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Vancouver house prices drop amid
more listings, Fewer sales
Friday, October 03, 2008
Detached homes and apartment prices in
most Metro Vancouver municipalities have dipped below 2007
levels as inventories rise and sales fall.
The benchmark price for a detached
home in Metro Vancouver in September was $726,331, a
1.6-per-cent drop from September last year.
Prices for apartments dipped by 0.7
per cent to $369,062 compared to September last year.
Richmond and Port Coquitlam, where
detached home prices rose 3.9 per cent and 2.6 per cent
respectively, were exceptions.
"After five years of unprecedented
increases, housing prices are beginning to realign," Dave Watt,
president of the Real Estate Board of Greater Vancouver, said in
a release.
In Metro Vancouver, residential sales
dropped almost 43 per cent last month to 1,585 compared to 2,776
in September last year.Listings increased almost 29 per cent to
more than 6,100. In the Fraser Valley, 980 homes switched hands
in September, down 26 per cent compared to 1,332 sales in
September last year, said the Fraser Valley Real Estate Board.
Listings jumped 56 per cent, to hit a
record high of 12,379. If you're looking to buy, you're not
having to rush to buy," said Tsur Sommerville, director of the
Centre for Urban Economics and Real Estate at UBC's Sauder
School of Business.
"It's creating an environment of
downward pressure because you've got a lot of product looking
for buyers. B.C. Real Estate Association chief economist Cameron
Muir said buyers are taking a wait-and-see approach. He said he
does not foresee a U.S.-style meltdown in B.C.
We don't have the sub prime mortgage
crisis they have there," said Muir.
"There is no spike in mortgage rates
on the horizon, or sharp increases expected in interest rates."
By Cheryl Chan
The Province Can West Interactive, a
division of Can West Media Works Publications, Inc.. All rights
reserved.
In fact, conditions might be ripe for
a reversal. Muir believes listings will decline as sellers
become wary of lower sale prices and the longer time required to
sell in a slow market.
"It's going to have the effect of home
sellers pulling their homes off the market and taking a
wait-and-see approach themselves."
© The Vancouver Province 2008
News
Release
FOR IMMEDIATE RELEASE:
Home prices adapt to affordability demands
VANCOUVER, B.C. –
October 2, 2008 – The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales in Greater
Vancouver declined 42.9 per cent in September 2008 to 1,585 from
the 2,776 sales recorded in September 2007.
New listings for detached,
attached and apartment properties increased 28.8 per cent to
6,142 in September 2008 compared to September 2007, when 4,770
new units were listed.
“After five years of
unprecedented increases, housing prices are beginning to
realign,” REBGV president, Dave Watt said. “Although the
economic situation in the United States has affected consumer
confidence globally, the consensus view remains that our local
housing market is underpinned by solid economic fundamentals.”
Sales of detached
properties in September 2008 declined 50.3 per cent to 546 from
the 1,099 units sold during the same period in 2007. The
benchmark price, as calculated by the MLS Link Housing Price
Index®, for detached properties declined 1.6 per cent from
September 2007 to $726,331. Since May 2008, the benchmark price
for a detached property in Greater Vancouver has declined 5.8
per cent.
Sales of apartment
properties declined 35.1 per cent last month to 764, compared to
1,177 sales in September 2007. The benchmark price of an
apartment property declined 0.7 per cent from September 2007 to
$369,062. Since May 2008, the benchmark price for an apartment
property in Greater Vancouver has declined 5.2 per cent.
Attached property sales in
September 2008 decreased 41.9 per cent to 450, compared with the
775 sales in June 2007. The benchmark price of an attached unit
increased 7.6 per cent between June 2007 and 2008 to $476,585.
Since May 2008, the benchmark price for an attached property in
Greater Vancouver has declined 3 per cent.
Summer lull sees properties stay on market
VANCOUVER, B.C. –
September 3, 2008 – The Real Estate Board of Greater
Vancouver (REBGV) reports that residential property sales in
Greater Vancouver totalled 1,568 in August 2008, a decline of
53.7 per cent from the 3,384 sales in August 2007, and a 47.7
per cent reduction from the 2,998 sales recorded in August 2006.
New listings for detached,
attached and apartment properties declined 1.7 per cent to 4,331
in August 2008 compared to August 2007, when 4,408 new units
were listed.
“In August, properties on
average remained on the market longer than we’ve seen in recent
years,” REBGV president, Dave Watt said. “As the market heads
into the traditionally more active fall season, we have begun to
see property listings recede and prices moderate.”
Sales of detached
properties declined 58.5 per cent to 535 in August 2008 from the
1,288 detached sales recorded during the same period in 2007.
The benchmark price, as calculated by the MLSLink Housing Price
Index®, for detached properties rose 1.6 per cent from August
2007 to $737,985. Since May 2008, the benchmark price for a
detached property in Greater Vancouver has declined 4.3 per
cent.
Sales of apartment
properties in August 2008 declined 50.8 per cent to 740,
compared to 1,504 sales in August 2007. The benchmark price of
an apartment property increased 1.7 per cent from August 2007 to
$374,366. Since May 2008, the benchmark price for an apartment
property in Greater Vancouver has declined 3.9 per cent.
Attached property sales in
August 2008 are down 50.5 per cent to 293, compared with the 592
sales in August 2007. The benchmark price of an attached unit
increased 3.8 per cent in Greater Vancouver between August 2007
and 2008 to $463,433. Since May 2008, the benchmark price for an
attached property in Greater Vancouver has declined 3.2 per
cent.
As of August 31, 2008,
active residential listings totalled 17,950 in Greater
Vancouver, a 6.2 per cent decline from the 19,138 active
listings seen on July 31, 2008.
The Real Estate industry is
a key economic driver in British Columbia. In 2007, 38,050 homes
changed hands in the Board's area generating $1.065 billion in
spin-offs. Total dollar volume of residential sales set a new
record at $22.25 billion and total dollar volume of all sales
set a record at $22.77 billion. The Real Estate Board of Greater
Vancouver is an association representing more than 9,600
REALTORS®. The Real Estate Board provides a variety of
membership services, including the Multiple Listing Service®.
For more information on real estate, statistics, and buying or
selling a home, contact a local REALTOR® or visit
www.realtylink.org.
*In August 2004, the
Greater Vancouver and Fraser Valley boards upgraded our existing
MLS systems to a common system called MLSLink. MLSLink® HPI is
the latest version of the Board’s Housing Price Index (HPI) and
is designed to accommodate the MLS upgrade and improve the
legacy HPI product. For more information on real estate,
statistics, and buying or selling a home, visit
www.realtylink.org.
Craig Munn, Assistant Manager of
Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146 Fax: (604) 730-3102
E-mail: cmunn@rebgv.org
----------------------------------------------------------------------------------------------------------------------------------------------
Growing supply helps stabilize market conditions
VANCOUVER, B.C. - June 3, 2008 - The Greater Vancouver
housing market continued its re-balance between sales and
listings last month. The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales in Greater
Vancouver declined 30.7 per cent in May 2008 to 3,002 from the
4,331 sales recorded in May 2007.
New listings for detached, attached and apartment
properties increased 20.2 per cent to 7,390 in May 2008 compared
to May 2007, when 6,149 new units were listed.
"With more property listings and a decline in the
number of sales, prices are not increasing as rapidly, now down
to single digits overall, which is good news from an
affordability standpoint," said REBGV president, Dave Watt. "The
housing market is at a balanced state, sellers have more
competition and buyers have more selection to choose from."
Sales of detached properties in May 2008 declined 33.4
per cent to 1,203 from the 1,805 sales recorded during the same
period in 2007. The benchmark price, as calculated by the MLS
Link Housing Price Index®, for detached properties rose 8.4 per
cent from May 2007 to $771,250.
Sales of apartment properties declined 30.5 per cent
last month to 1,244, compared to 1,789 sales in May 2007. The
benchmark price of an apartment property increased 8.7 per cent
from May 2007 to $389,668.
Attached property sales in May 2008 decreased 24.7 per
cent to 555, compared with the 737 sales in May 2007. The
benchmark price of an attached unit increased 9 per cent between
May 2007 and 2008 to $478,931.
Bright spots in Greater Vancouver in May 2008 compared
to May 2007: Attached:
Coquitlam up 45.2 per cent (45 units sold from 31)
Apartments:
New Westminster up 13.6 per cent (100 units sold from
88)
The Real Estate industry is a key economic driver in
British Columbia. In 2007, 38,050 homes changed hands in the
Board's area generating $1.065 billion in spin-offs. Total
dollar volume of residential sales set a new record at $22.25
billion and total dollar volume of all sales set a record at
$22.77 billion. The Real Estate Board of Greater Vancouver is an
association representing more than 9,500 REALTORS®. The Real
Estate Board provides a variety of membership services,
including the Multiple Listing Service®. For more information on
real estate, statistics, and buying or selling a home, contact a
local REALTOR® or visit www.realtylink.org.
*In August 2004, the Greater Vancouver and Fraser
Valley boards upgraded our existing MLS systems to a common
system called MLSLink. MLSLink® HPI is the latest version of the
Board’s Housing Price Index (HPI) and is designed to accommodate
the MLS upgrade and improve the legacy HPI product. For more
information on real estate, statistics, and buying or selling a
home, visit www.realtylink.org.
For more information please contact:
Craig Munn, Assistant Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3146 Fax: (604) 730-3102
E-mail: cmunn@rebgv.org
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