There are currently 254 houses for sale in the Burnaby area.

Price Range

The Burnaby listings range in price from $678,000 for a 2591 square foot, 6 bedroom home at 5043 Manor Street  to $3,833,000 for a 6 bedroom, 5970 square foot house at 7933 Government Road.

Current Listings

From July 1, 2012 through July 16, 2012 there have been 36 new listings in the Burnaby area for sale ranging in price from $818,000 for a 1829 square foot, 4 bedroom home at 3850 Union Street to $2,380,000 for a 5 bedroom, 6274 square foot home at 8133 Greenlake Place.

Days on Market

The average days on market is 63 and the median days on market is 54.

Price Increases and Decreases

There have been 3 price increases; one up 19% from $2,098,000 to $2,498,000 and 83 price reductions on the 254 homes for sale. The reductions range from 1% to 12% with the average being 4%. The 12% drop was from $1,588,888 to $1,392,500.

Number of Bedrooms in Current 254 Houses For Sale in the Burnaby Area

There are 1 one (1) bedroom houses
There are 5 two (2) bedroom houses
There are 23 three (3) bedroom houses
There are 72 four (4) bedroom houses
There are 80 five (5) bedroom houses
There are 48 six (6) bedroom houses
There are 14 seven (7) bedroom houses
There are 10 eight (8) bedroom houses
There are 0 nine (9) bedroom houses
There are 1 ten (10) bedroom houses
There are 0 nine (11) bedroom houses
There are 0 ten (12) bedroom houses

Price Range of Current 254 Houses For Sale in the Burnaby Area

There are currently 114 homes priced under $1 million

$ 100,000 - $200,000 – 0 homes
$ 200,000 - $300,000 – 0 homes
$ 300,000 - $400,000 – 0 homes
$ 400,000 - $500,000 – 0 homes
$ 500,000 - $600,000 – 0 homes
$ 600,000 - $700,000 – 4 homes
$ 700,000 - $800,000 – 21 homes
$ 800,000 - $900,000 – 38 homes
$ 900,000 - $1,000,000 – 51 homes
$ 1 - 1.1 million - 20
$ 1.1 - 1.2 million - 26
$ 1.2 - 1.3 million - 16
$ 1.3 - 1.4 million - 20
$ 1.4 - 1.5 million - 6
$ 1.5 - 1.75 million - 21
$ 1.75 - 2.0 million - 17
$ 2.0 - 2.5 million - 10
$ 2.5 - 3.0 million - 2
$ 3.0 - 4.0 million - 1
$ 4.0 - 5.0 million – 0
$ 5.0 - 6.0 million – 0
$ 6.0 - 7.0 million – 0
$ 7.0 - 10.0 million – 0
$ >10 million – 0

Burnaby Listings For Sale by Sub-Area

Brentwood Park -  16
Capitol Hill -  38
Cariboo -  0
Central -  16
Forest Hills -  3
Government Road -  30
Montecito -  17
Oakdale -  3
Parkcrest -  27
Simon Fraser Hills -  12
Sperling-Duthie -  26
Sullivan Heights -  6
Vancouver Heights -  18
Westridge -  13
Willingdon Heights -   29

Greater Vancouver housing market sees typical spring activity in April

Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.

Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.

At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.

Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

Download the complete stats package by clicking here.

March Stats

Home buyers and sellers enter the housing market at near record pace in March

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 4,080 in March 2011. This represents a 31.7 per cent increase compared to the 3,097 sales recorded in February 2011, an increase of 30.1 per cent compared to the 3,137 sales in March 2010 and an 80.1 per cent increase from the 2,265 home sales in March 2009. The all-time sales record for March occurred in 2004 when 4,371 transactions were recorded.

“Our market has had a very strong start to the spring season,” Rosario Setticasi, REBGV president said. “With home sales above 4,000 and nearly 7,000 home listings added to the MLS® in March, it’s clear that home buyers and sellers view this as a good time to be active in their local housing market.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,797 in March 2011. This represents a 3 per cent decline compared to March 2010 when 7,004 properties were listed for sale on the MLS®, an all-time record for March. Compared to February 2011, last month’s new listings total registered a 19.4 per cent increase.

At, 13,110, the total number of residential property listings on the MLS® increased 9.9 per cent in March compared to last month and declined 3 per cent from this time last year.

“Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type,” Setticasi said.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.4 per cent to $615,810 in March 2011 from $584,435 in March 2010.

Sales of detached properties on the MLS® in March 2011 reached 1,795, an increase of 34.4 per cent from the 1,336 detached sales recorded in March 2010, and a 100.1 per cent increase from the 897 units sold in March 2009. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806.

Sales of apartment properties reached 1,622 in March 2011, a 29.6 per cent increase compared to the 1,252 sales in March 2010, and an increase of 66.2 per cent compared to the 976 sales in March 2009. The benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885.

Attached property sales in March 2011 totalled 663, a 20.8 per cent increase compared to the 549 sales in March 2010, and a 69.1 per cent increase from the 392 attached properties sold in March 2009. The benchmark price of an attached unit increased 3.6 per cent between March 2010 and 2011 to $511,039.

Download the complete stats package by clicking here.

REBGV reports increased housing demand in February

Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.

For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 home sales outpace the 2,742 home-sale average recorded in the region over the last ten years.

“We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.”

Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.

“To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality,” Moldowan said.

Looking across the region, the REBGV reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent increase from the 1,480 home sales in February 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,693 in February 2011. This represents a 23.6 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent increase compared to January 2011 when 4,801 homes were added to the MLS® in Greater Vancouver.

“With a sizeable increase in the number of properties coming onto the market for sale, there’s a good selection out there for buyers to choose from,” Moldowan said.

At, 11,925, the total number of residential property listings on the MLS® increased 14.2 per cent in February compared to last month and increased 5 per cent from this time last year.

Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 per cent from February 2010 to $848,645.

Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.

Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.


Download the complete stats package by clicking here.

Stability and regional ‘hot spots’ characterize January housing market

The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities.

The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January.

“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period.

“When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said

Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009.

From a historical perspective, January’s 1,819 homes sales slightly surpassed the 1,790 home sale average recorded in the region over the last ten years.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,801 in January 2011. This represents a 6.7 per cent decrease compared to January 2010 when 5,147 properties were listed, and a 182 per cent increase compared to December 2010 when 1,699 homes were added to the MLS® in Greater Vancouver.

At 10,438, the total number of residential property listings on the MLS® increased 5.8 per cent in January compared to last month and increased 2.2 per cent from this time last year.

Sales of detached properties on the MLS® in January 2011 reached 793, an increase of 12.5 per cent from the 705 detached sales recorded in January 2010, and a 171.6 per cent increase from the 292 units sold in January 2009. The benchmark price for detached properties increased 2.7 per cent from January 2010 to $810,045.

Sales of apartment properties reached 713 in January 2011, a decline of 20.8 per cent compared to the 891 sales in January 2010, and an increase of 97.5 per cent compared to the 361 sales in January 2009.The benchmark price of an apartment property increased 1.4 per cent from January 2010 to $390,935.

Attached property sales in January 2011 totalled 313, a decline of 4.3 per cent compared to the 327 sales in January 2010, and a 187.2 per cent increase from the 109 attached properties sold in January 2009. The benchmark price of an attached unit increased 2.6 per cent between January 2010 and 2011 to $495,140.

What are property taxes?
An annual local government tax levied on real property based on BC Assessment’s estimated market value. Local governments calculate the tax by dividing the annual budget by total assessed property values. In rural areas, the province assigns the tax rate. Rates vary among property classes: residential, business, light and heavy industry, farm, recreation, utility and managed forest land.

The assessed value of each property is typically determined annually by BC Assessment, as of the previous July 1.

Where do I find out what my property taxes are?
Look at your tax notice which was delivered by mail in late May or early June. You can also check your local government web site, which may have information. For example, the City of Vancouver has a property tax web page  where you can find your account balance. For information contact your local government tax office or BC OnLine.

What happens if I don’t get a tax notice?
You must pay whether or not you have received a notice. Contact your local government finance department and arrange for a duplicate notice. You must ensure that your local government and BC Assessment have your correct mailing address.

Five misconceptions about property taxes
1.  You can appeal property taxes. No. You can appeal your assessment, not your taxes. You annually receive your assessment the first week of January and must appeal by January 31.

2.  An appeal will change the market value. The market value may not correlate to the assessed value. BC Assessment typically assesses properties as of the previous July 1. A REALTOR® valuing a home now – 11 months later – may find the market has changed, the home has had an addition or the street has been re-zoned, all of which affect value.

3.  If you just bought a home, the previous owners are liable for taxes. No. When you buy a property you become liable for all outstanding taxes.

4.  New home owners can claim the Home Owner Grant. No. New home owners cannot claim the Home Owner Grant if the seller paid the taxes or if the new home owner claimed a grant on another property.

5.  You haven’t claimed your Home Owner Grant for a few years and you want to claim it all now. You’re out of luck. You can claim the grant amount only for the previous year.

What does your property tax bill include?

Municipal tax – is set by council and staff in the local government’s annual budget process and is based on revenue needs for infrastructure and services.

Regional district tax – is set by the regional districts for key services such as regional water and sewage treatment. For example, Metro Vancouver tells their local governments what their revenue needs are, and the local governments collect on their behalf. In rural areas, the province (Surveyor of Taxes) collects for regional districts.

School tax – is set by the BC Government to fund schools and varies by local government. It’s paid by residential and non-residential property owners.

Hospital tax – is set by the regional hospital districts to help partially fund local health facilities. For example, in Metro Vancouver hospitals are funded by the province, not by property taxes. Outside Metro Vancouver, hospital taxes are still levied.

Other taxes – are set by local taxing authorities and collected by the local government to fund BC Assessment, the Municipal Finance Authority and TransLink.

How to pay property taxes
Visit your local government’s web site for details on how to pay. Then check the due date on your tax notice, complete the Home Owner Grant application and then pay:

•  online by www.epost.ca: you must first sign up for this free online Canada Post delivery service that lets you pay electronically. When you pay and claim your Home Owner Grant electronically, you’ll receive a receipt with a confirmation number
•  in person: take your tax notice and a credit or debit card, your cheque book, a certified cheque or cash to your local government finance department. Check business hours
•  at the drop box: located near the front entrance of most City Hall offices. There may be drop boxes in alternate locations as well
•  by mail: your payment must arrive at City Hall by the due date on your tax notice
•  at a financial institution: most banks and credit unions accept tax payments in person. You can also pay online or by phone through your bank or credit union. Remember to submit your Home Owner Grant form directly to City Hall
•  through your mortgage: your mortgage company can pay your property taxes on your behalf if you arrange for this service beforehand
•  by installments: check with your local government to see if prepayment options are offered.  

For an explanation of a sample property tax notice, click here.

If a home owner doesn't pay their property taxes

If a property owner doesn't pay their property taxes by the due date (check the tax notice), and doesn't submit the Home Owner Grant form by the due date, there are serious consequences.

The property owner will be charged a percentage of outstanding taxes as a penalty. If taxes are unpaid after three consecutive years, the property may be auctioned. Tax sale dates and processes can be found on local government web sites. 

 

For immediate release

Record Home Prices for 2010

 

Vancouver, BC – January 13, 2011.

"Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010," said Cameron Muir, BCREA Chief Economist. "However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year." MLS® residential unit sales declined 40 per cent January through July before climbing 43 per cent by the end of the year, on a seasonally adjusted basis.

"The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December," added Muir. "The combination of fewer active listings and increased consumer demand has improved market conditions in many areas."

MLS® residential sales declined 25 per cent to 4,258 units in December from a near record level of 5,703 units in December 2009. After a 15 per cent increase in unit sales between October and November, a further 1 per cent increase was recorded in December on a seasonally adjusted basis. The average MLS® residential sales price was a record $523,990 in December, up 6 per cent from December 2009.

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 12 per cent to 74,640 units in 2010. The annual average MLS® residential price rose 8.5 per cent to a record $505,178 in 2010.

Property owners throughout BC received their Property Assessment Notice the first week of January. This notice is BC Assessment’s (BCA) estimate of a property’s value as of July 1, 2010.

BC Assessment is the BC government agency responsible for determining and reporting property value estimates.
 
“The majority of homes in Metro Vancouver are worth more on this year’s assessment roll than they were on the 2010 assessment roll,” said Jason Grant, Area Assessor, Vancouver Sea to Sky region. “Most homes will see increases in the 5 per cent  to 15 per cent  range.”

Throughout Metro Vancouver values have substantially increased in most areas. They’re up 17.14 per cent in Richmond, 13.03 per cent in West Vancouver, 12.17 per cent in Vancouver, 12.07 per cent in Burnaby, 9.22 per cent in Delta, 9.12 per cent in Coquitlam, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver District, 8.78 in Port Coquitlam, 8.05 in North Vancouver City, and 7.58 per cent in Port Moody, 6.44 per cent in Pitt Meadows, 5.54 per cent in Maple Ridge and 1.99 per cent in Squamish.

Values decreased in Whistler 2.06 per cent and in Pemberton 1.87 per cent.

For specific details on changes in values, visit www.bcassessment.ca and go to Information about the 2011 roll and then the 2011 Market Movement Map.

How is property value determined?

To determine the value of the province’s 1.9 million properties, BCA appraisers review lot size, house type, age, condition, views, and outbuild¬ings such as sheds and garages.

They also look at whether the property has a lane, is on a busy street, is new construction or has been rezoned. 

Appeal an incorrect assessment

Property owners who disagree with their property assessment should do their homework by visiting www.bcassessment.ca and then e-valueBC to compare their assessment with those of their neighbours.

Property owners can phone BCA and talk to an area assessor who is authorized to make adjustments if an error is obvious, for example if BCA included a garage, when the garage had been torn down.

Area assessors’ phone numbers:

• 604-739-8588 for properties in Vancouver, North Shore and Squamish.
• 604-241-1361 for properties in Richmond and South Delta.
• 604-850-5900 for properties in Pitt Meadows and Maple Ridge.
• 604-294-6441 for properties in Anmore, Belcarra, Burnaby, Coquitlam, New Westminster, Port Coquitlam and Port Moody.

Appeal details are also on the back page of each assessment notice.

Property owners who aren’t satisfied with an area appraiser’s response, can complete an Online Notice of Complaint (Appeal) Form available on www.bcassessment.ca. Go to For information on how to address concerns about your 2011 assessment.

The deadline to appeal is January 31, 2011 

The appeal will be heard by the Property Assessment Review Panel. If the property owner disagrees with the result, they can appeal to the Assessment Appeal Board. Appeal panels are independent of BCA, appointed annually by the Ministry of Small Business and Revenue and meet from February 1 – March 15 to hear complaints.

BC Assessment and a REALTOR’s® Assessment. Why the difference?

BCA’s assessment and the market value determined by a REALTOR® may be different. Why? Where every lot and every home on a street are generally the same, both BCA’s value and the REALTOR’s® value will be similar during stable market conditions.

Differences occur in neigh¬bourhoods where lots are differ¬ent shapes and sizes, where each home’s architecture is unique, every view is distinct and when property owners make changes such as renovations after July 1 that BCA has not yet taken into account. 

Property assessment and taxation: what’s the connection?

While BCA determines the assessed value of property for tax purposes, it’s the local taxing authorities – both provincial and local governments – which set tax rates each Spring according to budget requirements.

The formula for calculating taxes on property is:  (tax rate x assessed value /1,000)

For example, if the tax rate for residential property is 4.000, and property assessment is $1 million, then the taxes payable would be $4,000.

No notice?

If a property owner hasn’t received an assessment notice by January 17, they should contact the area phone numbers listed above. 

If a property owner has concerns about their taxes, they should phone their local municipal tax office.

Stats and facts

• For the first time in BC history, the value of all real estate on the provincial assessment roll has surpassed $1 trillion – an increase of eight per cent compared to the 2010 value of $970 billion.

• A total of 1,902,875 properties province-wide were valued for the 2011 roll, an increase of 19,206 properties, or one per cent, compared to the 1,883,669 properties valued on the 2010 roll.

• BCA sent 2,066,261 assessment notices to BC property owners, an increase of 5.5 per cent from last year’s total of 1,957,440. (Note: properties may have multiple owners who each receive an assessment notice.)  

Real estate market stable at year-end

The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 9.7 per cent in 2010 to 58,009 compared to the 52,869 properties listed in 2009. Compared to 2008, last year’s total represents a 7.3 per cent decline compared to the 62,561 residential properties listed in 2008. The number of properties added to the MLS® peaked in April and generally declined for the remainder of the year.

“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”

Residential property sales in Greater Vancouver totalled 1,899 in December 2010, a decrease of 24.5 per cent from the 2,515 sales recorded in December 2009—an all time record for the month—and a 24.3 per cent decline compared to November 2010 when 2,509 home sales occurred. 

More broadly, last month’s residential sales represent a 105.5 per cent increase over the 924 residential sales in December 2008, a 0.1 per cent increase compared to December 2007’s 1,897 sales, and a 12.6 per cent increase compared to the 1,686 sales in December 2006.

The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 2.7 per cent to $577,808 between Decembers 2009 and 2010. However, prices have decreased 2.6 per cent since hitting a peak of $593,419 in April 2010.

“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,699 in December 2010. This represents a 21.1 per cent decline compared to the 2,153 units listed in December 2009 and a 43.9 per cent decline compared to November 2010 when 3,030 properties were listed.

Sales of detached properties in December 2010 reached 769, a decrease of 14.8 per cent from the 902 detached sales recorded in December 2009, and a 121.1 per cent increase from the 348 units sold in December 2008. The benchmark price for detached properties increased 4.0 per cent from December 2009 to $797,868.

Sales of apartment properties reached 811 in December 2010, a decline of 29.7 per cent compared to the 1,154 sales in December 2009, and an increase of 94.5 per cent compared to the 417 sales in December 2008.The benchmark price of an apartment property increased 1.2 per cent from December 2009 to $387,115.

Attached property sales in December 2010 totalled 319, a decline of 30.5 per cent compared to the 459 sales in December 2009, and a 100.6 per cent increase from the 159 attached properties sold in December 2008. The benchmark price of an attached unit increased 2.7 per cent between December 2009 and 2010 to $490,869.

Activity steady to start the summer season

The Greater Vancouver housing market experienced steady activity to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.

“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said.

Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals.

“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®.

At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year.

“There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009.

Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025.

Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528.

Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861

May market offers buyers greater selection

The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.

In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.

New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.

At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.

“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.

Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.

Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

Government listens to Real Estate Board on HST

The BC Government has announced that it will exclude new homes costing up to $525,000 from its proposed 12 per cent Harmonized Sales Tax (HST) scheduled to take effect July 1, 2010.

The government has also increased the rebate of the provincial portion of the HST paid on a new home to a maximum of $26,250.

This represents a 30 per cent increase over the original government proposed home price threshold of $400,000 and maximum rebate of $20,000.

This is good news for the Real Estate Board and proof that its lobbying efforts produce results.

In October, 2009, the Board asked the government to raise the threshold for the HST on new homes as well as the new housing rebate.

Clearly the government listened to the Board and the real estate sector.

“We heard the concerns from consumers and industry about how the HST might affect home buyers, and
this increase will move the threshold to above the average new home price in the province,” said the Hon. Colin Hansen, Minister of Finance.

A similar rebate will also support the construction or substantial renovation of affordable rental housing.

The government has released its proposed Residential Housing New Housing Rebates and Transitional Rules for British Columbia HST, which provides details on new housing rebates including transitional rules for real property. This includes:

Transitional rules: the HST would not apply to sales of new homes where ownership or possession is transferred before July 1, 2010;

Grandparenting: sales of new homes under written agreements of purchase and sale including presales entered into on or before midnight November 18, 2009, would generally not be subject to the provincial portion of the HST, even if both ownership and possession are transferred on or after July 1, 2010. Any home sold on or after November 19, 2009 is subject to HST transitional rules.

For a copy of the new Transitional Rules, visit: http://www.sbr.gov.bc.ca/business/Consumer_Taxes/Harmonized_Sales_Tax/HST_Transitional_Rules.html

REBGV October Stats

High sales levels spur rise in home values

VANCOUVER, B.C. – November 3, 2009 – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.

"While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,"

The REBGV reports that residential property sales in Greater Vancouver totalled 3,704 in October 2009, an increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent compared to October 2008 when 1,364 sales were recorded. Looking back two years, last month's sales increased 22.3 per cent compared to October 2007 when 3,028 sales were recorded.

"High confidence and low mortgage rates are continuing to drive the activity we're seeing in the housing market today," Russell said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,977 in October 2009. This represents a 2.3 per cent increase compared to October 2008 when 4,867 new units were listed, and a 13.4 per cent decline compared to September 2009 when 5,764 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,084, the total number of property listings on the MLS® decreased 4.1 per cent in October compared to last month and declined 37 per cent from this time last year.

Sales of detached properties increased 201.6 per cent to 1,487 from the 493 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 7.7 per cent from October 2008 to $749,808.

Sales of apartment properties in October 2009 increased 148.4 per cent to 1,607, compared to 647sales in October 2008. The benchmark price of an apartment property increased 6.3 per cent from October 2008 to $380,975.

Attached property sales in October 2009 are up 172.3 per cent to 610, compared with the 224 sales in October 2008. The benchmark price of an attached unit increased 4.6 per cent between Octobers 2008 and 2009 to $468,798.

REBGV September Stats

Buyer demand remains strong while home listings increase

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

“During this period of renewed demand in our marketplace, home values have gradually recovered from the declines that occurred in 2008,” said Russell.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 13 per cent to $547,092 from $484,211, while home prices compared to Septembers 2008 levels are up 1.6 per cent.

Sales of detached properties increased 160.6 per cent to 1,423 from the 546 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 2.1 per cent from September 2008 to $741,632.

Sales of apartment properties in September 2009 increased 94.9 per cent to 1,489, compared to 764 sales in September 2008. The benchmark price of an apartment property increased 1.5 per cent from September 2008 to $374,686.

Attached property sales in September 2009 are up 135.3 per cent to 647, compared with the 275 sales in September 2008. The benchmark price of an attached unit increased 0.4 per cent between Septembers 2008 and 2009 to $466,276.

August stats:

Market momentum carries into August

The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver increased 119.5 per cent in August 2009 to 3,441 from the 1,568 sales recorded in August 2008 and increased 1.7 per cent compared to August 2007.

New listings for detached, attached and apartment properties increased 4.9 per cent to 4,544 in August 2009 compared to August 2008 when 4,331 new units were listed. Total active listings in Greater Vancouver currently sit at 11,937, down 33 per cent from August 2008.

“The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging,” said Scott Russell, REBGV president. “The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that’s great news, from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4 per cent to $539,600 from $484,211. However, home prices compared to August 2008 levels are down 1.1 per cent.

Sales of detached properties in August 2009 increased 155.5 per cent to 1,367 from the 535 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 0.7 per cent from August 2008 to $732,656.

Sales of apartment properties increased 97.8 per cent last month to 1,464, compared to the 740 sales in August 2008. The benchmark price of an apartment property declined 1.4 per cent from August 2008 to $369,263.

Attached property sales in August 2009 increased 108.2 per cent to 610, compared with the 293 sales during the same month in 2008. The benchmark price of an attached unit declined 0.9 per cent between August 2008 and 2009 to $459,159.

News Release        

FOR IMMEDIATE RELEASE:

 

Property sales strengthen in current market cycle

 

VANCOUVER, B.C. – April 2, 2009 – The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

 

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

 

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

 

“There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

 

New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.

 

Despite these trends, total active listings at the end of March 2009 had still reached14,579, a 19 per cent increase compared to the end of March 2008.

 

“REALTORS® are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said.

 

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

 

Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.

 

Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.

PREA Ranked Highest For Seller Satisfaction

 

By now you've probably heard that Prudential Real Estate ranked "Highest in Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms" in J.D. Power and Associates' 2008 Home Buyer/Seller Study. Of course, we are very proud of this distinction, as it underscores the quality of our affiliate companies and their hard-working sales professionals. We also realize the extensive marketing opportunities presented by this distinction. Accordingly, we've negotiated complete marketing rights for the study and for our favorable ranking. Prudential Real Estate has exciting plans to promote this distinction in a variety of venues and media. Likewise, each Prudential Real Estate affiliate will be able to display the J.D. Power and Associates trophy and award language on their advertisements, websites, business collateral and much more. J.D. Power and Associates maintains strict standards regarding the use of its name, the trophy, the survey results, and our ranking in the survey, and it is imperative that we promote this honor in accordance with those standards. Marketing guidelines and a virtual toolbox of marketing materials and press communication customized for this announcement will be available on PREA Center Aug. 25. Until then, please refrain from creating any related marketing materials or otherwise communicating our survey ranking.

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News Release FOR IMMEDIATE RELEASE: Month-over-month housing prices retreat from record highs VANCOUVER, B.C. – Aug 5, 2008 – As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008. Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period. The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008. “We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.” Residential property sales in Greater Vancouver declined 43.9 per cent in July 2008 to 2,174 from the 3,873 sales recorded in July 2007. New listings for detached, attached and apartment properties increased 24 per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed. Sales of detached properties in July 2008 declined 44.2 per cent to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4 per cent from July 2007 to $753,165. Sales of apartment properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687. Attached property sales in July 2008 decreased 46.8 per cent to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7 per cent between July 2007 and 2008 to $473,953.

Market activity offers awaited relief for homebuyers VANCOUVER, B.C. – July 3, 2008 –Increased property listings and moderating home prices have eased the Greater Vancouver housing market into a buyer’s phase. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007. New listings for detached, attached and apartment properties increased 18.3 per cent to 6,546 in June 2008 compared to June 2007, when 5,533 new units were listed. “Although housing prices, on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today,” said REBGV president, Dave Watt. “Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market.” Sales of detached properties in June 2008 declined 43.4 per cent to 918 from the 1,623 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 7 per cent from June 2007 to $765,654. Sales of apartment properties declined 42.7 per cent last month to 1,057, compared to 1,846 sales in June 2007. The benchmark price of an apartment property increased 7.8 per cent from June 2007 to $388,722. Attached property sales in June 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Bright spots in Greater Vancouver in June 2008 compared to June 2007: Apartments: New Westminster up 46.2 per cent (19 units sold from 13) The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board's area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion. The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.