Despite home prices still falling in the U.S. and talks of a double dip in house prices, things are looking a lot rosier this side of the border here in Canada. The Greater Vancouver real estate market sees no sign of slowing as the Real Estate Board of Greater Vancouver's (REBGV) monthly press release showed increases residential property sales of detached, attached and apartment properties. According to their report, residential property sales reached 3,377 in May 2011, up 7% on May 2010 and up 4.7% on April 2011 which had 3,225 sales.
New listings for detached, attached and apartment properties in Greater Vancouver were up 1.4% at 5,931 in May 2011. However this was a decrease of 15.4% compared to May 2010 numbers. However May 2010 was an exceptional month, as that was the second highest total for any May on record. May 2011 home sales were at a more typical level. In terms of active listings, the total number of residential property listings on the MLS® was up by 2% in May compared to April, but was down by 16% on May 2010 numbers.
According to the REBGV's MLSLink Housing Price Index, every area within the Board's jurisdiction seen an increase in detached house prices, except Port Moody and the Sunshine Coast (year-on-year). Richmond seen the biggest price increase at 25.8%, West Vancouver was next at 20.1%, and Burnaby real estate prices were third in the list with a 15.1% increase. Coquitlam, Port Coquitlam and Maple Ridge all saw increases under the 10% range, but all areas increased nonetheless.
For attached properties, every area saw an increase in prices year-on-year, except Coquitlam (-1.5%) and Maple Ridge & Pitt Meadows (-0.2%). These decreases are very insignificant however, and will most likely increase again in the coming months. The biggest gains in price levels for attached properties were Richmond (+8.2%), Vancouver East (+6.3%), and Vancouver West and Burnaby which were both at (+4%).
For apartments or condos, every area saw an increase in prices year-on-year, except Maple Ridge & Pitt Meadows (-4.2%), Port Moody (-4.1%), and North Vancouver (-3.4%). The areas with the biggest price increases for apartments or condos were Richmond (+5.7%), Burnaby (+3.9%), and Vancouver East (+2.7%).
These numbers are all based on the benchmark price, which is the estimated sale price of a benchmark property, and represent a typical property within each market.
For more details on the May 2011 real estate stats and figures, see the Real Estate Board of Greater Vancouver website.