Blog by Ann Hickey

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2014: Something to talk about.


2014: Something to Talk About

For the past few years the housing market seems to be a major topic of conversation for Metro Vancouver residents and 2014 was no exception.  As we gear up for a new year with enthusiasm and renewed energy, let‘s take a look back and see if it was really worth talking about.

A lot of great properties came onto the market in 2014. The Real Estate Board of Greater Vancouver (REBGV) reports that last years (2014) total sales of detached, attached and apartment properties reached 33,116, a 16 % increase from the 28,524 sales recorded in 2013, and a 32% increase over the 25,032 residential sales in 2012.

The number of Metro Vancouver residential properties listed for sale via MLS increased 2.4% in 2014 to 56,066 compared to the 54,742 properties listed in 2013. 

“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.  “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 % in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 % over the same period.

 

See more at: Home Sale and Listing Activity Reach Historical Norms in 2014.

The Home Price Index (HPI) for detached homes on Vancouver’s west side hit an astonishing  $2,323,300 last month, up 10.9 % from November, 2013, while the index for Vancouver’s east side reached $957,300, up 11.9 % from a year earlier. Both of those prices also set records.

With the national, provincial and local CMHC economists agreeing, the real estate market in BC, and specifically the Lower Mainland, will remain strong and steady into 2015. The Market Overview below is a more detailed understanding on just how North Vancouver, West Vancouver and Vancouver Westside have been doing. Have a look and let’s talk.

 

North Vancouver

 

Dec 2014

Dec 2013

% Increase

Gross Sales

$91,423,529

$61,430,438

48%

Units Listed

45

37

21%

Units Sold

64

58

10%

Sold- Year to Date

1,235

1,093

12%

Avg Price/Unit

$1,428,492

$1,059,145

34%

Active Listings

165

220

-25%

Benchmark Price

1,042,600

$949,300

9.8%

Price Index (HPI)

166.4

151.5

9.8%

 

West Vancouver 

 

Dec 2014

Dec 2013

% Increase

Gross Sales

$137,57,267

$128,163,27

7%

Units Listed

48

49

-2%

Units Sold

51

52

-1%

Sold- Year to Date

828

769

7%

Avg Price/Unit

$2,693,279

$2,464,677

9%

Active Listings

326

363

-10%

 

 

 




Benchmark Price

$1,998,600

$1,920,900

4.0%

Price Index (HPI)

190.3

182.9

4.0%

 

Vancouver West

 

Dec 2014

Dec 2013

% Increase

Gross Sales

$321,045,028

$310,73,68

3%

Units Listed

100

113

-11%

Units Sold

99

111

-10%

Sold- Year to Date

1,783

1,661

7%

Avg Price/Unit

$3,242,879

$2,799,131

15%

Active Listings

545

612

-10%

Benchmark Price

$2,325,200

$2,103,300

10.6%         

Price Index (HPI)

238.9

216.1

10.6%

                                                                                                                               

Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.

Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales



Dec 2014 Hot Properties - Sold in under 5 Days.

Detached Dwellings in North Vancouver, West Vancouver, Vancouver Westside which sold in under 5 days.
Dec 2014 Hot Properties