“Some people see things as they are and ask why. Others dream things that never were and ask why not.” – George Bernard Shaw.

 

Happy New Year! All the best for a successful 2015 ahead!

 

Attached are the end of December 2014 Sales and Listings Stats. In Greater Vancouver there were 33,693 properties sold in 2014, the strongest year for sales since 2009 at 36,257 that year. With 28,985 properties sold in 2013, unit sales were up 16 per cent this year. The spring market came late in 2014 with residential sales not hitting the 3,000 mark until April – the first time eclipsing that amount since May 2011. The remainder of the year remained consistent with demand remaining strong in the market. Most market areas fell into Seller’s Market conditions as the year progressed. The detached (house) market more so, with Vancouver’s East Side at 3 month’s supply of inventory – anything below 6 is considered a Seller’s Market. Greater Vancouver finished with 5 month’s supply – influenced to a great degree by the detached market. The attached/condo market consistently improved as the year progressed as well, showing greater strength than previous years. This was the case in both resale and brand new properties. There were more than 13,000 new multi-family homes forecast to be absorbed in 2014, with 2011 being the high since the downtown in 2008, 2014 was nearly 13 per cent higher than this high. Much discussion centred on our market of having an overstock of new product but this does not seem to be the case in Metro Vancouver. Demand is keeping up with supply and some argue supply will not be enough for the demand in years to come. Benchmark price is up 5.8% for Greater Vancouver, year over year.

 

Continuing the trend of declining inventories of properties for sale, total active listings were down 10 per cent year over year at the end of December. Compared to December 2012, total active listings are down 19 per cent. With a number of listings expiring on December 31st as typically happens, in Greater Vancouver total active listings were below 10,000 as of January 1st for the first time since the beginning of 2008. The presence of multiple offers was more prevalent this year, again more so as the year progressed and inventories of listings came down. Sales to Listings Ratio (The percentage of units listed in a month and sold during that month) increased through the year and in comparison to 2013, finishing in December at 112 per cent compared to 102 per cent in December 2013 and 81 per cent in December 2012.

 

So what might 2015 be like for the housing market in Metro Vancouver? All indications are pointing to continued strength in the housing market. With B.C.’s economy projected to expand by 2.7 per cent in 2015, outpacing the projected growth of 2.5 per cent in 2014 and annual employment growth projected to reach 0.8 per cent in 2014 (rising 1.4 per cent) the economic outlook in the province is positive. Coupled with continued low interest rates, the continuation of migration to B.C. (both globally and nationally) and foreign buyer’s demand for real estate in the province - especially the Lower Mainland, strength in demand for real estate looks to be very good. Vancouver is seen as a safe place to invest – regardless of the price gains. And certainly regardless of changes to immigration policies. Despite much discussion that Federal Government’s changes to the Immigrant Investor Program in February 2014 would negatively affect our real estate market, those effects never materialized and it doesn’t appear it will going forward. The trend of downsizing will continue in 2015 as empty nesters look to sell off equity and home maintenance and move into condos. First time buyers which came back to the market more so in 2014 will continue this trend, with help from parents as they sell their family homes. Laneway homes will become an option for some as well as shared purchase of properties. As the saying goes, strength in numbers. So while many a pundit likes to predict the demise of the real estate market in Metro Vancouver, as Mark Twain’s quote goes: “The reports of my death have been greatly exaggerated.”

 

 

Year End Sales and Listings Stats Update All Residential

 

Year End Sales and Listings Stats Update Houses Townhouses Condos

 

 

Summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2014 was 2,173 – down from 2,567 in November 2014; up from 1,990 in December 2013 and 1,171 in December 2012. Total Active Listings are down 9% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 5 Months Supply at the end of 2013 and Sales to Listings Ratio was 112% in December 2014 compared to 102% in December 2013. Benchmark price is up 5.8%, year over year.

 

Vancouver Westside: Total Units Sold in December 2014 was 415 – down from 493 in November 2014; up from 393 in December 2013 and 235 in December 2012. Total Active Listings are down 12% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Seller’s to Balanced Market) compared to 6 Months Supply at the end of 2013 and Sales to Listings Ratio was 112% in December 2014 compared to 101% in December 2013. Benchmark price is up 10.6%, year over year.

 

Vancouver Eastside: Total Units Sold in December 2014 was 266 – down from 284 in November 2014; up from 236 in December 2013 and 124 in December 2012. Total Active Listings are down 2% year over year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 4 Months Supply at the end of 2013 and Sales to Listings Ratio was 119% in December 2014 compared to 153% in December 2013. Benchmark price is up 11.9%, year over year.

 

North Vancouver: Total Units Sold in December 2014 was 156 – down from 190 in November 2014; up from 137 in December 2013 and 90 in December 2012. Total Active Listings are down 13% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 5 Months Supply at the end of 2013 and Sales to Listings Ratio was 117% in December 2014 compared to 105% in December 2013. Benchmark price is up 9.8%, year over year.

 

West Vancouver Houses: Total Units Sold in December 2014 was 66 – down from 79 in November 2014; up from 75 in December 2013 and 38 in December 2012. Total Active Listings are down 12% year over year, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 7 Months Supply at the end of 2013 and Sales to Listings Ratio was 94% in December 2014 compared to 123% in December 2013. Benchmark price is up 4.0%, year over year.

 

Richmond: Total Units Sold in December 2014 was 302 – down from 330 in November 2014; up from 249 in December 2013 and 139 in December 2012. Total Active Listings are down 3% year over year, Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market) compared to 7 Months Supply at the end of 2013 and Sales to Listings Ratio was 94% in December 2014 compared to 82% in December 2013. Benchmark price is up 8.8%, year over year.

 

Burnaby East: Total Units Sold in December 2014 was 28 – up from 27 in November 2014; up from 27 in December 2013 and 13 in December 2012. Total Active Listings are down 27% year over year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 5 Months Supply at the end of 2013 and Sales to Listings Ratio was 122% in December 2014 compared to 123% in December 2013. Benchmark price is up 6.0%, year over year.

 

Burnaby North: Total Units Sold in December 2014 was 122 – up from 120 in November 2014; up from 85 in December 2013 and 64 in December 2012. Total Active Listings are down 8% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 6 Months Supply at the end of 2013 and Sales to Listings Ratio was 182% in December 2014 compared to 112% in December 2013. Benchmark price is up 6.0%, year over year.

 

Burnaby South: Total Units Sold in December 2014 was 116 – down from 134 in November 2014; up from 111 in December 2013 and 69 in December 2012. Total Active Listings are up 7% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Seller’s Market) compared to 5 Months Supply at the end of 2013 and Sales to Listings Ratio was 130% in December 2014 compared to 111% in December 2013. Benchmark price is up 6.3%, year over year.

 

New Westminster: Total Units Sold in December 2014 was 72 – down from 107 in November 2014; up from 70 in December 2013 and 47 in December 2012. Total Active Listings are down 13% year over year, Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market) compared to 7 Months Supply at the end of 2013 and Sales to Listings Ratio was 78% in December 2014 compared to 92% in December 2013. Benchmark price is up 3.2%, year over year.

 

Coquitlam: Total Units Sold in December 2014 was 166 – down from 203 in November 2014; up from 152 in December 2013 and 95 in December 2012. Total Active Listings are down 23% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 5 Months Supply at the end of 2013 and Sales to Listings Ratio was 108% in December 2014 compared to 103% in December 2013. Benchmark price is up 6.3%, year over year.

 

Port Moody: Total Units Sold in December 2014 was 42 – down from 48 in November 2014; down from 55 in December 2013 and up from 32 in December 2012. Total Active Listings are down 33% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2013 and Sales to Listings Ratio was 135% in December 2014 compared to 115% in December 2013. Benchmark price is up 6.6%, year over year.

 

Port Coquitlam: Total Units Sold in December 2014 was 68 – down from 98 in November 2014; up from 77 in December 2013 and 58 in December 2012. Total Active Listings are down 13% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2013 and Sales to Listings Ratio was 131% in December 2014 compared to 157% in December 2013. Benchmark price is up 3.9%, year over year.

 

Ladner: Total Units Sold in December 2014 was 28 – up from 27 in November 2014; up from 17 in December 2013 and 8 in December 2012. Total Active Listings are down 35% year over year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 7 Months Supply at the end of 2013 and Sales to Listings Ratio was 140% in December 2014 compared to 77% in December 2013. Benchmark price is up 6.6%, year over year.

 

Tsawwassen: Total Units Sold in December 2014 was 27 – down from 41 in November 2014; up from 20 in December 2013 and 7 in December 2012. Total Active Listings are down 12% year over year, Month’s Supply of Total Residential Listings is at 5 Months (Seller’s Market) compared to 8 Months Supply at the end of 2013 and Sales to Listings Ratio was 117% in December 2014 compared to 125% in December 2013. Benchmark price is up 8.6%, year over year.

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