December 2011 Housing Market Update

(January 17, 2012 )

The beginning of 2011 Greater Vancouver housing market began extremely busy and concluded with balance between seller supply and buyer demand.  
Here are the highlights:
  • Reported total sales of all properties for 2011 in Greater Vancouver were 5.9% increase from 2010.
  • Home sale total in 2011 was 6.3% below the 10 year average.
  • The number of homes for sale 2011 increased 2.7% over 2010
  • The listing total was 11.1% above the 10 year average.
  • Benchmark prices calculated by the Housing Price Index increased 7.6% overall.

Although our market remained in a balanced state for most of the year there is higher demands for detached properties in the regions largest communities causing certain areas to rise higher than others. The top 5 cities biggest increase in 2011 for 1 year change are:
  1. Port Moody up 34%  (1 year increase)
  2. Vancouver West up 20.7%
  3. West Vancouver up 15.8%
  4. Burnaby up 14.4%
  5. Vancouver East up 14.4%

NORTH VANCOUVER FOR DECEMBER 2011
Detached Homes Benchmark Price $977,5791 year change up 13.3%3 year change up 34.2%5 year change up 32.5%
Town Homes Benchmark Price $615,6141 year change up 3.4%3 year change up 21.6%5 year change up 15.7%
Apartments Benchmark Price $387,7541 year change up 4.8%3 year change up 16.4%5 year change up 12.2%
WEST VANCOUVER FOR DECEMBER 2011
Detached Homes Benchmark Price $1,689,0431 year change up 15.8%3 year change up 44.5%5 year change up 39.3#
Apartments Benchmark Price $653,8041 year change up 11.3%3 year change up 13.6%5 year change up 21.4%