Blog › January 2012

New Listing 4860 WEBSTER RD, Richmond, BC


V928365 - 4860 Webster Road, Richmond, British Columbia, CANADAView my new listing for sale SOLD at 4860 Webster Road, Richmond and currently listed at $1,798,000.SOLD

Desirable north-facing in Riverdale area. Luxurious 3-year-old executive home on 7,945 sq ft lot. Beautiful spacious layout, detailed craftsmanship, high vaulted ceilings, laminate and ceramic floors, moulding throughout. 5 bedrooms with ensuite bathrooms, plus a den, media room, Chinese wok kitchen, triple garage, south-facing backyard, and additional parking. Features include radiant heat, heat recovery syst, central vacuum, central air conditioning, remote control gate across driveway for privacy & secure access and security monitoring system. Close to transit, and walking distance to Thompson Elementary, Burnett Secondary, and West Richmond dyke trail.

Final Sales Statistics For 2011


Home sales reveiw for 2011

The final listings and home sales figures for 2011 was released this week. The year started with a strong first 5 months of frantic sales activities, followed by a rather dismay second half year when sales activities declined. The final 3 months witnessed many homes expiring unsold. This helped in reducing the number of listings on the market and relieved some pressure on home prices. View homes for sale in Greater Vancouver and Fraser Valley.

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Declining sales since 2005

Home prices continued to rise sharpely from 2005 in spite of declining sales volume. The divergence in sales volume and home prices was a sign of weakness in the housing market.

The poor housing sales recorded the past 6 months could be a telltale sign for a not too great 2012. 

Greater Vancouver Home Sales 2011

As pointed out by TD Economics report just released last week "a larger-than-average price and sales correction looks to be in store for the housing market in Vancouver. It forecasts a sales drop of 15% and a home-price decrease of 12% over the 2012-2013 period."

Market sentiment is critical to how the housing marekt in Greater Vancouver will play out this year. The next 3 months home listings and sales figures will give us a good read on the market for 2012.

Housing affodability - a major problem

Serious housing affordability problem exists in Greater Vancouver and the Fraser Valley since 2003. One of the reasons for the steep price gains in Greater Vancouver could be attributed to influex of new immigrants buying expansive homes in places like Richmond, Vancouver West and West Vancouver. The market also witnessed buying from local Canadian investors who were able to leverage their gains from real estates they already owned.

High home prices sustained by low interest rates

The ultra low interest rates enjoyed by home owners will not continue for long. Eventually, interest rates will rebound resulting in home owners paying much higher rates and mortgage payments.

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Eventually, the market will make a correction. Declining home sales and rapid price decline will cause serious financial losses to those who bought their homes in the most recent years.

Detached homes only for the rich

Only the rich or those inheriting their homes can live in detached houses in Greater Vancouver. When detached homes are selling over a million dollar, rich immigrants may be the only buyers for such homes.

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Greater Vancouver Housing Report - December, 2011


Balanced real estate market prevailed through much of 2011

The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand. View homes for sale in Greater Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.

Read the full report.

Source: REBGV.

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