Here’s the June stats:

Market conditions drive strong June housing sales
VANCOUVER, B.C. – July 3, 2009 – The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.

New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.

“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.

“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”

Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2 per cent to $518,855 in June 2009 compared to June 2008.

The number of sales of detached properties increased 81.6 per cent to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4 per cent to $701,384 in June 2009 compared to June 2008.

The number of sales of apartment properties in June 2009 increased 69.3 per cent to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2 per cent from June 2008 to $356,880.

The number of attached property sales in June 2009 increased 78.2 per cent to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3 per cent between June 2009 and 2008 to $441,620.

Bright spots in Greater Vancouver in June 2009 compared to June 2008:
Detached:

Burnaby up 109.7 per cent (151 units sold from 72)

Coquitlam up 122.2 per cent (160 units sold from 72)

Delta - South up 107.7 per cent (56 units sold from 27)

Maple Ridge/Pitt Meadows up 54.3 per cent (162 units sold from 105)

New Westminster up 104.8 per cent (43 units sold from 21)

North Vancouver up 96.2 per cent (153 units sold from 78)

Port Moody/ Belcarra up 120 per cent (33 units sold from 15)

Richmond up 77.4 per cent (204 units sold from 115)

Squamish up 107.7 per cent (27 units sold from 13)

Sunshine Coast up 33.9 per cent (75 units sold from 56)

Vancouver East up 71.2 per cent (238 units sold from 139)

Vancouver West up 85.2 per cent (200 units sold from 108)

West Vancouver/Howe Sound up 117.8 per cent (98 units sold from 45)

Attached:

Burnaby up 81.8 per cent (140 units sold from 77)

Coquitlam up 80 per cent (54 units sold from 30)

Maple Ridge/Pitt Meadows up 48.6 per cent (55 units sold from 37)

North Vancouver up 121.2 per cent (73 units sold from 33)

Port Coquitlam up 82.6 per cent (42 units sold from 23)

Port Moody/ Belcarra up 77.3 per cent (39 units sold from 22)

Richmond up 84.5 per cent (155 units sold from 84)

Vancouver East up 118.5 per cent (59 units sold from 27)

Vancouver West up 121.8 per cent (122 units sold from 55)

Apartments:

Burnaby up 60.4 per cent (239 units sold from 149)

Coquitlam up 93.9 per cent (95 units sold from 49)

New Westminster up 57.1 per cent (121 units sold from 77)

North Vancouver up 71.4 per cent (120 units sold from 70)

Port Coquitlam up 58.1 per cent (49 units sold from 31)

Port Moody/Belcarra up 128.6 per cent (48 units sold from 21)

Richmond up 54.1 per cent (225 units sold from 146)

Vancouver East up 58.7 per cent (165 units sold from 104)

Vancouver West up 87.2 per cent (627 units sold from 335)

West Vancouver/Howe Sound up 155.6 per cent (23 units sold from 9)

Download complete stats package by clicking here.

The Real Estate industry is a key economic driver in British Columbia. In 2008, 24,626 homes changed hands in the Board’s area generating $1.03 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 9,400 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Note: The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Inventory for REBGV and FVREB attached and detached was 21,002 (down), of which 7,332 (down), or 34.91% (down just slightly), were over 90s. For the REBGV the numbers were 13,097 (down), 4,399 (down) and 33.59% (down). For the FVREB the numbers were 7,905 (up), 2,933 (up) and 37.1% (up).

REBGV detached and attached numbers for last week were 1,154 new listings (down), 397 price changes (down), and 1,008 sales (up) for a sell/list of 87.35% (up).

13,097/(1,008*4.25) = 3.06 MOI (down).

FVREB detached and attached numbers for last week were 567 new listings (up), 328 price changes (up), and 411 sales (down) for a sell/list of 72.49% (down).

7,905/(411 *4.25)= 4.53 MOI (up)

Combined detached and attached numbers for last week were 1,721 new listings, 725 price changes, and 1,419 sales for a sell/list of 82.45%. 21,002/(1,352*4.25)= 3.48 MOI. (down)

Domus and WoW see the crash al around them - I guess they live in the Valley

(Off topic, I’m watching the movie “7 Days” - so far its a good movie. Lots of true north trivia. Good rental).

First chart is REBGV, second is FVREB, third is combined.

Rob’s Report Generator

Data for File: SalesJune282009REBGV.csv

Data for File: SalesJune282009FVREB.csv

Data for File: SalesJune282009REBGVFVREB.csv

Inventory for REBGV and FVREB attached and detached was 21,083, of which 7,363, or 34.92%, were over 90s. For the REBGV the numbers were 13,214, 4,503 and 34.08%. For the FVREB the numbers were 7,869, 2,860 and 36.35%.

REBGV detached and attached numbers for last week were 1,219 new listings, 419 price changes, and 934 sales (again!) for a sell/list of 76.62%.

13,214/(934*4.25) = 3.33 MOI.

FVREB detached and attached numbers for last week were 545 new listings, 265 price changes, and 418 sales for a sell/list of 76.70%.

7,869/(418 *4.25)= 4.43 MOI.

Combined detached and attached numbers for last week were 1,764 new listings, 684 price changes, and 1,352 sales for a sell/list of 76.64%. 21,083/(1,352*4.25)= 3.67 MOI.

I was reading Anonymous’ observations about the market (how it was clearly slowing down and whatnot) and I thought it was possible, just possible, that he was engaging in wishful thinking that was completely divorced from the data. This indeed appears to have been the case. Like it or not, the market is hot.

Kids are also out of school. If you’re a believer in the rule of Spring and Fall up markets, and Summer and Winter down markets, we should see a tailing off in the coming weeks. Let’s see what happens.

First chart is REBGV, second is FVREB, third is combined.

Rob’s Report Generator

Data for File: SalesJune212009REBGV.csv

Data for File: SalesJune212009FVREB.csv

Data for File: SalesJune212009REBGVFVREB.csv

I’ve got a new listing downtown. Who cares?

Well, you guys do. Why? Simple. We’ve often discussed commission on this blog, and I’ve always maintained that commissions are 100% negotiable, and that consumers bear much of the blame for lack of creativity in negotiating them.

A blog reader called my bluff. We’ve come up with a way wherein we do not conduct the sale in the traditional way. I’m not going to disclose the details here as they may prejudice the seller’s interests, but before jumping to conclusions let’s just remember the old saying among agents - “Sure, commissions are completely negotiable. We can increase it to 8% if you like!”

The address of the property is #404-811 Helmcken. The MLS number is V773018. We’re asking $319,000. You can see a virtual tour here and see the main property page here.

Please share your input, and remember that the seller reads the blog. He could be your neighbour. In fact, he could be your mother. Play nicely and he’s likely to share his input as well.

ALR vs. shopping? You may have heard about it on ‘NW this morning, and you can read a bit about it here. If you’ve been around a while you’ll remember the bad old days of the NDP and Dave Barratt. One of his worst ideas was the Agricultural Land Reserve. (Just think, if we didn’t have that we could have even more pavement!)

Anyway, what with the new Golden Ears Bridge it seems that Maple Ridge and Pitt Meadows may lose shopping business to Langley. That also leads to more gas consumption, as shoppers have to drive across the bridge to buy stuff that was trucked, shipped, trained and trucked here from across the globe. In other words, taking land out of the ALR is a green move. (OK, here’s some balance - the land in question is apparently not commercially farmable).

Bottom line, is an ALR or Industrial Land Reserve only critical until its inconvenient or unprofitable?

On another front, the City of Vancouver is addressing affordability by considering allowing suites within suites. A 205 sq. foot suite within an apartment in Yaletown? What do you think? Green? Affordable? Or simply more fuel on the fire? There is no question that zoning like this can create arguably false value. Combined with laneway housing , this could lead to a very different city within a few years. What’s the consensus? Good or bad?

Here’s a quick cut and paste table of the change in REBGV Benchmarks, April to May.

Inventory for REBGV and FVREB attached and detached was 21,177, of which 7,369, or 34.80%, were over 90s. For the REBGV the numbers were 13,257, 4,563 and 34.42%. For the FVREB the numbers were 7,920, 2,806 and 35.43%.

REBGV detached and attached numbers for last week were 1,246 new listings, 445 price changes, and 934 sales for a sell/list of 74.96%. Essentialy the same as last week. 13,257/(934*4.25) = 3.34 MOI. That’s a low MOI in case anyone’s wondering. Consistent sub 4 MOI should = price rises.

FVREB detached and attached numbers for last week were 682 new listings, 284 price changes, and 407 sales for a sell/list of 59.68%. Much more normal than last week (funny how a 98% sell/list didn’t get many comments, not even from the notorious bulls!). 7,920/(407 *4.25)= a still low 4.59 MOI.

Combined detached and attached numbers for last week were 1,928 new listings, 729 price changes, and 1,341 sales for a sell/list of 80,05%. 21,177/(1,341*4.25)= 3.72 MOI.

Here are the crunched numbers for last week:

Rob’s Report Generator

Data for File: SalesJune72009REBGV.csv

Data for File: SalesJune72009FVREB.csv

Data for File: SalesJune72009REBGVFVREB.csv

Someone asked in the last post if I’d noticed that sales were slowing down. Prior to doing the numbers I hadn’t noticed. We had multiple offers in the office last week. The numbers, of course, speak for themselves (I know…the numbers say the market’s about to crash… )

Inventory for REBGV and FVREB attached and detached was 21,041, of which 7,183, or 34.14%, were over 90s. For the REBGV the numbers were 13,223, 4,525 and 34.22%. For the FVREB the numbers were 7,818, 2,658 and 34.00%.

REBGV detached and attached numbers for last week were 1,261 new listings, 451 price changes, and 938 sales for a sell/list of 74.39%. Not much of a cooling trend. 13,233/(938*4.25) = 3.31 MOI.

FVREB detached and attached numbers for last week were 448 new listings (way down), 333 price changes, and 430 sales for a sell/list of 95.98%. That’s one strange week and a big change. 7,818/(430 *4.25)= 4.28MOI. Like I said last week - Bob Rennie may think we have two different markets, but the Valley’s catching up!

Combined detached and attached numbers for last week were 1,709 new listings, 784 price changes, and 1,368 sales for a sell/list of 80,05%. 21,223/(1,368*4.25)= 3.65 MOI.

Like it or not, explain it or don’t, those numbers are red hot.

I’ll post the table tomorrow if I get time.

For those who have been keeping track of GR, he wasn’t lying about the presents. And frankly, if he read the rest of you as well as he read me the you’ll get a good laugh. Smedley Butler? I’m truly impressed. Thank you.

Its been a very busy past couple weeks for me. There’s lots of business to do, and some organizational changes. I think I’m going to have to break down and really go mobile or else toast the blog. So, bigger Blackberry, or IPhone? What’s the best product, and what’s the best package? Any input is appreciated.

Inventory for REBGV and FVREB attached and detached was 21,415, of which 7,451, or 34.79%, were over 90s. For the REBGV the numbers were 13,277, 4,676 and 35.22%. For the FVREB the numbers were 8,138, 2,775 and 34.10%.

REBGV detached and attached numbers for last week were 1,134 new listings, 529 price changes, and 862 sales for a sell/list of 76.01%. 13,277/(862*4.25) = 3.62 MOI.

FVREB detached and attached numbers for last week were 736 new listings, 344 price changes, and 363 sales for a sell/list of 49.32%. 8,138/(363 *4.25)= 5.27 MOI. Bob Rennie may think we have two different markets, but the Valley’s catching up!

Combined detached and attached numbers for last week were 1,870 new listings, 873 price changes, and 1,225 sales for a sell/list of 65.51%. 21,415/(1,225 *4.25)= 4.11 MOI.

The spring market is still cooking along.

First chart is REBGV, second is FVREB, and third is combined.

Rob’s Report Generator

Data for File: SalesMay312009REBGV.csv

Data for File: SalesMay312009FVREB.csv

Data for File: SalesMay312009REBGVFVREB.csv