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Blog by Mario Felicella - Sutton Group Westcoast Realty

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Vancouver home sales grew 6% in 2011

Total sales of detached, attached and apartment properties in Greater Vancouver climbed nearly 6% last year, although missed the 2009 high by over 9%, according to the Real Estate Board of Greater Vancouver (REBGV).

In a report released earlier this week, the board pointed to 32,390 properties that changed hands in 2011, or a 5.9% increase from the 30,595 sales recorded in 2010. That was still short 9.2% of 2009's 35,669 residential sales.


Last year’s home sales total was also 6.3% below the ten-year average for annual Multiple Listing Service sales in the region, reports the board.


“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.


The number of residential properties listed for sale on the MLS system increased 2.7% in 2011. Looking back further, last year’s total represents a 12.8% increase compared to the 52,869 residential properties listed in 2009.


Last year’s listing total was 11.1% above the ten-year average for annual Multiple Listing Service property listings in the region.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”


Source: Canadian Real Estate Wealth