Friday, March 2, 2012

Here's the meat....

From the GVREB news Release

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800.

From FVREB:

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,269 sales in February, an increase of 59 per cent compared to January and a 1 per cent decrease compared to the 1,279 sales during February of last year.

In terms of new listings, the Board received 2,846 in February, an increase of 3 per cent compared to January and a 6 per cent decrease compared to the 3,038 listings received last February, taking the total number of active listings to 9,037, an increase of 4 per cent compared to those available in February 2011.


As Board President Scott Olson explains, a seasonal increase in sales is typical for February; however this increase was not as robust as in years past. February’s sales finished at 4 per cent fewer than the 10‐year average for that month.


“Although our market has picked up, it’s still favouring buyers. In terms of our clients, we’re seeing more caution and deliberation when house hunting.


“This could mean using a home inspection as part of negotiations, or asking for extras to be thrown in, or the client walking away if terms are not met. The other side is that selection at certain price points is limited depending on location, so if the buyer finds the right home, they act, which is keeping prices stable.”


The MLS® HPI benchmark price of a ‘typical’ detached home in Fraser Valley in February was, $569,200, an increase of 8.3 per cent compared to $525,400 last year. The benchmark price of Fraser Valley townhouses increased by 2.0 per cent in one year, going from $305,700 in February 2011 to $311,900 in February 2012, while the benchmark price of apartments increased by 0.6 per cent going from $200,200 in February of last year to $201,500 in February 2012.


Olson adds, “We anticipate the new HST transition rules will generate more buying activity of new homes over the coming months and will have a spill‐over effect on the resale market. The majority of new homes in the Fraser Valley fall under the new $850,000 HST rebate threshold and first‐time buyers will be taking advantage of the refundable tax credit bonus of up to $10,000 available until March 31, 2013.

“These changes will improve accessibility in the Fraser Valley, a region already recognized for its affordability.”

8 comments:

  1. from Victoria

    http://tinyurl.com/6rrkb8v

    ReplyDelete
  2. lots of areas in the FV are negative for the last 5 years.

    http://www.fvreb.bc.ca/statistics/Package%20201202.pdf

    ReplyDelete
  3. Yeah it's interesting how they DON'T say " If you bought detached in Mission 5 years ago, you are now down 4.1%, not counting the effects of inflation. Or in Abbotsford you would have made just 0.8% over 5 years.

    If you bought an apartment in any of these these areas 5 years ago, you are under water; Mission, Abbotsford, South Surrey White Rock, North Surrey,

    The FV can be added to the list of areas like the Sunshine Coast , OK and Victoria which are in housing recessions. We just have Vancouver which is showing signs of cracking but is still held together by CMHC money, HAM buying and Government policies.

    ReplyDelete
  4. OK sales come in over-all at a MOI of 18.8

    7840/418

    The spin is better sales compared with Jan- no kidding batman! and with Feb. No mention that nearly 19 months of inventory is catastrophically bad.

    I think there was some heavily lobbying of the Libs from the Ok to get the GST/ PST matter resolved and get the $10K new buyer rebate which goes further in the OK.

    ReplyDelete
  5. Central OK

    SFH

    average down 1.55% YOY
    median down 4.04% YOY

    Apartments killed:

    average and median down OVER 20% YOY

    ReplyDelete
    Replies
    1. Holy smoke... 20% down YOY. That's called free fall!
      At this pace, we'll be able to get some decent deals in a couple of years...

      Delete
  6. Panic Sale @ $1300 a foot!

    I have to sell it at cost, wahhh

    http://vancouver.en.craigslist.ca/van/reo/2860586828.html

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  7. Hi Fishy

    Can we get some FV numbers buddy.

    ReplyDelete