Real Estate Market

January 4, 2012

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.

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.

It may not be the first thing one thinks about when decorating for a sale, but the addition of rugs to a home can go a long way.

Rugs can help warm a dreary room, add a splash of color to a dull space, can tone down a room that already has strong and bright colored furniture, and create a new look to almost any room. Plus, it’s a quick fix to any floors that may need replacing. While there are Persian rugs that can cost thousands of dollars, many rugs can be purchased for prices in the hundreds.

A leather rug can lend depth to rooms and complements traditional and rustic styles. Wool rugs are warm, sustainable, and a great way to add a natural accent to your home. Meanwhile shag rugs can add dimension to a flat room and are extra cozy.

If you anticipate lots of traffic and wear, consider a patterned rug that will tend to hide stains. Also, a wool rug is easier to clean than those of other fabrics. Pricey oriental rugs are a great eye-catcher when someone comes to see a home. These should be kept out of direct sunlight or they will fade, and these rugs must be specially cleaned.   A jute rug is a perfect indoor/outdoor fabric for enclosed patios and outdoor rooms.

One quick and relatively inexpensive way to dress up a room is by adding area rugs, which come in a wide range of colors and designs. These rugs provide warmth and comfort and can help to absorb sound in a room.  The shape of the rug should mirror the furniture or the room size. For example, a rectangular dining table should have a rectangular rug underneath. Likewise, a round dining table should be paired with a round rug.

Interior designers say you should never cover the entire floor with an area rug; leave at least nine inches of the floor exposed. However, a small rug right in front of the entry door is acceptable. In a dining room make sure your rug is large enough to accommodate the legs of all chairs. As a guide, your rug should extend 24 inches from the edge of the table to the edge of the rug.

Also be sure your rugs don’t cover floor vents or keep doors from opening. Finally, for safety, avoid placing rugs so that traffic patterns have people walking along carpet edges where they can catch a toe or heel.  Colourful rugs, placed correctly can give you home a distinctive look and added dimension that potential Buyers will remember.

PS  Our New Year thought - people worry about what they eat between Christmas and New Years but they should worry about what they eat between New Years and Christmas.