Greater Vancouver residential home sales are up for the second consecutive month with November and October sales rising following four previous months of steady declines. A a substantial drop in last months new listings coming onto the Metro Vancouver real estate market caused prices to hold fairly steady in November.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential MLS home sales increased by +1.9% in November 2011 to 2,360 sales compared to the 2,317 sales recorded in October 2011. However, November 2011 sales were down -5.9% compared to the 2,509 sales in 2010 and is -5.8% below the ten-year average for sales in the month of November.

The November 2011 home sales results of +1.9% follows a +3.2% increase in October and persistent MLS home sales decreases in the region over the previous four months including a -5.6% decline in September 2011, -7.5% in August 2011, -21.2% in July 2011 and -3.4% in June 2011.

The REBGV characterized last month’s results as “relatively typical home sale and listing activity in November.”

Rosario Setticasi, REBGV president said, “The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year.”

Greater Vancouver Real Estate – REBGV November 2011 home sales increase +1.9% (+43 units) to 2,360 total.

The total number of residential property listings in Greater Vancouver on the MLS® decreased by -8.37% to 14,090 in November 2011 from 15,377 in October 2011. This was only the second time this year that total listings have declined in Greater Vancouver following October’s -4.4% decrease in total listings from 16,085 in September 2011.

Compared to this time last year, the November 2011 figure of 14,090 total active property listing on the Greater Vancouver MLS represents a +13.8% increase over the 12,384 total property listings for sale in November 2010.

New home MLS listings for detached, attached and apartment properties in the Greater Vancouver region were +2.1% above the 10 year average, but dropped dramatically by -26.3% in November 2011 with 3,222 new properties being listed for sale compared to 4,374 in October 2011. This follows a substantial -23.2% drop in October 2011 with 4,364 new properties being listed for sale compared to 5,680 in September 2011.

Compared to last year, this November’s new property listings represented a +6.3% increase from the 3,030 figure in November 2010.

So far this year, new residential home listings in Greater Vancouver from January to November have totaled 57,910 new listings in 2011, which is a +2.84% increase from the 56,310 new listings over the same period in 2010.

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 table shows the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month in 2010 along with the 2011 sales figures.

2010-2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

The Real Estate Board of Greater Vancouver residential average home sale price for November 2011 was $1,134,936 for detached properties, $565,168 for attached properties and $431,808 for apartment properties.

As a comparison the Greater Vancouver residential average home sale price for October 2011 was $1,162,349 for detached properties, $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.

The overall benchmark price for a typical residential home across the Greater Vancouver region remained about the same at $622,087 in November 2011 compared to $622,955 in October 2011.

Over the past 12 months, the REBGV MLSLink® Housing Price Index (HPI) benchmark price reveals that the price for all residential properties in the Greater Vancouver region has increased by an average of 7.2% to $622,087 in November 2011 from $580,080 a year ago in November 2010.

The REBGV Housing Price Index benchmark prices are a more accurate and reliable indicator of housing prices in Greater Vancouver compared to looking at average prices.

In their December 2, 2011 news release, the Real Estate Board of Greater Vancouver stated:

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totaled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.

The REBGV stated that, “Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined -1.4%.”

Rosario Setticasi, REBGV president added that, “November activity helped put our market firmly in balanced territory.”

If you looked back at last year’s MLS home sales figures in Greater Vancouver, you would see that October sales increased over September’s figures in 2010. This year history repeated itself again with October home sales figures rising in 2011 just as they did this time last year. After four consecutive months of steady sales declines in the Greater Vancouver real estate market, the region finally got a reprieve from further declining monthly home sales results pushing it deeper into buyer’s market territory.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential MLS home sales increased by +3.2% in October 2011 to 2,317 sales compared to 2,246 sales in September 2011. However, October 2011 sales were down -1.0% compared to the 2,337 sales in 2010 and rank as the second lowest recorded total for an October in Greater Vancouver over the past 10 years.

This follows persistent MLS home sales decreases in the region over the previous four months including a -5.6% decline in September 2011, -7.5% in August 2011, -21.2% in July 2011 and -3.4% in June 2011.

The REBGV commented that, “With a sales-to-active property listings ratio of 15%, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.”

Rosario Setticasi, REBGV president said, “Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,”

Greater Vancouver Real Estate – REBGV October 2011 home sales increase +3.2% (+71 units) to 2,317 total

The total number of residential property listings in Greater Vancouver on the MLS® actually dropped by -4.4% to 15,377 in October 2011 compared to 16,085 in September 2011. October was the first month this year that the total number of MLS listings in the Greater Vancouver real estate market actually decreased.

Compared to this time last year, total active property listing in October 2011 sit +9.3% higher than the 14,075 property listings in October 2010.

New home MLS listings for detached, attached and apartment properties in the Greater Vancouver region while being on par with the 10 year average, dropped dramatically -23.2% in October 2011 with 4,364 new properties being listed for sale compared to 5,680 in September 2011. Compared to last year, this represents a +18.3% increase from the 3,698 new property listings in October 2010.

So far this year, new residential home listings in Greater Vancouver from January to October have totaled 54,688 new listings in 2011, which is a +2.64% increase from the 53,280 new listings over the same period in 2010.

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 table shows the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month in 2010 along with the 2011 sales figures.

2010-2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

The Real Estate Board of Greater Vancouver residential average home sale price for October 2011 was $1,162,349 for detached properties, $571,425 for attached properties and $446,296 for apartment properties.

As a comparison the Greater Vancouver residential average home sale price for September 2011 was $1,104,896 for detached properties, $573,259 for attached properties and $455,342 for apartment properties.

August 2011 figures were $1,169,120 for detached properties, $561,101 for attached properties and $457,254 for apartment properties.

July 2011 figures were $1,133,357 for detached properties, $569,042 for attached properties and $450,527 for apartment properties.

June 2011 figures were $1,215,265 for detached properties, $554,763 for attached properties and $445,981 for apartment properties.

May 2011 figures were at $1,223,421 for detached properties, $555,057 for attached properties and $465,422 for apartment properties.

April 2011 figures were at $1,204,587 for detached properties, $573,318 for attached properties and $483,424 for apartment properties.

March 2011 figures were at $1,155,007 for detached properties, $573,118 for attached properties and $465,997 for apartment properties.

In October 2011, the overall benchmark price for a typical residential home across the Greater Vancouver region declined slightly by -0.8% to $622,955 compared to $627,994 in September 2011.

Over the past 12 months, the REBGV MLSLink® Housing Price Index (HPI) benchmark price reveals that the price for all residential properties in the Greater Vancouver region has increased by an average of 7.5% to $622,955 in October 2011 from $579,349 a year ago in October 2010.

The REBGV Housing Price Index benchmark prices are a more accurate and reliable indicator of housing prices in Greater Vancouver compared to looking at average prices.

In their November 2, 2011 news release, the Real Estate Board of Greater Vancouver stated:

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The bench- mark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totaled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a percent compared to the previous month.

The REBGV stated that, “Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined -1.3%.”

Rosario Setticasi, REBGV president added that, “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

For the fourth-consecutive month, home sales in the Greater Vancouver real estate market have continued to slide. The regions decelerating buyer demand has come with a corresponding surge of listings, creating more competition among sellers and pushing several areas within the region into buyers market territory.

Home sales over this summer have consistently fallen in Greater Vancouver on a month-to-month basis since May 2011. June saw a -3.4% drop in regional MLS sales which was followed by a -21.2% sales drop in July and then August followed that with a -7.5% decrease.

The Real Estate Board of Greater Vancouver (REBGV) has reported that residential home sales in September 2011 have continued the trend by declining a further -5.6% to 2,246 sales from the previous month which registered 2,378 sales in August 2011.

In fact, this years September sales were the third lowest total recorded by the REBGV for the month of September over the past decade in Greater Vancouver.

In a recent interview Rosario Setticasi, REBGV President said, “We are in a buyers market.”

Setticasi added, “There’s more competition amongst home sellers in today’s market, providing more options for prospective buyers.”

Greater Vancouver Real Estate – REBGV September 2011 home sales decrease -5.6% (-132 units) to 2,246 total.

The 2,246 residential MLS home sales in September 2011 represented a +1.2% increase over last year’s figures when there were 2,220 sales in September 2010.

“Buyers now have more properties to choose from and more time to make decisions compared to the spring season,” said Setticasi.

The total number of residential property listings in Greater Vancouver on the MLS® increased by +4.6% to 16,085 in September 2011 compared to August 2011 and rose 4.4% over the same time last year in 2010.

Since the start of 2011, the total number of properties listed for sale on the Real Estate Board of Greater Vancouver MLS® system has steadily increased each month.

New home MLS listings for detached, attached and apartment properties in the Greater Vancouver region surged +21.2% in September 2011 with 5,680 new properties being listed for sale compared to 4,685 in August 2011. This is the third highest new listing volume recorded by the REBGV for a September in the past 17 years.

“Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time,” Setticasi said.

So far this year, new residential home listings in Greater Vancouver from January to September have totaled 50,324 new listings in 2011 which is a +1.5% increase from the 49,582 new listings over the same period in 2010.

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 table shows the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month in 2010 along with the 2011 sales figures.

2010-2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

The Real Estate Board of Greater Vancouver residential average home sale price for September 2011 was $1,104,896 for detached properties, $573,259 for attached properties and $455,342 for apartment properties.

As a comparison, the Greater Vancouver residential average home sale price for August 2011 was $1,169,120 for detached properties, $561,101 for attached properties and $457,254 for apartment properties.

July 2011 figures were $1,133,357 for detached properties, $569,042 for attached properties and $450,527 for apartment properties.

June 2011 figures were $1,215,265 for detached properties, $554,763 for attached properties and $445,981 for apartment properties.

May 2011 figures were at $1,223,421 for detached properties, $555,057 for attached properties and $465,422 for apartment properties.

April 2011 figures were at $1,204,587 for detached properties, $573,318 for attached properties and $483,424 for apartment properties.

March 2011 figures were at $1,155,007 for detached properties, $573,118 for attached properties and $465,997 for apartment properties.

In September 2011, the overall benchmark price for a typical residential home across the Greater Vancouver region increased by +0.4% to $627,994 compared to $625,578 in August 2011.

The REBGV MLSLink® Housing Price Index (HPI) benchmark price reveals that the price for all residential properties in the Greater Vancouver region has increased by 8.8% over the past 12 months to $627,994 in September 2011 from $577,174 a year ago in September 2010.

The benchmark price for all residential properties in the Greater Vancouver region reached a peak in June of $630,921 and have declined by -0.5% since that time.

The REBGV Housing Price Index benchmark prices are a more accurate and reliable indicator of housing prices in Greater Vancouver compared to looking at average prices.

In their October 4, 2011 news release, the Real Estate Board of Greater Vancouver stated:

Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.

Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.

Attached property sales in September 2011 totaled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697.

In reference to the ratio of sales versus total listings in the Greater Vancouver real estate market, REBGV President, Rosario Setticasi said in an interview, “We’ve seen the sales-to-listing ratio move from a high of 32% earlier in the year to about 14% now. Prices have held, dropping very slightly.”

While residential home sales in the Greater Vancouver region have recently been on a cooling trend with sales declines registered over the past three consecutive months, the Vancouver real estate market is still substantially ahead of last years overall sales figures on a year to date basis.

A review of MLS stats from the Real Estate Board of Greater Vancouver (REBGV) indicates that residential detached, attached and total home sales are all ahead of 2010 figures with only apartment homes sales figures showing a decline.

Greater Vancouver – REBGV Total Home Sales YTD – Jan to Aug 2011 – Up +10% to 23,809 from 21,630 in 2010.

So far this year from January to August 2011, total home sales in the Greater Vancouver region have increased by +10.0% to 23,809 total sales in 2011 compared to 21,630 total sales over the same period in 2010.

Total Home Sales YTD Summary – Greater Vancouver – Jan to Aug 2011:

Greater Vancouver – REBGV Detached Home Sales YTD – Jan to Aug 2011 – Up +22.8% to 10,552 from 8,590 in 2010.

Sales of detached homes from January to August 2011 in the Greater Vancouver region have increased by +22.8% to 10,552 sales in 2011 compared to 8,590 sales over the same period in 2010.

Detached Home Sales Summary – Greater Vancouver – Jan to Aug 2011:

Greater Vancouver – REBGV Attached Home Sales YTD – Jan to Aug 2011 – Up +6.8% to 4,026 from 3,771 in 2010.

Sales of attached homes from January to July 2011 in the Greater Vancouver region increased by +6.8% to 4,026 sales in 2011 compared to 3,771 sales over the same period in 2010.

Attached Home Sales Summary – Greater Vancouver – Jan to Aug 2011:

Greater Vancouver – REBGV Apartment Home Sales YTD – Jan to Aug 2011 – Down -0.4% to 9,231 from 9,269 in 2010.

Meanwhile, sales of apartment homes from January to July 2011 in the Greater Vancouver region decreased by -0.4% to 9,231 sales in 2011 compared to 9,269 sales over the same period in 2010.

Apartment Home Sales Summary – Greater Vancouver – Jan to Aug 2011:

The Greater Vancouver region is serviced by the Real Estate Board of Greater Vancouver (REBGV), which 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

This year’s Greater Vancouver MLS home sales have shown a higher level of sales activity at the start of the year, with the first two quarters of 2011 providing an ample sales lead over last year’s figures.

The following table shows the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month in 2010 along with the 2011 sales figures.

2010-2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

In a September 16, 2011 commentary on BC lower mainland housing sales activity Central 1 Credit stated:

Sales activity in the Lower Mainland has slowed since March, but remains in balanced market conditions, as growth in month-end inventory has been modest. The flow of new listings has largely remained in check.

The strong start to home sales in the early part of 2011 may allow the greater Vancouver real estate market to sustain a lead over 2010, even with the recent slump in sales activity. The situation may very well depend on how homebuyers react for the balance of the year to the recent decision to remove the Harmonized Sales Tax (HST) and return to a Provincial Sales Tax (PST) / Goods and Services Tax (GST) regime in BC by 2013.

July housing starts in Metro Vancouver climbed ahead of last month’s figures as homebuilders recorded the second highest home starts thus far this year. The Canada Mortgage and Housing Corporation (CMHC) reported that Metro Vancouver housing starts rose by 14.4% to 1,538 units in July 2011 from 1,344 units in June 2011. This was only exceeded by the 1,991 starts in May this year.

In comparison to the same month last year, this July’s 1,538 housing starts in Metro Vancouver represented a 36.8% increase over the 1,124 housing starts in July of 2010.

Total housing starts for the area so far this year have increased by 25% to 10,010 units from January to July 2011 compared to last year when there were 8,005 units over the same period in 2010.

Vancouver CMA – Total Housing Starts up to – July 2011:

In an August 12, 2011 commentary on BC housing starts Central 1 Credit stated:

A rise in multi-family construction pushed housing starts in B.C. higher in July. Total housing starts in the province rose to a seasonally adjusted annualized rate of 30,000 units, up 29% from June and 33% above July 2010. Despite the large month-to-month gain, aggregate new home activity has been highly volatile since early 2010, fluctuating around an average of 26,400 units.

In B.C.’s urban areas, multi-family starts rose 48% from June to reach an annualized rate of 20,800 units, while single-detached starts increased 4% to 7,400 units. Although total housing starts have been volatile, recent activity suggests that single-detached starts troughed in early 2011 following a year long downtrend and are now on a modest upward trend. Meanwhile, the underlying trend in the volatile multi- family sector continues to point higher.

Housing starts in Metro Vancouver lagged the provincial performance in July, rising 16% to an annualized rate of 18,200 units.

As it was in the previous month, the theme for Metro Vancouver housing starts in July is a continued shift towards multiple unit starts as the market for condos in the region increases as the higher value new single-family home construction in the region drops below last years numbers.

In July 2011 there were almost three times more “multiple” (1,168 units) housing starts versus “single-detached” (370 units) starts across the region.

“The focus of new residential starts remains on multi-family construction, especially apartment condominiums,” noted Robyn Adamache, CMHC’s Senior Market Analyst. “In the first seven months of this year, 5,903 apartment starts were recorded, compared to 3,882 during the same period last year. A pick up in condominium sales as well as stable economic conditions gave developers the impetus to undertake such projects.”

So far this year in Metro Vancouver, apartment starts have increased by 52% to 5,903 units in 2011 compared to 3,882 units in 2010.

In July 2011, multiple housing starts in Metro Vancouver were up by 56% to 1,168 units from 747 units in July 2010. So far this year, total multiple housing starts have increased by 52% to 7,981 units in 2011 from 5,255 units in 2010.

Single-detached home starts in Metro Vancouver in July 2011 dropped -2% to 370 this year from the 377 units in July 2010. So far this year, overall single-detached starts have decreased by -26% to 2,029 units in 2011 from 2,750 units 2010.

British Columbia’s overall seasonally adjusted rate of urban housing starts in July 2011 moved up to 28,200 units from 21,200 units in June.

Nationally, overall Canadian housing starts moving up to 205,100 units in July 2011 from 196,600 units in June 2011.

For July 2011, the top 5 Lower Mainland areas for housing starts were, Richmond with 303 units, Burnaby with 277 units, Surrey with 252 units, Vancouver City with 241 units and Delta with 147 units.

Vancouver CMA Housing Starts – July 2011:

On a year-to-date basis the top 5 lower mainland areas for total housing starts from January to July 2011 were, Surrey with 2,059 units, Vancouver City with 2,011 units, Richmond with 1,618 units, Burnaby with 983 units and Coquitlam with 977 units

Vancouver CMA Housing Starts – January to July 2011:

The following chart shows the percentage increase for Lower Mainland housing starts by area from 2010 to 2011 on a year-to-date basis.

On a year to date basis from January to July 2011, total single detached housing starts in the Vancouver CMA (census metropolitan area) decreased by -26.2% to 2,029 units in 2011 from 2,750 units in 2010 while multiple housing starts increased by 51.9% to 7,981 units in 2011 from 5,255 units in 2010

So far this year from January to July 2011, total housing starts in the Vancouver CMA have increased by 25.0% to 10,010 units in 2011 from 8,005 units in 2010.

Home sales last month in the Greater Vancouver region dipped below the 10-year average for July as the Vancouver real estate market shows signs of moving towards a more balanced position compared to the blistering pace of sales and price moves in the first quarter of 2011.

July sales settled into a position that is noticeably higher than in the July to October period of 2010, when the Vancouver real estate market experienced fairly stable home sales.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales declined by 21.2% in July 2011 to 2,571 units from the 3,262 units in June 2011. However this represented a 14% increase over the same month last year when there were 2,255 sales in July 2010.

July 2011 Greater Vancouver residential sales were 17.3% below the ten-year average for sales in July.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” said Rosario Setticasi, REBGV president.”

“It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”

Total new home listings declined by 12% in July 2011 for detached, attached and apartment properties in Greater Vancouver to 5,097 units from the 5,793 listings reported in June 2011, however this also represented a 23.2% increase over the same month last year when there were 4,138 properties listed for sale in July 2010.

The July 2011 new listing total in Greater Vancouver was 8.6% higher than the 10-year average for July.

The total number of residential property listings on the MLS® in July 2011 was 15,226, a 0.8% increase compared to June 2011 and a 7.3% decline from this time last year in July 2010.

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 table shows the actual Real Estate Board of Greater Vancouver (REBGV) total MLS residential sales figures for each month in 2010 along with the 2011 sales figures.

2010-2011 REBGV – Total MLS Residential Sales for Greater Vancouver:

The Real Estate Board of Greater Vancouver residential average home sale price for July 2011 was $1,133,357 for detached properties, $569,042 for attached properties and $450,527 for apartment properties.

July’s figures are a combination of both increases and decreases from last month when the average home sale price for June 2011 was $1,215,265 for detached properties, $554,763 for attached properties and $445,981 for apartment properties.

As a comparison, the average home sale price for May 2011 was $1,223,421 for detached properties, $555,057 for attached properties and $465,422 for apartment properties.

April 2011 figures were at $1,204,587 for detached properties, $573,318 for attached properties and $483,424 for apartment properties.

March 2011 figures were at $1,155,007 for detached properties, $573,118 for attached properties and $465,997 for apartment properties.

The overall benchmark price for a typical residential home across the Greater Vancouver region held steady with a negligible drop of just 0.1% to $630,251 in July 2011 from $630,921 in June 2011.

However, the REBGV MLSLink® Housing Price Index (HPI) benchmark price also reveals that the price for all residential properties in the Greater Vancouver region has increased by 9.2% over the past 12 months to $630,251 in July 2011 from $577,074 a year ago.

The REBGV Housing Price Index benchmark prices are a more accurate and reliable indicator of housing prices in Greater Vancouver compared to looking at average prices.

In their August 3, 2011 news release, the Real Estate Board of Greater Vancouver stated:

Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.

Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.

So far this year from January to July 2011, total home sales in the Greater Vancouver region have increased by +10.3% to 21,431 sales in 2011 compared to 19,428 sales over the same period in 2010.

Greater Vancouver – Total Home Sales YTD Summary – Jan to July:

Sales of detached homes from January to July 2011 in the Greater Vancouver region have increased by +23.9% to 9,532 sales in 2011 compared to 7,697 sales over the same period in 2010.

Greater Vancouver – Detached Home Sales Summary – Jan to July 2011:

Sales of attached homes from January to July 2011 in the Greater Vancouver region increased by +6.7% to 3,623 sales in 2011 compared to 3,397 sales over the same period in 2010.

Greater Vancouver – Attached Home Sales Summary – Jan to July 2011:

Sales of apartment homes from January to July 2011 in the Greater Vancouver region decreased by -0.7% to 8.276 sales in 2011 compared to 8,334 sales over the same period in 2010.

Greater Vancouver – Apartment Home Sales Summary – Jan to July 2011:

In reference to sales and listing activity in the Greater Vancouver real estate market, REBGV president, Rosario Setticasi said, “The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions.”

Vancouver home prices have continued their upward climb over the past year. A new report from Royal LePage indicates that the average price for a standard two-storey home in the city of Vancouver increased by approximately 9.7% over last year from the first quarter of 2010 to the first quarter of 2011.

The quarterly House Price Survey looks at the annual change of prices for key housing segments in select national markets across Canada. The report calculates citywide Vancouver averages by incorporating sales figures from Vancouver West Side, Vancouver East Side, North Vancouver, and West Vancouver.

Prices in Vancouver for a standard two-storey home rose from an average of $987,500 in the first quarter of 2010 to $1,083,750 in the first quarter of 2011, a 9.7% increase according to the report. The same home category went from a Canadian national average of $366,494 in 2010 to $379,388 in 2011, a 3.5% increase.

The 9.7% increase for a standard two-storey Vancouver home was over double the Canadian national average increase of 3.5% to the first quarter of 2011.

“Canada’s real estate market has maintained momentum coming out of 2010, indicating that the post-recession recovery is continuing,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services.

Soper added. “While low interest rates continue to drive demand, the tepid pace at which employment levels are improving is tempering the rate of home price appreciation in many Canadian cities. The exception to this trend can be seen in markets like Vancouver, where foreign buyers, particularly from China, are driving demand in select mid-to-high priced markets, and driving up the regional average reported home prices at a surprising pace.

The current offshore interest in certain segments of the Vancouver real estate market and the reason for the demand from Chinese buyers is made very clear in the report if you look at the figures from an investment basis.

Vancouver Standard Two-Storey Houses – First Quarter 2010 to 2011:

According to the report, the purchase of an average two-storey home in Canada would have resulted in a price appreciation of $12,894 over a 12-month period while the same type of home in Vancouver would have increased by $96,250 or almost 7.5 times more on a straight ratio basis.

The average price appreciation in Vancouver West, was even higher over the same period.

“Vancouver West Side price increases have been the most significant,” said Chris Simmons, broker and owner of Royal LePage Westside & City Centre. “Again, the reason is mainland Chinese buyers looking for detached, single-family homes.”

If you break down the figures to separate areas within Vancouver you will find a wide disparity between prices and increases for a standard two-storey home.

Vancouver Area Standard Two-Storey Houses – First Quarter 2010 to 2011:

If you remove sale prices from the hot market sectors drawing heavy demand from Chinese buyers such as Vancouver West Side and West Vancouver, then the average house price in Greater Vancouver would be significantly lower.

However, Chinese interest in Vancouver is not the only factor driving the Vancouver market, “Continued low interest rates remain the most influential factor,” said Bill Binnie, broker and owner of Royal LePage North Shore. “However, demand from mainland Chinese buyers continues to be strong and impact the market.”

“The rate at which Canadian homes are appreciating may well have peaked for the next year or so,” said Soper. “We expect house prices will continue to creep up, but most of the excess demand created by the initial drop in interest rates has been satisfied, and affordability continues to erode slowly, allowing the listings supply to catch up. In most markets, lower single digit percentage increases are more likely for the balance of the year.”

Will that be the case for the Vancouver real estate market, or will Chinese demand continue to fuel further sales and price increases?

CIBC deputy chief economist Benjamin Tal said the influx of money from China into the Vancouver real estate market, especially the affluent west side makes it unlike any other in Canada.

“The China story is more sustainable than any other story that I know, so it is possible that this trend will continue. The fact that it is foreign money isn’t a negative,” said Tal.

Housing starts in the Vancouver Census Metropolitan Area (CMA) were down in March 2011 compared to February, but total yearly housing starts were up by 19% to 3,808 units in 2011 compared to 3,198 units in 2010 according to figures released by the CMHC.

There were 958 housing starts in the Vancouver CMA in March 2011, which was a 9.0% increase from the 879 starts from the same month last year in March 2010.

The March 2011 housing starts of 958 units in the Vancouver CMA represented a monthly decline of 32.25% from the 1,414 units in February 2011 and a decline of 33.29% from the 1,436 units in January 2011.

“Multiple family home starts made up the majority of housing starts in the CMA during the first quarter,” noted Robyn Adamache, CMHC’s Senior Market Analyst.

Multiple housing starts in the Lower Mainland Vancouver CMA in February were up 44% to 716 units in 2011 from 496 in 2010. Most of the multiple unit starts were in Surrey, Richmond and the city of Vancouver.

The overall March seasonally adjusted rate of urban housing starts in British Columbia moved lower to 18,000 units from the 23,500 units forecast in the previous month.

Canadian national housing starts moved up slightly to 188,800 units in March 2011 from 183,700 units in February 2011 and from the previous 170,600 units in January and 169,000 units in December 2010.

For March 2011, the top 5 Lower Mainland areas for housing starts were, Surrey with 315 units, Richmond with 274 units, Vancouver with 225 units, Langley District with 41 units and Burnaby with 24 units.

Vancouver CMA Housing Starts – March 2011

On a year-to-date basis the top 5 lower mainland areas for total housing starts from January to March 2011 were, Vancouver with 992 units, Surrey with 844 units, Richmond with 759 units, Coquitlam with 337 units and Burnaby with 209 units.

Vancouver CMA Housing Starts – January to March 2011

The following chart shows the percentage increase for Lower Mainland housing starts by area from 2010 to 2011 on a year-to-date basis.

On a year to date basis from January to March 2011, total Multiple housing starts in the lower mainland Vancouver CMA were up 49% to 3,183 units in 2011 from 2,135 units over the same period in 2010, while single detached housing starts dropped by 41% to 625 units in 2011 from 1,063 in 2010. Total housing starts were up by 19% to 3,808 units in 2011 from 3,198 in 2010.

The results of the 2011 Earth Hour event show that British Columbian’s have definitely become more aware of power conservation.

This years participation in the world’s fifth annual “Earth Hour” which took place in British Columbia on March 26, 2011 between 8:30pm to 9:30pm resulted in almost twice the electricity savings as last year across the province.

BC Hydro which is onto its forth year of supporting the event in BC announced that British Columbian’s saved 117 megawatt hours of electricity and reduced the provincial electricity load by 1.8% during Earth Hour in 2011.

This was almost double the 64 megawatt hours of electricity saved in 2010 and resulted in an additional 73% reduction in the provincial electricity load from 1.04% in 2010 to 1.8% in 2011.

“We’re delighted to see the significant increase in electricity savings over last year which we believe are a result of the increased leadership and commitment of both businesses and residences,” said Lisa Coltart, Executive Director of Power Smart and Customer Care.

The Earth Hour event shows that British Columbians can make a difference with energy conservation with simple efforts. One of the main reasons for the increase in savings this year is believed to be from increased participation by commercial and industrial BC Hydro customers in BC.

“Think about it: if British Columbians who participated this year implemented the same conservation measures one hour every day for the whole year, the combined savings would power close to 4,000 homes for an entire year,” added Coltart.

The annual global power conservation event is hosted by the World Wildlife Fund (WWF) was started in Sydney, Australia in 2007 to encourage individuals to fight against climate change by turning off their lights for 1 hour around the world during the event each year. British Columbia first joined the event in 2008.

The British Columbia community that achieved the highest reduction in power consumption during Earth Hour 2011 was Pitt Meadows with 5.70% in power reduction savings. Tumbler Ridge was right behind in second place with 4.95%, followed thereafter by Kitimat and Whistler, both with a 4.35% power savings.

The table below shows the total Earth Hour power consumption reductions across BC communities in 2011.

Earth Hour 2011 – Electricity Savings Results for BC Communities:

“We’re definitely pleased with the results,” said BC Hydro spokeswoman Simi Heer. “For us, this is primarily a symbolic, awareness building event. There was more buzz, excitement and people were curious about what they could do to participate.”

Each year, BC Hydro encourages people to join Earth Hour as a way to promote energy conservation awareness by demonstrating behavior changes that can lower energy consumption. This is in an effort to support the province’s fight against climate change by reducing greenhouse gas emissions through energy conservation.

British Columbia is growing, which means that the demand for electricity is also increasing. In the next 20 years, BC Hydro estimates that demand for electricity will grow by 40% in the province. The provincial government has mandated that at least 66% of BC Hydro’s incremental electricity needs in the province must be met through efficiency and conservation by 2020.

According to a recent BC Hydro press release:

In the last three years alone, BC Hydro’s Power Smart programs have saved close to 2,300 gigawatt hours of electricity – enough to power 200,000 homes annually. In addition to conservation, BC Hydro will meet demand and continue to ensure a clean, reliable supply of energy by investing now in the projects that are needed to keep the lights on in our province for the next 50 years.

“We encourage our customers to think about how to live a little bit of Earth Hour every day and we will continue to support them with Power Smart tools and resources to help achieve this goal,” added Coltart.

This year, the world’s fifth annual “Earth Hour” took place in British Columbia on March 26, 2011 between 8:30pm to 9:30pm.

The annual global event is hosted by the World Wildlife Fund (WWF) to encourage individuals to fight against climate change by turning off their lights for 1 hour around the world during the event each year.

As we await BC Hydro to report on the 2011 electricity savings for this year’s Earth Hour on March 26th, let’s take a look at how British Columbia faired in 2010.

Last year, Earth Hour took place on March 27, 2010 from 8:30 to 9:30 PM across BC. It was the third year that BC Hydro sponsored the event across the province.

In 2010, the total electricity load across the province dropped by 1.04%, which saved 64.6 megawatt hours of electricity during the one hour span. This translates into approximately 1.4 million lights being turned off.

The British Columbia community that achieved the highest reduction in power consumption during Earth Hour 2010 was Burns Lake with a 7% power savings according to BC Hydro.

The table below shows the total Earth Hour power consumption reductions across BC communities in 2010.

Earth Hour 2010 – Electricity Savings Results for BC Communities:

Earth Hour 2010 was the most successful Earth Hour ever, reaching 1.3 billion people worldwide. A record 138 countries and territories across the globe united making it the largest voluntary action ever witnessed. In 2010 over 10 million Canadians took part in all provinces and territories, turning out the lights in over 300 cities and towns.

BC Hydro encourages people to join Earth Hour to promote energy conservation awareness by demonstrating behavior changes that lower energy consumption and support the province’s fight against climate change by reducing greenhouse gas emissions through energy conservation.

In 2009, British Columbia achieved a 1.1% reduction in the overall electricity load during Earth Hour while in 2008, there was a 2% reduction.

According to BC Hydro, “If British Columbians implemented the same conservation measures (as they did in 2010) for just one hour every evening, the combined savings would be enough to power close to 2,200 homes for an entire year.”