Patrick Hobbs : Latest Blog Posts

December 2009 Stats

Thu, 07 Jan 2010 20:40:38 GMT

Slow start, strong finish for housing market in 2009

VANCOUVER, B.C. – January 5, 2010

– After beginning the year at near record low sales levels, buyers’ confidence

in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.” Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred. The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver

increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a

41.1 per cent decline compared to November 2009 when 3,653 properties were listed. “The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the

last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009 (see graph on page two for more detail). Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573. Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093.

HST information

Wed, 02 Dec 2009 19:08:04 GMT

Hello All

We have had many questions surrounding HST and how it will affect Home sales and buying. Here are a few links we have found helpful. If you have any questions at all feel free to call Patrick or Carrie anytime.

Government Website

http://www.gov.bc.ca/hst/

From the Real Estate Board of Greater Vancouver

http://www.rebgv.org/sites/default/files/Harmonization%20hurts%20affordability.pdf

http://www.bcrea.bc.ca/hst/faq.htm

July Stats

Thu, 06 Aug 2009 17:23:32 GMT

July stats:

Strong spring market carries into summer months

VANCOUVER, B.C. – August 5, 2009 – The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.

“Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates,” Scott Russell, REBGV president said. “Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market.”

New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per cent to 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number of property listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

“It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs by area and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving,” Russell said.

July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July 2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.

Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008. The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.

Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008. The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085. Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

DETACHED:

Burnaby up 121.7 per cent (153 units sold from 69)

North Vancouver up 53.3 per cent (115 units sold from 75)

Maple Ridge/Pitt Meadows up 60 per cent (160 units sold from 100)

Richmond up 140.2 per cent (221 units sold from 92)

Vancouver East up 66.4 per cent (208 units sold from 125)

Port Coquitlam up 236.4 per cent (74 units sold from 22)

Vancouver West up 104.5 per cent (180 units sold from 88)

South Delta up 203.1 per cent (97 units sold from 32)

West Vancouver up 108.1 per cent (77 units sold from 37)

Sunshine Coast up 60.5 per cent (69 units sold from 43)

ATTACHED:

Burnaby up 123.3 per cent (134 units sold from 60)

Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)

North Vancouver up 70 per cent (51 units sold from 30)

Vancouver West up 110 per cent (105 units sold from 50)

Richmond up 152.1 per cent (179 units sold from 71)

Vancouver East up 195.8 per cent (71 units sold from 24)

Port Coquitlam up 117.6 per cent (37 units sold from 17)

Maple Ridge/Pitt Meadows up 77.7 per cent (64 units sold from 36)

Coquitlam up 88.2 per cent (64 units sold from 34)

APARTMENTS:

Burnaby up 72.8 per cent (235 units sold from 136)

North Vancouver up 47.9 per cent (105 units sold from 71)

Richmond up 85.5 per cent (230 units sold from 124)

Vancouver East up 64.2 per cent (179 units sold from 109)

Vancouver West up 94 per cent (584 units sold from 301)

New Westminster up 70.6 per cent (116 units sold from 68)

Coquitlam up 62.3 per cent (86 units sold from 53)

Port Moody/Belcarra up 138.1 per cent (50 units sold from 21)

Download the complete stats package by clicking here.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board's area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 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.rebgv.org.

I have sold a property at 8949 CHIKUAINUK RD in Halfmoon_Bay

Fri, 31 Jul 2009 09:07:00 GMT

I have sold a property at 8949 CHIKUAINUK RD in Halfmoon_Bay.

Patrick Hobbs : Latest Blog Posts

December 2009 Stats

HST information

July Stats

July stats:

Strong spring market carries into summer months

Bright spots in Greater Vancouver in July 2009 compared to July 2008:

Download the complete stats package by clicking here.

I have sold a property at 8949 CHIKUAINUK RD in Halfmoon_Bay

New property listed in Sechelt District, Sunshine Coast

I have sold a property at 6364 SAMRON RD in Sechelt

New property listed in Halfmn Bay Secret Cv Redroofs, Sunshine Coast

I have sold a property at 9199 REGAL RD in Halfmoon_Bay

New property listed in Halfmn Bay Secret Cv Redroofs, Sunshine Coast

New property listed in Sechelt District, Sunshine Coast

New property listed in Sechelt District, Sunshine Coast

New property listed in Halfmn Bay Secret Cv Redroofs, Sunshine Coast

New property listed in Halfmn Bay Secret Cv Redroofs, Sunshine Coast

I have sold a property at 5469 MILLS RD in Sechelt

I have sold a property at BL 26 CHASTER RD in Gibsons

I have sold a property at # 203 5631 INLET AV in Sechelt

New property listed in Gibsons &amp; Area, Sunshine Coast

I have sold a property at 6328 JASPER RD in Sechelt

New property listed in Gibsons &amp; Area, Sunshine Coast

New property listed in Sechelt District, Sunshine Coast

New property listed in Gibsons & Area, Sunshine Coast

New property listed in Gibsons & Area, Sunshine Coast