In a year when the number of homes listed for sale was below historical averages, actual Metro Vancouver home sales set a new record.
The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.
Sales of detached, attached and condo apartment properties in 2015 reached 42,326, a 27.8-per-cent increase from the 33,116 sales recorded in 2014, and a 48.4-per-cent increase over the 28,524 residential sales in 2013.
The total number of homes listed for sale on the MLS in 2015 ranked fifth in the last 10 years, while the MLS Home Price Index (HPI) saw double-digit year-over-year price increases.
The number of residential properties listed for sale on the Multiple Listing Service MLS in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.
“Homebuyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market,” says Darcy McLeod, REBGV president. “Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver ended 2015 at $760,900. This represents an 18.9-per-cent increase compared to December 2014.
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod says. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent, depending on property type.”
For a complete market by market breakdown, see here.
Greater Vancouver Average Home Prices, Major Housing Types (December 2015)
Single-detached: $1.24 million
1-year % change: 24.3%
5-year % change: 51.2%
10-year % change: 109%
1-year % change: 13.6%
5-year % change: 20.5%
10-year % change: 59.3%
1-year % change: 14%
5-year % change: 20.9%
10-year % change: 54.1%
Photo by Diane Duflot