Greater Vancouver Real Estate Market Update for February 2012

The Greater Vancouver residential Real Estate market has picked up on activity in February 2012 compared to the slow start of the year, although it is still the third slowest February in the past decade.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential MLS home sales in Greater Vancouver increased by +61.4% to 2,545 sales in February 2012 from the 1,577 sales recorded in January 2012.

The February 2012 figure of 2,545 residential MLS home sales in Greater Vancouver real estate market represented the following:

  • Up +61.4% compared to 1,577 sales in January 2012.
  • Down -17.82% compared to 3,097 sales in February 2011.
  • Up +2.91% compared to 2,473 sales in February 2010.
  • 151 sales below the 10-year average for February.
  • The third lowest February total in the region since 2002.

In their press release today, the REBGV indicated that the Greater Vancouver housing market trends are near long-term averages as the spring market approaches.

Rosario Setticasi, REBGV president said, “With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season.”

Greater Vancouver Real Estate – REBGV February 2012 MLS home sales up +61.4% (+968 units) to 2,545 total from 1,577 units in January 2012.

Greater Vancouver - February 2012 Home Sales

New MLS listings in the Greater Vancouver region dropped slightly from the previous month, down -3.54% with 5,552 new listings coming onto the Vancouver market in February 2012 compared to 5,756 new listings in January 2012.

Compared to last year, this February’s 5,552 new property listings in the Greater Vancouver region represented a -2.5% decline compared to the 5,693 new listings reported in February 2012.

The total number of residential property listings on the MLS® increased by +12% to 14,055 in February 2012 compared to last month and increased by +17.9% from February last year in 2011.

The Real Estate Board of Greater Vancouver (REBGV) serves the following British Columbia communities:

  • Burnaby
  • Coquitlam
  • Delta
  • Gulf Islands
  • Maple Ridge
  • Pitt Meadows
  • New Westminster
  • North Vancouver
  • Port Coquitlam
  • Port Moody
  • Belcarra
  • Richmond
  • Squamish
  • Sunshine Coast
  • Vancouver
  • West Vancouver
  • Howe Sound
  • Whistler
  • Pemberton

The following tables show the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month from 2009 to 2012.

2009 REBGV – Total MLS Residential Sales for Greater Vancouver:

2009
MLS Residential Sales
Monthly % Increase/Decrease
January 762 -58.1%
February 1480 +94.2%
March 2265 +53.04%
April 2963 +30.82%
May 3524 +18.93%
June 4259 +20.86%
July 4114 -3.40%
August 3441 -16.36%
September 3559 +3.43%
October 3704 +4.07%
November 3083 -16.77%
December 2515 -18.42%

2010 REBGV – Total MLS Residential Sales for Greater Vancouver:

2010
MLS Residential Sales
Monthly % Increase/Decrease
January 1923 -23.5%
February 2473 +28.6%
March 3137 +26.8%
April 3512 +12.0%
May 3156 -10.1%
June 2972 -5.8%
July 2255 -24.1%
August 2202 -2.4%
September 2220 +0.8%
October 2337 +5.3%
November 2509 +7.4%
December 1899 -24.3%

2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

2011
MLS Residential Sales
Monthly % Increase/Decrease
January 1819 -4.2%
February 3097 +70.3%
March 4080 +31.7%
April 3225 -21.0%
May 3377 +4.7%
June 3262 -3.4%
July 2571 -21.2%
August 2378 -7.5%
September 2246 -5.6%
October 2317 +3.2%
November 2360 +1.9%
December 1658 -29.7%

2012 REBGV – Total MLS Residential Sales for Greater Vancouver:

2012
MLS Residential Sales
Monthly % Increase/Decrease
January 1577 -4.9%
February 2545 +61.4%

The Real Estate Board of Greater Vancouver residential average home sale price for February 2012 was $1,225,893 for detached properties, $557,134 for attached properties and $457,483 for apartment properties.

January 2012 figures were $1,145,956 for detached properties in Greater Vancouver, $552,696 for attached properties and $439,566 for apartment properties.

December 2011 figures were $1,064,249 for detached properties in Greater Vancouver, $511,948 for attached properties and $443,652 for apartment properties.

November 2011 figures were $1,134,936 for detached properties in Greater Vancouver, $565,168 for attached properties and $431,808 for apartment properties.

October 2011 figures were $1,162,349 for detached properties in Greater Vancouver, $571,425 for attached properties and $446,296 for apartment properties.

September 2011 figures were $1,104,896 for detached properties in Greater Vancouver, $573,259 for attached properties and $455,342 for apartment properties.

Greater Vancouver - Residential Average Sales Prices - February 2012

The new MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,9000 in February 2012, up +6.0% from February 2011 and up +0.9% from January 2012.

The new MLS® HPI also tracks home prices across the Lower Mainland. The benchmark price for all residential properties in the Lower Mainland in February 2012 currently sits at $601,300, a +5.5% increase from February 2011.

 

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