RSS

VANCOUVER -- The number of residential property sales has hit a 10-year low in Metro Vancouver leading the Real Estate Board of Greater Vancouver to declare a buyer’s market.

The announcement is significant since the board has in recent months been calling the market “balanced.”

According to the board’s June report, sales of houses and apartments dropped to 2,362 last month, a 27.6 per cent decline compared with 3,262 sales in June 2011, and a 17.2 per cent drop over the previous month of May.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” said Eugen Klein, the board’s president, in a news release on Wednesday.

“This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484, the report shows.

New listings for detached, attached and apartment properties totaled 5,617 in June, a three per cent drop from the year before and an 18.9 per cent decline compared with the 6,927 new listings reported in May 2012.

“Today, our sales-to-active-listings ratio sits at 13 per cent, which puts us in the lower end of a balanced market,” said Klein.

He said the ratio has been declining in the market since March when it was 19 per cent.

The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600, while apartments increased 0.3 per cent to $376,200.

 

Source: The Vancouver Sun, July 4, 2012. 

Read
Categories:   Buying | Carpet | city of vancouver property tax | College | Condos | Football | Freehold | freehold townhouse | home selling tips | Homes | Houses | Kitsilano | Kitsilano Condo Prices Chart | Kitsilano Condos | Kitsilano House Prices Chart | Kitsilano Townhouse | Leasehold | leasehold prepaid-nonstrata | leasehold prepaid-strata | Luxury Real Estate | Mortgage | Moving | New Listing | ownership | Quarterback | Real Estate | REBGV | REBGV Stats | Renovations | school catchment | sellers | Selling | selling your home, safety | Social Media | strata property act | student housing, ubc, investment | Student Rentals | Summer | Summer Programs | Tips | Townhouse | Ubc | ubc realtor | ubc realtor, UBC homes, UBC real estate | UBC Apartment | UBC Average Sold Price | UBC Chancellor Place | ubc community | Ubc condo | UBC Condo Strata | UBC Condos | UBC East Campus | ubc events | UBC Farm | UBC golf | UBC Hampton Place | UBC Hawthorn Place | UBC Homes | ubc homes, ubc real estate | ubc homes, ubc real estate, spring break, vancouver events 2014 | ubc hospital | UBC House Prices Chart | ubc housing | UBC Programs | UBC Properties Trust | ubc real estate | UBC real estate mortgage | UBC real estate, UBC homes, Halloween in Point Grey | UBC real estate, UBC homes, UBC Realtor | UBC real estate, UBC homes, UBC Realtor, Moving to UBC | UBC real estate, UBC homes, UBC Realty, Toys stores, UBC, Point Grey | UBC real estate, UBC Realtor | UBC real estate, UBC Realtor, UBC attractions | UBC real estate, UBC realtor, UBC events | UBC real estate, UBC Realtor, UBC Food Truck | ubc real estate, ubc realtor, ubc realty | UBC Realtor | UBC Realtor, UBC Homes, UBC Real Estate, UBC Christmas Events | UBC realtor, UBC real estate, UBC events | UBC Realty | UBC Rural Tax | UBC schools | UBC Services Levy | UBC Townhouse Prices Chart | UBC Townhouses | ubc triathlon, ubc real estate, ubc homes | UBC Wesbrook Vilage | UBC Wesbrook Village | UBC Wesbrook Village, UBC, real estate, homes | Vancouver | Vancouver Condo Prices Chart | Vancouver Home | Vancouver House Prices Chart | Vancouver Real Estate | Vancouver Townhouse Prices Chart | Virtural Tour | what does freehold mean
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.