October Brings More Balance And Increased Selection

Market Continues Move Towards Balance

The Real Estate Board of Greater Vancouver reported total residential sales for detached, attached and apartment properties were 2,722 units in October 2006, a decrease of 12.2% from October 2005 at 3,099 units.
October 2006 sales rebounded from September 2006 posting an 8.1% increase in unit sales.  New listing inventory are 20.3% higher at 4,862 units compared to October 2005 when 4,041 units were listed.

"Although sales have decreased by roughly 500 units over this time last year, the average days a residential property stayed on the market in Greater Vancouver remained virtually unchanged at 39 days," says REBGV president Rick Valouche.  "This past summer, properties were selling 10 days faster on average than they were in 2005, which was our best year on record.  For 2006, demand continues to be the primary characteristic of our marketplace."

"We're seeing higher listing activity compared to last year, which may finally relieve some of the pressure on home prices," notes Valouche.  "Thanks to our expanding economy, strong inter-provincial migration and our reputation as one of the best cities in the world to call home, real estate in Greater Vancouver is still a great investment."

October 2006 MLS Sales for Greater Vancouver Market
Apartment home units decreased by 11.3% vs. October 2005. Benchmark Price is up 18.7% at $333,398 vs October 2005.
Attached home units decreased 13.4% vs. October 2005.  Benchmark price is up 17.9% at $410,434 vs. October 2005.
Detached home units decreased 12.5% vs. October 2005.  Benchmark price up 15.4% at $650,707 vs. October 2005.

Summary - October MLS statistics for North Shore and Sea To Sky corridor.
The West Vancouver / Howe Sound market for Detached home units was up 48.9% vs September 2006 at 73 units with the median Detached home price now $1,314,000 flat vs. prior month. Sales of Attached homes were flat vs. prior month at 7 units.  Apartment home sales were up 87.5% at 15 units vs. 8 units in September 2006.
 
In North Vancouver sales of Detached homes were up 25.6% vs. September 2006 at 103 units.  The median price of a Detached home was $746,000 off 1.7% from prior month. Attached home sales were up 70% at 51 units and prices off 1.4% at $510,000 vs. September 2006.  Unit sales of Apartment homes were up 12.5% at 90 units with prices off 2% vs. September 2006.
 
Squamish unit sales of Detached homes were flat at 21 units versus prior month with a median price of $435,000.  Unit sales of Attached homes were flat at 15 units.  Sales of Apartment homes were up 450% at 44 units vs. prior month.

At Furry Creek, ParkLane Homes is now selling Ocean Crest a 13 a private subdivision of 13 Detached Ocean View Homes.  ParkLane has plans to build 600 new homes in the Master Planned Community over the next 10 years. 
 

Year To Date
Year To Date Stats provide a clearer picture of overall market performance.
 
West Vancouver / Howe Sound YTD
Detached 653 units - YTD no change.  Prices up 22.4% to $1,276,500
Attached 69 units - YTD up 9.5% Prices up 5.5% to $823,247
Apartments 173 units - YTD down 13.5% Prices up 33.7% to $655,000
 
North Vancouver YTD
Detached 1,045 units - YTD off .8% Prices up 14.3% to $731,500
Attached 383 units - YTD off 8.2% Prices are up 17.9% to $496,000
Apartments 885 units - YTD down 12.9% Prices are up 12.4% to $299,000
 
Squamish YTD
Detached 232 units YTD up 12.6% Prices flat compared vs. prior year at $385,000.
Attached 150 units YTD up 22.9% Prices are up 12.3% to $302,000
Apartments 102 units YTD up 168%% Prices are up 52.6% to $251,750

Sea To Sky Corridor
A snapshot of the Sea To Sky Corridor illustrates the unique characteristics of the marketplace:

Lions Bay YTD - Sales Down. Prices Up 
Detached 14 units sold. Down 44% from 25 units in 2005 Price $1,000,629 Up 18.3% vs. 2005     

Howe Sound YTD - Sales Flat. Prices Mixed
Detached 5 units sold. Flat vs. 2005 Price $1,301,200 Down 12.1% vs. 2005
Attached 8 units sold. Flat vs. 2005 at 9 units. Price $866,798 Up 12.4% vs. 2005

Furry Creek YTD - Unit Sales Up Prices Up
Detached 8 units sold up from 2 in 2005 Price $1,077,500 up 23.9% vs. 2005
Attached 4 units sold up from 2 in 2005 Price $849,750 down 15% vs. 2005
Note: Attached Prices skewed by small sample and mix of waterfront vs. inner units, overall Attached prices are Up.
 

Inventory of New Listings October vs September 2006
West Vancouver Detached Homes Down 20.4% (-27 units) at 105 units, Attached Homes Up 33.3% (+3 units) at 12 units and Apartment homes Down 9.1% (-2 units) at 20 units. 

North Vancouver Detached Homes Down 7.5% (-12 units) at 148 units, Attached Homes Up 14% (+8 units) at 65 units and Apartment homes Down 8.8% (-12 units) at 124 units.
 
Squamish Detached Homes Up 20% (+5 Units) at 30 units, Attached Homes Up 100% (+14 units) at 28 units, and Apartment Homes Up 400% (+64 units) at 80 units.

If you or someone you know is thinking of buying or selling real estate on the North Shore and Sea To Sky Corridor to Furry Creek including Britannia Beach, please give us a call, you’ll be glad you did!!

Anita Schmitt, Realtor Royal LePage Northshore 604.787.1456

Tom Davis, Realtor Royal LePage Northshore 604.315.0172

Source of Information MLS October Sales Stats  - November 2, 2006

This communication is not intended to cause or induce breach of an existing agency agreement.