Historically normal activity keeps the Greater Vancouver housing market in a balanced state

VANCOUVER, B.C. – December 2, 2011 – The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached a 5.9 % decline compared to November 2010 and a 1.9 % increase compared to October 2011. Looking back further, last month’s residential sales total is 5.8 % below the ten-year average for sales in November.

New listings for detached, attached and apartment properties in Greater Vancouver met a 26.3 % decline compared to October 2011, but a 6.3 % increase compared to November 2010.

Looking back further, last month’s new listing total is 2.1 % above the ten-year average for November. The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at a decline of 9 % compared to October 2011 but an increase of 13 % when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased to $622,087 in November 2011 from $580,080 in November 2010.

Sales of detached properties on the MLS® in November 2011 decreased by 12.8 % from November 2010, and decreased by 21.3 %from November 2009. The benchmark price for detached properties increased 11.4 % from November 2010.

Sales of apartment properties reached a 4.9 % decrease in November 2011 compared to November 2010, and a decrease of 28.4 % compared to November 2009. The benchmark price of an apartment property increased 2.7 % from November 2010.

Attached property sales in November 2011 reached a 9.1 % increase compared to sales in November 2010, and a 15.1 % decrease from November 2009. The benchmark price of an attached unit increased 4.5 % between November 2010 and 2011.