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REBGV Stats Package January 2012
1. News Release
FOR IMMEDIATE RELEASE
Selection broadens and demand eases to kick off 2012 in the
Greater Vancouver housing market
VANCOUVER, B.C. – February 6, 2012 – Greater Vancouver home sellers were more active than buyers in January and
overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability
and less fluctuation compared to the beginning of 2011.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached
1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the
1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18
per cent decline from the 1,923 home sales in January 2010.
January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales
below the 10-year average.
“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing
compared to this time last year,” Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition
amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do
their homework, consult with their REALTOR®, and make a decision.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This repre-
sents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increase
compared to the 1,629 new listings reported in December 2011.
Last month’s new listing count was the highest January total in Greater Vancouver since 1995.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase
compared to December 2011 and an increase of 20.2 per cent compared to January 2011.
New MLS® Home Price Index launches in Canada
Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in
the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Val-
ley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted
with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those
boards.
The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley
REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.1
“The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to under-
stand home price trends across the country,” Setticasi said.
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 per
cent compared to January 2011 and down 0.1 per cent compared to December 2011. The MLS® HPI also tracks home prices
across the Lower Mainland.2 The benchmark price for all residential properties in the Lower Mainland is $593,300, an in-
crease of 5 per cent compared to January 2011.
Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per cent from the 793 detached
sales recorded in January 2011, and a 6.5 per cent decrease from the 705 units sold in January 2010. The benchmark price for
detached properties increased 11.3 per cent from January 2011 to $1,034,700.
Continued overleaf
For more information please contact:
Craig Munn, Assistant Manager, Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146 Fax: (604) 730-3102
E-mail: cmunn@rebgv.org also available at www.realtylink.org
2. Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to the 713 sales in January
2011, and a decrease of 26.3 per cent compared to the 891 sales in January 2010.The benchmark price of an apartment prop-
erty increased 2.4 per cent from January 2011 to $371,500.
Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011,
and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome3
unit declined 0.5 per cent between January 2011 and 2012 to $468,000.
Editor’s notes:
1. The new MLS® HPI will be indexed to equal 100 in January 2005. The previous MLSLink HPI was indexed to 2001.
Sales prior to 2005 will not be considered in the MLS® HPI. Click here to view more detailed information on the MLS®
HPI.
2. The Lower Mainland includes the areas serviced by both the Real Estate Board of Greater Vancouver and the Fraser Val-
ley Real Estate Board, and is comprised of communities from Whistler to Abbotsford.
3. Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do
not included duplexes.
-30-
The real estate industry is a key economic driver in British Columbia. In 2011, 32,390 homes changed ownership in the Board's
area, generating $1.36 billion in spin-off activity and 9,069.2 jobs. The total dollar value of residential sales transacted through
the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an associa-
tion representing more than 10,900 REALTORS® and their companies. The Board provides a variety of member services, includ-
ing the Multiple Listing Service®.For more information on real estate, statistics, and buying or selling a home, contact a local
REALTOR® or visit www.rebgv.org.
For more information please contact:
Craig Munn, Assistant Manager, Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146 Fax: (604) 730-3102
E-mail: cmunn@rebgv.org also available at www.realtylink.org
4. * January 2012
Benchmark Price 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year
Property Type Area
Price Index Change % Change % Change % Change % Change % Change %
Tsawwassen $474,800 142.7 0.3% -3.3% -7.9% -7.3% 13.1% 11.9%
Vancouver East $516,600 167.0 -0.9% -0.5% 1.6% 8.7% 22.1% 22.6%
Vancouver West $682,900 155.0 0.1% 6.5% 4.2% -8.9% 24.0% 21.1%
Whistler $427,000 122.9 0.7% -4.9% -12.4% -6.8% -4.5% 6.0%
Apartment Lower Mainland $344,200 147.8 0.3% 0.3% -1.4% 2.1% 9.9% 10.1%
Greater Vancouver $371,500 149.3 0.3% 0.4% -1.3% 2.4% 12.9% 12.6%
Burnaby East $360,200 136.7 1.0% 1.2% -5.6% -1.6% -0.7% -3.7%
Burnaby North $340,900 139.6 0.6% -1.2% -2.2% -0.2% 8.1% 6.1%
Burnaby South $373,300 150.3 -1.2% -3.8% -6.1% -0.2% 12.5% 15.5%
Coquitlam $252,100 137.8 -1.4% -2.6% -3.5% -2.3% 7.0% 3.5%
Ladner $305,500 147.3 -1.3% -2.4% -1.1% 3.3% 7.5% 16.1%
Maple Ridge $181,500 132.6 0.3% -2.1% -0.7% -3.8% 0.3% -3.8%
New Westminster $270,100 151.6 0.1% -2.5% -2.6% 2.4% 9.0% 9.1%
North Vancouver $340,800 138.1 1.0% 2.8% -0.7% -0.2% 11.2% 9.0%
Pitt Meadows $220,000 128.2 0.3% -4.3% -3.1% -4.8% -3.0% -7.0%
Port Coquitlam $233,600 137.9 0.4% -0.6% -2.7% -0.4% -0.3% 0.5%
Port Moody $304,000 125.8 0.5% 1.8% 0.2% -2.5% -0.6% -1.7%
Richmond $354,100 149.7 -0.1% 3.4% 1.4% 4.2% 14.2% 14.6%
Squamish $225,100 108.0 0.7% 6.1% -4.1% -15.8% -22.2% -4.8%
Tsawwassen $332,300 138.3 -1.8% -3.8% -2.9% 0.7% 0.9% 9.0%
Vancouver East $298,900 163.3 -0.5% -1.6% -2.4% 2.6% 12.2% 17.1%
Vancouver West $472,600 154.0 1.3% 2.0% -0.1% 4.8% 19.0% 16.8%
West Vancouver $607,200 131.8 -2.3% -5.6% -3.1% -0.5% 7.2% 1.8%
Whistler $237,000 221.5 -3.4% 2.7% -10.8% 4.8% 59.5% 95.3%
HOW TO READ THE TABLE:
BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.
PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. *
In January 2005, the indexes are set to 100
Key: ** = Sales sample too small; Price information not reported.
The above info is deemed reliable, but is not guaranteed. All dollar amounts in CDN.
* MLS®, Multiple Listing Service®, and all related graphics are trademarks of The Canadian Real Estate Association
5. Jan 2012
Nov 2011
Sep 2011
Jul 2011
May 2011
Mar 2011
Jan 2011
Nov 2010
Apartment
Sep 2010
Jul 2010
May 2010
Mar 2010
Jan 2010
Townhouse
Greater Vancouver
Nov 2009
5 Year Trend
Sep 2009
Jul 2009
May 2009
Detached
Mar 2009
Jan 2009
Nov 2008
Sep 2008
Residential
Jul 2008
May 2008
C:DATAMonthEndHpiexporthi_resgv-hpi2.tif
Mar 2008
Jan 2008
Nov 2007
Sep 2007
Jul 2007
Jan 2005 HPI = 100
May 2007
Mar 2007
Jan 2007
90
180
170
160
150
140
130
120
110
100
Price Index