December 2013 Year End Housing Market Update

Metro Vancouver housing market characterized by modest home sale and price increases in 2013

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.

Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years, according to the region’s Multiple Listing Service® (MLS®).

December sales were 8.1% above the 10-year December sales average of 1,807.

Sales of detached properties in December 2013 reached 762, an increase of 79.3% from the 425 detached sales recorded in December 2012, and a 21% increase from the 630 units sold in December 2011. The benchmark price for detached properties increased 2.5% from December 2012 to $927,000.

Sales of apartment properties reached 850 in December 2013, an increase of 68.7% compared to the 504 sales in December 2012, and an increase of 9.8% compared to the 774 sales in December 2011.The benchmark price of an apartment property increased 1.8% from December 2012 to $367,800.

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