Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,358 units in November 2006, a decrease of 19.7 per cent when compared to the 2,938 units sold in November 2005 and a decrease of 5.1 per cent when compared to the 2,486 sales in November 2004.
New listings for detached, attached and apartment properties decreased by 3.1 per cent to 3,168 units compared to the 3,271 units listed in November 2005. The total number of active listings increased by 30.6 per cent to 11,308 units when compared to November 2005’s 8,659 units.
“This is the first time since April 2006 that we’ve seen new listings tighten in comparison to the same period in 2005,” says REBGV president Rick Valouche. “However this decrease was balanced by our higher year-to-date inventory of active listings and the fact that the average days-on-market for homes selling in Vancouver has remained unchanged at 43 days when compared to November 2005.
“The combination of all these factors may continue to relieve the pressure we’ve seen on home prices throughout 2006,” notes Valouche. “This is a good market for both buyers and sellers. Use a REALTOR® to find the best value for your dollar.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 11.5 per cent to 1,050 sales in November 2006 compared to 1,187 sales in November 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,537, up 17 per cent from one year ago.
Sales of attached properties decreased by 22.2 per cent in November 2006 to 404 sales, compared to 519 sales in November 2005. The benchmark price of an attached unit is $410,085, up 17.9 per cent from a year ago.
Sales of detached properties decreased by 26.6 per cent in November 2006 to 904 sales, compared to 1,232 sales in November 2006. The benchmark price of a detached unit is $647,562, up 14.3 per cent from last year.
Bright spots in Greater Vancouver in November 2006 compared to November 2005:
Burnaby up 8.2% (144 units sold, up from 133)
Delta South up 114.3% (15 units sold, up from 7)