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Vancouver Real Estate August 2013 Market Update

The summer housing market remains active in Greater Vancouver

VANCOUVER, B.C. – September 4, 2013 – August activity in the Greater Vancouver housing

market finished well above last year’s pace and slightly below the 10-year average for the month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in

Greater Vancouver reached 2,514 on the Multiple Listing Service® (MLS®) in August 2013.

This represents a 52.5 per cent increase compared to the 1,649 sales recorded in August 2012,

and a 14.7 per cent decline compared to the 2,946 sales in July 2013.

Last month’s sales were 4.6 per cent below the 10-year sales average for the month.

“We’ve seen a healthy amount of demand in the marketplace this summer compared to the

number of homes listed for sale,” Sandra Wyant, REBGV president said. “The market today is

much stronger than we saw last year and is consistent with our long-term averages for this time

of year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,186

in August. This represents a 3.5 per cent increase compared to the 4,044 new listings reported in

August 2012 and a 13.8 per cent decline from the 4,854 new listings in July of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is

16,027, which is an 8.8 per cent decrease compared to August 2012 and a 3.6 per cent decline

from July 2013.

The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This ratio

remains consistent with balanced market conditions.

“People entering the market should not confuse stronger sales activity with rising prices. Home

prices have been quite stable and consistent for much of this year,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in

Greater Vancouver is currently $601,500. This represents a 1.3 per cent decline compared to

August 2012 and an increase of 2.3 per cent since the beginning of 2013.

Sales of detached properties reached 1,052 in August 2013, an increase of 69 per cent from the

624 detached sales recorded in August 2012, and a 3.1 per cent increase from the 1,020 units

sold in August 2011. The benchmark price for detached properties decreased 2 per cent from

August 2012 to $923,700.

Sales of apartment properties reached 1,018 in August 2013, an increase of 40.4 per cent

compared to the 725 sales in August 2012, and an increase of 6.6 per cent compared to the 955

sales in August 2011. The benchmark price of an apartment property decreased 1.1 per cent from

August 2012 to $366,100.

Attached property sales in August 2013 totalled 444, an increase of 48 per cent compared to the

300 sales in August 2012, and a 10.2 per cent increase from the 403 attached properties sold in

August 2011. The benchmark price of an attached unit decreased 1.1 per cent between August

2012 and 2013 to $457,000.

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STATS Provided by The Real Estate Board of Greater Vancouver 

 

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