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