According to the monthly press release by the The Real Estate Board of Greater Vancouver (REBGV) Greater Vancouver saw a "solid" month of residential home sales on the Multiple Listing Service® (MLS®) in April 2011. Numbers were were down slightly on the two previous months which both saw a near-record pace. The REBGV press release reported that residential property sales of detached, attached and condos or apartment properties in Vancouver (or the area covered by the REBGV*) decreased by 8.2% last month, with 3,225 sales compared to 3,512 sales in April 2010 down 21% on the 4,080 sales recorded in March 2011.
In the press release, the REBGV president Rosario Setticasi said that the year-over-year decline in April sales could be attributed to a less active condominium market on our MLS®. He claimed that there were actually more detached and townhouse sales in April 2011 compared to the same month last year. There was no mention of the changes in the Canadian mortgage rules which reduced the maximum amortization period from 35 years to 30 years. This fueled the frenzied pace of sale in February and early March, and a slowdown or "return to normal" was expected in April.
New Real Estate Listings:
For the whole Greater Vancouver area covered by the REBGV, new listings for detached, attached and condos or apartment properties totalled 5,847 in April 2011. This was a 23.5% decrease on April 2010 numbers when 7,648 properties were listed for sale on the Multiple Listing Service®, which was an all-time record for any April since records began.
New listings were also down in April, compared to March, the number of new listings registered was down 14 per cent. The total number of residential property listings on the MLS® did increase in April (by 8.2%) compared to the previous month (at 14,187 listings) which gives buyers lots of choice. In areas such as Burnaby and the Tri-Cities, there are lots of prime properties on the market.
As with real estate listings, there is also a big difference in activity within the areas or communities that the REBGV covers. This means that home price trends differ depending on the area. Some areas, such as Burnaby, have seen an increase in property values (year-on-year), where as other areas, such as Squamish have seen a slight decrease. Property pricing stats are based on a benchmark price, which is the estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.
*The Real Estate Board of Greater Vancouver (REBGV) is a member-based association of more than 10,000 REALTORS® and covers communities from Whistler to Maple Ridge to Tsawwassen.
April Sales facts for some areas around Greater Vancouver:
Condos or Apartments: 155
Condos or Apartments: 72
Maple Ridge/Pitt Meadows
Condos or Apartments: 28
Condos or Apartments: 27
Condos or Apartments: 26