:

+11.2% for houses

+3.7% for townhouses & duplexes

+4.2% for condominiums

So real estate is still a very solid investment, as you can see; houses being the top earner.  If you’re looking to purchase a property and you hold on to it for minimum 5 years, the stats show that you will get a decent return on your investment, plus you have a place live in at the same time. 

Questions? Just ask me!               ANA (604) 328-6330   

Courtesy of the REAL ESTATE  BOARD OF Greater Vancouver

BENCHMARK PRICES AS OF DECEMBER 2011

HAPPY HOLIDAYS! 

Back to a "Balanced" Market.... 

Remember last month when I wrote about the our “Buyers” market? Well in one small month we have now returned to a “balanced” market. What does that mean, you may ask, as we often hear real estate professionals go on and on about the market being “balanced” and everyone usually nods their heads pretending to understand.

What it means is that there is a balance between active listings and sales . If there are too many active listings and little sales, then the market gets lop-sided and becomes a “buyer’s” market. If there are little active listings and high sales, then the market will become a “seller’s” market. Both of these scenarios result in “un-balanced” markets.

So, for November, residential property sales reached 2,360 in Greater Vancouver. This represents a 1.9% increase compared to the 2,317 sales recorded in October 2011.

New listings totalled 3,222 in November. This represents a 26.3 % decline compared to the 4,374 new listings reported in October 2011.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9% compared to October 2011 (which was 15,377) but an increase of 13% when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2% to $622,087 in November 2011 from $580,080 in November 2010.

So to summarize, since last month, sales are up 1.9% while listings are down 23.3%. This means that the inventory is shrinking so if you are a Buyer, don’t wait too long! Remember, last year the market went crazy in February, so the same may happen again. Sellers, sell anytime- you’re in a great position.

Questions? Just ask me!
ANA (604) 328-6330
ana@domingos.ca
www.domingos

WBNG (the Westcoast Business Networking Group) along with 50 energetic Moms and Dads from OLPH elementary school came together today to make sandwiches for the hungry of the Downtown Eastside.  The hall at Our Lady of Perpetual Help Church in Point Grey was buzzing with excitement as everyone took to the bread, ham and cheese to put 1,000 sandwiches together in 45 minutes, believe it or not!  

It is so heartwarming to see how many people want to help and make a difference, even if it is only for one day. If more organizations did the same, we could help eliminate hunger in our city.

This was the first charity event for WBNG and we hope to have many more to come. For more information on WBNG please contact one of our Board of Directors:  Ana Domingos, Reema Alevras, Kelly Arthur or Ellie Beaulieu.

(604) 328-6330 

I am the president of a wonderful networking group called the Westcoast Business Networking Group (WBNG).  On Friday, November 25th, 2011 our organization, in conjunction with 40 wonderful mothers from Our Lady of Perpetual Help Elementary School, will endevour to make 1,000+ sandwiches for the Downtown Eastside Charitable organization called: The Door is Open on Cordova Street.

This is WBNG's first charitable event and we are all very thrilled about giving and reaching out to our community and those who endure hunger on a daily basis.

We hope to make a difference for one day....

Cameron Muir, BCREA's Chief Economist, reports that the housing market is looking good...

read more:  http://www.bcrea.bc.ca/docs/news-2011/2011-11-08forecast.pdf