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Vancouver In The Lower End Of A Balanced Housing Market

November 7, 2011

Filed under: Real Estate Market,Vancouver — Richard Morrison @ 1:57 pm
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The real estate Board of Greater vancouver (REBGV) reports that sales of residential houses, attached and apartment service area MLS ® system has reached 2317 in October, down 1 percent compared to 2337 sales in October 2010 and an increase of 3.2 percent over the previous month. These sales rank as the second lowest total in October over the past 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartments in Greater vancouver totaled 4,374 in October, which is on par with the average of 10 years. This represents an increase of 18.3 percent compared to October 2010, when 3,698 properties were sold on MLS ®, and a decrease of 23 percent compared to 5680 new listings reported in September 2011.
Total number of properties listed for sale in Greater vancouver MLS ® system is currently sitting on 15 377, which is 9.3 percent higher than the 14 075 properties listed for sale during the same period last year. October was the first of the month, the total number of real estate listings have decreased this year.

The housing price index MLSLink ® (HPI) reference price for all residential properties in Greater vancouver over the last 12 months rose 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010. But since it peaked in June $630,921, the reference price for all residential properties in the region declined 1.3 percent.

Sales of single-family homes in October was 974, which represents virtually no change from the 976 detached sales recorded in October 2010 and a decrease of 34.5 percent of 1,487 units sold in October 2009. The benchmark price for detached houses increased by 11 percent from October 2010 to $884,778, but fell 1.3 percent from the previous month.
Property sales reached 958 apartments in October, down 2.6 percent compared to 984 sales in October 2010 and decreased 40.4 percent compared to 1607 sales in October 2009. The benchmark price of an apartment rose 3.2 percent from October 2010 to $ 402,702, but declined 0.7 percent from the previous month.

Sales of attached property in the month of October were 382, ​​1.3 percent more than the 377 sales in October 2010, and 37.4 percent compared to last year 610 properties were sold attached to the in October 2009. Reference price fixed per unit increased 6.5 percent in October 2010 and 2011, $519,455, and rose half a percentage point from the previous month.

 

Source: real estate Board of Greater vancouver

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