To accompany the REBGV Report for 2014, REBGV President Ray Harris returns this month with a look at the housing market in 2014 in a detailed year-end review video.

Statistically speaking, it was a typical year for home buyer and seller activity in Metro Vancouver. Home sales and listings for the year both ranked 5th highest in the region over the last decade. There were 33,116 homes sold in our MLS listings for 2014. That’s up 16% from 2013 and 32% from 2012! This total, however, remains below the record breaking years seen in the middle part of the last decade.

On the supply side, there were 54,066 homes listed for sale on the MLS in 2014. That’s 2.4% above 2013 and 4% below 2012. This total also ranks 5th highest in the last 10 years of activity in the region.

While this largely created a balanced market conditions, we did experience some upper pressure on home prices over the course of the year. The benchmark pricing for all residential properties for Greater Vancouver rose 5.8% over the last 12 months to $638,500. Detached homes continued to be the most sought after property type in our market. The benchmark price for a single detached home rose 8% in the last 12 months, while townhomes and condos rose 4.5% and 3.5% respectively. Some of the largest home price increases in 2014 occurred in the detached home market of Vancouver, Tsawwassen, and North Vancouver.

It was another sound year for our market here in Vancouver. On Vancouver’s Westside, (the priciest of markets in the metro area) home prices for single family homes continued a steady climb higher. Inventory remained stable with a slight bias to the downside.

The market here on Vancouver’s Westside for homes continues to be driven by immigration into the city. We saw a steady stream of buyers for all types of homes this past year compared to 2012 when new construction remained soft while all the action was centered around Lot Value homes.

This past year saw strong activity in the high end of the market too. There were 43 homes sold over $7 million in 2014 compared to just 10 homes sold back in 2010.

Demand for Lot Value properties of all shapes and sizes was strong with many home sales attracting multiple offers and selling prices substantially over the Listing Price.

The Condo and Townhome market also saw a strong market with average sale prices remaining stable with a slight bias to the upside. Inventory levels of re sale properties remained stable with a slight bias to the down side. We saw many condo and townhome properties sell quickly with multiple offers.

For home owners looking to sell, 2015 should pick up where 2014 left off. The Lunar New Year is typically a very busy time for home sale activity in Vancouver and this year probably will be no different. Home owners that list their homes early may be at an advantage facing less competition verses waiting for Spring when many more homes enter the market. Many of our clients have had tremendous success selling before the flowers bloom taking advantage of the late Winter Market.

If you are planning to sell your home this year, here are a few tips now to ensure a smooth selling process:

1. Interview realtors who only work in your neighborhood. Listing with an “out of area” realtor is not recommended.
2. Spring Cleaning is essential. De-clutter, have the garden pruned and ready for Spring. Fix any minor repairs needed.
3. If you own an older home (Pre 1960) check for a buried underground Oil Tank.
4. Have your Furnace / Boiler serviced if it has not been done in 2 years. 
5. Have your Windows Cleaned.

These are just a few Things to Do to get you started. For a complete list of suggestions call us anytime or visit our website and download our Pamphlet, “29 Essential Tips That Get Homes Sold Fast for Top Dollar”.

Wishing you a healthy and Prosperous 2015,

Andrew & Jill Hasman