Years end Housing Market Update
Housing Market UpdatePublished: 2015-01-17 at 19:30:40
The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased. The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.
The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012. “While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year,” Ray Harris, REBGV president said. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500.
This represents a 5.8 per cent increase compared to December 2013. “Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”
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