September 2012 Market Update

(October 04, 2012 )

The summer of 2012 drew to a close in September with home sales activity well below historical averages in the Greater Vancouver housing market.
The sales of all properties in Greater Vancouver are down 32.5% compared to September 2011.  Looking North Vancouver sales from January - September 2011 compared to 2012 sales are down about -18%.  West Vancouver sales are down year to date -42%. 
There is defiantly a reduction in buyer demand in the 3 months since the federal government eliminated the availability of the 30 year amortization on government insured mortgages.  This makes homes less affordable for people.
Today our sales to active listings ratio sits at 8% which means we are in a buyers market.  The ratio has been declining since March when the ratio sat at 19%.
Prices have remained stable overall although we are seeing reductions in the areas that have had some of the largest price increases over the last couple of years.

Here are the stats:

North Vancouver

Single Family Detached Homes Benchmark Price $961,200
1 year change - up 5.2%
3 year change - up 15.9%
5 year change - up 12.9%

Townhouse Benchmark Price $576,200
1 year change - down -0.1%
3 year change - up 3.8%
5 year change - up 4.5%

Apartment Benchmark Price $358,800
1 year change - up 4.7%
3 year change - up 6.9%
5 year change - up 3.5%

West Vancouver


Single Family Detached Homes Benchmark Price $1,847,400
1 year change - up 4.0%
3 year change - up 32.4%
5 year change - up 21.9%

Apartment Benchmark Price $624,800
1 year change - down -2.0%
3 year change - up 7.4%
5 year change - down -6.2%