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.
