Statistics of the REBGV for July 2012

The statistics are averages and do not apply equally to all areas.

In July 2012 the number of sales of all types of residential homes decreased by 18.4% compared to July 2011. The sales of condos and apartments decreased by 10.9% while the sales of detached houses decreased by 28.4%.


New listings decreased by 5.8% compared to July 2011 and by 14.5% compared to June 2012. The total number of listings was 18.8% higher than in July 2011 and 2.2% lower than on June 2012.

In July 2012 the benchmark price of all residential properties in Greater Vancouver was 0.6% higher than in July 2011. In the last twelve months the benchmark price of Vancouver houses increased by 1.4% while the benchmark price of Vancouver condos and apartments remained the same.

Link to REBGV report

BCREA - economic update. Predicts 2.1% growth of Canadian economy in 2012.

The BCREA statitistics show that the economy expanded in April and May 2012 albeit modestly while the sales numbers of Vancouver condos and Vancouver houses dropped sharply in May. The statistics for July will be an indication/confirmation of the effect of media reports of economic problems in other parts of the world on buyer confidence in real estate.
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BCREA ECONOMICS NOW

Canadian Monthly GDP - July 31, 2012

The Canadian economy expanded 0.1 per cent in May, after increasing 0.3 per cent in April. At the industry level, economic growth was driven by a 0.7 per cent increase in retail trade and a 0.5 per cent bounce in finance and insurance output. Real GDP growth was also given a boost by increased mining and oil and gas extraction. Lagging industries included manufacturing (down 0.5 per cent) and construction (down 0.2 per cent). The output of real estate agents and brokers fell 4.8 per cent at the national level following three consecutive months of increasing activity.

Canadian real GDP is on track to grow 1.5 to 2.0 per cent in the second quarter of the year, close to the 1.8 per cent forecast by the Bank of Canada and in line with BCREA's own forecast. The second half of the year holds a number of risks for the Canadian economy, including further Euro uncertainty and a slowdown in the US economy. We forecast that the Canadian economy will generate modest growth in 2012 of around 2.1 per cent.


For more information, please contact:

Cameron Muir                             Brendon Ogmundson
Chief Economist                          Economist
Direct: 604.742.2780                   Direct: 604.742.2796
Mobile: 778.229.1884                 Mobile: 604.505.6793
cmuir@bcrea.bc.ca                      bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Copyright British Columbia Real Estate Association. Reprinted with permission.
BCREA makes no guarantees as to the accuracy or completeness of this information.

Bank of Canada - overnight rate remains unchanged. BCREA projects increase as of early 2013.

Today the BCREA - BC Real Estate Association - published a news release about the latest meeting of the Bank of Canada.  The most important points are
- overnight rate remains unchanged at 1%
- economic growth as projected by the Bank of Canada is 2.1% this year and 2.3% in 2013
- inflation will be close to 2%

The economists of the BCREA expect that the overnight rate is likely to be increased as of early 2013.

If an increase in interest rates would indeed take place starting early next year, now and the next few months may be the better time to buy the Vancouver condo or Vancouver house you were thinking of.

A decrease in sales does not necessarily mean a decrease in property values

The statistics compiled monthly by the Real Estate Board of Greater Vancouver show that a decrease in monthly sales does not necessarily result in a decrease of property values even though this seems to be contrary to economic principles. Click on the above link and scroll down to "Download the complete stats package by clicking here".
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On pages two and three of the stats package named "MLS home price index" is a list of the percentage change of the benchmark price for each area by property type. The benchmark price is the estimated sale price of a typical property in each market. The percentage change is calculated for different time periods - 1 , 3 and 6 months as well as 1, 3 and 5 years.



Vancouver real estate statistics Jan 2011

The Real Estate Board of Greater Vancouver released its statistics for December 2010.

For the year of 2010

- the number of sales were down 14.2% compared to 2009 and 24.2% up compared to 2008
- the number of properties listed for sale increased by 9.7% compared to 2009 and decreased by 7.3% compared to 2008

- the 12 month price increase was 2.7%