2014 year end Housing Market Update video was just released by Real Estate Board of Greater Vancouver. It says "statistically speaking it was a typical year for home buyer and seller activity in Metro Vancouver. Home sales and listing totals for the year both ranked as the fifth highest in the region in the last decade.
There were 33, 116 homes sold on our MLS® in 2014. That’s up 16% from 2013 and 32% from 2012. This total still remains below the record breaking years seen in the middle part of the last decade.
On the supply side there were 56,066 homes listed for sale on MLS® in 2014. That’s +2.4% above 2013 and -4% below the 2012 levels. This total also ranks fifth amongst the last ten years of activity in the region.
While this activity largely created a balanced market conditions we did experience some upward pressure on home prices over the course of the year. The benchmark price for all residential properties in Greater Vancouver rose +5.8% over the last twelve months, $638,500.
Detached homes continued to be the most sought after property type in our market. The benchmark price of a single family home increased +8.1% over the last twelve months while townhomes and condominiums have increased +4.5% and +3.5% respectively.
Some of the largest home pricing increases in 2014 occurred in the detached home markets of Vancouver (Vancouver East +11.9% and Vancouver West +10.6%), Tsawwassen +10.1% and North Vancouver +9.8%.
Remember the changes and trends in home prices will vary based on neighbourhood and property type. It is important to do your homework and talk with your local REALTOR® before making your home buying and selling decisions."
View the video with graphs below...